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PennantPark Investment
PNNT
#8060
Rank
$0.31 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$4.76
Share price
3.25%
Change (1 day)
-18.21%
Change (1 year)
๐Ÿ’ฐ Investment
Categories
  1. PennantPark Investment
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q1

PennantPark Investment - 10-Q quarterly report FY2025 Q1


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Acquisition 05/04/2021 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services Current Coupon 8.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Funded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC - Class A-2 Acquisition 05/24/2023 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Northwinds Topco, Inc. 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(CAD) Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414pnnt:InvestmentsAndCashEquivalentsMember2025-09-300001383414pnnt:FinancialServicesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NP Riverhead Industrial, LLC Acquisition 05/24/2024 Maturity 01/31/2026 Industry Buildings and Real Estate Current Coupon 15.50%2025-12-310001383414First Lien First Lien Secured Debt Issuer Name MDI Buyer, Inc. Acquisition 12/20/24 Maturity 07/25/28 Industry Chemicals, Plastics and Rubber Current Coupon 8.95% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 12/10/25 Maturity 12/17/29 Industry Building Products Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-12-310001383414First Lien First Lien Secured Debt Issuer Name Ro Health, LLC Acquisition 04/03/25 Maturity 01/17/31 Industry Healthcare Providers & Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare Current Coupon 12.00%2025-09-300001383414Flock Financial, LLC2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Term Loan Acquisition 12/19/2024 Maturity 06/19/2026 Industry Media2025-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:DebtInvestmentsMember2025-12-310001383414First Lien Secured Debt Issuer Name MOREgroup Holdings, Inc. Acquisition 08/29/24 Maturity 01/16/30 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 01/18/2023 Maturity 02/01/2030 Industry Environmental Services Current Coupon 8.29% Basis Point Spread Above Index 3M SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Marketplace Events Holdings, LP Acquisition 12/19/2024 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Revolver Acquisition 06/21/2024 Maturity 06/21/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC - Unfunded Revolver Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services2025-12-310001383414Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Acquisition 07/15/24 Industry Business Services2025-10-012025-12-310001383414pnnt:USGovernmentSecuritiesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Funded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414pnnt:SOFRMemberpnnt:ClassA-2WMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414us-gaap:FairValueInputsLevel2Memberpnnt:USGovernmentSecuritiesMember2025-12-310001383414First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 07/24/23 Maturity 02/23/28 Industry Hotels, Motels, Inns and Gaming Current Coupon 13.35% Basis Point Spread Above Index SOFR+9152024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2024-10-012025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMemberpnnt:USGovernmentSecuritiesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Duggal Acquisition, LLC Acquisition 09/30/2024 Industry Marketing Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 06/08/2022 Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Holdings, LLC Acquisition 12/06/2023 Industry Aerospace and Defense2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 08/11/22 Maturity 07/02/29 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name StellPen Holdings, LLC Acquisition 08/17/2021 Industry Media2025-12-310001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Acquisition 08/04/22 Maturity 12/21/28 Industry Media Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. - Unfunded Revolver Acquisition 09/03/2024 Maturity 09/03/2030 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name TPC US Parent, LLC Acquisition 03/02/22 Maturity 11/24/25 Industry Food Current Coupon 9.89% Basis Point Spread Above Index SOFR+5902025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Revolver Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 03/02/22 Maturity 08/10/27 Industry Distribution Current Coupon 9.80% Basis Point Spread Above Index SOFR+5602025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo II, LP Acquisition 12/23/2021 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCP Boss Holdco, LLC Acquisition 12/27/2024 Industry Conglomerate Manufacturing2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Term Loan Acquisition 07/17/2025 Maturity 07/16/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Medina Health, LLC - Unfunded Revolver Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-12-310001383414First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 02/27/24 Maturity 01/23/29 Industry Media Current Coupon 10.17% Basis Point Spread Above Index SOFR+6502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Project Granite Holdings, LLC Acquisition 12/31/2024 Industry Business Services2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Acquisition 09/19/24 Maturity 12/01/29 Industry Consumer Products Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Acquisition 10/31/24 Maturity 11/01/30 Industry Aerospace and Defense Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001383414First Lien First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 07/25/24 Maturity 12/29/29 Industry Diversified Conglomerate Service Current Coupon 9.26% Basis Point Spread Above Index SOFR+5252025-09-300001383414First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 09/16/24 Maturity 06/17/29 Industry Healthcare, Education and Childcare Current Coupon 8.87% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414pnnt:SeniorSecuritiesMember2025-10-012025-12-310001383414pnnt:EnvironmentalServicesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name UniVista Insurance Acquisition 06/14/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Revolver Acquisition 01/18/2023 Maturity 02/01/2029 Industry Environmental Services2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AKW Holdings Limited Acquisition 03/07/2018 Maturity 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 11.05% Basis Point Spread Above Index 3M SOFR+7002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Funded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414us-gaap:CashMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Paving Parent, LLC Acquisition 07/01/2025 Industry Business Services2024-10-012025-09-300001383414Related Party PSLF Cash and Cash Equivalents - 44.8% Issuer Name JPMorgan U.S. Government Money Market Fund2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Term Loan Acquisition 08/28/2024 Maturity 08/28/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. - Unfunded Revolver Acquisition 11/01/2019 Maturity 11/03/2025 Industry Consumer Products2024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Revolver Acquisition 12/31/2024 Maturity 12/31/2030 Industry Business Services2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC Acquisition 03/02/22 Maturity 07/07/26 Industry Business Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+6202025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 07/25/24 Maturity 12/29/29 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 01/17/25 Maturity 12/17/29 Industry Aerospace and Defense Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:TruistCreditFacilityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP Acquisition 12/13/2021 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare Current Coupon 9.43% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414pnnt:TotalSubordinatedDebtMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC Acquisition 2/25/2022 Maturity 3/1/2028 Industry Business Services Current Coupon 8.82% Basis Point Spread Above Index 3M SOFR+5152025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name OSP Embedded Aggregator, LP - Convertible Note Acquisition 11/06/2024 Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2025-12-310001383414pnnt:ClassCMemberpnnt:PennantParkCloViiMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414First Lien Secured Debt Issuer Name PN Buyer, Inc. Acquisition 10/09/25 Maturity 07/31/31 Industry Financial Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ENC Parent Corporation Acquisition 07/11/2024 Maturity 08/20/2029 Industry Business Services Current Coupon 8.51% Basis Point Spread Above Index 3M SOFR+4512025-09-300001383414First Lien Secured Debt Issuer Name North American Rail Solutions Acquisition 12/25/25 Maturity 08/29/31 Industry Road and Rail Current Coupon 8.42%2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Acquisition 10/12/22 Maturity 11/30/26 Industry Containers, Packaging and Glass Current2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel1Member2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Imagine Topco, LP Preferred Acquisition 11/04/2021 Industry Business Services Current Coupon 8.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Term Loan Acquisition 08/29/2025 Maturity 08/29/2027 Industry Manufacturing/Basic Industry2025-09-300001383414First Lien First Lien Secured Debt Issuer Name MOREgroup Holdings, Inc. Acquisition 08/29/24 Maturity 01/16/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Crane 1 Acquisition Parent Holdings, LP Acquisition 08/11/2021 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414PennantPark Senior Loan Fund, LLC2025-10-012025-12-310001383414pnnt:CommonEquityPartnershipInterestsWarrantsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OceanSound Discovery Equity, LP Acquisition 03/28/2024 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Revolver Acquisition 01/09/2024 Maturity 01/16/2030 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Revolver Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OES Co-Invest, LP - Class A Acquisition 05/31/2024 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:TruistCreditFacilityMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Unfunded Revolver Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan Acquisition 05/25/2023 Maturity 07/12/2026 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Rosco Topco, LLC Acquisition 09/09/2025 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Safe Haven Defense MidCo, LLC Acquisition 05/23/2024 Industry Building Materials2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC - Unfunded Term Loan Acquisition 10/31/2024 Maturity 11/02/2026 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 6/8/2022 Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCP Boss Holdco, LLC Acquisition 12/27/2024 Industry Conglomerate Manufacturing2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Buyer, LLC. - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronics2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NORA Parent Holdings, LLC Acquisition 08/22/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. - Unfunded Revolver Acquisition 07/26/2023 Maturity 08/01/2029 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 03/02/22 Maturity 11/03/25 Industry Consumer Products Current Coupon 8.97% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name Pragmatic Institute, LLC Acquisition 03/28/2025 Industry Business Services2025-12-310001383414pnnt:TwoThousandAndTwentySixNotesTwoMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (F-2 Series) Acquisition 12/07/2023 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Funded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Revolver Acquisition 09/30/2024 Maturity 09/30/2030 Industry Marketing Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC - Unfunded Revolver Acquisition 09/09/2025 Maturity 09/12/2031 Industry Business Services2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMembersrt:MaximumMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Term Loan Acquisition 8/15/2024 Maturity 8/17/2026 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC Acquisition 05/31/2024 Maturity 05/30/2027 Industry Printing and Publishing Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+7002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Unfunded Revolver Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 07/24/23 Maturity 09/17/26 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index SOFR+5402024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 02/07/2024 Maturity 02/07/2030 Industry Education Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NFS - CFP Holdings, LLC Acquisition 09/13/2024 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Quad (U.S.) Co-Invest, LP Acquisition 10/03/2022 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Rosco Topco, LLC Acquisition 09/09/2025 Industry Business Services2024-10-012025-09-300001383414us-gaap:InvestmentsMember2025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Route 66 Development Acquisition 01/28/2025 Maturity 01/24/2031 Industry Gaming Current Coupon 13.16.% Basis Point Spread Above Index 3M SOFR+9002024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Term Loan Acquisition 7/1/2025 Maturity 7/1/2027 Industry Business Services2025-10-012025-12-310001383414us-gaap:SubordinatedDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 07/24/23 Maturity 03/15/27 Industry Business Services Current Coupon 10.51% Basis Point Spread Above Index SOFR+6352025-09-300001383414First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 09/09/22 Maturity 06/14/28 Industry Distribution Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Revolver Acquisition 2/7/2024 Maturity 02/07/2030 Industry Education2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SSC Dominion Holdings, LLC Acquisition 07/11/2018 Industry Electronics2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ironclad Holdco, LLC (Applied Technical Services, LLC) Acquisition 12/23/2020 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - FOTL Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 10.10% Basis Point Spread Above Index 3M SOFR+5952025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies US Government Securities Issuer Name U.S. Treasury Bill Acquisition 10/02/2025 Maturity 10/31/2025 Industry Short-Term U.S. Government Securities Current Coupon 3.98%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge APHIX Blocker, LLC Acquisition 07/16/2025 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name ENC Parent Corporation Acquisition 08/06/2021 Maturity 08/19/2029 Industry Business Services Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+7762024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Acquisition 07/15/24 Maturity 07/17/28 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+5262025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Funded Revolver Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Term Loan Acquisition 8/28/2024 Maturity 08/28/2026 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Revolver Acquisition 12/12/2023 Maturity 04/09/2028 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SBI Holdings Investments, LLC Acquisition 12/23/2019 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Unfunded Revolver Acquisition 8/25/2021 Maturity 8/31/2028 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+6352025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Co-Invest, LLC Acquisition 10/29/2024 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service2025-09-300001383414pnnt:PantheonMemberpnnt:EquityInterestsInPSLFMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment Acquisition 6/21/2024 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. - Unfunded Revolver Acquisition 11/04/2021 Maturity 11/16/2027 Industry Business Services2025-10-012025-12-310001383414pnnt:ChemicalsPlasticsAndRubberMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Acquisition 07/23/24 Maturity 05/03/29 Industry Consumer Products Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-3000013834142022-12-312022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Funded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 11.40% Basis Point Spread Above Index 3M SOFR+4652025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 12/23/24 Maturity 10/18/27 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Materials Current Coupon 9.19% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Term Loan Acquisition 8/15/2024 Maturity 8/17/2026 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 12/01/23 Maturity 12/20/27 Industry Telecommunications Current Coupon 10.62% Basis Point Spread Above Index SOFR+6902025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SSC Dominion Holdings, LLC Acquisition 07/11/2018 Industry Electronics2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Altamira Intermediate Company II, Inc. Acquisition 07/23/2019 Industry Aerospace and Defense2025-10-012025-12-310001383414pnnt:InvestmentsCostMemberpnnt:FirstLienMember2025-09-300001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Term Loan Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Revolver Acquisition 02/07/2024 Maturity 02/07/2030 Industry Education2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Unfunded Revolver Acquisition 5/3/2024 Maturity 5/3/2029 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Acquisition 09/23/2024 Maturity 09/23/2026 Industry Business Services2025-10-012025-12-310001383414pnnt:HoldingsIIMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Altamira Intermediate Company II, Inc. Acquisition 07/23/2019 Industry Aerospace and Defense2024-10-012025-09-300001383414pnnt:AKWHoldingsLimitedMember2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Cowboy Parent LLC Acquisition 09/12/2018 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Funded Revolver Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMembersrt:MaximumMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP - Unfunded Acquisition 10/31/2024 Industry Government Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Unfunded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Term Loan Acquisition 12/20/2024 Maturity 12/21/2026 Industry Diversified Conglomerate Service2025-12-310001383414srt:MinimumMemberpnnt:IncentiveFeePaymentConditionThreeMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5152024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001383414pnnt:ControlledAndNonControlledAffiliatesMember2025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Unfunded Revolver Acquisition 7/2/2019 Maturity 3/31/2027 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+6252025-09-300001383414First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Acquisition 12/23/24 Maturity 09/30/30 Industry Marketing Services Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/3/2024 Maturity 10/3/2029 Industry Transportation2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Term Loan Acquisition 09/27/2021 Maturity 06/30/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ro Health Holdings, Inc. Acquisition 01/16/2025 Industry Healthcare Providers & Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Hancock Roofing And Construction, LLC Acquisition 03/02/22 Maturity 12/31/26 Industry Insurance Current Coupon 9.60% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Funded Revolver Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Unfunded Revolver Acquisition 01/27/2021 Maturity 01/29/2026 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Cowboy Parent LLC Acquisition 09/12/2018 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name KL Stockton Co-Invest, LP Acquisition 07/16/2021 Industry Personal, Food and Miscellaneous Services2025-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassA2Memberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:TwoThousandThirtyFourAssetBackedDebtMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2025 Industry Environmental Services2025-12-310001383414us-gaap:DomesticCountryMember2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. - Unfunded Revolver Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Term Loan Acquisition 03/01/2024 Maturity 03/02/2026 Industry Financial Services2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name One Stop Mailing, LLC Acquisition 06/07/23 Maturity 05/07/27 Industry Transportation Current Coupon 10.53% Basis Point Spread Above Index SOFR+6362025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Unfunded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan 2 Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Argano, LLC Acquisition 12/16/24 Maturity 09/13/29 Industry Business Services Current Coupon 9.89% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414pnnt:CashAndCashEquivalentsFortyTwoPercentageMemberpnnt:GovernmentFundMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Funded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 8.69% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Revolver Acquisition 12/31/2024 Maturity 12/31/2030 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name MDI Aggregator, LP Acquisition 07/19/2022 Industry Chemicals, Plastics and Rubber2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Medina Health, LLC - Unfunded Revolver Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PD Tri-State Holdco, LLC - Unfunded Revolver Acquisition 10/14/2025 Maturity 10/14/2030 Industry Diversified Consumer Services2025-12-310001383414First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC Acquisition 03/02/22 Maturity 07/07/26 Industry Business Services Current Coupon 9.87% Basis Point Spread Above Index SOFR+6202025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Unfunded Revolver Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan Acquisition 8/12/2025 Maturity 07/30/2027 Industry Healthcare Providers & Services2025-12-310001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Unfunded Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation Current Coupon 12.57% Basis Point Spread Above Index SOFR+8352025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Term Loan Acquisition 10/02/2023 Maturity 04/21/2027 Industry Business Services2024-10-012025-09-300001383414srt:AffiliatedEntityMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP Acquisition 08/26/2021 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Holdings, LLC Acquisition 12/06/2023 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Northwinds Services Group, LLC Acquisition 08/16/2024 Industry Consumer Services2025-10-012025-12-310001383414pnnt:FinancialServicesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Funded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 07/24/23 Maturity 09/17/26 Industry Distribution Current Coupon 9.07% Basis Point Spread Above Index SOFR+5402025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC Acquisition 07/12/2024 Maturity 12/23/2026 Industry Environmental Services Current Coupon PIK 14.75%2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Confluent Health, LLC Acquisition 12/23/24 Maturity 11/30/28 Industry Healthcare, Education and Childcare Current Coupon 11.66% Basis Point Spread Above Index SOFR+7502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 11/01/2019 Maturity 11/01/2028 Industry Consumer Products Current Coupon 8.97% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC - Unfunded Acquisition 11/04/2021 Industry Consumer Products2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Radius Aerospace, Inc. Acquisition 11/06/19 Maturity 03/29/27 Industry Aerospace and Defense Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name MDI Aggregator, LP Acquisition 07/19/2022 Industry Chemicals, Plastics and Rubber2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. 3rd Amendment Unfunded Term Loan Acquisition 12/21/2022 Maturity 10/30/2026 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 02/09/24 Maturity 12/01/29 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Unfunded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. - Unfunded Revolver Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 9.65% Basis Point Spread Above Index SOFR+5942025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Unfunded Term Loan Acquisition 12/17/2024 Maturity 12/17/2026 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Revolver Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.62% Basis Point Spread Above Index 3M SOFR+6902025-10-012025-12-310001383414AKW Holdings Limited2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Revolver Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+5402025-10-012025-12-310001383414First Lien Secured Debt Issuer Name AFC-Dell Holding Corp. Acquisition 02/23/24 Maturity 04/09/27 Industry Distribution Current Coupon 9.83% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Unfunded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC - Unfunded Revolver Acquisition 10/11/2019 Maturity 05/11/2026 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan 2 Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 12/20/24 Maturity 08/28/29 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class A-1 Acquisition 05/03/2024 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Term Loan Acquisition 12/31/2024 Maturity 12/31/2026 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Athletico Holdings, LLC Acquisition 02/04/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC - Unfunded Revolver Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Riverpoint Medical, LLC - Unfunded Revolver Acquisition 06/19/2019 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Best Practice Associates, LLC Acquisition 01/21/25 Maturity 11/08/29 Industry Aerospace and Defense Current Coupon 10.47% Basis Point Spread Above Index SOFR+6752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP - Unfunded Acquisition 10/31/2024 Industry Government Services2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2024-12-310001383414First Lien First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 03/02/22 Maturity 07/28/26 Industry Business Services Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMembersrt:MaximumMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. Acquisition 08/28/2024 Maturity 08/28/2030 Industry Manufacturing/Basic Industry Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Maturity 07/31/2027 Industry Financial Services Current Coupon 12.29% Basis Point Spread Above Index 3M SOFR+ 8002024-10-012025-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2025-12-310001383414Equity Securities Issuer Name Wash & Wax Group, LP - Common Equity - Common Equity Acquisition 07/31/25 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name Argano, LLC Acquisition 12/16/24 Maturity 09/13/29 Industry Business Services Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC - Unfunded Revolver Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC - Unfunded Acquisition 11/04/2021 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Term Loan Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kentucky Racing Holdco, LLC (Warrants) Acquisition 04/16/2019 Industry Hotels, Motels, Inns and Gaming2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Funded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5762025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 8/15/2024 Maturity 8/15/2029 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services2025-12-310001383414First Lien First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 01/17/25 Maturity 12/17/29 Industry Aerospace and Defense Current Coupon 9.76% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment Acquisition 8/15/2025 Maturity 8/22/2032 Industry Gaming Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 10/1/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.09% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 07/24/23 Maturity 12/22/28 Industry Personal, Food and Miscellaneous Services Current Coupon 8.22% Basis Point Spread Above Index SOFR+4502025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class A Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Revolver Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class B Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TAC LifePort Holdings, LLC Acquisition 02/24/2021 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Funded Revolver Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name MDI Aggregator, LP Acquisition 07/19/2022 Industry Chemicals, Plastics and Rubber2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Funded Revolver Acquisition 10/20/2021 Maturity 4/30/2028 Industry Auto Sector Current Coupon PIK 9.19% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Acquisition 07/15/24 Industry Business Services2025-09-300001383414Pragmatic Institute, LLC2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. - Unfunded Revolver Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DX Electric Company, LLC - Unfunded Revolver Acquisition 10/01/2025 Maturity 10/01/2031 Industry Electronics2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Unfunded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Municipal Emergency Services, Inc. Acquisition 09/28/2021 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Revolver Acquisition 09/13/2024 Maturity 09/13/2029 Industry Business Services2024-10-012025-09-300001383414pnnt:USGovernmentSecuritiesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Revolver Acquisition 2/7/2024 Maturity 02/07/2030 Industry Education2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Funded Revolver Acquisition 1/30/2023 Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 10.36% Basis Point Spread Above Index 3M SOFR+6502025-12-310001383414us-gaap:InvestmentUnaffiliatedIssuerMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Funded Revolver Acquisition 07/24/2023 Maturity 02/07/2026 Industry Business Services Current Coupon 9.78% Basis Point Spread Above Index 3M SOFR+5552025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 09/09/2025 Maturity 09/12/2031 Industry Business Services Current Coupon 8.81% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cascade Environmental Holdings, LLC - Series B Acquisition 02/19/2025 Industry Environmental Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name Acquisition 07/026/2022 Maturity 07/28/2030 Industry Current Coupon 12.94% Basis Point Spread Above Index 3M SOFR+9102025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Unfunded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 07/30/2028 Industry Auto Sector Current Coupon PIK 12.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5652025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Unfunded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC - Unfunded Revolver Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC - Unfunded Term Loan Acquisition 10/31/2024 Maturity 11/2/2026 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Unfunded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Funded Revolver Acquisition 5/29/2020 Maturity 7/7/2026 Industry Business Services Current Coupon 9.87% Basis Point Spread Above Index 3M SOFR+6202025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Unfunded Revolver Acquisition 1/16/2025 Maturity 1/17/2031 Industry Healthcare Providers & Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414First Lien First Lien Secured Debt Issuer Name NORA Acquisition, LLC Acquisition 11/21/23 Maturity 08/31/29 Industry Healthcare, Education and Childcare Current Coupon 10.35% Basis Point Spread Above Index SOFR+6352025-09-300001383414pnnt:TwoThousandThirtySevenAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 7/15/2025 Maturity 07/15/2031 Industry Business Services Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC - Unfunded Term Loan Acquisition 10/3/2025 Maturity 10/3/2027 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP Acquisition 10/31/2024 Industry Government Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Mineola 212, LLC Acquisition 06/24/2024 Maturity 12/24/2025 Industry Buildings and Real Estate Current Coupon 14.00%2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name MDI Buyer, Inc. Acquisition 12/20/24 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 8.57% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2025-10-012025-12-310001383414pnnt:PreferredEquityPartnershipInterestMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:MaximumMember2025-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:USGovernmentSecuritiesMember2025-12-310001383414First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 11/26/24 Maturity 10/01/29 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP - Unfunded Acquisition 11/05/2018 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Revolver Acquisition 3/1/2024 Maturity 3/1/2030 Industry Financial Services2025-12-310001383414Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 11/05/24 Industry Containers, Packaging and Glass2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lorient Peregrine Investments, LP Acquisition 11/18/2022 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lightspeed Investment Holdco, LLC Acquisition 01/21/2020 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 12/20/24 Maturity 08/09/30 Industry Financial Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Funded Revolver Acquisition 8/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP - Unfumded Acquisition 12/13/2021 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan Acquisition 6/21/2024 Maturity 12/13/2026 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PennantPark-TSO Senior Loan Fund II, LP Acquisition 01/07/2022 Industry Financial Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Funded Revolver Acquisition 05/29/2020 Maturity 07/07/2026 Industry Business Services Current Coupon 9.20% Basis Point Spread Above Index 3M SOFR+5202025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP Acquisition 12/20/2021 Industry Business Services2024-10-012025-09-300001383414JF Intermediate, LLC (MidOcean JF Holdings Corp.)2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Funded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 10.66% Basis Point Spread Above Index 3M SOFR+6502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP Acquisition 12/16/2020 Industry Telecommunications2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Revolver Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414pnnt:USGovernmentSecuritiesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Loving Tan, LP Acquisition 05/25/2023 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Loving Tan, LP Acquisition 05/25/2023 Industry Consumer Products2025-12-310001383414First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 12/16/24 Maturity 09/23/30 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001383414pnnt:IncentiveFeePaymentConditionOneMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Unfunded Revolver Acquisition 11/05/2021 Maturity 11/09/2027 Industry Retail2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver Acquisition 05/10/2024 Maturity 05/10/2030 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC - Funded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+5652024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seacoast Service Partners, LLC Acquisition 12/20/2024 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Funded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products Current Coupon 10.15% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Northwinds Topco, Inc. - Unfunded Term Loan Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Acquisition 8/15/2024 Maturity 8/15/2029 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2015 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Revolver Acquisition 03/21/2025 Maturity 03/19/2032 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC - Unfunded Term Loan A Acquisition 06/30/2025 Maturity 12/30/2025 Industry Consumer Services2024-10-012025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedNotesInPSLFMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Unfunded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name Acquisition 07/026/2022 Maturity 07/28/2030 Industry Current Coupon 12.94% Basis Point Spread Above Index 3M SOFR+9102025-10-012025-12-310001383414AKW Holdings Limited2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TMII Enterprises, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name First Medical Holdings, LLC Acquisition 06/13/2025 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Acquisition 03/02/22 Maturity 05/10/26 Industry Media Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902025-09-300001383414pnnt:BusinessServicesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+5152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Term Loan Acquisition 08/29/2025 Maturity 08/29/2027 Industry Manufacturing/Basic Industry2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Term Loan Acquisition 03/21/2025 Maturity 03/21/2027 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Term Loan Acquisition 9/27/2021 Maturity 6/30/2026 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Northwinds Topco, Inc. Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services Current Coupon PIK 15.00%2025-12-310001383414pnnt:InvestmentsCostMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TCG 3.0 Jogger Co-Invest, LP Acquisition 01/22/2024 Industry Media2025-10-012025-12-310001383414pnnt:LongTermCreditFacilityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan 2 Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name GGG Midco, LLC Acquisition 12/16/24 Maturity 09/27/30 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Acquisition 07/15/24 Maturity 10/16/28 Industry Business Services Current Coupon 9.64% Basis Point Spread Above Index SOFR+5762025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Funded Revolver Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Recteq, LLC Acquisition 06/26/24 Maturity 01/29/26 Industry Consumer Products Current Coupon 10.07% Basis Point Spread Above Index SOFR+6402025-12-310001383414First Lien Secured Debt Issuer Name Inventus Power, Inc. Acquisition 10/10/23 Maturity 01/15/26 Industry Consumer Products Current Coupon 11.78% Basis Point Spread Above Index SOFR+7612024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SP DXE Holdings, LLC Acquisition 10/01/2025 Industry Electronics2025-12-310001383414pnnt:TotalInvestmentsAndCashEquivalentsOneThousandThreeHundredEightPontNineMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Unfunded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare Current Coupon 8.47% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 03/02/22 Maturity 08/31/28 Industry Business Services Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.32% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 07/02/2019 Maturity 01/08/2026 Industry Business Services Current Coupon 12.92% Basis Point Spread Above Index 3M SOFR+8602025-12-310001383414us-gaap:SubordinatedDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seaway Topco, LP Acquisition 06/08/2022 Industry Chemicals, Plastics and Rubber2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ITC Infusion Co-invest, LP Acquisition 02/16/2022 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Revolver Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Unfunded Revolver Acquisition 07/24/2023 Maturity 02/07/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class AA Acquisition 11/08/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Meadowlark Title, LLC Acquisition 12/09/2021 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2025-10-012025-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Unfunded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services2025-10-012025-12-310001383414pnnt:InvestmentsFairValueMemberus-gaap:EquityMember2025-12-310001383414us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Funded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Berwick Industrial Park Acquisition 04/26/2022 Maturity 05/02/2026 Industry Buildings and Real Estate Current Coupon 13.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Insight Holdings, Inc. Acquisition 07/15/2024 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Unfunded Revolver Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NP Riverhead Industrial, LLC Acquisition 05/24/2024 Maturity 12/10/2025 Industry Buildings and Real Estate Current Coupon 15.50%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 12/10/25 Maturity 12/17/29 Industry Building Products Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Unfunded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Ro Health, LLC Acquisition 04/03/25 Maturity 01/17/31 Industry Healthcare Providers & Services Current Coupon 8.17%2025-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MaximumMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SSC Dominion Holdings, LLC Acquisition 07/11/2018 Industry Electronics2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class D Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class B Acquisition 04/19/2024 Industry Financial Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Acquisition 09/23/2024 Maturity 09/23/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan Acquisition 08/12/2025 Maturity 07/30/2027 Industry Healthcare Providers & Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class B Acquisition 04/19/2024 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NBH Group, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/19/2026 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Term Loan Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media2025-12-310001383414First Lien First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 07/24/23 Maturity 12/22/28 Industry Personal, Food and Miscellaneous Services Current Coupon 8.66% Basis Point Spread Above Index SOFR+4502025-09-300001383414pnnt:EquityInterestsInPSLFMember2024-10-012025-09-300001383414pnnt:ConsumerProductsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NFS - CFP Holdings, LLC Acquisition 09/13/2024 Industry Business Services2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 01/17/25 Maturity 12/17/29 Industry Aerospace and Defense Current Coupon 9.76% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name Flock Financial, LLC Acquisition 04/19/2024 Maturity 10/19/2027 Industry Financial Services Current Coupon 12.50%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Urology Partners Co, LP Acquisition 01/20/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name BioDerm Holdings, LP Acquisition 01/30/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Term Loan Acquisition 10/18/2024 Maturity 10/19/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Term Loan Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 04/01/22 Maturity 12/10/27 Industry Business Services Current Coupon 9.32% Basis Point Spread Above Index SOFR+5652025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Funded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Machinery2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class A-1 Acquisition 05/03/2024 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Revolver Acquisition 12/31/2024 Maturity 12/31/2030 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Unfunded Revolver Acquisition 11/14/2022 Maturity 3/29/2027 Industry Aerospace and Defense2025-12-310001383414pnnt:PennantParkCloViiMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpnnt:ClassCC-RMember2025-07-210001383414First Lien Secured Debt Issuer Name SpendMend Holdings, LLC Acquisition 07/24/23 Maturity 03/01/28 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Funded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+7612024-10-012025-09-300001383414First Lien Secured Debt Issuer Name SpendMend Holdings, LLC Acquisition 07/24/23 Maturity 03/01/28 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152025-10-012025-12-310001383414First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Acquisition 10/06/23 Maturity 8/01/29 Industry Business Services Current Coupon 9.49% Basis Point Spread Above Index SOFR+5502025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distribution2025-12-310001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Priority TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 9.65% Basis Point Spread Above Index SOFR+5942025-12-310001383414First Lien Secured Debt Issuer Name CF512, Inc. Acquisition 12/29/21 Maturity 08/20/26 Industry Media Current Coupon 9.98% Basis Point Spread Above Index SOFR+6192025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC - Unfunded Revolver Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Materials2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Funded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.44% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Funded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services Current Coupon 8.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Term Loan Acquisition 03/21/2025 Maturity 03/21/2027 Industry Business Services2024-10-012025-09-300001383414pnnt:DebtInvestmentsMember2025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name novex Information Systems Incorporated - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Northwinds Topco, Inc. Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services Current Coupon PIK 15.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name ORL Holdco, Inc. - Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services Current Coupon 18.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PennantPark-TSO Senior Loan Fund II, LP Acquisition 01/07/2022 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Funded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+3752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Term Loan Acquisition 10/12/2021 Maturity 6/12/2027 Industry Aerospace and Defense2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 03/21/24 Maturity 10/02/28 Industry Business Services Current Coupon 10.42% Basis Point Spread Above Index SOFR+6252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Term Loan Acquisition 12/29/2023 Maturity 09/30/2026 Industry Diversified Conglomerate Service2025-09-300001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 07/24/23 Maturity 05/29/29 Industry Personal, Food and Miscellaneous Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carisk Parent, LP Acquisition 11/27/2023 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Revolver Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 12/16/24 Maturity 09/23/30 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DX Electric Company, LLC - Unfunded Revolver Acquisition 10/01/2025 Maturity 10/01/2031 Industry Electronics2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Funded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+7612025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GMP Hills, LP Acquisition 11/02/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP Acquisition 10/31/2024 Industry Government Services2025-12-310001383414First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 12/20/24 Maturity 08/09/30 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Funded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo II, LP Acquisition 05/01/2020 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ironclad Holdco, LLC (Applied Technical Services, LLC) Acquisition 12/23/2020 Industry Environmental Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMembersrt:MinimumMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:TruistCreditFacilityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/2024 Maturity 10/03/2029 Industry Transportation Current Coupon 12.57% (PIK 7.25%) Basis Point Spread Above Index 3M SOFR+8352025-09-300001383414First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 07/24/23 Maturity 02/01/30 Industry Environmental Services Current Coupon 8.46% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Funded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 10.16% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP PAR Holdings, LP Acquisition 09/03/2024 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:ElectronicsMember2025-12-310001383414First Lien Secured Debt Issuer Name Confluent Health, LLC Acquisition 12/23/24 Maturity 11/30/28 Industry Healthcare, Education and Childcare Current Coupon 11.22% Basis Point Spread Above Index SOFR+7502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MES Intermediate, Inc. - Funded Revolver Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+4002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Unfunded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Revolver Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-09-300001383414First Lien First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 03/02/22 Maturity 04/16/27 Industry Telecommunications Current Coupon 9.30% Basis Point Spread Above Index SOFR+5102024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Northwinds Topco, Inc. Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services Current Coupon PIK 15.00%2024-10-012025-09-300001383414pnnt:TruistCreditFacilityMember2025-12-310001383414First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 10/09/24 Maturity 07/31/29 Industry Business Services Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Funded Revolver Acquisition 11/05/2021 Maturity 11/09/2027 Industry Retail Current Coupon 4.27%2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Imagine Topco, LP Acquisition 11/04/2021 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - New Money DIP Acquisition 03/01/2023 Maturity 03/01/2029 Industry Home and Office Furnishings Current Coupon 10.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Term Loan Acquisition 07/31/2025 Maturity 07/31/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Term Loan Acquisition 09/29/2025 Maturity 09/30/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP Embedded Aggregator, LP Acquisition 12/11/2023 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Funded Revolver Acquisition 11/14/2022 Maturity 3/29/2027 Industry Aerospace and Defense Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 09/09/22 Maturity 06/14/28 Industry Distribution Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 9/3/2024 Maturity 9/3/2030 Industry Healthcare, Education and Childcare Current Coupon 8.74% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment Acquisition 6/21/2024 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Funded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+6902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 8/25/2021 Maturity 8/31/2028 Industry Business Services Current Coupon 8.84% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OES Co-Invest, LP - Class A Acquisition 05/31/2024 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Unfunded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ro Health Holdings, Inc. Acquisition 01/16/2025 Industry Healthcare Providers & Services2025-09-300001383414Cascade Environmental Holdings, LLC2024-09-300001383414First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 03/02/22 Maturity 11/03/25 Industry Consumer Products Current Coupon 9.41% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Funded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products Current Coupon 8.94% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+5102025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMember2022-03-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (I-2 Series) Acquisition 12/07/2023 Industry Distribution2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel1Memberpnnt:USGovernmentSecuritiesMember2025-09-300001383414pnnt:SubordinateDebtCorporateNotesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Crane 1 Services, Inc. - Unfunded Revolver Acquisition 06/10/2024 Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 09/09/22 Maturity 06/14/28 Industry Distribution Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001383414pnnt:LongTermCreditFacilityMember2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 07/26/2022 Maturity 07/28/2030 Industry Auto Sector Current Coupon 13.41% Basis Point Spread Above Index 3M SOFR+9102025-09-300001383414First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 02/09/24 Maturity 12/01/29 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:InvestmentsAndCashEquivalentsMember2025-09-300001383414pnnt:TruistCreditFacilityMember2024-10-012024-12-310001383414pnnt:InvestmentsFairValueMemberpnnt:EquityInPSLFMember2025-12-310001383414us-gaap:SubordinatedDebtMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. - Unfunded Revolver Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 10/03/22 Maturity 07/25/29 Industry Auto Sector Current Coupon 9.19% Basis Point Spread Above Index SOFR+5352025-10-012025-12-310001383414us-gaap:CashMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Revolver Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Funded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Unfunded Revolver Acquisition 11/14/2022 Maturity 03/29/2027 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Term Loan Acquisition 09/29/2025 Maturity 09/30/2027 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name EvAL Home Care Solutions Intermediate, LLC Acquisition 07/23/24 Maturity 05/10/30 Industry Healthcare, Education and Childcare Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Revolver Acquisition 09/23/2024 Maturity 09/23/2030 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name PL Acquisitionco, LLC Acquisition 05/31/2023 Industry Retail2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. - Unfunded Revolver Acquisition 07/26/2023 Maturity 08/01/2029 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 03/02/22 Maturity 08/16/27 Industry Aerospace and Defense Current Coupon 8.92% Basis Point Spread Above Index SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Term Loan Acquisition 3/1/2024 Maturity 3/2/2026 Industry Financial Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+6352025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare Current Coupon 9.43% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnnt:DebtInvestmentsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Unfunded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TMII Enterprises, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5402024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Funded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seacoast Service Partners, LLC Acquisition 12/20/2024 Industry Diversified Conglomerate Service2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 12.98 (PIK 1.00%)% Basis Point Spread Above Index 3M SOFR+9252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Funded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Member2025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SecondLienMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Term Loan Acquisition 01/09/2024 Maturity 01/16/2026 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name APT OPCO, LLC Acquisition 12/24/25 Maturity 09/30/31 Industry Health Care Providers and Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan C Acquisition 08/09/2024 Maturity 08/18/2027 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare, Education and Childcare Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP - Unfunded Acquisition 12/20/2021 Industry Business Services2024-10-012025-09-300001383414pnnt:LongTermCreditFacilityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name LJ Avalon, LP Acquisition 01/18/2023 Industry Environmental Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC - Unfunded Revolver (7) Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Podean Intermediate II, LLC Acquisition 08/04/2025 Industry Marketing Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Term Loan Acquisition 10/18/2024 Maturity 10/19/2026 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Unfunded Revolver Acquisition 05/03/2024 Maturity 05/03/2029 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Term Loan Acquisition 01/18/2023 Maturity 02/08/2027 Industry Environmental Services2025-09-300001383414JF Intermediate, LLC (JF Holdings Corp.)2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP Acquisition 12/16/2020 Industry Telecommunications2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Team Services Group, LLC Acquisition 07/24/23 Maturity 12/20/27 Industry Healthcare, Education and Childcare Current Coupon 9.56% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NBH Group, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/19/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414pnnt:Non-MoneyMarketCashMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Funded Revolver Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+5152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Revolver Acquisition 03/21/2025 Maturity 03/19/2032 Industry Business Services2024-10-012025-09-300001383414pnnt:InvestmentsCostMemberpnnt:EquityInPSLFMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Revolver Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414country:USpnnt:NetAssetsMember2025-12-310001383414srt:MaximumMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name EDS Topco, LP Acquisition 12/19/2022 Industry Aerospace and Defense2025-12-3100013834142024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PD Tri-State Holdco, LLC - Unfunded Term Loan Acquisition 10/14/2025 Maturity 10/14/2027 Industry Diversified Consumer Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 03/02/22 Maturity 10/01/27 Industry Distribution Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001383414Subordinated Debt Issuer Name Wash & Wax Systems, LLC - Subordinate Debt Acquisition 04/30/25 Maturity 07/30/28 Industry Business Services Current Coupon 12.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carnegie Holdco, LLC Acquisition 02/07/2024 Industry Education2024-10-012025-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Acquisition 09/23/2024 Maturity 09/23/2026 Industry Business Services2025-12-310001383414pnnt:PennantParkCloViiMember2025-09-300001383414First Lien Secured Debt Issuer Name Paving Lessor Corp. First Lien -Term Loan Acquisition 10/24/25 Maturity 07/01/31 Industry Commercial Services and Supplies Current Coupon 8.94% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Unfunded Revolver Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP Acquisition 05/01/2020 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 09/09/2025 Maturity 09/12/2031 Industry Business Services Current Coupon 8.81% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Acquisition 8/15/2024 Maturity 8/15/2029 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414PennantPark Senior Loan Fund, LLC2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.46% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Term Loan Acquisition 06/13/2025 Maturity 06/13/2027 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media2025-09-300001383414country:USpnnt:NetAssetsMember2025-09-300001383414pnnt:ChemicalsPlasticsAndRubberMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. - Unfunded Revolver Acquisition 11/01/2019 Maturity 11/01/2028 Industry Consumer Products2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 07/21/25 Maturity 12/31/30 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Revolver Acquisition 2/25/2022 Maturity 3/1/2028 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Term Loan Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/2024 Maturity 10/03/2029 Industry Transportation Current Coupon 5.32%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name IHS Parent Holdings, LP Acquisition 12/21/2022 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class B Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC - Unfunded Revolver Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:FirstLienMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueMarketComparableMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Unfunded Revolver Acquisition 01/16/2025 Maturity 01/17/2031 Industry Healthcare Providers & Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 11/01/2019 Maturity 11/03/2025 Industry Consumer Products Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 07/24/23 Maturity 02/01/30 Industry Environmental Services Current Coupon 8.77% Basis Point Spread Above Index SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Acquisition 07/15/24 Maturity 10/16/28 Industry Business Services Current Coupon 9.96% Basis Point Spread Above Index SOFR+5762024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Unfunded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services2025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2021-10-302021-10-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Unfunded Revolver Acquisition 6/8/2023 Maturity 6/15/2029 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan - 2nd Amendment Acquisition 05/25/2023 Maturity 12/31/2026 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Machinery2025-09-300001383414First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 3/02/22 Maturity 06/30/26 Industry Media Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Athletico Holdings, LLC Acquisition 02/04/2022 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/08/2022 Maturity 11/10/2027 Industry Consumer Products Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2025 Industry Environmental Services2025-10-012025-12-310001383414PennantPark Senior Loan Fund, LLC2025-09-300001383414First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 02/07/23 Maturity 12/28/28 Industry Personal, Food and Miscellaneous Services Current Coupon 10.16% Basis Point Spread Above Index SOFR+6002025-09-300001383414First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 09/16/24 Maturity 06/17/29 Industry Healthcare, Education and Childcare Current Coupon 8.87% Basis Point Spread Above Index SOFR+5002025-12-310001383414First Lien Secured Debt Issuer Name Inventus Power, Inc. Acquisition 10/10/23 Maturity 01/15/26 Industry Consumer Products Current Coupon 11.33% Basis Point Spread Above Index SOFR+7612025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Funded Revolver Acquisition 1/16/2025 Maturity 1/17/2031 Industry Healthcare Providers & Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Acquisition 7/2/2019 Maturity 3/31/2027 Industry Business Services Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6102025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A-1 Acquisition 07/25/2023 Industry Auto Sector2025-12-3100013834142024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Imagine Topco, LP Acquisition 11/04/2021 Industry Business Services2025-09-300001383414Pragmatic Institute, LLC2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Unfunded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Unfunded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 12/16/24 Maturity 09/23/30 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Industry Personal, Food and Miscellaneous Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Funded Revolver Acquisition 01/27/2021 Maturity 01/29/2026 Industry Consumer Products Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+6252025-09-300001383414First Lien Secured Debt Issuer Name Paving Lessor Corp. First Lien -Term Loan Acquisition 10/24/25 Maturity 07/01/31 Industry Commercial Services and Supplies Current Coupon 8.94% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Funded Revolver Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2025-12-310001383414First Lien First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation Current Coupon 12.57% Basis Point Spread Above Index SOFR+8352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 8/15/2024 Maturity 8/15/2029 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Cascade Environmental Holdings, LLC2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMember2025-12-310001383414First Lien Secured Debt Issuer Name NBH Group, LLC Acquisition 03/02/22 Maturity 08/19/26 Industry Healthcare, Education and Childcare Current Coupon 9.71% Basis Point Spread Above Index SOFR+5852025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Riverpoint Medical, LLC - Unfunded Revolver Acquisition 6/19/2019 Maturity 6/21/2027 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Municipal Emergency Services, Inc. Acquisition 09/28/2021 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2025-12-310001383414pnnt:BlackRockFederalFDInstitutionalEightyOneMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2024-10-012025-09-300001383414AKW Holdings Limited2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Term Loan Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Funded Revolver Acquisition 8/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Funded Revolver Acquisition 06/08/2022 Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414First Lien Secured Debt Issuer Name One Stop Mailing, LLC Acquisition 06/07/23 Maturity 05/07/27 Industry Transportation Current Coupon 10.08% Basis Point Spread Above Index SOFR+6362025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 01/18/24 Maturity 10/20/28 Industry Healthcare, Education and Childcare Current Coupon 9.92% Basis Point Spread Above Index SOFR+6252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Revolver Acquisition 09/13/2024 Maturity 09/13/2029 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Funded Revolver Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name One Stop Mailing, LLC Acquisition 06/07/23 Maturity 05/07/27 Industry Transportation Current Coupon 10.53% Basis Point Spread Above Index SOFR+6362024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carnegie Holdco, LLC Acquisition 02/07/2024 Industry Education2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name TEAM Services Group, LLC Acquisition 04/26/2024 Maturity 12/18/2028 Industry Healthcare, Education and Childcare Current Coupon 13.10% Basis Point Spread Above Index 3M SOFR+9262025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414pnnt:DistributionMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP Acquisition 11/05/2018 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC- Unfunded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services2025-12-310001383414pnnt:ConsumerServicesMember2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Acquisition 07/24/23 Maturity 06/15/27 Industry Healthcare, Education and Childcare Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5152025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class A Acquisition 04/19/2024 Industry Financial Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 07/25/24 Maturity 12/29/29 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Acquisition 07/24/23 Maturity 06/16/29 Industry Professional Services Current Coupon 9.92% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Fourth Out Acquisition 03/28/2024 Maturity 05/06/2028 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Revolver Acquisition 02/07/2024 Maturity 02/07/2030 Industry Education2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan Acquisition 08/12/2025 Maturity 07/30/2027 Industry Healthcare Providers & Services2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/24/23 Maturity 11/10/27 Industry Consumer Products Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152024-10-012025-09-3000013834142024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP Acquisition 10/27/2021 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Project Granite Holdings, LLC Acquisition 12/31/2024 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Project Granite Holdings, LLC Acquisition 12/31/2024 Industry Business Services2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Medina Health, LLC - Unfunded Revolver Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:USGovernmentSecuritiesMember2025-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassA1BMemberus-gaap:PrivatePlacementMember2023-07-262023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Five Star Parent Holdings, LLC Acquisition 02/21/2023 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Term Loan Acquisition 6/26/2024 Maturity 11/26/2027 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Financial Services2024-10-012025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedNotesInPSLFMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name ORL Holdco, Inc. - Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services Current Coupon 18.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC Acquisition 07/12/2024 Maturity 12/23/2026 Industry Environmental Services Current Coupon PIK 14.75%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP Acquisition 07/28/2022 Industry Auto Sector2025-09-300001383414First Lien Secured Debt Issuer Name Ad.Net Acquisition, LLC Acquisition 03/02/22 Maturity 05/07/26 Industry Media Current Coupon 10.26% Basis Point Spread Above Index SOFR+6262024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC - Funded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5652025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Hancock Roofing And Construction, LLC Acquisition 03/02/22 Maturity 12/31/26 Industry Insurance Current Coupon 9.60% Basis Point Spread Above Index SOFR+5502025-09-300001383414First Lien First Lien Secured Debt Issuer Name Radius Aerospace, Inc. Acquisition 11/06/19 Maturity 03/29/27 Industry Aerospace and Defense Current Coupon 10.45% Basis Point Spread Above Index SOFR+6152025-09-300001383414srt:OtherCurrencyMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Unfunded Revolver Acquisition 5/29/2020 Maturity 7/7/2026 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Term Loan Acquisition 08/29/2025 Maturity 08/29/2027 Industry Manufacturing/Basic Industry2025-12-310001383414pnnt:DebtInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnnt:TruistCreditFacilityMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 03/02/22 Maturity 04/01/28 Industry Aerospace and Defense Current Coupon 8.88% Basis Point Spread Above Index SOFR+4902025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Events Buyer, LLC Acquisition 12/17/2024 Industry Event Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Loving Tan, LP Acquisition 05/25/2023 Industry Consumer Products2025-09-300001383414First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 09/09/22 Maturity 06/14/28 Industry Distribution Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name novex Information Systems Incorporated - Unfunded Term Loan Acquisition 12/17/2024 Maturity 12/17/2026 Industry Business Services2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name PCS Midco, Inc. Acquisition 08/29/24 Maturity 03/01/30 Industry Financial Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001383414First Lien First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 03/02/22 Maturity 10/01/27 Industry Distribution Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Term Loan Acquisition 03/21/2025 Maturity 03/21/2027 Industry Business Services2025-09-300001383414pnnt:SubordinateDebtCorporateNotesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers LLC Acquisition 10/09/25 Maturity 01/21/31 Industry Health Care Providers and Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Crane 1 Services, Inc. - Unfunded Revolver Acquisition 06/10/2024 Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services2025-09-300001383414First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aftermarket Drivetrain Products Holdings, LLC Acquisition 12/29/2023 Industry Machinery2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Crane 1 Acquisition Parent Holdings, LP Acquisition 08/11/2021 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SP DXE Holdings, LLC Acquisition 10/01/2025 Industry Electronics2025-10-012025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassCMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Unfunded Revolver Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution2025-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment Acquisition 08/15/2025 Maturity 08/22/2032 Industry Gaming Current Coupon 9.02% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414First Lien First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 01/18/24 Maturity 10/20/28 Industry Healthcare, Education and Childcare Current Coupon 10.25% Basis Point Spread Above Index SOFR+6252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652024-10-012025-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:DebtInvestmentsMember2025-12-310001383414First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 03/02/22 Maturity 09/22/28 Industry Business Services Current Coupon 8.84% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Paving Parent, LLC Acquisition 07/01/2025 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 12.98 (PIK 1.00%)% Basis Point Spread Above Index 3M SOFR+9252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Quad (U.S.) Co-Invest, LP Acquisition 10/03/2022 Industry Business Services2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Acquisition 09/19/24 Maturity 12/01/29 Industry Consumer Products Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002025-09-300001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Acquisition 03/02/22 Maturity 05/10/26 Industry Media Current Coupon 9.80% Basis Point Spread Above Index SOFR+5902025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name APT Holdings, LLC Acquisition 09/29/2025 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Revolver Acquisition 3/1/2024 Maturity 3/1/2030 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. - Unfunded Revolver Acquisition 11/04/2021 Maturity 11/16/2027 Industry Business Services2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 03/04/25 Maturity 12/19/30 Industry Media Current Coupon 9.12% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Machinery2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 12/23/24 Maturity 08/15/29 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class B Acquisition 04/19/2024 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Financial Services2025-09-300001383414pnnt:JPMorganUSGovernmentMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GMP Hills, LP Acquisition 11/02/2023 Industry Distribution2025-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 02/13/24 Maturity 11/08/29 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index SOFR+6002025-09-300001383414pnnt:InvestmentsAndCashEquivalentsMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 03/04/25 Maturity 12/19/30 Industry Media Current Coupon 9.12% Basis Point Spread Above Index SOFR+5252025-09-300001383414pnnt:PennantParkCLOXMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2024-10-012025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 12/24/25 Maturity 09/12/31 Industry Auto Sector Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Unfunded Revolver Acquisition 1/27/2021 Maturity 1/29/2026 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Term Loan Acquisition 10/02/2023 Maturity 04/21/2027 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name AFC-Dell Holding Corp. Acquisition 02/23/24 Maturity 04/09/27 Industry Distribution Current Coupon 9.83% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 02/13/24 Maturity 11/08/29 Industry Distribution Current Coupon 9.19% Basis Point Spread Above Index SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. - Unfunded Revolver Acquisition 08/04/2025 Maturity 08/04/2031 Industry Marketing Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 06/26/24 Maturity 02/07/30 Industry Education Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Shiftkey, LLC Acquisition 06/17/2022 Maturity 06/21/2027 Industry Business Services Current Coupon 10.01% Basis Point Spread Above Index 3M SOFR+6012025-09-300001383414First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Acquisition 03/04/25 Maturity 12/17/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Term Loan Acquisition 12/19/2024 Maturity 06/19/2026 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Machinery2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC - Funded Revolver Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Materials Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Infogroup Parent Holdings, Inc. Acquisition 05/31/2023 Industry Other Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 09/23/2024 Maturity 09/23/2030 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name White Tiger Newco, LLC Acquisition 07/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:MaximumMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel2Member2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class D Acquisition 05/03/2024 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Unfunded Revolver Acquisition 05/29/2020 Maturity 07/07/2026 Industry Business Services2025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name APT INTERMEDIATE, LLC Acquisition 09/29/2025 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 09/14/22 Maturity 06/13/29 Industry Chemicals, Plastics and Rubber Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Acquisition 05/23/2024 Maturity 05/23/2029 Industry Building Materials Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Term Loan Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-12-310001383414Flock Financial, LLC2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Term Loan Acquisition 09/30/2024 Maturity 09/30/2026 Industry Marketing Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Unfunded Revolver Acquisition 06/08/2022 Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP - Unfunded Acquisition 11/05/2018 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Term Loan Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Safe Haven Defense MidCo, LLC Acquisition 05/23/2024 Industry Building Materials2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SBI Holdings Investments, LLC Acquisition 12/23/2019 Industry Business Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name Pragmatic Institute, LLC Acquisition 03/28/2025 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Term Loan Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name CF512, Inc. Acquisition 12/29/21 Maturity 08/20/26 Industry Media Current Coupon 9.98% Basis Point Spread Above Index SOFR+6192025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Funded Revolver Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Term Loan Acquisition 09/29/2025 Maturity 09/30/2027 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.09% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Podean Intermediate II, LLC Acquisition 08/04/2025 Industry Marketing Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - FOTL Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 10.10% Basis Point Spread Above Index 3M SOFR+5952024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Acquisition 10/09/25 Maturity 05/13/32 Industry Professional Services Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OceanSound Discovery Equity, LP Acquisition 03/28/2024 Industry Aerospace and Defense2025-12-310001383414pnnt:USGovernmentSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001383414pnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Watchtower Holdings, LLC Acquisition 11/29/2023 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Funded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 12/20/24 Maturity 08/28/29 Industry Healthcare, Education and Childcare Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Beacon Behavioral Holdings, LLC Acquisition 06/21/2024 Maturity 06/21/2030 Industry Healthcare, Education and Childcare Current Coupon PIK 15.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services2025-09-300001383414First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 11/26/24 Maturity 10/01/29 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:FirstLienMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Revolver Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver Acquisition 05/10/2024 Maturity 05/10/2030 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Crane 1 Services, Inc. - Unfunded Revolver Acquisition 06/10/2024 Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Consello Pacific Aggregator, LLC Acquisition 10/02/2023 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ironclad Holdco, LLC (Applied Technical Services, LLC) Acquisition 12/23/2020 Industry Environmental Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics2025-09-300001383414First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 12/23/24 Maturity 10/18/27 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Quad (U.S.) Co-Invest, LP Acquisition 10/03/2022 Industry Business Services2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 02/27/24 Maturity 01/23/29 Industry Media Current Coupon 10.52% Basis Point Spread Above Index SOFR+6502024-10-012025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SecondLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Revolver Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge APHIX Blocker, LLC Acquisition 07/16/2025 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2015 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC - Unfunded Term Loan Acquisition 05/31/2024 Maturity 11/30/2025 Industry Printing and Publishing2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Revolver Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 07/24/23 Maturity 02/23/28 Industry Hotels, Motels, Inns and Gaming Current Coupon 12.98% Basis Point Spread Above Index SOFR+9252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NEPRT Parent Holdings, LLC Acquisition 01/27/2021 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name First Medical Holdings, LLC Acquisition 06/13/2025 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name MDI Buyer, Inc. Acquisition 12/20/24 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 8.57% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AKW Holdings Limited Acquisition 03/07/2018 Maturity 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 11.19% Basis Point Spread Above Index 3M SOFR+7002025-09-300001383414First Lien First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Priority TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Buyer, LLC. - Funded Revolver Acquisition 11/29/2023 Maturity 12/3/2029 Industry Electronics Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Funded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5762025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+5652025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Five Star Parent Holdings, LLC - Class P Acquisition 07/09/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-12-310001383414pnnt:AerospaceAndDefenseMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name BioDerm Holdings, LP Acquisition 01/30/2023 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. - Unfunded Revolver Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Funded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.06% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge APHIX Blocker, LLC Acquisition 07/16/2025 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name IHS Parent Holdings, LP Acquisition 12/21/2022 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (G-2 Series) Acquisition 12/07/2023 Industry Distribution2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Ro Health, LLC Acquisition 04/03/25 Maturity 01/17/31 Industry Healthcare Providers & Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan Acquisition 6/21/2024 Maturity 12/13/2026 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Accounting Platform Blocker, Inc. Acquisition 08/09/2024 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name First Medical Holdings, LLC Acquisition 06/13/2025 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien Secured Debt Issuer Name NORA Acquisition, LLC Acquisition 11/21/23 Maturity 08/31/29 Industry Healthcare, Education and Childcare Current Coupon 10.02% Basis Point Spread Above Index SOFR+6352025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Term Loan Acquisition 08/28/2024 Maturity 08/28/2026 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Conglomerate Manufacturing2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Amsive Holdings Corporation Acquisition 03/02/22 Maturity 12/10/26 Industry Media Current Coupon 9.92% Basis Point Spread Above Index SOFR+6252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name North Haven Saints Equity Holdings, LP Acquisition 02/25/2022 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Maturity 06/21/2029 Industry Healthcare, Education and Childcare Current Coupon 9.92% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name EvAL Home Health Solutions, LLC Acquisition 05/10/2024 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2025-10-012025-12-310001383414Flock Financial, LLC2025-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Revolver Acquisition 01/18/2023 Maturity 02/01/2029 Industry Environmental Services2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:TruistCreditFacilityMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Northwinds Topco, Inc. - Unfunded Term Loan Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Acquisition 05/23/2024 Maturity 05/23/2029 Industry Building Materials Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/08/2022 Maturity 11/10/2027 Industry Consumer Products Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-10-012025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassCC-RMember2025-07-210001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Revolver Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Safe Haven Defense MidCo, LLC Acquisition 05/23/2024 Industry Building Materials2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCOM InvestCo, LP Acquisition 05/11/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Revolver Acquisition 7/31/2025 Maturity 7/31/2031 Industry Business Services2025-12-310001383414srt:OtherCurrencyMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carisk Parent, LP Acquisition 11/27/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Unfunded Revolver Acquisition 01/16/2025 Maturity 01/17/2031 Industry Healthcare Providers & Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Funded Revolver Acquisition 10/1/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 8.94% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services Current Coupon 10.51% Basis Point Spread Above Index 3M SOFR+6352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2025-12-310001383414Equity Securities Issuer Name White Tiger Newco, LLC - Common Equity Acquisition 07/31/25 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 07/02/2019 Maturity 01/08/2026 Industry Business Services Current Coupon 12.92% Basis Point Spread Above Index 3M SOFR+8602025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Accounting Platform Blocker, Inc. Acquisition 08/09/2024 Industry Financial Services2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 07/24/23 Maturity 12/22/28 Industry Personal, Food and Miscellaneous Services Current Coupon 8.66% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name North Haven Saints Equity Holdings, LP Acquisition 02/25/2022 Industry Business Services2025-09-300001383414srt:MaximumMemberpnnt:IncentiveFeePaymentConditionOneMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare, Education and Childcare Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-12-310001383414First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 04/01/22 Maturity 12/10/27 Industry Business Services Current Coupon 9.32% Basis Point Spread Above Index SOFR+5652025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Funded Revolver Acquisition 10/1/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 8.94% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Term Loan Acquisition 09/27/2024 Maturity 09/27/2026 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2024-10-012025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:FirstLienMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Term Loan Acquisition 09/27/2024 Maturity 09/27/2026 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/2024 Maturity 10/03/2029 Industry Transportation Current Coupon 5.32%2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Acquisition 07/26/22 Maturity 10/28/31 Industry Aerospace and Defense Current Coupon 8.84% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Funded Revolver Acquisition 8/25/2021 Maturity 8/31/2028 Industry Business Services Current Coupon 8.87% Basis Point Spread Above Index 3M SOFR+5102025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. - Unfunded Revolver Acquisition 09/03/2024 Maturity 09/03/2030 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name TPC US Parent, LLC Acquisition 03/02/22 Maturity 11/24/25 Industry Food Current Coupon 9.89% Basis Point Spread Above Index SOFR+5902025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Term Loan Acquisition 02/07/2024 Maturity 02/09/2026 Industry Education2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 9/12/2025 Maturity 9/12/2031 Industry Business Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Funded Revolver Acquisition 1/30/2023 Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 10.36% Basis Point Spread Above Index 3M SOFR+6502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC - Unfunded Revolver (7) Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services2025-09-300001383414pnnt:CommonEquityPartnershipInterestsWarrantsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP Acquisition 08/16/2024 Industry Aerospace and Defense2025-12-310001383414First Lien First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 03/02/22 Maturity 07/28/26 Industry Business Services Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OES Co-Invest, LP - Class A Acquisition 05/31/2024 Industry Diversified Conglomerate Service2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Medina Health, LLC - Unfunded Revolver Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Unfunded Revolver Acquisition 1/27/2021 Maturity 1/29/2026 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Unfunded Revolver Acquisition 10/1/2024 Maturity 10/01/2029 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carnegie Holdco, LLC Acquisition 02/07/2024 Industry Education2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5102025-12-310001383414First Lien Secured Debt Issuer Name Bioderm, Inc. Acquisition 06/26/24 Maturity 01/31/28 Industry Healthcare, Education and Childcare Current Coupon 10.36% Basis Point Spread Above Index SOFR+6502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Funded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name novex Information Systems Incorporated - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kentucky Racing Holdco, LLC (Warrants) Acquisition 04/16/2019 Industry Hotels, Motels, Inns and Gaming2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 04/22/2020 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Funded Revolver Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+4852024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Funded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.25% Basis Point Spread Above Index 3M SOFR+3202025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Unfunded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cascade Environmental Holdings, LLC - Series B Acquisition 02/19/2025 Industry Environmental Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Insight Holdings, Inc. Acquisition 07/15/2024 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Acquisition 07/24/23 Maturity 06/15/27 Industry Healthcare, Education and Childcare Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Revolver Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5102025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Acquisition 07/15/24 Maturity 07/17/28 Industry Business Services Current Coupon 9.14% Basis Point Spread Above Index SOFR+5762025-10-012025-12-310001383414pnnt:TwoThousandThirtyFiveAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMembersrt:MaximumMember2025-12-310001383414First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 07/21/25 Maturity 12/27/30 Industry Conglomerate Manufacturing Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 01/10/2029 Industry Aerospace and Defense2025-12-310001383414First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 07/24/23 Maturity 08/16/27 Industry Personal, Food and Miscellaneous Services Current Coupon 9.08% Basis Point Spread Above Index SOFR+5362025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 09/14/22 Maturity 06/13/29 Industry Chemicals, Plastics and Rubber Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 06/17/2024 Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Funded Revolver Acquisition 01/16/2025 Maturity 01/17/2031 Industry Healthcare Providers & Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Unfunded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Term Loan Acquisition 10/18/2024 Maturity 10/19/2026 Industry Healthcare, Education and Childcare2025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC - Unfunded Term Loan Acquisition 05/31/2024 Maturity 11/30/2025 Industry Printing and Publishing2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SBI Holdings Investments, LLC Acquisition 12/23/2019 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-09-300001383414First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 03/02/22 Maturity 06/20/29 Industry Healthcare, Education and Childcare Current Coupon 8.99% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Big Top Holdings, LLC - Unfunded Revolver Acquisition 02/29/2024 Maturity 02/28/2030 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414Flock Financial, LLC2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Northwinds Topco, Inc. - Unfunded Term Loan Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services2025-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2024-10-012025-09-300001383414pnnt:ClassBMemberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC - Unfunded Acquisition 11/04/2021 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Funded Revolver Acquisition 2/25/2022 Maturity 3/1/2028 Industry Business Services Current Coupon 8.82% Basis Point Spread Above Index 3M SOFR+5152025-12-310001383414JF Intermediate, LLC (JF Holdings Corp.)2025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SecondLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Beacon Behavioral Holdings, LLC Acquisition 06/21/2024 Maturity 06/21/2030 Industry Healthcare, Education and Childcare Current Coupon PIK 15.00%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Unfunded Revolver Acquisition 6/8/2022 Maturity 6/13/2028 Industry Chemicals, Plastics and Rubber2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name EvAL Home Health Solutions, LLC Acquisition 05/10/2024 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NP Riverhead Industrial, LLC Acquisition 05/24/2024 Maturity 01/31/2026 Industry Buildings and Real Estate Current Coupon 15.50%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Safe Haven Defense MidCo, LLC Acquisition 05/23/2024 Industry Building Materials2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-09-300001383414us-gaap:CashAndCashEquivalentsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Funded Revolver Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+3752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Term Loan Acquisition 01/09/2024 Maturity 01/16/2026 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Funded Revolver Acquisition 8/17/2021 Maturity 08/20/2026 Industry Media Current Coupon 9.74% Basis Point Spread Above Index 3M SOFR+6022025-12-310001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 07/24/23 Maturity 05/29/29 Industry Personal, Food and Miscellaneous Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP Acquisition 07/28/2022 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP Acquisition 12/13/2021 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Unfunded Revolver Acquisition 6/8/2023 Maturity 6/15/2029 Industry Business Services2025-12-310001383414First Lien First Lien Secured Debt Issuer Name MAG DS Corp. Acquisition 03/02/22 Maturity 04/01/27 Industry Aerospace and Defense Current Coupon 9.60% Basis Point Spread Above Index SOFR+5602024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Unfunded Revolver Acquisition 10/2/2023 Maturity 10/2/2028 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Revolver Acquisition 07/01/2025 Maturity 07/01/2031 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Acquisition 03/02/22 Maturity 05/10/26 Industry Media Current Coupon 9.80% Basis Point Spread Above Index SOFR+5902025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Acquisition 10/09/25 Maturity 05/13/32 Industry Professional Services Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414Subordinated Debt Issuer Name Wash & Wax Systems, LLC - Subordinate Debt Acquisition 04/30/25 Maturity 07/30/28 Industry Business Services Current Coupon 12.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name A1 Garage Equity, LLC Acquisition 12/19/2022 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Northwinds Services Group, LLC Acquisition 08/16/2024 Industry Consumer Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Funded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852024-10-012025-09-300001383414pnnt:HealthcareEducationAndChildcareMember2025-12-310001383414First Lien Secured Debt Issuer Name Puget Collision, LLC Acquisition 12/24/25 Maturity 10/02/31 Industry Auto Sector Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Beacon Behavioral Holdings, LLC Acquisition 06/21/2024 Maturity 06/21/2030 Industry Healthcare, Education and Childcare Current Coupon PIK 15.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Mineola 212, LLC Acquisition 06/24/2024 Maturity 01/31/2026 Industry Buildings and Real Estate Current Coupon 14.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC - Unfunded Term Loan Acquisition 10/3/2025 Maturity 10/3/2027 Industry Auto Sector2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2025-12-310001383414us-gaap:SubsequentEventMember2026-01-302026-01-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Burgess Point Holdings, LP Acquisition 07/21/2022 Industry Auto Sector2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414pnnt:TruistCreditFacilityMember2025-10-012025-12-310001383414pnnt:BuildingsAndRealEstateMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Revolver Acquisition 07/01/2025 Maturity 07/01/2031 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TCG 3.0 Jogger Co-Invest, LP Acquisition 01/22/2024 Industry Media2025-09-300001383414First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC Acquisition 03/02/22 Maturity 07/07/26 Industry Business Services Current Coupon 9.87% Basis Point Spread Above Index SOFR+6202025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Acquisition 07/05/2022 Maturity 03/28/2030 Industry Business Services Current Coupon PIK 9.50% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 12/23/24 Maturity 8/16/29 Industry Aerospace and Defense Current Coupon 9.47%2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (F-2 Series) Acquisition 12/07/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Crane 1 Acquisition Parent Holdings, LP Acquisition 08/11/2021 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name PCS Midco, Inc. Acquisition 08/29/24 Maturity 03/01/30 Industry Financial Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001383414First Lien Secured Debt Issuer Name BLC Holding Company, INC. Acquisition 02/24/25 Maturity 11/20/30 Industry Environmental Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502025-09-300001383414First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 09/16/24 Maturity 06/17/29 Industry Healthcare, Education and Childcare Current Coupon 8.87% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC - Series B Acquisition 02/19/2025 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Funded Revolver Acquisition 06/08/2022 Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Acquisition 10/12/22 Maturity 11/30/26 Industry Containers, Packaging and Glass2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Municipal Emergency Services, Inc. Acquisition 09/28/2021 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Five Star Parent Holdings, LLC - Class P Acquisition 07/09/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Pink Lily Holdco, LLC Acquisition 11/05/2021 Industry Retail2025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 12/16/24 Maturity 09/23/30 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP Acquisition 05/01/2020 Industry Aerospace and Defense2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 03/02/22 Maturity 11/03/25 Industry Consumer Products Current Coupon 9.41% Basis Point Spread Above Index SOFR+5252025-09-300001383414First Lien First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC (5) Acquisition 04/01/22 Maturity 11/09/27 Industry Retail Current Coupon 4.27%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Funded Revolver Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. (CAD) Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 03/02/22 Maturity 06/20/29 Industry Healthcare, Education and Childcare Current Coupon 8.99% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Funded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+6352025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. - Unfunded Revolver Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service2025-12-310001383414PennantPark Senior Loan Fund, LLC2024-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2022-01-012022-01-310001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan Acquisition 8/12/2025 Maturity 07/30/2027 Industry Healthcare Providers & Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Berwick Industrial Park Acquisition 4/26/2022 Maturity 05/02/2026 Industry Buildings and Real Estate Current Coupon 13.00%2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Acquisition 07/23/24 Maturity 05/03/29 Industry Consumer Products Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001383414us-gaap:InvestmentUnaffiliatedIssuerMember2024-10-012024-12-310001383414First Lien First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 04/01/22 Maturity 12/10/27 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index SOFR+5652024-10-012025-09-300001383414pnnt:Non-MoneyMarketCashMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2024-10-012025-09-300001383414pnnt:FirstLienSecuredDebtMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Revolver Acquisition 09/27/2021 Maturity 06/20/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Funded Revolver Acquisition 09/27/2021 Maturity 06/20/2029 Industry Healthcare, Education and Childcare Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414pnnt:PennantParkCloViiMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpnnt:ClassDD-RMember2025-07-210001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2025 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. - Unfunded Revolver Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 7/15/2025 Maturity 07/15/2031 Industry Business Services Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aftermarket Drivetrain Products Holdings, LLC Acquisition 12/29/2023 Industry Machinery2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Compex Legal Services, Inc. Acquisition 12/23/24 Maturity 02/09/26 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+5552024-10-012025-09-300001383414pnnt:BlackRockFederalFDInstitutionalEightyOneMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP Acquisition 10/27/2021 Industry Media2025-10-012025-12-3100013834142018-01-012018-01-010001383414First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 07/24/23 Maturity 08/16/27 Industry Personal, Food and Miscellaneous Services Current Coupon 9.08% Basis Point Spread Above Index SOFR+5362025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Route 66 Development Acquisition 1/28/2025 Maturity 1/24/2031 Industry Gaming Current Coupon 12.72% Basis Point Spread Above Index 3M SOFR+9002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. - Unfunded Revolver Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name RFMG Parent, LP Acquisition 12/16/2020 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+5652024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Term Loan Acquisition 12/29/2023 Maturity 09/30/2026 Industry Diversified Conglomerate Service2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab Coinvestment, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:TotalCashMember2025-09-300001383414First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 07/24/23 Maturity 09/17/26 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index SOFR+5402025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PennantPark-TSO Senior Loan Fund II, LP Acquisition 01/07/2022 Industry Financial Services2024-10-012025-09-300001383414pnnt:ClassA-1Memberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name Pragmatic Institute, LLC Acquisition 03/28/2025 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP - Unfunded Acquisition 07/28/2022 Industry Auto Sector2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 03/02/22 Maturity 07/28/26 Industry Business Services Current Coupon 9.57% Basis Point Spread Above Index SOFR+5902025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Five Star Parent Holdings, LLC Acquisition 02/21/2023 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-12-310001383414First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. Acquisition 07/24/23 Maturity 11/15/27 Industry Business Services Current Coupon 8.98% Basis Point Spread Above Index SOFR+5102025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Revolver Acquisition 03/21/2025 Maturity 03/19/2032 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Unfunded Revolver Acquisition 01/27/2021 Maturity 01/29/2026 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Unfunded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Funded Revolver Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+3752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Funded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414First Lien Secured Debt Issuer Name Amsive Holdings Corporation Acquisition 03/02/22 Maturity 12/10/26 Industry Media Current Coupon 9.92% Basis Point Spread Above Index SOFR+6252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name ORL Holdco, Inc. - Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services Current Coupon 18.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP Acquisition 12/16/2020 Industry Telecommunications2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 12/01/23 Maturity 12/20/27 Industry Telecommunications Current Coupon 10.31% Basis Point Spread Above Index SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 7/15/2025 Maturity 07/15/2031 Industry Business Services2025-12-310001383414us-gaap:FinancingReceivables30To59DaysPastDueMember2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 07/24/23 Maturity 03/15/27 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index SOFR+6352025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. - Unfunded Revolver Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP Acquisition 08/26/2021 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - New Money DIP Acquisition 3/1/2023 Maturity 3/1/2029 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 10.00%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. - Unfunded Revolver Acquisition 8/4/2025 Maturity 8/4/2031 Industry Marketing Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Term Loan Acquisition 12/20/2024 Maturity 12/21/2026 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 07/21/25 Maturity 12/31/30 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001383414Flock Financial, LLC2024-10-012024-12-310001383414First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 08/12/22 Maturity 07/13/27 Industry Media Current Coupon 9.70% Basis Point Spread Above Index SOFR+5762025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name EDS Topco, LP Acquisition 12/19/2022 Industry Aerospace and Defense2024-10-012025-09-300001383414Walker Edison Furniture Company LLC2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Funded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media Current Coupon 10.18% Basis Point Spread Above Index 3M SOFR+6022025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Unfunded Revolver Acquisition 6/1/2022 Maturity 06/14/2028 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Urology Partners Co, LP Acquisition 01/20/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Cowboy Parent LLC Acquisition 09/12/2018 Industry Distribution2025-09-300001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Unfunded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Funded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class A Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2025-10-012025-12-310001383414pnnt:SeniorSecuritiesMember2019-02-052019-02-050001383414pnnt:TotalIndustryMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC - Class A Acquisition 04/30/2024 Industry Insurance2025-12-310001383414First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Acquisition 07/24/23 Maturity 06/16/29 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+6252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC Acquisition 07/12/2024 Maturity 12/23/2026 Industry Environmental Services Current Coupon PIK 14.75%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Funded Revolver Acquisition 7/2/2019 Maturity 3/31/2027 Industry Business Services Current Coupon 982.00% Basis Point Spread Above Index 3M SOFR+6102025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 01/10/2029 Industry Aerospace and Defense2025-10-012025-12-310001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Term Loan Acquisition 09/23/2021 Maturity 01/15/2026 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Funded Revolver Acquisition 8/17/2021 Maturity 08/20/2026 Industry Media Current Coupon 9.74% Basis Point Spread Above Index 3M SOFR+6022025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Wash & Wax Systems. LLC Acquisition 04/30/2025 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 02/07/2024 Maturity 02/07/2030 Industry Education Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414pnnt:TotalInvestmentMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Revolver Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 01/07/25 Maturity 10/31/30 Industry Business Services Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414us-gaap:FairValueInputsLevel2Memberpnnt:TruistCreditFacilityMember2025-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 02/13/24 Maturity 11/08/29 Industry Distribution Current Coupon 9.19% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Funded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.47% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OceanSound Discovery Equity, LP Acquisition 03/28/2024 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP - Unfunded Acquisition 10/27/2021 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector Current Coupon 10.18% Basis Point Spread Above Index 3M SOFR+6252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Accounting Platform Blocker, Inc. Acquisition 08/09/2024 Industry Financial Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Funded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan Acquisition 07/12/2024 Maturity 01/12/2026 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP - Unfunded Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414pnnt:IncentiveFeePaymentConditionThreeMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name UniVista Insurance Acquisition 06/14/2021 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dynata, LLC - Last-Out Term Loan Acquisition 07/15/2024 Maturity 10/16/2028 Industry Business Services Current Coupon 9.64% Basis Point Spread Above Index 3M SOFR+5762025-12-310001383414First Lien Secured Debt Issuer Name Compex Legal Services, Inc. Acquisition 12/23/24 Maturity 02/09/26 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+5552025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Buyer, LLC. - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/3/2029 Industry Electronics2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Funded Revolver Acquisition 01/30/2023 Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 10.77% Basis Point Spread Above Index 3M SOFR+6502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lorient Peregrine Investments, LP Acquisition 11/18/2022 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. 3rd Amendment Unfunded Term Loan Acquisition 12/21/2022 Maturity 10/30/2026 Industry Personal, Food and Miscellaneous Services2025-12-310001383414First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Acquisition 07/24/23 Maturity 11/01/26 Industry Media Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Riverpoint Medical, LLC - Unfunded Revolver Acquisition 6/19/2019 Maturity 6/21/2027 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 03/21/24 Maturity 10/02/28 Industry Business Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+6252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Revolver Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 9.47% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name EvAL Home Health Solutions, LLC Acquisition 05/10/2024 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Unfunded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 07/24/23 Maturity 12/22/28 Industry Personal, Food and Miscellaneous Services Current Coupon 8.22% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5402024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Unfunded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2025-09-300001383414Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 11/05/24 Industry Containers, Packaging and Glass2025-09-300001383414First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 03/02/22 Maturity 09/22/28 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Revolver Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service2025-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP Acquisition 11/05/2018 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Funded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Business Services Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+4252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name BioDerm Holdings, LP Acquisition 01/30/2023 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 06/07/24 Maturity 12/29/28 Industry Auto Sector Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. - Unfunded Revolver Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Acquisition 07/23/24 Maturity 05/03/29 Industry Consumer Products Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2025-09-300001383414First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Acquisition 10/12/22 Maturity 11/30/26 Industry Containers, Packaging and Glass Current2025-09-300001383414First Lien Secured Debt Issuer Name PD Tri-State Holdco, LLC Acquisition 12/25/25 Maturity 10/14/30 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Co-Invest, LLC Acquisition 10/29/2024 Industry Aerospace and Defense2024-10-012025-09-300001383414pnnt:SubordinatedNotesMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services Current Coupon 13.07% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Term Loan Acquisition 07/17/2025 Maturity 07/16/2027 Industry Business Services2025-12-310001383414pnnt:MembersEquityMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Unfunded Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Funded Revolver Acquisition 05/03/2024 Maturity 05/03/2029 Industry Consumer Products Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Revolver Acquisition 12/31/2024 Maturity 12/31/2030 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC - Unfunded Revolver Acquisition 10/3/2025 Maturity 10/3/2031 Industry Auto Sector2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Route 66 Development Acquisition 01/28/2025 Maturity 01/24/2031 Industry Gaming Current Coupon 13.16.% Basis Point Spread Above Index 3M SOFR+9002025-09-300001383414First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 08/11/22 Maturity 07/02/29 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name Flock Financial, LLC Acquisition 04/19/2024 Maturity 10/19/2027 Industry Financial Services Current Coupon 12.50%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Funded Revolver Acquisition 11/14/2022 Maturity 3/29/2027 Industry Aerospace and Defense Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name TEAM Services Group, LLC Acquisition 04/26/2024 Maturity 12/18/2028 Industry Healthcare, Education and Childcare Current Coupon 13.57% Basis Point Spread Above Index 3M SOFR+9262024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name EvAL Home Health Solutions, LLC Acquisition 05/10/2024 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. - Unfunded Revolver Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Unfunded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name White Tiger Newco, LLC Acquisition 07/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP - Unfunded Acquisition 11/05/2018 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 04/30/25 Maturity 04/30/28 Industry Business Services Current Coupon 9.34% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414pnnt:AerospaceAndDefenseMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Funded Revolver Acquisition 07/24/2023 Maturity 02/07/2026 Industry Business Services Current Coupon 9.78% Basis Point Spread Above Index 3M SOFR+5552024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TAC LifePort Holdings, LLC Acquisition 02/24/2021 Industry Aerospace and Defense2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 03/02/22 Maturity 02/03/27 Industry Healthcare, Education and Childcare Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lorient Peregrine Investments, LP Acquisition 11/18/2022 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name White Tiger Newco, LLC Acquisition 07/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Paving Parent, LLC Acquisition 07/01/2025 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Funded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+6262024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 04/22/2020 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 03/02/22 Maturity 10/01/27 Industry Distribution Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. - Unfunded Revolver Acquisition 8/4/2025 Maturity 8/4/2031 Industry Marketing Services2025-12-310001383414pnnt:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. - Unfunded Revolver Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 11/26/24 Maturity 10/01/29 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Term Loan Acquisition 3/1/2024 Maturity 3/2/2026 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC Acquisition 12/23/2020 Industry Insurance2025-09-300001383414pnnt:ConsumerProductsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. Acquisition 8/4/2025 Maturity 8/4/2031 Industry Marketing Services Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Funded Revolver Acquisition 1/27/2021 Maturity 1/29/2026 Industry Consumer Products Current Coupon 9.84% Basis Point Spread Above Index 3M SOFR+6252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Acquisition 07/05/2022 Maturity 03/28/2030 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class D Acquisition 05/03/2024 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Funded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Acquisition 09/19/24 Maturity 12/01/29 Industry Consumer Products Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-12-310001383414First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Acquisition 12/23/24 Maturity 09/30/30 Industry Marketing Services Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassDD-RMember2025-07-210001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC Acquisition 08/12/2025 Maturity 01/21/2031 Industry Healthcare Providers & Services Current Coupon 9.48% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Funded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5762025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Fourth Out Acquisition 03/28/2024 Maturity 05/06/2028 Industry Telecommunications2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC Acquisition 05/31/2024 Maturity 05/30/2027 Industry Printing and Publishing Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+7002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Term Loan Acquisition 10/12/2021 Maturity 06/12/2027 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Funded Revolver Acquisition 6/8/2022 Maturity 6/13/2028 Industry Chemicals, Plastics and Rubber Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-12-310001383414First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 07/24/23 Maturity 03/15/27 Industry Business Services Current Coupon 10.51% Basis Point Spread Above Index SOFR+6352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Unfunded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. Acquisition 08/28/2024 Maturity 08/28/2030 Industry Manufacturing/Basic Industry Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare Current Coupon 12.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 07/15/2025 Maturity 07/15/2031 Industry Business Services Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NEPRT Parent Holdings, LLC Acquisition 01/27/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (G-2 Series) Acquisition 12/07/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP Acquisition 10/31/2024 Industry Government Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP - Unfunded Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2024-10-012024-12-310001383414us-gaap:FairValueInputsLevel2Memberpnnt:TruistCreditFacilityMember2025-12-310001383414pnnt:HoldingsIIMember2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Acquisition 10/07/2024 Maturity 10/11/2031 Industry Healthcare, Education and Childcare Current Coupon 8.81% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414pnnt:NonMoneyMarketMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Funded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 03/01/2024 Maturity 03/01/2030 Industry Financial Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - New Money DIP Acquisition 03/01/2023 Maturity 03/01/2029 Industry Home and Office Furnishings Current Coupon 10.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Term Loan Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 03/02/22 Maturity 02/03/27 Industry Healthcare, Education and Childcare Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414pnnt:TruistCreditFacilityMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan B Acquisition 08/09/2024 Maturity 02/09/2026 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP Acquisition 12/20/2021 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Acquisition 10/06/23 Maturity 8/01/29 Industry Business Services Current Coupon 9.49% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services Current Coupon 8.84% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/3/2024 Maturity 10/3/2029 Industry Transportation2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Ad.Net Acquisition, LLC Acquisition 03/02/22 Maturity 05/07/26 Industry Media Current Coupon 9.93% Basis Point Spread Above Index SOFR+6262025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Funded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Business Services Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+4252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Unfunded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP Acquisition 08/26/2021 Industry Aerospace and Defense2025-09-300001383414Equity Securities Issuer Name Wash & Wax Group, LP - Common Equity Acquisition 04/30/25 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 10/03/22 Maturity 07/25/29 Industry Auto Sector Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMemberpnnt:SeniorSecuredRevolvingCreditFacilityMember2024-08-280001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name BioDerm, Inc. Acquisition 09/09/2024 Industry Healthcare, Education and Childcare2025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414pnnt:TwoThousandTwentySixTwoNotesPayableMember2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 01/07/25 Maturity 10/31/30 Industry Business Services Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Watchtower Holdings, LLC Acquisition 11/29/2023 Industry Electronics2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services Current Coupon 13.07% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402025-12-310001383414AKW Holdings Limited2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP - Unfunded Acquisition 10/27/2021 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Unfunded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services2024-10-012025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMemberpnnt:CommonEquityPartnershipInterestsWarrantsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name MOREgroup Holdings, Inc. Acquisition 08/29/24 Maturity 01/16/30 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Funded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Funded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414pnnt:InvestmentsFairValueMemberpnnt:USGovernmentSecuritiesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Funded Revolver Acquisition 1/27/2021 Maturity 1/29/2026 Industry Consumer Products Current Coupon 9.84% Basis Point Spread Above Index 3M SOFR+6252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Unfunded Revolver Acquisition 05/03/2024 Maturity 05/03/2029 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name North Haven Saints Equity Holdings, LP Acquisition 02/25/2022 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Funded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 10.66% Basis Point Spread Above Index 3M SOFR+6502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Funded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-12-310001383414First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 07/21/25 Maturity 12/20/29 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (J-2 Series) Acquisition 12/07/2023 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Funded Revolver Acquisition 1/16/2025 Maturity 1/17/2031 Industry Healthcare Providers & Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name Pragmatic Institute, LLC Acquisition 03/28/2025 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PCS Parent, LP Acquisition 03/01/2024 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Term Loan Acquisition 2/25/2022 Maturity 11/25/2026 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Funded Revolver Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Funded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name White Tiger Newco, LLC Acquisition 07/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 03/02/22 Maturity 02/18/27 Industry Consumer Products Current Coupon 12.16% Basis Point Spread Above Index SOFR+7852025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC Acquisition 08/12/2025 Maturity 01/21/2031 Industry Healthcare Providers & Services Current Coupon 9.48% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carisk Parent, LP Acquisition 11/27/2023 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Revolver Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Term Loan Acquisition 03/01/2024 Maturity 03/02/2026 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Funded Revolver Acquisition 2/25/2022 Maturity 3/1/2028 Industry Business Services Current Coupon 8.82% Basis Point Spread Above Index 3M SOFR+5152025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 02/27/24 Maturity 01/23/29 Industry Media Current Coupon 10.52% Basis Point Spread Above Index SOFR+6502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP PAR Holdings, LP Acquisition 09/03/2024 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan 2 Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name RFMG Parent, LP Acquisition 12/16/2020 Industry Healthcare, Education and Childcare2025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2025-09-300001383414srt:MinimumMember2025-10-012025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMemberpnnt:SeniorSecuredRevolvingCreditFacilityMember2025-10-012025-12-310001383414Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 11/05/24 Industry Containers, Packaging and Glass2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414pnnt:InvestmentAdministratorMember2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 11/26/24 Maturity 09/03/30 Industry Healthcare, Education and Childcare Current Coupon 8.77% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry2025-12-310001383414First Lien First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 03/02/22 Maturity 08/31/28 Industry Business Services Current Coupon 8.93% Basis Point Spread Above Index SOFR+4752025-09-300001383414First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Maturity 06/21/2029 Industry Healthcare, Education and Childcare Current Coupon 9.92% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (J-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. Acquisition 09/13/2024 Maturity 09/13/2029 Industry Business Services Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Unfunded Revolver Acquisition 11/05/2021 Maturity 11/09/2027 Industry Retail2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Term Loan Acquisition 07/01/2025 Maturity 07/01/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5762025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP Acquisition 10/27/2021 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan Acquisition 06/21/2024 Maturity 12/22/2025 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Funded Revolver Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2025-10-012025-12-310001383414country:IM2025-12-310001383414First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 10/09/24 Maturity 07/31/29 Industry Business Services Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. - Unfunded Revolver Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare2025-12-310001383414pnnt:PantheonMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare Current Coupon 12.00%2025-10-012025-12-310001383414pnnt:InvestmentsCostMemberpnnt:USGovernmentSecuritiesMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name MDI Buyer, Inc. Acquisition 12/20/24 Maturity 07/25/28 Industry Chemicals, Plastics and Rubber Current Coupon 8.95% Basis Point Spread Above Index SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name KL Stockton Co-Invest, LP Acquisition 07/16/2021 Industry Personal, Food and Miscellaneous Services2025-12-310001383414First Lien First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942025-09-300001383414pnnt:TotalCashEquivalentsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Funded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5762024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Unfunded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media2025-12-310001383414pnnt:InvestmentsFairValueMemberus-gaap:EquityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Term Loan Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name PD Tri-State Holdco, LLC Acquisition 12/25/25 Maturity 10/14/30 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Materials Current Coupon 9.19% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Unfunded Revolver Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name GGG Midco, LLC Acquisition 12/16/24 Maturity 09/27/30 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare Current Coupon 8.47% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414srt:MaximumMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Unfunded Revolver Acquisition 11/14/2022 Maturity 03/29/2027 Industry Aerospace and Defense2025-09-300001383414First Lien Secured Debt Issuer Name EvAL Home Care Solutions Intermediate, LLC Acquisition 07/23/24 Maturity 05/10/30 Industry Healthcare, Education and Childcare Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Meadowlark Title, LLC Acquisition 12/09/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Unfunded Revolver Acquisition 1/16/2025 Maturity 1/17/2031 Industry Healthcare Providers & Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Industry Media2025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMemberpnnt:USGovernmentSecuritiesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP Acquisition 12/13/2021 Industry Distribution2025-12-310001383414First Lien First Lien Secured Debt Issuer Name PCS Midco, Inc. Acquisition 08/29/24 Maturity 03/01/30 Industry Financial Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies US Government Securities of Net Assets Issuer Name U.S. Treasury Bill Acquisition 01/02/2026 Maturity 01/27/2026 Industry Short-Term U.S. Government Securities Current Coupon 3.98%2025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassBB-RMember2025-07-210001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Funded Revolver Acquisition 8/25/2021 Maturity 8/31/2028 Industry Business Services Current Coupon 8.87% Basis Point Spread Above Index 3M SOFR+5102025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Five Star Parent Holdings, LLC - Class P Acquisition 07/09/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Revolver Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services Current Coupon 9.54% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Watchtower Holdings, LLC Acquisition 11/29/2023 Industry Electronics2025-12-310001383414First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 03/02/22 Maturity 04/01/28 Industry Aerospace and Defense Current Coupon 8.88% Basis Point Spread Above Index SOFR+4902025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Term Loan Acquisition 2/25/2022 Maturity 11/25/2026 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC - Series B Acquisition 02/19/2025 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Unfunded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC - Unfunded Revolver Acquisition 10/3/2025 Maturity 10/3/2031 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 03/01/2024 Maturity 03/01/2030 Industry Financial Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. Acquisition 07/01/2025 Maturity 07/01/2031 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Unfunded Revolver Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TAC LifePort Holdings, LLC Acquisition 02/24/2021 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2028 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Funded Revolver Acquisition 11/5/2021 Maturity 11/9/2027 Industry Retail2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5102025-09-300001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 9.65% Basis Point Spread Above Index SOFR+5942025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/3/2024 Maturity 10/3/2029 Industry Transportation2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (F-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TAC LifePort Holdings, LLC Acquisition 02/24/2021 Industry Aerospace and Defense2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Acquisition 07/23/24 Maturity 05/03/29 Industry Consumer Products Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP - Unfunded Acquisition 12/16/2020 Industry Telecommunications2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP Acquisition 12/20/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. - Unfunded Revolver Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Industry Business Services2024-10-012025-09-300001383414us-gaap:DomesticCountryMember2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 08/12/22 Maturity 07/13/27 Industry Media Current Coupon 10.08% Basis Point Spread Above Index SOFR+5762024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Imagine Topco, LP Preferred Acquisition 11/04/2021 Industry Business Services Current Coupon 8.00%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP - Unfunded Acquisition 05/01/2020 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name NBH Group, LLC Acquisition 03/02/22 Maturity 08/19/26 Industry Healthcare, Education and Childcare Current Coupon 10.12% Basis Point Spread Above Index SOFR+5852025-09-300001383414First Lien First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 04/01/22 Maturity 12/10/27 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index SOFR+5652025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCOM InvestCo, LP Acquisition 05/11/2021 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kentucky Racing Holdco, LLC (Warrants) Acquisition 04/16/2019 Industry Hotels, Motels, Inns and Gaming2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Athletico Holdings, LLC Acquisition 02/04/2022 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:ClassCMemberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Revolver Acquisition 09/30/2024 Maturity 09/30/2030 Industry Marketing Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 9/12/2025 Maturity 9/12/2031 Industry Business Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602024-10-012025-09-300001383414srt:MinimumMember2025-12-310001383414pnnt:InvestmentsCostMember2025-09-300001383414pnnt:ConsumerServicesMember2025-09-300001383414First Lien Secured Debt Issuer Name Argano, LLC Acquisition 12/16/24 Maturity 09/13/29 Industry Business Services Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-12-310001383414pnnt:TwoThousandThirtyFiveAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414pnnt:OtherMember2025-09-300001383414Equity Securities Issuer Name White Tiger Newco, LLC - Common Equity Acquisition 07/31/25 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC - Unfunded Revolver Acquisition 05/23/2024 Maturity 05/23/2029 Industry Building Materials2025-09-300001383414First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Acquisition 09/16/24 Maturity 06/21/29 Industry Healthcare, Education and Childcare Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PCS Parent, LP Acquisition 03/01/2024 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP - Unfunded Acquisition 07/28/2022 Industry Auto Sector2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 07/15/2025 Maturity 07/15/2031 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services Current Coupon 13.70% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402024-10-012025-09-300001383414Equity Securities Issuer Name Wash & Wax Group, LP - Common Equity Acquisition 04/30/25 Industry Business Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class B Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.46% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 11/02/2023 Maturity 11/08/2029 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies US Government Securities of Net Assets Issuer Name U.S. Treasury Bill Acquisition 01/02/2026 Maturity 01/27/2026 Industry Short-Term U.S. Government Securities Current Coupon 3.98%2025-10-012025-12-310001383414srt:OtherCurrencyMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Funded Revolver Acquisition 7/2/2019 Maturity 3/31/2027 Industry Business Services Current Coupon 982.00% Basis Point Spread Above Index 3M SOFR+6102025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC Acquisition 05/31/2024 Maturity 05/30/2027 Industry Printing and Publishing Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+7002025-12-310001383414First Lien First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC Acquisition 03/02/22 Maturity 07/07/26 Industry Business Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+6202024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ro Health Holdings, Inc. Acquisition 01/16/2025 Industry Healthcare Providers & Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class A-1 Acquisition 05/03/2024 Industry Consumer Products2025-09-300001383414First Lien Secured Debt Issuer Name MAG DS Corp. Acquisition 03/02/22 Maturity 04/01/27 Industry Aerospace and Defense Current Coupon 9.27% Basis Point Spread Above Index SOFR+5602025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassA1BMemberus-gaap:PrivatePlacementMember2023-07-260001383414JF Intermediate, LLC (MidOcean JF Holdings Corp.)2024-10-012024-12-310001383414First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 03/04/25 Maturity 12/19/30 Industry Media Current Coupon 9.12% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class E Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver Acquisition 05/10/2024 Maturity 05/10/2030 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 12/20/24 Maturity 08/28/29 Industry Healthcare, Education and Childcare Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 4/30/2028 Industry Auto Sector Current Coupon PIK 9.34% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Amsive Holdings Corporation Acquisition 03/02/22 Maturity 12/10/26 Industry Media Current Coupon 10.35% Basis Point Spread Above Index SOFR+6352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Unfunded Revolver Acquisition 06/08/2023 Maturity 06/15/2029 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Funded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+6902025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Funded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Acquisition 03/04/25 Maturity 12/17/30 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC Acquisition 6/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 9.89% Basis Point Spread Above Index 3M SOFR+5902025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Unfunded Revolver Acquisition 6/1/2022 Maturity 06/14/2028 Industry Distribution2025-10-012025-12-310001383414pnnt:InvestmentsFairValueMember2025-12-310001383414First Lien Secured Debt Issuer Name Bioderm, Inc. Acquisition 06/26/24 Maturity 01/31/28 Industry Healthcare, Education and Childcare Current Coupon 10.36% Basis Point Spread Above Index SOFR+6502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Funded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products Current Coupon 8.94% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+5102025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Revolver Acquisition 09/23/2024 Maturity 09/23/2030 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 05/24/2023 Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 09/09/22 Maturity 12/17/26 Industry Business Service Basis Point Spread Above Index SOFR2025-12-310001383414pnnt:ClassA-1WMemberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Best Practice Associates, LLC - Unfunded Revolver Acquisition 11/07/2024 Maturity 11/08/2029 Industry Aerospace and Defense2024-10-012025-09-300001383414srt:MaximumMemberpnnt:IncentiveFeePaymentConditionTwoMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 04/22/2020 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 6/1/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name MOREgroup Holdings, Inc. Acquisition 08/29/24 Maturity 01/16/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Member2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2024-10-012025-09-300001383414pnnt:USGovernmentSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Revolver Acquisition 09/30/2024 Maturity 09/30/2030 Industry Marketing Services2025-12-310001383414us-gaap:MoneyMarketFundsMemberpnnt:CashAndCashEquivalentsFortyTwoPercentageMember2025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC - Unfunded Term Loan Acquisition 10/31/2024 Maturity 11/2/2026 Industry Aerospace and Defense2025-10-012025-12-310001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-012021-10-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Funded Revolver Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Unfunded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name PL Acquisitionco, LLC Acquisition 05/31/2023 Industry Retail2025-09-300001383414First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Acquisition 07/26/22 Maturity 10/28/31 Industry Aerospace and Defense Current Coupon 8.84% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. - Unfunded Revolver Acquisition 11/01/2019 Maturity 11/01/2028 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5762025-12-310001383414First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 07/24/23 Maturity 01/10/29 Industry Aerospace and Defense Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001383414pnnt:ControlledAndNonControlledAffiliatesMember2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Accounting Platform Blocker, Inc. Acquisition 08/09/2024 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Term Loan Acquisition 09/30/2024 Maturity 09/30/2026 Industry Marketing Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Pink Lily Holdco, LLC Acquisition 11/05/2021 Industry Retail2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Beacon Behavioral Holdings, LLC Acquisition 06/21/2024 Maturity 06/21/2030 Industry Healthcare, Education and Childcare Current Coupon PIK 15.