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Maturity 04/09/2027 Industry Distribution Current Coupon 10.49% Basis Point Spread Above Index SOFR+5502024-09-300001383414First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC Maturity 05/10/30 Industry Healthcare, Education and Childcare Current Coupon 10.08% Basis Point Spread Above Index SOFR+5752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Unfunded Revolver Maturity 11/10/2026 Industry Consumer Products2025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name JF Holdings Corp. Maturity 07/31/2026 Industry Distribution Current Coupon 11.30% Basis Point Spread Above Index 3M SOFR+6052023-10-012024-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-06-300001383414First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Maturity 09/03/2030 Industry Healthcare, Education and Childcare Current Coupon 9.32% Basis Point Spread Above Index SOFR+5002025-06-300001383414pnnt:InvestmentsCostMemberpnnt:USGovernmentSecuritiesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems LLC - Funded Revolver Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-06-300001383414AKW Holdings Limited2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Revolver Maturity 02/07/2030 Industry Education2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:TwoThousandAndTwentySixNotesMember2024-09-300001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Maturity 05/29/29 Industry Personal, Food and Miscellaneous Services Current Coupon 9.58% Basis Point Spread Above Index SOFR+5252024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name StellPen Holdings, LLC Industry Media2024-09-300001383414us-gaap:InvestmentsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Business Services Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+5902024-09-300001383414pnnt:SecondLienSecuredDebtMemberpnnt:InvestmentNonAffiliatedIssuerNoncontrolledMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Northwinds Topco, Inc. Maturity 10/30/2029 Industry Consumer Services Current Coupon 15% (PIK 15.00%)2024-09-300001383414First Lien Secured Debt Issuer Name Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+4612024-09-300001383414pnnt:ClassA-1WMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-06-3000013834142025-03-310001383414RAM Energy LLC2023-10-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Unfunded Term Loan Maturity 09/30/2028 Industry Business Services2024-09-300001383414us-gaap:MoneyMarketFundsMember2025-06-300001383414pnnt:BuildingsAndRealEstateMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co. LLC - Unfunded Term Loan B Maturity 02/09/2026 Industry Financial Services2025-06-300001383414First Lien Secured Debt Issuer Name Smartronix, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 10.35% Basis Point Spread Above Index SOFR+6102023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Unfunded Term Loan Maturity 06/27/2026 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Maturity 07/28/2030 Industry Auto Sector Current Coupon 14.19% Basis Point Spread Above Index 3M SOFR+9102023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Megawatt Acquisition Partners, LLC - Class A Industry Electronics2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Imagine Topco, LP Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+5852024-09-3000013834142024-06-300001383414First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Maturity 06/14/28 Industry Distribution Current Coupon 10.05% Basis Point Spread Above Index SOFR+6002024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Maturity 02/07/2030 Industry Education Current Coupon 9.83% Basis Point Spread Above Index SOFR+5502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 12.21% Basis Point Spread Above Index 3M SOFR+7152024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Zips Car Wash, LLC Maturity 12/31/2024 Industry Auto Sector Current Coupon 12.46% (PIK 1.5%) Basis Point Spread Above Index 3M SOFR+7402023-10-012024-09-300001383414First Lien Secured Debt Issuer Name MOREgroup Holdings, LLC Maturity 01/16/1930 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name S101 Holdings, Inc. - Unfunded Term Loan 2 Maturity 12/15/2024 Industry Electronics2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 11.05% Basis Point Spread Above Index 3M SOFR+6192024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Gauge Loving Tan, LP Industry Consumer Products2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC Maturity 05/10/2026 Industry Media Current Coupon 11.20% Basis Point Spread Above Index 3 M SOFR+5902023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Unfunded Revolver Maturity 10/31/2030 Industry Government Services2025-06-300001383414First Lien Secured Debt Issuer Name Best Practice Associates, LLC Maturity 11/08/2029 Industry Aerospace and Defense Current Coupon 11.05% Basis Point Spread Above Index SOFR+6752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC Maturity 08/30/2027 Industry Business Services Current Coupon 11.27% Basis Point Spread Above Index 3M SOFR+6352024-09-300001383414pnnt:PennantParkCloViiMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name StellPen Holdings, LLC Industry Media2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name VRS Buyer, Inc. - Unfunded Revolver Maturity 11/22/2030 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TWS Acquisition Corporation - Revolver Maturity 06/16/2025 Industry Education2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Maturity 