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5402025-09-300001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 03/02/22 Maturity 08/10/27 Industry Distribution Current Coupon 9.42% Basis Point Spread Above Index SOFR+5602025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 02/07/23 Maturity 12/28/28 Industry Personal, Food and Miscellaneous Services Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 6/8/2022 Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name A1 Garage Equity, LLC Acquisition 12/19/2022 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. 3rd Amendment Unfunded Term Loan Acquisition 12/21/2022 Maturity 10/30/2026 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel2Member2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Azureon, LLC Acquisition 06/26/2024 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Revolver Acquisition 09/30/2024 Maturity 09/30/2030 Industry Marketing Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services Current Coupon 9.23% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC - Unfunded Revolver Acquisition 9/12/2025 Maturity 9/12/2031 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Unfunded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. Acquisition 07/01/2025 Maturity 07/01/2031 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name TPC US Parent, LLC Acquisition 03/02/22 Maturity 11/24/25 Industry Food Current Coupon 10.19% Basis Point Spread Above Index SOFR+5902024-10-012025-09-300001383414First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 03/02/22 Maturity 09/22/28 Industry Business Services Current Coupon 8.84% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Term Loan Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2025-12-310001383414First Lien Secured Debt Issuer Name CF512, Inc. Acquisition 12/29/21 Maturity 08/20/26 Industry Media Current Coupon 10.36% Basis Point Spread Above Index SOFR+6192025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP Acquisition 08/16/2024 Industry Aerospace and Defense2025-10-012025-12-310001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC - Funded Revolver Acquisition 10/3/2025 Maturity 9/12/2031 Industry Business Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 03/02/22 Maturity 08/31/28 Industry Business Services Current Coupon 8.93% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Unfunded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Term Loan Acquisition 7/31/2025 Maturity 7/31/2027 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Bluebird Group, LLC - Unfunded Revolver Acquisition 7/22/2021 Maturity 7/28/2026 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry2025-09-300001383414First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 01/07/25 Maturity 10/31/30 Industry Business Services Current Coupon 9.72% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Member2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Funded Revolver Acquisition 11/5/2021 Maturity 11/9/2027 Industry Retail2025-10-012025-12-310001383414Equity Securities Issuer Name White Tiger Newco, LLC - Common Equity Acquisition 07/31/25 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Term Loan Acquisition 12/20/2024 Maturity 12/21/2026 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Funded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 06/17/2024 Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414pnnt:ConsultingServicesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment - Unfunded Term Loan Acquisition 8/15/2025 Maturity 8/25/2027 Industry Gaming2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name GGG Midco, LLC Acquisition 12/16/24 Maturity 09/27/30 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. (CAD) Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC Acquisition 6/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 9.89% Basis Point Spread Above Index 3M SOFR+5902025-10-012025-12-310001383414pnnt:TruistCreditFacilityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Infogroup Parent Holdings, Inc. Acquisition 05/31/2023 Industry Other Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector Current Coupon 10.18% Basis Point Spread Above Index 3M SOFR+6252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. (CAD) Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:TruistCreditFacilityMember2025-12-310001383414First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 07/24/23 Maturity 01/10/29 Industry Aerospace and Defense Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP - Unfunded Acquisition 10/31/2024 Industry Government Services2025-09-300001383414pnnt:LiabilitiesInExcessOfOtherAssetsMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC - Unfunded Revolver Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OceanSound Discovery Equity, LP Acquisition 03/28/2024 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo II, LP Acquisition 05/01/2020 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Industry Business Services2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2024-10-012024-12-310001383414First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 10/03/22 Maturity 07/25/29 Industry Auto Sector Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Term Loan Acquisition 2/7/2024 Maturity 02/09/2026 Industry Education2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Term Loan Acquisition 8/28/2024 Maturity 08/28/2026 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/24/23 Maturity 11/10/27 Industry Consumer Products Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152025-09-300001383414First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 09/09/22 Maturity 12/17/26 Industry Business Services Current Coupon 8.00%2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class C Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Conglomerate Manufacturing2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name PL Acquisitionco, LLC Acquisition 05/31/2023 Industry Retail2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. Acquisition 07/24/23 Maturity 11/15/27 Industry Business Services Current Coupon 8.98% Basis Point Spread Above Index SOFR+5102025-12-310001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Acquisition 08/04/22 Maturity 12/21/28 Industry Media Current Coupon 9.07% Basis Point Spread Above Index SOFR+5352025-12-310001383414pnnt:SeniorSecuritiesMember2019-02-062019-02-060001383414First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 12/23/24 Maturity 08/15/29 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414pnnt:InvestmentAdministratorMember2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Unfunded Revolver Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 04/23/24 Maturity 10/02/29 Industry Business Services Current Coupon 9.04% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 07/15/2025 Maturity 07/15/2031 Industry Business Services Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Revolver Acquisition 7/31/2025 Maturity 7/31/2031 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5402025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedNotesInPSLFMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Incremental Term Loan Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 10.10% Basis Point Spread Above Index 3M SOFR+5942025-09-300001383414First Lien Secured Debt Issuer Name Team Services Group, LLC Acquisition 07/24/23 Maturity 12/20/27 Industry Healthcare, Education and Childcare Current Coupon 9.09% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Unfunded Revolver Acquisition 11/14/2022 Maturity 3/29/2027 Industry Aerospace and Defense2025-10-012025-12-310001383414Equity Securities Issuer Name White Tiger Newco, LLC - Common Equity Acquisition 07/31/25 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Riverpoint Medical, LLC - Unfunded Revolver Acquisition 06/19/2019 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2025-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Funded Revolver Acquisition 09/27/2021 Maturity 06/20/2029 Industry Healthcare, Education and Childcare Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. - Unfunded Revolver Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC - Unfunded Term Loan Acquisition 10/31/2024 Maturity 11/02/2026 Industry Aerospace and Defense2025-09-300001383414us-gaap:FairValueInputsLevel3Member2024-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:USGovernmentSecuritiesMember2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 07/21/25 Maturity 12/20/29 Industry Diversified Conglomerate Service Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC - Unfunded Term Loan Acquisition 05/31/2024 Maturity 11/30/2025 Industry Printing and Publishing2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Unfunded Revolver Acquisition 7/2/2019 Maturity 3/31/2027 Industry Business Services2025-12-310001383414pnnt:ClassBMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - New Money DIP Acquisition 3/1/2023 Maturity 3/1/2029 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 10.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seacoast Service Partners, LLC Acquisition 12/20/2024 Industry Diversified Conglomerate Service2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 06/07/24 Maturity 12/29/28 Industry Auto Sector Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP – Unfunded Acquisition 12/20/2021 Industry Business Services2025-10-012025-12-310001383414Walker Edison Furniture Company LLC2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 11/02/2023 Maturity 11/08/2029 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP - Unfunded Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Revolver Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:TwoThousandAndTwentySixNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP - Unfunded Acquisition 12/16/2020 Industry Telecommunications2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dynata, LLC - Last-Out Term Loan Acquisition 07/15/2024 Maturity 10/16/2028 Industry Business Services Current Coupon 9.64% Basis Point Spread Above Index 3M SOFR+5762025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Lash Coinvest, LLC Acquisition 12/04/2019 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Funded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Revolver Acquisition 01/09/2024 Maturity 01/16/2030 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Term Loan Acquisition 03/21/2025 Maturity 03/21/2027 Industry Business Services2025-12-310001383414pnnt:ControlledAndNonControlledAffiliatesMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Term Loan Acquisition 07/31/2025 Maturity 07/31/2027 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (I-2 Series) Acquisition 12/07/2023 Industry Distribution2025-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2024-10-012024-12-310001383414First Lien Secured Debt Issuer Name Best Practice Associates, LLC Acquisition 01/21/25 Maturity 11/08/29 Industry Aerospace and Defense Current Coupon 10.91% Basis Point Spread Above Index SOFR+6752025-09-300001383414us-gaap:MoneyMarketFundsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC - Unfunded Revolver Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Materials2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Funded Revolver Acquisition 6/8/2023 Maturity 6/15/2029 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Funded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 8.69% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414First Lien First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Acquisition 07/17/24 Maturity 03/01/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 07/21/25 Maturity 12/31/30 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MES Intermediate, Inc. Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution Current Coupon 8.62% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. - Unfunded Revolver Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class A Acquisition 04/19/2024 Industry Financial Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. - Unfunded Revolver Acquisition 07/26/2023 Maturity 08/01/2029 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Term Loan Acquisition 02/25/2022 Maturity 11/25/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Unfunded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Exigo, LLC Acquisition 03/10/2022 Industry Business Services2024-10-012025-09-300001383414pnnt:PreferredEquityPartnershipInterestMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414First Lien Secured Debt Issuer Name Ad.Net Acquisition, LLC Acquisition 03/02/22 Maturity 05/07/26 Industry Media Current Coupon 10.26% Basis Point Spread Above Index SOFR+6262025-09-300001383414pnnt:MembersEquityMemberpnnt:PennantParkSeniorLoanFundLLCMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC Acquisition 10/03/2025 Maturity 10/03/2031 Industry Auto Sector Current Coupon 8.43% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2025-10-012025-12-310001383414Cascade Environmental Holdings, LLC2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP - Unfunded Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2025-09-300001383414pnnt:CashAndCashEquivalentsFortyTwoPercentageMemberpnnt:BlackRockFederalFDInstitutionalEightyOneMember2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/24/23 Maturity 11/10/27 Industry Consumer Products Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name ENC Parent Corporation Acquisition 08/06/2021 Maturity 08/19/2029 Industry Business Services Current Coupon 11.43% Basis Point Spread Above Index 3M SOFR+7762025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP - Unfunded Acquisition 07/28/2022 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MES Intermediate, Inc. - Unfunded Revolver Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Funded Revolver Acquisition 05/29/2020 Maturity 07/07/2026 Industry Business Services Current Coupon 9.20% Basis Point Spread Above Index 3M SOFR+5202024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dynata, LLC - Last-Out Term Loan Acquisition 07/15/2024 Maturity 10/16/2028 Industry Business Services Current Coupon 9.96% Basis Point Spread Above Index 3M SOFR+5762024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Funded Revolver Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.32% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-12-310001383414First Lien Secured Debt Issuer Name Team Services Group, LLC Acquisition 07/24/23 Maturity 12/20/27 Industry Healthcare, Education and Childcare Current Coupon 9.09% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC Acquisition 05/31/2024 Maturity 05/30/2027 Industry Printing and Publishing Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+7002024-10-012025-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Rosco Topco, LLC Acquisition 09/09/2025 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Unfunded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Unfunded Revolver Acquisition 5/29/2020 Maturity 7/7/2026 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 06/26/24 Maturity 02/28/30 Industry Manufacturing / Basic Industries Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan C Acquisition 08/09/2024 Maturity 08/18/2027 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Funded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5602024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-310001383414First Lien First Lien Secured Debt Issuer Name NBH Group, LLC Acquisition 03/02/22 Maturity 08/19/26 Industry Healthcare, Education and Childcare Current Coupon 10.12% Basis Point Spread Above Index SOFR+5852024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Atlas Investment Aggregator, LLC Acquisition 05/03/2021 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Term Loan Acquisition 02/25/2022 Maturity 11/25/2026 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 02/09/24 Maturity 12/01/29 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TMII Enterprises, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 03/02/22 Maturity 06/30/26 Industry Media Current Coupon 9.57% Basis Point Spread Above Index SOFR+5902025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name BioDerm, Inc. Acquisition 09/09/2024 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 03/02/22 Maturity 04/16/27 Industry Telecommunications Current Coupon 9.30% Basis Point Spread Above Index SOFR+5102025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Unfunded Revolver Acquisition 10/1/2024 Maturity 10/01/2029 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. Acquisition 08/04/2025 Maturity 08/04/2031 Industry Marketing Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-09-300001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Acquisition 08/04/22 Maturity 12/21/28 Industry Media Current Coupon 9.07% Basis Point Spread Above Index SOFR+5352025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OES Co-Invest, LP - Class A Acquisition 05/31/2024 Industry Diversified Conglomerate Service2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class C Acquisition 05/03/2024 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP - Unfunded Acquisition 12/16/2020 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Buyer, LLC. - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/3/2029 Industry Electronics2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP - Unfunded Acquisition 08/16/2024 Industry Aerospace and Defense2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name North American Rail Solutions Acquisition 12/25/25 Maturity 08/29/31 Industry Road and Rail Current Coupon 8.42%2025-12-310001383414First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 12/23/24 Maturity 08/15/29 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Unfunded Revolver Acquisition 06/08/2023 Maturity 06/15/2029 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services2025-09-300001383414pnnt:OtherMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Funded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products Current Coupon 10.15% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Acquisition 03/04/25 Maturity 12/17/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Lash Coinvest, LLC Acquisition 12/04/2019 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab Coinvestment, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414us-gaap:InvestmentsMember2025-09-300001383414First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 09/09/22 Maturity 12/17/26 Industry Business Services Current Coupon 8.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class AA Acquisition 11/08/2021 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Term Loan Acquisition 12/20/2024 Maturity 12/21/2026 Industry Diversified Conglomerate Service2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kentucky Racing Holdco, LLC (Warrants) Acquisition 04/16/2019 Industry Hotels, Motels, Inns and Gaming2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Lash Coinvest, LLC Acquisition 12/04/2019 Industry Consumer Products2024-10-012025-09-300001383414pnnt:ClassDMemberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Term Loan Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Ro Health, LLC Acquisition 04/03/25 Maturity 01/17/31 Industry Healthcare Providers & Services Current Coupon 8.17%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Funded Revolver Acquisition 01/30/2023 Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 10.77% Basis Point Spread Above Index 3M SOFR+6502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP - Unfunded Acquisition 08/16/2024 Industry Aerospace and Defense2025-12-310001383414First Lien Secured Debt Issuer Name APT OPCO, LLC Acquisition 12/24/25 Maturity 09/30/31 Industry Health Care Providers and Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2025-10-012025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Industry Financial Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Infogroup Parent Holdings, Inc. Acquisition 05/31/2023 Industry Other Media2024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembercountry:US2025-09-300001383414First Lien Secured Debt Issuer Name Acp Falcon Buyer, Inc. Acquisition 10/06/23 Maturity 08/01/29 Industry Business Services Current Coupon 9.79% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Acquisition 07/24/23 Maturity 11/01/26 Industry Media Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Acquisition 10/31/24 Maturity 11/01/30 Industry Aerospace and Defense Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Term Loan Acquisition 12/29/2023 Maturity 09/30/2026 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Unfunded Revolver Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Funded Revolver Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+4852025-09-300001383414us-gaap:PrivatePlacementMemberpnnt:ClassA-2WMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2025-10-012025-12-310001383414pnnt:InvestmentsCostMemberpnnt:USGovernmentSecuritiesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 3/1/2023 Maturity 3/1/2029 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo II, LP Acquisition 12/23/2021 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Pink Lily Holdco, LLC Acquisition 11/05/2021 Industry Retail2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414First Lien First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Acquisition 09/03/25 Maturity 10/11/31 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests/Warrants of Net Assets Issuer Name Podean Intermediate II, LLC Acquisition 08/04/2025 Industry Marketing Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name RFMG Parent, LP Acquisition 12/16/2020 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:TwoThousandThirtyFourAssetBackedDebtMember2025-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:TruistCreditFacilityMember2025-09-300001383414First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 07/24/23 Maturity 02/23/28 Industry Hotels, Motels, Inns and Gaming Current Coupon 13.35% Basis Point Spread Above Index SOFR+9152025-09-300001383414First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 07/21/25 Maturity 12/20/29 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name OSP Embedded Aggregator, LP - Convertible Note Acquisition 11/06/2024 Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class D Acquisition 05/03/2024 Industry Consumer Products2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 07/24/23 Maturity 02/23/28 Industry Hotels, Motels, Inns and Gaming Current Coupon 12.98% Basis Point Spread Above Index SOFR+9252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services Current Coupon 8.84% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name OSP Embedded Aggregator, LP - Convertible Note Acquisition 11/06/2024 Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP Acquisition 05/01/2020 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2024-10-012024-12-310001383414First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 03/02/22 Maturity 04/16/27 Industry Telecommunications Current Coupon 8.92% Basis Point Spread Above Index SOFR+5102025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name BioDerm Holdings, LP Acquisition 01/30/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Term Loan Acquisition 09/29/2025 Maturity 09/30/2027 Industry Healthcare, Education and Childcare2025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:PantheonFundingOneMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 2/7/2024 Maturity 02/07/2030 Industry Education Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Unfunded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 03/21/24 Maturity 10/02/28 Industry Business Services Current Coupon 10.42% Basis Point Spread Above Index SOFR+6252025-09-300001383414us-gaap:SubordinatedDebtMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Burgess Point Holdings, LP Acquisition 07/21/2022 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan C Acquisition 08/09/2024 Maturity 08/18/2027 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name United Land Services Holdings, LLC Acquisition 07/12/2024 Industry Environmental Services2025-09-300001383414First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 01/07/25 Maturity 10/31/30 Industry Business Services Current Coupon 9.72% Basis Point Spread Above Index SOFR+6002025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:GoldmanSachsFinancialSquareGovernmentFundMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Meadowlark Title, LLC Acquisition 12/09/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 9.650% Basis Point Spread Above Index 3M SOFR+5942025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name EDS Topco, LP Acquisition 12/19/2022 Industry Aerospace and Defense2025-10-012025-12-310001383414Cascade Environmental Holdings, LLC2025-10-012025-12-310001383414Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 11/05/24 Industry Containers, Packaging and Glass2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aftermarket Drivetrain Products Holdings, LLC Acquisition 12/29/2023 Industry Machinery2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 07/30/2028 Industry Auto Sector Current Coupon PIK 12.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP - Unfunded Acquisition 12/20/2021 Industry Business Services2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class A Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassA1AMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 08/16/2021 Maturity 02/18/2027 Industry Consumer Products Current Coupon 8.94% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+5102025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment Acquisition 08/15/2025 Maturity 08/22/2032 Industry Gaming Current Coupon 9.02% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Member2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carisk Parent, LP Acquisition 11/27/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Watchtower Holdings, LLC Acquisition 11/29/2023 Industry Electronics2025-09-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnnt:TruistCreditFacilityMember2025-09-300001383414pnnt:IncentiveFeePaymentConditionTwoMember2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name NBH Group, LLC Acquisition 03/02/22 Maturity 08/19/26 Industry Healthcare, Education and Childcare Current Coupon 9.71% Basis Point Spread Above Index SOFR+5852025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414pnnt:PersonalFoodAndMiscellaneousServicesMember2025-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Unfunded Revolver Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Global Holdings InterCo, LLC Acquisition 03/02/22 Maturity 03/16/26 Industry Banking, Finance, Insurance & Real Estate Current Coupon 9.33%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Incremental Term Loan Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 9.650% Basis Point Spread Above Index 3M SOFR+5952025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name StellPen Holdings, LLC Acquisition 08/17/2021 Industry Media2025-10-012025-12-3100013834142025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC - Class A Acquisition 04/30/2024 Industry Insurance2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Holdings, LLC Acquisition 12/06/2023 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCP Boss Holdco, LLC Acquisition 12/27/2024 Industry Conglomerate Manufacturing2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Five Star Parent Holdings, LLC - Class P Acquisition 07/09/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-09-300001383414pnnt:MediaMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Shiftkey, LLC Acquisition 6/17/2022 Maturity 6/21/2027 Industry Business Services Current Coupon 9.68% Basis Point Spread Above Index 3M SOFR+6012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 03/02/22 Maturity 04/01/28 Industry Aerospace and Defense Current Coupon 9.19% Basis Point Spread Above Index SOFR+4902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Consello Pacific Aggregator, LLC Acquisition 10/02/2023 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Funded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+3752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Funded Revolver Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.32% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Funded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 8.97% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services Current Coupon 8.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Maturity 05/21/2029 Industry Personal, Food and Miscellaneous Services Current Coupon PIK 12.56%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+6502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. - Unfunded Revolver Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Bluebird Group, LLC - Unfunded Revolver Acquisition 7/22/2021 Maturity 7/28/2026 Industry Business Services2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class B Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class C Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Revolver Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMemberus-gaap:CashMember2025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TCG 3.0 Jogger Co-Invest, LP Acquisition 01/22/2024 Industry Media2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 09/09/22 Maturity 12/17/26 Industry Business Service Basis Point Spread Above Index SOFR2025-10-012025-12-310001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC - Unfunded Revolver Acquisition 10/11/2019 Maturity 05/11/2026 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NORA Parent Holdings, LLC Acquisition 08/22/2023 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Revolver Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Term Loan Acquisition 01/09/2024 Maturity 01/16/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC - Class A Acquisition 04/30/2024 Industry Insurance2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 08/16/2021 Maturity 02/18/2027 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC - Unfunded Term Loan A Acquisition 06/30/2025 Maturity 12/30/2025 Industry Consumer Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Unfunded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:DebtInvestmentsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 09/23/2024 Maturity 09/23/2030 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name StellPen Holdings, LLC Acquisition 08/17/2021 Industry Media2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name NORA Acquisition, LLC Acquisition 11/21/23 Maturity 08/31/29 Industry Healthcare, Education and Childcare Current Coupon 10.02% Basis Point Spread Above Index SOFR+6352025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC - Class A-2 Acquisition 05/24/2023 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Funded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media Current Coupon 10.18% Basis Point Spread Above Index 3M SOFR+6022024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Term Loan Acquisition 9/27/2021 Maturity 6/30/2026 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Funded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.02% Basis Point Spread Above Index 3M SOFR+6352025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Funded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+6352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Revolver Acquisition 03/21/2025 Maturity 03/19/2032 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.09% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Pragmatic Institute, LLC2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare Current Coupon 12.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Term Loan Acquisition 12/31/2024 Maturity 12/31/2026 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Consello Pacific Aggregator, LLC Acquisition 10/02/2023 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC - Funded Revolver Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Materials Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Term Loan Acquisition 07/01/2025 Maturity 07/01/2027 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC - Class A-2 Acquisition 05/24/2023 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Unfunded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services2025-12-310001383414First Lien Secured Debt Issuer Name Inventus Power, Inc. Acquisition 10/10/23 Maturity 01/15/26 Industry Consumer Products Current Coupon 11.33% Basis Point Spread Above Index SOFR+7612025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCOM InvestCo, LP Acquisition 05/11/2021 Industry Business Services2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-012021-10-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Medina Health, LLC Acquisition 10/16/2023 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Funded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 10.16% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ACP Big Top Holdings, LP Acquisition 02/29/2024 Industry Manufacturing/Basic Industry2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Revolver Acquisition 7/1/2025 Maturity 7/1/2031 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan B Acquisition 08/09/2024 Maturity 02/09/2026 Industry Financial Services2025-12-310001383414First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 12/20/24 Maturity 08/09/30 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002025-09-300001383414First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Acquisition 10/12/22 Maturity 11/30/26 Industry Containers, Packaging and Glass2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services Current Coupon 9.54% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 03/02/22 Maturity 04/16/27 Industry Telecommunications Current Coupon 8.92% Basis Point Spread Above Index SOFR+5102025-10-012025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Unfunded Revolver Acquisition 10/20/2021 Maturity 4/30/2028 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Conglomerate Manufacturing2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name Flock Financial, LLC Acquisition 04/19/2024 Maturity 10/19/2027 Industry Financial Services Current Coupon 12.50%2025-09-300001383414First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 03/02/22 Maturity 06/30/26 Industry Media Current Coupon 9.57% Basis Point Spread Above Index SOFR+5902025-12-310001383414First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 09/16/24 Maturity 06/17/29 Industry Healthcare, Education and Childcare Current Coupon 8.87% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge APHIX Blocker, LLC Acquisition 07/16/2025 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 10/09/24 Maturity 07/31/29 Industry Business Services Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name EDS Topco, LP Acquisition 12/19/2022 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Berwick Industrial Park Acquisition 04/26/2022 Maturity 05/02/2026 Industry Buildings and Real Estate Current Coupon 13.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC - Funded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+5652025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Funded Revolver Acquisition 11/14/2022 Maturity 03/29/2027 Industry Aerospace and Defense Current Coupon 10.29% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction, LLC Acquisition 05/05/2022 Maturity 12/31/2026 Industry Insurance Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5602025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Term Loan Acquisition 09/13/2024 Maturity 10/02/2026 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Riverpoint Medical, LLC Acquisition 03/02/22 Maturity 06/21/27 Industry Healthcare, Education and Childcare Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCP Boss Holdco, LLC Acquisition 12/27/2024 Industry Conglomerate Manufacturing2025-10-012025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class E Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo II, LP Acquisition 05/01/2020 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 4/30/2028 Industry Auto Sector Current Coupon PIK 9.34% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414pnnt:ClassCMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414First Lien Secured Debt Issuer Name DX Electric Company, LLC Acquisition 12/25/25 Maturity 10/01/31 Industry Electronic Equipment, Instruments and Components Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name TEAM Services Group, LLC Acquisition 04/26/2024 Maturity 12/18/2028 Industry Healthcare, Education and Childcare Current Coupon 13.57% Basis Point Spread Above Index 3M SOFR+9262025-09-300001383414First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 07/24/23 Maturity 08/16/27 Industry Personal, Food and Miscellaneous Services Current Coupon 10.03% Basis Point Spread Above Index SOFR+5862024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Maturity 05/21/2029 Industry Personal, Food and Miscellaneous Services Current Coupon PIK 12.56%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Term Loan Acquisition 09/27/2021 Maturity 06/30/2026 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name EvAL Home Care Solutions Intermediate, LLC Acquisition 07/23/24 Maturity 05/10/30 Industry Healthcare, Education and Childcare Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. - Unfunded Revolver Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 05/24/2023 Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 08/12/22 Maturity 07/13/27 Industry Media Current Coupon 9.70% Basis Point Spread Above Index SOFR+5762025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 07/21/25 Maturity 12/20/29 Industry Diversified Conglomerate Service Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+6502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Azureon, LLC Acquisition 06/26/2024 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 07/25/24 Maturity 12/29/29 Industry Diversified Conglomerate Service Current Coupon 9.26% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Acquisition 07/15/24 Maturity 07/17/28 Industry Business Services Current Coupon 9.14% Basis Point Spread Above Index SOFR+5762025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC - Unfunded Revolver Acquisition 10/11/2019 Maturity 05/11/2026 Industry Media2025-09-300001383414First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 01/17/25 Maturity 12/17/29 Industry Aerospace and Defense Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-10-012024-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001383414First Lien Secured Debt Issuer Name Inventus Power, Inc. Acquisition 10/10/23 Maturity 01/15/26 Industry Consumer Products Current Coupon 11.78% Basis Point Spread Above Index SOFR+7612025-09-300001383414us-gaap:FairValueInputsLevel2Member2025-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:DebtInvestmentsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Northwinds Services Group, LLC Acquisition 08/16/2024 Industry Consumer Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TMII Enterprises, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 07/02/2019 Maturity 01/08/2026 Industry Business Services Current Coupon 12.92% Basis Point Spread Above Index 3M SOFR+8602024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 08/11/22 Maturity 07/02/29 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Meadowlark Title, LLC Acquisition 12/09/2021 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC - Class A-2 Acquisition 05/24/2023 Industry Business Services2025-10-012025-12-310001383414pnnt:EquitySecurityMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ironclad Holdco, LLC (Applied Technical Services, LLC) Acquisition 12/23/2020 Industry Environmental Services2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC - Unfunded Revolver Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AKW Holdings Limited Acquisition 03/07/2018 Maturity 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 11.19% Basis Point Spread Above Index 3M SOFR+7002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+5152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+6502025-09-300001383414First Lien Secured Debt Issuer Name Global Holdings InterCo, LLC Acquisition 03/02/22 Maturity 03/16/26 Industry Banking, Finance, Insurance & Real Estate Current Coupon 9.74% Basis Point Spread Above Index SOFR+5602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo II, LP Acquisition 12/23/2021 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5102024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Ad.Net Acquisition, LLC Acquisition 03/02/22 Maturity 05/07/26 Industry Media Current Coupon 9.93% Basis Point Spread Above Index SOFR+6262025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name NORA Acquisition, LLC Acquisition 11/21/23 Maturity 08/31/29 Industry Healthcare, Education and Childcare Current Coupon 10.35% Basis Point Spread Above Index SOFR+6352024-10-012025-09-3000013834142019-02-052019-02-050001383414First Lien Secured Debt Issuer Name PCS Midco, Inc. Acquisition 08/29/24 Maturity 03/01/30 Industry Financial Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. - Unfunded Revolver Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services2025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 03/02/22 Maturity 10/01/27 Industry Distribution Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152024-10-012025-09-300001383414us-gaap:EquityFundsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCOM InvestCo, LP Acquisition 05/11/2021 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 05/24/2023 Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PCS Parent, LP Acquisition 03/01/2024 Industry Financial Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC Acquisition 03/21/2025 Maturity 03/19/2032 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 12/01/23 Maturity 12/20/27 Industry Telecommunications Current Coupon 10.62% Basis Point Spread Above Index SOFR+6902025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.62% Basis Point Spread Above Index 3M SOFR+6902025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Term Loan Acquisition 08/29/2025 Maturity 08/29/2027 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Impact Advisors, LLC Acquisition 12/10/25 Maturity 03/19/32 Industry Health Care Technology Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP - Unfunded Acquisition 08/16/2024 Industry Aerospace and Defense2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Recteq, LLC Acquisition 06/26/24 Maturity 01/29/26 Industry Consumer Products Current Coupon 10.40% Basis Point Spread Above Index SOFR+6402025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. - Unfunded Revolver Acquisition 08/28/2024 Maturity 08/28/2030 Industry Manufacturing/Basic Industry2025-09-300001383414pnnt:SubordinatedNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A-1 Acquisition 07/25/2023 Industry Auto Sector2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo II, LP Acquisition 05/01/2020 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Exigo, LLC Acquisition 03/10/2022 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests/Warrants of Net Assets Issuer Name Podean Intermediate II, LLC Acquisition 08/04/2025 Industry Marketing Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Athletico Holdings, LLC Acquisition 02/04/2022 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Duggal Acquisition, LLC Acquisition 09/30/2024 Industry Marketing Services2024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMember2025-10-012025-12-310001383414Flock Financial, LLC2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Revolver Acquisition 8/15/2024 Maturity 8/15/2029 Industry Business Services2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Maturity 07/31/2027 Industry Financial Services Current Coupon 12.29% Basis Point Spread Above Index 3M SOFR+ 8002025-09-300001383414First Lien Secured Debt Issuer Name Global Holdings InterCo, LLC Acquisition 03/02/22 Maturity 03/16/26 Industry Banking, Finance, Insurance & Real Estate Current Coupon 9.74% Basis Point Spread Above Index SOFR+5602024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class A Acquisition 11/08/2021 Industry Consumer Products2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Acquisition 07/15/24 Maturity 10/16/28 Industry Business Services Current Coupon 9.64% Basis Point Spread Above Index SOFR+5762025-12-310001383414First Lien First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 11/26/24 Maturity 09/03/30 Industry Healthcare, Education and Childcare Current Coupon 9.17% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (J-2 Series) Acquisition 12/07/2023 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Maturity 05/21/2029 Industry Personal, Food and Miscellaneous Services Current Coupon PIK 12.56%2025-10-012025-12-310001383414pnnt:BlackRockFederalFDInstitutionalEightyOneMember2025-09-300001383414pnnt:CashAndCashEquivalentsFortyTwoPercentageMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC - Unfunded Revolver Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services2025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Acquisition 07/24/23 Maturity 11/01/26 Industry Media Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC- Unfunded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Funded Revolver Acquisition 11/05/2021 Maturity 11/09/2027 Industry Retail Current Coupon 4.27%2024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMemberpnnt:SeniorSecuredRevolvingCreditFacilityMember2025-12-310001383414pnnt:DistributionMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Revolver Acquisition 01/18/2023 Maturity 02/01/2029 Industry Environmental Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class A Acquisition 11/08/2021 Industry Consumer Products2025-12-310001383414pnnt:PSLFAndPantheonAmendementMembersrt:MinimumMemberpnnt:PennantParkSeniorLoanFundLLCMemberpnnt:LLCAgreementMember2024-08-280001383414First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 02/27/24 Maturity 01/23/29 Industry Media Current Coupon 10.17% Basis Point Spread Above Index SOFR+6502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC - Unfunded Term Loan Acquisition 05/31/2024 Maturity 11/30/2025 Industry Printing and Publishing2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan - 2nd Amendment Acquisition 05/25/2023 Maturity 12/31/2026 Industry Consumer Products2025-12-310001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Acquisition 08/04/22 Maturity 12/21/28 Industry Media Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352025-09-300001383414First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 06/07/24 Maturity 12/29/28 Industry Auto Sector Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. - Unfunded Revolver Acquisition 08/28/2024 Maturity 08/28/2030 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP Acquisition 07/28/2022 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+6502024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 06/26/24 Maturity 02/07/30 Industry Education Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class A Acquisition 04/19/2024 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 7/15/2025 Maturity 07/15/2031 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Funded Revolver Acquisition 7/31/2025 Maturity 7/31/2031 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment - Unfunded Term Loan Acquisition 08/15/2025 Maturity 08/25/2027 Industry Gaming2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Incremental Term Loan Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 10.10% Basis Point Spread Above Index 3M SOFR+5942024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Unfunded Revolver Acquisition 11/5/2021 Maturity 11/9/2027 Industry Retail2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Funded Revolver Acquisition 05/03/2024 Maturity 05/03/2029 Industry Consumer Products Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414pnnt:InvestmentsCostMemberus-gaap:EquityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Funded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (H-2 Series) Acquisition 12/07/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NFS - CFP Holdings, LLC Acquisition 09/13/2024 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP Acquisition 05/01/2020 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Duggal Acquisition, LLC Acquisition 09/30/2024 Industry Marketing Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seaway Topco, LP Acquisition 06/08/2022 Industry Chemicals, Plastics and Rubber2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies US Government Securities Issuer Name U.S. Treasury Bill Acquisition 10/02/2025 Maturity 10/31/2025 Industry Short-Term U.S. Government Securities Current Coupon 3.98%2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name EvAL Home Care Solutions Intermediate, LLC Acquisition 07/23/24 Maturity 05/10/30 Industry Healthcare, Education and Childcare Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NFS - CFP Holdings, LLC Acquisition 09/13/2024 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Term Loan Acquisition 01/09/2024 Maturity 01/16/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414pnnt:NonMoneyMarketCashMemberpnnt:TotalInvestmentsAndCashEquivalentsNineHundredFiftyOnePontOneMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC - Unfunded Revolver Acquisition 09/09/2025 Maturity 09/12/2031 Industry Business Services2025-09-300001383414Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Acquisition 07/15/24 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NP Riverhead Industrial, LLC Acquisition 05/24/2024 Maturity 12/10/2025 Industry Buildings and Real Estate Current Coupon 15.50%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class D Acquisition 05/03/2024 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. - Unfunded Revolver Acquisition 11/01/2019 Maturity 11/03/2025 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 9.650% Basis Point Spread Above Index 3M SOFR+5942025-12-310001383414First Lien Secured Debt Issuer Name Hancock Roofing And Construction, LLC Acquisition 03/02/22 Maturity 12/31/26 Industry Insurance Current Coupon 9.27% Basis Point Spread Above Index SOFR+5602025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Term Loan Acquisition 6/26/2024 Maturity 11/26/2027 Industry Diversified Conglomerate Service2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Paving Parent, LLC Acquisition 07/01/2025 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 08/16/2021 Maturity 02/18/2027 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852024-10-012025-09-300001383414us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MaximumMemberpnnt:TruistCreditFacilityMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Funded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.25% Basis Point Spread Above Index 3M SOFR+3202025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MES Intermediate, Inc. - Unfunded Revolver Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 03/02/22 Maturity 02/03/27 Industry Healthcare, Education and Childcare Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 03/02/22 Maturity 02/18/27 Industry Consumer Products Current Coupon 10.94% Basis Point Spread Above Index SOFR+7102025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP Acquisition 12/16/2020 Industry Telecommunications2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Acquisition 07/26/22 Maturity 10/28/31 Industry Aerospace and Defense Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002025-09-300001383414First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 03/02/22 Maturity 08/16/27 Industry Aerospace and Defense Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (F-2 Series) Acquisition 12/07/2023 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP - Unfunded Acquisition 12/16/2020 Industry Telecommunications2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lorient Peregrine Investments, LP Acquisition 11/18/2022 Industry Business Services2025-10-012025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class A Acquisition 04/19/2024 Industry Financial Services2025-09-300001383414First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 06/26/24 Maturity 02/07/30 Industry Education Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Term Loan Acquisition 09/13/2024 Maturity 10/02/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Maturity 07/31/2027 Industry Financial Services Current Coupon 11.84% Basis Point Spread Above Index 3M SOFR+ 8002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NORA Parent Holdings, LLC Acquisition 08/22/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Funded Revolver Acquisition 01/27/2021 Maturity 01/29/2026 Industry Consumer Products Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+6252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan Acquisition 05/25/2023 Maturity 07/12/2026 Industry Consumer Products2025-09-300001383414First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 07/21/25 Maturity 12/27/30 Industry Conglomerate Manufacturing Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:EquityInPSLFMember2025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:FirstLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 09/03/2024 Maturity 09/03/2030 Industry Healthcare, Education and Childcare Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Shiftkey, LLC Acquisition 6/17/2022 Maturity 6/21/2027 Industry Business Services Current Coupon 9.68% Basis Point Spread Above Index 3M SOFR+6012025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (H-2 Series) Acquisition 12/07/2023 Industry Distribution2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name One Stop Mailing, LLC Acquisition 06/07/23 Maturity 05/07/27 Industry Transportation Current Coupon 10.08% Basis Point Spread Above Index SOFR+6362025-12-310001383414First Lien First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation Current Coupon 5.32% Basis Point Spread Above Index2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Imagine Topco, LP Acquisition 11/04/2021 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 02/07/23 Maturity 12/28/28 Industry Personal, Food and Miscellaneous Services Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Unfunded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name United Land Services Holdings, LLC Acquisition 07/12/2024 Industry Environmental Services2025-10-012025-12-310001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. - Unfunded Term Loan Acquisition 09/03/2024 Maturity 09/03/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Funded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 11.40% Basis Point Spread Above Index 3M SOFR+4652025-12-310001383414us-gaap:FairValueInputsLevel3Member2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. Acquisition 09/13/2024 Maturity 09/13/2029 Industry Business Services Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2021-11-012021-11-010001383414First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 03/02/22 Maturity 11/03/25 Industry Consumer Products Current Coupon 8.97% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP Acquisition 10/31/2024 Industry Government Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP - Unfunded Acquisition 11/05/2018 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-12-310001383414AKW Holdings Limited2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Revolver Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414pnnt:HealthcareEducationAndChildcareMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PD Tri-State Holdco, LLC - Unfunded Revolver Acquisition 10/14/2025 Maturity 10/14/2030 Industry Diversified Consumer Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 07/30/2028 Industry Auto Sector Current Coupon PIK 12.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/3/2024 Maturity 10/3/2029 Industry Transportation2025-12-310001383414First Lien Secured Debt Issuer Name Confluent Health, LLC Acquisition 12/23/24 Maturity 11/30/28 Industry Healthcare, Education and Childcare Current Coupon 11.22% Basis Point Spread Above Index SOFR+7502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Revolver Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Term Loan Acquisition 08/15/2024 Maturity 08/17/2026 Industry Business Services2024-10-012025-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassBMemberus-gaap:PrivatePlacementMember2023-07-260001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Acquisition 10/07/2024 Maturity 10/11/2031 Industry Healthcare, Education and Childcare Current Coupon 8.81% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414JF Intermediate, LLC (JF Holdings Corp.)2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Funded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class C Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC - Unfunded Revolver Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Insight Holdings, Inc. Acquisition 07/15/2024 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Insight Holdings, Inc. Acquisition 07/15/2024 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 2/7/2024 Maturity 02/07/2030 Industry Education Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GMP Hills, LP Acquisition 11/02/2023 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC Acquisition 06/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Altamira Intermediate Company II, Inc. Acquisition 07/23/2019 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name First Medical Holdings, LLC Acquisition 06/13/2025 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name A1 Garage Equity, LLC Acquisition 12/19/2022 Industry Personal, Food and Miscellaneous Services2025-12-310001383414First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 03/02/22 Maturity 02/18/27 Industry Consumer Products Current Coupon 10.94% Basis Point Spread Above Index SOFR+7102025-12-310001383414First Lien First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 04/30/25 Maturity 04/30/28 Industry Business Services Current Coupon 9.81% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414us-gaap:FinancingReceivables30To59DaysPastDueMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Marketplace Events Holdings, LP Acquisition 12/19/2024 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP Embedded Aggregator, LP Acquisition 12/11/2023 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Revolver Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+5902025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC Acquisition 12/23/2020 Industry Insurance2024-10-012025-09-300001383414pnnt:BuildingsAndRealEstateMember2025-09-300001383414srt:AffiliatedEntityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services Current Coupon 13.70% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Buyer, LLC. - Funded Revolver Acquisition 11/29/2023 Maturity 12/3/2029 Industry Electronics Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMember2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Holdings, LLC Acquisition 12/06/2023 Industry Aerospace and Defense2025-09-300001383414pnnt:ElectronicsMember2025-09-300001383414pnnt:TelecommunicationsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. - Unfunded Term Loan Acquisition 11/02/2023 Maturity 11/07/2025 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ENC Parent Corporation Acquisition 07/11/2024 Maturity 08/20/2029 Industry Business Services Current Coupon 8.18% Basis Point Spread Above Index 3M SOFR+4512025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NEPRT Parent Holdings, LLC Acquisition 01/27/2021 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 08/16/2021 Maturity 02/18/2027 Industry Consumer Products Current Coupon 8.94% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+5102025-10-012025-12-310001383414pnnt:ClassDMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 03/02/22 Maturity 08/31/28 Industry Business Services Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414AKW Holdings Limited2025-09-300001383414pnnt:NetAssetsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Revolver Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Third Out Acquisition 03/28/2024 Maturity 05/06/2028 Industry Telecommunications2025-09-300001383414Subordinated Debt Issuer Name Wash & Wax Systems, LLC - Subordinate Debt Acquisition 04/30/25 Maturity 07/30/28 Industry Business Services Current Coupon 12.00%2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Bioderm, Inc. Acquisition 06/26/24 Maturity 01/31/28 Industry Healthcare, Education and Childcare Current Coupon 10.77% Basis Point Spread Above Index SOFR+6502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Revolver Acquisition 01/18/2023 Maturity 02/01/2029 Industry Environmental Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 03/21/24 Maturity 10/02/28 Industry Business Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+6252025-10-012025-12-310001383414us-gaap:CashAndCashEquivalentsMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Podean Intermediate II, LLC Acquisition 08/04/2025 Industry Marketing Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 03/02/22 Maturity 07/28/26 Industry Business Services Current Coupon 9.57% Basis Point Spread Above Index SOFR+5902025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Funded Revolver Acquisition 11/14/2022 Maturity 03/29/2027 Industry Aerospace and Defense Current Coupon 10.29% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Acquisition 09/19/24 Maturity 12/01/29 Industry Consumer Products Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Radius Aerospace, Inc. Acquisition 11/06/19 Maturity 03/29/27 Industry Aerospace and Defense Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Pink Lily Holdco, LLC Acquisition 11/05/2021 Industry Retail2024-10-012025-09-300001383414PennantPark Senior Loan Fund, LLC2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC - Unfunded Revolver Acquisition 05/23/2024 Maturity 05/23/2029 Industry Building Materials2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Atlas Investment Aggregator, LLC Acquisition 05/03/2021 Industry Telecommunications2024-10-012025-09-300001383414pnnt:ClassA-1Memberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.44% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. 3rd Amendment Unfunded Term Loan Acquisition 12/21/2022 Maturity 10/30/2026 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Term Loan Acquisition 02/07/2024 Maturity 02/09/2026 Industry Education2025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Unfunded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name OSP Embedded Aggregator, LP - Convertible Note Acquisition 11/06/2024 Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Altamira Intermediate Company II, Inc. Acquisition 07/23/2019 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Wash & Wax Systems. LLC Acquisition 04/30/2025 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Revolver Acquisition 01/09/2024 Maturity 01/16/2030 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ENC Parent Corporation Acquisition 07/11/2024 Maturity 08/20/2029 Industry Business Services Current Coupon 8.18% Basis Point Spread Above Index 3M SOFR+4512025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (H-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP Acquisition 12/20/2021 Industry Business Services2025-12-310001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Member2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class C Acquisition 05/03/2024 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Funded Revolver Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment Acquisition 06/21/2024 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Funded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 8.99% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Acquisition 07/24/23 Maturity 06/16/29 Industry Professional Services Current Coupon 9.92% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Events Buyer, LLC Acquisition 12/17/2024 Industry Event Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC - Funded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5652025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PCS Parent, LP Acquisition 03/01/2024 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name United Land Services Holdings, LLC Acquisition 07/12/2024 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC - Unfunded Acquisition 11/04/2021 Industry Consumer Products2025-09-300001383414First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 4/23/24 Maturity 10/02/29 Industry Business Services Current Coupon 8.74% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name UniVista Insurance Acquisition 06/14/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services Current Coupon 9.23% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414pnnt:InvestmentsCostMemberpnnt:FirstLienMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414us-gaap:EquityFundsMember2025-12-310001383414pnnt:PersonalFoodAndMiscellaneousServicesMember2025-09-300001383414pnnt:GamingMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Term Loan Acquisition 07/17/2025 Maturity 07/16/2027 Industry Business Services2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AKW Holdings Limited Acquisition 03/07/2018 Maturity 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 11.05% Basis Point Spread Above Index 3M SOFR+7002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Big Top Holdings, LLC - Unfunded Revolver Acquisition 2/29/2024 Maturity 02/28/2030 Industry Manufacturing/Basic Industry2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Acquisition 07/17/24 Maturity 03/01/30 Industry Business Services Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AH Holdings, LLC Acquisition 03/23/2011 Industry Healthcare, Education and Childcare Current Coupon 6.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 01/18/2023 Maturity 02/01/2030 Industry Environmental Services Current Coupon 8.78% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Funded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ACP Big Top Holdings, LP Acquisition 02/29/2024 Industry Manufacturing/Basic Industry2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Municipal Emergency Services, Inc. Acquisition 09/28/2021 Industry Distribution2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 03/02/22 Maturity 08/16/27 Industry Aerospace and Defense Current Coupon 8.92% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Priority TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942024-10-012025-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-12-3100013834142024-06-042024-06-040001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Term Loan Acquisition 09/23/2021 Maturity 01/15/2026 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan Acquisition 05/25/2023 Maturity 12/31/2026 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 04/23/24 Maturity 10/02/29 Industry Business Services Current Coupon 9.04% Basis Point Spread Above Index SOFR+4752025-09-300001383414pnnt:TwoThousandTwentySixNotesPayableMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Imagine Topco, LP Preferred Acquisition 11/04/2021 Industry Business Services Current Coupon 8.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. - Unfunded Revolver Acquisition 11/04/2021 Maturity 11/16/2027 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 07/21/25 Maturity 12/27/30 Industry Conglomerate Manufacturing Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP - Unfunded Acquisition 12/13/2021 Industry Distribution2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMembersrt:MaximumMember2025-09-300001383414pnnt:MediaMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC- Unfunded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 07/15/2025 Maturity 07/15/2031 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Route 66 Development Acquisition 1/28/2025 Maturity 1/24/2031 Industry Gaming Current Coupon 12.72% Basis Point Spread Above Index 3M SOFR+9002025-12-310001383414pnnt:TotalInvestmentMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC Acquisition 04/01/22 Maturity 11/09/27 Industry Retail Current Coupon 4.27%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Term Loan Acquisition 01/18/2023 Maturity 02/08/2027 Industry Environmental Services2025-10-012025-12-310001383414pnnt:InvestmentsCostMemberpnnt:EquityInPSLFMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Project Granite Holdings, LLC Acquisition 12/31/2024 Industry Business Services2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab Coinvestment, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien Secured Debt Issuer Name AFC-Dell Holding Corp. Acquisition 02/23/24 Maturity 04/09/27 Industry Distribution Current Coupon 8.84% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Medina Health, LLC Acquisition 10/16/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Cowboy Parent LLC Acquisition 09/12/2018 Industry Distribution2024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-3100013834142018-01-012019-02-040001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2025 Industry Environmental Services2024-10-012025-09-300001383414pnnt:TwoThousandThirtySevenAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-12-310001383414First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. Acquisition 07/24/23 Maturity 11/15/27 Industry Business Services Current Coupon 9.29% Basis Point Spread Above Index SOFR+5102025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Term Loan Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Unfunded Revolver Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan Acquisition 07/12/2024 Maturity 01/12/2026 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 04/22/2020 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 08/12/22 Maturity 07/13/27 Industry Media Current Coupon 10.08% Basis Point Spread Above Index SOFR+5762025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carnegie Holdco, LLC Acquisition 02/07/2024 Industry Education2025-09-300001383414pnnt:AKWHoldingsLimitedMember2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Bioderm, Inc. Acquisition 06/26/24 Maturity 01/31/28 Industry Healthcare, Education and Childcare Current Coupon 10.77% Basis Point Spread Above Index SOFR+6502024-10-012025-09-300001383414us-gaap:FairValueInputsLevel1Member2025-09-300001383414JF Intermediate, LLC (MidOcean JF Holdings Corp.)2024-09-300001383414First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 03/02/22 Maturity 08/16/27 Industry Aerospace and Defense Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 03/02/22 Maturity 04/01/28 Industry Aerospace and Defense Current Coupon 9.19% Basis Point Spread Above Index SOFR+4902025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Burgess Point Holdings, LP Acquisition 07/21/2022 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Funded Revolver Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+5152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan Acquisition 05/25/2023 Maturity 12/31/2026 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Funded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+6262025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SecondLienMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver Acquisition 05/10/2024 Maturity 05/10/2030 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-12-310001383414First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 11/26/24 Maturity 10/01/29 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class B Acquisition 04/19/2024 Industry Financial Services2024-10-012025-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Term Loan Acquisition 09/30/2024 Maturity 09/30/2026 Industry Marketing Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC - Unfunded Revolver Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services2025-10-012025-12-310001383414pnnt:InvestmentsFairValueMember2025-09-300001383414pnnt:EquitySecurityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 07/26/2022 Maturity 07/28/2030 Industry Auto Sector Current Coupon 13.41% Basis Point Spread Above Index 3M SOFR+9102024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP Acquisition 08/16/2024 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan B Acquisition 08/09/2024 Maturity 02/09/2026 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Unfunded Revolver Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services2025-09-300001383414us-gaap:FairValueInputsLevel2Memberus-gaap:EquityFundsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name ENC Parent Corporation Acquisition 08/06/2021 Maturity 08/19/2029 Industry Business Services Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+7762025-09-300001383414First Lien First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC (5) Acquisition 04/01/22 Maturity 11/09/27 Industry Retail Current Coupon 4.27%2025-09-300001383414pnnt:SeniorSecuritiesMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP - Unfunded Acquisition 08/16/2024 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seaway Topco, LP Acquisition 06/08/2022 Industry Chemicals, Plastics and Rubber2025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Exigo, LLC Acquisition 03/10/2022 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP Acquisition 11/05/2018 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Bluebird Group, LLC - Unfunded Revolver Acquisition 07/22/2021 Maturity 07/28/2026 Industry Business Services2024-10-012025-09-300001383414Related Party PSLF Cash and Cash Equivalents - 44.8% Issuer Name Goldman Sachs Financial Square Government Fund2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment - Unfunded Term Loan Acquisition 8/15/2025 Maturity 8/25/2027 Industry Gaming2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC - Funded Revolver Acquisition 10/3/2025 Maturity 9/12/2031 Industry Business Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414First Lien Secured Debt Issuer Name Riverpoint Medical, LLC Acquisition 03/02/22 Maturity 06/21/27 Industry Healthcare, Education and Childcare Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414pnnt:EventServicesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name UniVista Insurance Acquisition 06/14/2021 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (G-2 Series) Acquisition 12/07/2023 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Medina Health, LLC Acquisition 10/16/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Priority TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 9.65% Basis Point Spread Above Index SOFR+5942025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Revolver Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC Acquisition 10/03/2025 Maturity 10/03/2031 Industry Auto Sector Current Coupon 8.43% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC- Unfunded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP Acquisition 07/28/2022 Industry Auto Sector2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Acquisition 12/23/24 Maturity 09/30/30 Industry Marketing Services Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Unfunded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Funded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 8.97% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC - Unfunded Revolver Acquisition 10/11/2019 Maturity 05/11/2026 Industry Media2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 07/24/23 Maturity 01/10/29 Industry Aerospace and Defense Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001383414First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 12/23/24 Maturity 10/18/27 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Revolver Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP - Unfunded Acquisition 08/26/2021 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC - Unfunded Revolver Acquisition 9/12/2025 Maturity 9/12/2031 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 07/24/23 Maturity 08/16/27 Industry Personal, Food and Miscellaneous Services Current Coupon 10.03% Basis Point Spread Above Index SOFR+5862025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Revolver Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction, LLC Acquisition 05/05/2022 Maturity 12/31/2026 Industry Insurance Current Coupon 9.76% Basis Point Spread Above Index 3M SOFR+5602024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ENC Parent Corporation Acquisition 07/11/2024 Maturity 08/20/2029 Industry Business Services Current Coupon 8.51% Basis Point Spread Above Index 3M SOFR+4512024-10-012025-09-300001383414pnnt:TotalCashMember2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Term Loan Acquisition 12/31/2024 Maturity 12/31/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 11/01/2019 Maturity 11/01/2028 Industry Consumer Products Current Coupon 8.97% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414pnnt:TruistCreditFacilityMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Unfunded Revolver Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP - Unfunded Acquisition 05/01/2020 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP Acquisition 12/13/2021 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 4/23/24 Maturity 10/02/29 Industry Business Services Current Coupon 8.74% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 09/14/22 Maturity 06/13/29 Industry Chemicals, Plastics and Rubber Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152024-10-012025-09-300001383414First Lien Secured Debt Issuer Name GGG Midco, LLC Acquisition 12/16/24 Maturity 09/27/30 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment Acquisition 06/21/2024 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name Puget Collision, LLC Acquisition 12/24/25 Maturity 10/02/31 Industry Auto Sector Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers LLC Acquisition 10/09/25 Maturity 01/21/31 Industry Health Care Providers and Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A-1 Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TCG 3.0 Jogger Co-Invest, LP Acquisition 01/22/2024 Industry Media2025-12-310001383414First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 07/24/23 Maturity 03/15/27 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index SOFR+6352025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 3/1/2023 Maturity 3/1/2029 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC Acquisition 12/23/2020 Industry Insurance2025-10-012025-12-310001383414pnnt:TelecommunicationsMember2025-12-310001383414pnnt:DiversifiedConglomerateServiceMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Industry Business Services2025-12-310001383414pnnt:AutoSectorMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Berwick Industrial Park Acquisition 4/26/2022 Maturity 05/02/2026 Industry Buildings and Real Estate Current Coupon 13.00%2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class A Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation Current Coupon 5.32% Basis Point Spread Above Index2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. - Unfunded Term Loan Acquisition 11/02/2023 Maturity 11/07/2025 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SBI Holdings Investments, LLC Acquisition 12/23/2019 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 05/24/2023 Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC Acquisition 8/12/2025 Maturity 01/31/2030 Industry Healthcare Providers & Services Current Coupon 8.95% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class A-1 Acquisition 05/03/2024 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AH Holdings, LLC Acquisition 03/23/2011 Industry Healthcare, Education and Childcare Current Coupon 6.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. - Unfunded Term Loan Acquisition 11/02/2023 Maturity 12/05/2027 Industry Distribution2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Term Loan Acquisition 10/18/2024 Maturity 10/19/2026 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 8/25/2021 Maturity 8/31/2028 Industry Business Services Current Coupon 8.84% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Revolver Acquisition 8/15/2024 Maturity 8/15/2029 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Best Practice Associates, LLC Acquisition 01/21/25 Maturity 11/08/29 Industry Aerospace and Defense Current Coupon 10.91% Basis Point Spread Above Index SOFR+6752024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 03/02/22 Maturity 06/20/29 Industry Healthcare, Education and Childcare Current Coupon 9.29% Basis Point Spread Above Index SOFR+5002025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:CommonStockMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Unfunded Revolver Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Funded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMembersrt:MaximumMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Azureon, LLC Acquisition 06/26/2024 Industry Diversified Conglomerate Service2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Big Top Holdings, LLC - Unfunded Revolver Acquisition 02/29/2024 Maturity 02/28/2030 Industry Manufacturing/Basic Industry2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment - Unfunded Term Loan Acquisition 08/15/2025 Maturity 08/25/2027 Industry Gaming2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 01/18/24 Maturity 10/20/28 Industry Healthcare, Education and Childcare Current Coupon 9.92% Basis Point Spread Above Index SOFR+6252025-12-310001383414pnnt:InvestmentsAndCashEquivalentsMember2025-12-3100013834142025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Unfunded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP - Unfunded Acquisition 08/26/2021 Industry Aerospace and Defense2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Revolver Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Acquisition 09/23/2024 Maturity 09/23/2026 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 09/14/22 Maturity 06/13/29 Industry Chemicals, Plastics and Rubber Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-12-310001383414First Lien First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 04/30/25 Maturity 04/30/28 Industry Business Services Current Coupon 9.81% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.33% Basis Point Spread Above Index 3M SOFR+5602025-12-310001383414srt:OtherCurrencyMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 03/02/22 Maturity 02/18/27 Industry Consumer Products Current Coupon 12.16% Basis Point Spread Above Index SOFR+7852024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Recteq, LLC Acquisition 06/26/24 Maturity 01/29/26 Industry Consumer Products Current Coupon 10.07% Basis Point Spread Above Index SOFR+6402025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Mineola 212, LLC Acquisition 06/24/2024 Maturity 12/24/2025 Industry Buildings and Real Estate Current Coupon 14.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 9/3/2024 Maturity 9/3/2030 Industry Healthcare, Education and Childcare Current Coupon 8.74% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 6/1/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Revolver Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-11-012021-11-010001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name A1 Garage Equity, LLC Acquisition 12/19/2022 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Term Loan Acquisition 06/13/2025 Maturity 06/13/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414pnnt:ClassA-1WMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Term Loan Acquisition 07/17/2025 Maturity 07/16/2027 Industry Business Services2025-10-012025-12-310001383414Cascade Environmental Holdings, LLC2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Funded Revolver Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Walker Edison Furniture Company LLC2024-10-012024-12-310001383414First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 06/26/24 Maturity 02/28/30 Industry Manufacturing / Basic Industries Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. - Unfunded Revolver Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:FirstLienSecuredDebtMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class AA Acquisition 11/08/2021 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name KL Stockton Co-Invest, LP Acquisition 07/16/2021 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NEPRT Parent Holdings, LLC Acquisition 01/27/2021 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class C Acquisition 05/03/2024 Industry Consumer Products2025-12-310001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 03/02/22 Maturity 08/10/27 Industry Distribution Current Coupon 9.80% Basis Point Spread Above Index SOFR+5602024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PennantPark-TSO Senior Loan Fund II, LP Acquisition 01/07/2022 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name APT INTERMEDIATE, LLC Acquisition 09/29/2025 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name RFMG Parent, LP Acquisition 12/16/2020 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name Flock Financial, LLC Acquisition 04/19/2024 Maturity 10/19/2027 Industry Financial Services Current Coupon 12.50%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ACP Big Top Holdings, LP Acquisition 02/29/2024 Industry Manufacturing/Basic Industry2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 07/24/23 Maturity 01/10/29 Industry Aerospace and Defense Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 03/02/22 Maturity 09/22/28 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name LJ Avalon, LP Acquisition 01/18/2023 Industry Environmental Services2025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Infogroup Parent Holdings, Inc. Acquisition 05/31/2023 Industry Other Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. - Unfunded Term Loan Acquisition 09/03/2024 Maturity 09/03/2026 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Consello Pacific Aggregator, LLC Acquisition 10/02/2023 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Funded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.44% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Term Loan Acquisition 12/31/2024 Maturity 12/31/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP Embedded Aggregator, LP Acquisition 12/11/2023 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name BioDerm, Inc. Acquisition 09/09/2024 Industry Healthcare, Education and Childcare2025-12-310001383414pnnt:InvestmentsCostMemberus-gaap:EquityMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC Acquisition 07/12/2024 Maturity 12/23/2026 Industry Environmental Services Current Coupon PIK 14.75%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Unfunded Revolver Acquisition 10/20/2021 Maturity 4/30/2028 Industry Auto Sector2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aftermarket Drivetrain Products Holdings, LLC Acquisition 12/29/2023 Industry Machinery2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP Acquisition 11/05/2018 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 01/10/2029 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dynata, LLC - Last-Out Term Loan Acquisition 07/15/2024 Maturity 10/16/2028 Industry Business Services Current Coupon 9.96% Basis Point Spread Above Index 3M SOFR+5762025-09-3000013834142017-12-312017-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 6/28/2022 Maturity 07/02/2029 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name PL Acquisitionco, LLC Acquisition 05/31/2023 Industry Retail2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name LJ Avalon, LP Acquisition 01/18/2023 Industry Environmental Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP Acquisition 10/27/2021 Industry Media2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Radius Aerospace, Inc. Acquisition 11/06/19 Maturity 03/29/27 Industry Aerospace and Defense Current Coupon 10.45% Basis Point Spread Above Index SOFR+6152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC Acquisition 12/23/2020 Industry Insurance2025-12-310001383414pnnt:AutoSectorMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Events Buyer, LLC Acquisition 12/17/2024 Industry Event Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 06/28/2022 Maturity 07/02/2029 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Northwinds Topco, Inc. - Unfunded Term Loan Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Revolver Acquisition 9/27/2021 Maturity 6/20/2029 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 11/26/24 Maturity 09/03/30 Industry Healthcare, Education and Childcare Current Coupon 9.17% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+6262025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (I-2 Series) Acquisition 12/07/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Funded Revolver Acquisition 5/29/2020 Maturity 7/7/2026 Industry Business Services Current Coupon 9.87% Basis Point Spread Above Index 3M SOFR+6202025-10-012025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name ORL Holdco, Inc. - Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services Current Coupon 18.00%2025-10-012025-12-310001383414pnnt:ConsultingServicesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo II, LP Acquisition 12/23/2021 Industry Aerospace and Defense2025-12-310001383414pnnt:LongTermCreditFacilityMember2025-12-310001383414pnnt:NonMoneyMarketMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Northwinds Services Group, LLC Acquisition 08/16/2024 Industry Consumer Services2025-09-300001383414First Lien Secured Debt Issuer Name MAG DS Corp. Acquisition 03/02/22 Maturity 04/01/27 Industry Aerospace and Defense Current Coupon 9.27% Basis Point Spread Above Index SOFR+5602025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2025-10-012025-12-310001383414pnnt:PreferredEquityPartnershipInterestMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001383414First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Acquisition 07/17/24 Maturity 03/01/30 Industry Business Services Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Term Loan Acquisition 01/18/2023 Maturity 02/08/2027 Industry Environmental Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP - Unfunded Acquisition 10/27/2021 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP - Unfunded Acquisition 10/27/2021 Industry Media2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 07/24/23 Maturity 02/01/30 Industry Environmental Services Current Coupon 8.77% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Funded Revolver Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction, LLC Acquisition 05/05/2022 Maturity 12/31/2026 Industry Insurance Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5602025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Funded Revolver Acquisition 10/20/2021 Maturity 4/30/2028 Industry Auto Sector Current Coupon PIK 9.19% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (I-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberus-gaap:CashMember2025-09-300001383414First Lien Secured Debt Issuer Name Argano, LLC Acquisition 12/16/24 Maturity 09/13/29 Industry Business Services Current Coupon 9.89% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 3/1/2024 Maturity 3/1/2030 Industry Financial Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Five Star Parent Holdings, LLC Acquisition 02/21/2023 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 03/02/22 Maturity 08/10/27 Industry Distribution Current Coupon 9.42% Basis Point Spread Above Index SOFR+5602025-12-310001383414First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 11/26/24 Maturity 09/03/30 Industry Healthcare, Education and Childcare Current Coupon 8.77% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Revolver Acquisition 7/1/2025 Maturity 7/1/2031 Industry Business Services2025-10-012025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Unfunded Revolver Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Unfunded Revolver Acquisition 10/2/2023 Maturity 10/2/2028 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 3/1/2024 Maturity 3/1/2030 Industry Financial Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 12/24/25 Maturity 09/12/31 Industry Auto Sector Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services Current Coupon 10.51% Basis Point Spread Above Index 3M SOFR+6352025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Unfunded Revolver Acquisition 07/24/2023 Maturity 02/07/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Maturity 05/21/2029 Industry Personal, Food and Miscellaneous Services Current Coupon PIK 12.56%2025-12-310001383414First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 12/20/24 Maturity 08/09/30 Industry Financial Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Funded Revolver Acquisition 06/08/2023 Maturity 06/15/2029 Industry Business Services Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/2024 Maturity 10/03/2029 Industry Transportation Current Coupon 12.57% (PIK 7.25%) Basis Point Spread Above Index 3M SOFR+8352024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Acquisition 10/31/24 Maturity 11/01/30 Industry Aerospace and Defense Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 01/18/2023 Maturity 02/01/2030 Industry Environmental Services Current Coupon 8.29% Basis Point Spread Above Index 3M SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Revolver Acquisition 09/23/2024 Maturity 09/23/2030 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP – Unfunded Acquisition 12/20/2021 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name PN Buyer, Inc. Acquisition 10/09/25 Maturity 07/31/31 Industry Financial Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Revolver Acquisition 06/21/2024 Maturity 06/21/2029 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Unfunded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassDMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Term Loan Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Co-Invest, LLC Acquisition 10/29/2024 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:FirstLienMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueMarketComparableMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ITC Infusion Co-invest, LP Acquisition 02/16/2022 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lightspeed Investment Holdco, LLC Acquisition 01/21/2020 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC - Class A Acquisition 04/30/2024 Industry Insurance2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Imagine Topco, LP Preferred Acquisition 11/04/2021 Industry Business Services Current Coupon 8.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name CF512, Inc. Acquisition 12/29/21 Maturity 08/20/26 Industry Media Current Coupon 10.36% Basis Point Spread Above Index SOFR+6192024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 07/30/2028 Industry Auto Sector Current Coupon PIK 12.00%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Funded Revolver Acquisition 7/31/2025 Maturity 7/31/2031 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Term Loan Acquisition 7/1/2025 Maturity 7/1/2027 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Acquisition 07/15/24 Maturity 07/17/28 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+5262024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/08/2022 Maturity 11/10/2027 Industry Consumer Products Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.32% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Crane 1 Services, Inc. - Unfunded Revolver Acquisition 06/10/2024 Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Acquisition 07/05/2022 Maturity 03/28/2030 Industry Business Services Current Coupon PIK 9.50% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001383414First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 12/23/24 Maturity 10/18/27 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Unfunded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 06/26/24 Maturity 02/28/30 Industry Manufacturing / Basic Industries Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5602024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Funded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. Acquisition 08/04/2025 Maturity 08/04/2031 Industry Marketing Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414First Lien Secured Debt Issuer Name BLC Holding Company, INC. Acquisition 02/24/25 Maturity 11/20/30 Industry Environmental Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001383414First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Acquisition 07/15/24 Maturity 10/16/28 Industry Business Services Current Coupon 9.96% Basis Point Spread Above Index SOFR+5762025-09-300001383414First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 07/21/25 Maturity 12/27/30 Industry Conglomerate Manufacturing Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414srt:MaximumMemberpnnt:TruistCreditFacilityMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name KL Stockton Co-Invest, LP Acquisition 07/16/2021 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414pnnt:NetAssetsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media2025-09-300001383414pnnt:TotalCashEquivalentsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name APT Holdings, LLC Acquisition 09/29/2025 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Acquisition 03/02/22 Maturity 05/10/26 Industry Media Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name BioDerm, Inc. Acquisition 09/09/2024 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Industry Distribution2024-10-012025-09-300001383414Subordinated Debt Issuer Name Wash & Wax Systems, LLC - Subordinate Debt Acquisition 04/30/25 Maturity 07/30/28 Industry Business Services Current Coupon 12.00%2025-09-300001383414First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 3/02/22 Maturity 06/30/26 Industry Media Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902024-10-012025-09-3000013834142025-10-012025-12-3100013834142026-02-090001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name IHS Parent Holdings, LP Acquisition 12/21/2022 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Term Loan Acquisition 7/31/2025 Maturity 7/31/2027 Industry Business Services2025-12-310001383414pnnt:GamingMember2025-12-310001383414Cascade Environmental Holdings, LLC2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC - Funded Revolver Acquisition 10/3/2025 Maturity 10/3/2031 Industry Auto Sector Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ITC Infusion Co-invest, LP Acquisition 02/16/2022 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan Acquisition 06/21/2024 Maturity 12/22/2025 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name United Land Services Holdings, LLC Acquisition 07/12/2024 Industry Environmental Services2025-12-310001383414First Lien Secured Debt Issuer Name Amsive Holdings Corporation Acquisition 03/02/22 Maturity 12/10/26 Industry Media Current Coupon 10.35% Basis Point Spread Above Index SOFR+6352025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Five Star Parent Holdings, LLC Acquisition 02/21/2023 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-10-012025-12-310001383414pnnt:EquityInterestsInPSLFMemberpnnt:PantheonFundingOneMember2025-09-300001383414pnnt:EnvironmentalServicesMember2025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-12-310001383414First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 07/21/25 Maturity 12/31/30 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services Current Coupon 8.88% Basis Point Spread Above Index 3M SOFR+4852025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Funded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services Current Coupon 8.00%2025-09-300001383414pnnt:TwoThousandTwentySixTwoNotesPayableMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab Coinvestment, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+5402025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lightspeed Investment Holdco, LLC Acquisition 01/21/2020 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Global Holdings InterCo, LLC Acquisition 03/02/22 Maturity 03/16/26 Industry Banking, Finance, Insurance & Real Estate Current Coupon 9.33%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Unfunded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Unfunded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class D Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.33% Basis Point Spread Above Index 3M SOFR+5602025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:TwoThousandAndTwentySixNotesMember2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Acquisition 07/05/2022 Maturity 03/28/2030 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+5902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Revolver Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Wash & Wax Systems. LLC Acquisition 04/30/2025 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP PAR Holdings, LP Acquisition 09/03/2024 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 07/24/23 Maturity 02/01/30 Industry Environmental Services Current Coupon 8.46% Basis Point Spread Above Index SOFR+4502025-12-310001383414First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 12/23/24 Maturity 08/16/29 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Unfunded Revolver Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Burgess Point Holdings, LP Acquisition 07/21/2022 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Unfunded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Term Loan Acquisition 10/12/2021 Maturity 6/12/2027 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 01/18/2023 Maturity 02/01/2030 Industry Environmental Services Current Coupon 8.78% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Unfunded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC Acquisition 2/25/2022 Maturity 3/1/2028 Industry Business Services Current Coupon 8.82% Basis Point Spread Above Index 3M SOFR+5152025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Funded Revolver Acquisition 06/08/2023 Maturity 06/15/2029 Industry Business Services Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+6262025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 10.16% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Funded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 8.99% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Podean Intermediate II, LLC Acquisition 08/04/2025 Industry Marketing Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Confluent Health, LLC Acquisition 12/23/24 Maturity 11/30/28 Industry Healthcare, Education and Childcare Current Coupon 11.66% Basis Point Spread Above Index SOFR+7502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PD Tri-State Holdco, LLC - Unfunded Term Loan Acquisition 10/14/2025 Maturity 10/14/2027 Industry Diversified Consumer Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Funded Revolver Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-012021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Revolver Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Term Loan Acquisition 06/13/2025 Maturity 06/13/2027 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414pnnt:PennantParkCloViiMember2025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMembersrt:MaximumMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. - Unfunded Revolver Acquisition 9/3/2024 Maturity 9/3/2030 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Conglomerate Manufacturing2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC - Unfunded Revolver Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lightspeed Investment Holdco, LLC Acquisition 01/21/2020 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Shiftkey, LLC Acquisition 06/17/2022 Maturity 06/21/2027 Industry Business Services Current Coupon 10.01% Basis Point Spread Above Index 3M SOFR+6012024-10-012025-09-300001383414First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Acquisition 10/31/24 Maturity 11/01/30 Industry Aerospace and Defense Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMembercountry:US2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class A Acquisition 11/08/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Revolver Acquisition 01/09/2024 Maturity 01/16/2030 Industry Business Services2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class C Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Recteq, LLC Acquisition 06/26/24 Maturity 01/29/26 Industry Consumer Products Current Coupon 10.40% Basis Point Spread Above Index SOFR+6402024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Term Loan Acquisition 09/30/2024 Maturity 09/30/2026 Industry Marketing Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name AFC-Dell Holding Corp. Acquisition 02/23/24 Maturity 04/09/27 Industry Distribution Current Coupon 8.84% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Acquisition 12/23/24 Maturity 09/30/30 Industry Marketing Services Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001383414First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. Acquisition 07/24/23 Maturity 11/15/27 Industry Business Services Current Coupon 9.29% Basis Point Spread Above Index SOFR+5102024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Acquisition 07/26/22 Maturity 10/28/31 Industry Aerospace and Defense Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name LJ Avalon, LP Acquisition 01/18/2023 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. - Unfunded Revolver Acquisition 9/3/2024 Maturity 9/3/2030 Industry Healthcare, Education and Childcare2025-12-310001383414us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MinimumMemberpnnt:TruistCreditFacilityMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 9.47% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 12/23/24 Maturity 08/16/29 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414pnnt:TwoThousandTwentySixNotesPayableMember2025-12-310001383414First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 06/26/24 Maturity 02/07/30 Industry Education Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Azureon, LLC Acquisition 06/26/2024 Industry Diversified Conglomerate Service2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. - Unfunded Term Loan Acquisition 11/02/2023 Maturity 12/05/2027 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GMP Hills, LP Acquisition 11/02/2023 Industry Distribution2025-10-012025-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:CommonStockMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP - Unfunded Acquisition 10/31/2024 Industry Government Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/24/23 Maturity 11/10/27 Industry Consumer Products Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-10-012025-12-310001383414pnnt:ClassA1AMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 01/18/24 Maturity 10/20/28 Industry Healthcare, Education and Childcare Current Coupon 10.25% Basis Point Spread Above Index SOFR+6252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+5402025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP Acquisition 08/26/2021 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Unfunded Revolver Acquisition 8/25/2021 Maturity 8/31/2028 Industry Business Services2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Team Services Group, LLC Acquisition 07/24/23 Maturity 12/20/27 Industry Healthcare, Education and Childcare Current Coupon 9.56% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name MDI Aggregator, LP Acquisition 07/19/2022 Industry Chemicals, Plastics and Rubber2025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:USGovernmentSecuritiesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Exigo, LLC Acquisition 03/10/2022 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. - Unfunded Revolver Acquisition 08/04/2025 Maturity 08/04/2031 Industry Marketing Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Unfunded Revolver Acquisition 6/8/2022 Maturity 6/13/2028 Industry Chemicals, Plastics and Rubber2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. - Unfunded Revolver Acquisition 11/04/2021 Maturity 11/16/2027 Industry Business Services2024-10-012025-09-300001383414pnnt:SecondLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001383414First Lien Secured Debt Issuer Name BLC Holding Company, INC. Acquisition 02/24/25 Maturity 11/20/30 Industry Environmental Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Acquisition 07/24/23 Maturity 06/16/29 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+6252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Unfunded Revolver Acquisition 06/08/2022 Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment Acquisition 8/15/2025 Maturity 8/22/2032 Industry Gaming Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 06/07/24 Maturity 12/29/28 Industry Auto Sector Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-12-310001383414pnnt:ManufacturingBasicIndustriesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction, LLC Acquisition 05/05/2022 Maturity 12/31/2026 Industry Insurance Current Coupon 9.76% Basis Point Spread Above Index 3M SOFR+5602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Funded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.02% Basis Point Spread Above Index 3M SOFR+6352025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP - Unfunded Acquisition 08/26/2021 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Lash Coinvest, LLC Acquisition 12/04/2019 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 09/03/2024 Maturity 09/03/2030 Industry Healthcare, Education and Childcare Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Funded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.44% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414pnnt:CommonEquityPartnershipInterestsWarrantsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Unfunded Revolver Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Acp Falcon Buyer, Inc. Acquisition 10/06/23 Maturity 08/01/29 Industry Business Services Current Coupon 9.79% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP - Unfunded Acquisition 05/01/2020 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Best Practice Associates, LLC - Unfunded Revolver Acquisition 11/7/2024 Maturity 11/08/2029 Industry Aerospace and Defense2025-12-310001383414pnnt:TotalIndustryMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 03/01/2023 Maturity 03/01/2029 Industry Home and Office Furnishings2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Loving Tan, LP Acquisition 05/25/2023 Industry Consumer Products2025-10-012025-12-310001383414srt:MaximumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-10-012025-12-310001383414PennantPark Senior Loan Fund, LLC2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Revolver Acquisition 2/25/2022 Maturity 3/1/2028 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC - Unfunded Revolver Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 08/11/22 Maturity 07/02/29 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001383414First Lien First Lien Secured Debt Issuer Name SpendMend Holdings, LLC Acquisition 07/24/23 Maturity 03/01/28 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name TEAM Services Group, LLC Acquisition 04/26/2024 Maturity 12/18/2028 Industry Healthcare, Education and Childcare Current Coupon 13.10% Basis Point Spread Above Index 3M SOFR+9262025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Unfunded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Revolver Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name StellPen Holdings, LLC Acquisition 08/17/2021 Industry Media2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMembersrt:MinimumMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMember2025-12-310001383414First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 02/07/23 Maturity 12/28/28 Industry Personal, Food and Miscellaneous Services Current Coupon 10.16% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Best Practice Associates, LLC Acquisition 01/21/25 Maturity 11/08/29 Industry Aerospace and Defense Current Coupon 10.47% Basis Point Spread Above Index SOFR+6752025-12-310001383414First Lien First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Acquisition 09/03/25 Maturity 10/11/31 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 02/13/24 Maturity 11/08/29 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name IHS Parent Holdings, LP Acquisition 12/21/2022 Industry Personal, Food and Miscellaneous Services2025-12-310001383414Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Acquisition 07/15/24 Industry Business Services2024-10-012025-09-300001383414pnnt:PennantParkCloViiMembersrt:SubsidiariesMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Funded Revolver Acquisition 01/16/2025 Maturity 01/17/2031 Industry Healthcare Providers & Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414srt:MinimumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Term Loan Acquisition 01/18/2023 Maturity 02/08/2027 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+6252024-10-012025-09-300001383414Equity Securities Issuer Name Wash & Wax Group, LP - Common Equity - Common Equity Acquisition 07/31/25 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seaway Topco, LP Acquisition 06/08/2022 Industry Chemicals, Plastics and Rubber2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414pnnt:PreferredEquityPartnershipInterestMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC - Funded Revolver Acquisition 10/3/2025 Maturity 10/3/2031 Industry Auto Sector Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Big Top Holdings, LLC - Unfunded Revolver Acquisition 2/29/2024 Maturity 02/28/2030 Industry Manufacturing/Basic Industry2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ITC Infusion Co-invest, LP Acquisition 02/16/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414First Lien First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 12/23/24 Maturity 08/15/29 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Funded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan B Acquisition 08/09/2024 Maturity 02/09/2026 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A-1 Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414pnnt:USGovernmentSecuritiesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Acquisition 7/2/2019 Maturity 3/31/2027 Industry Business Services Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6102025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Funded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.06% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SSC Dominion Holdings, LLC Acquisition 07/11/2018 Industry Electronics2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Acquisition 09/16/24 Maturity 06/21/29 Industry Healthcare, Education and Childcare Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (J-2 Series) Acquisition 12/07/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name SpendMend Holdings, LLC Acquisition 07/24/23 Maturity 03/01/28 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (H-2 Series) Acquisition 12/07/2023 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5652025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Impact Advisors, LLC Acquisition 12/10/25 Maturity 03/19/32 Industry Health Care Technology Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001383414First Lien First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 12/01/23 Maturity 12/20/27 Industry Telecommunications Current Coupon 10.31% Basis Point Spread Above Index SOFR+6152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ACP Big Top Holdings, LP Acquisition 02/29/2024 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP - Unfunded Acquisition 07/28/2022 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP - Unfumded Acquisition 12/13/2021 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Best Practice Associates, LLC - Unfunded Revolver Acquisition 11/07/2024 Maturity 11/08/2029 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP Embedded Aggregator, LP Acquisition 12/11/2023 Industry Aerospace and Defense2024-10-012025-09-300001383414pnnt:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMember2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name JF Intermediate, LLC Acquisition 08/31/2022 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Mineola 212, LLC Acquisition 06/24/2024 Maturity 01/31/2026 Industry Buildings and Real Estate Current Coupon 14.00%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NBH Group, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/19/2026 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 10/09/24 Maturity 07/31/29 Industry Business Services Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002025-09-300001383414pnnt:EventServicesMember2025-12-310001383414pnnt:SecondLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Maturity 07/31/2027 Industry Financial Services Current Coupon 11.84% Basis Point Spread Above Index 3M SOFR+ 8002025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 07/24/23 Maturity 09/17/26 Industry Distribution Current Coupon 9.07% Basis Point Spread Above Index SOFR+5402025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 06/28/2022 Maturity 07/02/2029 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. - Unfunded Revolver Acquisition 07/26/2023 Maturity 08/01/2029 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Revolver Acquisition 9/27/2021 Maturity 6/20/2029 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Unfunded Term Loan Acquisition 12/17/2024 Maturity 12/17/2026 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Funded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NBH Group, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/19/2026 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 11/01/2019 Maturity 11/03/2025 Industry Consumer Products Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Best Practice Associates, LLC - Unfunded Revolver Acquisition 11/7/2024 Maturity 11/08/2029 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class C Acquisition 05/03/2024 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Unfunded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC Acquisition 8/12/2025 Maturity 01/31/2030 Industry Healthcare Providers & Services Current Coupon 8.95% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 03/02/22 Maturity 02/03/27 Industry Healthcare, Education and Childcare Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 03/01/2023 Maturity 03/01/2029 Industry Home and Office Furnishings2025-09-300001383414us-gaap:PreferredStockMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 6/28/2022 Maturity 07/02/2029 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414pnnt:ManufacturingBasicIndustriesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Funded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ro Health Holdings, Inc. Acquisition 01/16/2025 Industry Healthcare Providers & Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 06/08/2022 Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5762025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Unfunded Revolver Acquisition 05/29/2020 Maturity 07/07/2026 Industry Business Services2024-10-012025-09-300001383414pnnt:DiversifiedConglomerateServiceMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC Acquisition 06/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 10/1/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.09% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC Acquisition 04/01/22 Maturity 11/09/27 Industry Retail Current Coupon 4.27%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Buyer, LLC. - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Rosco Topco, LLC Acquisition 09/09/2025 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 02/09/24 Maturity 12/01/29 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media2025-10-012025-12-310001383414pnnt:TruistCreditFacilityMember2025-09-300001383414pnnt:TotalSubordinatedDebtMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Term Loan Acquisition 10/02/2023 Maturity 04/21/2027 Industry Business Services2025-10-012025-12-310001383414pnnt:BusinessServicesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Third Out Acquisition 03/28/2024 Maturity 05/06/2028 Industry Telecommunications2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Acquisition 07/17/24 Maturity 03/01/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Imagine Topco, LP Acquisition 11/04/2021 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 12/23/24 Maturity 8/16/29 Industry Aerospace and Defense Current Coupon 9.47%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+5402025-10-012025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-302021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Co-Invest, LLC Acquisition 10/29/2024 Industry Aerospace and Defense2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 07/24/23 Maturity 05/29/29 Industry Personal, Food and Miscellaneous Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP PAR Holdings, LP Acquisition 09/03/2024 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2025 Industry Environmental Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 10.16% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP - Unfunded Acquisition 05/01/2020 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP - Unfunded Acquisition 08/26/2021 Industry Aerospace and Defense2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 03/04/25 Maturity 12/19/30 Industry Media Current Coupon 9.12% Basis Point Spread Above Index SOFR+5252025-12-310001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 07/24/23 Maturity 05/29/29 Industry Personal, Food and Miscellaneous Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002025-09-300001383414First Lien Secured Debt Issuer Name DX Electric Company, LLC Acquisition 12/25/25 Maturity 10/01/31 Industry Electronic Equipment, Instruments and Components Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Acquisition 07/24/23 Maturity 11/01/26 Industry Media Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class A Acquisition 11/08/2021 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Bluebird Group, LLC - Unfunded Revolver Acquisition 07/22/2021 Maturity 07/28/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC - Unfunded Revolver Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Events Buyer, LLC Acquisition 12/17/2024 Industry Event Services2025-09-300001383414First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 10/03/22 Maturity 07/25/29 Industry Auto Sector Current Coupon 9.19% Basis Point Spread Above Index SOFR+5352025-12-310001383414us-gaap:PreferredStockMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Riverpoint Medical, LLC Acquisition 03/02/22 Maturity 06/21/27 Industry Healthcare, Education and Childcare Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Term Loan Acquisition 10/12/2021 Maturity 06/12/2027 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Quad (U.S.) Co-Invest, LP Acquisition 10/03/2022 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 06/26/24 Maturity 02/28/30 Industry Manufacturing / Basic Industries Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan C Acquisition 08/09/2024 Maturity 08/18/2027 Industry Financial Services2025-12-310001383414pnnt:EquityInterestsInPSLFMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name TPC US Parent, LLC Acquisition 03/02/22 Maturity 11/24/25 Industry Food Current Coupon 10.19% Basis Point Spread Above Index SOFR+5902025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. Acquisition 8/4/2025 Maturity 8/4/2031 Industry Marketing Services Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Business Services2025-10-012025-12-310001383414pnnt:PennantParkCLOXMembersrt:SubsidiariesMember2024-12-230001383414pnnt:PSLFAndPantheonAmendementMemberpnnt:PennantParkSeniorLoanFundLLCMemberpnnt:LLCAgreementMembersrt:MaximumMember2024-08-280001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Term Loan Acquisition 12/29/2023 Maturity 09/30/2026 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassDMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2028 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Unfunded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Revolver Acquisition 09/27/2021 Maturity 06/20/2029 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name JF Intermediate, LLC Acquisition 08/31/2022 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Wash & Wax Systems. LLC Acquisition 04/30/2025 Industry Auto Sector2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seacoast Service Partners, LLC Acquisition 12/20/2024 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414pnnt:DebtInvestmentsMember2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Term Loan Acquisition 10/02/2023 Maturity 04/21/2027 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Revolver Acquisition 09/23/2024 Maturity 09/23/2030 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Unfunded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense2025-12-310001383414First Lien First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 01/10/2029 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Funded Revolver Acquisition 6/8/2023 Maturity 6/15/2029 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Duggal Acquisition, LLC Acquisition 09/30/2024 Industry Marketing Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Revolver Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare, Education and Childcare2025-12-310001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5762024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MES Intermediate, Inc. Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution Current Coupon 8.62% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 04/30/25 Maturity 04/30/28 Industry Business Services Current Coupon 9.34% Basis Point Spread Above Index SOFR+5502025-12-310001383414First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 12/20/24 Maturity 08/28/29 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Funded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.47% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name novex Information Systems Incorporated - Unfunded Term Loan Acquisition 12/17/2024 Maturity 12/17/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Unfunded Revolver Acquisition 11/5/2021 Maturity 11/9/2027 Industry Retail2025-12-310001383414First Lien First Lien Secured Debt Issuer Name MAG DS Corp. Acquisition 03/02/22 Maturity 04/01/27 Industry Aerospace and Defense Current Coupon 9.60% Basis Point Spread Above Index SOFR+5602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Medina Health, LLC Acquisition 10/16/2023 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (G-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Acquisition 03/04/25 Maturity 12/17/30 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name ENC Parent Corporation Acquisition 08/06/2021 Maturity 08/19/2029 Industry Business Services Current Coupon 11.43% Basis Point Spread Above Index 3M SOFR+7762025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Crane 1 Acquisition Parent Holdings, LP Acquisition 08/11/2021 Industry Personal, Food and Miscellaneous Services2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Riverpoint Medical, LLC Acquisition 03/02/22 Maturity 06/21/27 Industry Healthcare, Education and Childcare Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 03/02/22 Maturity 06/20/29 Industry Healthcare, Education and Childcare Current Coupon 9.29% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP Acquisition 08/16/2024 Industry Aerospace and Defense2025-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:USGovernmentSecuritiesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/08/2022 Maturity 11/10/2027 Industry Consumer Products Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 07/02/2019 Maturity 01/08/2026 Industry Business Services Current Coupon 12.92% Basis Point Spread Above Index 3M SOFR+8602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Term Loan Acquisition 08/15/2024 Maturity 08/17/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Incremental Term Loan Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 9.650% Basis Point Spread Above Index 3M SOFR+5952025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP - Unfunded Acquisition 12/13/2021 Industry Distribution2024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-012021-04-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2025-12-31xbrli:pureiso4217:USDxbrli:sharesxbrli:sharesiso4217:CADpnnt:Segmentiso4217:GBPpnnt:Portfolioiso4217:USD