01/26/2029 Industry Media Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+6502023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare, Education and Childcare Current Coupon 10.85% Basis Point Spread Above Index SOFR+6252023-10-012024-09-300001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. Maturity 04/09/2027 Industry Distribution Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+5502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Maturity 12/17/2026 Industry Business Services Current Coupon 11.73% (PIK 4.00%) Basis Point Spread Above Index 1M SOFR+6402023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Magenta Buyer, LLC -First out Maturity 07/31/28 Industry Software Current Coupon 11.29% Basis Point Spread Above Index SOFR+7012024-10-012025-06-3000013834142025-04-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Funded Revolver Maturity 10/01/2029 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-06-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMember2025-06-300001383414First Lien Secured Debt Issuer Name Fairbanks Morse Defense Maturity 06/17/2028 Industry Aerospace and Defense Current Coupon 9.74% Basis Point Spread Above Index SOFR+4502024-09-300001383414Walker Edison Furniture Company LLC2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Funded Revolver Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.47% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-06-300001383414Pragmatic Institute, LLC2025-06-300001383414First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Maturity 06/14/28 Industry Distribution Current Coupon 10.05% Basis Point Spread Above Index SOFR+6002025-06-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-06-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:SeniorSecuredRevolvingCreditFacilityMembersrt:SubsidiariesMember2024-10-012025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distribution Current Coupon 10.92% Basis Point Spread Above Index SOFR+6402023-10-012024-09-300001383414pnnt:LongTermCreditFacilityMember2023-09-300001383414First Lien Secured Debt Issuer Name Magenta Buyer, LLC -Third out Maturity 07/31/2028 Industry Software Current Coupon 11.63% Basis Point Spread Above Index SOFR+7262023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Revolver Maturity 08/15/2029 Industry Business Services2024-09-300001383414First Lien Secured Debt Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.20% Basis Point Spread Above Index SOFR+5602024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6102023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC Maturity 10/22/2026 Industry Consumer Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-06-300001383414RAM Energy LLC2023-09-300001383414pnnt:USGovernmentSecuritiesMember2024-09-300001383414First Lien Secured Debt Issuer Name MOREgroup Holdings, LLC Maturity 01/16/2030 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Term Loan Maturity 03/21/2027 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Revolver Maturity 11/10/2026 Industry Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name New Medina Health, LLC Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name PennantPark Senior Loan Fund, LLC Maturity 07/31/2027 Industry Financial Services Current Coupon 13.25% Basis Point Spread Above Index 3M SOFR+8002024-09-300001383414First Lien Secured Debt Issuer Name STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans Maturity 10/03/2029 Industry Transportation Current Coupon 12.68% Basis Point Spread Above Index SOFR+8352025-06-300001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Megawatt Acquisition Partners, LLC - Common Equity A Industry Electronics2024-09-300001383414First Lien Secured Debt Issuer Name The Vertex Companies, LLC Maturity 8/31/2027 Industry Business Services Current Coupon 10.99% Basis Point Spread Above Index SOFR+6102024-09-300001383414First Lien Secured Debt Issuer Name One Stop Mailing, LLC Maturity 05/07/2027 Industry Transportation Current Coupon 10.69% Basis Point Spread Above Index SOFR+6362025-06-300001383414First Lien Secured Debt Issuer Name Wildcat Buyerco, Inc. Maturity 2/27/2027 Industry Electronics Current Coupon 10.60% Basis Point Spread Above Index SOFR+5752024-09-300001383414First Lien Secured Debt Issuer Name STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans Maturity 10/03/2029 Industry Transportation Current Coupon 5.43% Basis Point Spread Above Index SOFR+7602025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Megawatt Acquisition Partners, LLC - Class A Industry Electronics2025-06-300001383414pnnt:HoldingsIIMember2024-04-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name BioDerm Holdings, LP Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Unfunded Revolver Maturity 08/16/2026 Industry Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Atlas Investment Aggregator, LLC Industry Telecommunications2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Revolver Maturity 06/21/2029 Industry Healthcare, Education and Childcare2024-09-300001383414AKW Holdings Limited2024-10-012025-06-300001383414First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Maturity 09/22/2028 Industry Business Services Current Coupon 11.35% Basis Point Spread Above Index SOFR+6102024-09-300001383414First Lien Secured Debt Issuer Name TWS Acquisition Corporation Maturity 6/6/2025 Industry Education Current Coupon 11.33% Basis Point Spread Above Index SOFR+6402023-10-012024-09-300001383414Cascade Environmental Holdings, LLC2023-09-300001383414First