 

•]`

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2025

OR

 

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-00736

PENNANTPARK INVESTMENT CORPORATION

(Exact name of registrant as specified in its charter)

 

MARYLAND

20-8250744

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

 

1691 Michigan Avenue,

Miami Beach, Florida

33139

(Address of principal executive offices)

(Zip Code)

 

(786) 297-9500

(Registrant’s Telephone Number, Including Area Code)

 

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

PNNT

The New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☑

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

 

☐

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☐

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of February 9, 2026 was 65,296,094.

 

 

 

 

 

PENNANTPARK INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2025

TABLE OF CONTENTS

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

 

 

 

Item 1. Consolidated Financial Statements

 

 

 

 

Consolidated Statements of Assets and Liabilities as of December 31, 2025 (unaudited) and September 30, 2025

 

4

 

 

Consolidated Statements of Operations for the three months ended December 31, 2025 and 2024 (unaudited)

 

5

 

 

Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2025 and 2024 (unaudited)

 

6

 

 

Consolidated Statements of Cash Flows for the three months ended December 31, 2025 and 2024 (unaudited)

 

7

 

 

Consolidated Schedules of Investments as of December 31, 2025 (unaudited) and September 30, 2025

 

8

 

 

Notes to Consolidated Financial Statements (unaudited)

 

27

 

 

Report of Independent Registered Public Accounting Firm (PCAOB ID 49)

 

50

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

51

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

66

 

 

Item 4. Controls and Procedures

 

67

 

 

PART II. OTHER INFORMATION

 

 

 

 

Item 1. Legal Proceedings

 

68

 

 

Item 1A. Risk Factors

 

68

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

68

 

 

Item 3. Defaults Upon Senior Securities

 

68

 

 

Item 4. Mine Safety Disclosures

 

68

 

 

Item 5. Other Information

 

68

 

 

Item 6. Exhibits

 

69

 

 

SIGNATURES

 

70

 

2

 

 

PART I—CONSOLIDATED FINANCIAL INFORMATION

 

We are filing this Quarterly Report on Form 10-Q (the "Report"), in compliance with Rule 13a-13 as promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where context suggest otherwise, the terms “Company,” “we,” “our” or “us” refers to PennantPark Investment Corporation and its consolidated subsidiaries; “PennantPark Investment” refers to only PennantPark Investment Corporation; “Funding I” refers to PennantPark Investment Funding I, LLC, a wholly-owned subsidiary prior to deconsolidation on July 31, 2020; “Taxable Subsidiary” refers collectively to our consolidated subsidiaries, PNNT Investment Holdings II, LLC and PNNT Investment Holdings, LLC; “PSLF” refers to PennantPark Senior Loan Fund, LLC, an unconsolidated joint venture; “PTSF II” refers to PennantPark-TSO Senior Loan Fund II, LP, an unconsolidated limited partnership; “PennantPark Investment Advisers” or “Investment Adviser” refers to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “BNP Credit Facility” refers to our revolving credit facility with BNP Paribas prior to deconsolidation of Funding I; “Truist Credit Facility” refers to our multi-currency, senior secured revolving credit facility with Truist Bank, as amended and restated; “2026 Notes” refers to our 4.50% Notes due May 2026; “2026 Notes-2” refers to our 4.00% Notes due November 2026; “BDC” refers to a business development company under the Investment Company Act of 1940, as amended, or the “1940 Act”; “Code” refers to the Internal Revenue Code of 1986, as amended; and “RIC” refers to a regulated investment company under the Code. References to our portfolio, our investments and our business include investments we make through consolidated subsidiaries.

3

ou

sands, except share data)

Item 1. Consolidated Financial Statements

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

 

 

 

December 31, 2025

 

 

 

 

 

 

(unaudited)

 

 

September 30, 2025

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost—$846,496 and $853,416, respectively)

 

$

852,085

 

 

$

857,415

 

Non-controlled, affiliated investments (amortized cost—$36,561 and $36,561, respectively)

 

 

1,751

 

 

 

4,891

 

Controlled, affiliated investments (amortized cost—$342,149 and $346,911, respectively)

 

 

364,638

 

 

 

424,967

 

Total investments (amortized cost—$1,225,206 and $1,236,888, respectively)

 

 

1,218,474

 

 

 

1,287,273

 

Cash equivalents (cost—$17,660 and $30,711, respectively)

 

 

17,660

 

 

 

30,711

 

Cash (cost—$28,091 and $21,028, respectively)

 

 

28,200

 

 

 

21,072

 

Interest receivable

 

 

5,182

 

 

 

5,261

 

Receivable for investments sold

 

 

18,915

 

 

 

—

 

Distribution receivable

 

 

4,645

 

 

 

4,694

 

Due from affiliates

 

 

81

 

 

 

168

 

Prepaid expenses and other assets

 

 

360

 

 

 

375

 

Total assets

 

 

1,293,517

 

 

 

1,349,554

 

Liabilities

 

 

 

 

 

 

Truist Credit Facility payable, at fair value (cost—$296,456 and $426,456, respectively)

 

 

295,464

 

 

 

425,477

 

2026 Notes payable (par— $150,000, unamortized deferred financing cost of $302 and $527, respectively)

 

 

149,698

 

 

 

149,473

 

2026 Notes-2 payable (par— $165,000, unamortized deferred financing cost of $853 and $1,067, respectively)

 

 

164,147

 

 

 

163,933

 

Payable for investment purchased

 

 

209,555

 

 

 

130,007

 

Interest payable on debt

 

 

2,986

 

 

 

6,281

 

Distributions payable

 

 

5,224

 

 

 

—

 

Accounts payable and accrued expenses

 

 

5,294

 

 

 

4,342

 

Base management fee payable

 

 

3,915

 

 

 

4,005

 

Incentive fee payable

 

 

—

 

 

 

2,086

 

Total liabilities

 

 

836,283

 

 

 

885,604

 

Commitments and contingencies (See Note 11)

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Common stock, 65,296,094 and 65,296,094 shares issued and outstanding, respectively
   Par value $0.001 per share and 200,000,000 shares authorized

 

 

65

 

 

 

65

 

Paid-in capital in excess of par value

 

 

740,506

 

 

 

740,506

 

Accumulated deficit

 

 

(283,337

)

 

 

(276,621

)

Total net assets

 

$

457,234

 

 

$

463,950

 

Total liabilities and net assets

 

$

1,293,517

 

 

$

1,349,554

 

Net asset value per share

 

$

7.00

 

 

$

7.11

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4

ou

sands, except share data)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

 

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Investment income:

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

Interest

 

$

13,939

 

 

$

18,767

 

Payment-in-kind

 

 

2,324

 

 

 

1,421

 

Dividend income

 

 

234

 

 

 

508

 

Other income

 

 

301

 

 

 

582

 

From controlled, affiliated investments:

 

 

 

 

 

 

Interest

 

 

6,271

 

 

 

7,255

 

Payment-in-kind

 

 

—

 

 

 

823

 

Dividend income

 

 

4,184

 

 

 

4,851

 

Total investment income

 

 

27,253

 

 

 

34,207

 

Expenses:

 

 

 

 

 

 

Base management fee

 

 

3,915

 

 

 

4,268

 

Incentive fee

 

 

—

 

 

 

2,756

 

Interest and expenses on debt

 

 

10,501

 

 

 

11,741

 

Administrative services expenses

 

 

450

 

 

 

500

 

General and administrative expenses

 

 

850

 

 

 

1,250

 

Expenses before provision for taxes and financing costs

 

 

15,716

 

 

 

20,515

 

Provision for taxes on net investment income

 

 

660

 

 

 

700

 

Credit facility amendment and debt issuance costs

 

 

3,885

 

 

 

—

 

Total expenses

 

 

20,261

 

 

 

21,215

 

Net investment income

 

 

6,992

 

 

 

12,992

 

Realized and unrealized gain (loss) on investments and debt:

 

 

 

 

 

 

Net realized gain (loss) on investments and debt:

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(3,860

)

 

 

(2,560

)

Non-controlled and controlled, affiliated investments

 

 

62,875

 

 

 

—

 

Provision for taxes on realized gain on investments

 

 

(13

)

 

 

—

 

Net realized gain (loss) on investments and debt

 

 

59,002

 

 

 

(2,560

)

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

1,653

 

 

 

(4,777

)

Non-controlled and controlled, affiliated investments

 

 

(58,705

)

 

 

7,138

 

Provision for taxes on unrealized appreciation (depreciation) on investments

 

 

—

 

 

 

(37

)

Debt appreciation (depreciation)

 

 

13

 

 

 

3,328

 

Net change in unrealized appreciation (depreciation) on investments and debt

 

 

(57,039

)

 

 

5,652

 

Net realized and unrealized gain (loss) from investments and debt

 

 

1,963

 

 

 

3,092

 

Net increase (decrease) in net assets resulting from operations

 

$

8,955

 

 

$

16,084

 

Net increase (decrease) in net assets resulting from operations per common share

 

$

0.14

 

 

$

0.25

 

Net investment income per common share

 

$

0.11

 

 

$

0.20

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5

ou

sands, except share data)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)

 

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

Net investment income

 

$

6,992

 

 

$

12,992

 

Net realized gain (loss) on investments and debt

 

 

59,015

 

 

 

(2,560

)

Net change in unrealized appreciation (depreciation) on investments

 

 

(57,052

)

 

 

2,361

 

Net change in provision for taxes on realized gain (loss) on investments

 

 

(13

)

 

 

—

 

Net change in provision for taxes on change in unrealized appreciation (depreciation) on investments

 

 

—

 

 

 

(37

)

Net change in unrealized appreciation (depreciation) on debt

 

 

13

 

 

 

3,328

 

Net increase (decrease) in net assets resulting from operations

 

 

8,955

 

 

 

16,084

 

Distributions to stockholders:

 

 

 

 

 

 

Distribution of net investment income

 

 

(15,671

)

 

 

(15,671

)

Total distributions to stockholders

 

 

(15,671

)

 

 

(15,671

)

Net increase (decrease) in net assets

 

 

(6,716

)

 

 

413

 

Net assets:

 

 

 

 

 

 

Beginning of period

 

 

463,950

 

 

 

493,908

 

End of period

 

$

457,234

 

 

$

494,321

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6

ou

sands, except share data)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

 

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Cash flows from operating activities:

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

8,955

 

 

$

16,084

 

Adjustments to reconcile net increase (decrease) in net assets resulting from
   operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Net change in net unrealized (appreciation) depreciation on investments

 

 

57,052

 

 

 

(2,361

)

Net change in unrealized appreciation (depreciation) on debt

 

 

(13

)

 

 

(3,328

)

Net realized (gain) loss on investments

 

 

(59,015

)

 

 

2,560

 

Net accretion of discount and amortization of premium

 

 

(145

)

 

 

(724

)

Purchases of investments

 

 

(324,700

)

 

 

(394,229

)

Payment-in-kind income

 

 

(2,324

)

 

 

(2,244

)

Proceeds from dispositions of investments

 

 

397,951

 

 

 

427,065

 

Amortization of deferred financing costs

 

 

440

 

 

 

439

 

(Increase) or Decrease in:

 

 

 

 

 

 

Interest receivable

 

 

79

 

 

 

34

 

Receivables from investments sold

 

 

(18,916

)

 

 

(47,230

)

Distribution receivable

 

 

49

 

 

 

58

 

Due from affiliate

 

 

87

 

 

 

84

 

Prepaid expenses and other assets

 

 

14

 

 

 

55

 

Increase or (Decrease) in:

 

 

 

 

 

 

Due to affiliates

 

 

—

 

 

 

(33

)

Payable for investments purchased

 

 

79,548

 

 

 

24,954

 

Interest payable on debt

 

 

(3,295

)

 

 

(3,556

)

Base management fee payable, net

 

 

(90

)

 

 

(29

)

Incentive fee payable

 

 

(2,086

)

 

 

(301

)

Accounts payable and accrued expenses

 

 

952

 

 

 

1,447

 

Net cash provided by (used in) operating activities

 

 

134,543

 

 

 

18,745

 

Cash flows from financing activities:

 

 

 

 

 

 

Distributions paid to stockholders

 

 

(10,447

)

 

 

(15,671

)

Borrowings under Truist Credit Facility

 

 

30,000

 

 

 

55,000

 

Repayments under Truist Credit Facility

 

 

(160,000

)

 

 

(52,000

)

Net cash provided by (used in) financing activities

 

 

(140,447

)

 

 

(12,671

)

Net increase (decrease) in cash and cash equivalents

 

 

(5,904

)

 

 

6,074

 

Effect of exchange rate changes on cash

 

 

(19

)

 

 

(84

)

Cash and cash equivalents, beginning of period

 

 

51,783

 

 

 

49,861

 

Cash and cash equivalents, end of period

 

$

45,860

 

 

$

55,851

 

Supplemental disclosures:

 

 

 

 

 

 

Interest paid

 

$

13,357

 

 

$

14,858

 

Taxes paid

 

$

—

 

 

$

—

 

Non-cash exchanges and conversions

 

$

—

 

 

$

5,963

 

Non-cash purchases and disposition of investments

 

$

—

 

 

$

26,250

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

(In thousands, except share data)th

 

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.4% (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt - 93.9% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACP Avenu Buyer, LLC - Unfunded Term Loan (7)

 

10/02/2023

 

04/21/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

3,479

 

 

$

-

 

 

$

9

 

ACP Avenu Buyer, LLC - Unfunded Revolver (7)

 

10/02/2023

 

10/02/2029

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,436

 

 

 

-

 

 

 

(6

)

ACP Falcon Buyer, Inc. - Unfunded Revolver (7)

 

07/26/2023

 

08/01/2029

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,533

 

 

 

-

 

 

 

-

 

Ad.net Acquisition, LLC

 

05/04/2021

 

05/07/2026

 

Media

 

 

9.93

%

 

3M SOFR+626

 

 

 

96

 

 

 

96

 

 

 

96

 

Ad.net Acquisition, LLC - Unfunded Revolver (7)

 

05/04/2021

 

05/07/2026

 

Media

 

 

—

 

 

 

—

 

 

 

444

 

 

 

-

 

 

 

-

 

Adweek Purchaser, LLC

 

05/31/2024

 

05/31/2027

 

Printing and Publishing

 

 

10.67

%

 

3M SOFR+700

 

 

 

2,100

 

 

 

2,078

 

 

 

2,100

 

Adweek Purchaser, LLC - Unfunded Term Loan (7)

 

05/31/2024

 

05/31/2027

 

Printing and Publishing

 

 

—

 

 

 

—

 

 

 

300

 

 

 

-

 

 

 

5

 

Aechelon Technology, Inc. - Unfunded Revolver (7)

 

08/16/2024

 

08/16/2029

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

2,724

 

 

 

-

 

 

 

-

 

AFC Dell Holding Corp.

 

12/12/2023

 

04/09/2027

 

Distribution

 

 

8.84

%

 

3M SOFR+500

 

 

 

214

 

 

 

214

 

 

 

214

 

AFC Dell Holding Corp. - Unfunded Term Loan (7)

 

12/12/2023

 

04/09/2027

 

Distribution

 

 

—

 

 

 

—

 

 

 

4,281

 

 

 

-

 

 

 

-

 

AFC Dell Holding Corp. - Unfunded Revolver (7)

 

12/12/2023

 

10/09/2028

 

Distribution

 

 

—

 

 

 

—

 

 

 

1,243

 

 

 

-

 

 

 

-

 

Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver (7)

 

05/21/2019

 

06/30/2026

 

Media

 

 

—

 

 

 

—

 

 

 

1,612

 

 

 

-

 

 

 

-

 

Aphix Buyer, Inc

 

07/17/2025

 

07/17/2031

 

Business Services

 

 

8.48

%

 

3M SOFR+475

 

 

 

6,129

 

 

 

6,091

 

 

 

6,129

 

Aphix Buyer, Inc - Unfunded Term Loan (7)

 

07/17/2025

 

07/16/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

9,172

 

 

 

-

 

 

 

57

 

Aphix Buyer, Inc - Unfunded Revolver (7)

 

07/17/2025

 

07/17/2031

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,389

 

 

 

-

 

 

 

-

 

APT OPCO, LLC - Unfunded Term Loan (7)

 

09/29/2025

 

09/30/2027

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,228

 

 

 

-

 

 

 

(8

)

APT OPCO, LLC - Unfunded Revolver (7)

 

09/29/2025

 

09/30/2031

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,228

 

 

 

-

 

 

 

(15

)

Arcfield Acquisition Corp. - Unfunded Revolver (7)

 

10/28/2024

 

10/28/2031

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

2,085

 

 

 

-

 

 

 

(10

)

Archer Lewis, LLC

 

08/28/2024

 

08/28/2029

 

Healthcare, Education and Childcare

 

 

9.42

%

 

3M SOFR+575

 

 

 

1,485

 

 

 

1,471

 

 

 

1,485

 

Archer Lewis, LLC - Unfunded Term Loan (7)

 

08/28/2024

 

08/28/2026

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

5,329

 

 

 

-

 

 

 

53

 

Archer Lewis, LLC - Funded Revolver

 

08/28/2024

 

08/28/2029

 

Healthcare, Education and Childcare

 

 

9.42

%

 

3M SOFR+575

 

 

 

1,304

 

 

 

1,304

 

 

 

1,304

 

Argano, LLC.

 

09/13/2024

 

09/13/2029

 

Business Services

 

 

9.23

%

 

3M SOFR+550

 

 

 

7,426

 

 

 

7,357

 

 

 

7,501

 

Argano, LLC - Unfunded Revolver (7)

 

09/13/2024

 

09/13/2029

 

Business Services

 

 

—

 

 

 

—

 

 

 

794

 

 

 

-

 

 

 

-

 

Azureon, LLC

 

06/26/2024

 

06/26/2029

 

Diversified Conglomerate Service

 

 

9.44

%

 

3M SOFR+575

 

 

 

12,303

 

 

 

12,189

 

 

 

11,811

 

Azureon, LLC - Unfunded Term Loan (7)

 

06/26/2024

 

11/26/2027

 

Diversified Conglomerate Service

 

 

—

 

 

 

—

 

 

 

6,067

 

 

 

-

 

 

 

(197

)

Azureon, LLC - Funded Revolver

 

06/26/2024

 

06/26/2029

 

Diversified Conglomerate Service

 

 

9.44

%

 

3M SOFR+575

 

 

 

485

 

 

 

485

 

 

 

465

 

Azureon, LLC - Unfunded Revolver (7)

 

06/26/2024

 

06/26/2029

 

Diversified Conglomerate Service

 

 

—

 

 

 

—

 

 

 

1,212

 

 

 

-

 

 

 

(48

)

Beacon Behavioral Support Service, LLC

 

06/21/2024

 

06/21/2029

 

Healthcare, Education and Childcare

 

 

9.17

%

 

3M SOFR+550

 

 

 

891

 

 

 

883

 

 

 

891

 

Beacon Behavioral Support Service, LLC - Unfunded Term Loan (7)

 

06/21/2024

 

12/13/2026

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

2,945

 

 

 

-

 

 

 

29

 

Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment (7)

 

06/21/2024

 

06/21/2027

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

12,627

 

 

 

-

 

 

 

126

 

Beacon Behavioral Support Service, LLC - Unfunded Revolver (7)

 

06/21/2024

 

06/21/2029

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,042

 

 

 

-

 

 

 

-

 

Berwick Industrial Park

 

04/26/2022

 

05/02/2026

 

Buildings and Real Estate

 

 

13.00

%

 

 

—

 

 

 

4,000

 

 

 

4,016

 

 

 

3,980

 

Best Practice Associates, LLC - Unfunded Revolver (7)

 

11/07/2024

 

11/08/2029

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

1,929

 

 

 

-

 

 

 

(14

)

Beta Plus Technologies, Inc.

 

06/28/2022

 

07/02/2029

 

Business Services

 

 

9.42

%

 

3M SOFR+575

 

 

 

10,616

 

 

 

10,488

 

 

 

10,510

 

Big Top Holdings, LLC - Unfunded Revolver (7)

 

02/29/2024

 

02/28/2030

 

Manufacturing/Basic Industry

 

 

—

 

 

 

—

 

 

 

1,155

 

 

 

-

 

 

 

-

 

BioDerm, Inc. - Funded Revolver

 

01/30/2023

 

01/31/2028

 

Healthcare, Education and Childcare

 

 

10.36

%

 

3M SOFR+650

 

 

 

1,071

 

 

 

1,071

 

 

 

1,058

 

Blackhawk Industrial Distribution, Inc.

 

06/27/2022

 

09/17/2026

 

Distribution

 

 

9.07

%

 

3M SOFR+540

 

 

 

1,264

 

 

 

1,261

 

 

 

1,239

 

Blackhawk Industrial Distribution, Inc. - Funded Revolver

 

06/27/2022

 

09/17/2026

 

Distribution

 

 

9.07

%

 

3M SOFR+540

 

 

 

2,428

 

 

 

2,428

 

 

 

2,380

 

Blackhawk Industrial Distribution, Inc. - Unfunded Revolver (7)

 

06/27/2022

 

09/17/2026

 

Distribution

 

 

—

 

 

 

—

 

 

 

2,428

 

 

 

-

 

 

 

(49

)

BLC Holding Company, Inc.

 

11/20/2024

 

11/20/2030

 

Business Services

 

 

8.17

%

 

3M SOFR+450

 

 

 

2,243

 

 

 

2,227

 

 

 

2,243

 

BLC Holding Company, Inc. - Unfunded Term Loan (7)

 

11/20/2024

 

11/20/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

7,514

 

 

 

-

 

 

 

56

 

BLC Holding Company, Inc. - Unfunded Revolver (7)

 

11/20/2024

 

11/20/2030

 

Business Services

 

 

—

 

 

 

—

 

 

 

3,005

 

 

 

-

 

 

 

-

 

Blue Cloud Pediatric Surgery Centers, LLC

 

08/12/2025

 

01/21/2031

 

Healthcare Providers & Services

 

 

8.72

%

 

3M SOFR+500

 

 

 

524

 

 

 

518

 

 

 

518

 

Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan (7)

 

08/12/2025

 

07/30/2027

 

Healthcare Providers & Services

 

 

—

 

 

 

—

 

 

 

2,234

 

 

 

-

 

 

 

-

 

Boss Industries, LLC - Unfunded Revolver (7)

 

12/27/2024

 

12/27/2030

 

Conglomerate Manufacturing

 

 

—

 

 

 

—

 

 

 

1,306

 

 

 

-

 

 

 

-

 

By Light Professional IT Services, LLC

 

07/15/2025

 

07/15/2031

 

Business Services

 

 

9.22

%

 

3M SOFR+550

 

 

 

2,500

 

 

 

2,481

 

 

 

2,475

 

By Light Professional IT Services, LLC - Unfunded Revolver (7)

 

07/15/2025

 

07/15/2031

 

Business Services

 

 

—

 

 

 

—

 

 

 

988

 

 

 

-

 

 

 

(10

)

Capital Construction, LLC

 

06/30/2025

 

10/22/2026

 

Consumer Services

 

 

9.89

%

 

3M SOFR+590

 

 

 

5,599

 

 

 

5,571

 

 

 

5,529

 

Carisk Buyer, Inc. - Unfunded Term Loan (7)

 

11/27/2023

 

12/03/2029

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

4,813

 

 

 

-

 

 

 

84

 

Carisk Buyer, Inc. - Unfunded Term Loan 2 (7)

 

11/27/2023

 

12/03/2029

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,528

 

 

 

-

 

 

 

23

 

Carisk Buyer, Inc. - Unfunded Revolver (7)

 

11/27/2023

 

12/03/2029

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,750

 

 

 

-

 

 

 

13

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

Carnegie Dartlet, LLC

 

02/07/2024

 

02/07/2030

 

Education

 

 

9.22

%

 

3M SOFR+550

 

 

 

2,320

 

 

 

2,299

 

 

 

2,297

 

Carnegie Dartlet, LLC - Unfunded Term Loan (7)

 

02/07/2024

 

02/09/2026

 

Education

 

 

—

 

 

 

—

 

 

 

7,680

 

 

 

-

 

 

 

-

 

Carnegie Dartlet, LLC - Unfunded Revolver (7)

 

02/07/2024

 

02/07/2030

 

Education

 

 

—

 

 

 

—

 

 

 

3,339

 

 

 

-

 

 

 

(33

)

Cartessa Aesthetics, LLC

 

06/01/2022

 

06/14/2028

 

Distribution

 

 

9.67

%

 

3M SOFR+600

 

 

 

23,433

 

 

 

23,209

 

 

 

23,433

 

Cartessa Aesthetics, LLC - Unfunded Revolver (7)

 

06/01/2022

 

06/14/2028

 

Distribution

 

 

—

 

 

 

—

 

 

 

3,563

 

 

 

-

 

 

 

-

 

Case Works, LLC

 

10/01/2024

 

10/01/2029

 

Business Services

 

 

9.09

%

 

3M SOFR+525

 

 

 

850

 

 

 

843

 

 

 

835

 

Case Works, LLC - Funded Revolver

 

10/01/2024

 

10/01/2029

 

Business Services

 

 

8.94

%

 

3M SOFR+525

 

 

 

1,095

 

 

 

1,095

 

 

 

1,076

 

Case Works, LLC - Unfunded Revolver (7)

 

10/01/2024

 

10/01/2029

 

Business Services

 

 

—

 

 

 

—

 

 

 

793

 

 

 

-

 

 

 

(13

)

CF512, Inc. - Funded Revolver

 

08/17/2021

 

08/20/2026

 

Media

 

 

9.74

%

 

3M SOFR+602

 

 

 

82

 

 

 

82

 

 

 

81

 

CF512, Inc. - Unfunded Revolver (7)

 

08/17/2021

 

08/20/2026

 

Media

 

 

—

 

 

 

—

 

 

 

827

 

 

 

-

 

 

 

(8

)

CJX Borrower, LLC

 

07/08/2021

 

07/13/2027

 

Media

 

 

9.70

%

 

3M SOFR+576

 

 

 

358

 

 

 

340

 

 

 

358

 

CJX Borrower, LLC - Unfunded Term Loan (7)

 

07/08/2021

 

07/13/2027

 

Media

 

 

—

 

 

 

—

 

 

 

112

 

 

 

-

 

 

 

21

 

CJX Borrower, LLC - Funded Revolver

 

07/08/2021

 

07/13/2027

 

Media

 

 

9.70

%

 

3M SOFR+576

 

 

 

818

 

 

 

818

 

 

 

818

 

CJX Borrower, LLC - Unfunded Revolver (7)

 

07/08/2021

 

07/13/2027

 

Media

 

 

—

 

 

 

—

 

 

 

1,057

 

 

 

-

 

 

 

-

 

Cornerstone Advisors of Arizona, LLC

 

05/13/2025

 

05/13/2032

 

Consulting Services

 

 

8.42

%

 

3M SOFR+475

 

 

 

30

 

 

 

30

 

 

 

30

 

Cornerstone Advisors of Arizona, LLC - Unfunded Revolver (7)

 

05/13/2025

 

05/13/2032

 

Consulting Services

 

 

—

 

 

 

—

 

 

 

797

 

 

$

-

 

 

$

(4

)

Commercial Fire Protection Holdings, LLC

 

09/23/2024

 

09/23/2030

 

Business Services

 

 

8.17

%

 

3M SOFR+450

 

 

 

1,873

 

 

 

1,860

 

 

 

1,873

 

Commercial Fire Protection Holdings, LLC - Unfunded Term Loan (7)

 

09/23/2024

 

09/23/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

4,756

 

 

 

-

 

 

 

36

 

Commercial Fire Protection Holdings, LLC - Unfunded Revolver (7)

 

09/23/2024

 

09/23/2030

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,486

 

 

 

-

 

 

 

-

 

Crane 1 Services, Inc. - Unfunded Revolver (7)

 

06/10/2024

 

08/16/2027

 

Personal, Food and Miscellaneous Services

 

 

—

 

 

 

—

 

 

 

435

 

 

 

-

 

 

 

(3

)

C5MI Acquisition, LLC - Funded Revolver

 

07/31/2024

 

07/31/2029

 

Business Services

 

 

9.70

%

 

3M SOFR+600

 

 

 

1,653

 

 

 

1,653

 

 

 

1,653

 

C5MI Acquisition, LLC - Unfunded Revolver (7)

 

07/31/2024

 

07/31/2029

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,480

 

 

 

-

 

 

 

-

 

DRS Holdings III, Inc.

 

11/01/2019

 

11/01/2028

 

Consumer Products

 

 

8.97

%

 

3M SOFR+525

 

 

 

2

 

 

 

2

 

 

 

2

 

DRS Holdings III, Inc. - Unfunded Revolver (7)

 

11/01/2019

 

11/01/2028

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

608

 

 

 

-

 

 

 

-

 

Duggal Acquisition, LLC - Unfunded Term Loan (7)

 

09/30/2024

 

09/30/2026

 

Marketing Services

 

 

—

 

 

 

—

 

 

 

2,042

 

 

 

-

 

 

 

20

 

Duggal Acquisition, LLC - Unfunded Revolver (7)

 

09/30/2024

 

09/30/2030

 

Marketing Services

 

 

—

 

 

 

—

 

 

 

2,561

 

 

 

-

 

 

 

-

 

DX Electric Company, LLC - Unfunded Revolver (7)

 

10/01/2025

 

10/01/2031

 

Electronics

 

 

—

 

 

 

—

 

 

 

1,257

 

 

 

-

 

 

 

(9

)

Dynata, LLC - Last-Out Term Loan

 

07/15/2024

 

10/16/2028

 

Business Services

 

 

9.64

%

 

3M SOFR+576

 

 

 

83

 

 

 

83

 

 

 

50

 

EDS Buyer, LLC - Unfunded Revolver (7)

 

12/19/2022

 

01/10/2029

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

1,915

 

 

 

-

 

 

 

5

 

Emergency Care Partners, LLC

 

10/18/2024

 

10/18/2027

 

Healthcare, Education and Childcare

 

 

8.72

%

 

3M SOFR+500

 

 

 

654

 

 

 

654

 

 

 

654

 

Emergency Care Partners, LLC - Unfunded Term Loan (7)

 

10/18/2024

 

10/19/2026

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,530

 

 

 

-

 

 

 

-

 

Emergency Care Partners, LLC - Unfunded Revolver (7)

 

10/18/2024

 

10/18/2027

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

641

 

 

 

-

 

 

 

-

 

ENC Parent Corporation

 

07/11/2024

 

08/20/2029

 

Business Services

 

 

8.18

%

 

3M SOFR+451

 

 

 

3,391

 

 

 

3,073

 

 

 

2,871

 

ETE Intermediate II, LLC

 

05/24/2023

 

05/29/2029

 

Personal, Food and Miscellaneous Services

 

 

8.72

%

 

3M SOFR+500

 

 

 

550

 

 

 

547

 

 

 

550

 

ETE Intermediate II, LLC - Unfunded Revolver (7)

 

05/24/2023

 

05/25/2029

 

Personal, Food and Miscellaneous Services

 

 

—

 

 

 

—

 

 

 

2,429

 

 

 

-

 

 

 

-

 

Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver (7)

 

05/10/2024

 

05/10/2030

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

822

 

 

 

-

 

 

 

-

 

Exigo Intermediate II, LLC

 

03/10/2022

 

03/15/2027

 

Business Services

 

 

10.07

%

 

3M SOFR+635

 

 

 

23,815

 

 

 

23,701

 

 

 

23,696

 

Exigo Intermediate II, LLC - Unfunded Revolver (7)

 

03/10/2022

 

03/15/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,856

 

 

 

-

 

 

 

(9

)

Express Wash Intermediate, LLC

 

07/14/2022

 

04/10/2031

 

Auto Sector

 

 

10.18

%

 

3M SOFR+625

 

 

 

9,950

 

 

 

9,903

 

 

 

9,502

 

Express Wash Intermediate, LLC - Unfunded Revolver (7)

 

07/14/2022

 

04/10/2031

 

Auto Sector

 

 

—

 

 

 

—

 

 

 

609

 

 

 

-

 

 

 

(27

)

First Medical MSO, LLC

 

06/13/2025

 

06/13/2031

 

Healthcare, Education and Childcare

 

 

9.43

%

 

3M SOFR+575

 

 

 

4,658

 

 

 

4,613

 

 

 

4,611

 

First Medical MSO, LLC - Unfunded Term Loan (7)

 

06/13/2025

 

06/13/2027

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

2,820

 

 

 

-

 

 

 

-

 

First Medical MSO, LLC - Unfunded Revolver (7)

 

06/13/2025

 

06/13/2031

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

600

 

 

 

-

 

 

 

(6

)

Five Star Buyer, Inc.

 

02/21/2023

 

02/23/2028

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

12.98

%

 

3M SOFR+925

 

 

 

196

 

 

 

196

 

 

 

191

 

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Five Star Buyer, Inc. - Unfunded Revolver (7)

 

02/21/2023

 

02/23/2028

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

—

 

 

 

—

 

 

 

370

 

 

 

-

 

 

 

(9

)

Gauge ETE Blocker, LLC

 

05/24/2023

 

05/21/2029

 

Personal, Food and Miscellaneous Services

 

PIK 12.56%

 

 

 

—

 

 

 

285

 

 

 

285

 

 

 

285

 

GGG MIDCO, LLC - Unfunded Term Loan (7)

 

09/27/2024

 

09/27/2030

 

Home and Office Furnishings, Housewares and Durable Consumer Products

 

 

—

 

 

 

—

 

 

 

6,272

 

 

 

-

 

 

 

63

 

GGG MIDCO, LLC - Unfunded Revolver (7)

 

09/27/2024

 

09/27/2030

 

Home and Office Furnishings, Housewares and Durable Consumer Products

 

 

—

 

 

 

—

 

 

 

581

 

 

 

-

 

 

 

-

 

Graffiti Buyer, Inc.

 

10/25/2022

 

08/10/2027

 

Distribution

 

 

9.33

%

 

3M SOFR+560

 

 

 

244

 

 

 

243

 

 

 

239

 

Graffiti Buyer, Inc. - Unfunded Term Loan (7)

 

10/25/2022

 

08/10/2027

 

Distribution

 

 

—

 

 

 

—

 

 

 

831

 

 

 

-

 

 

 

(12

)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

Graffiti Buyer, Inc. - Unfunded Revolver (7)

 

10/25/2022

 

08/10/2027

 

Distribution

 

 

—

 

 

 

—

 

 

 

769

 

 

 

-

 

 

 

(17

)

Halo Buyer, Inc.

 

07/18/2018

 

08/07/2029

 

Consumer Products

 

 

9.72

%

 

3M SOFR+600

 

 

 

16,873

 

 

 

16,721

 

 

 

16,873

 

Halo Buyer, Inc. - Funded Revolver

 

07/18/2018

 

08/07/2029

 

Consumer Products

 

 

9.72

%

 

3M SOFR+600

 

 

 

967

 

 

 

967

 

 

 

967

 

Halo Buyer, Inc. - Unfunded Revolver (7)

 

07/18/2018

 

08/07/2029

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

1,731

 

 

 

-

 

 

 

-

 

Hancock Roofing and Construction, LLC

 

05/05/2022

 

12/31/2026

 

Insurance

 

 

9.32

%

 

3M SOFR+560

 

 

 

750

 

 

 

750

 

 

 

713

 

Harris & Co, LLC

 

08/09/2024

 

08/09/2030

 

Financial Services

 

 

8.72

%

 

3M SOFR+500

 

 

 

14,123

 

 

 

14,002

 

 

 

14,017

 

Harris & Co, LLC - Unfunded Term Loan B (7)

 

08/09/2024

 

02/09/2026

 

Financial Services

 

 

—

 

 

 

—

 

 

 

511

 

 

 

-

 

 

 

1

 

Harris & Co, LLC - Unfunded Term Loan C (7)

 

08/09/2024

 

08/18/2027

 

Financial Services

 

 

—

 

 

 

—

 

 

 

10,226

 

 

 

-

 

 

 

13

 

Harris & Co, LLC - Funded Revolver

 

08/09/2024

 

08/09/2030

 

Financial Services

 

 

8.72

%

 

3M SOFR+500

 

 

 

601

 

 

 

601

 

 

 

596

 

Harris & Co, LLC - Unfunded Revolver (7)

 

08/09/2024

 

08/09/2030

 

Financial Services

 

 

—

 

 

 

—

 

 

 

2,404

 

 

 

-

 

 

 

(18

)

Hills Distribution, Inc. - Unfunded Term Loan (7)

 

11/02/2023

 

12/05/2027

 

Distribution

 

 

—

 

 

 

—

 

 

 

9,314

 

 

 

-

 

 

 

(47

)

HV Watterson Holdings, LLC (10)

 

06/13/2022

 

12/17/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

286

 

 

 

285

 

 

 

91

 

HV Watterson Holdings, LLC - Funded Revolver (10)

 

06/13/2022

 

12/17/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,250

 

 

 

1,250

 

 

 

397

 

HV Watterson Holdings, LLC - Unfunded Revolver (7), (10)

 

06/13/2022

 

12/17/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

—

 

 

 

-

 

 

 

-

 

HW Holdco, LLC - Unfunded Revolver (7)

 

10/11/2019

 

05/11/2026

 

Media

 

 

—

 

 

 

—

 

 

 

3,387

 

 

 

-

 

 

 

-

 

IG Investments Holdings, LLC

 

07/11/2022

 

09/22/2028

 

Business Services

 

 

8.84

%

 

3M SOFR+500

 

 

 

104

 

 

 

103

 

 

 

103

 

IG Investments Holdings, LLC - Unfunded Revolver (7)

 

07/11/2022

 

09/22/2028

 

Business Services

 

 

—

 

 

 

—

 

 

 

722

 

 

 

-

 

 

 

(4

)

Imagine Acquisitionco, Inc. - Unfunded Revolver (7)

 

11/04/2021

 

11/16/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,685

 

 

 

-

 

 

 

-

 

Impact Advisors, LLC - Unfunded Term Loan (7)

 

03/21/2025

 

03/21/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

4,686

 

 

 

-

 

 

 

23

 

Impact Advisors, LLC - Unfunded Revolver (7)

 

03/21/2025

 

03/19/2032

 

Business Services

 

 

—

 

 

 

—

 

 

 

937

 

 

 

-

 

 

 

-

 

Infinity Home Services Holdco, Inc.

 

12/21/2022

 

12/28/2028

 

Personal, Food and Miscellaneous Services

 

 

9.67

%

 

3M SOFR+600

 

 

 

8,952

 

 

 

8,868

 

 

 

8,952

 

Infinity Home Services Holdco, Inc. (CAD)

 

12/21/2022

 

12/28/2028

 

Personal, Food and Miscellaneous Services

 

 

9.67

%

 

3M SOFR+600

 

 

 

CAD 2,605

 

 

 

1,884

 

 

 

1,901

 

Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan (7)

 

12/21/2022

 

10/30/2026

 

Personal, Food and Miscellaneous Services

 

 

—

 

 

 

—

 

 

 

9,091

 

 

 

-

 

 

 

45

 

Infinity Home Services Holdco, Inc. - Unfunded Revolver (7)

 

12/21/2022

 

12/28/2028

 

Personal, Food and Miscellaneous Services

 

 

—

 

 

 

—

 

 

 

1,292

 

 

$

-

 

 

$

-

 

Inovex Information Systems Incorporated - Unfunded Term Loan (7)

 

12/17/2024

 

12/17/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,900

 

 

 

-

 

 

 

-

 

Inovex Information Systems Incorporated - Funded Revolver

 

12/17/2024

 

12/17/2030

 

Business Services

 

 

11.25

%

 

3M SOFR+425

 

 

 

1,829

 

 

 

1,829

 

 

 

1,829

 

Inovex Information Systems Incorporated - Unfunded Revolver (7)

 

12/17/2024

 

12/17/2030

 

Business Services

 

 

—

 

 

 

—

 

 

 

546

 

 

 

-

 

 

 

-

 

Inventus Power, Inc. - Unfunded Revolver (7)

 

03/24/2021

 

01/15/2026

 

Electronics

 

 

—

 

 

 

—

 

 

 

1,729

 

 

 

-

 

 

 

-

 

Kinetic Purchaser, LLC

 

07/08/2022

 

11/10/2027

 

Consumer Products

 

 

9.82

%

 

3M SOFR+615

 

 

 

3,099

 

 

 

3,049

 

 

 

2,518

 

Kinetic Purchaser, LLC - Funded Revolver

 

07/08/2022

 

11/10/2026

 

Consumer Products

 

 

9.82

%

 

3M SOFR+615

 

 

 

3,070

 

 

 

3,070

 

 

 

2,494

 

Kinetic Purchaser, LLC - Unfunded Revolver (7)

 

07/08/2022

 

11/10/2026

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

1,784

 

 

 

-

 

 

 

(334

)

Lash OpCo, LLC

 

08/16/2021

 

02/18/2027

 

Consumer Products

 

 

8.94

%

 

3M SOFR+510

 

 

 

3,095

 

 

 

3,081

 

 

 

3,018

 

 

 

 

 

 

 

 

 

(PIK 5.10%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lash OpCo, LLC - Funded Revolver

 

08/16/2021

 

08/16/2026

 

Consumer Products

 

 

8.94

%

 

3M SOFR+510

 

 

 

251

 

 

 

251

 

 

 

244

 

 

 

 

 

 

 

 

 

(PIK 5.10%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lash OpCo, LLC - Unfunded Revolver (7)

 

08/16/2021

 

08/16/2026

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

2,898

 

 

 

-

 

 

 

(72

)

LAV Gear Holdings, Inc.

 

02/26/2020

 

07/31/2029

 

Leisure, Amusement, Motion Pictures, Entertainment

 

PIK 9.650%

 

 

3M SOFR+594

 

 

 

327

 

 

 

324

 

 

 

398

 

LAV Gear Holdings, Inc. - Incremental Term Loan

 

02/26/2020

 

07/31/2029

 

Leisure, Amusement, Motion Pictures, Entertainment

 

PIK 9.650%

 

 

3M SOFR+595

 

 

 

1,033

 

 

 

1,033

 

 

 

1,033

 

LAV Gear Holdings, Inc. - Unfunded Revolver (7)

 

02/26/2020

 

07/31/2029

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

—

 

 

 

—

 

 

 

149

 

 

 

-

 

 

 

-

 

Ledge Lounger, Inc.

 

11/04/2021

 

11/09/2026

 

Consumer Products

 

 

11.32

%

 

3M SOFR+765

 

 

 

9,548

 

 

 

9,509

 

 

 

7,686

 

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Ledge Lounger, Inc. - Funded Revolver

 

11/04/2021

 

11/09/2026

 

Consumer Products

 

 

11.32

%

 

3M SOFR+765

 

 

 

1,720

 

 

 

1,720

 

 

 

1,384

 

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lightspeed Buyer, Inc.

 

02/03/2020

 

02/03/2027

 

Healthcare, Education and Childcare

 

 

8.47

%

 

3M SOFR+475

 

 

 

2,006

 

 

 

2,006

 

 

 

2,006

 

Lightspeed Buyer, Inc. - Unfunded Revolver (7)

 

02/03/2020

 

02/03/2027

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,166

 

 

 

-

 

 

 

-

 

LJ Avalon Holdings, LLC

 

01/18/2023

 

02/01/2030

 

Environmental Services

 

 

8.29

%

 

3M SOFR+450

 

 

 

558

 

 

 

556

 

 

 

558

 

LJ Avalon Holdings, LLC - Unfunded Term Loan (7)

 

01/18/2023

 

02/08/2027

 

Environmental Services

 

 

—

 

 

 

—

 

 

 

2,624

 

 

 

-

 

 

 

13

 

LJ Avalon Holdings, LLC - Unfunded Revolver (7)

 

01/18/2023

 

02/01/2029

 

Environmental Services

 

 

—

 

 

 

—

 

 

 

1,498

 

 

 

-

 

 

 

-

 

Loving Tan Intermediate II, Inc.

 

05/25/2023

 

05/31/2028

 

Consumer Products

 

 

8.67

%

 

3M SOFR+500

 

 

 

7,849

 

 

 

7,777

 

 

 

7,810

 

Loving Tan Intermediate II, Inc. - Unfunded Term Loan (7)

 

05/25/2023

 

12/31/2026

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

1,187

 

 

 

-

 

 

 

6

 

Loving Tan Intermediate II, Inc. - Unfunded Term Loan - 2nd Amendment (7)

 

05/25/2023

 

12/31/2026

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

1,711

 

 

 

-

 

 

 

-

 

Loving Tan Intermediate II, Inc. - Funded Revolver

 

05/25/2023

 

05/31/2028

 

Consumer Products

 

 

8.69

%

 

3M SOFR+500

 

 

 

413

 

 

 

413

 

 

 

411

 

Loving Tan Intermediate II, Inc. - Unfunded Revolver (7)

 

05/25/2023

 

05/31/2028

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

965

 

 

 

-

 

 

 

(5

)

Marketplace Events Acquisition, LLC

 

12/19/2024

 

12/19/2030

 

Media

 

 

8.92

%

 

3M SOFR+525

 

 

 

4,349

 

 

 

4,307

 

 

 

4,349

 

Marketplace Events Acquisition, LLC - Funded Revolver

 

12/19/2024

 

12/19/2030

 

Media

 

 

8.99

%

 

3M SOFR+525

 

 

 

692

 

 

 

692

 

 

 

692

 

Marketplace Events Acquisition, LLC - Unfunded Revolver (7)

 

12/19/2024

 

12/19/2030

 

Media

 

 

—

 

 

 

—

 

 

 

1,485

 

 

 

-

 

 

 

-

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

MBS Holdings, Inc.

 

04/14/2021

 

04/16/2027

 

Telecommunications

 

 

8.92

%

 

3M SOFR+510

 

 

 

267

 

 

 

266

 

 

 

267

 

MBS Holdings, Inc. - Unfunded Revolver (7)

 

04/14/2021

 

04/16/2027

 

Telecommunications

 

 

—

 

 

 

—

 

 

 

694

 

 

 

-

 

 

 

-

 

MDI Buyer, Inc. - Funded Revolver

 

07/19/2022

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

10.25

%

 

3M SOFR+350

 

 

 

1,550

 

 

 

1,550

 

 

 

1,550

 

MDI Buyer, Inc. - Unfunded Revolver (7)

 

07/19/2022

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

—

 

 

 

—

 

 

 

677

 

 

 

-

 

 

 

-

 

Meadowlark Acquirer, LLC

 

12/09/2021

 

12/10/2027

 

Business Services

 

 

9.32

%

 

3M SOFR+565

 

 

 

1,898

 

 

 

1,889

 

 

 

1,898

 

Meadowlark Acquirer, LLC - Funded Revolver

 

12/09/2021

 

12/10/2027

 

Business Services

 

 

9.32

%

 

3M SOFR+565

 

 

 

337

 

 

 

337

 

 

 

337

 

Meadowlark Acquirer, LLC- Unfunded Revolver (7)

 

12/09/2021

 

12/10/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,348

 

 

 

-

 

 

 

-

 

Medina Health, LLC - Unfunded Revolver (7)

 

10/16/2023

 

10/20/2028

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

2,774

 

 

 

-

 

 

 

-

 

Megawatt Acquisitionco, Inc. - Unfunded Revolver (7)

 

03/01/2024

 

03/01/2030

 

Electronics

 

 

—

 

 

 

—

 

 

 

1,857

 

 

 

-

 

 

 

-

 

MES Intermediate, Inc.

 

09/23/2021

 

10/01/2027

 

Distribution

 

 

8.62

%

 

3M SOFR+475

 

 

 

2,327

 

 

 

2,316

 

 

 

2,327

 

MES Intermediate, Inc. - Funded Revolver

 

09/23/2021

 

10/01/2027

 

Distribution

 

 

11.50

%

 

3M SOFR+400

 

 

 

470

 

 

 

470

 

 

 

470

 

MES Intermediate, Inc. - Unfunded Revolver (7)

 

09/23/2021

 

10/01/2027

 

Distribution

 

 

—

 

 

 

—

 

 

 

1,447

 

 

 

-

 

 

 

-

 

Mineola 212, LLC

 

06/24/2024

 

01/31/2026

 

Buildings and Real Estate

 

 

14.00

%

 

 

—

 

 

 

3,500

 

 

 

3,503

 

 

 

3,528

 

MOREGroup Holdings, Inc. - Unfunded Term Loan (7)

 

01/09/2024

 

01/16/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

6,124

 

 

 

-

 

 

 

61

 

MOREGroup Holdings, Inc. - Unfunded Revolver (7)

 

01/09/2024

 

01/16/2030

 

Business Services

 

 

—

 

 

 

—

 

 

 

3,675

 

 

 

-

 

 

 

-

 

NBH Group, LLC - Unfunded Revolver (7)

 

08/16/2021

 

08/19/2026

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,163

 

 

 

-

 

 

 

-

 

NORA Acquisition, LLC - Funded Revolver

 

08/22/2023

 

08/31/2029

 

Healthcare, Education and Childcare

 

 

10.02

%

 

3M SOFR+635

 

 

 

1,218

 

 

 

1,218

 

 

 

1,182

 

NORA Acquisition, LLC - Unfunded Revolver (7)

 

08/22/2023

 

08/31/2029

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,489

 

 

 

-

 

 

 

(45

)

North American Rail Solutions, LLC

 

08/29/2025

 

08/29/2031

 

Manufacturing/Basic Industry

 

 

8.42

%

 

3M SOFR+475

 

 

 

14,380

 

 

 

14,308

 

 

 

14,308

 

North American Rail Solutions, LLC - Unfunded Term Loan (7)

 

08/29/2025

 

08/29/2027

 

Manufacturing/Basic Industry

 

 

—

 

 

 

—

 

 

 

2,263

 

 

 

-

 

 

 

-

 

North American Rail Solutions, LLC - Funded Revolver

 

08/29/2025

 

08/29/2031

 

Manufacturing/Basic Industry

 

 

8.47

%

 

3M SOFR+475

 

 

 

543

 

 

 

543

 

 

 

540

 

North American Rail Solutions, LLC - Unfunded Revolver (7)

 

08/29/2025

 

08/29/2031

 

Manufacturing/Basic Industry

 

 

—

 

 

 

—

 

 

 

2,625

 

 

 

-

 

 

 

(13

)

NP Riverhead Industrial, LLC

 

05/24/2024

 

01/31/2026

 

Buildings and Real Estate

 

 

15.50

%

 

 

—

 

 

 

5,000

 

 

 

5,004

 

 

 

5,038

 

Omnia Exterior Solutions, LLC

 

12/29/2023

 

12/31/2029

 

Diversified Conglomerate Service

 

 

8.92

%

 

3M SOFR+525

 

 

 

1,783

 

 

 

1,767

 

 

 

1,760

 

Omnia Exterior Solutions, LLC - Unfunded Term Loan (7)

 

12/29/2023

 

09/30/2026

 

Diversified Conglomerate Service

 

 

—

 

 

 

—

 

 

 

3,807

 

 

 

-

 

 

 

(14

)

Omnia Exterior Solutions, LLC - Funded Revolver

 

12/29/2023

 

12/31/2029

 

Diversified Conglomerate Service

 

 

8.97

%

 

3M SOFR+525

 

 

 

1,120

 

 

 

1,120

 

 

 

1,106

 

Omnia Exterior Solutions, LLC - Unfunded Revolver (7)

 

12/29/2023

 

12/31/2029

 

Diversified Conglomerate Service

 

 

—

 

 

 

—

 

 

 

980

 

 

 

-

 

 

 

(12

)

ORL Acquisition, Inc.

 

09/01/2021

 

09/03/2027

 

Business Services

 

 

13.07

%

 

3M SOFR+940

 

 

 

4,530

 

 

 

4,504

 

 

 

3,534

 

 

 

 

 

 

 

 

 

(PIK 7.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

ORL Acquisition, Inc. - Unfunded Revolver (7)

 

09/01/2021

 

09/03/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

149

 

 

 

-

 

 

 

(33

)

OSP Embedded Purchaser, LLC

 

12/11/2023

 

12/17/2029

 

Aerospace and Defense

 

 

9.42

%

 

3M SOFR+575

 

 

 

6,370

 

 

 

6,288

 

 

 

6,039

 

OSP Embedded Purchaser, LLC - Funded Revolver

 

12/11/2023

 

12/17/2029

 

Aerospace and Defense

 

 

11.40

%

 

3M SOFR+465

 

 

 

148

 

 

 

148

 

 

 

140

 

OSP Embedded Purchaser, LLC - Unfunded Revolver (7)

 

12/11/2023

 

12/17/2029

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

1,330

 

 

$

-

 

 

$

(69

)

Pacific Purchaser, LLC - Unfunded Revolver (7)

 

10/02/2023

 

10/02/2028

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,373

 

 

 

-

 

 

 

(33

)

PAR Excellence Holdings, Inc.

 

09/03/2024

 

09/03/2030

 

Healthcare, Education and Childcare

 

 

8.74

%

 

3M SOFR+500

 

 

 

11,910

 

 

 

11,804

 

 

 

11,702

 

PAR Excellence Holdings, Inc. - Unfunded Revolver (7)

 

09/03/2024

 

09/03/2030

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

2,681

 

 

 

-

 

 

 

(47

)

Paving Lessor Corp. - Unfunded Term Loan (7)

 

07/01/2025

 

07/01/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

3,291

 

 

 

-

 

 

 

8

 

Paving Lessor Corp. - Unfunded Revolver (7)

 

07/01/2025

 

07/01/2031

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,194

 

 

 

-

 

 

 

(11

)

PCS MIDCO, Inc.

 

03/01/2024

 

03/01/2030

 

Financial Services

 

 

9.42

%

 

3M SOFR+575

 

 

 

2,316

 

 

 

2,298

 

 

 

2,328

 

PCS MIDCO, Inc. - Unfunded Term Loan (7)

 

03/01/2024

 

03/02/2026

 

Financial Services

 

 

—

 

 

 

—

 

 

 

2,078

 

 

 

-

 

 

 

31

 

PCS MIDCO, Inc. - Unfunded Revolver (7)

 

03/01/2024

 

03/01/2030

 

Financial Services

 

 

—

 

 

 

—

 

 

 

1,762

 

 

 

-

 

 

 

9

 

PD Tri-State Holdco, LLC - Unfunded Term Loan (7)

 

10/14/2025

 

10/14/2027

 

Diversified Consumer Services

 

 

—

 

 

 

—

 

 

 

4,140

 

 

 

-

 

 

 

11

 

PD Tri-State Holdco, LLC - Unfunded Revolver (7)

 

10/14/2025

 

10/14/2030

 

Diversified Consumer Services

 

 

—

 

 

 

—

 

 

 

276

 

 

 

-

 

 

 

(2

)

Peninsula Pacific Entertainment

 

08/15/2025

 

08/22/2032

 

Gaming

 

 

8.42

%

 

3M SOFR+475

 

 

 

5,251

 

 

 

5,199

 

 

 

5,264

 

Peninsula Pacific Entertainment - Unfunded Term Loan (7)

 

08/15/2025

 

08/25/2027

 

Gaming

 

 

—

 

 

 

—

 

 

 

1,231

 

 

 

-

 

 

 

9

 

Pink Lily Holdco, LLC - Funded Revolver (10)

 

11/05/2021

 

11/09/2027

 

Retail

 

 

—

 

 

 

—

 

 

 

863

 

 

 

863

 

 

 

108

 

Pink Lily Holdco, LLC - Unfunded Revolver (7), (10)

 

11/05/2021

 

11/09/2027

 

Retail

 

 

—

 

 

 

—

 

 

 

755

 

 

 

-

 

 

 

(661

)

PN Buyer, Inc. - Unfunded Term Loan (7)

 

07/31/2025

 

07/31/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,591

 

 

 

-

 

 

 

-

 

PN Buyer, Inc. - Funded Revolver

 

07/31/2025

 

07/31/2031

 

Business Services

 

 

8.17

%

 

3M SOFR+450

 

 

 

405

 

 

 

405

 

 

 

403

 

PN Buyer, Inc. - Unfunded Revolver (7)

 

07/31/2025

 

07/31/2031

 

Business Services

 

 

—

 

 

 

—

 

 

 

243

 

 

 

-

 

 

 

(1

)

Podean Buyer, Inc.

 

08/04/2025

 

08/04/2031

 

Marketing Services

 

 

9.66

%

 

3M SOFR+600

 

 

 

4,020

 

 

 

3,980

 

 

 

3,980

 

Podean Buyer, Inc. - Unfunded Revolver (7)

 

08/04/2025

 

08/04/2031

 

Marketing Services

 

 

—

 

 

 

—

 

 

 

796

 

 

 

-

 

 

 

(8

)

Project Granite Buyer, Inc. - Unfunded Term Loan (7)

 

12/31/2024

 

12/31/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

554

 

 

 

-

 

 

 

11

 

Project Granite Buyer, Inc. - Unfunded Revolver (7)

 

12/31/2024

 

12/31/2030

 

Business Services

 

 

—

 

 

 

—

 

 

 

923

 

 

 

-

 

 

 

9

 

Puget Collision, LLC

 

10/03/2025

 

10/03/2031

 

Auto Sector

 

 

8.43

%

 

3M SOFR+475

 

 

 

18,144

 

 

 

18,031

 

 

 

18,031

 

Puget Collision, LLC - Unfunded Term Loan (7)

 

10/03/2025

 

10/03/2027

 

Auto Sector

 

 

—

 

 

 

—

 

 

 

24,766

 

 

 

-

 

 

 

-

 

Puget Collision, LLC - Funded Revolver

 

10/03/2025

 

10/03/2031

 

Auto Sector

 

 

8.42

%

 

3M SOFR+475

 

 

 

609

 

 

 

609

 

 

 

605

 

Puget Collision, LLC - Unfunded Revolver (7)

 

10/03/2025

 

10/03/2031

 

Auto Sector

 

 

—

 

 

 

—

 

 

 

3,451

 

 

 

-

 

 

 

(22

)

Radius Aerospace, Inc. - Funded Revolver

 

11/14/2022

 

03/29/2027

 

Aerospace and Defense

 

 

9.82

%

 

3M SOFR+615

 

 

 

781

 

 

 

781

 

 

 

765

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

Radius Aerospace, Inc. - Unfunded Revolver (7)

 

11/14/2022

 

03/29/2027

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

1,448

 

 

 

-

 

 

 

(29

)

Rancho Health MSO, Inc. - Unfunded Term Loan (7)

 

09/27/2021

 

06/30/2026

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,954

 

 

 

-

 

 

 

8

 

Rancho Health MSO, Inc. - Unfunded Revolver (7)

 

09/27/2021

 

06/20/2029

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

2,675

 

 

 

-

 

 

 

-

 

Recteq, LLC - Funded Revolver

 

01/27/2021

 

01/29/2026

 

Consumer Products

 

 

9.84

%

 

3M SOFR+625

 

 

 

507

 

 

 

507

 

 

 

507

 

Recteq, LLC - Unfunded Revolver (7)

 

01/27/2021

 

01/29/2026

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

620

 

 

 

-

 

 

 

-

 

Riverpoint Medical, LLC - Unfunded Revolver (7)

 

06/19/2019

 

06/21/2027

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

364

 

 

 

-

 

 

 

-

 

Ro Health, LLC - Funded Revolver

 

01/16/2025

 

01/17/2031

 

Healthcare Providers & Services

 

 

8.17

%

 

3M SOFR+450

 

 

 

1,258

 

 

 

1,258

 

 

 

1,258

 

Ro Health, LLC - Unfunded Revolver (7)

 

01/16/2025

 

01/17/2031

 

Healthcare Providers & Services

 

 

—

 

 

 

—

 

 

 

2,935

 

 

 

-

 

 

 

-

 

Rosco Parent, LLC

 

09/12/2025

 

09/12/2031

 

Business Services

 

 

8.42

%

 

3M SOFR+475

 

 

 

4,987

 

 

 

4,952

 

 

 

4,950

 

Rosco Parent, LLC - Funded Revolver

 

10/03/2025

 

09/12/2031

 

Business Services

 

 

8.42

%

 

3M SOFR+475

 

 

 

346

 

 

 

346

 

 

 

344

 

Rosco Parent, LLC - Unfunded Revolver (7)

 

09/12/2025

 

09/12/2031

 

Business Services

 

 

—

 

 

 

—

 

 

 

986

 

 

 

-

 

 

 

(7

)

Route 66 Development

 

01/28/2025

 

01/24/2031

 

Gaming

 

 

12.72

%

 

3M SOFR+900

 

 

 

18,000

 

 

 

17,659

 

 

 

17,910

 

RRA Corporate, LLC

 

08/15/2024

 

08/15/2029

 

Business Services

 

 

8.92

%

 

3M SOFR+525

 

 

 

6,819

 

 

 

6,754

 

 

 

6,608

 

RRA Corporate, LLC - Unfunded Term Loan (7)

 

08/15/2024

 

08/17/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

3,337

 

 

 

-

 

 

 

(70

)

RRA Corporate, LLC - Funded Revolver

 

08/15/2024

 

08/15/2029

 

Business Services

 

 

8.92

%

 

3M SOFR+525

 

 

 

1,999

 

 

 

1,999

 

 

 

1,937

 

RRA Corporate, LLC - Unfunded Revolver (7)

 

08/15/2024

 

08/15/2029

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,149

 

 

 

-

 

 

 

(36

)

RTIC Subsidiary Holdings, LLC - Unfunded Revolver (7)

 

05/03/2024

 

05/03/2029

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

5,422

 

 

 

-

 

 

 

(54

)

Rural Sourcing Holdings, Inc. - Funded Revolver

 

06/08/2023

 

06/15/2029

 

Business Services

 

 

9.42

%

 

3M SOFR+575

 

 

 

487

 

 

 

487

 

 

 

438

 

Rural Sourcing Holdings, Inc. - Unfunded Revolver (7)

 

06/08/2023

 

06/15/2029

 

Business Services

 

 

—

 

 

 

—

 

 

 

373

 

 

 

-

 

 

 

(37

)

Sabel Systems Technology Solutions, LLC

 

10/31/2024

 

10/31/2030

 

Government Services

 

 

9.67

%

 

3M SOFR+600

 

 

 

10,302

 

 

 

10,199

 

 

 

10,302

 

Sabel Systems Technology Solutions, LLC - Unfunded Revolver (7)

 

10/31/2024

 

10/31/2030

 

Government Services

 

 

—

 

 

 

—

 

 

 

1,684

 

 

 

-

 

 

 

-

 

Safe Haven Defense US, LLC

 

05/23/2024

 

05/23/2029

 

Building Materials

 

 

9.19

%

 

3M SOFR+550

 

 

 

3,908

 

 

 

3,863

 

 

 

3,810

 

Safe Haven Defense US, LLC - Funded Revolver

 

05/23/2024

 

05/23/2029

 

Building Materials

 

 

11.25

%

 

3M SOFR+450

 

 

 

334

 

 

 

334

 

 

 

326

 

Safe Haven Defense US, LLC - Unfunded Revolver (7)

 

05/23/2024

 

05/23/2029

 

Building Materials

 

 

—

 

 

 

—

 

 

 

780

 

 

 

-

 

 

 

(19

)

Sales Benchmark Index, LLC - Funded Revolver

 

05/29/2020

 

07/07/2026

 

Business Services

 

 

9.87

%

 

3M SOFR+620

 

 

 

244

 

 

 

244

 

 

 

244

 

Sales Benchmark Index, LLC - Unfunded Revolver (7)

 

05/29/2020

 

07/07/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

366

 

 

 

-

 

 

 

-

 

Sath Industries, LLC - Unfunded Revolver (7)

 

12/17/2024

 

12/17/2029

 

Event Services

 

 

—

 

 

 

—

 

 

 

1,300

 

 

 

-

 

 

 

-

 

Schlesinger Global, Inc.

 

07/02/2019

 

03/31/2027

 

Business Services

 

 

9.82

%

 

3M SOFR+610

 

 

 

2,638

 

 

 

2,632

 

 

 

2,506

 

 

 

 

 

 

 

 

 

(PIK 5.85%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, Inc. - Funded Revolver

 

07/02/2019

 

03/31/2027

 

Business Services

 

 

9.82

%

 

3M SOFR+610

 

 

 

34

 

 

 

34

 

 

 

33

 

 

 

 

 

 

 

 

 

(PIK 5.85%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, Inc. - Unfunded Revolver (7)

 

07/02/2019

 

03/31/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

5

 

 

 

-

 

 

 

-

 

Seacoast Service Partners NA, LLC

 

12/20/2024

 

12/20/2029

 

Diversified Conglomerate Service

 

 

8.92

%

 

3M SOFR+525

 

 

 

2,787

 

 

 

2,764

 

 

 

2,659

 

Seacoast Service Partners NA, LLC - Unfunded Term Loan (7)

 

12/20/2024

 

12/21/2026

 

Diversified Conglomerate Service

 

 

—

 

 

 

—

 

 

 

2,615

 

 

 

-

 

 

 

(97

)

Seacoast Service Partners NA, LLC - Funded Revolver

 

12/20/2024

 

12/20/2029

 

Diversified Conglomerate Service

 

 

8.92

%

 

3M SOFR+525

 

 

 

718

 

 

 

718

 

 

 

685

 

Seacoast Service Partners NA, LLC - Unfunded Revolver (7)

 

12/20/2024

 

12/20/2029

 

Diversified Conglomerate Service

 

 

—

 

 

 

—

 

 

 

637

 

 

 

-

 

 

 

(29

)

Seaway Buyer, LLC

 

06/08/2022

 

06/13/2029

 

Chemicals, Plastics and Rubber

 

 

9.82

%

 

3M SOFR+615

 

 

 

4,644

 

 

 

4,603

 

 

 

4,435

 

Seaway Buyer, LLC - Funded Revolver

 

06/08/2022

 

06/13/2028

 

Chemicals, Plastics and Rubber

 

 

9.82

%

 

3M SOFR+615

 

 

 

2,918

 

 

 

2,918

 

 

 

2,787

 

Seaway Buyer, LLC - Unfunded Revolver (7)

 

06/08/2022

 

06/13/2028

 

Chemicals, Plastics and Rubber

 

 

—

 

 

 

—

 

 

 

208

 

 

 

-

 

 

 

(9

)

Shiftkey, LLC

 

06/17/2022

 

06/21/2027

 

Business Services

 

 

9.68

%

 

3M SOFR+601

 

 

 

16,570

 

 

 

16,507

 

 

 

15,932

 

Sigma Defense Systems, LLC

 

11/30/2021

 

12/20/2027

 

Telecommunications

 

 

10.62

%

 

3M SOFR+690

 

 

 

11,599

 

 

 

11,387

 

 

 

11,483

 

Sigma Defense Systems, LLC - Unfunded Term Loan (7)

 

11/30/2021

 

12/20/2027

 

Telecommunications

 

 

—

 

 

 

—

 

 

 

4,250

 

 

 

-

 

 

 

-

 

Sigma Defense Systems, LLC - Unfunded Revolver (7)

 

11/30/2021

 

12/20/2027

 

Telecommunications

 

 

—

 

 

 

—

 

 

 

3,685

 

 

 

-

 

 

 

(37

)

Spendmend Holdings, LLC

 

02/25/2022

 

03/01/2028

 

Business Services

 

 

8.82

%

 

3M SOFR+515

 

 

 

383

 

 

 

381

 

 

 

383

 

Spendmend Holdings, LLC - Unfunded Term Loan (7)

 

02/25/2022

 

11/25/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,050

 

 

 

-

 

 

 

5

 

Spendmend Holdings, LLC - Funded Revolver

 

02/25/2022

 

03/01/2028

 

Business Services

 

 

8.82

%

 

3M SOFR+515

 

 

 

234

 

 

 

234

 

 

 

234

 

Spendmend Holdings, LLC - Unfunded Revolver (7)

 

02/25/2022

 

03/01/2028

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,168

 

 

 

-

 

 

 

-

 

STG Distribution, LLC - First Out New Money Term Loans (10)

 

10/03/2024

 

10/03/2029

 

Transportation

 

 

—

 

 

 

—

 

 

 

4,356

 

 

 

4,157

 

 

 

3,703

 

STG Distribution, LLC - Second Out Term Loans (10)

 

10/03/2024

 

10/03/2029

 

Transportation

 

 

—

 

 

 

—

 

 

 

10,066

 

 

 

5,654

 

 

 

755

 

SV-Aero Holdings, LLC - Unfunded Term Loan (7)

 

10/31/2024

 

11/02/2026

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

3,562

 

 

 

-

 

 

 

18

 

System Planning and Analysis, Inc.

 

10/12/2021

 

08/16/2027

 

Aerospace and Defense

 

 

8.42

%

 

3M SOFR+475

 

 

 

9,465

 

 

$

9,417

 

 

$

9,437

 

System Planning and Analysis, Inc. - Unfunded Term Loan (7)

 

10/12/2021

 

06/12/2027

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

589

 

 

 

-

 

 

 

1

 

System Planning and Analysis, Inc. - Funded Revolver

 

10/12/2021

 

08/16/2027

 

Aerospace and Defense

 

 

11.00

%

 

3M SOFR+375

 

 

 

1,747

 

 

 

1,747

 

 

 

1,741

 

System Planning and Analysis, Inc. - Unfunded Revolver (7)

 

10/12/2021

 

08/16/2027

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

2,969

 

 

 

-

 

 

 

(9

)

TCG 3.0 Jogger Acquisitionco, Inc.

 

01/23/2024

 

01/23/2029

 

Media

 

 

10.17

%

 

3M SOFR+650

 

 

 

8,843

 

 

 

8,738

 

 

 

8,710

 

TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver

 

01/23/2024

 

01/23/2029

 

Media

 

 

12.75

%

 

3M SOFR+550

 

 

 

828

 

 

 

828

 

 

 

816

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver (7)

 

01/23/2024

 

01/23/2029

 

Media

 

 

—

 

 

 

—

 

 

 

897

 

 

 

-

 

 

 

(13

)

The Bluebird Group, LLC - Unfunded Revolver (7)

 

07/22/2021

 

07/28/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

734

 

 

 

-

 

 

 

-

 

The Vertex Companies, LLC

 

08/25/2021

 

08/31/2028

 

Business Services

 

 

8.84

%

 

3M SOFR+500

 

 

 

6,622

 

 

 

6,577

 

 

 

6,586

 

The Vertex Companies, LLC - Funded Revolver

 

08/25/2021

 

08/31/2028

 

Business Services

 

 

8.87

%

 

3M SOFR+510

 

 

 

1,191

 

 

 

1,191

 

 

 

1,183

 

The Vertex Companies, LLC - Unfunded Revolver (7)

 

08/25/2021

 

08/31/2028

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,778

 

 

 

-

 

 

 

(17

)

TMII Enterprises, LLC - Unfunded Revolver (7)

 

12/19/2022

 

12/22/2028

 

Personal, Food and Miscellaneous Services

 

 

—

 

 

 

—

 

 

 

2,532

 

 

 

-

 

 

 

-

 

TransGo, LLC - Unfunded Revolver (7)

 

12/29/2023

 

12/29/2028

 

Machinery

 

 

—

 

 

 

—

 

 

 

2,775

 

 

 

-

 

 

 

-

 

Walker Edison Furniture Company, LLC - New Money DIP

 

03/01/2023

 

03/01/2029

 

Home and Office Furnishings, Housewares and Durable Consumer Products

 

 

10.00

%

 

 

—

 

 

 

324

 

 

 

324

 

 

 

337

 

Walker Edison Furniture Company, LLC - Unfunded Term Loan (7)

 

03/01/2023

 

03/01/2029

 

Home and Office Furnishings, Housewares and Durable Consumer Products

 

 

—

 

 

 

—

 

 

 

462

 

 

 

-

 

 

 

14

 

Wash & Wax Systems, LLC

 

10/20/2021

 

04/30/2028

 

Auto Sector

 

PIK 9.34%

 

 

3M SOFR+550

 

 

 

1,204

 

 

 

1,222

 

 

 

1,228

 

Wash & Wax Systems, LLC - Funded Revolver

 

10/20/2021

 

04/30/2028

 

Auto Sector

 

 

9.19

%

 

3M SOFR+550

 

 

 

419

 

 

 

419

 

 

 

419

 

Wash & Wax Systems, LLC - Unfunded Revolver (7)

 

10/20/2021

 

04/30/2028

 

Auto Sector

 

 

—

 

 

 

—

 

 

 

210

 

 

 

-

 

 

 

-

 

Watchtower Buyer, LLC. - Funded Revolver

 

11/29/2023

 

12/03/2029

 

Electronics

 

 

9.69

%

 

3M SOFR+600

 

 

 

1,050

 

 

 

1,051

 

 

 

1,050

 

Watchtower Buyer, LLC. - Unfunded Revolver (7)

 

11/29/2023

 

12/03/2029

 

Electronics

 

 

—

 

 

 

—

 

 

 

5,250

 

 

 

-

 

 

 

-

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

444,112

 

 

 

429,494

 

Second Lien Secured Debt - 4.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Burgess Point Purchaser Corporation

 

07/26/2022

 

07/28/2030

 

Auto Sector

 

 

12.94

%

 

3M SOFR+910

 

 

 

8,000

 

 

 

7,758

 

 

 

8,000

 

ENC Parent Corporation

 

08/06/2021

 

08/19/2029

 

Business Services

 

 

11.43

%

 

3M SOFR+776

 

 

 

7,500

 

 

 

7,455

 

 

 

6,825

 

TEAM Services Group, LLC

 

04/26/2024

 

12/18/2028

 

Healthcare, Education and Childcare

 

 

13.10

%

 

3M SOFR+926

 

 

 

3,429

 

 

 

3,426

 

 

 

3,411

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,639

 

 

 

18,236

 

Subordinate Debt/Corporate Notes - 9.3% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beacon Behavioral Holdings, LLC

 

06/21/2024

 

06/21/2030

 

Healthcare, Education and Childcare

 

PIK 15.00%

 

 

 

—

 

 

 

6,176

 

 

 

6,116

 

 

 

6,176

 

Gauge Schlesinger Coinvest, LLC

 

07/02/2019

 

09/30/2027

 

Business Services

 

 

12.92

%

 

3M SOFR+860

 

 

 

1

 

 

 

1

 

 

 

3

 

Northwinds Topco, Inc.

 

08/16/2024

 

10/30/2029

 

Consumer Services

 

PIK 15.00%

 

 

 

—

 

 

 

12,358

 

 

 

12,272

 

 

 

12,296

 

Northwinds Topco, Inc. - Unfunded Term Loan (7)

 

08/16/2024

 

10/30/2029

 

Consumer Services

 

 

—

 

 

 

—

 

 

 

3,500

 

 

 

-

 

 

 

(18

)

ORL Holdco, Inc. - Convertible Notes

 

08/02/2024

 

03/08/2028

 

Business Services

 

 

—

 

 

 

—

 

 

 

6

 

 

 

6

 

 

 

-

 

ORL Holdco, Inc. - Unfunded Convertible Notes (7)

 

08/02/2024

 

03/08/2028

 

Business Services

 

 

—

 

 

 

—

 

 

 

6

 

 

 

-

 

 

 

(6

)

OSP Embedded Aggregator, LP - Convertible Note

 

11/06/2024

 

05/08/2030

 

Aerospace and Defense

 

 

12.00

%

 

 

—

 

 

 

24

 

 

 

237

 

 

 

272

 

StoicLane, Inc. - Convertible Notes

 

08/15/2024

 

08/16/2027

 

Healthcare, Education and Childcare

 

 

12.00

%

 

 

—

 

 

 

1,223

 

 

 

1,223

 

 

 

1,437

 

United Land Services Intermediate Parent Holdings, LLC

 

07/12/2024

 

12/23/2026

 

Environmental Services

 

PIK 14.75%

 

 

 

—

 

 

 

21,339

 

 

 

21,074

 

 

 

21,339

 

Wash & Wax Systems, LLC

 

10/20/2021

 

07/30/2028

 

Auto Sector

 

PIK 12.00%

 

 

 

—

 

 

 

836

 

 

 

837

 

 

 

837

 

Total Subordinate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,766

 

 

 

42,336

 

Preferred Equity/Partnership Interests - 4.6% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounting Platform Blocker, Inc.

 

08/09/2024

 

 

 

Financial Services

 

 

 

 

 

—

 

 

 

356,200

 

 

 

356

 

 

 

356

 

Ad.net Holdings, Inc.

 

05/04/2021

 

 

 

Media

 

 

 

 

 

—

 

 

 

2,662

 

 

 

266

 

 

 

178

 

AFC Acquisitions, Inc. (F-2 Series) (9)

 

12/07/2023

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

490

 

 

 

749

 

 

 

686

 

AFC Acquisitions, Inc. (G-2 Series) (9)

 

12/07/2023

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

11

 

 

 

18

 

 

 

16

 

AFC Acquisitions, Inc. (H-2 Series) (9)

 

12/07/2023

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

6

 

 

 

12

 

 

 

11

 

AFC Acquisitions, Inc. (I-2 Series) (9)

 

12/07/2023

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

6

 

 

 

12

 

 

 

9

 

AFC Acquisitions, Inc. (J-2 Series) (9)

 

12/07/2023

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

10

 

 

 

20

 

 

 

16

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)

 

05/21/2019

 

 

 

Media

 

 

 

 

 

—

 

 

 

1,135

 

 

 

1,135

 

 

 

1,237

 

BioDerm Holdings, LP

 

01/30/2023

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

1,312

 

 

 

1,312

 

 

 

1,313

 

Cartessa Aesthetics, LLC (9)

 

06/01/2022

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

3,562,500

 

 

 

3,563

 

 

 

10,688

 

Connatix Parent, LLC

 

07/08/2021

 

 

 

Media

 

 

 

 

 

—

 

 

 

7,967

 

 

 

8

 

 

 

10

 

Consello Pacific Aggregator, LLC (9)

 

10/02/2023

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

782,891

 

 

 

743

 

 

 

540

 

C5MI Holdco, LLC (9)

 

07/31/2024

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

104,000

 

 

 

104

 

 

 

108

 

Gauge Schlesinger Coinvest, LLC - Class A-2

 

05/24/2023

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

1

 

 

 

1

 

 

 

-

 

EvAL Home Health Solutions, LLC (9)

 

05/10/2024

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

272,771

 

 

 

453

 

 

 

406

 

Five Star Parent Holdings, LLC - Class P

 

07/09/2025

 

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

 

 

 

—

 

 

 

384

 

 

 

38

 

 

 

107

 

Hancock Claims Consultants Investors, LLC - Class A (9)

 

04/30/2024

 

 

 

Insurance

 

 

 

 

 

—

 

 

 

116,588

 

 

 

76

 

 

 

-

 

HPA SPQ Aggregator, LP

 

06/08/2023

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

52,353

 

 

 

52

 

 

 

52

 

Imagine Topco, LP Preferred

 

11/04/2021

 

 

 

Business Services

 

 

8.00

%

 

 

—

 

 

 

743,826

 

 

 

744

 

 

 

1,044

 

Magnolia Topco, LP - Class A (9)

 

07/25/2023

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

1,545

 

 

 

1,544

 

 

 

193

 

Magnolia Topco, LP - Class A-1 (9)

 

07/25/2023

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

530

 

 

 

530

 

 

 

1,060

 

Magnolia Topco, LP - Class B (9)

 

07/25/2023

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

1,018

 

 

 

643

 

 

 

-

 

Megawatt Acquisition Partners, LLC - Class A

 

06/28/2024

 

 

 

Electronics

 

 

 

 

 

—

 

 

 

5,349

 

 

 

535

 

 

 

601

 

NXOF Holdings, Inc.

 

02/26/2019

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

422

 

 

 

422

 

 

 

308

 

ORL Holdco, Inc.

 

09/01/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

575

 

 

 

57

 

 

 

-

 

PL Acquisitionco, LLC (9)

 

05/31/2023

 

 

 

Retail

 

 

 

 

 

—

 

 

 

73

 

 

 

73

 

 

 

-

 

Podean Intermediate II, LLC

 

08/04/2025

 

 

 

Marketing Services

 

 

 

 

 

—

 

 

 

287

 

 

 

287

 

 

 

293

 

RTIC Parent Holdings, LLC - Class A-1 (9)

 

05/03/2024

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

5

 

 

 

5

 

 

 

-

 

RTIC Parent Holdings, LLC - Class C (9)

 

05/03/2024

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

10,624

 

 

 

700

 

 

 

1,497

 

RTIC Parent Holdings, LLC - Class D (9)

 

05/03/2024

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

11,276

 

 

 

113

 

 

 

160

 

SP L2 Holdings, LLC

 

11/04/2021

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

331,229

 

 

 

81

 

 

 

-

 

SP L2 Holdings, LLC - Unfunded (7)

 

11/04/2021

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

189,274

 

 

 

-

 

 

 

(46

)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

TPC Holding Company, LP

 

12/04/2019

 

 

 

Food

 

 

 

 

 

—

 

 

 

219

 

 

 

219

 

 

 

239

 

TWD Parent Holdings, LLC

 

08/25/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

33

 

 

$

33

 

 

$

49

 

Total Preferred Equity/Partnership Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,904

 

 

 

21,131

 

Common Equity/Partnership Interests/Warrants - 28.7% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Equity, LLC (9)

 

12/19/2022

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

—

 

 

 

2,193,038

 

 

 

2,193

 

 

 

4,953

 

ACP Big Top Holdings, LP

 

02/29/2024

 

 

 

Manufacturing/Basic Industry

 

 

 

 

 

—

 

 

 

773,800

 

 

 

744

 

 

 

1,356

 

Ad.net Holdings, Inc.

 

05/04/2021

 

 

 

Media

 

 

 

 

 

—

 

 

 

2,958

 

 

 

30

 

 

 

-

 

Aechelon InvestCo, LP

 

08/16/2024

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

10,684

 

 

 

1,068

 

 

 

2,930

 

Aechelon InvestCo, LP - Unfunded (7)

 

08/16/2024

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

11,940

 

 

 

-

 

 

 

-

 

Aftermarket Drivetrain Products Holdings, LLC

 

12/29/2023

 

 

 

Machinery

 

 

 

 

 

—

 

 

 

1,645

 

 

 

1,645

 

 

 

2,824

 

AG Investco, LP (9)

 

11/05/2018

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

8,052

 

 

 

805

 

 

 

64

 

AG Investco, LP - Unfunded (7), (9)

 

11/05/2018

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

1,948

 

 

 

-

 

 

 

(179

)

Altamira Intermediate Company II, Inc.

 

07/23/2019

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

125,000

 

 

 

125

 

 

 

115

 

AMCSI Crash Co-Invest, LP

 

07/28/2022

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

24,898

 

 

 

2,490

 

 

 

3,325

 

AMCSI Crash Co-Invest, LP - Unfunded (7)

 

07/28/2022

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

5,102

 

 

 

-

 

 

 

-

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)

 

05/21/2019

 

 

 

Media

 

 

 

 

 

—

 

 

 

1,135

 

 

 

-

 

 

 

-

 

APT Holdings, LLC (9)

 

09/29/2025

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

384,799

 

 

 

519

 

 

 

567

 

Athletico Holdings, LLC (9)

 

02/04/2022

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

9,357

 

 

 

10,000

 

 

 

7,093

 

Azureon, LLC (9)

 

06/26/2024

 

 

 

Diversified Conglomerate Service

 

 

 

 

 

—

 

 

 

508,238

 

 

 

508

 

 

 

371

 

BioDerm, Inc.

 

09/09/2024

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

1,312

 

 

 

-

 

 

 

-

 

Burgess Point Holdings, LP

 

07/21/2022

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

764

 

 

 

777

 

 

 

824

 

Carnegie Holdco, LLC (9)

 

02/07/2024

 

 

 

Education

 

 

 

 

 

—

 

 

 

1,680,300

 

 

 

1,603

 

 

 

1,210

 

Carisk Parent, LP

 

11/27/2023

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

204,455

 

 

 

204

 

 

 

251

 

Connatix Parent, LLC

 

07/08/2021

 

 

 

Media

 

 

 

 

 

—

 

 

 

273,207

 

 

 

632

 

 

 

278

 

Cowboy Parent LLC

 

09/12/2018

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

27,778

 

 

 

3,015

 

 

 

2,421

 

Crane 1 Acquisition Parent Holdings, LP

 

08/11/2021

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

—

 

 

 

113

 

 

 

104

 

 

 

212

 

C5MI Holdco, LLC (9)

 

07/31/2024

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

754,200

 

 

 

754

 

 

 

1,048

 

Delta InvestCo, LP (9)

 

12/16/2020

 

 

 

Telecommunications

 

 

 

 

 

—

 

 

 

913,649

 

 

 

866

 

 

 

1,944

 

Delta InvestCo, LP - Unfunded (7), (9)

 

12/16/2020

 

 

 

Telecommunications

 

 

 

 

 

—

 

 

 

227,395

 

 

 

-

 

 

 

-

 

Duggal Acquisition, LLC

 

09/30/2024

 

 

 

Marketing Services

 

 

 

 

 

—

 

 

 

314

 

 

 

314

 

 

 

292

 

EDS Topco, LP

 

12/19/2022

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

937,500

 

 

 

938

 

 

 

1,827

 

Events Buyer, LLC

 

12/17/2024

 

 

 

Event Services

 

 

 

 

 

—

 

 

 

536,267

 

 

 

536

 

 

 

643

 

Exigo, LLC

 

03/10/2022

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

1,458,333

 

 

 

1,458

 

 

 

609

 

FedHC InvestCo, LP (9)

 

08/26/2021

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

15,255

 

 

 

545

 

 

 

2,111

 

FedHC InvestCo, LP - Unfunded (7), (9)

 

08/26/2021

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

2,466

 

 

 

-

 

 

 

-

 

FedHC InvestCo II, LP (9)

 

12/23/2021

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

21,817

 

 

 

2,303

 

 

 

3,128

 

First Medical Holdings, LLC (9)

 

06/13/2025

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

45,000

 

 

 

450

 

 

 

462

 

Five Star Parent Holdings, LLC

 

02/21/2023

 

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

 

 

 

—

 

 

 

655,714

 

 

 

656

 

 

 

-

 

Gauge APHIX Blocker, LLC

 

07/16/2025

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

489,789

 

 

 

490

 

 

 

470

 

Gauge ETE Blocker, LLC

 

05/24/2023

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

—

 

 

 

374,444

 

 

 

374

 

 

 

374

 

Gauge Lash Coinvest, LLC

 

12/04/2019

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

1,231,392

 

 

 

951

 

 

 

1,882

 

Gauge Loving Tan, LP

 

05/25/2023

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

543,562

 

 

 

544

 

 

 

645

 

Gauge Schlesinger Coinvest, LLC

 

04/22/2020

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

9

 

 

 

10

 

 

 

4

 

GCOM InvestCo, LP

 

05/11/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

2,434

 

 

 

1,003

 

 

 

650

 

GCP Boss Holdco, LLC

 

12/27/2024

 

 

 

Conglomerate Manufacturing

 

 

 

 

 

—

 

 

 

1,045,100

 

 

 

1,045

 

 

 

1,568

 

GGG MIDCO, LLC (9)

 

09/27/2024

 

 

 

Home and Office Furnishings, Housewares and Durable Consumer Products

 

 

 

 

 

—

 

 

 

1,222,700

 

 

 

1,223

 

 

 

1,623

 

GMP Hills, LP

 

11/02/2023

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

3,747,470

 

 

 

3,747

 

 

 

4,759

 

Hancock Claims Consultants Investors, LLC (9)

 

12/23/2020

 

 

 

Insurance

 

 

 

 

 

—

 

 

 

450,000

 

 

 

450

 

 

 

-

 

HPA SPQ Aggregator, LP

 

06/08/2023

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

750,399

 

 

 

750

 

 

 

19

 

HV Watterson Holdings, LLC

 

06/13/2022

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

1,600,000

 

 

 

1,600

 

 

 

-

 

Icon Partners V C, LP

 

12/20/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

1,201,283

 

 

 

1,201

 

 

 

894

 

Icon Partners V C, LP - Unfunded (7)

 

12/20/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

298,717

 

 

 

-

 

 

 

(76

)

IHS Parent Holdings, LP

 

12/21/2022

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

—

 

 

 

1,218,045

 

 

 

1,218

 

 

 

1,608

 

Imagine Topco, LP

 

11/04/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

743,826

 

 

 

-

 

 

 

52

 

Infogroup Parent Holdings, Inc.

 

05/31/2023

 

 

 

Other Media

 

 

 

 

 

—

 

 

 

181,495

 

 

 

2,040

 

 

 

2,419

 

Ironclad Holdco, LLC (Applied Technical Services, LLC)

 

12/23/2020

 

 

 

Environmental Services

 

 

 

 

 

—

 

 

 

4,993

 

 

 

525

 

 

 

1,303

 

ITC Infusion Co-invest, LP (9)

 

02/16/2022

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

162,445

 

 

 

1,720

 

 

 

4,189

 

Kinetic Purchaser, LLC - Class A

 

11/08/2021

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

1,308,814

 

 

 

1,309

 

 

 

-

 

Kinetic Purchaser, LLC - Class AA

 

11/08/2021

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

115,688

 

 

 

135

 

 

 

-

 

KL Stockton Co-Invest, LP (9)

 

07/16/2021

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

—

 

 

 

382,353

 

 

 

386

 

 

 

539

 

Lightspeed Investment Holdco, LLC

 

01/21/2020

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

273,143

 

 

 

273

 

 

 

1,150

 

LJ Avalon, LP

 

01/18/2023

 

 

 

Environmental Services

 

 

 

 

 

—

 

 

 

851,087

 

 

 

851

 

 

 

1,430

 

Lorient Peregrine Investments, LP

 

11/18/2022

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

335,590

 

 

 

4,530

 

 

 

2,480

 

Magnolia Topco, LP - Class A (9)

 

07/25/2023

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

1,545,460

 

 

 

-

 

 

 

-

 

Magnolia Topco, LP - Class B (9)

 

07/25/2023

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

1,017,840

 

 

 

-

 

 

 

-

 

Marketplace Events Holdings, LP

 

12/19/2024

 

 

 

Media

 

 

 

 

 

—

 

 

 

14,640

 

 

 

1,464

 

 

 

1,900

 

MDI Aggregator, LP

 

07/19/2022

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

—

 

 

 

31,904

 

 

 

3,232

 

 

 

3,121

 

Meadowlark Title, LLC (9)

 

12/09/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

815,385

 

 

 

802

 

 

 

326

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

14

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

Megawatt Acquisition Partners, LLC - Class A

 

06/28/2024

 

 

 

Electronics

 

 

 

 

 

—

 

 

 

594

 

 

 

59

 

 

 

-

 

Municipal Emergency Services, Inc.

 

09/28/2021

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

3,920,145

 

 

$

3,984

 

 

$

9,016

 

NEPRT Parent Holdings, LLC (9)

 

01/27/2021

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

1,299

 

 

 

1,250

 

 

 

339

 

New Insight Holdings, Inc.

 

07/15/2024

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

1,157

 

 

 

20

 

 

 

13

 

New Medina Health, LLC (9)

 

10/16/2023

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

1,429,480

 

 

 

1,429

 

 

 

2,815

 

NFS - CFP Holdings, LLC

 

09/13/2024

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

662,983

 

 

 

663

 

 

 

1,008

 

NORA Parent Holdings, LLC (9)

 

08/22/2023

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

1,257

 

 

 

1,248

 

 

 

293

 

North Haven Saints Equity Holdings, LP (9)

 

02/25/2022

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

351,553

 

 

 

352

 

 

 

415

 

Northwinds Services Group, LLC

 

08/16/2024

 

 

 

Consumer Services

 

 

 

 

 

—

 

 

 

840,000

 

 

 

1,680

 

 

 

1,891

 

NXOF Holdings, Inc.

 

02/26/2019

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

8,188

 

 

 

108

 

 

 

-

 

OceanSound Discovery Equity, LP (9)

 

03/28/2024

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

119,966

 

 

 

1,200

 

 

 

1,616

 

OES Co-Invest, LP - Class A

 

05/31/2024

 

 

 

Diversified Conglomerate Service

 

 

 

 

 

—

 

 

 

840

 

 

 

851

 

 

 

1,016

 

OHCP V BC COI, LP

 

12/13/2021

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

707,209

 

 

 

707

 

 

 

438

 

OHCP V BC COI, LP - Unfunded (7)

 

12/13/2021

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

42,791

 

 

 

-

 

 

 

(16

)

ORL Holdco, Inc.

 

09/01/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

638

 

 

 

6

 

 

 

-

 

OSP Embedded Aggregator, LP

 

12/11/2023

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

871

 

 

 

871

 

 

 

997

 

OSP PAR Holdings, LP

 

09/03/2024

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

1,806

 

 

 

1,812

 

 

 

1,566

 

Paving Parent, LLC (9)

 

07/01/2025

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

1,166

 

 

 

1,166

 

 

 

1,309

 

PCS Parent, LP

 

03/01/2024

 

 

 

Financial Services

 

 

 

 

 

—

 

 

 

421,304

 

 

 

421

 

 

 

463

 

PennantPark-TSO Senior Loan Fund II, LP (11)

 

01/07/2022

 

 

 

Financial Services

 

 

 

 

 

—

 

 

 

8,115,794

 

 

 

8,116

 

 

 

6,269

 

PN Buyer, Inc.

 

07/31/2025

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

813,376

 

 

 

813

 

 

 

789

 

Pink Lily Holdco, LLC (9)

 

11/05/2021

 

 

 

Retail

 

 

 

 

 

—

 

 

 

1,044

 

 

 

1,044

 

 

 

-

 

Podean Intermediate II, LLC

 

08/04/2025

 

 

 

Marketing Services

 

 

 

 

 

—

 

 

 

287

 

 

 

-

 

 

 

-

 

Project Granite Holdings, LLC

 

12/31/2024

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

369

 

 

 

369

 

 

 

392

 

Quad (U.S.) Co-Invest, LP

 

10/03/2022

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

2,607,587

 

 

 

2,608

 

 

 

4,155

 

QuantiTech InvestCo, LP (9)

 

05/01/2020

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

700

 

 

 

-

 

 

 

97

 

QuantiTech InvestCo, LP - Unfunded (7), (9)

 

05/01/2020

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

955

 

 

 

-

 

 

 

-

 

QuantiTech InvestCo II, LP (9)

 

05/01/2020

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

40

 

 

 

12

 

 

 

7

 

RFMG Parent, LP

 

12/16/2020

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

1,050,000

 

 

 

1,050

 

 

 

1,230

 

Ro Health Holdings, Inc.

 

01/16/2025

 

 

 

Healthcare Providers & Services

 

 

 

 

 

—

 

 

 

289,700

 

 

 

290

 

 

 

405

 

Rosco Topco, LLC

 

09/09/2025

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

701,149

 

 

 

701

 

 

 

694

 

Sabel InvestCo, LP (9)

 

10/31/2024

 

 

 

Government Services

 

 

 

 

 

—

 

 

 

32,771

 

 

 

830

 

 

 

1,003

 

Sabel InvestCo, LP - Unfunded (7), (9)

 

10/31/2024

 

 

 

Government Services

 

 

 

 

 

—

 

 

 

47,957

 

 

 

-

 

 

 

-

 

Safe Haven Defense MidCo, LLC (9)

 

05/23/2024

 

 

 

Building Materials

 

 

 

 

 

—

 

 

 

245

 

 

 

245

 

 

 

2

 

SBI Holdings Investments, LLC

 

12/23/2019

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

36,585

 

 

 

366

 

 

 

283

 

Seacoast Service Partners NA, LLC

 

12/20/2024

 

 

 

Diversified Conglomerate Service

 

 

 

 

 

—

 

 

 

274

 

 

 

351

 

 

 

258

 

Seaway Topco, LP

 

06/08/2022

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

—

 

 

 

2,981

 

 

 

2,981

 

 

 

899

 

SP DXE Holdings, LLC (9)

 

10/01/2025

 

 

 

Electronics

 

 

 

 

 

—

 

 

 

553,592

 

 

 

554

 

 

 

581

 

SP L2 Holdings, LLC

 

11/04/2021

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

129,370,318

 

 

 

917

 

 

 

-

 

SSC Dominion Holdings, LLC

 

07/11/2018

 

 

 

Electronics

 

 

 

 

 

—

 

 

 

36

 

 

 

-

 

 

 

2,421

 

StellPen Holdings, LLC

 

08/17/2021

 

 

 

Media

 

 

 

 

 

—

 

 

 

153,846

 

 

 

154

 

 

 

112

 

TAC LifePort Holdings, LLC (9)

 

02/24/2021

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

254,206

 

 

 

239

 

 

 

493

 

TCG 3.0 Jogger Co-Invest, LP

 

01/22/2024

 

 

 

Media

 

 

 

 

 

—

 

 

 

6,475

 

 

 

1,252

 

 

 

727

 

Tinicum Space Coast Co-Invest, LLC (9)

 

10/29/2024

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

216

 

 

 

2,127

 

 

 

2,279

 

Tinicum Space Coast Holdings, LLC (9)

 

12/06/2023

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

25

 

 

 

199

 

 

 

596

 

Tower Arch Infolinks Media, LP (9)

 

10/27/2021

 

 

 

Media

 

 

 

 

 

—

 

 

 

550,332

 

 

 

116

 

 

 

348

 

Tower Arch Infolinks Media, LP - Unfunded (7), (9)

 

10/27/2021

 

 

 

Media

 

 

 

 

 

—

 

 

 

345,113

 

 

 

-

 

 

 

(127

)

TPC Holding Company, LP

 

12/04/2019

 

 

 

Food

 

 

 

 

 

—

 

 

 

11,527

 

 

 

12

 

 

 

-

 

TWD Parent Holdings, LLC

 

08/25/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

670

 

 

 

3

 

 

 

13

 

United Land Services Holdings, LLC

 

07/12/2024

 

 

 

Environmental Services

 

 

 

 

 

—

 

 

 

184,049

 

 

 

600

 

 

 

750

 

UniVista Insurance (9)

 

06/14/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

400

 

 

 

-

 

 

 

113

 

Wash & Wax Systems. LLC (9)

 

04/30/2025

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

514

 

 

 

917

 

 

 

643

 

Watchtower Holdings, LLC (9)

 

11/29/2023

 

 

 

Electronics

 

 

 

 

 

—

 

 

 

12,419

 

 

 

1,242

 

 

 

1,404

 

WCP Ivyrehab Coinvestment, LP (9)

 

06/27/2022

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

208

 

 

 

208

 

 

 

293

 

WCP Ivyrehab QP CF Feeder, LP (9)

 

06/27/2022

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

3,754

 

 

 

3,853

 

 

 

5,299

 

WCP Ivyrehab QP CF Feeder, LP - Unfunded (7), (9)

 

06/27/2022

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

246

 

 

 

-

 

 

 

-

 

White Tiger Newco, LLC

 

07/31/2025

 

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

 

 

 

—

 

 

 

4,833

 

 

 

369

 

 

 

36

 

Kentucky Racing Holdco, LLC (Warrants) (9)

 

04/16/2019

 

 

 

Hotels, Motels, Inns and Gaming

 

 

 

 

 

—

 

 

 

161,252

 

 

 

-

 

 

 

1,752

 

Total Common Equity/Partnership Interests/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

117,520

 

 

 

131,403

 

US Government Securities - 45.8% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bill (5)

 

01/02/2026

 

01/27/2026

 

Short-Term U.S. Government Securities

 

 

3.98

%

 

 

—

 

 

 

210,000

 

 

 

209,555

 

 

 

209,485

 

Total US Government Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

209,555

 

 

 

209,485

 

Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

846,496

 

 

 

852,085

 

Investments in Non-Controlled, Affiliated Portfolio Companies - 0.4% of Net Assets (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity/Partnership Interests - 0.4% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

02/19/2025

 

 

 

Environmental Services

 

 

 

 

 

—

 

 

 

918

 

 

 

918

 

 

 

1,751

 

Cascade Environmental Holdings, LLC - Series B

 

02/19/2025

 

 

 

Environmental Services

 

 

 

 

 

—

 

 

 

5,887,236

 

 

 

32,791

 

 

 

-

 

Total Preferred Equity/Partnership Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,709

 

 

 

1,751

 

Common Equity/Partnership Interests/Warrants - 0.0% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

02/19/2015

 

 

 

Environmental Services

 

 

 

 

 

—

 

 

 

7,444,347

 

 

 

2,852

 

 

 

—

 

Total Common Equity/Partnership Interests/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,852

 

 

 

—

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

15

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

Total Investments in Non-Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

36,561

 

 

$

1,751

 

Investments in Controlled, Affiliated Portfolio Companies - 79.7% (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt - 12.8% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited (8), (11)

 

03/07/2018

 

03/15/2027

 

Healthcare, Education and Childcare

 

 

11.05

%

 

3M SOFR+700

 

 

 

GBP 36,500

 

 

 

49,926

 

 

 

49,094

 

Pragmatic Institute, LLC (10)

 

07/05/2022

 

03/28/2030

 

Business Services

 

 

—

 

 

 

—

 

 

 

15,328

 

 

 

14,966

 

 

 

9,312

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64,892

 

 

 

58,406

 

Subordinated Debt - 35.7% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flock Financial, LLC  (11)

 

04/19/2024

 

10/19/2027

 

Financial Services

 

 

12.50

%

 

 

—

 

 

 

23,031

 

 

 

23,031

 

 

 

23,031

 

PennantPark Senior Loan Fund, LLC (11)

 

07/31/2020

 

07/31/2027

 

Financial Services

 

 

11.84

%

 

3M SOFR+800

 

 

 

140,287

 

 

 

140,287

 

 

 

140,287

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

163,318

 

 

 

163,318

 

Preferred Equity - 6.7% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flock Financial Class A (11)

 

04/19/2024

 

 

 

Financial Services

 

 

 

 

 

—

 

 

 

2,047,727

 

 

 

7,313

 

 

 

19,113

 

Flock Financial Class B (9), (11)

 

04/19/2024

 

 

 

Financial Services

 

 

 

 

 

—

 

 

 

5,409,091

 

 

 

19,318

 

 

 

11,707

 

Total Preferred Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,631

 

 

 

30,820

 

Common Equity - 24.5% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited - Class A (8), (11)

 

03/07/2018

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

939

 

 

 

132

 

 

 

44,736

 

AKW Holdings Limited - Class B (8), (11)

 

03/07/2018

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

13

 

 

 

124

 

 

 

640

 

AKW Holdings Limited - Class C (8), (11)

 

03/07/2018

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

13

 

 

 

146

 

 

 

757

 

AKW Holdings Limited - Class D (8), (11)

 

03/07/2018

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

88

 

 

 

3,351

 

 

 

4,564

 

AKW Holdings Limited - Class E (8), (11)

 

03/07/2018

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

82

 

 

 

1,197

 

 

 

1,630

 

PennantPark Senior Loan Fund, LLC (11)

 

07/31/2020

 

 

 

Financial Services

 

 

 

 

 

—

 

 

 

82,176,579

 

 

 

82,358

 

 

 

59,767

 

Pragmatic Institute, LLC

 

03/28/2025

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

480

 

 

 

-

 

 

 

-

 

Total Common Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

87,308

 

 

 

112,094

 

Total Investments in Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

342,149

 

 

 

364,638

 

Total Investments - 266.5% of Net Assets (12), (13)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,225,206

 

 

 

1,218,474

 

Cash Equivalents - 3.9% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 81 (Money Market Fund)

 

 

 

 

 

 

 

 

4.11

%

 

 

 

 

 

 

 

 

17,660

 

 

 

17,660

 

Total Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,660

 

 

 

17,660

 

Cash - 6.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Money Market Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,091

 

 

 

28,200

 

Total Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,091

 

 

 

28,200

 

Total Investments Cash Equivalents, and Cash - 276.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,270,957

 

 

$

1,264,334

 

Liabilities in Excess of Other Assets - (176.5)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

`

 

(807,100

)

Net Assets - 100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

457,234

 

 

(1)
The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
(2)
The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities (See Note 6).
(3)
Valued based on our accounting policy (See Note 2).
(4)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR”, or Prime rate, or “P, or Sterling Overnight Index Average, or “SONIA.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower’s option. SONIA loans are typically indexed daily for GBP loans with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(5)
The security was valued by using the pricing service which utilize broker-supplied prices.
(6)
Non-income producing securities.
(7)
Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(8)
Non-U.S. company or principal place of business located in The Isle of Man. Total cost, fair value, and percentage of Net Assets for the Isle of Man was $54.9 million, $101.4 million, and 22.2%.
(9)
Investment is held through our Taxable Subsidiary (See Note 1).
(10)
Non-accrual security
(11)
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2025, qualifying assets represent 72% of the Company’s total assets and non-qualifying assets represent 28% of the Company’s total assets.
(12)
All investments are in US Companies unless noted otherwise. Total cost, fair value, and percentage of Net Assets for the U.S. Companies were $1,170.3 million, $1,117.1 million, and 244.3%
(13)
All of our investments are not registered under the 1933 Act and have restrictions on resale.

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

16

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025

(In thousands, except share data)th

 

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 184.8% (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt - 111.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACP Avenu Buyer, LLC

 

10/02/2023

 

10/02/2029

 

Business Services

 

 

9.29

%

 

3M SOFR+500

 

 

 

15,920

 

 

$

15,827

 

 

$

15,760

 

ACP Avenu Buyer, LLC - Unfunded Term Loan (7)

 

10/02/2023

 

04/21/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

3,479

 

 

 

-

 

 

 

(17

)

ACP Avenu Buyer, LLC - Unfunded Revolver (7)

 

10/02/2023

 

10/02/2029

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,436

 

 

 

-

 

 

 

(24

)

ACP Falcon Buyer, Inc. - Unfunded Revolver (7)

 

07/26/2023

 

08/01/2029

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,533

 

 

 

-

 

 

 

-

 

Ad.net Acquisition, LLC - Funded Revolver

 

05/04/2021

 

05/07/2026

 

Media

 

 

10.26

%

 

3M SOFR+626

 

 

 

292

 

 

 

292

 

 

 

292

 

Ad.net Acquisition, LLC - Unfunded Revolver (7)

 

05/04/2021

 

05/07/2026

 

Media

 

 

—

 

 

 

—

 

 

 

152

 

 

 

-

 

 

 

-

 

Adweek Purchaser, LLC

 

05/31/2024

 

05/30/2027

 

Printing and Publishing

 

 

11.00

%

 

3M SOFR+700

 

 

 

2,100

 

 

 

2,074

 

 

 

2,100

 

Adweek Purchaser, LLC - Unfunded Term Loan (7)

 

05/31/2024

 

11/30/2025

 

Printing and Publishing

 

 

—

 

 

 

—

 

 

 

300

 

 

 

-

 

 

 

5

 

Aechelon Technology, Inc.

 

08/16/2024

 

08/16/2029

 

Aerospace and Defense

 

 

9.91

%

 

3M SOFR+575

 

 

 

11,640

 

 

 

11,537

 

 

 

11,640

 

Aechelon Technology, Inc. - Funded Revolver

 

08/16/2024

 

08/16/2029

 

Aerospace and Defense

 

 

10.66

%

 

3M SOFR+650

 

 

 

961

 

 

 

961

 

 

 

961

 

Aechelon Technology, Inc. - Unfunded Revolver (7)

 

08/16/2024

 

08/16/2029

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

1,763

 

 

 

-

 

 

 

-

 

AFC Dell Holding Corp.

 

12/12/2023

 

04/09/2027

 

Distribution

 

 

9.70

%

 

3M SOFR+550

 

 

 

67

 

 

 

67

 

 

 

67

 

AFC Dell Holding Corp. - Unfunded Term Loan (7)

 

12/12/2023

 

04/09/2027

 

Distribution

 

 

—

 

 

 

—

 

 

 

4,428

 

 

 

-

 

 

 

(22

)

Atlas Purchaser, Inc. - Third Out (10)

 

03/28/2024

 

05/06/2028

 

Telecommunications

 

 

—

 

 

 

—

 

 

 

8,840

 

 

 

7,707

 

 

 

265

 

Atlas Purchaser, Inc. - Fourth Out (10)

 

03/28/2024

 

05/06/2028

 

Telecommunications

 

 

—

 

 

 

—

 

 

 

4,760

 

 

 

794

 

 

 

95

 

Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver

 

05/21/2019

 

06/30/2026

 

Media

 

 

9.90

%

 

3M SOFR+590

 

 

 

230

 

 

 

230

 

 

 

230

 

Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver (7)

 

05/21/2019

 

06/30/2026

 

Media

 

 

—

 

 

 

—

 

 

 

1,382

 

 

 

-

 

 

 

-

 

Aphix Buyer, Inc

 

07/17/2025

 

07/17/2031

 

Business Services

 

 

8.91

%

 

3M SOFR+475

 

 

 

6,144

 

 

 

6,106

 

 

 

6,114

 

Aphix Buyer, Inc - Unfunded Term Loan (7)

 

07/17/2025

 

07/16/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

9,172

 

 

 

-

 

 

 

11

 

Aphix Buyer, Inc - Unfunded Revolver (7)

 

07/17/2025

 

07/17/2031

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,389

 

 

 

-

 

 

 

(12

)

APT OPCO, LLC

 

09/29/2025

 

09/30/2031

 

Healthcare, Education and Childcare

 

 

9.00

%

 

3M SOFR+500

 

 

 

7,875

 

 

 

7,826

 

 

 

7,826

 

APT OPCO, LLC - Unfunded Term Loan (7)

 

09/29/2025

 

09/30/2027

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,228

 

 

 

-

 

 

 

-

 

APT OPCO, LLC - Unfunded Revolver (7)

 

09/29/2025

 

09/30/2031

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,228

 

 

 

-

 

 

 

-

 

Arcfield Acquisition Corp. - Unfunded Revolver (7)

 

10/28/2024

 

10/28/2031

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

1,688

 

 

 

-

 

 

 

(8

)

Archer Lewis, LLC

 

08/28/2024

 

08/28/2029

 

Healthcare, Education and Childcare

 

 

9.77

%

 

3M SOFR+575

 

 

 

1,488

 

 

 

1,474

 

 

 

1,488

 

Archer Lewis, LLC - Unfunded Term Loan (7)

 

08/28/2024

 

08/28/2026

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

5,329

 

 

 

-

 

 

 

53

 

Archer Lewis, LLC - Unfunded Revolver (7)

 

08/28/2024

 

08/28/2029

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,304

 

 

 

-

 

 

 

-

 

Argano, LLC.

 

09/13/2024

 

09/13/2029

 

Business Services

 

 

9.90

%

 

3M SOFR+575

 

 

 

10,448

 

 

 

10,349

 

 

 

10,291

 

Argano, LLC - Unfunded Term Loan (7)

 

09/13/2024

 

10/02/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,483

 

 

 

-

 

 

 

(12

)

Argano, LLC - Unfunded Revolver (7)

 

09/13/2024

 

09/13/2029

 

Business Services

 

 

—

 

 

 

—

 

 

 

794

 

 

 

-

 

 

 

(12

)

Azureon, LLC

 

06/26/2024

 

06/26/2029

 

Diversified Conglomerate Service

 

 

9.75

%

 

3M SOFR+575

 

 

 

9,811

 

 

 

9,708

 

 

 

9,526

 

Azureon, LLC - Funded Revolver

 

06/26/2024

 

06/26/2029

 

Diversified Conglomerate Service

 

 

9.75

%

 

3M SOFR+575

 

 

 

464

 

 

 

464

 

 

 

450

 

Azureon, LLC - Unfunded Revolver (7)

 

06/26/2024

 

06/26/2029

 

Diversified Conglomerate Service

 

 

—

 

 

 

—

 

 

 

696

 

 

 

-

 

 

 

(20

)

Beacon Behavioral Support Service, LLC - Unfunded Term Loan (7)

 

06/21/2024

 

12/22/2025

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

3,838

 

 

 

-

 

 

 

38

 

Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment (7)

 

06/21/2024

 

06/21/2027

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

12,627

 

 

 

-

 

 

 

126

 

Beacon Behavioral Support Service, LLC - Unfunded Revolver (7)

 

06/21/2024

 

06/21/2029

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,042

 

 

 

-

 

 

 

-

 

Berwick Industrial Park

 

04/26/2022

 

05/02/2026

 

Buildings and Real Estate

 

 

13.00

%

 

 

—

 

 

 

4,000

 

 

 

4,016

 

 

 

3,988

 

Best Practice Associates, LLC - Unfunded Revolver (7)

 

11/07/2024

 

11/08/2029

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

1,929

 

 

 

-

 

 

 

(14

)

Beta Plus Technologies, Inc.

 

06/28/2022

 

07/02/2029

 

Business Services

 

 

9.75

%

 

3M SOFR+575

 

 

 

10,644

 

 

 

10,509

 

 

 

10,537

 

Big Top Holdings, LLC - Unfunded Revolver (7)

 

02/29/2024

 

02/28/2030

 

Manufacturing/Basic Industry

 

 

—

 

 

 

—

 

 

 

1,155

 

 

 

-

 

 

 

-

 

BioDerm, Inc. - Funded Revolver

 

01/30/2023

 

01/31/2028

 

Healthcare, Education and Childcare

 

 

10.77

%

 

3M SOFR+650

 

 

 

1,071

 

 

 

1,071

 

 

 

1,058

 

Blackhawk Industrial Distribution, Inc.

 

06/27/2022

 

09/17/2026

 

Distribution

 

 

9.40

%

 

3M SOFR+540

 

 

 

1,267

 

 

 

1,263

 

 

 

1,245

 

Blackhawk Industrial Distribution, Inc. - Funded Revolver

 

06/27/2022

 

09/17/2026

 

Distribution

 

 

9.40

%

 

3M SOFR+540

 

 

 

2,186

 

 

 

2,186

 

 

 

2,147

 

Blackhawk Industrial Distribution, Inc. - Unfunded Revolver (7)

 

06/27/2022

 

09/17/2026

 

Distribution

 

 

—

 

 

 

—

 

 

 

2,671

 

 

 

-

 

 

 

(47

)

BLC Holding Company, Inc.

 

11/20/2024

 

11/20/2030

 

Business Services

 

 

8.50

%

 

3M SOFR+450

 

 

 

2,248

 

 

 

2,232

 

 

 

2,248

 

BLC Holding Company, Inc. - Unfunded Term Loan (7)

 

11/20/2024

 

11/20/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

7,514

 

 

 

-

 

 

 

56

 

BLC Holding Company, Inc. - Funded Revolver

 

11/20/2024

 

11/20/2030

 

Business Services

 

 

8.50

%

 

3M SOFR+450

 

 

 

331

 

 

 

331

 

 

 

331

 

BLC Holding Company, Inc. - Unfunded Revolver (7)

 

11/20/2024

 

11/20/2030

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,675

 

 

 

-

 

 

 

-

 

Blue Cloud Pediatric Surgery Centers, LLC

 

08/12/2025

 

01/21/2031

 

Healthcare Providers & Services

 

 

9.48

%

 

3M SOFR+525

 

 

 

2,494

 

 

 

2,469

 

 

 

2,469

 

Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan (7)

 

08/12/2025

 

07/30/2027

 

Healthcare Providers & Services

 

 

—

 

 

 

—

 

 

 

2,759

 

 

 

-

 

 

 

-

 

Boss Industries, LLC - Unfunded Revolver (7)

 

12/27/2024

 

12/27/2030

 

Conglomerate Manufacturing

 

 

—

 

 

 

—

 

 

 

1,306

 

 

 

-

 

 

 

-

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

17

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

By Light Professional IT Services, LLC

 

07/15/2025

 

07/15/2031

 

Business Services

 

 

9.66

%

 

3M SOFR+550

 

 

 

2,500

 

 

 

2,481

 

 

 

2,481

 

By Light Professional IT Services, LLC - Unfunded Revolver (7)

 

07/15/2025

 

07/15/2031

 

Business Services

 

 

—

 

 

 

—

 

 

 

988

 

 

$

-

 

 

$

(7

)

Capital Construction, LLC

 

06/30/2025

 

10/22/2026

 

Consumer Services

 

 

10.20

%

 

3M SOFR+590

 

 

 

5,608

 

 

 

5,573

 

 

 

5,552

 

Capital Construction, LLC - Unfunded Term Loan A (7)

 

06/30/2025

 

12/30/2025

 

Consumer Services

 

 

—

 

 

 

—

 

 

 

6,613

 

 

 

-

 

 

 

(17

)

Carisk Buyer, Inc. - Unfunded Term Loan (7)

 

11/27/2023

 

12/03/2029

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

4,813

 

 

 

-

 

 

 

48

 

Carisk Buyer, Inc. - Unfunded Term Loan 2 (7)

 

11/27/2023

 

12/03/2029

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,528

 

 

 

-

 

 

 

11

 

Carisk Buyer, Inc. - Unfunded Revolver (7)

 

11/27/2023

 

12/03/2029

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,750

 

 

 

-

 

 

 

-

 

Carnegie Dartlet, LLC

 

02/07/2024

 

02/07/2030

 

Education

 

 

9.66

%

 

3M SOFR+550

 

 

 

2,326

 

 

 

2,304

 

 

 

2,302

 

Carnegie Dartlet, LLC - Unfunded Term Loan (7)

 

02/07/2024

 

02/09/2026

 

Education

 

 

—

 

 

 

—

 

 

 

7,680

 

 

 

-

 

 

 

-

 

Carnegie Dartlet, LLC - Unfunded Revolver (7)

 

02/07/2024

 

02/07/2030

 

Education

 

 

—

 

 

 

—

 

 

 

3,339

 

 

 

-

 

 

 

(33

)

Cartessa Aesthetics, LLC

 

06/01/2022

 

06/14/2028

 

Distribution

 

 

10.30

%

 

3M SOFR+600

 

 

 

23,494

 

 

 

23,242

 

 

 

23,494

 

Cartessa Aesthetics, LLC - Funded Revolver

 

06/01/2022

 

06/14/2028

 

Distribution

 

 

10.30

%

 

3M SOFR+600

 

 

 

1,265

 

 

 

1,265

 

 

 

1,265

 

Cartessa Aesthetics, LLC - Unfunded Revolver (7)

 

06/01/2022

 

06/14/2028

 

Distribution

 

 

—

 

 

 

—

 

 

 

2,297

 

 

 

-

 

 

 

-

 

Case Works, LLC

 

10/01/2024

 

10/01/2029

 

Business Services

 

 

9.09

%

 

3M SOFR+525

 

 

 

852

 

 

 

845

 

 

 

814

 

Case Works, LLC - Funded Revolver

 

10/01/2024

 

10/01/2029

 

Business Services

 

 

9.25

%

 

3M SOFR+525

 

 

 

1,793

 

 

 

1,793

 

 

 

1,712

 

Case Works, LLC - Unfunded Revolver (7)

 

10/01/2024

 

10/01/2029

 

Business Services

 

 

—

 

 

 

—

 

 

 

94

 

 

 

-

 

 

 

(4

)

CF512, Inc. - Funded Revolver

 

08/17/2021

 

08/20/2026

 

Media

 

 

10.18

%

 

3M SOFR+602

 

 

 

82

 

 

 

82

 

 

 

81

 

CF512, Inc. - Unfunded Revolver (7)

 

08/17/2021

 

08/20/2026

 

Media

 

 

—

 

 

 

—

 

 

 

827

 

 

 

-

 

 

 

(8

)

CJX Borrower, LLC

 

07/08/2021

 

07/13/2027

 

Media

 

 

10.08

%

 

3M SOFR+576

 

 

 

322

 

 

 

309

 

 

 

322

 

CJX Borrower, LLC - Unfunded Term Loan (7)

 

07/08/2021

 

07/13/2027

 

Media

 

 

—

 

 

 

—

 

 

 

149

 

 

 

-

 

 

 

27

 

CJX Borrower, LLC - Funded Revolver

 

07/08/2021

 

07/13/2027

 

Media

 

 

10.07

%

 

3M SOFR+576

 

 

 

893

 

 

 

893

 

 

 

893

 

CJX Borrower, LLC - Unfunded Revolver (7)

 

07/08/2021

 

07/13/2027

 

Media

 

 

—

 

 

 

—

 

 

 

982

 

 

 

-

 

 

 

-

 

Compex Legal Services, Inc. - Funded Revolver

 

07/24/2023

 

02/07/2026

 

Business Services

 

 

9.78

%

 

3M SOFR+555

 

 

 

459

 

 

 

459

 

 

 

459

 

Compex Legal Services, Inc. - Unfunded Revolver (7)

 

07/24/2023

 

02/07/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

197

 

 

 

-

 

 

 

-

 

Cornerstone Advisors of Arizona, LLC

 

05/13/2025

 

05/13/2032

 

Consulting Services

 

 

8.75

%

 

3M SOFR+475

 

 

 

6,000

 

 

 

5,970

 

 

 

5,970

 

Cornerstone Advisors of Arizona, LLC - Unfunded Revolver (7)

 

05/13/2025

 

05/13/2032

 

Consulting Services

 

 

—

 

 

 

—

 

 

 

797

 

 

 

-

 

 

 

(4

)

Commercial Fire Protection Holdings, LLC - Unfunded Term Loan (7)

 

09/23/2024

 

09/23/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

6,630

 

 

 

-

 

 

 

50

 

Commercial Fire Protection Holdings, LLC - Unfunded Revolver (7)

 

09/23/2024

 

09/23/2030

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,486

 

 

 

-

 

 

 

-

 

Crane 1 Services, Inc. - Unfunded Revolver (7)

 

06/10/2024

 

08/16/2027

 

Personal, Food and Miscellaneous Services

 

 

—

 

 

 

—

 

 

 

435

 

 

 

-

 

 

 

(3

)

C5MI Acquisition, LLC

 

07/31/2024

 

07/31/2029

 

Business Services

 

 

10.00

%

 

3M SOFR+600

 

 

 

2,463

 

 

 

2,432

 

 

 

2,463

 

C5MI Acquisition, LLC - Unfunded Revolver (7)

 

07/31/2024

 

07/31/2029

 

Business Services

 

 

—

 

 

 

—

 

 

 

4,133

 

 

 

-

 

 

 

-

 

DRS Holdings III, Inc.