Lien Secured Debt Issuer Name EDS Buyer, LLC Maturity 01/10/2029 Industry Aerospace and Defense Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752024-09-3000013834142023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 9.93% Basis Point Spread Above Index 3M SOFR+5602025-06-300001383414First Lien Secured Debt Issuer Name Team Services Group, LLC Maturity 12/20/2027 Industry Healthcare, Education and Childcare Current Coupon 9.53% Basis Point Spread Above Index SOFR+5252024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Halo Buyer, Inc. Maturity 07/06/2026 Industry Consumer Products Current Coupon 13.20% Basis Point Spread Above Index 1M SOFR+8352024-09-300001383414First Lien Secured Debt Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Retail Current Coupon 11.99% (PIK 3.5%) Basis Point Spread Above Index SOFR+7252023-10-012024-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:DebtInvestmentsMember2025-06-300001383414First Lien Secured Debt Issuer Name PCS Midco, Inc. Maturity 3/1/2030 Industry Financial Services Current Coupon 10.81% Basis Point Spread Above Index SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Unfunded Revolver Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC - Unfunded Revolver Maturity 05/13/2032 Industry Consulting Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Maturity 12/19/2030 Industry Media Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+5252025-06-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Cascade Environmental Holdings, LLC Industry Environmental Services2024-09-300001383414First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 06/16/2029 Industry Professional Services Current Coupon 10.04% Basis Point Spread Above Index SOFR+5752025-06-300001383414First Lien Secured Debt Issuer Name Reception Purchaser, LLC Maturity 4/28/2028 Industry Transportation Current Coupon 25.00% Basis Point Spread Above Index SOFR+6152023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Unfunded Revolver Maturity 12/17/2026 Industry Business Services2024-09-300001383414First Lien Secured Debt Issuer Name AFC - Dell Holding Corp. Maturity 04/09/2027 Industry Distribution Current Coupon 10.49% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Maturity 10/28/2031 Industry Aerospace and Defense Current Coupon 9.28% Basis Point Spread Above Index SOFR+5002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.50% Basis Point Spread Above Index 1M SOFR+6432023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Radius Aerospace, Inc. Maturity 3/31/2025 Industry Aerospace and Defense Current Coupon 10.75% Basis Point Spread Above Index SOFR+5752024-09-300001383414First Lien Secured Debt Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Business Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+5102024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC - Unfunded Revolver Maturity 03/15/2027 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co. LLC Maturity 08/09/2030 Industry Financial Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO INC - Funded Revolver Maturity 03/01/2030 Industry Financial Services Current Coupon 10.81% Basis Point Spread Above Index 1M SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name AMCSI Crash Co-Invest, LP Industry Auto Sector2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co. LLC Maturity 08/09/2030 Industry Financial Services Current Coupon 9.33% Basis Point Spread Above Index 3M SOFR+5002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Hancock Claims Consultants Investors, LLC Industry Insurance2024-09-300001383414pnnt:SeniorSecuritiesMember2023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare, Education and Childcare Current Coupon 10.55% Basis Point Spread Above Index SOFR+6252024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Maturity 12/17/2026 Industry Business Services Current Coupon 12% (PIK 4.00%)2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Funded Revolver Maturity 08/16/2026 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852025-06-300001383414First Lien Secured Debt Issuer Name PL Acquisitionco, LLC Maturity 11/09/2027 Industry Retail Current Coupon 11.50% Basis Point Spread Above Index SOFR+7252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Maturity 09/30/2030 Industry Marketing Services Current Coupon 9.60%, Basis Point Spread Above Index 3M SOFR+5002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan Maturity 12/21/2025 Industry Healthcare, Education and Childcare2024-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2022-01-012022-01-310001383414pnnt:ClassBMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Tower Arch Infolinks Media, LP Industry Media2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name MDI Aggregator, LP Industry Chemicals, Plastics and Rubber2025-06-300001383414First Lien Secured Debt Issuer Name Anteriad Holdings Inc (fka MeritDirect) Maturity 06/30/2026 Industry Media Current Coupon 10.50% Basis Point Spread Above Index SOFR+5902023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Unfunded Revolver Maturity 08/16/2026 Industry Consumer Products2025-06-300001383414us-gaap:FairValueInputsLevel2Member2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Term Loan A Maturity 08/28/2025 Industry Healthcare, Education and Childcare2024-09-300001383414First Lien Secured Debt Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 8.83% Basis Point Spread Above Index SOFR+4502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.64% Basis