 

11/01/2019

 

11/03/2025

 

Consumer Products

 

 

9.57

%

 

3M SOFR+525

 

 

 

2

 

 

 

2

 

 

 

2

 

DRS Holdings III, Inc. - Unfunded Revolver (7)

 

11/01/2019

 

11/03/2025

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

608

 

 

 

-

 

 

 

-

 

Duggal Acquisition, LLC - Unfunded Term Loan (7)

 

09/30/2024

 

09/30/2026

 

Marketing Services

 

 

—

 

 

 

—

 

 

 

2,042

 

 

 

-

 

 

 

20

 

Duggal Acquisition, LLC - Unfunded Revolver (7)

 

09/30/2024

 

09/30/2030

 

Marketing Services

 

 

—

 

 

 

—

 

 

 

2,561

 

 

 

-

 

 

 

-

 

Dynata, LLC - Last-Out Term Loan

 

07/15/2024

 

10/16/2028

 

Business Services

 

 

9.96

%

 

3M SOFR+576

 

 

 

83

 

 

 

83

 

 

 

68

 

EDS Buyer, LLC - Unfunded Revolver (7)

 

12/19/2022

 

01/10/2029

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

1,915

 

 

 

-

 

 

 

5

 

Emergency Care Partners, LLC

 

10/18/2024

 

10/18/2027

 

Healthcare, Education and Childcare

 

 

9.69

%

 

3M SOFR+550

 

 

 

656

 

 

 

656

 

 

 

656

 

Emergency Care Partners, LLC - Unfunded Term Loan (7)

 

10/18/2024

 

10/19/2026

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,530

 

 

 

-

 

 

 

-

 

Emergency Care Partners, LLC - Unfunded Revolver (7)

 

10/18/2024

 

10/18/2027

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

641

 

 

 

-

 

 

 

-

 

ENC Parent Corporation

 

07/11/2024

 

08/20/2029

 

Business Services

 

 

8.51

%

 

3M SOFR+451

 

 

 

3,391

 

 

 

3,057

 

 

 

2,882

 

ETE Intermediate II, LLC

 

05/24/2023

 

05/29/2029

 

Personal, Food and Miscellaneous Services

 

 

9.16

%

 

3M SOFR+500

 

 

 

552

 

 

 

549

 

 

 

552

 

ETE Intermediate II, LLC - Funded Revolver

 

05/24/2023

 

05/25/2029

 

Personal, Food and Miscellaneous Services

 

 

9.17

%

 

3M SOFR+500

 

 

 

166

 

 

 

166

 

 

 

166

 

ETE Intermediate II, LLC - Unfunded Revolver (7)

 

05/24/2023

 

05/25/2029

 

Personal, Food and Miscellaneous Services

 

 

—

 

 

 

—

 

 

 

2,264

 

 

 

-

 

 

 

-

 

Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver (7)

 

05/10/2024

 

05/10/2030

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

822

 

 

 

-

 

 

 

-

 

Exigo Intermediate II, LLC

 

03/10/2022

 

03/15/2027

 

Business Services

 

 

10.51

%

 

3M SOFR+635

 

 

 

23,878

 

 

 

23,740

 

 

 

23,878

 

Exigo Intermediate II, LLC - Unfunded Revolver (7)

 

03/10/2022

 

03/15/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,856

 

 

 

-

 

 

 

-

 

Express Wash Intermediate, LLC

 

07/14/2022

 

04/10/2031

 

Auto Sector

 

 

10.58

%

 

3M SOFR+625

 

 

 

9,975

 

 

 

9,926

 

 

 

9,736

 

Express Wash Intermediate, LLC - Unfunded Revolver (7)

 

07/14/2022

 

04/10/2031

 

Auto Sector

 

 

—

 

 

 

—

 

 

 

609

 

 

 

-

 

 

 

(15

)

First Medical MSO, LLC

 

06/13/2025

 

06/13/2031

 

Healthcare, Education and Childcare

 

 

9.75

%

 

3M SOFR+575

 

 

 

4,489

 

 

 

4,445

 

 

 

4,444

 

First Medical MSO, LLC - Unfunded Term Loan (7)

 

06/13/2025

 

06/13/2027

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

3,000

 

 

 

-

 

 

 

-

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

18

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

First Medical MSO, LLC - Unfunded Revolver (7)

 

06/13/2025

 

06/13/2031

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

600

 

 

 

-

 

 

 

(6

)

Five Star Buyer, Inc.

 

02/21/2023

 

02/23/2028

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

11.46

%

 

3M SOFR+715

 

 

 

197

 

 

 

197

 

 

 

193

 

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Five Star Buyer, Inc. - Unfunded Revolver (7)

 

02/21/2023

 

02/23/2028

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

—

 

 

 

—

 

 

 

370

 

 

$

-

 

 

$

(7

)

Gauge ETE Blocker, LLC

 

05/24/2023

 

05/21/2029

 

Personal, Food and Miscellaneous Services

 

PIK 12.56%

 

 

 

—

 

 

 

285

 

 

 

285

 

 

 

285

 

GGG MIDCO, LLC

 

09/27/2024

 

09/27/2030

 

Home and Office Furnishings, Housewares and Durable Consumer Products

 

 

9.22

%

 

3M SOFR+500

 

 

 

8,112

 

 

 

8,035

 

 

 

8,112

 

GGG MIDCO, LLC - Unfunded Term Loan (7)

 

09/27/2024

 

09/27/2026

 

Home and Office Furnishings, Housewares and Durable Consumer Products

 

 

—

 

 

 

—

 

 

 

2,154

 

 

 

-

 

 

 

22

 

GGG MIDCO, LLC - Unfunded Revolver (7)

 

09/27/2024

 

09/27/2030

 

Home and Office Furnishings, Housewares and Durable Consumer Products

 

 

—

 

 

 

—

 

 

 

581

 

 

 

-

 

 

 

-

 

Graffiti Buyer, Inc.

 

10/25/2022

 

08/10/2027

 

Distribution

 

 

9.66

%

 

3M SOFR+560

 

 

 

245

 

 

 

244

 

 

 

240

 

Graffiti Buyer, Inc. - Unfunded Term Loan (7)

 

10/25/2022

 

08/10/2027

 

Distribution

 

 

—

 

 

 

—

 

 

 

831

 

 

 

-

 

 

 

(10

)

Graffiti Buyer, Inc. - Funded Revolver

 

10/25/2022

 

08/10/2027

 

Distribution

 

 

9.85

%

 

3M SOFR+560

 

 

 

32

 

 

 

32

 

 

 

31

 

Graffiti Buyer, Inc. - Unfunded Revolver (7)

 

10/25/2022

 

08/10/2027

 

Distribution

 

 

—

 

 

 

—

 

 

 

737

 

 

 

-

 

 

 

(15

)

Halo Buyer, Inc.

 

07/18/2018

 

08/07/2029

 

Consumer Products

 

 

10.16

%

 

3M SOFR+600

 

 

 

16,915

 

 

 

16,760

 

 

 

16,915

 

Halo Buyer, Inc. - Funded Revolver

 

07/18/2018

 

08/07/2029

 

Consumer Products

 

 

10.16

%

 

3M SOFR+600

 

 

 

517

 

 

 

517

 

 

 

517

 

Halo Buyer, Inc. - Unfunded Revolver (7)

 

07/18/2018

 

08/07/2029

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

2,181

 

 

 

-

 

 

 

-

 

Hancock Roofing and Construction, LLC

 

05/05/2022

 

12/31/2026

 

Insurance

 

 

9.76

%

 

3M SOFR+560

 

 

 

750

 

 

 

750

 

 

 

743

 

Harris & Co, LLC

 

08/09/2024

 

08/09/2030

 

Financial Services

 

 

9.16

%

 

3M SOFR+500

 

 

 

9,097

 

 

 

9,019

 

 

 

9,018

 

Harris & Co, LLC - Unfunded Term Loan B (7)

 

08/09/2024

 

02/09/2026

 

Financial Services

 

 

—

 

 

 

—

 

 

 

5,574

 

 

 

-

 

 

 

-

 

Harris & Co, LLC - Unfunded Term Loan C (7)

 

08/09/2024

 

08/18/2027

 

Financial Services

 

 

—

 

 

 

—

 

 

 

10,226

 

 

 

-

 

 

 

-

 

Harris & Co, LLC - Funded Revolver

 

08/09/2024

 

08/09/2030

 

Financial Services

 

 

9.16

%

 

3M SOFR+500

 

 

 

526

 

 

 

526

 

 

 

521

 

Harris & Co, LLC - Unfunded Revolver (7)

 

08/09/2024

 

08/09/2030

 

Financial Services

 

 

—

 

 

 

—

 

 

 

2,479

 

 

 

-

 

 

 

(22

)

HEC Purchaser Corp.

 

06/17/2024

 

06/17/2029

 

Healthcare, Education and Childcare

 

 

9.22

%

 

3M SOFR+500

 

 

 

4,801

 

 

 

4,778

 

 

 

4,801

 

Hills Distribution, Inc.

 

11/02/2023

 

11/08/2029

 

Distribution

 

 

10.32

%

 

3M SOFR+600

 

 

 

7,786

 

 

 

7,721

 

 

 

7,786

 

Hills Distribution, Inc. - Unfunded Term Loan (7)

 

11/02/2023

 

11/07/2025

 

Distribution

 

 

—

 

 

 

—

 

 

 

1,280

 

 

 

-

 

 

 

13

 

HV Watterson Holdings, LLC (10)

 

06/13/2022

 

12/17/2026

 

Business Services

 

 

8.00

%

 

 

—

 

 

 

287

 

 

 

286

 

 

 

158

 

HV Watterson Holdings, LLC - Funded Revolver (10)

 

06/13/2022

 

12/17/2026

 

Business Services

 

 

8.00

%

 

 

—

 

 

 

1,250

 

 

 

1,250

 

 

 

686

 

HV Watterson Holdings, LLC - Unfunded Revolver (7), (10)

 

06/13/2022

 

12/17/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

—

 

 

 

-

 

 

 

-

 

HW Holdco, LLC - Unfunded Revolver (7)

 

10/11/2019

 

05/11/2026

 

Media

 

 

—

 

 

 

—

 

 

 

3,387

 

 

 

-

 

 

 

-

 

IG Investments Holdings, LLC

 

07/11/2022

 

09/22/2028

 

Business Services

 

 

9.31

%

 

3M SOFR+500

 

 

 

104

 

 

 

103

 

 

 

103

 

IG Investments Holdings, LLC - Unfunded Revolver (7)

 

07/11/2022

 

09/22/2028

 

Business Services

 

 

—

 

 

 

—

 

 

 

722

 

 

 

-

 

 

 

(4

)

Imagine Acquisitionco, Inc. - Unfunded Revolver (7)

 

11/04/2021

 

11/16/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,685

 

 

 

-

 

 

 

-

 

Impact Advisors, LLC

 

03/21/2025

 

03/19/2032

 

Business Services

 

 

8.50

%

 

3M SOFR+450

 

 

 

7,960

 

 

 

7,921

 

 

 

7,960

 

Impact Advisors, LLC - Unfunded Term Loan (7)

 

03/21/2025

 

03/21/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

4,686

 

 

 

-

 

 

 

23

 

Impact Advisors, LLC - Unfunded Revolver (7)

 

03/21/2025

 

03/19/2032

 

Business Services

 

 

—

 

 

 

—

 

 

 

937

 

 

 

-

 

 

 

-

 

Infinity Home Services Holdco, Inc.

 

12/21/2022

 

12/28/2028

 

Personal, Food and Miscellaneous Services

 

 

10.00

%

 

3M SOFR+600

 

 

 

8,974

 

 

 

8,885

 

 

 

8,974

 

Infinity Home Services Holdco, Inc. (CAD)

 

12/21/2022

 

12/28/2028

 

Personal, Food and Miscellaneous Services

 

 

10.00

%

 

3M SOFR+600

 

 

 

CAD 2,612

 

 

 

1,887

 

 

 

1,877

 

Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan (7)

 

12/21/2022

 

10/30/2026

 

Personal, Food and Miscellaneous Services

 

 

—

 

 

 

—

 

 

 

9,091

 

 

 

-

 

 

 

-

 

Infinity Home Services Holdco, Inc. - Funded Revolver

 

12/21/2022

 

12/28/2028

 

Personal, Food and Miscellaneous Services

 

 

12.25

%

 

3M SOFR+500

 

 

 

161

 

 

 

161

 

 

 

161

 

Infinity Home Services Holdco, Inc. - Unfunded Revolver (7)

 

12/21/2022

 

12/28/2028

 

Personal, Food and Miscellaneous Services

 

 

—

 

 

 

—

 

 

 

1,130

 

 

 

-

 

 

 

-

 

Inovex Information Systems Incorporated - Unfunded Term Loan (7)

 

12/17/2024

 

12/17/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,900

 

 

 

-

 

 

 

-

 

Inovex Information Systems Incorporated - Unfunded Revolver (7)

 

12/17/2024

 

12/17/2030

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,375

 

 

 

-

 

 

 

-

 

Inventus Power, Inc. - Funded Revolver

 

03/24/2021

 

01/15/2026

 

Electronics

 

 

11.76

%

 

3M SOFR+761

 

 

 

403

 

 

 

403

 

 

 

403

 

Inventus Power, Inc. - Unfunded Revolver (7)

 

03/24/2021

 

01/15/2026

 

Electronics

 

 

—

 

 

 

—

 

 

 

1,325

 

 

 

-

 

 

 

-

 

Kinetic Purchaser, LLC

 

07/08/2022

 

11/10/2027

 

Consumer Products

 

 

10.19

%

 

3M SOFR+615

 

 

 

3,099

 

 

 

3,044

 

 

 

2,634

 

Kinetic Purchaser, LLC - Funded Revolver

 

07/08/2022

 

11/10/2026

 

Consumer Products

 

 

10.15

%

 

3M SOFR+615

 

 

 

3,070

 

 

 

3,070

 

 

 

2,609

 

Kinetic Purchaser, LLC - Unfunded Revolver (7)

 

07/08/2022

 

11/10/2026

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

1,784

 

 

 

-

 

 

 

(268

)

Lash OpCo, LLC

 

08/16/2021

 

02/18/2027

 

Consumer Products

 

 

12.14

%

 

3M SOFR+785

 

 

 

3,055

 

 

 

3,038

 

 

 

2,979

 

 

 

 

 

 

 

 

 

(PIK 5.10%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lash OpCo, LLC - Funded Revolver

 

08/16/2021

 

08/16/2026

 

Consumer Products

 

 

12.14

%

 

3M SOFR+785

 

 

 

918

 

 

 

918

 

 

 

895

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

 

 

 

 

 

 

 

 

(PIK 5.10%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lash OpCo, LLC - Unfunded Revolver (7)

 

08/16/2021

 

08/16/2026

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

2,223

 

 

 

-

 

 

 

(56

)

LAV Gear Holdings, Inc. - Incremental Term Loan

 

02/26/2020

 

07/31/2029

 

Leisure, Amusement, Motion Pictures, Entertainment

 

PIK 10.10%

 

 

3M SOFR+594

 

 

 

1,218

 

 

 

1,226

 

 

 

1,263

 

LAV Gear Holdings, Inc. - FOTL

 

02/26/2020

 

07/31/2029

 

Leisure, Amusement, Motion Pictures, Entertainment

 

PIK 10.10%

 

 

3M SOFR+595

 

 

 

134

 

 

$

122

 

 

$

165

 

LAV Gear Holdings, Inc. - Unfunded Revolver (7)

 

02/26/2020

 

07/31/2029

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

—

 

 

 

—

 

 

 

149

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ledge Lounger, Inc.

 

11/04/2021

 

11/09/2026

 

Consumer Products

 

 

11.65

%

 

3M SOFR+765

 

 

 

8,998

 

 

 

8,949

 

 

 

7,018

 

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Ledge Lounger, Inc. - Funded Revolver

 

11/04/2021

 

11/09/2026

 

Consumer Products

 

 

11.65

%

 

3M SOFR+765

 

 

 

1,621

 

 

 

1,621

 

 

 

1,264

 

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lightspeed Buyer, Inc.

 

02/03/2020

 

02/03/2027

 

Healthcare, Education and Childcare

 

 

8.91

%

 

3M SOFR+475

 

 

 

2,011

 

 

 

2,011

 

 

 

2,011

 

Lightspeed Buyer, Inc. - Unfunded Revolver (7)

 

02/03/2020

 

02/03/2027

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,166

 

 

 

-

 

 

 

-

 

LJ Avalon Holdings, LLC

 

01/18/2023

 

02/01/2030

 

Environmental Services

 

 

8.78

%

 

3M SOFR+450

 

 

 

5,194

 

 

 

5,179

 

 

 

5,194

 

LJ Avalon Holdings, LLC - Unfunded Term Loan (7)

 

01/18/2023

 

02/08/2027

 

Environmental Services

 

 

—

 

 

 

—

 

 

 

2,624

 

 

 

-

 

 

 

13

 

LJ Avalon Holdings, LLC - Unfunded Revolver (7)

 

01/18/2023

 

02/01/2029

 

Environmental Services

 

 

—

 

 

 

—

 

 

 

1,498

 

 

 

-

 

 

 

-

 

Loving Tan Intermediate II, Inc.

 

05/25/2023

 

05/31/2028

 

Consumer Products

 

 

9.00

%

 

3M SOFR+500

 

 

 

7,054

 

 

 

6,982

 

 

 

7,054

 

Loving Tan Intermediate II, Inc. - Funded Revolver

 

05/25/2023

 

05/31/2028

 

Consumer Products

 

 

9.00

%

 

3M SOFR+500

 

 

 

664

 

 

 

664

 

 

 

664

 

Loving Tan Intermediate II, Inc. - Unfunded Revolver (7)

 

05/25/2023

 

05/31/2028

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

332

 

 

 

-

 

 

 

-

 

Loving Tan Intermediate II, Inc. - Unfunded Term Loan (7)

 

05/25/2023

 

07/12/2026

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

2,018

 

 

 

-

 

 

 

20

 

Marketplace Events Acquisition, LLC

 

12/19/2024

 

12/19/2030

 

Media

 

 

9.25

%

 

3M SOFR+525

 

 

 

1,237

 

 

 

1,225

 

 

 

1,237

 

Marketplace Events Acquisition, LLC - Unfunded Term Loan (7)

 

12/19/2024

 

06/19/2026

 

Media

 

 

—

 

 

 

—

 

 

 

3,113

 

 

 

-

 

 

 

31

 

Marketplace Events Acquisition, LLC - Funded Revolver

 

12/19/2024

 

12/19/2030

 

Media

 

 

9.25

%

 

3M SOFR+525

 

 

 

218

 

 

 

218

 

 

 

218

 

Marketplace Events Acquisition, LLC - Unfunded Revolver (7)

 

12/19/2024

 

12/19/2030

 

Media

 

 

—

 

 

 

—

 

 

 

1,959

 

 

 

-

 

 

 

-

 

MBS Holdings, Inc.

 

04/14/2021

 

04/16/2027

 

Telecommunications

 

 

9.30

%

 

3M SOFR+510

 

 

 

267

 

 

 

266

 

 

 

267

 

MBS Holdings, Inc. - Unfunded Revolver (7)

 

04/14/2021

 

04/16/2027

 

Telecommunications

 

 

—

 

 

 

—

 

 

 

694

 

 

 

-

 

 

 

-

 

MDI Buyer, Inc. - Funded Revolver

 

07/19/2022

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

11.50

%

 

3M SOFR+375

 

 

 

1,808

 

 

 

1,808

 

 

 

1,808

 

MDI Buyer, Inc. - Unfunded Revolver (7)

 

07/19/2022

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

—

 

 

 

—

 

 

 

419

 

 

 

-

 

 

 

-

 

Meadowlark Acquirer, LLC

 

12/09/2021

 

12/10/2027

 

Business Services

 

 

9.65

%

 

3M SOFR+565

 

 

 

1,903

 

 

 

1,892

 

 

 

1,903

 

Meadowlark Acquirer, LLC - Funded Revolver

 

12/09/2021

 

12/10/2027

 

Business Services

 

 

9.65

%

 

3M SOFR+565

 

 

 

337

 

 

 

337

 

 

 

337

 

Meadowlark Acquirer, LLC- Unfunded Revolver (7)

 

12/09/2021

 

12/10/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,348

 

 

 

-

 

 

 

-

 

Medina Health, LLC - Unfunded Revolver (7)

 

10/16/2023

 

10/20/2028

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

2,774

 

 

 

-

 

 

 

14

 

Megawatt Acquisitionco, Inc. - Funded Revolver

 

03/01/2024

 

03/01/2030

 

Electronics

 

 

9.67

%

 

3M SOFR+550

 

 

 

232

 

 

 

232

 

 

 

221

 

Megawatt Acquisitionco, Inc. - Unfunded Revolver (7)

 

03/01/2024

 

03/01/2030

 

Electronics

 

 

—

 

 

 

—

 

 

 

1,625

 

 

 

-

 

 

 

(78

)

Mineola 212, LLC

 

06/24/2024

 

12/24/2025

 

Buildings and Real Estate

 

 

14.00

%

 

 

—

 

 

 

3,500

 

 

 

3,515

 

 

 

3,507

 

MOREGroup Holdings, Inc. - Unfunded Term Loan (7)

 

01/09/2024

 

01/16/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

6,124

 

 

 

-

 

 

 

61

 

MOREGroup Holdings, Inc. - Unfunded Revolver (7)

 

01/09/2024

 

01/16/2030

 

Business Services

 

 

—

 

 

 

—

 

 

 

3,675

 

 

 

-

 

 

 

-

 

Municipal Emergency Services, Inc.

 

09/23/2021

 

10/01/2027

 

Distribution

 

 

9.17

%

 

3M SOFR+515

 

 

 

1,031

 

 

 

1,024

 

 

 

1,031

 

Municipal Emergency Services, Inc. - Unfunded Term Loan (7)

 

09/23/2021

 

01/15/2026

 

Distribution

 

 

—

 

 

 

—

 

 

 

568

 

 

 

-

 

 

 

3

 

Municipal Emergency Services, Inc. - Unfunded Revolver (7)

 

09/23/2021

 

10/01/2027

 

Distribution

 

 

—

 

 

 

—

 

 

 

1,880

 

 

 

-

 

 

 

-

 

NBH Group, LLC - Unfunded Revolver (7)

 

08/16/2021

 

08/19/2026

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,163

 

 

 

-

 

 

 

-

 

NORA Acquisition, LLC - Funded Revolver

 

08/22/2023

 

08/31/2029

 

Healthcare, Education and Childcare

 

 

10.35

%

 

3M SOFR+635

 

 

 

1,218

 

 

 

1,218

 

 

 

1,209

 

NORA Acquisition, LLC - Unfunded Revolver (7)

 

08/22/2023

 

08/31/2029

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,489

 

 

 

-

 

 

 

(11

)

North American Rail Solutions, LLC

 

08/29/2025

 

08/29/2031

 

Manufacturing/Basic Industry

 

 

8.75

%

 

3M SOFR+475

 

 

 

29,416

 

 

 

29,269

 

 

 

29,269

 

North American Rail Solutions, LLC - Unfunded Term Loan (7)

 

08/29/2025

 

08/29/2027

 

Manufacturing/Basic Industry

 

 

—

 

 

 

—

 

 

 

2,263

 

 

 

-

 

 

 

-

 

North American Rail Solutions, LLC - Funded Revolver

 

08/29/2025

 

08/29/2031

 

Manufacturing/Basic Industry

 

 

8.75

%

 

3M SOFR+475

 

 

 

784

 

 

 

784

 

 

 

784

 

North American Rail Solutions, LLC - Unfunded Revolver (7)

 

08/29/2025

 

08/29/2031

 

Manufacturing/Basic Industry

 

 

—

 

 

 

—

 

 

 

2,383

 

 

 

-

 

 

 

-

 

NP Riverhead Industrial, LLC

 

05/24/2024

 

12/10/2025

 

Buildings and Real Estate

 

 

15.50

%

 

 

—

 

 

 

5,000

 

 

 

5,015

 

 

 

5,000

 

Omnia Exterior Solutions, LLC

 

12/29/2023

 

12/31/2029

 

Diversified Conglomerate Service

 

 

9.25

%

 

3M SOFR+525

 

 

 

1,787

 

 

 

1,771

 

 

 

1,751

 

Omnia Exterior Solutions, LLC - Unfunded Term Loan (7)

 

12/29/2023

 

09/30/2026

 

Diversified Conglomerate Service

 

 

—

 

 

 

—

 

 

 

3,807

 

 

 

-

 

 

 

(43

)

Omnia Exterior Solutions, LLC - Funded Revolver

 

12/29/2023

 

12/31/2029

 

Diversified Conglomerate Service

 

 

9.25

%

 

3M SOFR+525

 

 

 

1,260

 

 

 

1,260

 

 

 

1,235

 

Omnia Exterior Solutions, LLC - Unfunded Revolver (7)

 

12/29/2023

 

12/31/2029

 

Diversified Conglomerate Service

 

 

—

 

 

 

—

 

 

 

840

 

 

 

-

 

 

 

(17

)

ORL Acquisition, Inc.

 

09/01/2021

 

09/03/2027

 

Business Services

 

 

13.70

%

 

3M SOFR+940

 

 

 

4,426

 

 

 

4,395

 

 

 

3,917

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

20

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

 

 

 

 

 

 

 

 

(PIK 7.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

ORL Acquisition, Inc. - Unfunded Revolver (7)

 

09/01/2021

 

09/03/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

149

 

 

 

-

 

 

 

(17

)

OSP Embedded Purchaser, LLC

 

12/11/2023

 

12/17/2029

 

Aerospace and Defense

 

 

9.81

%

 

3M SOFR+575

 

 

 

6,386

 

 

 

6,298

 

 

 

6,297

 

OSP Embedded Purchaser, LLC - Unfunded Revolver (7)

 

12/11/2023

 

12/17/2029

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

1,477

 

 

 

-

 

 

 

(21

)

Pacific Purchaser, LLC - Unfunded Revolver (7)

 

10/02/2023

 

10/02/2028

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,373

 

 

 

-

 

 

 

(5

)

PAR Excellence Holdings, Inc.

 

09/03/2024

 

09/03/2030

 

Healthcare, Education and Childcare

 

 

9.32

%

 

3M SOFR+500

 

 

 

11,940

 

 

$

11,827

 

 

$

11,731

 

PAR Excellence Holdings, Inc. - Unfunded Revolver (7)

 

09/03/2024

 

09/03/2030

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

2,681

 

 

 

-

 

 

 

(47

)

Paving Lessor Corp.

 

07/01/2025

 

07/01/2031

 

Business Services

 

 

9.25

%

 

3M SOFR+525

 

 

 

6,974

 

 

 

6,922

 

 

 

6,921

 

Paving Lessor Corp. - Unfunded Term Loan (7)

 

07/01/2025

 

07/01/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

3,291

 

 

 

-

 

 

 

-

 

Paving Lessor Corp. - Unfunded Revolver (7)

 

07/01/2025

 

07/01/2031

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,194

 

 

 

-

 

 

 

(16

)

PCS MIDCO, Inc.

 

03/01/2024

 

03/01/2030

 

Financial Services

 

 

9.75

%

 

3M SOFR+575

 

 

 

2,322

 

 

 

2,303

 

 

 

2,322

 

PCS MIDCO, Inc. - Unfunded Term Loan (7)

 

03/01/2024

 

03/02/2026

 

Financial Services

 

 

—

 

 

 

—

 

 

 

2,078

 

 

 

-

 

 

 

21

 

PCS MIDCO, Inc. - Unfunded Revolver (7)

 

03/01/2024

 

03/01/2030

 

Financial Services

 

 

—

 

 

 

—

 

 

 

1,762

 

 

 

-

 

 

 

-

 

Peninsula Pacific Entertainment

 

08/15/2025

 

08/22/2032

 

Gaming

 

 

9.02

%

 

3M SOFR+475

 

 

 

5,251

 

 

 

5,198

 

 

 

5,238

 

Peninsula Pacific Entertainment - Unfunded Term Loan (7)

 

08/15/2025

 

08/25/2027

 

Gaming

 

 

—

 

 

 

—

 

 

 

1,231

 

 

 

-

 

 

 

3

 

Penta Group Holdings, Inc.

 

07/31/2025

 

07/31/2031

 

Business Services

 

 

8.50

%

 

3M SOFR+450

 

 

 

3,556

 

 

 

3,538

 

 

 

3,538

 

Penta Group Holdings, Inc. - Unfunded Term Loan (7)

 

07/31/2025

 

07/31/2027

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,591

 

 

 

-

 

 

 

-

 

Penta Group Holdings, Inc. - Funded Revolver

 

07/31/2025

 

07/31/2031

 

Business Services

 

 

8.50

%

 

3M SOFR+450

 

 

 

210

 

 

 

210

 

 

 

209

 

Penta Group Holdings, Inc. - Unfunded Revolver (7)

 

07/31/2025

 

07/31/2031

 

Business Services

 

 

—

 

 

 

—

 

 

 

437

 

 

 

-

 

 

 

(2

)

PlayPower, Inc.

 

08/28/2024

 

08/28/2030

 

Manufacturing/Basic Industry

 

 

9.25

%

 

3M SOFR+525

 

 

 

11,880

 

 

 

11,804

 

 

 

11,880

 

PlayPower, Inc. - Unfunded Revolver (7)

 

08/28/2024

 

08/28/2030

 

Manufacturing/Basic Industry

 

 

—

 

 

 

—

 

 

 

2,570

 

 

 

-

 

 

 

-

 

Podean Buyer, Inc.

 

08/04/2025

 

08/04/2031

 

Marketing Services

 

 

10.00

%

 

3M SOFR+600

 

 

 

4,030

 

 

 

3,990

 

 

 

3,990

 

Podean Buyer, Inc. - Unfunded Revolver (7)

 

08/04/2025

 

08/04/2031

 

Marketing Services

 

 

—

 

 

 

—

 

 

 

796

 

 

 

-

 

 

 

(8

)

PL Acquisitionco, LLC - Funded Revolver (13)

 

11/05/2021

 

11/09/2027

 

Retail

 

 

4.27

%

 

 

—

 

 

 

863

 

 

 

863

 

 

 

345

 

PL Acquisitionco, LLC - Unfunded Revolver (7), (13)

 

11/05/2021

 

11/09/2027

 

Retail

 

 

—

 

 

 

—

 

 

 

755

 

 

 

-

 

 

 

(453

)

Project Granite Buyer, Inc. - Unfunded Term Loan (7)

 

12/31/2024

 

12/31/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

554

 

 

 

-

 

 

 

11

 

Project Granite Buyer, Inc. - Unfunded Revolver (7)

 

12/31/2024

 

12/31/2030

 

Business Services

 

 

—

 

 

 

—

 

 

 

923

 

 

 

-

 

 

 

9

 

Radius Aerospace, Inc. - Funded Revolver

 

11/14/2022

 

03/29/2027

 

Aerospace and Defense

 

 

10.29

%

 

3M SOFR+600

 

 

 

410

 

 

 

410

 

 

 

400

 

Radius Aerospace, Inc. - Unfunded Revolver (7)

 

11/14/2022

 

03/29/2027

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

1,819

 

 

 

-

 

 

 

(41

)

Rancho Health MSO, Inc. - Unfunded Term Loan (7)

 

09/27/2021

 

06/30/2026

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,954

 

 

 

-

 

 

 

8

 

Rancho Health MSO, Inc. - Funded Revolver

 

09/27/2021

 

06/20/2029

 

Healthcare, Education and Childcare

 

 

9.29

%

 

3M SOFR+500

 

 

 

1,962

 

 

 

1,962

 

 

 

1,962

 

Rancho Health MSO, Inc. - Unfunded Revolver (7)

 

09/27/2021

 

06/20/2029

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

713

 

 

 

-

 

 

 

-

 

Recteq, LLC - Funded Revolver

 

01/27/2021

 

01/29/2026

 

Consumer Products

 

 

10.46

%

 

3M SOFR+625

 

 

 

313

 

 

 

313

 

 

 

312

 

Recteq, LLC - Unfunded Revolver (7)

 

01/27/2021

 

01/29/2026

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

814

 

 

 

-

 

 

 

(2

)

Riverpoint Medical, LLC - Unfunded Revolver (7)

 

06/19/2019

 

06/21/2027

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

364

 

 

 

-

 

 

 

-

 

Ro Health, LLC - Funded Revolver

 

01/16/2025

 

01/17/2031

 

Healthcare Providers & Services

 

 

8.50

%

 

3M SOFR+450

 

 

 

1,258

 

 

 

1,258

 

 

 

1,258

 

Ro Health, LLC - Unfunded Revolver (7)

 

01/16/2025

 

01/17/2031

 

Healthcare Providers & Services

 

 

—

 

 

 

—

 

 

 

2,935

 

 

 

-

 

 

 

-

 

Rosco Parent, LLC

 

09/09/2025

 

09/12/2031

 

Business Services

 

 

8.81

%

 

3M SOFR+475

 

 

 

10,167

 

 

 

10,090

 

 

 

10,090

 

Rosco Parent, LLC - Unfunded Revolver (7)

 

09/09/2025

 

09/12/2031

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,332

 

 

 

-

 

 

 

-

 

Route 66 Development

 

01/28/2025

 

01/24/2031

 

Gaming

 

 

13.16

%

 

3M SOFR+900

 

 

 

18,000

 

 

 

17,655

 

 

 

17,910

 

RRA Corporate, LLC

 

08/15/2024

 

08/15/2029

 

Business Services

 

 

9.00

%

 

3M SOFR+500

 

 

 

2,996

 

 

 

2,967

 

 

 

2,978

 

RRA Corporate, LLC - Unfunded Term Loan (7)

 

08/15/2024

 

08/17/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

7,178

 

 

 

-

 

 

 

29

 

RRA Corporate, LLC - Funded Revolver

 

08/15/2024

 

08/15/2029

 

Business Services

 

 

9.25

%

 

3M SOFR+525

 

 

 

1,448

 

 

 

1,448

 

 

 

1,440

 

RRA Corporate, LLC - Unfunded Revolver (7)

 

08/15/2024

 

08/15/2029

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,700

 

 

 

-

 

 

 

(10

)

RTIC Subsidiary Holdings, LLC - Funded Revolver

 

05/03/2024

 

05/03/2029

 

Consumer Products

 

 

9.75

%

 

3M SOFR+575

 

 

 

1,898

 

 

 

1,898

 

 

 

1,879

 

RTIC Subsidiary Holdings, LLC - Unfunded Revolver (7)

 

05/03/2024

 

05/03/2029

 

Consumer Products

 

 

—

 

 

 

—

 

 

 

3,524

 

 

 

-

 

 

 

(35

)

Rural Sourcing Holdings, Inc. - Funded Revolver

 

06/08/2023

 

06/15/2029

 

Business Services

 

 

10.08

%

 

3M SOFR+575

 

 

 

487

 

 

 

487

 

 

 

438

 

Rural Sourcing Holdings, Inc. - Unfunded Revolver (7)

 

06/08/2023

 

06/15/2029

 

Business Services

 

 

—

 

 

 

—

 

 

 

373

 

 

 

-

 

 

 

(37

)

Sabel Systems Technology Solutions, LLC - Funded Revolver

 

10/31/2024

 

10/31/2030

 

Government Services

 

 

12.75

%

 

3M SOFR+525

 

 

 

66

 

 

 

66

 

 

 

66

 

Sabel Systems Technology Solutions, LLC - Unfunded Revolver (7)

 

10/31/2024

 

10/31/2030

 

Government Services

 

 

—

 

 

 

—

 

 

 

1,261

 

 

 

-

 

 

 

-

 

Safe Haven Defense US, LLC

 

05/23/2024

 

05/23/2029

 

Building Materials

 

 

9.50

%

 

3M SOFR+525

 

 

 

3,919

 

 

 

3,871

 

 

 

3,899

 

Safe Haven Defense US, LLC - Unfunded Revolver (7)

 

05/23/2024

 

05/23/2029

 

Building Materials

 

 

—

 

 

 

—

 

 

 

1,114

 

 

 

-

 

 

 

(6

)

Sales Benchmark Index, LLC - Funded Revolver

 

05/29/2020

 

07/07/2026

 

Business Services

 

 

9.20

%

 

3M SOFR+520

 

 

 

244

 

 

 

244

 

 

 

244

 

Sales Benchmark Index, LLC - Unfunded Revolver (7)

 

05/29/2020

 

07/07/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

366

 

 

 

-

 

 

 

-

 

Sath Industries, LLC

 

12/17/2024

 

12/17/2029

 

Event Services

 

 

9.54

%

 

3M SOFR+550

 

 

 

11,389

 

 

 

11,287

 

 

 

11,389

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

21

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

Sath Industries, LLC - Unfunded Revolver (7)

 

12/17/2024

 

12/17/2029

 

Event Services

 

 

—

 

 

 

—

 

 

 

1,300

 

 

 

-

 

 

 

-

 

Schlesinger Global, Inc.

 

07/02/2019

 

11/12/2025

 

Business Services

 

 

12.92

%

 

3M SOFR+860

 

 

 

2,613

 

 

 

2,605

 

 

 

2,482

 

 

 

 

 

 

 

 

 

(PIK 5.85%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, Inc. - Funded Revolver

 

07/02/2019

 

11/12/2025

 

Business Services

 

 

12.92

%

 

3M SOFR+860

 

 

 

34

 

 

 

34

 

 

 

32

 

 

 

 

 

 

 

 

 

(PIK 5.85%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, Inc. - Unfunded Revolver (7)

 

07/02/2019

 

11/12/2025

 

Business Services

 

 

—

 

 

 

—

 

 

 

5

 

 

$

-

 

 

$

-

 

Seacoast Service Partners NA, LLC

 

12/20/2024

 

12/20/2029

 

Diversified Conglomerate Service

 

 

9.01

%

 

3M SOFR+500

 

 

 

1,801

 

 

 

1,786

 

 

 

1,727

 

Seacoast Service Partners NA, LLC - Unfunded Term Loan (7)

 

12/20/2024

 

12/21/2026

 

Diversified Conglomerate Service

 

 

—

 

 

 

—

 

 

 

3,608

 

 

 

-

 

 

 

(116

)

Seacoast Service Partners NA, LLC - Funded Revolver

 

12/20/2024

 

12/20/2029

 

Diversified Conglomerate Service

 

 

9.00

%

 

3M SOFR+500

 

 

 

569

 

 

 

569

 

 

 

546

 

Seacoast Service Partners NA, LLC - Unfunded Revolver (7)

 

12/20/2024

 

12/20/2029

 

Diversified Conglomerate Service

 

 

—

 

 

 

—

 

 

 

786

 

 

 

-

 

 

 

(32

)

Seaway Buyer, LLC

 

06/08/2022

 

06/13/2029

 

Chemicals, Plastics and Rubber

 

 

10.17

%

 

3M SOFR+615

 

 

 

4,656

 

 

 

4,611

 

 

 

4,342

 

Seaway Buyer, LLC - Funded Revolver

 

06/08/2022

 

06/13/2028

 

Chemicals, Plastics and Rubber

 

 

10.19

%

 

3M SOFR+615

 

 

 

2,605

 

 

 

2,605

 

 

 

2,429

 

Seaway Buyer, LLC - Unfunded Revolver (7)

 

06/08/2022

 

06/13/2028

 

Chemicals, Plastics and Rubber

 

 

—

 

 

 

—

 

 

 

521

 

 

 

-

 

 

 

(35

)

Shiftkey, LLC

 

06/17/2022

 

06/21/2027

 

Business Services

 

 

10.01

%

 

3M SOFR+601

 

 

 

16,593

 

 

 

16,515

 

 

 

15,913

 

Sigma Defense Systems, LLC

 

11/30/2021

 

12/20/2027

 

Telecommunications

 

 

10.31

%

 

3M SOFR+615

 

 

 

10,450

 

 

 

10,209

 

 

 

10,450

 

Sigma Defense Systems, LLC - Funded Revolver

 

11/30/2021

 

12/20/2027

 

Telecommunications

 

 

10.90

%

 

3M SOFR+690

 

 

 

850

 

 

 

850

 

 

 

850

 

Sigma Defense Systems, LLC - Unfunded Revolver (7)

 

11/30/2021

 

12/20/2027

 

Telecommunications

 

 

—

 

 

 

—

 

 

 

2,835

 

 

 

-

 

 

 

-

 

Spendmend Holdings, LLC

 

02/25/2022

 

03/01/2028

 

Business Services

 

 

9.15

%

 

3M SOFR+515

 

 

 

1,192

 

 

 

1,186

 

 

 

1,192

 

Spendmend Holdings, LLC - Unfunded Term Loan (7)

 

02/25/2022

 

11/25/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,434

 

 

 

-

 

 

 

7

 

Spendmend Holdings, LLC - Funded Revolver

 

02/25/2022

 

03/01/2028

 

Business Services

 

 

9.15

%

 

3M SOFR+515

 

 

 

234

 

 

 

234

 

 

 

234

 

Spendmend Holdings, LLC - Unfunded Revolver (7)

 

02/25/2022

 

03/01/2028

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,168

 

 

 

-

 

 

 

-

 

STG Distribution, LLC - First Out New Money Term Loans

 

10/03/2024

 

10/03/2029

 

Transportation

 

 

12.57

%

 

3M SOFR+835

 

 

 

4,330

 

 

 

4,131

 

 

 

3,854

 

 

 

 

 

 

 

 

 

(PIK 7.25%)

 

 

 

 

 

 

 

 

 

 

 

 

 

STG Distribution, LLC - Second Out Term Loans (13)

 

10/03/2024

 

10/03/2029

 

Transportation

 

 

5.32

%

 

 

—

 

 

 

10,012

 

 

 

5,656

 

 

 

801

 

SV-Aero Holdings, LLC - Unfunded Term Loan (7)

 

10/31/2024

 

11/02/2026

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

3,562

 

 

 

-

 

 

 

18

 

System Planning and Analysis, Inc.

 

10/12/2021

 

08/16/2027

 

Aerospace and Defense

 

 

9.05

%

 

3M SOFR+475

 

 

 

9,468

 

 

 

9,415

 

 

 

9,392

 

System Planning and Analysis, Inc. - Unfunded Term Loan (7)

 

10/12/2021

 

06/12/2027

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

589

 

 

 

-

 

 

 

(2

)

System Planning and Analysis, Inc. - Funded Revolver

 

10/12/2021

 

08/16/2027

 

Aerospace and Defense

 

 

9.06

%

 

3M SOFR+475

 

 

 

437

 

 

 

437

 

 

 

433

 

System Planning and Analysis, Inc. - Unfunded Revolver (7)

 

10/12/2021

 

08/16/2027

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

4,279

 

 

 

-

 

 

 

(34

)

TCG 3.0 Jogger Acquisitionco, Inc.

 

01/23/2024

 

01/23/2029

 

Media

 

 

10.52

%

 

3M SOFR+650

 

 

 

8,865

 

 

 

8,753

 

 

 

8,821

 

TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver

 

01/23/2024

 

01/23/2029

 

Media

 

 

12.75

%

 

3M SOFR+550

 

 

 

310

 

 

 

310

 

 

 

309

 

TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver (7)

 

01/23/2024

 

01/23/2029

 

Media

 

 

—

 

 

 

—

 

 

 

1,414

 

 

 

-

 

 

 

(7

)

The Bluebird Group, LLC - Unfunded Revolver (7)

 

07/22/2021

 

07/28/2026

 

Business Services

 

 

—

 

 

 

—

 

 

 

734

 

 

 

-

 

 

 

-

 

The Vertex Companies, LLC

 

08/25/2021

 

08/31/2028

 

Business Services

 

 

8.88

%

 

3M SOFR+485

 

 

 

6,638

 

 

 

6,587

 

 

 

6,608

 

The Vertex Companies, LLC - Funded Revolver

 

08/25/2021

 

08/31/2028

 

Business Services

 

 

9.01

%

 

3M SOFR+485

 

 

 

1,455

 

 

 

1,455

 

 

 

1,448

 

The Vertex Companies, LLC - Unfunded Revolver (7)

 

08/25/2021

 

08/31/2028

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,513

 

 

 

-

 

 

 

(13

)

TMII Enterprises, LLC - Unfunded Revolver (7)

 

12/19/2022

 

12/22/2028

 

Personal, Food and Miscellaneous Services

 

 

—

 

 

 

—

 

 

 

2,532

 

 

 

-

 

 

 

-

 

TransGo, LLC - Unfunded Revolver (7)

 

12/29/2023

 

12/29/2028

 

Machinery

 

 

—

 

 

 

—

 

 

 

2,775

 

 

 

-

 

 

 

21

 

Urology Management Holdings, Inc. - Unfunded Term Loan (7)

 

09/03/2024

 

09/03/2026

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

1,000

 

 

 

-

 

 

 

5

 

US Fertility Enterprises, LLC

 

10/07/2024

 

10/11/2031

 

Healthcare, Education and Childcare

 

 

8.81

%

 

3M SOFR+450

 

 

 

263

 

 

 

263

 

 

 

263

 

Walker Edison Furniture Company, LLC - New Money DIP

 

03/01/2023

 

03/01/2029

 

Home and Office Furnishings

 

 

10.00

%

 

 

—

 

 

 

297

 

 

 

297

 

 

 

303

 

Walker Edison Furniture Company, LLC - Unfunded Term Loan (7)

 

03/01/2023

 

03/01/2029

 

Home and Office Furnishings

 

 

—

 

 

 

—

 

 

 

786

 

 

 

-

 

 

 

27

 

Wash & Wax Systems, LLC

 

10/20/2021

 

04/30/2028

 

Auto Sector

 

PIK 9.78%

 

 

3M SOFR+550

 

 

 

1,206

 

 

 

1,227

 

 

 

1,231

 

Wash & Wax Systems, LLC - Funded Revolver

 

10/20/2021

 

04/30/2028

 

Auto Sector

 

PIK 9.78%

 

 

3M SOFR+550

 

 

 

13

 

 

 

13

 

 

 

13

 

Wash & Wax Systems, LLC - Unfunded Revolver (7)

 

10/20/2021

 

04/30/2028

 

Auto Sector

 

 

—

 

 

 

—

 

 

 

617

 

 

 

-

 

 

 

-

 

Watchtower Buyer, LLC. - Unfunded Revolver (7)

 

11/29/2023

 

12/03/2029

 

Electronics

 

 

—

 

 

 

—

 

 

 

6,300

 

 

 

-

 

 

 

(63

)

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

537,235

 

 

 

517,648

 

Second Lien Secured Debt - 3.9% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Burgess Point Purchaser Corporation

 

07/26/2022

 

07/28/2030

 

Auto Sector

 

 

13.41

%

 

3M SOFR+910

 

 

 

8,000

 

 

 

7,741

 

 

 

8,000

 

ENC Parent Corporation

 

08/06/2021

 

08/19/2029

 

Business Services

 

 

11.76

%

 

3M SOFR+776

 

 

 

7,500

 

 

 

7,453

 

 

 

6,750

 

TEAM Services Group, LLC

 

04/26/2024

 

12/18/2028

 

Healthcare, Education and Childcare

 

 

13.57

%

 

3M SOFR+926

 

 

 

3,429

 

 

 

3,425

 

 

 

3,411

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,619

 

 

 

18,161

 

Subordinate Debt/Corporate Notes - 8.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

22

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

Beacon Behavioral Holdings, LLC

 

06/21/2024

 

06/21/2030

 

Healthcare, Education and Childcare

 

PIK 15.00%

 

 

 

—

 

 

 

5,948

 

 

 

5,885

 

 

 

5,948

 

Gauge Schlesinger Coinvest, LLC

 

07/02/2019

 

01/08/2026

 

Business Services

 

 

12.92

%

 

3M SOFR+860

 

 

 

1

 

 

 

1

 

 

 

3

 

Northwinds Topco, Inc.

 

08/16/2024

 

10/30/2029

 

Consumer Services

 

PIK 15.00%

 

 

 

—

 

 

 

11,902

 

 

 

11,814

 

 

 

11,842

 

Northwinds Topco, Inc. - Unfunded Term Loan (7)

 

08/16/2024

 

10/30/2029

 

Consumer Services

 

 

—

 

 

 

—

 

 

 

3,500

 

 

 

-

 

 

 

(18

)

ORL Holdco, Inc. - Convertible Notes

 

08/02/2024

 

03/08/2028

 

Business Services

 

 

18.00

%

 

 

—

 

 

 

6

 

 

 

6

 

 

 

-

 

ORL Holdco, Inc. - Unfunded Convertible Notes (7)

 

08/02/2024

 

03/08/2028

 

Business Services

 

 

—

 

 

 

—

 

 

 

6

 

 

 

-

 

 

 

(5

)

OSP Embedded Aggregator, LP - Convertible Note

 

11/06/2024

 

05/08/2030

 

Aerospace and Defense

 

 

12.00

%

 

 

—

 

 

 

24

 

 

$

237

 

 

$

276

 

StoicLane, Inc. - Convertible Notes

 

08/15/2024

 

08/16/2027

 

Healthcare, Education and Childcare

 

 

12.00

%

 

 

—

 

 

 

917

 

 

 

917

 

 

 

1,055

 

StoicLane, Inc. - Unfunded Convertible Notes (7)

 

08/15/2024

 

08/16/2027

 

Healthcare, Education and Childcare

 

 

—

 

 

 

—

 

 

 

306

 

 

 

-

 

 

 

46

 

United Land Services Intermediate Parent Holdings, LLC

 

07/12/2024

 

12/23/2026

 

Environmental Services

 

PIK 14.75%

 

 

 

—

 

 

 

18,112

 

 

 

17,872

 

 

 

17,931

 

United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan (7)

 

07/12/2024

 

01/12/2026

 

Environmental Services

 

 

—

 

 

 

—

 

 

 

2,541

 

 

 

-

 

 

 

13

 

Wash & Wax Systems, LLC

 

10/20/2021

 

07/30/2028

 

Auto Sector

 

PIK 12.00%

 

 

 

—

 

 

 

811

 

 

 

812

 

 

 

811

 

Total Subordinate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,544

 

 

 

37,902

 

Preferred Equity/Partnership Interests - 4.3% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounting Platform Blocker, Inc.

 

08/09/2024

 

 

 

Financial Services

 

 

 

 

 

—

 

 

 

356,200

 

 

 

356

 

 

 

356

 

Ad.net Holdings, Inc.

 

05/04/2021

 

 

 

Media

 

 

 

 

 

—

 

 

 

2,400

 

 

 

240

 

 

 

215

 

AFC Acquisitions, Inc. (F-2 Series) (9)

 

12/07/2023

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

490

 

 

 

749

 

 

 

819

 

AFC Acquisitions, Inc. (G-2 Series) (9)

 

12/07/2023

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

11

 

 

 

18

 

 

 

19

 

AFC Acquisitions, Inc. (H-2 Series) (9)

 

12/07/2023

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

6

 

 

 

12

 

 

 

13

 

AFC Acquisitions, Inc. (I-2 Series) (9)

 

12/07/2023

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

6

 

 

 

12

 

 

 

11

 

AFC Acquisitions, Inc. (J-2 Series) (9)

 

12/07/2023

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

10

 

 

 

20

 

 

 

20

 

AH Holdings, LLC

 

03/23/2011

 

 

 

Healthcare, Education and Childcare

 

 

6.00

%

 

 

—

 

 

 

211

 

 

 

500

 

 

 

335

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)

 

05/21/2019

 

 

 

Media

 

 

 

 

 

—

 

 

 

1,135

 

 

 

1,135

 

 

 

1,120

 

BioDerm Holdings, LP

 

01/30/2023

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

1,312

 

 

 

1,312

 

 

 

1,307

 

Cartessa Aesthetics, LLC (9)

 

06/01/2022

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

3,562,500

 

 

 

3,563

 

 

 

8,088

 

Connatix Parent, LLC

 

07/08/2021

 

 

 

Media

 

 

 

 

 

—

 

 

 

7,967

 

 

 

8

 

 

 

8

 

Consello Pacific Aggregator, LLC (9)

 

10/02/2023

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

782,891

 

 

 

743

 

 

 

603

 

C5MI Holdco, LLC (9)

 

07/31/2024

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

104,000

 

 

 

104

 

 

 

108

 

Gauge Schlesinger Coinvest, LLC - Class A-2

 

05/24/2023

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

1

 

 

 

1

 

 

 

-

 

EvAL Home Health Solutions, LLC (9)

 

05/10/2024

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

272,771

 

 

 

453

 

 

 

409

 

Five Star Parent Holdings, LLC - Class P

 

07/09/2025

 

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

 

 

 

—

 

 

 

384

 

 

 

38

 

 

 

164

 

Hancock Claims Consultants Investors, LLC - Class A (9)

 

04/30/2024

 

 

 

Insurance

 

 

 

 

 

—

 

 

 

116,588

 

 

 

76

 

 

 

134

 

HPA SPQ Aggregator, LP

 

06/08/2023

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

52,353

 

 

 

52

 

 

 

52

 

Imagine Topco, LP Preferred

 

11/04/2021

 

 

 

Business Services

 

 

8.00

%

 

 

—

 

 

 

743,826

 

 

 

744

 

 

 

1,017

 

Magnolia Topco, LP - Class A (9)

 

07/25/2023

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

1,545

 

 

 

1,545

 

 

 

1,424

 

Magnolia Topco, LP - Class A-1 (9)

 

07/25/2023

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

530

 

 

 

530

 

 

 

1,060

 

Magnolia Topco, LP - Class B (9)

 

07/25/2023

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

1,018

 

 

 

643

 

 

 

-

 

Megawatt Acquisition Partners, LLC - Class A

 

06/28/2024

 

 

 

Electronics

 

 

 

 

 

—

 

 

 

5,349

 

 

 

535

 

 

 

417

 

NXOF Holdings, Inc.

 

02/26/2019

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

422

 

 

 

422

 

 

 

441

 

ORL Holdco, Inc.

 

09/01/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

575

 

 

 

57

 

 

 

-

 

PL Acquisitionco, LLC - (9)

 

05/31/2023

 

 

 

Retail

 

 

 

 

 

—

 

 

 

73

 

 

 

73

 

 

 

-

 

RTIC Parent Holdings, LLC - Class A-1 (9)

 

05/03/2024

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

5

 

 

 

5

 

 

 

-

 

RTIC Parent Holdings, LLC - Class C (9)

 

05/03/2024

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

10,624

 

 

 

700

 

 

 

1,290

 

RTIC Parent Holdings, LLC - Class D (9)

 

05/03/2024

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

11,276

 

 

 

113

 

 

 

152

 

SP L2 Holdings, LLC

 

11/04/2021

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

331,229

 

 

 

81

 

 

 

-

 

SP L2 Holdings, LLC - Unfunded (7)

 

11/04/2021

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

189,274

 

 

 

-

 

 

 

(46

)

TPC Holding Company, LP

 

12/04/2019

 

 

 

Food

 

 

 

 

 

—

 

 

 

219

 

 

 

219

 

 

 

236

 

TWD Parent Holdings, LLC

 

08/25/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

33

 

 

 

33

 

 

 

47

 

Total Preferred Equity/Partnership Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,092

 

 

 

19,819

 

Common Equity/Partnership Interests/Warrants - 30.0% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Equity, LLC (9)

 

12/19/2022

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

—

 

 

 

2,193,038

 

 

 

2,193

 

 

 

3,893

 

ACP Big Top Holdings, LP

 

02/29/2024

 

 

 

Manufacturing/Basic Industry

 

 

 

 

 

—

 

 

 

773,800

 

 

 

744

 

 

 

1,134

 

Ad.net Holdings, Inc.

 

05/04/2021

 

 

 

Media

 

 

 

 

 

—

 

 

 

2,667

 

 

 

27

 

 

 

-

 

Aechelon InvestCo, LP

 

08/16/2024

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

10,684

 

 

 

1,068

 

 

 

4,064

 

Aechelon InvestCo, LP - Unfunded (7)

 

08/16/2024

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

11,940

 

 

 

-

 

 

 

-

 

Aftermarket Drivetrain Products Holdings, LLC

 

12/29/2023

 

 

 

Machinery

 

 

 

 

 

—

 

 

 

1,645

 

 

 

1,645

 

 

 

3,062

 

AG Investco, LP (9)

 

11/05/2018

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

8,052

 

 

 

805

 

 

 

75

 

AG Investco, LP - Unfunded (7), (9)

 

11/05/2018

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

1,948

 

 

 

-

 

 

 

(177

)

Altamira Intermediate Company II, Inc.

 

07/23/2019

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

125,000

 

 

 

125

 

 

 

116

 

AMCSI Crash Co-Invest, LP

 

07/28/2022

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

24,898

 

 

 

2,490

 

 

 

3,794

 

AMCSI Crash Co-Invest, LP - Unfunded (7)

 

07/28/2022

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

5,102

 

 

 

-

 

 

 

-

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)

 

05/21/2019

 

 

 

Media

 

 

 

 

 

—

 

 

 

1,135

 

 

 

-

 

 

 

-

 

APT INTERMEDIATE, LLC (9)

 

09/29/2025

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

384,799

 

 

 

519

 

 

 

519

 

Athletico Holdings, LLC (9)

 

02/04/2022

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

9,357

 

 

 

10,000

 

 

 

6,897

 

Atlas Investment Aggregator, LLC

 

05/03/2021

 

 

 

Telecommunications

 

 

 

 

 

—

 

 

 

1,700,000

 

 

 

1,613

 

 

 

-

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

23

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

Azureon, LLC (9)

 

06/26/2024

 

 

 

Diversified Conglomerate Service

 

 

 

 

 

—

 

 

 

508,238

 

 

 

508

 

 

 

432

 

BioDerm, Inc.

 

09/09/2024

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

1,312

 

 

 

-

 

 

 

-

 

Burgess Point Holdings, LP

 

07/21/2022

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

764

 

 

 

777

 

 

 

825

 

Carnegie Holdco, LLC (9)

 

02/07/2024

 

 

 

Education

 

 

 

 

 

—

 

 

 

1,680,300

 

 

 

1,603

 

 

 

1,260

 

Carisk Parent, LP

 

11/27/2023

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

204,455

 

 

 

204

 

 

 

236

 

Connatix Parent, LLC

 

07/08/2021

 

 

 

Media

 

 

 

 

 

—

 

 

 

273,207

 

 

 

632

 

 

 

315

 

Cowboy Parent LLC

 

09/12/2018

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

27,778

 

 

 

3,015

 

 

 

3,157

 

Crane 1 Acquisition Parent Holdings, LP

 

08/11/2021

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

—

 

 

 

113

 

 

$

104

 

 

$

220

 

C5MI Holdco, LLC (9)

 

07/31/2024

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

754,200

 

 

 

754

 

 

 

694

 

Delta InvestCo, LP (9)

 

12/16/2020

 

 

 

Telecommunications

 

 

 

 

 

—

 

 

 

913,649

 

 

 

866

 

 

 

1,768

 

Delta InvestCo, LP - Unfunded (7), (9)

 

12/16/2020

 

 

 

Telecommunications

 

 

 

 

 

—

 

 

 

227,395

 

 

 

-

 

 

 

-

 

Duggal Acquisition, LLC

 

09/30/2024

 

 

 

Marketing Services

 

 

 

 

 

—

 

 

 

314

 

 

 

314

 

 

 

287

 

EDS Topco, LP

 

12/19/2022

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

937,500

 

 

 

938

 

 

 

1,935

 

Events Buyer, LLC

 

12/17/2024

 

 

 

Event Services

 

 

 

 

 

—

 

 

 

536,267

 

 

 

536

 

 

 

684

 

Exigo, LLC

 

03/10/2022

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

1,458,333

 

 

 

1,458

 

 

 

1,547

 

FedHC InvestCo, LP (9)

 

08/26/2021

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

15,255

 

 

 

545

 

 

 

2,023

 

FedHC InvestCo, LP - Unfunded (7), (9)

 

08/26/2021

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

2,563

 

 

 

-

 

 

 

-

 

FedHC InvestCo II, LP (9)

 

12/23/2021

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

21,817

 

 

 

2,303

 

 

 

3,002

 

First Medical Holdings, LLC

 

06/13/2025

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

45,000

 

 

 

450

 

 

 

464

 

Five Star Parent Holdings, LLC

 

02/21/2023

 

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

 

 

 

—

 

 

 

655,714

 

 

 

656

 

 

 

-

 

Gauge APHIX Blocker, LLC

 

07/16/2025

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

489,789

 

 

 

490

 

 

 

519

 

Gauge ETE Blocker, LLC

 

05/24/2023

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

—

 

 

 

374,444

 

 

 

374

 

 

 

288

 

Gauge Lash Coinvest, LLC

 

12/04/2019

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

1,231,392

 

 

 

951

 

 

 

2,430

 

Gauge Loving Tan, LP

 

05/25/2023

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

543,562

 

 

 

544

 

 

 

700

 

Gauge Schlesinger Coinvest, LLC

 

04/22/2020

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

9

 

 

 

10

 

 

 

-

 

GCOM InvestCo, LP

 

05/11/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

2,434

 

 

 

1,003

 

 

 

649

 

GCP Boss Holdco, LLC

 

12/27/2024

 

 

 

Conglomerate Manufacturing

 

 

 

 

 

—

 

 

 

1,045,100

 

 

 

1,045

 

 

 

1,515

 

GGG MIDCO, LLC (9)

 

09/27/2024

 

 

 

Home and Office Furnishings, Housewares and Durable Consumer Products

 

 

 

 

 

—

 

 

 

1,222,700

 

 

 

1,223

 

 

 

1,589

 

GMP Hills, LP

 

11/02/2023

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

3,747,470

 

 

 

3,747

 

 

 

4,647

 

Hancock Claims Consultants Investors, LLC (9)

 

12/23/2020

 

 

 

Insurance

 

 

 

 

 

—

 

 

 

450,000

 

 

 

450

 

 

 

194

 

HPA SPQ Aggregator, LP

 

06/08/2023

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

750,399

 

 

 

750

 

 

 

46

 

HV Watterson Holdings, LLC

 

06/13/2022

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

1,600,000

 

 

 

1,600

 

 

 

-

 

Icon Partners V C, LP

 

12/20/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

1,201,283

 

 

 

1,201

 

 

 

1,184

 

Icon Partners V C, LP - Unfunded (7)

 

12/20/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

298,717

 

 

 

-

 

 

 

(4

)

IHS Parent Holdings, LP

 

12/21/2022

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

—

 

 

 

1,218,045

 

 

 

1,218

 

 

 

1,717

 

Imagine Topco, LP

 

11/04/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

743,826

 

 

 

-

 

 

 

69

 

Infogroup Parent Holdings, Inc.

 

05/31/2023

 

 

 

Other Media

 

 

 

 

 

—

 

 

 

181,495

 

 

 

2,040

 

 

 

2,735

 

Ironclad Holdco, LLC (Applied Technical Services, LLC)

 

12/23/2020

 

 

 

Environmental Services

 

 

 

 

 

—

 

 

 

4,993

 

 

 

525

 

 

 

1,139

 

ITC Infusion Co-invest, LP (9)

 

02/16/2022

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

162,445

 

 

 

1,673

 

 

 

4,419

 

Kinetic Purchaser, LLC - Class A

 

11/08/2021

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

1,308,814

 

 

 

1,309

 

 

 

11

 

Kinetic Purchaser, LLC - Class AA

 

11/08/2021

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

115,688

 

 

 

135

 

 

 

271

 

KL Stockton Co-Invest, LP (9)

 

07/16/2021

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

—

 

 

 

382,353

 

 

 

385

 

 

 

639

 

Lightspeed Investment Holdco, LLC

 

01/21/2020

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

273,143

 

 

 

273

 

 

 

993

 

LJ Avalon, LP

 

01/18/2023

 

 

 

Environmental Services

 

 

 

 

 

—

 

 

 

851,087

 

 

 

851

 

 

 

1,362

 

Lorient Peregrine Investments, LP

 

11/18/2022

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

335,590

 

 

 

4,530

 

 

 

2,339

 

Magnolia Topco, LP - Class A (9)

 

07/25/2023

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

1,545,460

 

 

 

-

 

 

 

-

 

Magnolia Topco, LP - Class B (9)

 

07/25/2023

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

1,017,840

 

 

 

-

 

 

 

-

 

Marketplace Events Acquisition, LLC

 

12/19/2024

 

 

 

Media

 

 

 

 

 

—

 

 

 

14,640

 

 

 

1,464

 

 

 

1,731

 

MDI Aggregator, LP

 

07/19/2022

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

—

 

 

 

31,904

 

 

 

3,232

 

 

 

3,035

 

Meadowlark Title, LLC (9)

 

12/09/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

815,385

 

 

 

802

 

 

 

383

 

Megawatt Acquisition Partners, LLC - Class A

 

06/28/2024

 

 

 

Electronics

 

 

 

 

 

—

 

 

 

594

 

 

 

59

 

 

 

-

 

Municipal Emergency Services, Inc.

 

09/28/2021

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

3,920,145

 

 

 

3,984

 

 

 

8,154

 

NEPRT Parent Holdings, LLC (9)

 

01/27/2021

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

1,299

 

 

 

1,250

 

 

 

205

 

New Insight Holdings, Inc.

 

07/15/2024

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

1,157

 

 

 

20

 

 

 

17

 

New Medina Health, LLC (9)

 

10/16/2023

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

1,429,480

 

 

 

1,429

 

 

 

2,225

 

NFS - CFP Holdings, LLC

 

09/13/2024

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

662,983

 

 

 

663

 

 

 

804

 

NORA Parent Holdings, LLC (9)

 

08/22/2023

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

1,257

 

 

 

1,248

 

 

 

612

 

North Haven Saints Equity Holdings, LP (9)

 

02/25/2022

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

351,553

 

 

 

352

 

 

 

355

 

Northwinds Services Group, LLC

 

08/16/2024

 

 

 

Consumer Services

 

 

 

 

 

—

 

 

 

840,000

 

 

 

1,680

 

 

 

1,960

 

NXOF Holdings, Inc.

 

02/26/2019

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

8,188

 

 

 

108

 

 

 

-

 

OceanSound Discovery Equity, LP (9)

 

03/28/2024

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

119,966

 

 

 

1,200

 

 

 

1,496

 

OES Co-Invest, LP - Class A

 

05/31/2024

 

 

 

Diversified Conglomerate Service

 

 

 

 

 

—

 

 

 

840

 

 

 

851

 

 

 

714

 

OHCP V BC COI, LP

 

12/13/2021

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

699,844

 

 

 

700

 

 

 

385

 

OHCP V BC COI, LP - Unfunded (7)

 

12/13/2021

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

50,156

 

 

 

-

 

 

 

(23

)

ORL Holdco, Inc.

 

09/01/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

638

 

 

 

6

 

 

 

-

 

OSP Embedded Aggregator, LP

 

12/11/2023

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

871

 

 

 

871

 

 

 

1,011

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

24

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

OSP PAR Holdings, LP

 

09/03/2024

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

1,806

 

 

 

1,812

 

 

 

1,735

 

Paving Parent, LLC

 

07/01/2025

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

1,166

 

 

 

1,166

 

 

 

1,092

 

PCS Parent, LP

 

03/01/2024

 

 

 

Financial Services

 

 

 

 

 

—

 

 

 

421,304

 

 

 

421

 

 

 

421

 

PennantPark-TSO Senior Loan Fund II, LP (11)

 

01/07/2022

 

 

 

Financial Services

 

 

 

 

 

—

 

 

 

8,115,794

 

 

 

8,116

 

 

 

7,008

 

Penta Group Holdings, Inc.

 

07/31/2025

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

813,376

 

 

 

813

 

 

 

813

 

Pink Lily Holdco, LLC (9)

 

11/05/2021

 

 

 

Retail

 

 

 

 

 

—

 

 

 

1,044

 

 

 

1,044

 

 

 

-

 

Podean Intermediate II, LLC

 

08/04/2025

 

 

 

Marketing Services

 

 

 

 

 

—

 

 

 

287

 

 

 

287

 

 

 

287

 

Project Granite Holdings, LLC

 

12/31/2024

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

369

 

 

 

369

 

 

 

386

 

Quad (U.S.) Co-Invest, LP

 

10/03/2022

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

2,607,587

 

 

 

2,608

 

 

 

4,036

 

QuantiTech InvestCo, LP (9)

 

05/01/2020

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

700

 

 

 

-

 

 

 

96

 

QuantiTech InvestCo, LP - Unfunded (7), (9)

 

05/01/2020

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

955

 

 

 

-

 

 

 

-

 

QuantiTech InvestCo II, LP (9)

 

05/01/2020

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

40

 

 

$

12

 

 

$

7

 

RFMG Parent, LP

 

12/16/2020

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

1,050,000

 

 

 

1,050

 

 

 

1,292

 

Ro Health Holdings, Inc.

 

01/16/2025

 

 

 

Healthcare Providers & Services

 

 

 

 

 

—

 

 

 

289,700

 

 

 

290

 

 

 

436

 

Rosco Topco, LLC

 

09/09/2025

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

701,149

 

 

 

701

 

 

 

701

 

Sabel InvestCo, LP (9)

 

10/31/2024

 

 

 

Government Services

 

 

 

 

 

—

 

 

 

32,771

 

 

 

830

 

 

 

1,098

 

Sabel InvestCo, LP - Unfunded (7), (9)

 

10/31/2024

 

 

 

Government Services

 

 

 

 

 

—

 

 

 

47,957

 

 

 

-

 

 

 

-

 

Safe Haven Defense MidCo, LLC (9)

 

05/23/2024

 

 

 

Building Materials

 

 

 

 

 

—

 

 

 

245

 

 

 

245

 

 

 

89

 

SBI Holdings Investments, LLC

 

12/23/2019

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

36,585

 

 

 

366

 

 

 

410

 

Seacoast Service Partners, LLC

 

12/20/2024

 

 

 

Diversified Conglomerate Service

 

 

 

 

 

—

 

 

 

274

 

 

 

351

 

 

 

263

 

Seaway Topco, LP

 

06/08/2022

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

—

 

 

 

2,981

 

 

 

2,981

 

 

 

661

 

SP L2 Holdings, LLC

 

11/04/2021

 

 

 

Consumer Products

 

 

 

 

 

—

 

 

 

881,966

 

 

 

882

 

 

 

-

 

SSC Dominion Holdings, LLC

 

07/11/2018

 

 

 

Electronics

 

 

 

 

 

—

 

 

 

36

 

 

 

36

 

 

 

3,478

 

StellPen Holdings, LLC

 

08/17/2021

 

 

 

Media

 

 

 

 

 

—

 

 

 

153,846

 

 

 

154

 

 

 

114

 

TAC LifePort Holdings, LLC (9)

 

02/24/2021

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

254,206

 

 

 

239

 

 

 

600

 

TCG 3.0 Jogger Co-Invest, LP

 

01/22/2024

 

 

 

Media

 

 

 

 

 

—

 

 

 

6,475

 

 

 

1,252

 

 

 

841

 

Tinicum Space Coast Co-Invest, LLC (9)

 

10/29/2024

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

216

 

 

 

2,177

 

 

 

2,406

 

Tinicum Space Coast Holdings, LLC (9)

 

12/06/2023

 

 

 

Aerospace and Defense

 

 

 

 

 

—

 

 

 

25

 

 

 

210

 

 

 

614

 

Tower Arch Infolinks Media, LP (9)

 

10/27/2021

 

 

 

Media

 

 

 

 

 

—

 

 

 

548,251

 

 

 

253

 

 

 

644

 

Tower Arch Infolinks Media, LP - Unfunded (7), (9)

 

10/27/2021

 

 

 

Media

 

 

 

 

 

—

 

 

 

347,194

 

 

 

-

 

 

 

-

 

TPC Holding Company, LP

 

12/04/2019

 

 

 

Food

 

 

 

 

 

—

 

 

 

11,527

 

 

 

12

 

 

 

-

 

TWD Parent Holdings, LLC

 

08/25/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

670

 

 

 

3

 

 

 

17

 

United Land Services Holdings, LLC

 

07/12/2024

 

 

 

Environmental Services

 

 

 

 

 

—

 

 

 

184,049

 

 

 

600

 

 

 

695

 

UniVista Insurance (9)

 

06/14/2021

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

400

 

 

 

-

 

 

 

113

 

Urology Partners Co, LP

 

01/20/2023

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

1,111,111

 

 

 

1,111

 

 

 

4,656

 

Wash & Wax Systems. LLC (9)

 

04/30/2025

 

 

 

Auto Sector

 

 

 

 

 

—

 

 

 

514

 

 

 

917

 

 

 

947

 

Watchtower Holdings, LLC (9)

 

11/29/2023

 

 

 

Electronics

 

 

 

 

 

—

 

 

 

12,419

 

 

 

1,242

 

 

 

1,107

 

WCP Ivyrehab Coinvestment, LP (9)

 

06/27/2022

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

208

 

 

 

208

 

 

 

268

 

WCP Ivyrehab QP CF Feeder, LP (9)

 

06/27/2022

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

3,754

 

 

 

3,853

 

 

 

4,839

 

WCP Ivyrehab QP CF Feeder, LP - Unfunded (7), (9)

 

06/27/2022

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

246

 

 

 

-

 

 

 

-

 

White Tiger Newco, LLC

 

07/31/2025

 

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

 

 

 

—

 

 

 

4,833

 

 

 

368

 

 

 

338

 

Kentucky Racing Holdco, LLC (Warrants) (9)

 

04/16/2019

 

 

 

Hotels, Motels, Inns and Gaming

 

 

 

 

 

—

 

 

 

161,252

 

 

 

-

 

 

 

1,848

 

Total Common Equity/Partnership Interests/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

120,117

 

 

 

139,097

 

US Government Securities - 26.9% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bill (5)

 

10/02/2025

 

10/31/2025

 

Short-Term U.S. Government Securities

 

 

3.98

%

 

 

—

 

 

 

125,000

 

 

 

124,809

 

 

 

124,788

 

Total US Government Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

124,809

 

 

 

124,788

 

Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

853,416

 

 

 

857,415

 

Investments in Non-Controlled, Affiliated Portfolio Companies - 1.1% of Net Assets (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity/Partnership Interests - 1.1% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

02/19/2025

 

 

 

Environmental Services

 

 

 

 

 

—

 

 

 

918

 

 

 

918

 

 

 

1,657

 

Cascade Environmental Holdings, LLC - Series B

 

02/19/2025

 

 

 

Environmental Services

 

 

 

 

 

—

 

 

 

5,887,236

 

 

 

32,791

 

 

 

3,234

 

Total Preferred Equity/Partnership Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,709

 

 

 

4,891

 

Common Equity/Partnership Interests/Warrants - 0.0% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

02/19/2015

 

 

 

Environmental Services

 

 

 

 

 

—

 

 

 

7,444,347

 

 

 

2,852

 

 

 

—

 

Total Common Equity/Partnership Interests/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,852

 

 

 

—

 

Total Investments in Non-Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,561

 

 

 

4,891

 

Investments in Controlled, Affiliated Portfolio Companies - 91.6% (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt - 14.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited (8), (11)

 

03/07/2018

 

03/15/2027

 

Healthcare, Education and Childcare

 

 

11.19

%

 

3M SOFR+700

 

 

 

GBP 40,000

 

 

 

54,714

 

 

 

53,850

 

Pragmatic Institute, LLC

 

07/05/2022

 

03/28/2030

 

Business Services

 

PIK 9.50%

 

 

3M SOFR+550

 

 

 

15,000

 

 

 

15,000

 

 

 

10,875

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69,714

 

 

 

64,725

 

Subordinated Debt - 35.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flock Financial, LLC  (11)

 

04/19/2024

 

10/19/2027

 

Financial Services

 

 

12.50

%

 

 

—

 

 

 

23,031

 

 

 

23,031

 

 

 

23,031

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

25

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

 

Issuer Name

 

Acquisition

 

Maturity

 

Industry

 

Current Coupon

 

 

Basis Point Spread Above Index (4)

 

 

Par / Shares

 

 

Cost

 

 

Fair Value (3)

 

PennantPark Senior Loan Fund, LLC (11)

 

07/31/2020

 

07/31/2027

 

Financial Services

 

 

12.29

%

 

3M SOFR+800

 

 

 

140,287

 

 

 

140,287

 

 

 

140,287

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

163,318

 

 

 

163,318

 

Preferred Equity - 5.7% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flock Financial Class A (11)

 

04/19/2024

 

 

 

Financial Services

 

 

 

 

 

—

 

 

 

2,047,727

 

 

 

7,313

 

 

 

17,868

 

Flock Financial Class B (9), (11)

 

04/19/2024

 

 

 

Financial Services

 

 

 

 

 

—

 

 

 

5,409,091

 

 

 

19,318

 

 

 

8,415

 

Total Preferred Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,631

 

 

 

26,283

 

Common Equity - 36.8% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited - Class A (8), (11)

 

03/07/2018

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

950

 

 

 

132

 

 

 

33,742

 

AKW Holdings Limited - Class B (8), (11)

 

03/07/2018

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

13

 

 

 

124

 

 

 

483

 

AKW Holdings Limited - Class C (8), (11)

 

03/07/2018

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

—

 

 

 

13

 

 

 

146

 

 

 

571

 

JF Intermediate, LLC

 

08/31/2022

 

 

 

Distribution

 

 

 

 

 

—

 

 

 

43,918

 

 

 

4,488

 

 

 

68,332

 

PennantPark Senior Loan Fund, LLC (11)

 

07/31/2020

 

 

 

Financial Services

 

 

 

 

 

—

 

 

 

82,176,579

 

 

$

82,358

 

 

$

67,513

 

Pragmatic Institute, LLC

 

03/28/2025

 

 

 

Business Services

 

 

 

 

 

—

 

 

 

480

 

 

 

-

 

 

 

-

 

Total Common Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

87,248

 

 

 

170,641

 

Total Investments in Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

346,911

 

 

 

424,967

 

Total Investments - 277.5% of Net Assets (12), (14)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,236,888

 

 

 

1,287,273

 

Cash Equivalents - 6.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 81 (Money Market Fund)

 

 

 

 

 

 

 

 

4.11

%

 

 

 

 

 

 

 

 

30,711

 

 

 

30,711

 

Total Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,711

 

 

 

30,711

 

Cash - 4.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Money Market Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,028

 

 

 

21,072

 

Total Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,028

 

 

 

21,072

 

Total Investments Cash Equivalents, and Cash - 288.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,288,627

 

 

$

1,339,056

 

Liabilities in Excess of Other Assets - (188.6)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(875,106

)

Net Assets - 100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

463,950

 

(1)
The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
(2)
The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities (See Note 6).
(3)
Valued based on our accounting policy (See Note 2).
(4)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR”, or Prime rate, or “P, or Sterling Overnight Index Average, or “SONIA.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower’s option. SONIA loans are typically indexed daily for GBP loans with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(5)
The security was valued by using the pricing service which utilize broker-supplied prices.
(6)
Non-income producing securities.
(7)
Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(8)
Non-U.S. company or principal place of business located in The Isle of Man. Total cost, fair value, and percentage of Net Assets for the Isle of Man was $55.1 million, $88.6 million, and 19.1%.
(9)
Investment is held through our Taxable Subsidiary (See Note 1).
(10)
Non-accrual security
(11)
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2025, qualifying assets represent 74% of the Company’s total assets and non-qualifying assets represent 26% of the Company’s total assets.
(12)
All investments are in US Companies unless noted otherwise. Total cost, fair value, and percentage of Net Assets for the U.S. Companies were $1,181.8 million, $1,198.6 million, and 258.4%
(13)
Partial non-accrual PIK security.
(14)
All of our investments are not registered under the 1933 Act and have restrictions on resale.

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

26

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

DECEMBER 31, 2025

 

 

1. ORGANIZATION

 

PennantPark Investment Corporation was organized as a Maryland corporation in January 2007. We are a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. Our principal investment objective is to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments. We invest primarily in U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and, to a lesser extent, equity investments. On April 24, 2007, we closed our initial public offering. On April 14, 2022, trading of the Company's common stock commenced on the New York Stock Exchange after the Company voluntarily withdrew the principal listing of its common stock from the Nasdaq Stock Market LLC effective at market close on April 13, 2022. Our common stock trades on the New York Stock Exchange under the symbol “PNNT.”

 

We execute our investment strategy directly and through our wholly owned subsidiaries, our unconsolidated joint venture and unconsolidated limited partnership. The term “subsidiary” means entities that primarily engage in investment activities in securities or other assets and are wholly owned by us. The Company does not intend to create or acquire primary control of any entity which primarily engages in investment activities of securities or other assets other than entities wholly owned by the Company. We comply with the provisions of Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with our subsidiaries. Our subsidiaries comply with the provisions of Section 17 of the 1940 Act related to affiliated transactions and custody. To the extent that the Company forms a subsidiary advised by an investment adviser other than the Investment Adviser, the investment adviser to such subsidiaries will comply with the provisions of the 1940 Act relating to investment advisory contracts, including but not limited to, Section 15, as if it were an investment adviser to the Company under Section 2(a)(20) of the 1940 Act.

 

We have entered into an investment management agreement, (the "Investment Management Agreement"), with PennantPark Investment Advisors, LLC (the "Investment Adviser"), an external adviser that manages our day-to-day operations. We have also entered into an administration agreement, (the "Administration Agreement"), with PennantPark Investment Administrator LLC (the "Administrator"), which provides the administrative services necessary for us to operate.

 

On July 31, 2020, we and certain entities and managed accounts of the private credit investment manager of Pantheon Ventures (UK) LLP, or Pantheon, entered into a limited liability company agreement to co-manage PSLF, a newly formed unconsolidated joint venture formed as a Delaware limited liability company. In connection with this transaction, we contributed in-kind our formerly wholly-owned subsidiary, Funding I. As a result of this transaction, Funding I became a wholly-owned subsidiary of PSLF and was deconsolidated from our financial statements. PSLF invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSLF was formed as a Delaware limited liability company. See Note 4.

 

In April 2021, we issued $150.0 million in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4%. Interest on the 2026 Notes is

paid semi-annually on May 1 and November 1 of each year, at a rate of 4.50% per year, commencing November 1, 2021. The effective interest rate is 4.62%. The 2026 Notes mature on May 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.

 

In October 2021, we issued $165.0 million in aggregate principal amount of our 2026 Notes-2 at a public offering price per note of 99.4%. Interest on the 2026

Notes is paid semiannually on May 1 and November 1 of each year, at a rate of 4.00% per year, commencing May 1, 2022. The effective interest rate is 4.12%. The 2026 Notes-2 mature on November 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes-2 are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes-2 on any securities exchange or automated dealer quotation system.

 

On November 22, 2021, we formed PNNT Investment Holdings II, LLC, a Delaware limited liability company (“Holdings II”), as a wholly owned subsidiary. On December 31, 2022, we contributed 100% of our interests in PNNT Investment Holdings, LLC (“Holdings”) to Holdings II. Effective as of January 1, 2024, Holdings II elected to be treated as a corporation for U.S. federal income tax purposes. On January 3, 2024, we purchased an equity interest in Holdings from Holdings II and Holdings became a partnership for U.S. federal income tax purposes. The Company and Holdings II entered into a limited liability company agreement with respect to Holdings that provides for certain payments and the sharing of income, gain, loss and deductions attributable to Holdings’ investments.

 

In January 2022, we formed PennantPark-TSO Senior Loan Fund II, LP, ("PTSF II"), an unconsolidated limited partnership, organized as a Delaware limited partnership. We sold $82.3 million in investments to a wholly-owned subsidiary of PTSF II in exchange for cash in the amount of $75.7 million and an $6.6 million equity interest in PTSF II representing 23.1% of the total outstanding Class A Units of PTSF II. We recognized $0.2 million of realized gain upon the formation of PTSF II. As of December 31, 2025, our capital commitment of $15.0 million was 100% funded and we held 23.1% of the total outstanding Class A Units of PTSF II and a 4.99% voting interest in the general partner which manages PTSF II.

 

We are operated by a person who has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act of 1936, as amended, or the Commodity Exchange Act, and therefore, is not subject to registration or regulation as a commodity pool operator under the Commodity Exchange Act.

 

27

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

The preparation of our consolidated financial statements, in conformity with U.S. generally accepted accounting principles, or GAAP requires management to make estimates and assumptions that affect the reported amount of our assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies and any other parameters used in determining these estimates and assumptions could cause actual results to differ from such estimates and assumptions. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions in consolidation. References to the Financial Accounting Standards Board’s ("FASB’s") or Accounting Standards Codification, as amended ("ASC"), serve as a single source of accounting literature. Subsequent events are evaluated and disclosed as appropriate for events occurring through the date the consolidated financial statements are issued.

 

Our consolidated financial statements are prepared in accordance with GAAP, consistent with ASC Topic 946, Financial Services – Investment Companies, and pursuant to the requirements for reporting on Form 10-K/Q and Articles 6, 10 and 12 of Regulation S-X, as appropriate. In accordance with Article 6-09 of Regulation S-X, we have provided a consolidated statement of changes in net assets in lieu of a consolidated statement of changes in stockholders’ equity.

 

(a)
Investment Valuations

 

We expect that there may not be readily available market values for many of the investments which are or will be in our portfolio. We value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material. See Note 5.

 

Our portfolio generally consists of illiquid securities, including debt and equity investments. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, our board of directors undertakes a multi-step valuation process each quarter, as described below:

 

(1)
Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the portfolio investment;
(2)
Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser;
(3)
Our board of directors also engages independent valuation firms to conduct independent appraisals of our investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. The independent valuation firms review management’s preliminary valuations in light of their own independent assessment and also in light of any market quotations obtained from an independent pricing service, broker, dealer or market maker;
(4)
The audit committee of our board of directors reviews the valuations of the Investment Adviser and those of the independent valuation firms on a quarterly basis, periodically assesses the valuation methodologies of the independent valuation firms, and responds to and supplements the valuation recommendations of the independent valuation firms to reflect any comments; and
(5)
Our board of directors discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our Investment Adviser, the respective independent valuation firms and the audit committee.

 

Our board of directors generally uses market quotations to assess the value of our investments for which market quotations are readily available. We obtain these market values from independent pricing services or at the bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If our board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.

 

(b)
Security Transactions, Revenue Recognition, and Realized/Unrealized Gains or Losses

 

Security transactions are recorded on a trade-date basis. We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering prepayment penalties. Net change in unrealized appreciation or depreciation reflects, as applicable, the change in the fair values of our portfolio investments and the Credit Facility during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

 

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount ("OID"), market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties earned on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be recurring in nature. Such fees include loan prepayment penalties, structuring fees, amendment fees, and agency fees and are recorded as other investment income when earned.

 

28

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or if there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. As of December 31, 2025, we had four portfolio companies on non-accrual status, representing 2.2% of overall portfolio on a cost and 1.1% fair value basis. As of September 30, 2025, we had four portfolio companies on non-accrual status, representing 1.3% and 0.1% of our overall portfolio on a cost and fair value basis, respectively.

 

(c)
Income Taxes

 

We have complied with the requirements of Subchapter M of the Code and have qualified to be treated as a RIC for federal income tax purposes. In this regard, we account for income taxes using the asset and liability method prescribed by ASC Topic 740, Income Taxes, or ASC 740. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Based upon our qualification and election to be treated as a RIC for U.S. federal income tax purposes, we typically do not incur material federal income taxes. However, we may choose to retain a portion of our calendar year income, which may result in the imposition of an excise tax. Additionally, certain of the Company’s consolidated subsidiaries are subject to federal, state and local income taxes. For the three months ended December 31, 2025 and 2024, we recorded a provision for taxes on net investment income of $0.7 million and $0.7 million respectively, which pertains to U.S. federal excise tax.

 

We recognize the effect of a tax position in our Consolidated Financial Statements in accordance with ASC 740 when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not considered to satisfy the “more-likely-than-not” threshold would be recorded as a tax expense or benefit. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. There were no tax accruals relating to uncertain tax positions and no amounts accrued for any related interest or penalties with respect to the periods presented herein. The Company’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although the Company files both federal and state income tax returns, the Company’s major tax jurisdiction is federal.

 

Holdings II, is subject to U.S. federal, state and local corporate income taxes. The income tax expense and related tax liabilities of the Taxable Subsidiary are reflected in the Company’s consolidated financial statements.

 

For the three months ended December 31, 2025 and 2024, the Company recognized a provision for taxes of less than $(0.1) million and zero on net realized gain (loss) on investments by the Taxable Subsidiary, respectively. For the three months ended December 31, 2025 and 2024, the Company recognized a provision for taxes of zero and less than $(0.1) million, on net unrealized gain (loss) on investments by the Taxable Subsidiary, respectively. The provision for taxes on net realized and unrealized gains on investments is the result of netting (i) the expected tax liability on the gains from the sales of investments which is likely to be realized and unrealized during fiscal year ending and (ii) the expected tax benefit resulting from the use of loss carryforwards to offset such gains.

 

During the three months ended December 31, 2025 and 2024, the Company paid zero and zero in federal taxes on realized gains on the sale of investments held by the Taxable Subsidiary, respectively. The state and local tax liability is zero as of December 31, 2025 is included under accrued other expenses in the consolidated statement of assets and liabilities.

 

We operate in a manner to maintain our election to be subject to tax as a RIC and to eliminate corporate-level U.S. federal income tax (other than the 4% excise tax) by distributing sufficient investment company taxable income and capital gain net income (if any). As a result, we will have an effective tax rate equal to 0% before the excise tax and income taxes incurred by the Taxable Subsidiary. As such, a reconciliation of the differences between our reported income tax expense and its tax expense at the federal statutory rate of 21% is not meaningful.

Because federal income tax regulations differ from GAAP, distributions characterized in accordance with tax regulations may differ from net investment income and net realized gains recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

 

(d)
Distributions and Capital Transactions

 

Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid, if any, as a distribution is determined by our board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually. The tax attributes for distributions will generally include ordinary income and capital gains but may also include certain tax-qualified dividends and/or a return of capital.

 

Capital transactions, in connection with our dividend reinvestment plan or through offerings of our common stock, are recorded when issued and offering costs are charged as a reduction of capital upon issuance of our common stock.

 

On June 4, 2024, we entered into the Equity Distribution Agreements with Truist Securities, Inc. and Keefe, Bruyette & Woods, Inc. as the the Sales Agents in connection with the sale of shares of our common stock, with an aggregate offering price of up to $100 million under an ATM Program. We may offer and sell shares of our common stock from time to time through a Sales Agent in amounts and at times to be determined by us. Actual sales will depend on a variety of factors to be determined by us from time to time, including, market conditions and the trading price of our common stock. The Investment Adviser may, from time to time, in its sole discretion, pay some or all of the commissions payable under the equity distribution agreements or make additional supplemental payments to ensure that the sales price per share of our common stock in connection with ATM Program offerings will not be made at price less than our current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us. On April 28, 2025, our registration statement pursuant to which shares were issued under the ATM Program expired.

 

During the three months ended December 31, 2024, we did not issue any shares under the ATM program.

 

(e)
Foreign Currency Translation

 

Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

 

29

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

1.
Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and
2.
Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions.

 

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair values of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities.

 

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.

 

(f)
Consolidation

As permitted under Regulation S-X and as explained by ASC paragraph 946-810-45-3, PennantPark Investment will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to us. Accordingly, we have consolidated the results of our Taxable Subsidiary in our Consolidated Financial Statements. We do not consolidate our non-controlling interests in PSLF or PTSF II. See further description of our investment in PSLF in Note 4.

 

(g)
Asset Transfers and Servicing

 

Asset transfers that do not meet ASC Topic 860, Transfers and Servicing, requirements for sale accounting treatment are reflected in the Consolidated Statements of Assets and Liabilities and the Consolidated Schedules of Investments as investments.

 

(h) Segment Reporting

 

In accordance with ASC Topic 280 – Segment Reporting, the Company has determined that it has a single reporting segment and operating unit structure. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets. See Note 13 for additional information on the Company’s segment accounting policies.

 

(i) Recent Accounting Pronouncements

 

In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The FASB approved an (optional) two-year extension to December 31, 2024, for transitioning away from LIBOR. The Company has adopted the ASU 2020-04, the effect of which was not material to the consolidated financial statements.

 

In June 2022, the FASB issued Accounting Standards Update No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"), which changed the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820"). The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods therein. Early application is permitted. The Company has adopted the new accounting standard, the effect was not material to the consolidated financial statements.

 

In November 2023, FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities' segment disclosure by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM") and included within each reported measure of segment's profit or loss, an amount and description of its composition for other segment items and interim disclosure of a reportable segment's profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning December 15, 2024, and should be applied on a retrospective basis to all periods presented, noting early adoption is permitted. The Company has adopted ASU 2023-07 effective September 30, 2025 and concluded that the application of this guidance did not have a material impact on its consolidated financial statements. See Note 13 for more information on the effects of the adoption of ASU 2023-07.

 

In December 2023, the FASB issued ASU 2023 - 09 "Improvements to Income Tax Disclosures" ("ASU 2023 - 09"). ASU 2023 - 09 intends to improve the transparency of income tax disclosures. ASU 2023 - 09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect a material impact to our consolidated financial statements.

 

 

30

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

 

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS

 

(a) Investment Management Agreement

 

The Investment Management Agreement with the Investment Adviser was reapproved by our board of directors, including a majority of our directors who are not interested persons of us or the Investment Adviser, in May 2025. Under the Investment Management Agreement, the Investment Adviser, subject to the overall supervision of our board of directors, manages the day-to-day operations of and provides investment advisory services to, us. For providing these services, the Investment Adviser receives a fee from us, consisting of two components— a base management fee and an incentive fee or, collectively, Management Fees.

 

Base Management Fee

 

The base management fee is calculated at an annual rate of 1.50% of our “average adjusted gross assets,” which equals our gross assets (exclusive of U.S. Treasury Bills, temporary draws under any credit facility, cash and cash equivalents, repurchase agreements or other balance sheet transactions undertaken at the end of a fiscal quarter for purposes of preserving investment flexibility for the next quarter and unfunded commitments, if any) and is payable quarterly in arrears. In addition, on November 13, 2018, in connection with our board of directors’ approval of the application of the modified asset coverage requirements under the 1940 Act to the Company, our board of directors approved an amendment to the Investment Management Agreement reducing the Investment Adviser’s annual base management fee from 1.50% to 1.00% on gross assets that exceed 200% of the Company’s total net assets as of the immediately preceding quarter-end. This amendment became effective on February 5, 2019 with the amendment and restatement of the Investment Management Agreement on April 12, 2019. The base management fee is calculated based on the average adjusted gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. For example, if we sold shares on the 45th day of a quarter and did not use the proceeds from the sale to repay outstanding indebtedness, our gross assets for such quarter would give effect to the net proceeds of the issuance for only 45 days of the quarter during which the additional shares were outstanding. For the three months ended December 31, 2025 and 2024, we recorded base management fees of $3.9 million and $4.3 million, respectively, paid by us to the Investment Adviser.

 

Incentive Fee

 

The incentive fee has two parts, as follows:

One part is calculated and payable quarterly in arrears based on our Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. For this purpose, Pre-Incentive Fee Net Investment Income means interest income, dividend income and any other income, including any other fees (other than fees for providing managerial assistance), such as amendment, commitment, origination, prepayment penalties, structuring, diligence and consulting fees or other fees received from portfolio companies, accrued during the calendar quarter, minus our operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement and any interest expense or amendment fees under any credit facility and distribution paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero-coupon securities), accrued income not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income, expressed as a percentage of the value of our net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75% per quarter (7.00% annualized). We pay the Investment Adviser an incentive fee with respect to our Pre- Incentive Fee Net Investment Income in each calendar quarter as follows: (1) no incentive fee in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75%, (2) 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.1212% in any calendar quarter (8.4848% annualized), and (3) 17.5% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.1212% in any calendar quarter. These calculations are pro-rated for any share issuances or repurchases during the relevant quarter, if applicable.

For the three months ended December 31, 2025 and 2024, we recorded an incentive fee of zero and $2.8 million, respectively, related to incentive fees on net investment income.

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date) and, effective January 1, 2018, equals 17.5% of our realized capital gains, (20.0% for periods prior to January 1, 2018), if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For each of the three months ended December 31, 2025 and 2024, we did not accrue an incentive fee on capital gains.

Under GAAP, we are required to accrue a capital gains incentive fee based upon net realized capital gains and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the capital gains incentive fee accrual, we considered the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then we record a capital gains incentive fee equal to 17.5% of such amount, less the aggregate amount of actual capital gains related to incentive fees paid in all prior years, if any. If such amount is negative, then there is no accrual for such year. There can be no assurance that such unrealized capital appreciation will be realized in the future. For each of the three months ended December 31, 2025 and 2024, we did not accrue an incentive fee on capital gains as calculated under GAAP.

 

31

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

(b) Administration Agreement

 

The Administration Agreement with the Administrator was reapproved by our board of directors, including a majority of our directors who are not interested persons of us, in May 2025. Under the Administration Agreement, the Administrator provides administrative services and office facilities to us. For providing these services, facilities and personnel, we have agreed to reimburse the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, and their respective staffs. The amount billed by the Administrator may include credits related to its administrative agreement with PSLF. The Administrator also offers, on our behalf, significant managerial assistance to portfolio companies to which we are required to offer such assistance. Reimbursement for certain of these costs is included in administrative services expenses in the Consolidated Statements of Operations. For the three months ended December 31, 2025 and 2024, we recorded $0.4 million and $0.5 million, respectively, for the services described above.

 

Under the Administration Agreement, the Administrator may be reimbursed by the Company for the costs and expenses to be borne by the Company set forth above include the costs and expenses allocable with respect to the provision of in-house legal, tax, or other professional advice and/or services to the Company, including performing due diligence on its prospective portfolio companies as deemed appropriate by the Administrator, where such in-house personnel perform services that would be paid by the Company if outside service providers provided the same services, subject to the Board's oversight.

 

(c) Other Related Party Transactions

 

The Company, the Investment Adviser and certain other affiliates have been granted an order for exemptive relief by the SEC for the Company to co-invest with other funds managed by the Investment Adviser. If we co-invest with other affiliated funds, our Investment Adviser would not receive compensation except to the extent permitted by the exemptive order and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act.

 

There were no transactions subject to Rule 17a-7 under the 1940 Act during each of the three months ended December 31, 2025 and 2024.

 

For the three months ended December 31, 2025, we sold $128.9 million in investments to PSLF at fair value and recognized $0.4 million of net realized gains. For the three months ended December 31, 2024, we sold $286.6 million in investments to PSLF at fair value, and recognized $0.8 million of net realized gains.

 

For the three months ended December 31, 2025, we sold zero in investments to PTSF II at fair value, and recognized zero of net realized gains. For the three months ended December 31, 2024, we sold zero in investments to PTSF II at fair value, and recognized zero of net realized gains.

 

As of December 31, 2025 and September 30, 2025, PNNT had a receivable from Administrator of $0.1 million and $0.2 million, respectively, presented as a due from affiliates on the consolidated statement of assets and liabilities. These amounts are related to agency fees collected on behalf of the Company.

 

32

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

 

4. INVESTMENTS

 

Purchases of investments, including PIK interest, for the three months ended December 31, 2025 and 2024 totaled $117.5 million and $297.9 million, respectively (excluding U.S. Government Securities). Sales and repayments of investments for the three months ended December 31, 2025 and 2024 totaled $273.2 million and $353.7 million, respectively (excluding U.S. Government Securities).

 

Investments and cash and cash equivalents consisted of the following:

 

 

 

December 31, 2025

 

 

September 30, 2025

 

Investment Classification ($ in thousands)

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

First lien

 

$

509,004

 

 

 

487,900

 

 

$

606,949

 

 

$

582,373

 

U.S. Government Securities

 

 

209,555

 

 

 

209,485

 

 

 

124,809

 

 

 

124,788

 

Second lien

 

 

18,639

 

 

 

18,236

 

 

 

18,619

 

 

 

18,161

 

Subordinated debt / corporate notes

 

 

64,797

 

 

 

65,367

 

 

 

60,575

 

 

 

60,933

 

Subordinated notes in PSLF

 

 

140,287

 

 

 

140,287

 

 

 

140,287

 

 

 

140,287

 

Equity

 

 

200,566

 

 

 

237,432

 

 

 

203,291

 

 

 

293,218

 

Equity in PSLF

 

 

82,358

 

 

 

59,767

 

 

 

82,358

 

 

 

67,513

 

Total investments

 

 

1,225,206

 

 

 

1,218,474

 

 

 

1,236,888

 

 

 

1,287,273

 

Cash and cash equivalents

 

 

45,751

 

 

 

45,860

 

 

 

51,739

 

 

 

51,783

 

Total investments and cash and cash equivalents

 

$

1,270,957

 

 

$

1,264,334

 

 

$

1,288,627

 

 

$

1,339,056

 

 

The table below describes investments by industry classification by cost and fair value and enumerates the percentage, by fair value and total net asset value in such industries as of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025 (1)

 

 

September 30, 2025 (1)

 

Industry Classification

 

Cost

 

Fair Value

 

Fair Value Percentage

 

Net Asset Value Percentage

 

 

Cost

 

Fair Value

 

Fair Value Percentage

 

Net Asset Value Percentage

 

Short-Term U.S. Government Securities

 

$

209,555

 

$

209,485

 

 

21

%

 

46

%

 

$

124,809

 

$

124,788

 

 

12

%

 

27

%

Healthcare, Education and Childcare

 

 

115,196

 

 

164,480

 

 

16

%

 

36

%

 

 

128,969

 

 

168,000

 

 

16

%

 

36

%

Business Services

 

 

158,524

 

 

144,342

 

 

14

%

 

32

%

 

 

195,614

 

 

184,452

 

 

17

%

 

40

%

Financial Services

 

 

75,456

 

 

77,916

 

 

8

%

 

17

%

 

 

70,403

 

 

68,959

 

 

6

%

 

15

%

Distribution

 

 

45,968

 

 

58,221

 

 

6

%

 

13

%

 

 

57,352

 

 

130,850

 

 

12

%

 

28

%

Consumer Products

 

 

53,072

 

 

47,932

 

 

5

%

 

10

%

 

 

53,746

 

 

49,414

 

 

5

%

 

11

%

Auto Sector

 

 

45,680

 

 

44,618

 

 

4

%

 

10

%

 

 

26,621

 

 

27,826

 

 

2

%

 

6

%

Aerospace and Defense

 

 

28,775

 

 

34,791

 

 

3

%

 

8

%

 

 

39,513

 

 

47,113

 

 

4

%

 

10

%

Environmental Services

 

 

60,167

 

 

27,144

 

 

3

%

 

6

%

 

 

61,588

 

 

31,238

 

 

3

%

 

7

%

Gaming

 

 

22,858

 

 

23,183

 

 

2

%

 

5

%

 

 

22,853

 

 

23,151

 

 

2

%

 

5

%

Media

 

 

20,958

 

 

20,583

 

 

2

%

 

5

%

 

 

17,477

 

 

17,434

 

 

2

%

 

4

%

Diversified Conglomerate Service

 

 

20,753

 

 

19,734

 

 

2

%

 

4

%

 

 

17,268

 

 

16,416

 

 

1

%

 

4

%

Consumer Services

 

 

19,523

 

 

19,698

 

 

2

%

 

4

%

 

 

19,067

 

 

19,319

 

 

2

%

 

4

%

Personal, Food and Miscellaneous Services

 

 

15,859

 

 

19,416

 

 

2

%

 

4

%

 

 

16,207

 

 

18,769

 

 

2

%

 

4

%

Manufacturing/Basic Industry

 

 

15,595

 

 

16,191

 

 

2

%

 

4

%

 

 

42,601

 

 

43,067

 

 

4

%

 

9

%

Telecommunications

 

 

12,519

 

 

13,657

 

 

1

%

 

3

%

 

 

22,305

 

 

13,695

 

 

1

%

 

3

%

Chemicals, Plastics and Rubber

 

 

15,284

 

 

12,783

 

 

1

%

 

3

%

 

 

15,237

 

 

12,240

 

 

1

%

 

3

%

Buildings and Real Estate

 

 

12,523

 

 

12,546

 

 

1

%

 

3

%

 

 

12,546

 

 

12,495

 

 

1

%

 

3

%

Electronics

 

 

3,441

 

 

6,048

 

 

1

%

 

1

%

 

 

2,507

 

 

5,485

 

 

1

%

 

1

%

Event Services

 

 

536

 

 

643

 

 

0

%

 

0

%

 

 

11,823

 

 

12,073

 

 

1

%

 

3

%

Home and Office Furnishings, Housewares and Durable Consumer Products

 

 

1,547

 

 

2,037

 

 

0

%

 

0

%

 

 

9,258

 

 

9,723

 

 

1

%

 

2

%

Consulting Services

 

 

30

 

 

26

 

 

0

%

 

0

%

 

 

5,970

 

 

5,966

 

 

1

%

 

1

%

All Other

 

 

48,742

 

 

42,946

 

 

4

%

 

9

%

 

 

40,509

 

 

37,000

 

 

3

%

 

8

%

Total

 

$

1,002,561

 

$

1,018,420

 

 

100

%

 

223

%

 

$

1,014,243

 

$

1,079,473

 

 

100

%

 

234

%

(1)
Excludes investments in PSLF.

 

33

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

PennantPark Senior Loan Fund, LLC

 

In July 2020, we and Pantheon formed PSLF, an unconsolidated joint venture as a Delaware limited liability company. PSLF invests primarily in middle-market and other corporate debt securities consistent with its strategy. As of December 31, 2025 and September 30, 2025, PSLF had total assets of $1,409.3 million and $1,315.4 million, respectively and its investment portfolio consisted of debt investments in 118 and 109 portfolio companies, respectively. As of December 31, 2025, we and Pantheon had remaining commitments to fund subordinated notes of $8.2 million and $11.7 million, respectively, and equity interest of $5.0 million and $7.1 million, respectively, in PSLF. As of September 30, 2025, we and Pantheon had remaining commitments to fund subordinated notes of $8.2 million and $11.7 million, respectively, and equity interests of $5.0 million and $7.1 million, respectively, in PSLF. As of December 31, 2025, at fair value, the largest investment in a single portfolio company in PSLF was $26.6 million and the five largest investments totaled $123.6 million. As of September 30, 2025, at fair value, the largest investment in a single portfolio company in PSLF was $24.8 million and the five largest investments totaled $121.4 million. PSLF invests in portfolio companies in the same industries in which we may directly invest.

 

We provide capital to PSLF in the form of subordinated notes and equity interests. As of December 31, 2025, we and Pantheon owned 55.8% and 44.2%, respectively, of each of the outstanding subordinated notes and equity interests of PSLF. As of September 30, 2025, we and Pantheon owned 55.8% and 44.2%, respectively, of each of the outstanding subordinated notes and equity interest of PSLF. As of December 31, 2025, our investment in PSLF consisted of subordinated notes of $140.3 million and equity interests of $82.4 million, respectively. As of September 30, 2025, our investment in PSLF consisted of subordinated notes of $140.3 million and equity interests of $82.4 million respectively.

 

We and Pantheon each appointed two members to PSLF’s four-person Member Designees’ Committee, or the Member Designees’ Committee. All material decisions with respect to PSLF, including those involving its investment portfolio, require unanimous approval of a quorum of the Member Designees’ Committee. Quorum is defined as (i) the presence of two members of the Member Designees’ Committee; provided that at least one individual is present that was elected, designated or appointed by each of us and Pantheon; (ii) the presence of three members of the Member Designees’ Committee, provided that the individual that was elected, designated or appointed by each of us or Pantheon, as the case may be, with only one individual present being entitled to cast two votes on each matter; and (iii) the presence of four members of the Member Designees’ Committee constitute a quorum, provided that the two individuals are present that were elected, designated or appointed by each of us and Pantheon.

 

Additionally, PSLF, through its wholly-owned subsidiary, has entered into a $400.0 million (increased from $325.0 million in August 2024) senior secured revolving credit facility, with BNP Paribas, which bears interest at SOFR (or an alternative risk-free interest rate index) plus 225 basis points during the investment period and is subject to leverage and borrowing base restrictions.

 

In March 2022, PSLF completed a $304.0 million debt securitization in the form of a collateralized loan obligation, or the “2034 Asset-Backed Debt”. The 2034 Asset-Backed Debt is secured by a carefully constructed portfolio of PennantPark CLO IV, LLC., a wholly-owned and consolidated subsidiary of PSLF, consisting primarily of middle market loans and participation interests in middle market loans. The 2034 Asset-Backed Debt is scheduled to mature in April 2034. On the closing date of the transaction, in consideration of PSLF’s transfer to PennantPark CLO IV, LLC of the initial closing date loan portfolio, which included loans distributed to PSLF by certain of its wholly owned subsidiaries and us, PennantPark CLO IV, LLC transferred to PSLF 100% of the Preferred Shares of PennantPark CLO IV, LLC and 100% of the subordinated notes issued by PennantPark CLO IV, LLC. As of December 31, 2025 and September 30, 2025 there were $246.0 million and $246.0 million, respectively, of external 2034 Asset-Backed Debt.

 

On July 26, 2023, CLO VII , LLC ("CLO VII") completed a $300 million debt securitization in the form of a collateralized loan obligation (the "2035 Debt Securitization" or "2035 Asset-Backed Debt"). The 2035 Asset-Backed Debt is secured by a carefully constructed portfolio consisting primarily of middle market loans. The 2035 Debt Securitization was executed through a private placement of: (i) $151.0 million Class A-1a Notes maturing 2035, which bear interest at the three-month SOFR plus 2.7%, (ii) $20.0 million Class A-1b Loans 2035, which bear interest at 6.5%, (iii) $12.0 million Class A-2 Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 3.2%, (iv) $21.0 million Class B Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.1%, (v) $24.0 million Class C Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.7%, and (vi) $18.0 million Class D Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 7.0%. On July 21, 2025, CLO VII closed a partial refinancing of the 2035 Debt Securitization where the $21.0 million Class B (B-R) Senior Secured Floating Rate Notes interest rate was decreased to SOFR plus 2.0%, the $24.0 million Class C (C-R) Secured Deferrable Floating Rate Notes interest rate was decreased to SOFR plus 2.3% and the $18.0 million Class D (D-R) Secured Deferrable Floating Rate Notes interest rate was decreased to SOFR plus 3.4%. As of December 31, 2025 and September 30, 2025, there were $246.0 million and $246.0 million of external 2035 Asset-Backed Debt.

 

On December 23, 2024, PennantPark CLO X, LLC ("CLO X”) completed a $400.5 million debt securitization in the form of a collateralized loan obligation (the "2037 Debt Securitization" or "2037 Asset-Backed Debt"). The 2037 Asset-Backed Debt is secured by a carefully constructed portfolio consisting primarily of middle market loans. The 2037 Debt Securitization was executed through a private placement of: (i) $158.0 million Class A-1 Notes maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (ii) $30.0 million Class A-1A Loans maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (iii) $40.0 million Class A-1W Loans maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (iv) $16.0 million Class A-2W Loans due 2037, which bear interest at the three-month SOFR plus 1.75%, (v) $28.0 million Class B Notes due 2037, which bear interest at the three-month SOFR plus 1.85%, (vi) $32.0 million Class C Notes due 2037, which bear interest at the three-month SOFR plus 2.40%., (vii) $24.0 million Class D Notes due 2037, which bear interest at the three-month SOFR plus 3.85%. As of December 31, 2025 and September 30, 2025 there were $328.0 million and $328.0 million, respectively, of external 2037 Asset-Backed Debt.

 

On August 28, 2024, PSLF entered into an amendment (the “Amendment”) to PSLF’s limited liability company agreement (the “LLC Agreement”). The Amendment amended the term of PSLF, which would have otherwise expired on January 31, 2025, to be indefinite, subject to the other terms of dissolution, wind down and termination in the LLC Agreement. The Amendment also modified the LLC Agreement to permit any member of PSLF (each, a “PSLF Member”) to request to redeem its interests in PSLF (in minimum tranches of 25% of the interests then-owned by such PSFL Member) at any time. Under the Amendment, if a PSLF Member makes a redemption request, PSLF will be required to use commercially reasonable efforts to redeem any such PSFL Member’s interests within 18 months and, in any event, within three years from the date of such redemption request, subject to customary limitations with respect to the liquidity of PSLF and the requirement that the Company’s proportionate share or ownership of PSLF not exceed 87.5%.

 

 

34

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

Below is a summary of PSLF’s portfolio at fair value:

($ in thousands)

 

December 31, 2025 (Unaudited)

 

 

September 30, 2025

 

Total investments

 

$

1,357,342

 

 

$

1,265,901

 

Weighted average cost yield on income producing investments

 

 

9.6

%

 

 

10.1

%

Number of portfolio companies in PSLF

 

 

118

 

 

 

109

 

Largest portfolio company investment at fair value

 

$

26,563

 

 

$

24,802

 

Total of five largest portfolio company investments at fair value

 

$

123,565

 

 

$

121,360

 

 

 

Below is a listing of PSLF’s individual investments as of December 31, 2025 (par and $ in thousands)

Issuer Name

 

Acquisition

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index (1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

First Lien Secured Debt - 1,258.% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACP Avenu Buyer, LLC

 

04/23/24

 

10/02/29

 

 

Business Services

 

8.74%

 

 

SOFR+475

 

 

 

23,450

 

 

$

23,183

 

 

$

23,391

 

ACP Falcon Buyer, Inc.

 

10/06/23

 

08/01/29

 

 

Business Services

 

9.49%

 

 

SOFR+550

 

 

 

15,157

 

 

 

14,937

 

 

 

15,309

 

AFC-Dell Holding Corp.

 

02/23/24

 

04/09/27

 

 

Distribution

 

8.84%

 

 

SOFR+500

 

 

 

16,171

 

 

 

16,079

 

 

 

16,171

 

APT OPCO, LLC

 

12/24/25

 

09/30/31

 

 

Health Care Providers and Services

 

8.67%

 

 

SOFR+500

 

 

 

2,868

 

 

 

2,852

 

 

 

2,832

 

Ad.Net Acquisition, LLC

 

03/02/22

 

05/07/26

 

 

Media

 

9.93%

 

 

SOFR+626

 

 

 

5,425

 

 

 

5,421

 

 

 

5,425

 

Aechelon Technology, Inc.

 

12/23/24

 

08/16/29

 

 

Aerospace and Defense

 

9.47%

 

 

 

 

 

 

16,270

 

 

 

16,192

 

 

 

16,270

 

Alpine Acquisition Corp II (4), (6)

 

10/12/22

 

11/30/26

 

 

Containers, Packaging and Glass

 

 

 

 

 

 

 

 

15,157

 

 

 

15,028

 

 

 

6,972

 

Amsive Holdings Corporation

 

03/02/22

 

12/10/26

 

 

Media

 

9.92%

 

 

SOFR+625

 

 

 

13,768

 

 

 

13,717

 

 

 

13,631

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

03/02/22

 

06/30/26

 

 

Media

 

9.57%

 

 

SOFR+590

 

 

 

13,618

 

 

 

13,591

 

 

 

13,618

 

Arcfield Acquisition Corp.

 

07/26/22

 

10/28/31

 

 

Aerospace and Defense

 

8.84%

 

 

SOFR+500

 

 

 

14,850

 

 

 

14,829

 

 

 

14,776

 

Archer Lewis, LLC

 

12/20/24

 

08/28/29

 

 

Healthcare, Education and Childcare

 

9.42%

 

 

SOFR+575

 

 

 

15,542

 

 

 

15,389

 

 

 

15,542

 

Argano, LLC

 

12/16/24

 

09/13/29

 

 

Business Services

 

9.22%

 

 

SOFR+550

 

 

 

20,305

 

 

 

20,111

 

 

 

20,508

 

BLC Holding Company, INC.

 

02/24/25

 

11/20/30

 

 

Environmental Services

 

8.17%

 

 

SOFR+450

 

 

 

11,983

 

 

 

11,913

 

 

 

11,983

 

Beacon Behavioral Support Services, LLC

 

09/16/24

 

06/21/29

 

 

Healthcare, Education and Childcare

 

9.17%

 

 

SOFR+550

 

 

 

24,545

 

 

 

24,262

 

 

 

24,545

 

Best Practice Associates, LLC

 

01/21/25

 

11/08/29

 

 

Aerospace and Defense

 

10.47%

 

 

SOFR+675

 

 

 

19,800

 

 

 

19,560

 

 

 

19,651

 

Beta Plus Technologies, Inc.

 

08/11/22

 

07/02/29

 

 

Business Services

 

9.42%

 

 

SOFR+575

 

 

 

14,513

 

 

 

14,345

 

 

 

14,367

 

Big Top Holdings, LLC

 

06/26/24

 

02/28/30

 

 

Manufacturing / Basic Industries

 

8.92%

 

 

SOFR+525

 

 

 

6,608

 

 

 

6,518

 

 

 

6,608

 

Bioderm, Inc.

 

06/26/24

 

01/31/28

 

 

Healthcare, Education and Childcare

 

10.36%

 

 

SOFR+650

 

 

 

8,775

 

 

 

8,708

 

 

 

8,665

 

Blackhawk Industrial Distribution, Inc.

 

07/24/23

 

09/17/26

 

 

Distribution

 

9.07%

 

 

SOFR+540

 

 

 

25,179

 

 

 

25,036

 

 

 

24,675

 

Blue Cloud Pediatric Surgery Centers LLC

 

10/09/25

 

01/21/31

 

 

Health Care Providers and Services

 

8.72%

 

 

SOFR+500

 

 

 

2,494

 

 

 

2,469

 

 

 

2,469

 

Boss Industries, LLC

 

07/21/25

 

12/27/30

 

 

Conglomerate Manufacturing

 

8.67%

 

 

SOFR+500

 

 

 

5,940

 

 

 

5,903

 

 

 

5,940

 

Burgess Point Purchaser Corporation

 

10/03/22

 

07/25/29

 

 

Auto Sector

 

9.19%

 

 

SOFR+535

 

 

 

6,170

 

 

 

5,925

 

 

 

5,209

 

C5MI Acquisition, LLC

 

10/09/24

 

07/31/29

 

 

Business Services

 

9.67%

 

 

SOFR+600

 

 

 

9,863

 

 

 

9,775

 

 

 

9,863

 

CF512, Inc.

 

12/29/21

 

08/20/26

 

 

Media

 

9.98%

 

 

SOFR+619

 

 

 

9,019

 

 

 

8,972

 

 

 

8,929

 

Carisk Buyer, Inc.

 

02/09/24

 

12/01/29

 

 

Healthcare, Education and Childcare

 

8.67%

 

 

SOFR+500

 

 

 

11,341

 

 

 

11,254

 

 

 

11,426

 

Carnegie Dartlet, LLC

 

06/26/24

 

02/07/30

 

 

Education

 

9.22%

 

 

SOFR+550

 

 

 

22,598

 

 

 

22,312

 

 

 

22,372

 

Cartessa Aesthetics, LLC

 

09/09/22

 

06/14/28

 

 

Distribution

 

9.67%

 

 

SOFR+600

 

 

 

21,824

 

 

 

21,670

 

 

 

21,824

 

Case Works, LLC

 

11/26/24

 

10/01/29

 

 

Business Services

 

8.92%

 

 

SOFR+525

 

 

 

10,409

 

 

 

10,342

 

 

 

10,232

 

Commercial Fire Protection Holdings, LLC

 

12/16/24

 

09/23/30

 

 

Business Services

 

8.17%

 

 

SOFR+450

 

 

 

20,778

 

 

 

20,682

 

 

 

20,778

 

Confluent Health, LLC

 

12/23/24

 

11/30/28

 

 

Healthcare, Education and Childcare

 

11.22%

 

 

SOFR+750

 

 

 

1,945

 

 

 

1,945

 

 

 

1,926

 

Cornerstone Advisors of Arizona, LLC

 

10/09/25

 

05/13/32

 

 

Professional Services

 

8.42%

 

 

SOFR+475

 

 

 

5,955

 

 

 

5,925

 

 

 

5,925

 

CJX Borrower, LLC

 

08/12/22

 

07/13/27

 

 

Media

 

9.70%

 

 

SOFR+576

 

 

 

8,601

 

 

 

8,591

 

 

 

8,601

 

Crane 1 Services, Inc.

 

07/24/23

 

08/16/27

 

 

Personal, Food and Miscellaneous Services

 

9.08%

 

 

SOFR+536

 

 

 

5,258

 

 

 

5,232

 

 

 

5,218

 

DRI Holding Inc.

 

08/04/22

 

12/21/28

 

 

Media

 

9.07%

 

 

SOFR+535

 

 

 

5,755

 

 

 

5,450

 

 

 

5,640

 

DRS Holdings III, Inc.

 

03/02/22

 

11/03/25

 

 

Consumer Products

 

8.97%

 

 

SOFR+525

 

 

 

4,411

 

 

 

4,399

 

 

 

4,455

 

DX Electric Company, LLC

 

12/25/25

 

10/01/31

 

 

Electronic Equipment, Instruments and Components

 

8.92%

 

 

SOFR+525

 

 

 

7,046

 

 

 

6,999

 

 

 

6,994

 

Duggal Acquisition, LLC

 

12/23/24

 

09/30/30

 

 

Marketing Services

 

8.42%

 

 

SOFR+475

 

 

 

4,938

 

 

 

4,899

 

 

 

4,938

 

Dynata, LLC - First Out Term Loan

 

07/15/24

 

07/17/28

 

 

Business Services

 

9.14%

 

 

SOFR+576

 

 

 

1,568

 

 

 

1,489

 

 

 

1,553

 

Dynata, LLC - Last Out Term Loan

 

07/15/24

 

10/16/28

 

 

Business Services

 

9.64%

 

 

SOFR+576

 

 

 

9,646

 

 

 

9,646

 

 

 

5,848

 

EDS Buyer, LLC

 

07/24/23

 

01/10/29

 

 

Aerospace and Defense

 

8.17%

 

 

SOFR+450

 

 

 

23,124

 

 

 

22,885

 

 

 

23,182

 

ETE Intermediate II, LLC

 

07/24/23

 

05/29/29

 

 

Personal, Food and Miscellaneous Services

 

8.72%

 

 

SOFR+500

 

 

 

12,093

 

 

 

11,941

 

 

 

12,093

 

Emergency Care Partners, LLC

 

12/23/24

 

10/18/27

 

 

Healthcare, Education and Childcare

 

8.67%

 

 

SOFR+500

 

 

 

6,913

 

 

 

6,880

 

 

 

6,913

 

EvAL Home Care Solutions Intermediate, LLC

 

07/23/24

 

05/10/30

 

 

Healthcare, Education and Childcare

 

9.47%

 

 

SOFR+575

 

 

 

6,881

 

 

 

6,801

 

 

 

6,881

 

Exigo Intermediate II, LLC

 

07/24/23

 

03/15/27

 

 

Business Services

 

10.07%

 

 

SOFR+635

 

 

 

9,551

 

 

 

9,499

 

 

 

9,503

 

Five Star Buyer, Inc.

 

07/24/23

 

02/23/28

 

 

Hotels, Motels, Inns and Gaming

 

12.98%

 

 

SOFR+925

 

 

 

4,128

 

 

 

4,089

 

 

 

4,025

 

GGG Midco, LLC

 

12/16/24

 

09/27/30

 

 

Home and Office Furnishings, Housewares and Durable Consumer Products

 

8.67%

 

 

SOFR+500

 

 

 

15,096

 

 

 

14,992

 

 

 

15,096

 

Global Holdings InterCo, LLC

 

03/02/22

 

03/16/26

 

 

Banking, Finance, Insurance & Real Estate

 

9.33%

 

 

 

 

 

 

6,290

 

 

 

6,287

 

 

 

6,290

 

35

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

Issuer Name

 

Acquisition

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index (1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

Graffiti Buyer, Inc.

 

03/02/22

 

08/10/27

 

 

Distribution

 

9.42%

 

 

SOFR+560

 

 

 

3,951

 

 

 

3,923

 

 

 

3,862

 

HEC Purchaser Corp.

 

09/16/24

 

06/17/29

 

 

Healthcare, Education and Childcare

 

8.87%

 

 

SOFR+500

 

 

 

12,599

 

 

 

12,530

 

 

 

12,599

 

HV Watterson Holdings, LLC (4)

 

09/09/22

 

12/17/26

 

 

Business Services

 

 

 

 

 

 

 

 

15,523

 

 

 

15,449

 

 

 

4,936

 

HW Holdco, LLC

 

03/02/22

 

05/10/26

 

 

Media

 

9.80%

 

 

SOFR+590

 

 

 

23,121

 

 

 

23,082

 

 

 

23,121

 

Hancock Roofing And Construction, LLC

 

03/02/22

 

12/31/26

 

 

Insurance

 

9.27%

 

 

SOFR+560

 

 

 

6,029

 

 

 

6,029

 

 

 

5,727

 

Harris & Co, LLC

 

12/20/24

 

08/09/30

 

 

Financial Services

 

8.72%

 

 

SOFR+500

 

 

 

19,134

 

 

 

18,950

 

 

 

18,990

 

Hills Distribution, Inc.

 

02/13/24

 

11/08/29

 

 

Distribution

 

9.19%

 

 

SOFR+550

 

 

 

14,409

 

 

 

14,347

 

 

 

14,264

 

IG Investments Holdings, LLC

 

03/02/22

 

09/22/28

 

 

Business Services

 

8.84%

 

 

SOFR+500

 

 

 

4,339

 

 

 

4,298

 

 

 

4,317

 

Imagine Acquisitionco, Inc.

 

07/24/23

 

11/15/27

 

 

Business Services

 

8.98%

 

 

SOFR+510

 

 

 

5,438

 

 

 

5,393

 

 

 

5,438

 

Impact Advisors, LLC

 

12/10/25

 

03/19/32

 

 

Health Care Technology

 

8.17%

 

 

SOFR+450

 

 

 

7,940

 

 

 

7,940

 

 

 

7,940

 

Infinity Home Services Holdco, Inc.

 

02/07/23

 

12/28/28

 

 

Personal, Food and Miscellaneous Services

 

9.67%

 

 

SOFR+600

 

 

 

13,714

 

 

 

13,598

 

 

 

13,714

 

Infolinks Media Buyco, LLC

 

07/24/23

 

11/01/26

 

 

Media

 

9.42%

 

 

SOFR+575

 

 

 

13,043

 

 

 

13,011

 

 

 

12,651

 

Inovex Information Systems Incorporated

 

03/04/25

 

12/17/30

 

 

Business Services

 

8.92%

 

 

SOFR+525

 

 

 

5,940

 

 

 

5,903

 

 

 

5,940

 

Inventus Power, Inc.

 

10/10/23

 

01/15/26

 

 

Consumer Products

 

11.33%

 

 

SOFR+761

 

 

 

12,935

 

 

 

12,932

 

 

 

12,935

 

Kinetic Purchaser, LLC

 

07/24/23

 

11/10/27

 

 

Consumer Products

 

9.82%

 

 

SOFR+615

 

 

 

13,701

 

 

 

13,599

 

 

 

11,132

 

LAV Gear Holdings, Inc. - Takeback TL

 

07/31/25

 

07/31/29

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

9.65%

 

 

SOFR+594

 

 

 

2,310

 

 

 

2,310

 

 

 

2,310

 

LAV Gear Holdings, Inc. - Priority TL

 

07/31/25

 

07/31/29

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

9.65%

 

 

SOFR+594

 

 

 

733

 

 

 

725

 

 

 

891

 

Lash OpCo, LLC

 

03/02/22

 

02/18/27

 

 

Consumer Products

 

10.94%

 

 

SOFR+710

 

 

 

21,806

 

 

 

21,754

 

 

 

21,260

 

Lightspeed Buyer, Inc.

 

03/02/22

 

02/03/27

 

 

Healthcare, Education and Childcare

 

8.42%

 

 

SOFR+475

 

 

 

20,065

 

 

 

19,982

 

 

 

20,065

 

LJ Avalon Holdings, LLC

 

07/24/23

 

02/01/30

 

 

Environmental Services

 

8.46%

 

 

SOFR+450

 

 

 

12,251

 

 

 

12,167

 

 

 

12,251

 

MAG DS Corp.

 

03/02/22

 

04/01/27

 

 

Aerospace and Defense

 

9.27%

 

 

SOFR+560

 

 

 

8,153

 

 

 

7,952

 

 

 

8,109

 

MDI Buyer, Inc.

 

12/20/24

 

07/25/28

 

 

Chemicals, Plastics and Rubber

 

8.57%

 

 

SOFR+475

 

 

 

19,677

 

 

 

19,529

 

 

 

19,677

 

Marketplace Events Acquisition, LLC

 

03/04/25

 

12/19/30

 

 

Media

 

9.12%

 

 

SOFR+525

 

 

 

19,850

 

 

 

19,684

 

 

 

19,850

 

MBS Holdings, Inc.

 

03/02/22

 

04/16/27

 

 

Telecommunications

 

8.92%

 

 

SOFR+510

 

 

 

8,223

 

 

 

8,182

 

 

 

8,223

 

Meadowlark Acquirer, LLC

 

04/01/22

 

12/10/27

 

 

Business Services

 

9.32%

 

 

SOFR+565

 

 

 

2,885

 

 

 

2,861

 

 

 

2,885

 

Medina Health, LLC

 

01/18/24

 

10/20/28

 

 

Healthcare, Education and Childcare

 

9.92%

 

 

SOFR+625

 

 

 

19,423

 

 

 

19,317

 

 

 

19,423

 

Megawatt Acquisitionco, Inc.

 

07/17/24

 

03/01/30

 

 

Business Services

 

9.17%

 

 

SOFR+550

 

 

 

7,860

 

 

 

7,774

 

 

 

7,860

 

MOREgroup Holdings, Inc.

 

08/29/24

 

01/16/30

 

 

Business Services

 

8.92%

 

 

SOFR+525

 

 

 

19,650

 

 

 

19,433

 

 

 

19,650

 

Municipal Emergency Services, Inc.

 

03/02/22

 

10/01/27

 

 

Distribution

 

8.42%

 

 

SOFR+475

 

 

 

9,550

 

 

 

9,496

 

 

 

9,550

 

NBH Group, LLC

 

03/02/22

 

08/19/26

 

 

Healthcare, Education and Childcare

 

9.71%

 

 

SOFR+585

 

 

 

7,162

 

 

 

7,145

 

 

 

7,162

 

NORA Acquisition, LLC

 

11/21/23

 

08/31/29

 

 

Healthcare, Education and Childcare

 

10.02%

 

 

SOFR+635

 

 

 

20,039

 

 

 

19,822

 

 

 

19,438

 

North American Rail Solutions

 

12/25/25

 

08/29/31

 

 

Road and Rail

 

8.42%

 

 

 

 

 

 

10,000

 

 

 

9,958

 

 

 

9,950

 

OSP Embedded Purchaser, LLC

 

01/17/25

 

12/17/29

 

 

Aerospace and Defense

 

9.42%

 

 

SOFR+575

 

 

 

18,879

 

 

 

18,753

 

 

 

17,897

 

Omnia Exterior Solutions, LLC

 

07/25/24

 

12/29/29

 

 

Diversified Conglomerate Service

 

8.92%

 

 

SOFR+525

 

 

 

17,945

 

 

 

17,743

 

 

 

17,721

 

One Stop Mailing, LLC

 

06/07/23

 

05/07/27

 

 

Transportation

 

10.08%

 

 

SOFR+636

 

 

 

8,227

 

 

 

8,161

 

 

 

8,227

 

PCS Midco, Inc.

 

08/29/24

 

03/01/30

 

 

Financial Services

 

9.42%

 

 

SOFR+575

 

 

 

5,739

 

 

 

5,678

 

 

 

5,767

 

PN Buyer, Inc.

 

10/09/25

 

07/31/31

 

 

Financial Services

 

8.17%

 

 

SOFR+450

 

 

 

3,556

 

 

 

3,538

 

 

 

3,538

 

Pacific Purchaser, LLC

 

03/21/24

 

10/02/28

 

 

Business Services

 

9.85%

 

 

SOFR+625

 

 

 

12,773

 

 

 

12,613

 

 

 

12,466

 

PAR Excellence Holdings, Inc.

 

11/26/24

 

09/03/30

 

 

Healthcare, Education and Childcare

 

8.77%

 

 

SOFR+500

 

 

 

9,900

 

 

 

9,823

 

 

 

9,727

 

PD Tri-State Holdco, LLC

 

12/25/25

 

10/14/30

 

 

Diversified Conglomerate Service

 

8.92%

 

 

SOFR+525

 

 

 

2,970

 

 

 

2,946

 

 

 

2,952

 

Paving Lessor Corp. First Lien -Term Loan

 

10/24/25

 

07/01/31

 

 

Commercial Services and Supplies

 

8.94%

 

 

SOFR+525

 

 

 

6,914

 

 

 

6,862

 

 

 

6,879

 

Pink Lily Holdco, LLC (4)

 

04/01/22

 

11/09/27

 

 

Retail

 

4.27%

 

 

 

 

 

 

8,913

 

 

 

8,699

 

 

 

1,114

 

Project Granite Buyer, Inc.

 

07/21/25

 

12/31/30

 

 

Business Services

 

9.42%

 

 

SOFR+575

 

 

 

5,940

 

 

 

5,889

 

 

 

5,999

 

Puget Collision, LLC

 

12/24/25

 

10/02/31

 

 

Auto Sector

 

8.42%

 

 

SOFR+475

 

 

 

10,000

 

 

 

9,945

 

 

 

9,938

 

RRA Corporate, LLC

 

12/23/24

 

08/15/29

 

 

Business Services

 

8.92%

 

 

SOFR+525

 

 

 

3,960

 

 

 

3,930

 

 

 

3,837

 

RTIC Subsidiary Holdings, LLC

 

07/23/24

 

05/03/29

 

 

Consumer Products

 

9.42%

 

 

SOFR+575

 

 

 

24,637

 

 

 

24,318

 

 

 

24,391

 

Radius Aerospace, Inc.

 

11/06/19

 

03/29/27

 

 

Aerospace and Defense

 

9.82%

 

 

SOFR+615

 

 

 

11,780

 

 

 

11,717

 

 

 

11,545

 

Rancho Health MSO, Inc.

 

03/02/22

 

06/20/29

 

 

Healthcare, Education and Childcare

 

8.99%

 

 

SOFR+500

 

 

 

22,629

 

 

 

22,561

 

 

 

22,629

 

Recteq, LLC

 

06/26/24

 

01/29/26

 

 

Consumer Products

 

10.07%

 

 

SOFR+640

 

 

 

9,525

 

 

 

9,521

 

 

 

9,525

 

Riverpoint Medical, LLC

 

03/02/22

 

06/21/27

 

 

Healthcare, Education and Childcare

 

8.17%

 

 

SOFR+450

 

 

 

3,711

 

 

 

3,683

 

 

 

3,711

 

Ro Health, LLC

 

04/03/25

 

01/17/31

 

 

Healthcare Providers & Services

 

8.17%

 

 

 

 

 

 

9,308

 

 

 

9,250

 

 

 

9,308

 

Rosco Parent, LLC

 

12/24/25

 

09/12/31

 

 

Auto Sector

 

8.42%

 

 

SOFR+475

 

 

 

5,154

 

 

 

5,119

 

 

 

5,115

 

Rural Sourcing Holdings, Inc.

 

07/24/23

 

06/16/29

 

 

Professional Services

 

9.85%

 

 

SOFR+625

 

 

 

5,493

 

 

 

5,431

 

 

 

4,944

 

Sabel Systems Technology Solutions, LLC

 

01/07/25

 

10/31/30

 

 

Business Services

 

9.72%

 

 

SOFR+600

 

 

 

11,880

 

 

 

11,784

 

 

 

11,880

 

Sales Benchmark Index, LLC

 

03/02/22

 

07/07/26

 

 

Business Services

 

9.87%

 

 

SOFR+620

 

 

 

6,597

 

 

 

6,582

 

 

 

6,597

 

Sath Industries, LLC

 

12/10/25

 

12/17/29

 

 

Building Products

 

9.17%

 

 

SOFR+550

 

 

 

11,360

 

 

 

11,360

 

 

 

11,360

 

Seacoast Service Partners NA, LLC

 

07/21/25

 

12/20/29

 

 

Diversified Conglomerate Service

 

8.92%

 

 

SOFR+525

 

 

 

4,950

 

 

 

4,916

 

 

 

4,722

 

Seaway Buyer, LLC

 

09/14/22

 

06/13/29

 

 

Chemicals, Plastics and Rubber

 

9.82%

 

 

SOFR+615

 

 

 

14,513

 

 

 

14,369

 

 

 

13,859

 

Sigma Defense Systems, LLC

 

12/01/23

 

12/20/27

 

 

Telecommunications

 

10.62%

 

 

SOFR+690

 

 

 

26,831

 

 

 

26,686

 

 

 

26,563

 

SpendMend Holdings, LLC

 

07/24/23

 

03/01/28

 

 

Business Services

 

9.15%

 

 

SOFR+515

 

 

 

10,578

 

 

 

10,442

 

 

 

10,578

 

STG Distribution, LLC - First Out New Money Term Loans (4)

 

10/03/24

 

10/03/29

 

 

Transportation

 

 

 

 

 

 

 

 

1,998

 

 

 

1,907

 

 

 

1,698

 

36

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

Issuer Name

 

Acquisition

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index (1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

STG Distribution, LLC - Second Out Term Loans (4)

 

10/03/24

 

10/03/29

 

 

Transportation

 

 

 

 

 

 

 

 

4,617

 

 

 

2,593

 

 

 

346

 

SV-Aero Holdings, LLC

 

10/31/24

 

11/01/30

 

 

Aerospace and Defense

 

8.67%

 

 

SOFR+500

 

 

 

14,625

 

 

 

14,563

 

 

 

14,625

 

Systems Planning And Analysis, Inc.

 

03/02/22

 

08/16/27

 

 

Aerospace and Defense

 

8.42%

 

 

SOFR+475

 

 

 

16,878

 

 

 

16,785

 

 

 

16,827

 

TCG 3.0 Jogger Acquisitionco, Inc.

 

02/27/24

 

01/23/29

 

 

Media

 

10.17%

 

 

SOFR+650

 

 

 

9,825

 

 

 

9,713

 

 

 

9,678

 

TMII Enterprises, LLC

 

07/24/23

 

12/22/28

 

 

Personal, Food and Miscellaneous Services

 

8.22%

 

 

SOFR+450

 

 

 

19,827

 

 

 

19,654

 

 

 

19,827

 

TPC US Parent, LLC

 

03/02/22

 

11/24/25

 

 

Food

 

9.89%

 

 

SOFR+590

 

 

 

11,246

 

 

 

11,240

 

 

 

11,235

 

Team Services Group, LLC

 

07/24/23

 

12/20/27

 

 

Healthcare, Education and Childcare

 

9.09%

 

 

SOFR+525

 

 

 

9,563

 

 

 

9,427

 

 

 

9,523

 

The Bluebird Group, LLC

 

03/02/22

 

07/28/26

 

 

Business Services

 

9.57%

 

 

SOFR+590

 

 

 

14,769

 

 

 

14,741

 

 

 

14,769

 

The Vertex Companies, LLC

 

03/02/22

 

08/31/28

 

 

Business Services

 

8.75%

 

 

SOFR+475

 

 

 

14,443

 

 

 

14,364

 

 

 

14,356

 

Transgo, LLC

 

06/07/24

 

12/29/28

 

 

Auto Sector

 

9.47%

 

 

SOFR+575

 

 

 

16,312

 

 

 

16,174

 

 

 

16,312

 

Tyto Athene, LLC

 

03/02/22

 

04/01/28

 

 

Aerospace and Defense

 

8.88%

 

 

SOFR+490

 

 

 

11,342

 

 

 

11,280

 

 

 

10,888

 

Watchtower Buyer, LLC

 

09/19/24

 

12/01/29

 

 

Consumer Products

 

9.67%

 

 

SOFR+600

 

 

 

23,055

 

 

 

22,867

 

 

 

23,058

 

Wash & Wax Systems, LLC

 

04/30/25

 

04/30/28

 

 

Business Services

 

9.34%

 

 

SOFR+550

 

 

 

6,577

 

 

 

6,676

 

 

 

6,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,382,302

 

 

 

1,347,821

 

Subordinated Debt - 4.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wash & Wax Systems, LLC - Subordinate Debt

 

04/30/25

 

07/30/28

 

 

Business Services

 

12.00%

 

 

 

 

 

 

4,406

 

 

 

4,406

 

 

 

4,406

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,406

 

 

 

4,406

 

 

 

4,406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities - 4.8% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Insight Holdings, Inc. - Common Equity

 

07/15/24

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

134,330

 

 

 

2,351

 

 

 

1,530

 

48Forty Intermediate Holdings, Inc. - Common Equity

 

11/05/24

 

 

—

 

 

Containers, Packaging and Glass

 

 

—

 

 

 

—

 

 

 

1,988

 

 

 

—

 

 

 

—

 

Wash & Wax Group, LP - Common Equity

 

04/30/25

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,803

 

 

 

5,002

 

 

 

3,505

 

White Tiger Newco, LLC - Common Equity

 

07/31/25

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

10,805

 

 

 

824

 

 

 

80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,177

 

 

 

5,115

 

Total Investments - 1,267.0% of Net Assets(3)(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,394,885

 

 

 

1,357,342

 

 Cash Equivalents - 19.51% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JPMorgan U.S. Government (Money Market Fund)

 

 

 

 

 

 

 

 

3.61%

 

 

 

 

 

 

 

 

 

6,054

 

 

 

6,054

 

Goldman Sachs Financial Square Government Fund (Money Market Fund)

 

 

 

 

 

 

 

 

3.71%

 

 

 

 

 

 

 

 

 

12,264

 

 

 

12,264

 

BlackRock Federal FD Institutional 81 (Money Market Fund)

 

 

 

 

 

 

 

 

3.69%

 

 

 

 

 

 

 

 

 

2,586

 

 

 

2,586

 

Total Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,904

 

 

 

20,904

 

 Cash - 22.54% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,148

 

 

 

24,148

 

Total Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,148

 

 

 

24,148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments, Cash Equivalents and Cash -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,439,937

 

 

$

1,402,394

 

Liabilities in Excess of Other Assets — (1208.9)% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,295,254

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

107,140

 

 

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate ("S" or "SOFR"). The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1MS, 2MS, 3MS, or 6MS, respectively), at the borrower’s option. All securities are subject to the SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSLF's accounting policy.
(3)
As of December 31, 2025, all investments are in US Companies. Total cost, fair value, and percentage of Net Assets for U.S Companies were $1,394.9 million, $1,357.3 million and 1,267.0%.
(4)
Non-accrual security
(5)
All investments are not registered under the 1933 Act and have restrictions on resale.
(6)
The securities, or a portion thereof, are not 1) pledge as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2034 Asset-Backed Debt and held through PennantPark CLOIV, LLC, or 3) securing the 2035 Asset-Backed Debt and held through PennantPark CLO VII, LLC, or 4) securing the 2037 Asset-Backed Debt and held through PennantPark CLO X, LLC.

37

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

Below is a listing of PSLF’s individual investments as of September 30, 2025 (par and $ in thousands):

 

Issuer Name

 

Acquisition

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index (1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt - 1,035.8% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACP Avenu Buyer, LLC

 

04/23/24

 

10/02/29

 

 

Business Services

 

9.04%

 

 

SOFR+475

 

 

 

7,590

 

 

$

7,474

 

 

$

7,514

 

Acp Falcon Buyer, Inc.

 

10/06/23

 

08/01/29

 

 

Business Services

 

9.79%

 

 

SOFR+550

 

 

 

15,196

 

 

 

14,963

 

 

 

15,348

 

AFC-Dell Holding Corp.

 

02/23/24

 

04/09/27

 

 

Distribution

 

9.83%

 

 

SOFR+550

 

 

 

16,181

 

 

 

16,072

 

 

 

16,100

 

Ad.Net Acquisition, LLC

 

03/02/22

 

05/07/26

 

 

Media

 

10.26%

 

 

SOFR+626

 

 

 

4,788

 

 

 

4,788

 

 

 

4,788

 

Aechelon Technology, Inc.

 

12/23/24

 

08/16/29

 

 

Aerospace and Defense

 

9.91%

 

 

SOFR+575

 

 

 

4,800

 

 

 

4,718

 

 

 

4,800

 

Alpine Acquisition Corp II (4), (7)

 

10/12/22

 

11/30/26

 

 

Containers, Packaging and Glass

 

 

 

 

 

 

 

 

15,185

 

 

 

15,056

 

 

 

7,896

 

Amsive Holdings Corporation

 

03/02/22

 

12/10/26

 

 

Media

 

10.35%

 

 

SOFR+635

 

 

 

13,805

 

 

 

13,745

 

 

 

13,667

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

03/02/22

 

06/30/26

 

 

Media

 

9.90%

 

 

SOFR+590

 

 

 

13,837

 

 

 

13,803

 

 

 

13,837

 

Arcfield Acquisition Corp.

 

07/26/22

 

10/28/31

 

 

Aerospace and Defense

 

9.31%

 

 

SOFR+500

 

 

 

14,888

 

 

 

14,867

 

 

 

14,813

 

Archer Lewis, LLC

 

12/20/24

 

08/28/29

 

 

Healthcare, Education and Childcare

 

9.75%

 

 

SOFR+575

 

 

 

15,581

 

 

 

15,426

 

 

 

15,581

 

Argano, LLC

 

12/16/24

 

09/13/29

 

 

Business Services

 

9.89%

 

 

SOFR+575

 

 

 

14,850

 

 

 

14,730

 

 

 

14,628

 

BLC Holding Company, INC.

 

02/24/25

 

11/20/30

 

 

Environmental Services

 

8.50%

 

 

SOFR+450

 

 

 

12,013

 

 

 

11,942

 

 

 

12,013

 

Beacon Behavioral Support Services, LLC

 

09/16/24

 

06/21/29

 

 

Healthcare, Education and Childcare

 

9.50%

 

 

SOFR+550

 

 

 

24,607

 

 

 

24,305

 

 

 

24,607

 

Best Practice Associates, LLC

 

01/21/25

 

11/08/29

 

 

Aerospace and Defense

 

10.91%

 

 

SOFR+675

 

 

 

19,850

 

 

 

19,606

 

 

 

19,701

 

Beta Plus Technologies, Inc.

 

08/11/22

 

07/02/29

 

 

Business Services

 

9.75%

 

 

SOFR+575

 

 

 

14,550

 

 

 

14,375

 

 

 

14,405

 

Big Top Holdings, LLC

 

06/26/24

 

02/28/30

 

 

Manufacturing / Basic Industries

 

9.25%

 

 

SOFR+525

 

 

 

6,626

 

 

 

6,531

 

 

 

6,626

 

Bioderm, Inc.

 

06/26/24

 

01/31/28

 

 

Healthcare, Education and Childcare

 

10.77%

 

 

SOFR+650

 

 

 

8,798

 

 

 

8,726

 

 

 

8,688

 

Blackhawk Industrial Distribution, Inc.

 

07/24/23

 

09/17/26

 

 

Distribution

 

9.40%

 

 

SOFR+540

 

 

 

25,244

 

 

 

25,052

 

 

 

24,802

 

Boss Industries, LLC

 

07/21/25

 

12/27/30

 

 

Conglomerate Manufacturing

 

9.00%

 

 

SOFR+500

 

 

 

5,955

 

 

 

5,916

 

 

 

5,955

 

Burgess Point Purchaser Corporation

 

10/03/22

 

07/25/29

 

 

Auto Sector

 

9.51%

 

 

SOFR+535

 

 

 

6,186

 

 

 

5,926

 

 

 

5,348

 

C5MI Acquisition, LLC

 

10/09/24

 

07/31/29

 

 

Business Services

 

10.00%

 

 

SOFR+600

 

 

 

7,425

 

 

 

7,334

 

 

 

7,425

 

CF512, Inc.

 

12/29/21

 

08/20/26

 

 

Media

 

10.36%

 

 

SOFR+619

 

 

 

9,042

 

 

 

8,983

 

 

 

8,952

 

Carisk Buyer, Inc.

 

02/09/24

 

12/01/29

 

 

Healthcare, Education and Childcare

 

9.00%

 

 

SOFR+500

 

 

 

11,370

 

 

 

11,276

 

 

 

11,370

 

Carnegie Dartlet, LLC

 

06/26/24

 

02/07/30

 

 

Education

 

9.66%

 

 

SOFR+550

 

 

 

22,655

 

 

 

22,360

 

 

 

22,428

 

Cartessa Aesthetics, LLC

 

09/09/22

 

06/14/28

 

 

Distribution

 

10.00%

 

 

SOFR+600

 

 

 

21,880

 

 

 

21,708

 

 

 

21,880

 

Case Works, LLC

 

11/26/24

 

10/01/29

 

 

Business Services

 

9.25%

 

 

SOFR+525

 

 

 

10,436

 

 

 

10,366

 

 

 

9,966

 

Commercial Fire Protection Holdings, LLC

 

12/16/24

 

09/23/30

 

 

Business Services

 

8.50%

 

 

SOFR+450

 

 

 

20,831

 

 

 

20,730

 

 

 

20,831

 

Compex Legal Services, Inc.

 

12/23/24

 

02/09/26

 

 

Business Services

 

9.55%

 

 

SOFR+555

 

 

 

931

 

 

 

931

 

 

 

931

 

Confluent Health, LLC

 

12/23/24

 

11/30/28

 

 

Healthcare, Education and Childcare

 

11.66%

 

 

SOFR+750

 

 

 

1,950

 

 

 

1,950

 

 

 

1,940

 

CJX Borrower, LLC

 

08/12/22

 

07/13/27

 

 

Media

 

10.08%

 

 

SOFR+576

 

 

 

8,624

 

 

 

8,614

 

 

 

8,624

 

Crane 1 Services, Inc.

 

07/24/23

 

08/16/27

 

 

Personal, Food and Miscellaneous Services

 

10.03%

 

 

SOFR+586

 

 

 

5,271

 

 

 

5,243

 

 

 

5,232

 

DRI Holding Inc.

 

08/04/22

 

12/21/28

 

 

Media

 

9.51%

 

 

SOFR+535

 

 

 

5,770

 

 

 

5,442

 

 

 

5,655

 

DRS Holdings III, Inc.

 

03/02/22

 

11/03/25

 

 

Consumer Products

 

9.41%

 

 

SOFR+525

 

 

 

4,478

 

 

 

4,478

 

 

 

4,523

 

Duggal Acquisition, LLC

 

12/23/24

 

09/30/30

 

 

Marketing Services

 

8.75%

 

 

SOFR+475

 

 

 

4,950

 

 

 

4,910

 

 

 

4,950

 

Dynata, LLC - First Out Term Loan

 

07/15/24

 

07/17/28

 

 

Business Services

 

9.46%

 

 

SOFR+526

 

 

 

1,572

 

 

 

1,486

 

 

 

1,565

 

Dynata, LLC - Last Out Term Loan

 

07/15/24

 

10/16/28

 

 

Business Services

 

9.96%

 

 

SOFR+576

 

 

 

9,670

 

 

 

9,670

 

 

 

7,873

 

EDS Buyer, LLC

 

07/24/23

 

01/10/29

 

 

Aerospace and Defense

 

8.75%

 

 

SOFR+475

 

 

 

23,169

 

 

 

22,915

 

 

 

23,227

 

ETE Intermediate II, LLC

 

07/24/23

 

05/29/29

 

 

Personal, Food and Miscellaneous Services

 

9.16%

 

 

SOFR+500

 

 

 

12,124

 

 

 

11,963

 

 

 

12,124

 

Emergency Care Partners, LLC

 

12/23/24

 

10/18/27

 

 

Healthcare, Education and Childcare

 

9.00%

 

 

SOFR+500

 

 

 

6,930

 

 

 

6,895

 

 

 

6,930

 

EvAL Home Care Solutions Intermediate, LLC

 

07/23/24

 

05/10/30

 

 

Healthcare, Education and Childcare

 

9.91%

 

 

SOFR+575

 

 

 

7,040

 

 

 

6,955

 

 

 

7,040

 

Exigo Intermediate II, LLC

 

07/24/23

 

03/15/27

 

 

Business Services

 

10.51%

 

 

SOFR+635

 

 

 

9,551

 

 

 

9,491

 

 

 

9,551

 

Five Star Buyer, Inc.

 

07/24/23

 

02/23/28

 

 

Hotels, Motels, Inns and Gaming

 

13.35%

 

 

SOFR+915

 

 

 

4,140

 

 

 

4,096

 

 

 

4,057

 

GGG Midco, LLC

 

12/16/24

 

09/27/30

 

 

Home and Office Furnishings, Housewares and Durable Consumer Products

 

9.00%

 

 

SOFR+500

 

 

 

12,485

 

 

 

12,377

 

 

 

12,485

 

Global Holdings InterCo, LLC

 

03/02/22

 

03/16/26

 

 

Banking, Finance, Insurance & Real Estate

 

9.74%

 

 

SOFR+560

 

 

 

6,593

 

 

 

6,589

 

 

 

6,593

 

Graffiti Buyer, Inc.

 

03/02/22

 

08/10/27

 

 

Distribution

 

9.80%

 

 

SOFR+560

 

 

 

3,959

 

 

 

3,928

 

 

 

3,880

 

HEC Purchaser Corp.

 

09/16/24

 

06/17/29

 

 

Healthcare, Education and Childcare

 

8.87%

 

 

SOFR+500

 

 

 

7,798

 

 

 

7,723

 

 

 

7,798

 

HV Watterson Holdings, LLC (4)

 

09/09/22

 

12/17/26

 

 

Business Services

 

8.00%

 

 

 

 

 

 

15,570

 

 

 

15,496

 

 

 

8,548

 

HW Holdco, LLC

 

03/02/22

 

05/10/26

 

 

Media

 

9.90%

 

 

SOFR+590

 

 

 

23,593

 

 

 

23,537

 

 

 

23,593

 

Hancock Roofing And Construction, LLC

 

03/02/22

 

12/31/26

 

 

Insurance

 

9.60%

 

 

SOFR+550

 

 

 

6,029

 

 

 

6,029

 

 

 

5,968

 

Harris & Co, LLC

 

12/20/24

 

08/09/30

 

 

Financial Services

 

9.16%

 

 

SOFR+500

 

 

 

19,182

 

 

 

18,995

 

 

 

19,015

 

Hills Distribution, Inc.

 

02/13/24

 

11/08/29

 

 

Distribution

 

10.32%

 

 

SOFR+600

 

 

 

14,148

 

 

 

13,992

 

 

 

14,148

 

IG Investments Holdings, LLC

 

03/02/22

 

09/22/28

 

 

Business Services

 

9.31%

 

 

SOFR+500

 

 

 

4,350

 

 

 

4,305

 

 

 

4,328

 

Imagine Acquisitionco, Inc.

 

07/24/23

 

11/15/27

 

 

Business Services

 

9.29%

 

 

SOFR+510

 

 

 

5,452

 

 

 

5,402

 

 

 

5,452

 

Infinity Home Services Holdco, Inc.

 

02/07/23

 

12/28/28

 

 

Personal, Food and Miscellaneous Services

 

10.16%

 

 

SOFR+600

 

 

 

13,749

 

 

 

13,622

 

 

 

13,749

 

Infolinks Media Buyco, LLC

 

07/24/23

 

11/01/26

 

 

Media

 

9.50%

 

 

SOFR+550

 

 

 

13,046

 

 

 

13,007

 

 

 

12,981

 

Inovex Information Systems Incorporated

 

03/04/25

 

12/17/30

 

 

Business Services

 

9.25%

 

 

SOFR+525

 

 

 

5,955

 

 

 

5,918

 

 

 

5,955

 

Inventus Power, Inc.

 

10/10/23

 

01/15/26

 

 

Consumer Products

 

11.78%

 

 

SOFR+761

 

 

 

12,968

 

 

 

12,934

 

 

 

12,968

 

Kinetic Purchaser, LLC

 

07/24/23

 

11/10/27

 

 

Consumer Products

 

10.15%

 

 

SOFR+615

 

 

 

13,701

 

 

 

13,590

 

 

 

11,646

 

38

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

Issuer Name

 

Acquisition

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index (1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

LAV Gear Holdings, Inc. - Takeback TL

 

07/31/25

 

07/31/29

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

10.10%

 

 

SOFR+594

 

 

 

2,295

 

 

 

2,295

 

 

 

2,295

 

LAV Gear Holdings, Inc. - Priority TL

 

07/31/25

 

07/31/29

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

10.10%

 

 

SOFR+594

 

 

 

729

 

 

 

720

 

 

 

898

 

Lash OpCo, LLC

 

03/02/22

 

02/18/27

 

 

Consumer Products

 

12.16%

 

 

SOFR+785

 

 

 

21,525

 

 

 

21,466

 

 

 

20,987

 

Lightspeed Buyer, Inc.