Point Spread Above Index 3M SOFR+5002024-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001383414pnnt:InvestmentsAndCashEquivalentsMember2024-09-300001383414srt:AffiliatedEntityMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Magnolia Topco LP - Class A Industry Auto Sector2024-09-300001383414First Lien Secured Debt Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronics Current Coupon 12.45% (PIK 1.00%) Basis Point Spread Above Index SOFR+7602023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. Maturity 04/09/2027 Industry Distribution Current Coupon 10.48% Basis Point Spread Above Index 3M SOFR+5502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan Maturity 07/14/2025 Industry Consumer Products2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Maturity 06/15/2027 Industry Healthcare, Education and Childcare Current Coupon 10.66% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Wildcat Buyerco, Inc. Maturity 2/27/2027 Industry Electronics Current Coupon 10.60% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Revolver Maturity 08/16/2026 Industry Consumer Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+7852023-10-012024-09-300001383414pnnt:TruistCreditFacilityMember2025-04-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name C5MI Holdco, LLC - Common Equity Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Term Loan Maturity 09/30/2026 Industry Marketing Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Revolver Maturity 09/17/2026 Industry Distribution Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+6402024-09-300001383414pnnt:InvestmentsFairValueMemberus-gaap:EquityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Revolver Maturity 11/09/2026 Industry Consumer Products Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+7652024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Funded Revolver Maturity 12/20/2027 Industry Telecommunications Current Coupon 11.47% Basis Point Spread Above Index 3M SOFR+7152025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC - Unfunded Revolver Maturity 12/17/2029 Industry Event Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Maturity 06/30/2025 Industry Consumer Products Current Coupon 9.45% Basis Point Spread Above Index 3M SOFR+4602023-10-012024-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:MaximumMember2024-09-300001383414First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Maturity 11/01/26 Industry Media Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502024-10-012025-06-300001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Incremental Term Loan Maturity 10/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 10.00%2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Magenta Buyer, LLC -First out Maturity 07/31/2028 Industry Software Current Coupon 12.13% Basis Point Spread Above Index SOFR+7012023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Unfunded Revolver Maturity 08/31/2028 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name OHCP V BC COI, L.P. Industry Distribution2024-09-300001383414First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Maturity 10/2/2028 Industry Business Services Current Coupon 11.51% Basis Point Spread Above Index SOFR+6002024-09-300001383414First Lien Secured Debt Issuer Name Dr. Squatch, LLC Maturity 08/31/27 Industry Personal and Non-Durable Consumer Products Current Coupon 9.66% Basis Point Spread Above Index SOFR+5352024-10-012025-06-300001383414pnnt:TruistCreditFacilityMember2024-04-012024-06-300001383414First Lien Secured Debt Issuer Name Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+4612023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Term Loan Maturity 11/20/2026 Industry Business Services2025-06-300001383414pnnt:TwoThousandAndTwentySixNotesMember2025-06-300001383414First Lien Secured Debt Issuer Name BLC Holding Company, INC. Maturity 11/20/2030 Industry Environmental Services Current Coupon 8.80% Basis Point Spread Above Index SOFR+4502025-06-300001383414pnnt:SubordinateDebtCorporateNotesMember2025-06-300001383414pnnt:InvestmentsFairValueMemberpnnt:USGovernmentSecuritiesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Safe Haven Defense MidCo, LLC Industry Building Materials2024-09-300001383414pnnt:DiversifiedConglomerateServiceMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Seaway Topco, LP Industry Chemicals, Plastics and Rubber2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cartessa Aesthetics, LLC Industry Distribution2025-06-300001383414First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Maturity 07/25/2029 Industry Auto Sector Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt of Net Assets Issuer Name PennantPark Senior Loan Fund, LLC Maturity 07/31/2027 Industry Financial Services Current Coupon 12.29%2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC Maturity 05/30/2027 Industry Printing and Publishing Current Coupon 11.60% Basis Point Spread Above Index 3M SOFR+7002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC – Revolver Maturity 01/29/2026 Industry Consumer Products2024-09-300001383414First Lien Secured Debt Issuer Name EDS Buyer, LLC Maturity 01/10/29 Industry Aerospace and Defense Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name AFC Acquisitions, Inc. (J-2 Series) Industry Distribution2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Funded Revolver Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+3752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Revolver Maturity 