 

03/02/22

 

02/03/27

 

 

Healthcare, Education and Childcare

 

8.75%

 

 

SOFR+475

 

 

 

20,115

 

 

 

20,017

 

 

 

20,115

 

LJ Avalon Holdings, LLC

 

07/24/23

 

02/01/30

 

 

Environmental Services

 

8.77%

 

 

SOFR+450

 

 

 

7,636

 

 

 

7,550

 

 

 

7,636

 

MAG DS Corp.

 

03/02/22

 

04/01/27

 

 

Aerospace and Defense

 

9.60%

 

 

SOFR+560

 

 

 

8,175

 

 

 

7,939

 

 

 

8,142

 

MDI Buyer, Inc.

 

12/20/24

 

07/25/28

 

 

Chemicals, Plastics and Rubber

 

8.95%

 

 

SOFR+475

 

 

 

19,728

 

 

 

19,568

 

 

 

19,728

 

Marketplace Events Acquisition, LLC

 

03/04/25

 

12/19/30

 

 

Media

 

9.12%

 

 

SOFR+525

 

 

 

19,900

 

 

 

19,727

 

 

 

19,900

 

MBS Holdings, Inc.

 

03/02/22

 

04/16/27

 

 

Telecommunications

 

9.30%

 

 

SOFR+510

 

 

 

8,244

 

 

 

8,197

 

 

 

8,244

 

Meadowlark Acquirer, LLC

 

04/01/22

 

12/10/27

 

 

Business Services

 

9.65%

 

 

SOFR+565

 

 

 

2,893

 

 

 

2,865

 

 

 

2,893

 

Medina Health, LLC

 

01/18/24

 

10/20/28

 

 

Healthcare, Education and Childcare

 

10.25%

 

 

SOFR+625

 

 

 

19,423

 

 

 

19,311

 

 

 

19,520

 

Megawatt Acquisitionco, Inc.

 

07/17/24

 

03/01/30

 

 

Business Services

 

9.25%

 

 

SOFR+525

 

 

 

7,880

 

 

 

7,788

 

 

 

7,502

 

MOREgroup Holdings, Inc.

 

08/29/24

 

01/16/30

 

 

Business Services

 

9.25%

 

 

SOFR+525

 

 

 

19,700

 

 

 

19,472

 

 

 

19,700

 

Municipal Emergency Services, Inc.

 

03/02/22

 

10/01/27

 

 

Distribution

 

9.15%

 

 

SOFR+515

 

 

 

9,575

 

 

 

9,512

 

 

 

9,575

 

NBH Group, LLC

 

03/02/22

 

08/19/26

 

 

Healthcare, Education and Childcare

 

10.12%

 

 

SOFR+585

 

 

 

7,180

 

 

 

7,159

 

 

 

7,180

 

NORA Acquisition, LLC

 

11/21/23

 

08/31/29

 

 

Healthcare, Education and Childcare

 

10.35%

 

 

SOFR+635

 

 

 

20,090

 

 

 

19,860

 

 

 

19,939

 

OSP Embedded Purchaser, LLC

 

01/17/25

 

12/17/29

 

 

Aerospace and Defense

 

9.76%

 

 

SOFR+575

 

 

 

18,926

 

 

 

18,793

 

 

 

18,661

 

Omnia Exterior Solutions, LLC

 

07/25/24

 

12/29/29

 

 

Diversified Conglomerate Service

 

9.26%

 

 

SOFR+525

 

 

 

17,982

 

 

 

17,766

 

 

 

17,622

 

One Stop Mailing, LLC

 

06/07/23

 

05/07/27

 

 

Transportation

 

10.53%

 

 

SOFR+636

 

 

 

8,274

 

 

 

8,199

 

 

 

8,274

 

PCS Midco, Inc.

 

08/29/24

 

03/01/30

 

 

Financial Services

 

9.75%

 

 

SOFR+575

 

 

 

5,753

 

 

 

5,688

 

 

 

5,753

 

Pink Lily Holdco, LLC (5)

 

04/01/22

 

11/09/27

 

 

Retail

 

4.27%

 

 

 

 

 

 

8,761

 

 

 

8,699

 

 

 

3,504

 

Pacific Purchaser, LLC

 

03/21/24

 

10/02/28

 

 

Business Services

 

10.42%

 

 

SOFR+625

 

 

 

12,773

 

 

 

12,602

 

 

 

12,721

 

PAR Excellence Holdings, Inc.

 

11/26/24

 

09/03/30

 

 

Healthcare, Education and Childcare

 

9.17%

 

 

SOFR+500

 

 

 

9,925

 

 

 

9,842

 

 

 

9,751

 

Project Granite Buyer, Inc.

 

07/21/25

 

12/31/30

 

 

Business Services

 

9.75%

 

 

SOFR+575

 

 

 

5,955

 

 

 

5,903

 

 

 

6,015

 

RRA Corporate, LLC

 

12/23/24

 

08/15/29

 

 

Business Services

 

9.25%

 

 

SOFR+525

 

 

 

3,960

 

 

 

3,930

 

 

 

3,936

 

RTIC Subsidiary Holdings, LLC

 

07/23/24

 

05/03/29

 

 

Consumer Products

 

9.75%

 

 

SOFR+575

 

 

 

24,700

 

 

 

24,365

 

 

 

24,453

 

Radius Aerospace, Inc.

 

11/06/19

 

03/29/27

 

 

Aerospace and Defense

 

10.45%

 

 

SOFR+615

 

 

 

11,780

 

 

 

11,714

 

 

 

11,515

 

Rancho Health MSO, Inc.

 

03/02/22

 

06/20/29

 

 

Healthcare, Education and Childcare

 

9.29%

 

 

SOFR+500

 

 

 

22,704

 

 

 

22,631

 

 

 

22,704

 

Recteq, LLC

 

06/26/24

 

01/29/26

 

 

Consumer Products

 

10.40%

 

 

SOFR+640

 

 

 

9,550

 

 

 

9,537

 

 

 

9,526

 

Riverpoint Medical, LLC

 

03/02/22

 

06/21/27

 

 

Healthcare, Education and Childcare

 

8.75%

 

 

SOFR+475

 

 

 

3,891

 

 

 

3,861

 

 

 

3,891

 

Ro Health, LLC

 

04/03/25

 

01/17/31

 

 

Healthcare Providers & Services

 

8.50%

 

 

SOFR+450

 

 

 

9,308

 

 

 

9,249

 

 

 

9,308

 

Rural Sourcing Holdings, Inc.

 

07/24/23

 

06/16/29

 

 

Professional Services

 

9.92%

 

 

SOFR+575

 

 

 

5,435

 

 

 

5,367

 

 

 

4,891

 

Sabel Systems Technology Solutions, LLC

 

01/07/25

 

10/31/30

 

 

Business Services

 

9.91%

 

 

SOFR+575

 

 

 

11,910

 

 

 

11,813

 

 

 

11,910

 

Sales Benchmark Index, LLC

 

03/02/22

 

07/07/26

 

 

Business Services

 

10.20%

 

 

SOFR+620

 

 

 

6,617

 

 

 

6,597

 

 

 

6,617

 

Seacoast Service Partners NA, LLC

 

07/21/25

 

12/20/29

 

 

Diversified Conglomerate Service

 

9.00%

 

 

SOFR+500

 

 

 

4,963

 

 

 

4,926

 

 

 

4,759

 

Seaway Buyer, LLC

 

09/14/22

 

06/13/29

 

 

Chemicals, Plastics and Rubber

 

10.15%

 

 

SOFR+615

 

 

 

14,550

 

 

 

14,394

 

 

 

13,568

 

Sigma Defense Systems, LLC

 

12/01/23

 

12/20/27

 

 

Telecommunications

 

10.31%

 

 

SOFR+615

 

 

 

23,904

 

 

 

23,741

 

 

 

23,904

 

SpendMend Holdings, LLC

 

07/24/23

 

03/01/28

 

 

Business Services

 

9.15%

 

 

SOFR+515

 

 

 

9,412

 

 

 

9,261

 

 

 

9,412

 

STG Distribution, LLC - First Out New Money Term Loans

 

10/03/24

 

10/03/29

 

 

Transportation

 

12.57%

 

 

SOFR+835

 

 

 

1,986

 

 

 

1,895

 

 

 

1,768

 

STG Distribution, LLC - Second Out Term Loans (5)

 

10/03/24

 

10/03/29

 

 

Transportation

 

5.32%

 

 

 

 

 

 

4,566

 

 

 

2,594

 

 

 

365

 

SV-Aero Holdings, LLC

 

10/31/24

 

11/01/30

 

 

Aerospace and Defense

 

9.00%

 

 

SOFR+500

 

 

 

14,719

 

 

 

14,656

 

 

 

14,719

 

Systems Planning And Analysis, Inc.

 

03/02/22

 

08/16/27

 

 

Aerospace and Defense

 

8.92%

 

 

SOFR+475

 

 

 

16,919

 

 

 

16,816

 

 

 

16,784

 

TCG 3.0 Jogger Acquisitionco, Inc.

 

02/27/24

 

01/23/29

 

 

Media

 

10.52%

 

 

SOFR+650

 

 

 

9,850

 

 

 

9,732

 

 

 

9,801

 

TMII Enterprises, LLC

 

07/24/23

 

12/22/28

 

 

Personal, Food and Miscellaneous Services

 

8.66%

 

 

SOFR+450

 

 

 

19,878

 

 

 

19,692

 

 

 

19,878

 

TPC US Parent, LLC

 

03/02/22

 

11/24/25

 

 

Food

 

10.19%

 

 

SOFR+590

 

 

 

11,275

 

 

 

11,269

 

 

 

11,185

 

Team Services Group, LLC

 

07/24/23

 

12/20/27

 

 

Healthcare, Education and Childcare

 

9.56%

 

 

SOFR+525

 

 

 

9,588

 

 

 

9,434

 

 

 

9,548

 

The Bluebird Group, LLC

 

03/02/22

 

07/28/26

 

 

Business Services

 

9.90%

 

 

SOFR+590

 

 

 

16,348

 

 

 

16,306

 

 

 

16,348

 

The Vertex Companies, LLC

 

03/02/22

 

08/31/28

 

 

Business Services

 

8.93%

 

 

SOFR+475

 

 

 

14,480

 

 

 

14,393

 

 

 

14,408

 

Transgo, LLC

 

06/07/24

 

12/29/28

 

 

Auto Sector

 

9.91%

 

 

SOFR+575

 

 

 

16,363

 

 

 

16,215

 

 

 

16,486

 

Tyto Athene, LLC

 

03/02/22

 

04/01/28

 

 

Aerospace and Defense

 

9.19%

 

 

SOFR+490

 

 

 

11,342

 

 

 

11,271

 

 

 

11,058

 

Urology Management Holdings, Inc.

 

07/24/23

 

06/15/27

 

 

Healthcare, Education and Childcare

 

9.66%

 

 

SOFR+550

 

 

 

12,380

 

 

 

12,333

 

 

 

12,380

 

US Fertility Enterprises, LLC

 

09/03/25

 

10/11/31

 

 

Healthcare, Education and Childcare

 

8.67%

 

 

SOFR+450

 

 

 

4,975

 

 

 

4,931

 

 

 

4,975

 

Watchtower Buyer, LLC

 

09/19/24

 

12/01/29

 

 

Consumer Products

 

10.00%

 

 

SOFR+600

 

 

 

23,114

 

 

 

22,912

 

 

 

22,885

 

Wash & Wax Systems, LLC

 

04/30/25

 

04/30/28

 

 

Business Services

 

9.81%

 

 

SOFR+550

 

 

 

6,577

 

 

 

6,686

 

 

 

6,708

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,276,720

 

 

 

1,253,543

 

Subordinated Debt - 3.7% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wash & Wax Systems, LLC - Subordinate Debt

 

04/30/25

 

07/30/28

 

 

Business Services

 

12.00%

 

 

 

 

 

 

4,422

 

 

 

4,422

 

 

 

4,422

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,422

 

 

 

4,422

 

 

 

4,422

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities - 6.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

Issuer Name

 

Acquisition

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index (1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

New Insight Holdings, Inc. - Common Equity

 

07/15/24

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

134,330

 

 

 

2,351

 

 

 

2,014

 

48Forty Intermediate Holdings, Inc. - Common Equity

 

11/05/24

 

 

—

 

 

Containers, Packaging and Glass

 

 

—

 

 

 

—

 

 

 

1,988

 

 

 

—

 

 

 

—

 

Wash & Wax Group, LP - Common Equity

 

04/30/25

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,803

 

 

 

5,002

 

 

 

5,165

 

White Tiger Newco, LLC - Common Equity

 

07/31/25

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

10,805

 

 

 

824

 

 

 

757

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,177

 

 

 

7,936

 

Total Investments - 1,046.0% of Net Assets(3)(6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,289,319

 

 

 

1,265,901

 

Cash Equivalents - 13.9% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JPMorgan U.S. Government (Money Market Fund)

 

 

 

 

 

 

 

 

4.09%

 

 

 

 

 

 

 

 

 

7,972

 

 

 

7,972

 

Goldman Sachs Financial Square Government Fund (Money Market Fund)

 

 

 

 

 

 

 

 

4.18%

 

 

 

 

 

 

 

 

 

6,946

 

 

 

6,946

 

BlackRock Federal FD Institutional 81 (Money Market Fund)

 

 

 

 

 

 

 

 

4.19%

 

 

 

 

 

 

 

 

 

1,920

 

 

 

1,920

 

Total Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,838

 

 

 

16,838

 

Cash - 19.9% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,147

 

 

 

24,147

 

Total Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,147

 

 

 

24,147

 

Total Investments, Cash Equivalents and Cash - 1,079.8% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,330,304

 

 

$

1,306,886

 

Liabilities in Excess of Other Assets — (979.8)% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,185,860

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

121,026

 

 

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate ("S" or "SOFR"). The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1MS, 2MS, 3MS, or 6MS, respectively), at the borrower’s option. All securities are subject to the SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSLF's accounting policy.
(3)
As of September 30, 2025, all investments are in US Companies. Total cost, fair value, and percentage of Net Assets for U.S Companies were $1,289.3 million, $1,265.9 million and 1,046.0%.
(4)
Non-accrual security
(5)
Partial non-accrual PIK security
(6)
All investments are not registered under the 1933 Act and have restrictions on resale.
(7)
The securities, or a portion thereof, are not 1) pledge as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2034 Asset-Backed Debt and held through PennantPark CLOIV, LLC, or 3) securing the 2035 Asset-Backed Debt and held through PennantPark CLO VII, LLC, or 4) securing the 2037 Asset-Backed Debt and held through PennantPark CLO X, LLC.

 

 

 

 

40

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

Below are the consolidated statements of assets and liabilities for PSLF ($ in thousands):

 

 

 

December 31, 2025 (Unaudited)

 

 

September 30, 2025

 

Assets

 

 

 

 

 

 

Investments at fair value (amortized cost—$1,394,885 and $1,289,319, respectively)

 

$

1,357,342

 

 

$

1,265,901

 

Cash equivalents (cost—$20,904 and $16,838, respectively)

 

 

20,904

 

 

 

16,838

 

Cash (cost—$24,148 and $24,147 respectively)

 

 

24,148

 

 

 

24,147

 

Interest receivable

 

 

4,884

 

 

 

5,271

 

Receivable for investments sold

 

 

—

 

 

 

1,055

 

Prepaid expenses and other assets

 

 

1,916

 

 

 

2,148

 

Due from affiliate

 

 

131

 

 

 

87

 

Total assets

 

 

1,409,325

 

 

 

1,315,447

 

Liabilities

 

 

 

 

 

 

2037 Asset-backed debt, net (par—$328,000, unamortized deferred financing cost of $1,797 and $1,887, respectively)

 

 

326,203

 

 

 

326,113

 

2034 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $843 and $940, respectively)

 

 

245,157

 

 

 

245,060

 

2035 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $1,340 and $1,434, respectively)

 

 

244,660

 

 

 

244,566

 

Credit facility payable

 

 

189,600

 

 

 

99,600

 

Subordinated notes payable to members

 

 

250,808

 

 

 

250,808

 

Payable for investments purchased

 

 

18,816

 

 

 

—

 

Interest payable on credit facility and asset backed debt

 

 

13,072

 

 

 

13,730

 

Distribution payable to members

 

 

7,500

 

 

 

8,000

 

Interest payable on subordinated notes to members

 

 

5,114

 

 

 

5,305

 

Accounts payable and accrued expenses

 

 

1,205

 

 

 

1,189

 

Due to affiliate

 

 

50

 

 

 

50

 

Total liabilities

 

 

1,302,185

 

 

 

1,194,421

 

 

 

 

 

 

 

 

Members' equity

 

 

107,140

 

 

 

121,026

 

Total liabilities and members' equity

 

$

1,409,325

 

 

$

1,315,447

 

 

———————————

* As of December 31, 2025 and September 30, 2025, PSLF had zero of unfunded commitments to fund investments.

 

 

41

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

 

Below are the consolidated statements of operations for PSLF ($ in thousands):

 

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Investment income:

 

 

 

 

 

 

Interest

 

$

32,440

 

 

$

32,953

 

Other income

 

 

404

 

 

 

523

 

Total investment income

 

 

32,844

 

 

 

33,476

 

Expenses:

 

 

 

 

 

 

Interest expense on credit facility and asset-backed debt

 

 

16,209

 

 

 

15,643

 

Interest expense on subordinated notes to members

 

 

7,698

 

 

 

7,343

 

Administration services expense

 

 

850

 

 

 

778

 

General and administrative expenses

 

 

342

 

 

 

396

 

Total expenses

 

 

25,099

 

 

 

24,160

 

Net investment income

 

 

7,745

 

 

 

9,316

 

Realized and unrealized gain (loss) on investments and debt:

 

 

 

 

 

 

Net realized gain (loss) on investments

 

 

—

 

 

 

(2,126

)

Net change in unrealized appreciation (depreciation) on investments

 

 

(14,131

)

 

 

(1,918

)

Net realized and unrealized gain (loss) on investments

 

 

(14,131

)

 

 

(4,044

)

Net increase (decrease) in members' equity resulting from operations

 

$

(6,386

)

 

$

5,272

 

———————————

(1) No management or incentive fees are payable by PSLF. PSLF pays the Administrator an annual fee of 0.25% of average gross assets under management payable on a quarterly basis.

 

5. FAIR VALUE OF FINANCIAL INSTRUMENTS

 

Fair value, as defined under ASC 820, is the price that we would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment or liability. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability based on market data obtained from sources independent of us. Unobservable inputs reflect the assumptions market participants would use in pricing an asset or liability based on the best information available to us on the reporting period date.

 

ASC 820 classifies the inputs used to measure these fair values into the following hierarchies:

 

Level 1:

Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date.

 

 

Level 2:

Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument.

 

 

Level 3:

Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability.

 

 

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments and our Truist Credit Facility are classified as Level 3. Our 2026 Notes and 2026 Notes-2 are classified as Level 2, as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.

The inputs into the determination of fair value may require significant management judgment or estimation. Even if observable market data is available, such information may be the result of consensus pricing information, disorderly transactions or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence were available. Corroborating evidence that would result in classifying these non-binding broker/dealer bids as a Level 2 asset includes observable orderly market-based transactions for the same or similar assets or other relevant observable market-based inputs that may be used in pricing an asset.

 

Our investments are generally structured as debt and equity investments in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. The transaction price, excluding transaction costs, is typically the best estimate of fair value at inception. Ongoing reviews by our Investment Adviser and independent valuation firms are based on an assessment of each underlying investment, incorporating valuations that consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information including comparable transactions, performance multiples and yields, among other factors. These non-public investments valued using unobservable inputs are included in Level 3 of the fair value hierarchy.

 

A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in our ability to observe valuation inputs may result in a reclassification for certain financial assets or liabilities.

In addition to using the above inputs to value cash equivalents, investments, our 2026 Notes, our 2026 Notes-2 and our Truist Credit Facility, we employ the valuation policy approved by our board of directors which is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value. See Note 2.

 

42

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

As outlined in the table below, some of our Level 3 investments using a market approach valuation technique are valued using the average of the bids from brokers or dealers. The bids include a disclaimer, may not have corroborating evidence, may be the result of a disorderly transaction and may be the result of consensus pricing. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If the board of directors has a bona fide reason to believe any such bids do not reflect the fair value of an investment, it may independently value such investment by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available. In accordance with ASC 820, we do not categorize any investments for which fair value is measured using the net asset value per share within the fair value hierarchy.

 

The remainder of our investment portfolio and our long-term Truist Credit Facility are valued using a market comparable or an enterprise market value technique. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the pricing indicated by the external event, excluding transaction costs, is used to corroborate the valuation. When using earnings multiples to value a portfolio company, the multiple used requires the use of judgment and estimates in determining how a market participant would price such an asset. These non-public investments using unobservable inputs are included in Level 3 of the fair value hierarchy. Generally, the sensitivity of unobservable inputs or combination of inputs such as industry comparable companies, market outlook, consistency, discount rates and reliability of earnings and prospects for growth, or lack thereof, affects the multiple used in pricing an investment. As a result, any change in any one of those factors may have a significant impact on the valuation of an investment. Generally, an increase in a market yield will result in a decrease in the valuation of a debt investment, while a decrease in a market yield will have the opposite effect. Generally, an increase in an earnings before interest, taxes, depreciation and amortization ("EBITDA"), multiple will result in an increase in the valuation of an investment, while a decrease in an EBITDA multiple will have the opposite effect.

 

Our Level 3 valuation techniques, unobservable inputs and ranges were categorized as follows for ASC 820 purposes:

 

Asset Category ($ in thousands)

 

Fair value at
December 31, 2025

 

 

Valuation Technique

 

Unobservable Input

 

Range of Input
(Weighted Average) (1)

First lien

 

$

29,807

 

 

Market Comparable

 

Broker/Dealer bids or quotes

 

N/A

First lien

 

 

455,972

 

 

Market Comparable

 

Market yield

 

4.0% - 27.3% (10.3%)

First lien

 

 

2,121

 

 

Enterprise Market Value

 

EBITDA multiple

 

7.9x - 8.3x (8.0x)

Second lien

 

 

14,825

 

 

Market Comparable

 

Market yield

 

13.2% - 15.3% (14.2%)

Second lien

 

 

3,411

 

 

Market Comparable

 

Broker/Dealer bids or quotes

 

N/A

Subordinated debt / corporate notes

 

 

205,654

 

 

Market Comparable

 

Market yield

 

8.5% - 25.0% (12.9%)

Equity

 

 

231,163

 

 

Enterprise Market Value

 

EBITDA multiple

 

1.1x - 18.0x (9.5x)

Total Level 3 investments

 

$

942,953

 

 

 

 

 

 

 

Debt Category ($ in thousands)

 

 

 

 

 

 

 

 

 

Truist Credit Facility

 

$

295,464

 

 

Market Comparable

 

Market yield

 

5.5%

 

(1)
The weighted averages disclosed in the table above were weighted by their relative fair value.

 

Asset Category ($ in thousands)

 

Fair value at
September 30, 2025

 

 

Valuation Technique

 

Unobservable Input

 

Range of Input
(Weighted Average) (1)

First lien

 

$

31,018

 

 

Market Comparable

 

Broker/Dealer bids or quotes

 

N/A

First lien

 

 

550,259

 

 

Market Comparable

 

Market yield

 

4.0% – 24.5% (10.1%)

First lien

 

 

1,096

 

 

Enterprise Market Value

 

EBITDA multiple

 

7.5x - 8.3x (8.1x)

Second lien

 

 

14,750

 

 

Market Comparable

 

Market yield

 

13.2% - 15.5% (14.3%)

Second lien

 

 

3,411

 

 

Market Comparable

 

Broker/Dealer bids or quotes

 

N/A

Subordinated debt / corporate notes

 

 

201,220

 

 

Market Comparable

 

Market yield

 

7.0% - 25.4% (13.2%)

Equity

 

 

286,210

 

 

Enterprise Market Value

 

EBITDA multiple

 

1.5x - 28.3x (9.4x)

Total Level 3 investments

 

$

1,087,964

 

 

 

 

 

 

 

Debt Category ($ in thousands)

 

 

 

 

 

 

 

 

 

Truist Credit Facility

 

$

425,477

 

 

Market Comparable

 

Market yield

 

4.9%

 

1.
The weighted averages disclosed in the table above were weighted by their relative fair value.

 

43

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

Our investments, cash and cash equivalents, Truist Credit Facility, 2026 Notes and 2026 Notes-2 were categorized as follows in the fair value hierarchy:

 

 

 

Fair value at
December 31, 2025

 

Description ($ in thousands)

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Measured at Net Asset Value (1)

 

Debt investments

 

$

711,790

 

 

$

—

 

 

$

—

 

 

$

711,790

 

 

$

—

 

U.S. Government Securities(3)

 

 

209,485

 

 

 

—

 

 

 

209,485

 

 

 

—

 

 

 

—

 

Equity investments

 

 

297,199

 

 

 

—

 

 

 

—

 

 

 

231,163

 

 

 

66,036

 

Total investments

 

 

1,218,474

 

 

 

—

 

 

 

209,485

 

 

 

942,953

 

 

 

66,036

 

Cash equivalents

 

 

17,660

 

 

 

17,660

 

 

 

—

 

 

 

—

 

 

 

—

 

Total investments and cash equivalents

 

$

1,236,134

 

 

$

17,660

 

 

$

209,485

 

 

$

942,953

 

 

$

66,036

 

Truist Credit Facility

 

$

295,464

 

 

$

—

 

 

$

—

 

 

$

295,464

 

 

$

—

 

2026 Notes(2)

 

 

149,698

 

 

 

—

 

 

 

149,698

 

 

 

—

 

 

 

—

 

2026 Notes-2(2)

 

 

164,147

 

 

 

—

 

 

 

164,147

 

 

 

—

 

 

 

—

 

Total debt

 

$

609,309

 

 

$

—

 

 

$

313,845

 

 

$

295,464

 

 

$

—

 

 

(1)
In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), our equity investment in PSLF and PTSF II are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus has not been classified in the fair value hierarchy.
(2)
We elected not to apply ASC 825-10 to the 2026 Notes and the 2026 Notes-2, and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value.
(3)
Our U.S. Treasury Bills are classified as Level 2, as they were valued by the pricing service which utilize broker-supplied prices.

 

 

 

Fair Value at September 30, 2025

 

Description ($ in thousands)

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Measured at Net Asset Value (1)

 

Debt investments

 

$

801,754

 

 

$

—

 

 

$

—

 

 

$

801,754

 

 

$

—

 

U.S. Government Securities(3)

 

 

124,788

 

 

 

—

 

 

 

124,788

 

 

 

—

 

 

 

—

 

Equity investments

 

 

360,731

 

 

 

—

 

 

 

—

 

 

 

286,210

 

 

 

74,521

 

Total investments

 

 

1,287,273

 

 

 

—

 

 

 

124,788

 

 

 

1,087,964

 

 

 

74,521

 

Cash equivalents

 

 

30,711

 

 

 

30,711

 

 

 

—

 

 

 

—

 

 

 

—

 

Total investments and cash equivalents

 

$

1,317,984

 

 

$

30,711

 

 

$

124,788

 

 

$

1,087,964

 

 

$

74,521

 

Truist Credit Facility

 

$

425,477

 

 

$

—

 

 

$

—

 

 

$

425,477

 

 

$

—

 

2026 Notes(2)

 

 

149,473

 

 

 

—

 

 

 

149,473

 

 

 

—

 

 

 

—

 

2026 Notes-2(2)

 

 

163,933

 

 

 

—

 

 

 

163,933

 

 

 

—

 

 

 

—

 

Total debt

 

$

738,883

 

 

$

—

 

 

$

313,406

 

 

$

425,477

 

 

$

—

 

 

(1)
In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), our equity investment in PSLF and PTSF II are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus has not been classified in the fair value hierarchy.
(2)
We elected not to apply ASC 825-10 to the 2026 Notes and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value.
(3)
Our U.S. Treasury Bills are classified as Level 2, as they were valued by the pricing service which utilize broker-supplied prices.

The tables below show a reconciliation of the beginning and ending balances for investments measured at fair value using significant unobservable inputs (Level 3):

 

 

 

 

December 31, 2025

 

Description ($ in thousands)

 

Debt
 investments

 

 

Equity
 investments

 

 

Totals

 

Beginning balance

 

$

801,754

 

 

$

286,210

 

 

$

1,087,964

 

Net realized gain (loss)

 

 

(7,878

)

 

 

66,776

 

 

 

58,898

 

Net change in unrealized appreciation (depreciation)

 

 

3,791

 

 

 

(52,323

)

 

 

(48,532

)

Purchases, PIK interest, net discount accretion and non-cash exchanges

 

 

112,390

 

 

 

5,223

 

 

 

117,613

 

Sales, repayments and non-cash exchanges

 

 

(198,267

)

 

 

(74,723

)

 

 

(272,990

)

Transfers in/out of Level 3

 

 

—

 

 

—

 

 

 

—

 

Ending balance

 

$

711,790

 

 

$

231,163

 

 

$

942,953

 

Net change in unrealized appreciation reported within the net change in
   unrealized appreciation on investments in our consolidated statements of operations
   attributable to our Level 3 assets still held at the reporting date

 

$

(3,913

)

 

$

13,287

 

 

$

9,374

 

 

44

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

 

 

December 31, 2024

 

Description ($ in thousands)

 

Debt
 investments

 

 

Equity
 investments

 

 

Totals

 

Beginning balance

 

$

916,796

 

 

$

235,573

 

 

$

1,152,369

 

Net realized gain (loss)

 

 

(3,075

)

 

 

563

 

 

 

(2,512

)

Net change in unrealized appreciation (depreciation)

 

 

(12,502

)

 

 

17,114

 

 

 

4,612

 

Purchases, PIK interest, net discount accretion and non-cash exchanges

 

 

281,958

 

 

 

6,713

 

 

 

288,671

 

Sales, repayments and non-cash exchanges

 

 

(352,059

)

 

 

(1,612

)

 

 

(353,671

)

Transfers in/out of Level 3

 

 

—

 

 

—

 

 

 

—

 

Ending balance

 

$

831,118

 

 

$

258,351

 

 

$

1,089,469

 

Net change in unrealized appreciation reported within the net change in
   unrealized appreciation on investments in our consolidated statements of operations
   attributable to our Level 3 assets still held at the reporting date

 

$

(13,385

)

 

$

17,999

 

 

$

4,614

 

 

The table below shows a reconciliation of the beginning and ending balances for liabilities measured at fair value using significant unobservable inputs (Level 3):

 

 

Three months ended December 31,

 

Long-Term Credit Facility

 

2025

 

 

2024

 

Beginning balance (cost – $426,456 and $461,456, respectively)

 

$

425,477

 

 

$

460,361

 

Net change in unrealized appreciation (depreciation) included in earnings

 

 

(13

)

 

 

(3,328

)

Borrowings (1)

 

 

30,000

 

 

 

55,000

 

Repayments (1)

 

 

(160,000

)

 

 

(52,000

)

Transfers in and/or out of Level 3

 

 

—

 

 

 

—

 

Ending balance (cost – $296,456 and $464,456, respectively)

 

$

295,464

 

 

$

460,033

 

Temporary draws outstanding, at cost

 

 

—

 

 

 

—

 

Ending balance (cost – $296,456 and $464,456, respectively)

 

$

295,464

 

 

$

460,033

 

 

(1)
Excludes temporary draws.

As of December 31, 2025, we had outstanding non-U.S. dollar borrowings on our Truist Credit Facility:

 

Foreign Currency

 

Amount Borrowed

 

 

Borrowing Cost

 

 

Current Value

 

 

Reset Date

 

Unrealized appreciation/
(depreciation)

 

British Pound

 

£

36,000

 

 

$

49,420

 

 

$

48,422

 

 

March 31, 2026

 

$

998

 

Canadian dollar

 

 

CAD 2,800

 

 

$

2,036

 

 

$

2,043

 

 

January 31, 2026

 

$

(6

)

 

As of September 30, 2025, we had outstanding non-U.S. dollar borrowings on our Truist Credit Facility:

 

Foreign Currency

 

Amount Borrowed

 

 

Borrowing Cost

 

 

Current Value

 

 

Reset Date

 

Unrealized appreciation/
(depreciation)

 

British Pound

 

£

36,000

 

 

$

49,420

 

 

$

48,465

 

 

December 31, 2025

 

$

955

 

Canadian dollar

 

 

CAD 2,800

 

 

$

2,036

 

 

$

2,012

 

 

October 29, 2025

 

$

24

 

 

Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"), which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to the Truist Credit Facility. We elected to use the fair value option for the Truist Credit Facility to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we incurred $3.9 and zero of expenses relating to amendment costs on the Truist Credit Facility during the three months ended December 31, 2025 and 2024, respectively. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires us to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Truist Credit Facility is reported in our Consolidated Statements of Operations. We did not elect to apply ASC 825-10 to any other financial assets or liabilities, including the 2026 Notes and 2026 Notes-2.

 

For the three months ended December 31, 2025 and 2024, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and $3.3 million, respectively. As of December 31, 2025 and September 30, 2025, the net unrealized appreciation (depreciation) on the Truist Credit Facility totaled $1.0 million and $1.0 million, respectively. We use an independent valuation service to measure the fair value of our Truist Credit Facility in a manner consistent with the valuation process that our board of directors uses to value our investments.

 

45

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

 

6. TRANSACTIONS WITH AFFILIATED COMPANIES

 

An affiliated portfolio company is a company in which we have ownership of 5% or more of its voting securities. A portfolio company is generally presumed to be a non-controlled affiliate when we own at least 5% but 25% or less of its voting securities and a controlled affiliate when we own more than 25% of its voting securities. Transactions related to our funded investments with both controlled and non-controlled affiliates for the three months ended December 31, 2025 and 2024 were as follows ($ in thousands):

 

Name of Investment

 

Fair Value at September 30, 2025

 

 

Gross
Additions(1)

 

 

Gross
Reductions

 

 

Net Realized
Gains
(Losses)

 

 

Net Change in
Appreciation /
(Depreciation)

 

 

Fair Value at December 31, 2025

 

 

Interest
Income

 

 

PIK
Income

 

 

Dividend
Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited

 

$

88,646

 

 

$

4,547

 

 

$

(4,604

)

 

$

(184

)

 

$

13,016

 

 

$

101,421

 

 

$

1,235

 

 

$

—

 

 

$

—

 

Flock Financial, LLC

 

 

49,314

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,537

 

 

$

53,851

 

 

 

736

 

 

 

—

 

 

 

—

 

JF Intermediate, LLC
 (JF Holdings Corp.)

 

 

68,332

 

 

 

—

 

 

 

(67,546

)

 

 

63,059

 

 

 

(63,845

)

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Pragmatic Institute, LLC

 

 

10,875

 

 

 

—

 

 

 

(36

)

 

 

—

 

 

 

(1,527

)

 

 

9,312

 

 

 

—

 

 

 

—

 

 

 

—

 

PennantPark Senior Loan Fund, LLC (2)

 

 

207,800

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,746

)

 

 

200,054

 

 

 

4,300

 

 

 

—

 

 

 

4,184

 

Total Controlled Affiliates

 

$

424,967

 

 

$

4,547

 

 

$

(72,186

)

 

$

62,875

 

 

$

(55,565

)

 

$

364,638

 

 

$

6,271

 

 

$

—

 

 

$

4,184

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

$

4,891

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(3,140

)

 

$

1,751

 

 

$

—

 

 

$

—

 

 

$

—

 

 Total Non-Controlled Affiliates

 

$

4,891

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(3,140

)

 

$

1,751

 

 

$

—

 

 

$

—

 

 

$

—

 

Total Controlled and
   Non-Controlled Affiliates

 

$

429,858

 

 

$

4,547

 

 

$

(72,186

)

 

$

62,875

 

 

$

(58,705

)

 

$

366,389

 

 

$

6,271

 

 

$

—

 

 

$

4,184

 

 

 

(1)
Includes PIK.
(2)
We and Pantheon are the members of PSLF, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSLF make investments in the PSLF in the form of subordinated debt and equity interests, and all portfolio and other material decision regarding PSLF must be submitted to PSFL’s board of directors or investment committee, both of which are comprised of two members appointed by each of us and Pantheon. Because management of PSLF is shared equally between us and Pantheon, we do not believe we control PSLF for purposes of the 1940 Act or otherwise.

 

 

Name of Investment

 

Fair Value at September 30, 2024

 

 

Gross
Additions(1)

 

 

Gross
Reductions

 

 

Net Realized
Gains
(Losses)

 

 

Net Change in
Appreciation /
(Depreciation)

 

 

Fair Value at December 31, 2024

 

 

Interest
Income

 

 

PIK
Income

 

 

Dividend Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited

 

$

60,798

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(3,755

)

 

$

57,043

 

 

$

1,592

 

 

$

—

 

 

$

—

 

Flock Financial, LLC

 

 

48,839

 

 

 

823

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

49,662

 

 

 

—

 

 

 

823

 

 

 

—

 

JF Intermediate, LLC
 (JF Holdings Corp.)

 

 

90,858

 

 

 

49

 

 

 

(125

)

 

 

—

 

 

 

35,502

 

 

 

126,284

 

 

 

1,428

 

 

 

—

 

 

 

—

 

PennantPark Senior Loan Fund, LLC (2)

 

 

183,809

 

 

 

26,250

 

 

 

—

 

 

 

—

 

 

 

(1,843

)

 

 

208,216

 

 

 

4,235

 

 

 

—

 

 

 

4,851

 

Total Controlled Affiliates

 

$

384,304

 

 

$

27,122

 

 

$

(125

)

 

$

—

 

 

$

29,904

 

 

$

441,205

 

 

$

7,255

 

 

$

823

 

 

$

4,851

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

$

29,262

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(19,945

)

 

$

9,317

 

 

$

—

 

 

$

—

 

 

$

—

 

Walker Edison Furniture Company LLC (4)

 

 

4,161

 

 

 

375

 

 

 

—

 

 

 

—

 

 

 

(2,821

)

 

 

1,715

 

 

 

—

 

 

 

—

 

 

 

—

 

 Total Non-Controlled Affiliates

 

$

33,423

 

 

$

375

 

 

$

—

 

 

$

—

 

 

$

(22,766

)

 

$

11,032

 

 

$

—

 

 

$

—

 

 

$

—

 

Total Controlled and
   Non-Controlled Affiliates

 

$

417,727

 

 

$

27,497

 

 

$

(125

)

 

$

—

 

 

$

7,138

 

 

$

452,237

 

 

$

7,255

 

 

$

823

 

 

$

4,851

 

 

1.
Includes PIK.
2.
We and Pantheon are the members of PSLF, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSLF make investments in the PSLF in the form of subordinated debt and equity interests, and all portfolio and other material decision regarding PSLF must be submitted to PSLF’s board of directors or investment committee, both of which are comprised of two members appointed by each of us and Pantheon. Because management of PSLF is shared equally between us and Pantheon, we do not believe we control PSLF for purposes of the 1940 Act or otherwise.

 

 

46

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

 

 

7. CHANGE IN NET ASSETS FROM OPERATIONS PER COMMON SHARE

 

The following information sets forth the computation of basic and diluted per share net increase in net assets resulting from operations ($ in thousands, except per share data):

 

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Numerator for net increase (decrease) in net assets resulting from operations

 

$

8,955

 

 

$

16,084

 

Denominator for basic and diluted weighted average shares

 

 

65,296,094

 

 

 

65,296,094

 

Basic and diluted net increase (decrease) in net assets per share resulting from operations

 

$

0.14

 

 

$

0.25

 

 

8. CASH AND CASH EQUIVALENTS

 

Cash equivalents represent cash in money market funds pending investment in longer-term portfolio holdings and for other general corporate purposes. Our portfolio may consist of temporary investments in U.S. Treasury Bills (of varying maturities), repurchase agreements, money market funds or repurchase agreement-like treasury securities. These temporary investments with original maturities of 90 days or less are deemed cash equivalents and are included in the Consolidated Schedule of Investments. At the end of each fiscal quarter, we may take proactive steps to preserve investment flexibility for the next quarter by investing in cash equivalents, which is dependent upon the composition of our total assets at quarter-end. We may accomplish this in several ways, including purchasing U.S. Treasury Bills and closing out positions on a net cash basis after quarter-end, temporarily drawing down on the Truist Credit Facility, or utilizing repurchase agreements or other balance sheet transactions as are deemed appropriate for this purpose. These amounts are excluded from average adjusted gross assets for purposes of computing the Investment Adviser’s management fee. U.S. Treasury Bills with maturities greater than 60 days from the time of purchase are valued consistent with our valuation policy. As of December 31, 2025, cash and cash equivalents consisted of money market funds, and non-money market funds in the amounts of $17.7 million and $28.2 million. As of September 30, 2025, cash and cash equivalents consisted of money market funds, and non-money market funds in the amounts of $30.7 million and $21.1 million at fair value, respectively.

 

9. FINANCIAL HIGHLIGHTS

 

Below are the financial highlights ($ in thousands, except share and per share data):

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Per Share Data:

 

 

 

 

 

 

Net asset value, beginning of period

 

$

7.11

 

 

$

7.56

 

Net investment income (1)

 

 

0.11

 

 

 

0.20

 

Net change in realized and unrealized gain (loss) (1)

 

 

0.03

 

 

 

0.05

 

Net increase (decrease) in net assets resulting from operations (1)

 

 

0.14

 

 

 

0.25

 

Distributions to stockholders (1), (2)

 

 

(0.24

)

 

 

(0.24

)

Net asset value, end of period (8)

 

$

7.00

 

 

$

7.57

 

Per share market value, end of period

 

$

5.96

 

 

$

7.08

 

Total return* (3)

 

 

(7.65

)%

 

 

4.86

%

Shares outstanding at end of period

 

 

65,296,094

 

 

 

65,296,094

 

Ratios** / Supplemental Data:

 

 

 

 

 

 

Ratio of operating expenses to average net assets (4)

 

 

5.10

%

 

 

7.69

%

Ratio of debt related expenses to average net assets (5)

 

 

9.95

%

 

 

9.53

%

Ratio of total expenses to average net assets (5)

 

 

15.05

%

 

 

17.22

%

Ratio of net investment income to average net assets (5)

 

 

8.59

%

 

 

10.55

%

Net assets at end of period

 

$

457,234

 

 

$

494,321

 

Weighted average debt outstanding

 

$

722,974

 

 

$

753,927

 

Weighted average debt per share (1)

 

$

11.07

 

 

$

11.55

 

Asset coverage per unit (6)

 

$

1,749

 

 

$

1,638

 

Portfolio turnover ratio* (7)

 

 

10.30

%

 

 

24.90

%

 

* Not annualized for periods less than one year.

**Re-occurring investment income and expenses included in these ratios are annualized for periods less than one year.

***The expense and investment income ratios do not reflect the Company's proportionate share of income and expenses of PSLF and PTSF II.

(1)
Based on the weighted average shares outstanding for the respective periods.
(2)
The tax status of distributions is calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP, and reported on Form 1099-DIV each calendar year.
(3)
Based on the change in market price per share during the periods and assumes distributions, if any, are reinvested.
(4)
Total expenses excluding debt-related costs.
(5)
Includes interest and expenses on debt (annualized) as well as the Truist Credit Facility amendment, debt issuance costs and excludes debt extinguishments cost, if any, (not annualized).
(6)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by the senior securities representing indebtedness at par (changed from fair value). This asset coverage ratio is multiplied by $1,000 to determine the asset coverage per unit.
(7)
Excludes short-term U.S. Government Securities
(8)
The three months ended December 31, 2025 does not foot due to rounding

 

47

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

 

10. DEBT

 

The annualized weighted average cost of debt for the three months ended December 31, 2025 and 2024, inclusive of the fee on the undrawn commitment and amendment costs on the Truist Credit Facility and amortized upfront fees on 2026 Notes and 2026 Notes-2, was 6.3% and 6.2%, respectively. As of December 31, 2025, in accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that we are in compliance with a 150% asset coverage ratio after such borrowing.

 

On February 5, 2019, our stockholders approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the Small Business Credit Availability Act, or "SBCAA") as approved by our board of directors on November 13, 2018. As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), subject to compliance with certain disclosure requirements. As of December 31, 2025 and September 30, 2025, our asset coverage ratio, as computed in accordance with the 1940 Act, was 175% and 163%, respectively.

 

Truist Credit Facility

 

As of December 31, 2025, we increased the availability under the multi-currency Truist Credit Facility for up to $535 million (increased from $500 million in December 2025), which may be further increased up to $750.0 million in borrowings with certain lenders and Truist Bank, acting as administrative agent, Regions Bank, acting as an additional multicurrency lender, and JPMorgan Chase Bank, N.A., acting as syndication agent for the lenders. As of December 31, 2025 and September 30, 2025, we had $296.5 million and $426.5 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 5.8% and 6.5%, respectively, exclusive of the fee on undrawn commitment, as of December 31, 2025 and September 30, 2025. The Truist Credit Facility was amended in December 2025. This amended revolving facility has a stated maturity date of December 11, 2030 and decreased pricing to SOFR plus 210 basis points from SOFR plus 235 basis points (or an alternative risk-free floating interest rate index). As of December 31, 2025 and September 30, 2025, we had $238.5 million and $73.5 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions. The Truist Credit Facility is secured by substantially all of our assets. As of December 31, 2025, we were in compliance with the terms of the Truist Credit Facility.

 

2026 Notes

 

In April 2021, we issued $150.0 million in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4%. Interest on the 2026 Notes is paid semi-annually on May 1 and November 1 of each year, at a rate of 4.50% per year, commencing November 1, 2021. The effective interest rate is 4.62%. The 2026 Notes mature on May 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.

 

2026 Notes-2

 

In October 2021, we issued $165.0 million in aggregate principal amount of our 2026 Notes-2 at a public offering price per note of 99.4%. Interest on the 2026 Notes-2 is paid semi-annually on May 1 and November 1 of each year, at a rate of 4.00% per year, commencing May 1, 2022. The effective interest rate is 4.12%. The 2026 Notes-2 mature on November 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes-2 are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes-2 on any securities exchange or automated dealer quotation system.

 

11. COMMITMENTS AND CONTINGENCIES

 

From time to time, we, may be a party to legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

 

Unfunded debt and equity investments, if any, are disclosed in the Consolidated Schedules of Investments. Under these arrangements, we may be required to supply a letter of credit to a third party if the portfolio company were to request a letter of credit. As of December 31, 2025 and September 30, 2025, we had $370.1 million and $344.6 million, respectively, in commitments to fund investments. Additionally, the Company had unfunded commitments of up to $13.2 million and $13.2 million to PSLF as of December 31, 2025 and September 30, 2025, respectively, that may be contributed primarily for the purpose of funding new investments approved by PSLF board of directors or investment committee.

 

48

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

 

 

12. UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES

 

We must determine which, if any, of our unconsolidated controlled portfolio companies is a "significant subsidiary" within the meaning of Regulation S-X. We have determined that, as of September 30, 2025, PennantPark Senior Loan Fund, LLC, JF Intermediate, LLC and AKW Holdings Limited triggered at least one of the significance tests. As a result and in accordance with Rule 3-09 of Regulation S-X, separate audited financial statements of PSLF, LLC for the years ended September 30, 2025, 2024, and 2023 were filed as exhibits to our Annual Report on Form 10-K for the fiscal year ended September 30, 2025.

 

Our investment in JF Intermediate, LLC was realized on December 11, 2025.

 

In March 2018, AKW Holdings Limited became controlled affiliate. Below is certain selected key financial data from AKW Holdings Limited's income statements for the periods in which our investment in AKW Holdings Limited exceeded the threshold in at least one of the tests under Rule 3-09 of Regulation S-X (amounts in thousands).

 

AKW Holdings Limited:

 

 

 

Three Months Ended December 31,

 

Income Statement

 

2025

 

 

2024

 

Total revenue

 

$

24,171

 

 

$

21,020

 

Total expenses

 

 

23,741

 

 

 

22,292

 

Net income (loss)

 

$

430

 

 

$

(1,272

)

 

 

 

 

13. SEGMENT REPORTING

 

The Company operates through a single operating and reporting segment with a principal investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is comprised of the Company's Chief Executive Officer and Chief Financial Officer. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primary based on the Company's net increase (decrease) in net assets resulting from operations ("Net Income") and net investment income ("NII"). The CODM utilizes Net Income and NII as the key metrics in determining the amount of dividends to be distributed to the Company's stockholders. As the Company's operations comprise of single reporting segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as "total assets" and significant segment expenses are listed on accompanying consolidated statements of operations.

 

 

 

 

14. SUBSEQUENT EVENTS

 

On January 30, 2026, the Company issued $75.0 million in aggregate principal amount of 7.0% Senior Unsecured Notes due February 1, 2029.

 

49

 

Report of Independent Registered Public Accounting Firm

 

To the Stockholders and the Board of Directors of

PennantPark Investment Corporation and its Subsidiaries

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated statement of assets and liabilities of PennantPark Investment Corporation and its subsidiaries (the Company), including the consolidated schedules of investments, as of December 31, 2025, the related consolidated statements of operations and changes in net assets for the three-months ended December 31, 2025 and 2024, and cash flows for the three-months ended December 31, 2025 and 2024, and the related notes to the consolidated financial statements (collectively, the interim financial information or financial statements). Based on our reviews, we are not aware of any material modifications that should be made to the financial statements referred to above for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments, as of September 30, 2025, and the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended (not presented herein); and in our report dated November 24, 2025, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of September 30, 2025, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments, from which it has been derived.

Basis for Review Results

These interim financial statements are the responsibility of the Company’s management. We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

 

 

 

/s/ RSM US LLP
 

New York, New York

February 9, 2026
 

 

50

 

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

FORWARD-LOOKING STATEMENTS

 

This Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements, which relate to us and our consolidated subsidiaries regarding future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. The forward-looking statements contained in this Report involve risks and uncertainties, including statements as to:

•
our future operating results;

 

•
our business prospects and the prospects of our prospective portfolio companies;

 

•
changes in political, economic or industry conditions, such as impact of the ongoing invasion of Ukraine by Russia and other world economic and political issues, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets;

 

•
U.S. trade policy developments, tariffs and other trade restrictions;

•
the dependence of our future success on the general economy and its impact on the industries in which we invest;

 

•
the impact of a protracted decline in the liquidity of credit markets on our business;

•
the impact of investments that we expect to make;

•
the impact of fluctuations in interest rates and foreign exchange rates on our business and our portfolio companies;

•
our contractual arrangements and relationships with third parties;

•
the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•
the ability of our prospective portfolio companies to achieve their objectives;

•
our expected financings and investments;

•
the adequacy of our cash resources and working capital;

•
the timing of cash flows, if any, from the operations of our prospective portfolio companies;

•
the impact of price and volume fluctuations in the stock market;

 

•
increasing levels of inflation, and its impact on us and our portfolio companies;

•
the ability of our Investment Adviser to locate suitable investments for us and to monitor and administer our investments;

•
the impact of future legislation and regulation on our business and our portfolio companies; and

 

•
the inability to develop and maintain effective internal control over financial reporting.

 

We use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. You should not place undue influence on the forward-looking statements as our actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors in “Risk Factors” and elsewhere in this Report.

 

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved.

 

We have based the forward-looking statements included in this Report on information available to us on the date of this Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including reports on Form 10-Q/K and current reports on Form 8-K.

 

You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

 

The following analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the related notes thereto contained elsewhere in this Report.

 

51

 

Overview

 

PennantPark Investment Corporation is a BDC whose principal objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments.

 

We believe middle-market companies offer attractive risk-reward to investors due to a limited amount of capital available for such companies. We hold a carefully constructed portfolio that includes first lien secured debt, second lien secured debt, subordinated debt and equity investments ranging from approximately $10 million to $50 million of capital, on average, in the securities of middle-market companies. We expect this investment size to vary proportionately with the size of our capital base. We use the term “middle-market” to refer to companies with annual revenues between $50 million and $1 billion. The companies in which we invest are typically highly leveraged, and, in most cases, are not rated by national rating agencies. If such companies were rated, we believe that they would typically receive a rating below investment grade (between BB and CCC under the Standard & Poor’s system) from the national rating agencies. Securities rated below investment grade are often referred to as “leveraged loans” or “high yield” securities or “junk bonds” and are often higher risk and have speculative characteristic compared to debt instruments that are rated above investment grade. Our debt investments may generally range in maturity from three to ten years and are made in U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities which operate in various industries and geographical regions.

Our investment activity depends on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives.

 

Organization and Structure of PennantPark Investment Corporation

 

PennantPark Investment Corporation, a Maryland corporation organized in January 2007, is a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. In addition, for federal income tax purposes we have elected to be treated, and intend to qualify annually, as a RIC under the Code.

 

Our investment activities are managed by the Investment Adviser. Under our Investment Management Agreement, we have agreed to pay our Investment Adviser an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. We have also entered into an Administration Agreement with the Administrator. Under our Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, and their respective staffs. Our board of directors, a majority of whom are independent of us, provides overall supervision of our activities, and the Investment Adviser manages our day-to-day activities.

 

Revenues

 

We generate revenue in the form of interest income on the debt securities we hold and capital gains and dividends, if any, on investment securities that we may acquire in portfolio companies. Our debt investments, whether in the form of first lien secured debt, second lien secured debt or subordinated debt, typically bear interest at a fixed or a floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, our investments provide for deferred interest payments and PIK interest. The principal amount of the debt securities and any accrued but unpaid interest generally becomes due at the maturity date. In addition, we generate revenue in the form of amendment, commitment, origination, structuring or diligence fees, fees for providing significant managerial assistance and possibly consulting fees. Loan origination fees, OID and market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, amendment fees, and agency fees and are recorded as other investment income when earned.

 

Expenses

 

Our primary operating expenses include interest expense on the outstanding debt and unused commitment fees on undrawn amounts, under our various debt facilities, the payment of a management fee and the payment of an incentive fee to our Investment Adviser, if any, our allocable portion of overhead under our Administration Agreement and other operating costs as detailed below. Our management fee compensates our Investment Adviser for its work in identifying, evaluating, negotiating, consummating and monitoring our investments. We bear all other direct or indirect costs and expenses of our operations and transactions, including:

 

•
the cost of calculating our net asset value, including the cost of any third-party valuation services;

•
the cost of effecting sales and repurchases of shares of our common stock and other securities;

•
fees payable to third parties relating to, or associated with, making investments, including fees and expenses associated with performing due diligence and reviews of prospective investments or complementary businesses;

•
expenses incurred by the Investment Adviser payable to third parties, including agents, consultants or other advisors, in monitoring our financial and legal affairs for the Company and in monitoring the Company's investments; and performing due diligence (including related legal expenses) on its prospective portfolio companies and expenses related to unsuccessful portfolio acquisition efforts;

•
transfer agent and custodial fees;

•
fees and expenses associated with marketing efforts;

•
federal and state registration fees and any exchange listing fees;

•
federal, state, local and foreign taxes;

•
independent directors’ fees and expenses;

•
brokerage commissions;

•
fidelity bond, directors and officers, errors and omissions liability insurance and other insurance premiums;

•
direct costs such as printing, mailing, long distance telephone and staff;

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•
fees and expenses associated with independent audits and outside legal costs;

•
costs associated with our reporting and compliance obligations under the 1940 Act, and applicable federal and state securities laws; and

•
all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under our Administration Agreement that will be based upon our allocable portion of overhead, and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, and their respective staffs.

 

Generally, during periods of asset growth, we expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities would be additive to the expenses described above.

 

PORTFOLIO AND INVESTMENT ACTIVITY

 

As of December 31, 2025, our portfolio totaled $1,218.5 million and consisted of $487.9 million or 40% of first lien secured debt, $209.5 million or 17% of U.S. Government Securities, $18.2 million or 2% of second lien secured debt, $205.7 million or 17% of subordinated debt (including $140.3 million or 12% in PSLF) and $297.2 million or 24% of preferred and common equity (including $59.8 million or 5% in PSLF). Our interest bearing debt portfolio consisted of 89% variable-rate investments and 11% fixed-rate investments. As of December 31, 2025, we had four portfolio companies on non-accrual, representing 2.2% and 1.1% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation (depreciation) of $(6.7) million as of December 31, 2025. Our overall portfolio consisted of 158 companies with an average investment size of $6.4 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 10.9%.

 

As of September 30, 2025, our portfolio totaled $1,287.3 million and consisted of $582.4 million or 45% of first lien secured debt, $124.8 million or 10% of U.S. Government Securities, $18.2 million or 1% of second lien secured debt, $201.2 million or 16% of subordinated debt (including $140.3 million or 11% in PSLF) and $360.7 million or 28% of preferred and common equity (including $67.5 million or 5% in PSLF). Our interest bearing debt portfolio consisted of 91% variable-rate investments and 9% fixed-rate investments. As of September 30, 2025, we had four portfolio companies on non-accrual, representing 1.3% and 0.1% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $50.4 million as of September 30, 2025. Our overall portfolio consisted of 166 companies with an average investment size of $7.0 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 11.0%.

 

For the three months ended December 31, 2025, we invested $115.1 million in three new and 51 existing portfolio companies with a weighted average yield on debt investments of 9.7%. For the three months ended December 31, 2025, sales and repayments of investments totaled $273.2 million including $128.9 million sold to PSLF. The investments, sales and repayments noted above exclude all purchases and sales of U.S. Government Securities.

 

For the three months ended December 31, 2024, we invested $295.7 million in 12 new and 61 existing portfolio companies with a weighted average yield on debt investments of 10.6%. For the three months ended December 31, 2024, sales and repayments of investments totaled $353.7 million including $286.6 million sold to PSLF. The investments, sales and repayments noted above exclude all purchases and sales of U.S. Government Securities.

 

PennantPark Senior Loan Fund, LLC

 

As of December 31, 2025, PSLF’s portfolio totaled $1,357.3 million, consisted of 118 companies with an average investment size of $11.5 million and had a weighted average yield interest bearing debt investments of 9.6%.

 

As of September 30, 2025, PSLF’s portfolio totaled $1,265.9 million, consisted of 109 companies with an average investment size of $11.6 million and had a weighted average yield interest bearing debt investments of 10.1%.

 

For the three months ended December 31, 2025, PSLF invested $129.5 million, including $128.9 million purchased from the Company, in 11 new and 12 existing portfolio companies at weighted average yield interest bearing debt investments of 9.2%. PSLF’s sales and repayments of investments for the same period totaled $25.3 million.

 

For the three months ended December 31, 2024, PSLF invested $353.8 million, including $286.6 million purchased from the Company, in 15 new and 43 existing portfolio companies at weighted average yield on interest bearing debt investments of 10.5%. PSLF’s sales and repayments of investments for the same period totaled $109.1 million.

 

At-the-Market Offering

 

On June 4, 2024, we entered into the Equity Distribution Agreements with Truist Securities, Inc. and Keefe, Bruyette & Woods, Inc. as the the Sales Agents in connection with the sale of shares of our common stock, with an aggregate offering price of up to $100 million under an ATM Program. We may offer and sell shares of our common stock from time to time through a Sales Agent in amounts and at times to be determined by us. Actual sales will depend on a variety of factors to be determined by us from time to time, including, market conditions and the trading price of our common stock. The Investment Adviser may, from time to time, in its sole discretion, pay some or all of the commissions payable under the equity distribution agreements or make additional supplemental payments to ensure that the sales price per share of our common stock in connection with ATM Program offerings will not be made at price less than our current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us. On April 28, 2025, our registration statement pursuant to which shares were issued under the ATM Program expired.

 

During the three months ended December 31, 2024, we did not issue any shares under the ATM program.

 

 

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CRITICAL ACCOUNTING POLICIES AND ESTIMATES

 

The preparation of our Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of our assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of income and expenses during the reported periods In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included. Actual results could differ from these estimates due to changes in the economic and regulatory environment, financial markets and any other parameters used in determining such estimates and assumptions, including the credit worthiness of our portfolio companies. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions. References to ASC serve as a single source of accounting literature. Subsequent events are evaluated and disclosed as appropriate for events occurring through the date the Consolidated Financial Statements are issued. In addition to the discussion below, we
describe our critical accounting policies in the notes to our Consolidated Financial Statements. We discuss our critical accounting estimates in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K. There have been no significant changes in our critical accounting estimates from those disclosed in our 2025 Annual Report on Form 10-K during the three months ended December 31, 2025.

 

Investment Valuations

 

We expect that there may not be readily available market values for many of the investments which are or will be in our portfolio, and we value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material.

 

Our portfolio generally consists of illiquid securities, including debt and equity investments. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, our board of directors undertakes a multi-step valuation process each quarter, as described below:

 

(1)
Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Investment Adviser responsible for the portfolio investment;

 

(2)
Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser;

 

(3)
Our board of directors also engages independent valuation firms to conduct independent appraisals of our investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. The independent valuation firms review management’s preliminary valuations in light of their own independent assessment and also in light of any market quotations obtained from an independent pricing service, broker, dealer or market maker;

 

(4)
The audit committee of our board of directors reviews the valuations of the Investment Adviser and those of the independent valuation firms on a quarterly basis, periodically assesses the valuation methodologies of the independent valuation firms, and responds to and supplements the valuation recommendations of the independent valuation firms to reflect any comments; and

 

(5)
Our board of directors discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our Investment Adviser, the respective independent valuation firms and the audit committee.

 

Our board of directors generally uses market quotations to assess the value of our investments for which market quotations are readily available. We obtain these market values from independent pricing services or at the bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If our board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.

 

Fair value, as defined under ASC 820, is the price that we would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment or liability. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability based on market data obtained from sources independent of us. Unobservable inputs reflect the assumptions market participants would use in pricing an asset or liability based on the best information available to us on the reporting period date.

 

ASC 820 classifies the inputs used to measure these fair values into the following hierarchies:

 

Level 1:

Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date.

 

 

Level 2:

Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument.

 

 

Level 3:

Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability.

 

 

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments, and our are classified as Level 3. Our 2026 Notes and 2026 Notes-2 are classified as Level 2, as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.

 

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On December 3, 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which establishes an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. The new rule clarifies how fund boards of directors can satisfy their valuation obligations and requires, among other things, the board of directors to periodically assess material valuation risks and take steps to manage those risks. The rule also permits boards of directors, subject to board oversight and certain other conditions, to designate the fund’s investment adviser to perform fair value determinations. The new rule went into effect on March 8, 2021 and had a compliance date of September 8, 2022. We came into compliance with Rule 2a-5 under the 1940 Act before the compliance date. While our board of directors has not elected to designate the Investment Adviser as the valuation designee at this time, we have adopted certain revisions to our valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 under the 1940 Act.

 

In addition to using the above inputs to value cash equivalents, investments, our 2026 Notes, 2026 Notes-2 and our Truist Credit Facility valuations, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value.

 

Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"), which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to the Truist Credit Facility. We elected to use the fair value option for the Truist Credit Facility to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we incurred $3.9 million and zero of expenses relating to amendment costs on the Truist Credit Facility for both the three months ended December 31, 2025 and 2024, respectively. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Truist Credit Facility is reported in our Consolidated Statements of Operations. We elected not to apply ASC 825-10 to any other financial assets or liabilities, including the 2026 Notes, and 2026 Notes-2.

 

For the three months ended December 31, 2025 and 2024, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and $3.3 million, respectively. As of December 31, 2025 and September 30, 2025, the net unrealized appreciation (depreciation) on the Truist Credit Facility totaled $1.0 million and $1.0 million, respectively. We use an independent valuation service to measure the fair value of our Truist Credit Facility in a manner consistent with the valuation process that our board of directors uses to value our investments.

 

Revenue Recognition

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, OID, market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, amendment fees, and agency fees and are recorded as other investment income when earned.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

 

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects changes in the fair values of our portfolio investments and our Truist Credit Facility, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

 

Foreign Currency Translation

 

Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

 

1.
Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and

 

2.
Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions.

 

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair values of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities.

 

Payment-in-Kind, or PIK Interest

 

We have investments in our portfolio which contain a PIK interest provision. PIK interest is added to the principal balance of the investment and is recorded as income. In order for us to maintain our ability to be subject to tax as a RIC, substantially all of this income must be paid out to stockholders in the form of dividends for U.S. federal income tax purposes, even though we may not have collected any cash with respect to interest on PIK securities.

 

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Federal Income Taxes

 

We have elected to be treated, and intend to qualify annually to maintain our election to be treated, as a RIC under Subchapter M of the Code. To maintain our RIC tax election, we must, among other requirements, meet certain annual source-of-income and quarterly asset diversification requirements. We also must annually distribute dividends for U.S. federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, or investment company taxable income, determined without regard to any deduction for dividends paid.

 

Although not required for us to maintain our RIC tax status, in order to preclude the imposition of a 4% nondeductible U.S. federal excise tax imposed on RICs, we must distribute dividends for federal income tax purposes to our stockholders in respect of each calendar year of an amount at least equal to the sum of (1) 98% of our net ordinary income (subject to certain deferrals and elections) for the calendar year, (2) 98.2% of the excess, if any, of our capital gains over our capital losses, or capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 of the calendar year plus (3) the sum of any net ordinary income plus capital gain net income for preceding years that was realized but not distributed during such years and on which we did not incur any U.S. federal income tax, or the Excise Tax Avoidance Requirement. In addition, although we may distribute realized net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually, out of the assets legally available for such distributions in the manner described above, we have retained and may continue to retain such net capital gains or investment company taxable income, contingent on maintaining our ability to be subject to tax as a RIC, in order to provide us with additional liquidity.

 

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and net realized gain recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

 

For the three months ended December 31, 2025 and 2024, we recorded a provision for taxes on net investment income of $0.7 million and $0.7 million, respectively, which pertains to U.S. federal excise tax.

 

On November 22, 2021, we formed PNNT Investment Holdings II, LLC, a Delaware limited liability company (“Holdings II”), as a wholly owned subsidiary. On December 31, 2022, we contributed 100% of our interests in PNNT Investment Holdings, LLC (“Holdings”) to Holdings II . Effective as of January 1, 2024, Holdings II made an election to be treated as a corporation for U.S. federal income tax purposes. On January 3, 2024, we purchased an equity interest in Holdings from Holdings II and Holdings became a partnership for U.S. federal income tax purposes. The Company and Holdings II entered into a limited liability company agreement with respect to Holdings that provides for certain payments and the sharing of income, gain, loss and deductions attributable to Holdings’ investments.

 

For the three months ended December 31, 2025 and 2024, the Company recognized a provision for taxes of less than $(0.1) million and zero on net realized gain (loss) on investments by the Taxable Subsidiary, respectively. For the three months ended December 31, 2025 and 2024, the Company recognized a provision for taxes of zero and less than $(0.1) million on net unrealized gain (loss) on investments by the Taxable Subsidiary, respectively. The provision for taxes on net realized and unrealized gains on investments is the result of netting (i) the expected tax liability on the gains from the sales of investments which is likely to be realized and unrealized during fiscal year ending and (ii) the expected tax benefit resulting from the use of loss carryforwards to offset such gains.

 

During the three months ended December 31, 2025 and 2024, the Company paid zero and zero in federal taxes on realized gains on the sale of investments held by the Taxable Subsidiary, respectively. The state and local tax liability is zero as of December 31, 2025 is included under accrued other expenses in the consolidated statement of assets and liabilities.

 

We operate in a manner to maintain our election to be subject to tax as a RIC and to eliminate corporate-level U.S. federal income tax (other than the 4% excise tax) by distributing sufficient investment company taxable income and capital gain net income (if any). As a result, we will have an effective tax rate equal to 0% before the excise tax and income taxes incurred by the Taxable Subsidiary. As such, a reconciliation of the differences between our reported income tax expense and its tax expense at the federal statutory rate of 21% is not meaningful.

 

The Taxable Subsidiary, which is subject to tax as a corporation, allows us to hold equity securities of certain portfolio companies treated as pass-through entities for U.S. federal income tax purposes while facilitating our ability to qualify as a RIC under the Code.

 

RESULTS OF OPERATIONS

 

Set forth below are the results of operations for the three months ended December 31, 2025 and 2024.

 

Investment Income

 

For the three months ended December 31, 2025, investment income was $27.3 million, which was attributable to $20.3 million from first lien secured debt, $0.4 million from second lien secured debt, $1.9 million from subordinated debt and $4.7 million from other investments, respectively. For the three months ended December 31, 2024, investment income was $34.2 million, which was attributable to $25.2 million from first lien secured debt, $2.0 million from second lien secured debt, $1.1 million from subordinated debt and $5.9 million from other investments, respectively. The decrease in investment income for three months ended December 31, 2025, was primarily due to a decrease in our total portfolio size and a decrease in our weighted average yield on debt investments.

 

Expenses

 

For the three months ended December 31, 2025, expenses totaled $20.3 million and were comprised of $14.4 million of debt related interest and expenses, $3.9 million of base management fees, $1.3 million of general and administrative expenses and $0.7 million of provision for excise taxes, respectively. For the three months ended December 31, 2024, expenses totaled $21.2 million and were comprised of $11.7 million of debt-related interest and expenses, $4.3 million of base management fees, $2.8 million of incentive fees, $1.7 million of general and administrative expenses and $0.7 million of provision for excise taxes, respectively. The decrease in expenses for the three months ended December 31, 2025, was primarily due to a decrease in incentive fees offset by one-time credit facility amendment costs.

 

Net Investment Income

 

For the three months ended December 31, 2025, net investment income totaled $7.0 million, or $0.11 per share, respectively. For the three months ended December 31, 2024, net investment income totaled $13.0 million, or $0.20 per share, respectively. The decrease in net investment income was primarily due to a decrease in investment income and partially offset by a decrease in expenses.

 

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Net Realized Gains or Losses

 

For the three months ended December 31, 2025 and 2024, net realized gains (losses) totaled $59.0 million and $(2.6) million, respectively. The change in realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized.

 

Unrealized Appreciation or Depreciation on Investments and Debt

 

For the three months ended December 31, 2025 and 2024, we reported net change in unrealized appreciation (depreciation) on investments $(57.1) million and $2.4 million, respectively. As of December 31, 2025 and September 30, 2025, our net unrealized appreciation (depreciation) on investments totaled $(6.7) million and $50.4 million, respectively. The net change in unrealized depreciation on our investments was primarily due to changes in the capital market conditions of our investments and the values at which they were realized.

 

For the three months ended December 31, 2025 and 2024, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and $3.3 million, respectively. As of December 31, 2025 and September 30, 2025, the net unrealized appreciation (depreciation) on the Truist Credit Facility totaled $1.0 million and $1.0 million, respectively. The net change in unrealized appreciation (depreciation) compared to the same periods in the prior period was primarily due to changes in the capital markets.

 

Net Change in Net Assets Resulting from Operations

 

For the three months ended December 31, 2025 and 2024, net increase (decrease) in net assets resulting from operations totaled $9.0 million and $16.1 million or $0.14 per share and $0.25 per share, respectively. The decrease from net operations for the three months ended December 31, 2025, was primarily due to a operating performance of our portfolio and changes in capital market conditions of our investments along with change in size and cost yield of our debt portfolio and costs of financing.

 

LIQUIDITY AND CAPITAL RESOURCES

 

Our liquidity and capital resources are derived primarily from cash flows from operations, including investment sales and repayments, income earned, proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of interest expense, fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations. As of December 31, 2025, in accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that we are in compliance with a 150% asset coverage ratio requirement after such borrowing. This “Liquidity and Capital Resources” section should be read in conjunction with the "Forward-Looking Statements" section above.

 

On February 5, 2019, our stockholders approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the SBCAA) as approved by our board of directors on November 13, 2018. As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), subject to compliance with certain disclosure requirements.

 

As of December 31, 2025 and September 30, 2025, our asset coverage ratio, as computed in accordance with the 1940 Act was 175% and 163%, respectively.

 

For the three months ended December 31, 2025 and 2024, the annualized weighted average cost of debt inclusive of the fee on the undrawn commitment and amendment costs on the Truist Credit Facility, and amortized upfront fees on, 2026 Notes and 2026 Notes-2, was 6.3% and 6.2%, respectively.

 

As of December 31, 2025, we had the multi-currency Truist Credit Facility for up to $535 million (increased from $500 million in December 2025), which may be further increased up to $750.0 million in borrowings with certain lenders and Truist Bank, acting as administrative agent, Regions Bank, acting as an additional multicurrency lender, and JPMorgan Chase Bank, N.A., acting as syndication agent for the lenders. As of December 31, 2025 and September 30, 2025, we had $296.5 million and $426.5 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 5.8% and 6.5%, respectively, exclusive of the fee on undrawn commitment, as of December 31, 2025 and September 30, 2025. The Truist Credit Facility was amended in December 2025 This amended revolving has a stated maturity date of December 11, 2030 and decreased pricing to SOFR plus 210 basis points from SOFR plus 235 basis points (or an alternative risk-free floating interest rate index). As of December 31, 2025 and September 30, 2025, we had $238.5 million and $73.5 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions. The Truist Credit Facility is secured by substantially all of our assets. As of December 31, 2025, we were in compliance with the terms of the Truist Credit Facility.

As of December 31, 2025, we had $150.0 million in aggregate principal amount of 2026 Notes outstanding. Interest on the 2026 Notes is paid semiannually on May 1 and November 1, at a rate of 4.50% per year, commencing November 1, 2021. The effective interest rate is 4.62% The 2026 Notes mature on May 1, 2026, and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities.

As of December 31, 2025, we had $165.0 million in aggregate principal amount of 2026 Notes-2 outstanding. Interest on the 2026 Notes-2 is paid semiannually on May 1 and November 1, at a rate of 4.0% per year, commencing May 1, 2022. The effective interest rate is 4.12%. The 2026 Notes-2 mature on November 1, 2026, and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes-2 are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities.

 

On June 4, 2024, we entered into the Equity Distribution Agreements with Truist Securities, Inc. and Keefe, Bruyette & Woods, Inc. as the the Sales Agents in connection with the sale of shares of our common stock, with an aggregate offering price of up to $100 million under an ATM Program. We may offer and sell shares of our common stock from time to time through a Sales Agent in amounts and at times to be determined by us. Actual sales will depend on a variety of factors to be determined by us from time to time, including, market conditions and the trading price of our common stock. The Investment Adviser may, from time to time, in its sole discretion, pay some or all of the commissions payable under the equity distribution agreements or make additional supplemental payments to ensure that the sales price per share of our common stock in connection with ATM Program offerings will not be made at price less than our current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us. On April 28, 2025, our registration statement pursuant to which shares were issued under the ATM Program expired.

 

During the three months ended December 31, 2024, we did not issue any shares under the ATM program.

 

57

 

We may raise additional equity or debt capital through both registered offerings off our shelf registration statement and private offerings of securities, or by securitizing a portion of our investments, among other sources. Any future additional debt capital we incur, to the extent it is available, may be issued at a higher cost and on less favorable terms and conditions than the Truist Credit Facility, 2026 Notes, and 2026 Notes-2. Furthermore, the Truist Credit Facility availability depends on various covenants and restrictions. The primary use of existing funds and any funds raised in the future is expected to be for repayment of indebtedness, investments in portfolio companies, cash distributions to our stockholders or for other general corporate or strategic purposes such as a stock repurchase program.

We have entered into certain contracts under which we have material future commitments. Under our Investment Management Agreement, which was reapproved by our board of directors (including a majority of our directors who are not interested persons of us or the Investment Adviser) in May 2025 PennantPark Investment Advisers serves as our investment adviser. Payments under our Investment Management Agreement in each reporting period are equal to (1) a management fee equal to a percentage of the value of our average adjusted gross assets and (2) an incentive fee based on our performance.

Under our Administration Agreement, which was most recently reapproved by our board of directors, including a majority of our directors who are not interested persons of us, in May 2025 the Administrator furnishes us with office facilities and administrative services necessary to conduct our day-to-day operations. If requested to provide significant managerial assistance to our portfolio companies, we or the Administrator will be paid an additional amount based on the services provided. Payment under our Administration Agreement is based upon our allocable portion of the Administrator’s overhead in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of our Chief Compliance Officer, Chief Financial Officer, and their respective staffs.

If any of our contractual obligations discussed above are terminated, our costs under new agreements that we enter into may increase. In addition, we will likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our Investment Management Agreement and our Administration Agreement. Any new investment management agreement would also be subject to approval by our stockholders.

 

As of December 31, 2025 and September 30, 2025, we had cash and cash equivalents of $45.9 million and $51.8 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allow us to effectively operate our business.

 

For the three months ended December 31, 2025, our operating activities provided cash of $134.5 million and our financing activities used cash of $140.4 million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily for repayments of our credit facility and distributions paid to stockholders.

 

For the three months ended December 31, 2024, our operating activities provided cash of $18.7 million and our financing activities used cash of $12.7 million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily for distributions paid to stockholders.
 

PennantPark Senior Loan Fund, LLC

 

In July 2020, we and Pantheon formed PSLF, an unconsolidated joint venture as a Delaware limited liability company. PSLF invests primarily in middle-market and other corporate debt securities consistent with its strategy. As of December 31, 2025 and September 30, 2025, PSLF had total assets of $1,409.3 million and $1,315.4 million, respectively and its investment portfolio consisted of debt investments in 118 and 109 portfolio companies, respectively. As of December 31, 2025, we and Pantheon had remaining commitments to fund subordinated notes of $8.2 million and $11.7 million, respectively, and equity interest of $5.0 million and $7.1 million, respectively, in PSLF. As of September 30, 2025, we and Pantheon had remaining commitments to fund subordinated notes of $8.2 million and $11.7 million, respectively, and equity interests of $5.0 million and $7.1 million, respectively, in PSLF. As of December 31, 2025, at fair value, the largest investment in a single portfolio company in PSLF was $26.6 million and the five largest investments totaled $123.6 million. As of September 30, 2025, at fair value, the largest investment in a single portfolio company in PSLF was $24.8 million and the five largest investments totaled $121.4 million. PSLF invests in portfolio companies in the same industries in which we may directly invest.

 

We provide capital to PSLF in the form of subordinated notes and equity interests. As of December 31, 2025, we and Pantheon owned 55.8% and 44.2%, respectively, of each of the outstanding subordinated notes and equity interests of PSLF. As of September 30, 2025, we and Pantheon owned 55.8% and 44.2%, respectively, of each of the outstanding subordinated notes and equity interest of PSLF. As of December 31, 2025, our investment in PSLF consisted of subordinated notes of $140.3 million and equity interests of $82.4 million, respectively. As of September 30, 2025, our investment in PSLF consisted of subordinated notes of $140.3 million and equity interests of $82.4 million respectively.

 

We and Pantheon each appointed two members to PSLF’s four-person Member Designees’ Committee, or the Member Designees’ Committee. All material decisions with respect to PSLF, including those involving its investment portfolio, require unanimous approval of a quorum of the Member Designees’ Committee. Quorum is defined as (i) the presence of two members of the Member Designees’ Committee; provided that at least one individual is present that was elected, designated or appointed by each of us and Pantheon; (ii) the presence of three members of the Member Designees’ Committee, provided that the individual that was elected, designated or appointed by each of us or Pantheon, as the case may be, with only one individual present being entitled to cast two votes on each matter; and (iii) the presence of four members of the Member Designees’ Committee constitute a quorum, provided that the two individuals are present that were elected, designated or appointed by each of us and Pantheon.

 

Additionally, PSLF, through its wholly-owned subsidiary, has entered into a $400.0 million (increased from $325.0 million in August 2024) senior secured revolving credit facility, with BNP Paribas, which bears interest at SOFR (or an alternative risk-free interest rate index) plus 225 basis points during the investment period and is subject to leverage and borrowing base restrictions.

 

In March 2022, PSLF completed a $304.0 million debt securitization in the form of a collateralized loan obligation, or the “2034 Asset-Backed Debt”. The 2034 Asset-Backed Debt is secured by a carefully constructed portfolio of PennantPark CLO IV, LLC., a wholly-owned and consolidated subsidiary of PSLF, consisting primarily of middle market loans and participation interests in middle market loans. The 2034 Asset-Backed Debt is scheduled to mature in April 2034. On the closing date of the transaction, in consideration of PSLF’s transfer to PennantPark CLO IV, LLC of the initial closing date loan portfolio, which included loans distributed to PSLF by certain of its wholly owned subsidiaries and us, PennantPark CLO IV, LLC transferred to PSLF 100% of the Preferred Shares of PennantPark CLO IV, LLC and 100% of the subordinated notes issued by PennantPark CLO IV, LLC. As of December 31, 2025 and September 30, 2025 there were $246.0 million and $246.0 million, respectively, of external 2034 Asset-Backed Debt.

 

On July 26, 2023, CLO VII , LLC ("CLO VII") completed a $300 million debt securitization in the form of a collateralized loan obligation (the "2035 Debt Securitization" or "2035 Asset-Backed Debt"). The 2035 Asset-Backed Debt is secured by a carefully constructed portfolio consisting primarily of middle market loans. The 2035 Debt Securitization was executed through a private placement of: (i) $151.0 million Class A-1a Notes maturing 2035, which bear interest at the three-month SOFR plus 2.7%, (ii) $20.0 million Class A-1b Loans 2035, which bear interest at 6.5%, (iii) $12.0 million Class A-2 Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 3.2%, (iv) $21.0 million Class B Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.1%, (v) $24.0 million Class C Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.7%, and (vi) $18.0 million Class D Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 7.0%. On July 21, 2025, CLO VII closed a partial refinancing of the 2035 Debt Securitization where the $21.0 million Class B (B-R) Senior Secured Floating Rate Notes interest rate was decreased to SOFR plus 2.0%, the $24.0 million Class C (C-R)

58

 

Secured Deferrable Floating Rate Notes interest rate was decreased to SOFR plus 2.3% and the $18.0 million Class D (D-R) Secured Deferrable Floating Rate Notes interest rate was decreased to SOFR plus 3.4%. As of December 31, 2025 and September 30, 2025, there were $246.0 million and $246.0 million of external 2035 Asset-Backed Debt.

 

On December 23, 2024, PennantPark CLO X, LLC ("CLO X”) completed a $400.5 million debt securitization in the form of a collateralized loan obligation (the "2037 Debt Securitization" or "2037 Asset-Backed Debt"). The 2037 Asset-Backed Debt is secured by a carefully constructed portfolio consisting primarily of middle market loans. The 2037 Debt Securitization was executed through a private placement of: (i) $158.0 million Class A-1 Notes maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (ii) $30.0 million Class A-1A Loans maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (iii) $40.0 million Class A-1W Loans maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (iv) $16.0 million Class A-2W Loans due 2037, which bear interest at the three-month SOFR plus 1.75%, (v) $28.0 million Class B Notes due 2037, which bear interest at the three-month SOFR plus 1.85%, (vi) $32.0 million Class C Notes due 2037, which bear interest at the three-month SOFR plus 2.40%., (vii) $24.0 million Class D Notes due 2037, which bear interest at the three-month SOFR plus 3.85%. As of December 31, 2025 and September 30, 2025 there were $328.0 million and $328.0 million, respectively, of external 2037 Asset-Backed Debt.

 

On August 28, 2024, PSLF entered into an amendment (the “Amendment”) to PSLF’s limited liability company agreement (the “LLC Agreement”). The Amendment amended the term of PSLF, which would have otherwise expired on January 31, 2025, to be indefinite, subject to the other terms of dissolution, wind down and termination in the LLC Agreement. The Amendment also modified the LLC Agreement to permit any member of PSLF (each, a “PSLF Member”) to request to redeem its interests in PSLF (in minimum tranches of 25% of the interests then-owned by such PSFL Member) at any time. Under the Amendment, if a PSLF Member makes a redemption request, PSLF will be required to use commercially reasonable efforts to redeem any such PSFL Member’s interests within 18 months and, in any event, within three years from the date of such redemption request, subject to customary limitations with respect to the liquidity of PSLF and the requirement that the Company’s proportionate share or ownership of PSLF not exceed 87.5%.

 

Below is a summary of PSLF’s portfolio at fair value:

($ in thousands)

 

December 31, 2025 (Unaudited)

 

 

September 30, 2025

 

Total investments

 

$

1,357,342

 

 

$

1,265,901

 

Weighted average cost yield on income producing investments

 

 

9.6

%

 

 

10.1

%

Number of portfolio companies in PSLF

 

 

118

 

 

 

109

 

Largest portfolio company investment at fair value

 

$

26,563

 

 

$

24,802

 

Total of five largest portfolio company investments at fair value

 

$

123,565

 

 

$

121,360

 

 

Below is a listing of PSLF’s individual investments as of December 31, 2025 (par and $ in thousands):

Issuer Name

 

Acquisition

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index (1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

First Lien Secured Debt - 1,258.% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACP Avenu Buyer, LLC

 

04/23/24

 

10/02/29

 

 

Business Services

 

8.74%

 

 

SOFR+475

 

 

 

23,450

 

 

$

23,183

 

 

$

23,391

 

ACP Falcon Buyer, Inc.

 

10/06/23

 

08/01/29

 

 

Business Services

 

9.49%

 

 

SOFR+550

 

 

 

15,157

 

 

 

14,937

 

 

 

15,309

 

AFC-Dell Holding Corp.

 

02/23/24

 

04/09/27

 

 

Distribution

 

8.84%

 

 

SOFR+500

 

 

 

16,171

 

 

 

16,079

 

 

 

16,171

 

APT OPCO, LLC

 

12/24/25

 

09/30/31

 

 

Health Care Providers and Services

 

8.67%

 

 

SOFR+500

 

 

 

2,868

 

 

 

2,852

 

 

 

2,832

 

Ad.Net Acquisition, LLC

 

03/02/22

 

05/07/26

 

 

Media

 

9.93%

 

 

SOFR+626

 

 

 

5,425

 

 

 

5,421

 

 

 

5,425

 

Aechelon Technology, Inc.

 

12/23/24

 

08/16/29

 

 

Aerospace and Defense

 

9.47%

 

 

 

 

 

 

16,270

 

 

 

16,192

 

 

 

16,270

 

Alpine Acquisition Corp II (4), (6)

 

10/12/22

 

11/30/26

 

 

Containers, Packaging and Glass

 

 

 

 

 

 

 

 

15,157

 

 

 

15,028

 

 

 

6,972

 

Amsive Holdings Corporation

 

03/02/22

 

12/10/26

 

 

Media

 

9.92%

 

 

SOFR+625

 

 

 

13,768

 

 

 

13,717

 

 

 

13,631

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

03/02/22

 

06/30/26

 

 

Media

 

9.57%

 

 

SOFR+590

 

 

 

13,618

 

 

 

13,591

 

 

 

13,618

 

Arcfield Acquisition Corp.

 

07/26/22

 

10/28/31

 

 

Aerospace and Defense

 

8.84%

 

 

SOFR+500

 

 

 

14,850

 

 

 

14,829

 

 

 

14,776

 

Archer Lewis, LLC

 

12/20/24

 

08/28/29

 

 

Healthcare, Education and Childcare

 

9.42%

 

 

SOFR+575

 

 

 

15,542

 

 

 

15,389

 

 

 

15,542

 

Argano, LLC

 

12/16/24

 

09/13/29

 

 

Business Services

 

9.22%

 

 

SOFR+550

 

 

 

20,305

 

 

 

20,111

 

 

 

20,508

 

BLC Holding Company, INC.

 

02/24/25

 

11/20/30

 

 

Environmental Services

 

8.17%

 

 

SOFR+450

 

 

 

11,983

 

 

 

11,913

 

 

 

11,983

 

Beacon Behavioral Support Services, LLC

 

09/16/24

 

06/21/29

 

 

Healthcare, Education and Childcare

 

9.17%

 

 

SOFR+550

 

 

 

24,545

 

 

 

24,262

 

 

 

24,545

 

Best Practice Associates, LLC

 

01/21/25

 

11/08/29

 

 

Aerospace and Defense

 

10.47%

 

 

SOFR+675

 

 

 

19,800

 

 

 

19,560

 

 

 

19,651

 

Beta Plus Technologies, Inc.

 

08/11/22

 

07/02/29

 

 

Business Services

 

9.42%

 

 

SOFR+575

 

 

 

14,513

 

 

 

14,345

 

 

 

14,367

 

Big Top Holdings, LLC

 

06/26/24

 

02/28/30

 

 

Manufacturing / Basic Industries

 

8.92%

 

 

SOFR+525

 

 

 

6,608

 

 

 

6,518

 

 

 

6,608

 

Bioderm, Inc.

 

06/26/24

 

01/31/28

 

 

Healthcare, Education and Childcare

 

10.36%

 

 

SOFR+650

 

 

 

8,775

 

 

 

8,708

 

 

 

8,665

 

Blackhawk Industrial Distribution, Inc.

 

07/24/23

 

09/17/26

 

 

Distribution

 

9.07%

 

 

SOFR+540

 

 

 

25,179

 

 

 

25,036

 

 

 

24,675

 

Blue Cloud Pediatric Surgery Centers LLC

 

10/09/25

 

01/21/31

 

 

Health Care Providers and Services

 

8.72%

 

 

SOFR+500

 

 

 

2,494

 

 

 

2,469

 

 

 

2,469

 

Boss Industries, LLC

 

07/21/25

 

12/27/30

 

 

Conglomerate Manufacturing

 

8.67%

 

 

SOFR+500

 

 

 

5,940

 

 

 

5,903

 

 

 

5,940

 

Burgess Point Purchaser Corporation

 

10/03/22

 

07/25/29

 

 

Auto Sector

 

9.19%

 

 

SOFR+535

 

 

 

6,170

 

 

 

5,925

 

 

 

5,209

 

C5MI Acquisition, LLC

 

10/09/24

 

07/31/29

 

 

Business Services

 

9.67%

 

 

SOFR+600

 

 

 

9,863

 

 

 

9,775

 

 

 

9,863

 

CF512, Inc.

 

12/29/21

 

08/20/26

 

 

Media

 

9.98%

 

 

SOFR+619

 

 

 

9,019

 

 

 

8,972

 

 

 

8,929

 

Carisk Buyer, Inc.

 

02/09/24

 

12/01/29

 

 

Healthcare, Education and Childcare

 

8.67%

 

 

SOFR+500

 

 

 

11,341

 

 

 

11,254

 

 

 

11,426

 

Carnegie Dartlet, LLC

 

06/26/24

 

02/07/30

 

 

Education

 

9.22%

 

 

SOFR+550

 

 

 

22,598

 

 

 

22,312

 

 

 

22,372

 

Cartessa Aesthetics, LLC

 

09/09/22

 

06/14/28

 

 

Distribution

 

9.67%

 

 

SOFR+600

 

 

 

21,824

 

 

 

21,670

 

 

 

21,824

 

Case Works, LLC

 

11/26/24

 

10/01/29

 

 

Business Services

 

8.92%

 

 

SOFR+525

 

 

 

10,409

 

 

 

10,342

 

 

 

10,232

 

Commercial Fire Protection Holdings, LLC

 

12/16/24

 

09/23/30

 

 

Business Services

 

8.17%

 

 

SOFR+450

 

 

 

20,778

 

 

 

20,682

 

 

 

20,778

 

Confluent Health, LLC

 

12/23/24

 

11/30/28

 

 

Healthcare, Education and Childcare

 

11.22%

 

 

SOFR+750

 

 

 

1,945

 

 

 

1,945

 

 

 

1,926

 

Cornerstone Advisors of Arizona, LLC

 

10/09/25

 

05/13/32

 

 

Professional Services

 

8.42%

 

 

SOFR+475

 

 

 

5,955

 

 

 

5,925

 

 

 

5,925

 

CJX Borrower, LLC

 

08/12/22

 

07/13/27

 

 

Media

 

9.70%

 

 

SOFR+576

 

 

 

8,601

 

 

 

8,591

 

 

 

8,601

 

Crane 1 Services, Inc.

 

07/24/23

 

08/16/27

 

 

Personal, Food and Miscellaneous Services

 

9.08%

 

 

SOFR+536

 

 

 

5,258

 

 

 

5,232

 

 

 

5,218

 

DRI Holding Inc.

 

08/04/22

 

12/21/28

 

 

Media

 

9.07%

 

 

SOFR+535

 

 

 

5,755

 

 

 

5,450

 

 

 

5,640

 

DRS Holdings III, Inc.

 

03/02/22

 

11/03/25

 

 

Consumer Products

 

8.97%

 

 

SOFR+525

 

 

 

4,411

 

 

 

4,399

 

 

 

4,455

 

59

 

Issuer Name

 

Acquisition

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index (1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

DX Electric Company, LLC

 

12/25/25

 

10/01/31

 

 

Electronic Equipment, Instruments and Components

 

8.92%

 

 

SOFR+525

 

 

 

7,046

 

 

 

6,999

 

 

 

6,994

 

Duggal Acquisition, LLC

 

12/23/24

 

09/30/30

 

 

Marketing Services

 

8.42%

 

 

SOFR+475

 

 

 

4,938

 

 

 

4,899

 

 

 

4,938

 

Dynata, LLC - First Out Term Loan

 

07/15/24

 

07/17/28

 

 

Business Services

 

9.14%

 

 

SOFR+576

 

 

 

1,568

 

 

 

1,489

 

 

 

1,553

 

Dynata, LLC - Last Out Term Loan

 

07/15/24

 

10/16/28

 

 

Business Services

 

9.64%

 

 

SOFR+576

 

 

 

9,646

 

 

 

9,646

 

 

 

5,848

 

EDS Buyer, LLC

 

07/24/23

 

01/10/29

 

 

Aerospace and Defense

 

8.17%

 

 

SOFR+450

 

 

 

23,124

 

 

 

22,885

 

 

 

23,182

 

ETE Intermediate II, LLC

 

07/24/23

 

05/29/29

 

 

Personal, Food and Miscellaneous Services

 

8.72%

 

 

SOFR+500

 

 

 

12,093

 

 

 

11,941

 

 

 

12,093

 

Emergency Care Partners, LLC

 

12/23/24

 

10/18/27

 

 

Healthcare, Education and Childcare

 

8.67%

 

 

SOFR+500

 

 

 

6,913

 

 

 

6,880

 

 

 

6,913

 

EvAL Home Care Solutions Intermediate, LLC

 

07/23/24

 

05/10/30

 

 

Healthcare, Education and Childcare

 

9.47%

 

 

SOFR+575

 

 

 

6,881

 

 

 

6,801

 

 

 

6,881

 

Exigo Intermediate II, LLC

 

07/24/23

 

03/15/27

 

 

Business Services

 

10.07%

 

 

SOFR+635

 

 

 

9,551

 

 

 

9,499

 

 

 

9,503

 

Five Star Buyer, Inc.

 

07/24/23

 

02/23/28

 

 

Hotels, Motels, Inns and Gaming

 

12.98%

 

 

SOFR+925

 

 

 

4,128

 

 

 

4,089

 

 

 

4,025

 

GGG Midco, LLC

 

12/16/24

 

09/27/30

 

 

Home and Office Furnishings, Housewares and Durable Consumer Products

 

8.67%

 

 

SOFR+500

 

 

 

15,096

 

 

 

14,992

 

 

 

15,096

 

Global Holdings InterCo, LLC

 

03/02/22

 

03/16/26

 

 

Banking, Finance, Insurance & Real Estate

 

9.33%

 

 

 

 

 

 

6,290

 

 

 

6,287

 

 

 

6,290

 

Graffiti Buyer, Inc.

 

03/02/22

 

08/10/27

 

 

Distribution

 

9.42%

 

 

SOFR+560

 

 

 

3,951

 

 

 

3,923

 

 

 

3,862

 

HEC Purchaser Corp.

 

09/16/24

 

06/17/29

 

 

Healthcare, Education and Childcare

 

8.87%

 

 

SOFR+500

 

 

 

12,599

 

 

 

12,530

 

 

 

12,599

 

HV Watterson Holdings, LLC (4)

 

09/09/22

 

12/17/26

 

 

Business Services

 

 

 

 

 

 

 

 

15,523

 

 

 

15,449

 

 

 

4,936

 

HW Holdco, LLC

 

03/02/22

 

05/10/26

 

 

Media

 

9.80%

 

 

SOFR+590

 

 

 

23,121

 

 

 

23,082

 

 

 

23,121

 

Hancock Roofing And Construction, LLC

 

03/02/22

 

12/31/26

 

 

Insurance

 

9.27%

 

 

SOFR+560

 

 

 

6,029

 

 

 

6,029

 

 

 

5,727

 

Harris & Co, LLC

 

12/20/24

 

08/09/30

 

 

Financial Services

 

8.72%

 

 

SOFR+500

 

 

 

19,134

 

 

 

18,950

 

 

 

18,990

 

Hills Distribution, Inc.

 

02/13/24

 

11/08/29

 

 

Distribution

 

9.19%

 

 

SOFR+550

 

 

 

14,409

 

 

 

14,347

 

 

 

14,264

 

IG Investments Holdings, LLC

 

03/02/22

 

09/22/28

 

 

Business Services

 

8.84%

 

 

SOFR+500

 

 

 

4,339

 

 

 

4,298

 

 

 

4,317

 

Imagine Acquisitionco, Inc.

 

07/24/23

 

11/15/27

 

 

Business Services

 

8.98%

 

 

SOFR+510

 

 

 

5,438

 

 

 

5,393

 

 

 

5,438

 

Impact Advisors, LLC

 

12/10/25

 

03/19/32

 

 

Health Care Technology

 

8.17%

 

 

SOFR+450

 

 

 

7,940

 

 

 

7,940

 

 

 

7,940

 

Infinity Home Services Holdco, Inc.

 

02/07/23

 

12/28/28

 

 

Personal, Food and Miscellaneous Services

 

9.67%

 

 

SOFR+600

 

 

 

13,714

 

 

 

13,598

 

 

 

13,714

 

Infolinks Media Buyco, LLC

 

07/24/23

 

11/01/26

 

 

Media

 

9.42%

 

 

SOFR+575

 

 

 

13,043

 

 

 

13,011

 

 

 

12,651

 

Inovex Information Systems Incorporated

 

03/04/25

 

12/17/30

 

 

Business Services

 

8.92%

 

 

SOFR+525

 

 

 

5,940

 

 

 

5,903

 

 

 

5,940

 

Inventus Power, Inc.

 

10/10/23

 

01/15/26

 

 

Consumer Products

 

11.33%

 

 

SOFR+761

 

 

 

12,935

 

 

 

12,932

 

 

 

12,935

 

Kinetic Purchaser, LLC

 

07/24/23

 

11/10/27

 

 

Consumer Products

 

9.82%

 

 

SOFR+615

 

 

 

13,701

 

 

 

13,599

 

 

 

11,132

 

LAV Gear Holdings, Inc. - Takeback TL

 

07/31/25

 

07/31/29

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

9.65%

 

 

SOFR+594

 

 

 

2,310

 

 

 

2,310

 

 

 

2,310

 

LAV Gear Holdings, Inc. - Priority TL

 

07/31/25

 

07/31/29

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

9.65%

 

 

SOFR+594

 

 

 

733

 

 

 

725

 

 

 

891

 

Lash OpCo, LLC

 

03/02/22

 

02/18/27

 

 

Consumer Products

 

10.94%

 

 

SOFR+710

 

 

 

21,806

 

 

 

21,754

 

 

 

21,260

 

Lightspeed Buyer, Inc.

 

03/02/22

 

02/03/27

 

 

Healthcare, Education and Childcare

 

8.42%

 

 

SOFR+475

 

 

 

20,065

 

 

 

19,982

 

 

 

20,065

 

LJ Avalon Holdings, LLC

 

07/24/23

 

02/01/30

 

 

Environmental Services

 

8.46%

 

 

SOFR+450

 

 

 

12,251

 

 

 

12,167

 

 

 

12,251

 

MAG DS Corp.

 

03/02/22

 

04/01/27

 

 

Aerospace and Defense

 

9.27%

 

 

SOFR+560

 

 

 

8,153

 

 

 

7,952

 

 

 

8,109

 

MDI Buyer, Inc.

 

12/20/24

 

07/25/28

 

 

Chemicals, Plastics and Rubber

 

8.57%

 

 

SOFR+475

 

 

 

19,677

 

 

 

19,529

 

 

 

19,677

 

Marketplace Events Acquisition, LLC

 

03/04/25

 

12/19/30

 

 

Media

 

9.12%

 

 

SOFR+525

 

 

 

19,850

 

 

 

19,684

 

 

 

19,850

 

MBS Holdings, Inc.

 

03/02/22

 

04/16/27

 

 

Telecommunications

 

8.92%

 

 

SOFR+510

 

 

 

8,223

 

 

 

8,182

 

 

 

8,223

 

Meadowlark Acquirer, LLC

 

04/01/22

 

12/10/27

 

 

Business Services

 

9.32%

 

 

SOFR+565

 

 

 

2,885

 

 

 

2,861

 

 

 

2,885

 

Medina Health, LLC

 

01/18/24

 

10/20/28

 

 

Healthcare, Education and Childcare

 

9.92%

 

 

SOFR+625

 

 

 

19,423

 

 

 

19,317

 

 

 

19,423

 

Megawatt Acquisitionco, Inc.

 

07/17/24

 

03/01/30

 

 

Business Services

 

9.17%

 

 

SOFR+550

 

 

 

7,860

 

 

 

7,774

 

 

 

7,860

 

MOREgroup Holdings, Inc.

 

08/29/24

 

01/16/30

 

 

Business Services

 

8.92%

 

 

SOFR+525

 

 

 

19,650

 

 

 

19,433

 

 

 

19,650

 

Municipal Emergency Services, Inc.

 

03/02/22

 

10/01/27

 

 

Distribution

 

8.42%

 

 

SOFR+475

 

 

 

9,550

 

 

 

9,496

 

 

 

9,550

 

NBH Group, LLC

 

03/02/22

 

08/19/26

 

 

Healthcare, Education and Childcare

 

9.71%

 

 

SOFR+585

 

 

 

7,162

 

 

 

7,145

 

 

 

7,162

 

NORA Acquisition, LLC

 

11/21/23

 

08/31/29

 

 

Healthcare, Education and Childcare

 

10.02%

 

 

SOFR+635

 

 

 

20,039

 

 

 

19,822

 

 

 

19,438

 

North American Rail Solutions

 

12/25/25

 

08/29/31

 

 

Road and Rail

 

8.42%

 

 

 

 

 

 

10,000

 

 

 

9,958

 

 

 

9,950

 

OSP Embedded Purchaser, LLC

 

01/17/25

 

12/17/29

 

 

Aerospace and Defense

 

9.42%

 

 

SOFR+575

 

 

 

18,879

 

 

 

18,753

 

 

 

17,897

 

Omnia Exterior Solutions, LLC

 

07/25/24

 

12/29/29

 

 

Diversified Conglomerate Service

 

8.92%

 

 

SOFR+525

 

 

 

17,945

 

 

 

17,743

 

 

 

17,721

 

One Stop Mailing, LLC

 

06/07/23

 

05/07/27

 

 

Transportation

 

10.08%

 

 

SOFR+636

 

 

 

8,227

 

 

 

8,161

 

 

 

8,227

 

PCS Midco, Inc.

 

08/29/24

 

03/01/30

 

 

Financial Services

 

9.42%

 

 

SOFR+575

 

 

 

5,739

 

 

 

5,678

 

 

 

5,767

 

PN Buyer, Inc.

 

10/09/25

 

07/31/31

 

 

Financial Services

 

8.17%

 

 

SOFR+450

 

 

 

3,556

 

 

 

3,538

 

 

 

3,538

 

Pacific Purchaser, LLC

 

03/21/24

 

10/02/28

 

 

Business Services

 

9.85%

 

 

SOFR+625

 

 

 

12,773

 

 

 

12,613

 

 

 

12,466

 

PAR Excellence Holdings, Inc.

 

11/26/24

 

09/03/30

 

 

Healthcare, Education and Childcare

 

8.77%

 

 

SOFR+500

 

 

 

9,900

 

 

 

9,823

 

 

 

9,727

 

PD Tri-State Holdco, LLC

 

12/25/25

 

10/14/30

 

 

Diversified Conglomerate Service

 

8.92%

 

 

SOFR+525

 

 

 

2,970

 

 

 

2,946

 

 

 

2,952

 

Paving Lessor Corp. First Lien -Term Loan

 

10/24/25

 

07/01/31

 

 

Commercial Services and Supplies

 

8.94%

 

 

SOFR+525

 

 

 

6,914

 

 

 

6,862

 

 

 

6,879

 

Pink Lily Holdco, LLC (4)

 

04/01/22

 

11/09/27

 

 

Retail

 

4.27%

 

 

 

 

 

 

8,913

 

 

 

8,699

 

 

 

1,114

 

Project Granite Buyer, Inc.

 

07/21/25

 

12/31/30

 

 

Business Services

 

9.42%

 

 

SOFR+575

 

 

 

5,940

 

 

 

5,889

 

 

 

5,999

 

Puget Collision, LLC

 

12/24/25

 

10/02/31

 

 

Auto Sector

 

8.42%

 

 

SOFR+475

 

 

 

10,000

 

 

 

9,945

 

 

 

9,938

 

RRA Corporate, LLC

 

12/23/24

 

08/15/29

 

 

Business Services

 

8.92%

 

 

SOFR+525

 

 

 

3,960

 

 

 

3,930

 

 

 

3,837

 

RTIC Subsidiary Holdings, LLC

 

07/23/24

 

05/03/29

 

 

Consumer Products

 

9.42%

 

 

SOFR+575

 

 

 

24,637

 

 

 

24,318

 

 

 

24,391

 

Radius Aerospace, Inc.

 

11/06/19

 

03/29/27

 

 

Aerospace and Defense

 

9.82%

 

 

SOFR+615

 

 

 

11,780

 

 

 

11,717

 

 

 

11,545

 

Rancho Health MSO, Inc.

 

03/02/22

 

06/20/29

 

 

Healthcare, Education and Childcare

 

8.99%

 

 

SOFR+500

 

 

 

22,629

 

 

 

22,561

 

 

 

22,629

 

Recteq, LLC

 

06/26/24

 

01/29/26

 

 

Consumer Products

 

10.07%

 

 

SOFR+640

 

 

 

9,525

 

 

 

9,521

 

 

 

9,525

 

60

 

Issuer Name

 

Acquisition

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index (1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

Riverpoint Medical, LLC

 

03/02/22

 

06/21/27

 

 

Healthcare, Education and Childcare

 

8.17%

 

 

SOFR+450

 

 

 

3,711

 

 

 

3,683

 

 

 

3,711

 

Ro Health, LLC

 

04/03/25

 

01/17/31

 

 

Healthcare Providers & Services

 

8.17%

 

 

 

 

 

 

9,308

 

 

 

9,250

 

 

 

9,308

 

Rosco Parent, LLC

 

12/24/25

 

09/12/31

 

 

Auto Sector

 

8.42%

 

 

SOFR+475

 

 

 

5,154

 

 

 

5,119

 

 

 

5,115

 

Rural Sourcing Holdings, Inc.

 

07/24/23

 

06/16/29

 

 

Professional Services

 

9.85%

 

 

SOFR+625

 

 

 

5,493

 

 

 

5,431

 

 

 

4,944

 

Sabel Systems Technology Solutions, LLC

 

01/07/25

 

10/31/30

 

 

Business Services

 

9.72%

 

 

SOFR+600

 

 

 

11,880

 

 

 

11,784

 

 

 

11,880

 

Sales Benchmark Index, LLC

 

03/02/22

 

07/07/26

 

 

Business Services

 

9.87%

 

 

SOFR+620

 

 

 

6,597

 

 

 

6,582

 

 

 

6,597

 

Sath Industries, LLC

 

12/10/25

 

12/17/29

 

 

Building Products

 

9.17%

 

 

SOFR+550

 

 

 

11,360

 

 

 

11,360

 

 

 

11,360

 

Seacoast Service Partners NA, LLC

 

07/21/25

 

12/20/29

 

 

Diversified Conglomerate Service

 

8.92%

 

 

SOFR+525

 

 

 

4,950

 

 

 

4,916

 

 

 

4,722

 

Seaway Buyer, LLC

 

09/14/22

 

06/13/29

 

 

Chemicals, Plastics and Rubber

 

9.82%

 

 

SOFR+615

 

 

 

14,513

 

 

 

14,369

 

 

 

13,859

 

Sigma Defense Systems, LLC

 

12/01/23

 

12/20/27

 

 

Telecommunications

 

10.62%

 

 

SOFR+690

 

 

 

26,831

 

 

 

26,686

 

 

 

26,563

 

SpendMend Holdings, LLC

 

07/24/23

 

03/01/28

 

 

Business Services

 

9.15%

 

 

SOFR+515

 

 

 

10,578

 

 

 

10,442

 

 

 

10,578

 

STG Distribution, LLC - First Out New Money Term Loans (4)

 

10/03/24

 

10/03/29

 

 

Transportation

 

 

 

 

 

 

 

 

1,998

 

 

 

1,907

 

 

 

1,698

 

STG Distribution, LLC - Second Out Term Loans (4)

 

10/03/24

 

10/03/29

 

 

Transportation

 

 

 

 

 

 

 

 

4,617

 

 

 

2,593

 

 

 

346

 

SV-Aero Holdings, LLC

 

10/31/24

 

11/01/30

 

 

Aerospace and Defense

 

8.67%

 

 

SOFR+500

 

 

 

14,625

 

 

 

14,563

 

 

 

14,625

 

Systems Planning And Analysis, Inc.

 

03/02/22

 

08/16/27

 

 

Aerospace and Defense

 

8.42%

 

 

SOFR+475

 

 

 

16,878

 

 

 

16,785

 

 

 

16,827

 

TCG 3.0 Jogger Acquisitionco, Inc.

 

02/27/24

 

01/23/29

 

 

Media

 

10.17%

 

 

SOFR+650

 

 

 

9,825

 

 

 

9,713

 

 

 

9,678

 

TMII Enterprises, LLC

 

07/24/23

 

12/22/28

 

 

Personal, Food and Miscellaneous Services

 

8.22%

 

 

SOFR+450

 

 

 

19,827

 

 

 

19,654

 

 

 

19,827

 

TPC US Parent, LLC

 

03/02/22

 

11/24/25

 

 

Food

 

9.89%

 

 

SOFR+590

 

 

 

11,246

 

 

 

11,240

 

 

 

11,235

 

Team Services Group, LLC

 

07/24/23

 

12/20/27

 

 

Healthcare, Education and Childcare

 

9.09%

 

 

SOFR+525

 

 

 

9,563

 

 

 

9,427

 

 

 

9,523

 

The Bluebird Group, LLC

 

03/02/22

 

07/28/26

 

 

Business Services

 

9.57%

 

 

SOFR+590

 

 

 

14,769

 

 

 

14,741

 

 

 

14,769

 

The Vertex Companies, LLC

 

03/02/22

 

08/31/28

 

 

Business Services

 

8.75%

 

 

SOFR+475

 

 

 

14,443

 

 

 

14,364

 

 

 

14,356

 

Transgo, LLC

 

06/07/24

 

12/29/28

 

 

Auto Sector

 

9.47%

 

 

SOFR+575

 

 

 

16,312

 

 

 

16,174

 

 

 

16,312

 

Tyto Athene, LLC

 

03/02/22

 

04/01/28

 

 

Aerospace and Defense

 

8.88%

 

 

SOFR+490

 

 

 

11,342

 

 

 

11,280

 

 

 

10,888

 

Watchtower Buyer, LLC

 

09/19/24

 

12/01/29

 

 

Consumer Products

 

9.67%

 

 

SOFR+600

 

 

 

23,055

 

 

 

22,867

 

 

 

23,058

 

Wash & Wax Systems, LLC

 

04/30/25

 

04/30/28

 

 

Business Services

 

9.34%

 

 

SOFR+550

 

 

 

6,577

 

 

 

6,676

 

 

 

6,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,382,302

 

 

 

1,347,821

 

Subordinated Debt - 4.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wash & Wax Systems, LLC - Subordinate Debt

 

04/30/25

 

07/30/28

 

 

Business Services

 

12.00%

 

 

 

 

 

 

4,406

 

 

 

4,406

 

 

 

4,406

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,406

 

 

 

4,406

 

 

 

4,406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities - 4.8% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Insight Holdings, Inc. - Common Equity

 

07/15/24

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

134,330

 

 

 

2,351

 

 

 

1,530

 

48Forty Intermediate Holdings, Inc. - Common Equity

 

11/05/24

 

 

—

 

 

Containers, Packaging and Glass

 

 

—

 

 

 

—

 

 

 

1,988

 

 

 

—

 

 

 

—

 

Wash & Wax Group, LP - Common Equity

 

04/30/25

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,803

 

 

 

5,002

 

 

 

3,505

 

White Tiger Newco, LLC - Common Equity

 

07/31/25

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

10,805

 

 

 

824

 

 

 

80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,177

 

 

 

5,115

 

Total Investments - 1,267.0% of Net Assets(3)(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,394,885

 

 

 

1,357,342

 

 Cash Equivalents - 19.51% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JPMorgan U.S. Government (Money Market Fund)

 

 

 

 

 

 

 

 

3.61%

 

 

 

 

 

 

 

 

 

6,054

 

 

 

6,054

 

Goldman Sachs Financial Square Government Fund (Money Market Fund)

 

 

 

 

 

 

 

 

3.71%

 

 

 

 

 

 

 

 

 

12,264

 

 

 

12,264

 

BlackRock Federal FD Institutional 81 (Money Market Fund)

 

 

 

 

 

 

 

 

3.69%

 

 

 

 

 

 

 

 

 

2,586

 

 

 

2,586

 

Total Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,904

 

 

 

20,904

 

 Cash - 22.54% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,148

 

 

 

24,148

 

Total Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,148

 

 

 

24,148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments, Cash Equivalents and Cash -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,439,937

 

 

$

1,402,394

 

Liabilities in Excess of Other Assets — (1208.9)% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,295,254

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

107,140

 

 

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate ("S" or "SOFR"). The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1MS, 2MS, 3MS, or 6MS, respectively), at the borrower’s option. All securities are subject to the SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSLF's accounting policy.
(3)
As of December 31, 2025, all investments are in US Companies. Total cost, fair value, and percentage of Net Assets for U.S Companies were $1,394.9 million, $1,357.3 million and 1,267.0%.
(4)
Non-accrual security
(5)
All investments are not registered under the 1933 Act and have restrictions on resale.
(6)
The securities, or a portion thereof, are not 1) pledge as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2034 Asset-Backed Debt and held through PennantPark CLOIV, LLC, or 3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO VII, LLC, or 4) securing the 2037 Asset-Backed Debt and held through PennantPark CLO X, LLC.

 

61

 

 

Below is a listing of PSLF’s individual investments as of September 30, 2025 (par and $ in thousands):

Issuer Name

 

Acquisition

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index (1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt - 1,035.8% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACP Avenu Buyer, LLC

 

04/23/24

 

10/02/29

 

 

Business Services

 

9.04%

 

 

SOFR+475

 

 

 

7,590

 

 

$

7,474

 

 

$

7,514

 

Acp Falcon Buyer, Inc.

 

10/06/23

 

08/01/29

 

 

Business Services

 

9.79%

 

 

SOFR+550

 

 

 

15,196

 

 

 

14,963

 

 

 

15,348

 

AFC-Dell Holding Corp.

 

02/23/24

 

04/09/27

 

 

Distribution

 

9.83%

 

 

SOFR+550

 

 

 

16,181

 

 

 

16,072

 

 

 

16,100

 

Ad.Net Acquisition, LLC

 

03/02/22

 

05/07/26

 

 

Media

 

10.26%

 

 

SOFR+626

 

 

 

4,788

 

 

 

4,788

 

 

 

4,788

 

Aechelon Technology, Inc.

 

12/23/24

 

08/16/29

 

 

Aerospace and Defense

 

9.91%

 

 

SOFR+575

 

 

 

4,800

 

 

 

4,718

 

 

 

4,800

 

Alpine Acquisition Corp II (4), (7)

 

10/12/22

 

11/30/26

 

 

Containers, Packaging and Glass

 

 

 

 

 

 

 

 

15,185

 

 

 

15,056

 

 

 

7,896

 

Amsive Holdings Corporation

 

03/02/22

 

12/10/26

 

 

Media

 

10.35%

 

 

SOFR+635

 

 

 

13,805

 

 

 

13,745

 

 

 

13,667

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

03/02/22

 

06/30/26

 

 

Media

 

9.90%

 

 

SOFR+590

 

 

 

13,837

 

 

 

13,803

 

 

 

13,837

 

Arcfield Acquisition Corp.

 

07/26/22

 

10/28/31

 

 

Aerospace and Defense

 

9.31%

 

 

SOFR+500

 

 

 

14,888

 

 

 

14,867

 

 

 

14,813

 

Archer Lewis, LLC

 

12/20/24

 

08/28/29

 

 

Healthcare, Education and Childcare

 

9.75%

 

 

SOFR+575

 

 

 

15,581

 

 

 

15,426

 

 

 

15,581

 

Argano, LLC

 

12/16/24

 

09/13/29

 

 

Business Services

 

9.89%

 

 

SOFR+575

 

 

 

14,850

 

 

 

14,730

 

 

 

14,628

 

BLC Holding Company, INC.

 

02/24/25

 

11/20/30

 

 

Environmental Services

 

8.50%

 

 

SOFR+450

 

 

 

12,013

 

 

 

11,942

 

 

 

12,013

 

Beacon Behavioral Support Services, LLC

 

09/16/24

 

06/21/29

 

 

Healthcare, Education and Childcare

 

9.50%

 

 

SOFR+550

 

 

 

24,607

 

 

 

24,305

 

 

 

24,607

 

Best Practice Associates, LLC

 

01/21/25

 

11/08/29

 

 

Aerospace and Defense

 

10.91%

 

 

SOFR+675

 

 

 

19,850

 

 

 

19,606

 

 

 

19,701

 

Beta Plus Technologies, Inc.

 

08/11/22

 

07/02/29

 

 

Business Services

 

9.75%

 

 

SOFR+575

 

 

 

14,550

 

 

 

14,375

 

 

 

14,405

 

Big Top Holdings, LLC

 

06/26/24

 

02/28/30

 

 

Manufacturing / Basic Industries

 

9.25%

 

 

SOFR+525

 

 

 

6,626

 

 

 

6,531

 

 

 

6,626

 

Bioderm, Inc.

 

06/26/24

 

01/31/28

 

 

Healthcare, Education and Childcare

 

10.77%

 

 

SOFR+650

 

 

 

8,798

 

 

 

8,726

 

 

 

8,688

 

Blackhawk Industrial Distribution, Inc.

 

07/24/23

 

09/17/26

 

 

Distribution

 

9.40%

 

 

SOFR+540

 

 

 

25,244

 

 

 

25,052

 

 

 

24,802

 

Boss Industries, LLC

 

07/21/25

 

12/27/30

 

 

Conglomerate Manufacturing

 

9.00%

 

 

SOFR+500

 

 

 

5,955

 

 

 

5,916

 

 

 

5,955

 

Burgess Point Purchaser Corporation

 

10/03/22

 

07/25/29

 

 

Auto Sector

 

9.51%

 

 

SOFR+535

 

 

 

6,186

 

 

 

5,926

 

 

 

5,348

 

C5MI Acquisition, LLC

 

10/09/24

 

07/31/29

 

 

Business Services

 

10.00%

 

 

SOFR+600

 

 

 

7,425

 

 

 

7,334

 

 

 

7,425

 

CF512, Inc.

 

12/29/21

 

08/20/26

 

 

Media

 

10.36%

 

 

SOFR+619

 

 

 

9,042

 

 

 

8,983

 

 

 

8,952

 

Carisk Buyer, Inc.

 

02/09/24

 

12/01/29

 

 

Healthcare, Education and Childcare

 

9.00%

 

 

SOFR+500

 

 

 

11,370

 

 

 

11,276

 

 

 

11,370

 

Carnegie Dartlet, LLC

 

06/26/24

 

02/07/30

 

 

Education

 

9.66%

 

 

SOFR+550

 

 

 

22,655

 

 

 

22,360

 

 

 

22,428

 

Cartessa Aesthetics, LLC

 

09/09/22

 

06/14/28

 

 

Distribution

 

10.00%

 

 

SOFR+600

 

 

 

21,880

 

 

 

21,708

 

 

 

21,880

 

Case Works, LLC

 

11/26/24

 

10/01/29

 

 

Business Services

 

9.25%

 

 

SOFR+525

 

 

 

10,436

 

 

 

10,366

 

 

 

9,966

 

Commercial Fire Protection Holdings, LLC

 

12/16/24

 

09/23/30

 

 

Business Services

 

8.50%

 

 

SOFR+450

 

 

 

20,831

 

 

 

20,730

 

 

 

20,831

 

Compex Legal Services, Inc.

 

12/23/24

 

02/09/26

 

 

Business Services

 

9.55%

 

 

SOFR+555

 

 

 

931

 

 

 

931

 

 

 

931

 

Confluent Health, LLC

 

12/23/24

 

11/30/28

 

 

Healthcare, Education and Childcare

 

11.66%

 

 

SOFR+750

 

 

 

1,950

 

 

 

1,950

 

 

 

1,940

 

CJX Borrower, LLC

 

08/12/22

 

07/13/27

 

 

Media

 

10.08%

 

 

SOFR+576

 

 

 

8,624

 

 

 

8,614

 

 

 

8,624

 

Crane 1 Services, Inc.

 

07/24/23

 

08/16/27

 

 

Personal, Food and Miscellaneous Services

 

10.03%

 

 

SOFR+586

 

 

 

5,271

 

 

 

5,243

 

 

 

5,232

 

DRI Holding Inc.

 

08/04/22

 

12/21/28

 

 

Media

 

9.51%

 

 

SOFR+535

 

 

 

5,770

 

 

 

5,442

 

 

 

5,655

 

DRS Holdings III, Inc.

 

03/02/22

 

11/03/25

 

 

Consumer Products

 

9.41%

 

 

SOFR+525

 

 

 

4,478

 

 

 

4,478

 

 

 

4,523

 

Duggal Acquisition, LLC

 

12/23/24

 

09/30/30

 

 

Marketing Services

 

8.75%

 

 

SOFR+475

 

 

 

4,950

 

 

 

4,910

 

 

 

4,950

 

Dynata, LLC - First Out Term Loan

 

07/15/24

 

07/17/28

 

 

Business Services

 

9.46%

 

 

SOFR+526

 

 

 

1,572

 

 

 

1,486

 

 

 

1,565

 

Dynata, LLC - Last Out Term Loan

 

07/15/24

 

10/16/28

 

 

Business Services

 

9.96%

 

 

SOFR+576

 

 

 

9,670

 

 

 

9,670

 

 

 

7,873

 

EDS Buyer, LLC

 

07/24/23

 

01/10/29

 

 

Aerospace and Defense

 

8.75%

 

 

SOFR+475

 

 

 

23,169

 

 

 

22,915

 

 

 

23,227

 

ETE Intermediate II, LLC

 

07/24/23

 

05/29/29

 

 

Personal, Food and Miscellaneous Services

 

9.16%

 

 

SOFR+500

 

 

 

12,124

 

 

 

11,963

 

 

 

12,124

 

Emergency Care Partners, LLC

 

12/23/24

 

10/18/27

 

 

Healthcare, Education and Childcare

 

9.00%

 

 

SOFR+500

 

 

 

6,930

 

 

 

6,895

 

 

 

6,930

 

EvAL Home Care Solutions Intermediate, LLC

 

07/23/24

 

05/10/30

 

 

Healthcare, Education and Childcare

 

9.91%

 

 

SOFR+575

 

 

 

7,040

 

 

 

6,955

 

 

 

7,040

 

Exigo Intermediate II, LLC

 

07/24/23

 

03/15/27

 

 

Business Services

 

10.51%

 

 

SOFR+635

 

 

 

9,551

 

 

 

9,491

 

 

 

9,551

 

Five Star Buyer, Inc.

 

07/24/23

 

02/23/28

 

 

Hotels, Motels, Inns and Gaming

 

13.35%

 

 

SOFR+915

 

 

 

4,140

 

 

 

4,096

 

 

 

4,057

 

GGG Midco, LLC

 

12/16/24

 

09/27/30

 

 

Home and Office Furnishings, Housewares and Durable Consumer Products

 

9.00%

 

 

SOFR+500

 

 

 

12,485

 

 

 

12,377

 

 

 

12,485

 

Global Holdings InterCo, LLC

 

03/02/22

 

03/16/26

 

 

Banking, Finance, Insurance & Real Estate

 

9.74%

 

 

SOFR+560

 

 

 

6,593

 

 

 

6,589

 

 

 

6,593

 

Graffiti Buyer, Inc.

 

03/02/22

 

08/10/27

 

 

Distribution

 

9.80%

 

 

SOFR+560

 

 

 

3,959

 

 

 

3,928

 

 

 

3,880

 

HEC Purchaser Corp.

 

09/16/24

 

06/17/29

 

 

Healthcare, Education and Childcare

 

8.87%

 

 

SOFR+500

 

 

 

7,798

 

 

 

7,723

 

 

 

7,798

 

HV Watterson Holdings, LLC (4)

 

09/09/22

 

12/17/26

 

 

Business Services

 

8.00%

 

 

 

 

 

 

15,570

 

 

 

15,496

 

 

 

8,548

 

HW Holdco, LLC

 

03/02/22

 

05/10/26

 

 

Media

 

9.90%

 

 

SOFR+590

 

 

 

23,593

 

 

 

23,537

 

 

 

23,593

 

Hancock Roofing And Construction, LLC

 

03/02/22

 

12/31/26

 

 

Insurance

 

9.60%

 

 

SOFR+550

 

 

 

6,029

 

 

 

6,029

 

 

 

5,968

 

Harris & Co, LLC

 

12/20/24

 

08/09/30

 

 

Financial Services

 

9.16%

 

 

SOFR+500

 

 

 

19,182

 

 

 

18,995

 

 

 

19,015

 

Hills Distribution, Inc.

 

02/13/24

 

11/08/29

 

 

Distribution

 

10.32%

 

 

SOFR+600

 

 

 

14,148

 

 

 

13,992

 

 

 

14,148

 

IG Investments Holdings, LLC

 

03/02/22

 

09/22/28

 

 

Business Services

 

9.31%

 

 

SOFR+500

 

 

 

4,350

 

 

 

4,305

 

 

 

4,328

 

Imagine Acquisitionco, Inc.

 

07/24/23

 

11/15/27

 

 

Business Services

 

9.29%

 

 

SOFR+510

 

 

 

5,452

 

 

 

5,402

 

 

 

5,452

 

Infinity Home Services Holdco, Inc.

 

02/07/23

 

12/28/28

 

 

Personal, Food and Miscellaneous Services

 

10.16%

 

 

SOFR+600

 

 

 

13,749

 

 

 

13,622

 

 

 

13,749

 

Infolinks Media Buyco, LLC

 

07/24/23

 

11/01/26

 

 

Media

 

9.50%

 

 

SOFR+550

 

 

 

13,046

 

 

 

13,007

 

 

 

12,981

 

Inovex Information Systems Incorporated

 

03/04/25

 

12/17/30

 

 

Business Services

 

9.25%

 

 

SOFR+525

 

 

 

5,955

 

 

 

5,918

 

 

 

5,955

 

Inventus Power, Inc.

 

10/10/23

 

01/15/26

 

 

Consumer Products

 

11.78%

 

 

SOFR+761

 

 

 

12,968

 

 

 

12,934

 

 

 

12,968

 

Kinetic Purchaser, LLC

 

07/24/23

 

11/10/27

 

 

Consumer Products

 

10.15%

 

 

SOFR+615

 

 

 

13,701

 

 

 

13,590

 

 

 

11,646

 

LAV Gear Holdings, Inc. - Takeback TL

 

07/31/25

 

07/31/29

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

10.10%

 

 

SOFR+594

 

 

 

2,295

 

 

 

2,295

 

 

 

2,295

 

62

 

Issuer Name

 

Acquisition

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index (1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

LAV Gear Holdings, Inc. - Priority TL

 

07/31/25

 

07/31/29

 

 

Leisure, Amusement, Motion Pictures, Entertainment

 

10.10%

 

 

SOFR+594

 

 

 

729

 

 

 

720

 

 

 

898

 

Lash OpCo, LLC

 

03/02/22

 

02/18/27

 

 

Consumer Products

 

12.16%

 

 

SOFR+785

 

 

 

21,525

 

 

 

21,466

 

 

 

20,987

 

Lightspeed Buyer, Inc.

 

03/02/22

 

02/03/27

 

 

Healthcare, Education and Childcare

 

8.75%

 

 

SOFR+475

 

 

 

20,115

 

 

 

20,017

 

 

 

20,115

 

LJ Avalon Holdings, LLC

 

07/24/23

 

02/01/30

 

 

Environmental Services

 

8.77%

 

 

SOFR+450

 

 

 

7,636

 

 

 

7,550

 

 

 

7,636

 

MAG DS Corp.

 

03/02/22

 

04/01/27

 

 

Aerospace and Defense

 

9.60%

 

 

SOFR+560

 

 

 

8,175

 

 

 

7,939

 

 

 

8,142

 

MDI Buyer, Inc.

 

12/20/24

 

07/25/28

 

 

Chemicals, Plastics and Rubber

 

8.95%

 

 

SOFR+475

 

 

 

19,728

 

 

 

19,568

 

 

 

19,728

 

Marketplace Events Acquisition, LLC

 

03/04/25

 

12/19/30

 

 

Media

 

9.12%

 

 

SOFR+525

 

 

 

19,900

 

 

 

19,727

 

 

 

19,900

 

MBS Holdings, Inc.

 

03/02/22

 

04/16/27

 

 

Telecommunications

 

9.30%

 

 

SOFR+510

 

 

 

8,244

 

 

 

8,197

 

 

 

8,244

 

Meadowlark Acquirer, LLC

 

04/01/22

 

12/10/27

 

 

Business Services

 

9.65%

 

 

SOFR+565

 

 

 

2,893

 

 

 

2,865

 

 

 

2,893

 

Medina Health, LLC

 

01/18/24

 

10/20/28

 

 

Healthcare, Education and Childcare

 

10.25%

 

 

SOFR+625

 

 

 

19,423

 

 

 

19,311

 

 

 

19,520

 

Megawatt Acquisitionco, Inc.

 

07/17/24

 

03/01/30

 

 

Business Services

 

9.25%

 

 

SOFR+525

 

 

 

7,880

 

 

 

7,788

 

 

 

7,502

 

MOREgroup Holdings, Inc.

 

08/29/24

 

01/16/30

 

 

Business Services

 

9.25%

 

 

SOFR+525

 

 

 

19,700

 

 

 

19,472

 

 

 

19,700

 

Municipal Emergency Services, Inc.

 

03/02/22

 

10/01/27

 

 

Distribution

 

9.15%

 

 

SOFR+515

 

 

 

9,575

 

 

 

9,512

 

 

 

9,575

 

NBH Group, LLC

 

03/02/22

 

08/19/26

 

 

Healthcare, Education and Childcare

 

10.12%

 

 

SOFR+585

 

 

 

7,180

 

 

 

7,159

 

 

 

7,180

 

NORA Acquisition, LLC

 

11/21/23

 

08/31/29

 

 

Healthcare, Education and Childcare

 

10.35%

 

 

SOFR+635

 

 

 

20,090

 

 

 

19,860

 

 

 

19,939

 

OSP Embedded Purchaser, LLC

 

01/17/25

 

12/17/29

 

 

Aerospace and Defense

 

9.76%

 

 

SOFR+575

 

 

 

18,926

 

 

 

18,793

 

 

 

18,661

 

Omnia Exterior Solutions, LLC

 

07/25/24

 

12/29/29

 

 

Diversified Conglomerate Service

 

9.26%

 

 

SOFR+525

 

 

 

17,982

 

 

 

17,766

 

 

 

17,622

 

One Stop Mailing, LLC

 

06/07/23

 

05/07/27

 

 

Transportation

 

10.53%

 

 

SOFR+636

 

 

 

8,274

 

 

 

8,199

 

 

 

8,274

 

PCS Midco, Inc.

 

08/29/24

 

03/01/30

 

 

Financial Services

 

9.75%

 

 

SOFR+575

 

 

 

5,753

 

 

 

5,688

 

 

 

5,753

 

Pink Lily Holdco, LLC (5)

 

04/01/22

 

11/09/27

 

 

Retail

 

4.27%

 

 

 

 

 

 

8,761

 

 

 

8,699

 

 

 

3,504

 

Pacific Purchaser, LLC

 

03/21/24

 

10/02/28

 

 

Business Services

 

10.42%

 

 

SOFR+625

 

 

 

12,773

 

 

 

12,602

 

 

 

12,721

 

PAR Excellence Holdings, Inc.

 

11/26/24

 

09/03/30

 

 

Healthcare, Education and Childcare

 

9.17%

 

 

SOFR+500

 

 

 

9,925

 

 

 

9,842

 

 

 

9,751

 

Project Granite Buyer, Inc.

 

07/21/25

 

12/31/30

 

 

Business Services

 

9.75%

 

 

SOFR+575

 

 

 

5,955

 

 

 

5,903

 

 

 

6,015

 

RRA Corporate, LLC

 

12/23/24

 

08/15/29

 

 

Business Services

 

9.25%

 

 

SOFR+525

 

 

 

3,960

 

 

 

3,930

 

 

 

3,936

 

RTIC Subsidiary Holdings, LLC

 

07/23/24

 

05/03/29

 

 

Consumer Products

 

9.75%

 

 

SOFR+575

 

 

 

24,700

 

 

 

24,365

 

 

 

24,453

 

Radius Aerospace, Inc.

 

11/06/19

 

03/29/27

 

 

Aerospace and Defense

 

10.45%

 

 

SOFR+615

 

 

 

11,780

 

 

 

11,714

 

 

 

11,515

 

Rancho Health MSO, Inc.

 

03/02/22

 

06/20/29

 

 

Healthcare, Education and Childcare

 

9.29%

 

 

SOFR+500

 

 

 

22,704

 

 

 

22,631

 

 

 

22,704

 

Recteq, LLC

 

06/26/24

 

01/29/26

 

 

Consumer Products

 

10.40%

 

 

SOFR+640

 

 

 

9,550

 

 

 

9,537

 

 

 

9,526

 

Riverpoint Medical, LLC

 

03/02/22

 

06/21/27

 

 

Healthcare, Education and Childcare

 

8.75%

 

 

SOFR+475

 

 

 

3,891

 

 

 

3,861

 

 

 

3,891

 

Ro Health, LLC

 

04/03/25

 

01/17/31

 

 

Healthcare Providers & Services

 

8.50%

 

 

SOFR+450

 

 

 

9,308

 

 

 

9,249

 

 

 

9,308

 

Rural Sourcing Holdings, Inc.

 

07/24/23

 

06/16/29

 

 

Professional Services

 

9.92%

 

 

SOFR+575

 

 

 

5,435

 

 

 

5,367

 

 

 

4,891

 

Sabel Systems Technology Solutions, LLC

 

01/07/25

 

10/31/30

 

 

Business Services

 

9.91%

 

 

SOFR+575

 

 

 

11,910

 

 

 

11,813

 

 

 

11,910

 

Sales Benchmark Index, LLC

 

03/02/22

 

07/07/26

 

 

Business Services

 

10.20%

 

 

SOFR+620

 

 

 

6,617

 

 

 

6,597

 

 

 

6,617

 

Seacoast Service Partners NA, LLC

 

07/21/25

 

12/20/29

 

 

Diversified Conglomerate Service

 

9.00%

 

 

SOFR+500

 

 

 

4,963

 

 

 

4,926

 

 

 

4,759

 

Seaway Buyer, LLC

 

09/14/22

 

06/13/29

 

 

Chemicals, Plastics and Rubber

 

10.15%

 

 

SOFR+615

 

 

 

14,550

 

 

 

14,394

 

 

 

13,568

 

Sigma Defense Systems, LLC

 

12/01/23

 

12/20/27

 

 

Telecommunications

 

10.31%

 

 

SOFR+615

 

 

 

23,904

 

 

 

23,741

 

 

 

23,904

 

SpendMend Holdings, LLC

 

07/24/23

 

03/01/28

 

 

Business Services

 

9.15%

 

 

SOFR+515

 

 

 

9,412

 

 

 

9,261

 

 

 

9,412

 

STG Distribution, LLC - First Out New Money Term Loans

 

10/03/24

 

10/03/29

 

 

Transportation

 

12.57%

 

 

SOFR+835

 

 

 

1,986

 

 

 

1,895

 

 

 

1,768

 

STG Distribution, LLC - Second Out Term Loans (5)

 

10/03/24

 

10/03/29

 

 

Transportation

 

5.32%

 

 

 

 

 

 

4,566

 

 

 

2,594

 

 

 

365

 

SV-Aero Holdings, LLC

 

10/31/24

 

11/01/30

 

 

Aerospace and Defense

 

9.00%

 

 

SOFR+500

 

 

 

14,719

 

 

 

14,656

 

 

 

14,719

 

Systems Planning And Analysis, Inc.

 

03/02/22

 

08/16/27

 

 

Aerospace and Defense

 

8.92%

 

 

SOFR+475

 

 

 

16,919

 

 

 

16,816

 

 

 

16,784

 

TCG 3.0 Jogger Acquisitionco, Inc.

 

02/27/24

 

01/23/29

 

 

Media

 

10.52%

 

 

SOFR+650

 

 

 

9,850

 

 

 

9,732

 

 

 

9,801

 

TMII Enterprises, LLC

 

07/24/23

 

12/22/28

 

 

Personal, Food and Miscellaneous Services

 

8.66%

 

 

SOFR+450

 

 

 

19,878

 

 

 

19,692

 

 

 

19,878

 

TPC US Parent, LLC

 

03/02/22

 

11/24/25

 

 

Food

 

10.19%

 

 

SOFR+590

 

 

 

11,275

 

 

 

11,269

 

 

 

11,185

 

Team Services Group, LLC

 

07/24/23

 

12/20/27

 

 

Healthcare, Education and Childcare

 

9.56%

 

 

SOFR+525

 

 

 

9,588

 

 

 

9,434

 

 

 

9,548

 

The Bluebird Group, LLC

 

03/02/22

 

07/28/26

 

 

Business Services

 

9.90%

 

 

SOFR+590

 

 

 

16,348

 

 

 

16,306

 

 

 

16,348

 

The Vertex Companies, LLC

 

03/02/22

 

08/31/28

 

 

Business Services

 

8.93%

 

 

SOFR+475

 

 

 

14,480

 

 

 

14,393

 

 

 

14,408

 

Transgo, LLC

 

06/07/24

 

12/29/28

 

 

Auto Sector

 

9.91%

 

 

SOFR+575

 

 

 

16,363

 

 

 

16,215

 

 

 

16,486

 

Tyto Athene, LLC

 

03/02/22

 

04/01/28

 

 

Aerospace and Defense

 

9.19%

 

 

SOFR+490

 

 

 

11,342

 

 

 

11,271

 

 

 

11,058

 

Urology Management Holdings, Inc.

 

07/24/23

 

06/15/27

 

 

Healthcare, Education and Childcare

 

9.66%

 

 

SOFR+550

 

 

 

12,380

 

 

 

12,333

 

 

 

12,380

 

US Fertility Enterprises, LLC

 

09/03/25

 

10/11/31

 

 

Healthcare, Education and Childcare

 

8.67%

 

 

SOFR+450

 

 

 

4,975

 

 

 

4,931

 

 

 

4,975

 

Watchtower Buyer, LLC

 

09/19/24

 

12/01/29

 

 

Consumer Products

 

10.00%

 

 

SOFR+600

 

 

 

23,114

 

 

 

22,912

 

 

 

22,885

 

Wash & Wax Systems, LLC

 

04/30/25

 

04/30/28

 

 

Business Services

 

9.81%

 

 

SOFR+550

 

 

 

6,577

 

 

 

6,686

 

 

 

6,708

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,276,720

 

 

 

1,253,543

 

Subordinated Debt - 3.7% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wash & Wax Systems, LLC - Subordinate Debt

 

04/30/25

 

07/30/28

 

 

Business Services

 

12.00%

 

 

 

 

 

 

4,422

 

 

 

4,422

 

 

 

4,422

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,422

 

 

 

4,422

 

 

 

4,422

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities - 6.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Insight Holdings, Inc. - Common Equity

 

07/15/24

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

134,330

 

 

 

2,351

 

 

 

2,014

 

48Forty Intermediate Holdings, Inc. - Common Equity

 

11/05/24

 

 

—

 

 

Containers, Packaging and Glass

 

 

—

 

 

 

—

 

 

 

1,988

 

 

 

—

 

 

 

—

 

Wash & Wax Group, LP - Common Equity

 

04/30/25

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

2,803

 

 

 

5,002

 

 

 

5,165

 

White Tiger Newco, LLC - Common Equity

 

07/31/25

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

10,805

 

 

 

824

 

 

 

757

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

63

 

Issuer Name

 

Acquisition

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index (1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

Total Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,177

 

 

 

7,936

 

Total Investments - 1,046.0% of Net Assets(3)(6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,289,319

 

 

 

1,265,901

 

Cash Equivalents - 13.9% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JPMorgan U.S. Government (Money Market Fund)

 

 

 

 

 

 

 

 

4.09%

 

 

 

 

 

 

 

 

 

7,972

 

 

 

7,972

 

Goldman Sachs Financial Square Government Fund (Money Market Fund)

 

 

 

 

 

 

 

 

4.18%

 

 

 

 

 

 

 

 

 

6,946

 

 

 

6,946

 

BlackRock Federal FD Institutional 81 (Money Market Fund)

 

 

 

 

 

 

 

 

4.19%

 

 

 

 

 

 

 

 

 

1,920

 

 

 

1,920

 

Total Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,838

 

 

 

16,838

 

Cash - 19.9% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,147

 

 

 

24,147

 

Total Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,147

 

 

 

24,147

 

Total Investments, Cash Equivalents and Cash - 1,079.8% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,330,304

 

 

$

1,306,886

 

Liabilities in Excess of Other Assets — (979.8)% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,185,860

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

121,026

 

 

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate ("S" or "SOFR"). The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1MS, 2MS, 3MS, or 6MS, respectively), at the borrower’s option. All securities are subject to the SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSLF's accounting policy.
(3)
As of September 30, 2025, all investments are in US Companies. Total cost, fair value, and percentage of Net Assets for U.S Companies were $1,289.3 million, $1,265.9 million and 1,046.0%.
(4)
Non-accrual security
(5)
Partial non-accrual PIK security
(6)
All investments are not registered under the 1933 Act and have restrictions on resale.
(7)
The securities, or a portion thereof, are not 1) pledge as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2034 Asset-Backed Debt and held through PennantPark CLOIV, LLC, or 3) securing the 2035 Asset-Backed Debt and held through PennantPark CLO VII, LLC, or 4) securing the 2037 Asset-Backed Debt and held through PennantPark CLO X, LLC.

 

 

 

Below are the consolidated statements of assets and liabilities for PSLF, ($ in thousands):

 

 

December 31, 2025 (Unaudited)

 

 

September 30, 2025

 

Assets

 

 

 

 

 

 

Investments at fair value (amortized cost—$1,394,885 and $1,289,319, respectively)

 

$

1,357,342

 

 

$

1,265,901

 

Cash equivalents (cost—$20,904 and $16,838, respectively)

 

 

20,904

 

 

 

16,838

 

Cash (cost—$24,148 and $24,147 respectively)

 

 

24,148

 

 

 

24,147

 

Interest receivable

 

 

4,884

 

 

 

5,271

 

Receivable for investments sold

 

 

—

 

 

 

1,055

 

Prepaid expenses and other assets

 

 

1,916

 

 

 

2,148

 

Due from affiliate

 

 

131

 

 

 

87

 

Total assets

 

 

1,409,325

 

 

 

1,315,447

 

Liabilities

 

 

 

 

 

 

2037 Asset-backed debt, net (par—$328,000, unamortized deferred financing cost of $1,797 and $1,887, respectively)

 

 

326,203

 

 

 

326,113

 

2034 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $843 and $940, respectively)

 

 

245,157

 

 

 

245,060

 

2035 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $1,340 and $1,434, respectively)

 

 

244,660

 

 

 

244,566

 

Credit facility payable

 

 

189,600

 

 

 

99,600

 

Subordinated notes payable to members

 

 

250,808

 

 

 

250,808

 

Payable for investments purchased

 

 

18,816

 

 

 

—

 

Interest payable on credit facility and asset backed debt

 

 

13,072

 

 

 

13,730

 

Distribution payable to members

 

 

7,500

 

 

 

8,000

 

Interest payable on subordinated notes to members

 

 

5,114

 

 

 

5,305

 

Accounts payable and accrued expenses

 

 

1,205

 

 

 

1,189

 

Due to affiliate

 

 

50

 

 

 

50

 

Total liabilities

 

 

1,302,185

 

 

 

1,194,421

 

 

 

 

 

 

 

 

Members' equity

 

 

107,140

 

 

 

121,026

 

Total liabilities and members' equity

 

$

1,409,325

 

 

$

1,315,447

 

(1)
As of December 31, 2025 and September 30, 2025, PSLF had zero unfunded commitments to fund investments.

 

64

 

Below are the consolidated statements of operations for PSLF, ($ in thousands):

 

 

Three Months Ended December 31,

 

 

 

2025

 

 

2024

 

Investment income:

 

 

 

 

 

 

Interest

 

$

32,440

 

 

$

32,953

 

Other income

 

 

404

 

 

 

523

 

Total investment income

 

 

32,844

 

 

 

33,476

 

Expenses:

 

 

 

 

 

 

Interest expense on credit facility and asset-backed debt

 

 

16,209

 

 

 

15,643

 

Interest expense on subordinated notes to members

 

 

7,698

 

 

 

7,343

 

Administration services expense

 

 

850

 

 

 

778

 

General and administrative expenses

 

 

342

 

 

 

396

 

Total expenses

 

 

25,099

 

 

 

24,160

 

Net investment income

 

 

7,745

 

 

 

9,316

 

Realized and unrealized gain (loss) on investments and debt:

 

 

 

 

 

 

Net realized gain (loss) on investments

 

 

—

 

 

 

(2,126

)

Net change in unrealized appreciation (depreciation) on investments

 

 

(14,131

)

 

 

(1,918

)

Net realized and unrealized gain (loss) on investments

 

 

(14,131

)

 

 

(4,044

)

Net increase (decrease) in members' equity resulting from operations

 

$

(6,386

)

 

$

5,272

 

 

(1) No management or incentive fees are payable by PSLF. PSLF pays the Administrator an annual fee of 0.25% of average gross assets under management payable on a quarterly basis.

 

 

Distributions

 

In order to be treated as a RIC for federal income tax purposes and to not be subject to corporate-level tax on undistributed income or gains, we are required, under Subchapter M of the Code, to annually distribute dividends for U.S. federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of our investment company taxable income, determined without regard to any deduction for dividends paid.

 

Although not required for us to maintain our RIC tax status, in order to preclude the imposition of a 4% nondeductible federal excise tax imposed on RICs, we must distribute dividends for U.S. federal income tax purposes to our stockholders in respect of each calendar year of an amount at least equal to the Excise Tax Avoidance Requirement. In addition, although we may distribute realized net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually, out of the assets legally available for such distributions in the manner described above, we have retained and may continue to retain such net capital gains or investment company taxable income, contingent on our ability to be subject to tax as a RIC, in order to provide us with additional liquidity.

 

During the three months ended December 31, 2025, we declared distributions of $0.24 per share, for total distributions of $15.7 million. During the three months ended December 31, 2024, we declared distributions of $0.24 per share, for total distribution of $15.7 million. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

 

Effective October 2023, we changed from a quarterly distribution to a monthly distribution. We intend to continue to make monthly distributions to our stockholders. Our monthly distributions, if any, are determined by our board of directors.

 

We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash distributions.

 

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage ratio for borrowings applicable to us as a BDC under the 1940 Act and/or due to provisions in future credit facilities. If we do not distribute at least a certain percentage of our income annually, we could suffer adverse tax consequences, including possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions at a particular level.

 

Recent Accounting Pronouncements

 

In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The FASB approved an (optional) two-year extension to December 31, 2024, for transitioning away from LIBOR. The Company has adopted the ASU 2020-04, the effect of which was not material to the consolidated financial statements.

 

65

 

 

In June 2022, the FASB issued Accounting Standards Update No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"), which changed the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820"). The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods therein. Early application is permitted. The Company has adopted the new accounting standard, the effect was not material to the consolidated financial statements.

 

In November 2023, FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities' segment disclosure by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM") and included within each reported measure of segment's profit or loss, an amount and description of its composition for other segment items and interim disclosure of a reportable segment's profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning December 15, 2024, and should be applied on a retrospective basis to all periods presented, noting early adoption is permitted. The Company has adopted ASU 2023-07 effective September 30, 2025 and concluded that the application of this guidance did not have a material impact on its consolidated financial statements. See Note 13 for more information on the effects of the adoption of ASU 2023-07.

 

In December 2023, the FASB issued ASU 2023 - 09 "Improvements to Income Tax Disclosures" ("ASU 2023 - 09"). ASU 2023 - 09 intends to improve the transparency of income tax disclosures. ASU 2023 - 09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect a material impact to our consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

We are subject to financial market risks, including changes in interest rates. As of December 31, 2025, our debt portfolio consisted of 89% variable-rate investments and 11% fixed rate investments. The variable-rate loans are usually based on a SOFR (or an alternative risk-free floating interest rate index) rate and typically have durations of three months after which they reset to current market interest rates. Variable-rate investments subject to a floor generally reset by reference to the current market index after one to nine months only if the index exceeds the floor. In regards to variable-rate instruments with a floor, we do not benefit from increases in interest rates until such rates exceed the floor and thereafter benefit from market rates above any such floor. In contrast, our cost of funds, to the extent it is not fixed, will fluctuate with changes in interest rates since it has no floor.

 

Assuming that the most recent Consolidated Statements of Assets and Liabilities was to remain constant, and no actions were taken to alter the interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates:

 

Change in Interest Rates

 

Change in Interest Income,
Net of Interest Expense
 (in thousands)

 

 

Change in Interest Income,
Net of Interest
Expense Per Share

 

Down 3%

 

$

(8,657

)

 

$

(0.13

)

Down 2%

 

$

(6,565

)

 

$

(0.10

)

Down 1%

 

$

(3,282

)

 

$

(0.05

)

Up 1%

 

$

3,282

 

 

$

0.05

 

Up 2%

 

$

6,564

 

 

$

0.10

 

Up 3%

 

$

9,847

 

 

$

0.15

 

 

Although management believes that this measure is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets on the Consolidated Statements of Assets and Liabilities and other business developments that could affect net increase in net assets resulting from operations, or net investment income. Accordingly, no assurances can be given that actual results would not differ materially from those shown above.

 

Because we borrow money to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest these funds as well as our level of leverage. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income or net assets.

 

We may hedge against interest rate and foreign currency fluctuations by using standard hedging instruments such as futures, options and forward contracts or our Truist Credit Facility subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates and foreign currencies, they may also limit our ability to participate in the benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities or foreign currency derivatives hedging activities.

66

 

 

Item 4. Controls and Procedures

 

As of the quarter ended December 31, 2025, we including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13-a-15(e) of the Exchange Act). As disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, a material weakness was previously identified in the operation of controls related to our quarterly review of equity investment valuations with respect to the allocation of value of the portfolio company to the Company’s holdings. We have taken steps to remediate this material weakness, which steps have included (i) enhancing existing review controls of equity investments related to the allocation of the portfolio company’s enterprise value to the Company’s holdings to ensure allocations are consistent with the relevant and respective source document and (ii) enhancing policies and procedures to demonstrate a commitment to improving our overall control environment.

Taking the above efforts into consideration, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures for the quarter ended December 31, 2025 were effective and provided reasonable assurance that information required to be disclosed in our periodic filings with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Other than disclosed in this Item 4, there have been no changes in our internal controls over financial reporting that occurred during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 

67

 

PART II – OTHER INFORMATION

 

 

None of us, our Investment Adviser or our Administrator, is currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, or against our Investment Adviser or Administrator. From time to time, we, our Investment Adviser or Administrator may be a party to certain legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

 

Item 1A. Risk Factors

 

In addition to the other information set forth in this Report, you should consider carefully the factors discussed below, as well as in Part I “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed on November 24, 2025, which could materially affect our business, financial condition and/or operating results. The risks as in our Annual Report on Form 10-K, are not the only risks facing PennantPark Investment Corp. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

10b5-1 Disclosure

None of the officers or directors of the Company has adopted or terminated any Rule 10b5-1 trading arrangements applicable to them (if any) or the Company.

 

68

 

Item 6. Exhibits

 

Unless specifically indicated otherwise, the following exhibits are incorporated by reference to exhibits previously filed with the SEC:

 

 3.1

Articles of Incorporation (Incorporated by reference to Exhibit 99(a) to the Registrant’s Pre-Effective Amendment No. 3 to the Registration Statement on Form N-2/A (File No. 333-140092), filed on April 5, 2007).

 

 

 3.2

Articles of Amendment to Articles of Incorporation of the Registrant (Incorporated by reference to Exhibit 3.2 to the Registrant’s Quarterly Report on Form 10-Q (File No. 814-00736), filed on August 7, 2024).

 

 

 3.3

Second Amended and Restated Bylaws of the Registrant (Incorporated by reference to Exhibit 3.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 814-00736), filed on May 11, 2020).

 

 

10.1

Seventh Amendment to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 11, 2025, by and among the Registrant, the lenders party thereto, Truist Bank as administrative agent, and JPMorgan Chase Bank, N.A. as syndication agent (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00736) filed on December 15, 2025).

 

 

10.2*

Eighth Amendment to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of January 30, 2026, by and among the Registrant, the lenders party thereto, Truist Bank as administrative agent and, solely with respect to Section 5.10 therein, PNNT Investment Holdings, LLC.

 

 

31.1*

Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.

 

31.2*

Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.

 

 

32.1*

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

32.2*

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

99.1

Privacy Policy of the Registrant (Incorporated by reference to Exhibit 99.1 to the Registrant’s Annual Report on Form 10-K (File No. 814-00736), filed on November 16, 2011).

 

 

101.INS*

Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document

 

 

101.SCH*

Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents

 

 

101.CAL*

Inline XBRL Taxonomy Extension Calculation Linkbase Document

 

 

101.DEF*

Inline XBRL Taxonomy Extension Definition Linkbase Document

 

 

101.LAB*

Inline XBRL Taxonomy Extension Label Linkbase Document

 

 

101.PRE*

Inline XBRL Taxonomy Extension Presentation Linkbase Document

 

 

104

Cover Page formatted as Inline XBRL and contained in Exhibit 101

 

* Filed herewith.

69

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.

 

PENNANTPARK INVESTMENT CORPORATION

Date: February 9, 2026

By:

/s/ Arthur H. Penn

Arthur H. Penn

Chief Executive Officer and Chairman of the Board of Directors

(Principal Executive Officer)

Date: February 9, 2026

By:

/s/ Richard T. Allorto, Jr.

Richard T. Allorto, Jr.

Chief Financial Officer and Treasurer

(Principal Financial and Accounting Officer)

 

70

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