06/30/2025 Industry Electronics2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. - Revolver Maturity 08/01/2029 Industry Business Services2024-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Consumer Products Current Coupon 10.45% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-06-300001383414pnnt:InvestmentsCostMemberpnnt:FirstLienMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Maturity 07/02/2029 Industry Business Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-06-300001383414pnnt:EquityDistributionAgreementsMember2024-06-042024-06-040001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Maturity 09/03/2030 Industry Healthcare, Education and Childcare Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+4752024-09-300001383414First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Maturity 12/01/2029 Industry Consumer Products Current Coupon 10.30% Basis Point Spread Above Index SOFR+6002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dynata, LLC - Last-Out Term Loan Maturity 07/15/2028 Industry Business Services Current Coupon 10.88%, Basis Point Spread Above Index 3M SOFR+5762024-09-300001383414pnnt:SubordinatedNotesMember2024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Aechelon Technology Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 10.83% Basis Point Spread Above Index SOFR+6502025-06-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name AG Investco LP - Unfunded Industry Business Services2025-06-300001383414pnnt:SubordinatedNotesMember2023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/28 Industry Personal, Food and Miscellaneous Services Current Coupon 9.80% Basis Point Spread Above Index SOFR+6002025-06-300001383414First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Maturity 07/31/2029 Industry Business Services Current Coupon 10.30% Basis Point Spread Above Index SOFR+6002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Funded Revolver Maturity 05/07/2026 Industry Media Current Coupon 10.56% Basis Point Spread Above Index 3M SOFR+626.1612025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name ORL Holdco, Inc. Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans Maturity 10/03/2029 Industry Transportation Current Coupon 12.68% Basis Point Spread Above Index SOFR+8352024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Funded Revolver Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252025-06-300001383414First Lien Secured Debt Issuer Name Lash OpCo, LLC Maturity 02/18/27 Industry Consumer Products Current Coupon 12.13% Basis Point Spread Above Index SOFR+7852024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Funded Revolver Maturity 03/01/2030 Industry Electronics Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+5502025-06-300001383414First Lien Secured Debt Issuer Name Tyto Athene, LLC Maturity 4/3/2028 Industry Aerospace and Defense Current Coupon 10.23% Basis Point Spread Above Index SOFR+4902023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/26 Industry Insurance Current Coupon 9.90% Basis Point Spread Above Index SOFR+5602025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name StoicLane, Inc. - Convertible Notes Maturity 08/16/2027 Industry Healthcare, Education and Childcare Current Coupon 12.00% Basis Point Spread Above Index2025-06-300001383414First Lien Secured Debt Issuer Name TPC US Parent, LLC Maturity 11/24/2025 Industry Food Current Coupon 10.20% Basis Point Spread Above Index SOFR+5902025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Funded Revolver Maturity 03/01/2030 Industry Electronics Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Magnolia Topco LP - Class A Industry Auto Sector2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Funded Revolver Maturity 08/07/2029 Industry Consumer Products Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+5002025-06-300001383414pnnt:NetAssetsHundredPercentMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Revolver Maturity 06/20/2029 Industry Healthcare, Education and Childcare2025-06-300001383414First Lien Secured Debt Issuer Name Argano, LLC Maturity 09/13/2029 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index SOFR+5752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Team Services Group, LLC Maturity 12/18/2028 Industry Healthcare, Education and Childcare Current Coupon 13.54% Basis Point Spread Above Index 3M SOFR+926.1612024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Consumer Products Current Coupon 10.45% Basis Point Spread Above Index 3M SOFR+6152025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. - Funded Revolver Maturity 04/16/2027 Industry Telecommunications Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+5852023-10-012024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt of Net Assets Issuer Name Flock Financial, LLC Maturity 10/19/2027 Industry Financial Services Current Coupon PIK 12.50%2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index LLC - Funded Revolver Maturity 07/07/2026 Industry Business Services Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+5202024-10-012025-06-300001383414us-gaap:CashAndCashEquivalentsMember2025-06-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name First Medical Holdings, LLC Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Maturity 07/02/2029 Industry Business Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-06-300001383414pnnt:EquityDistributionAgreementsMember2023-10-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Revolver Maturity 09/28/2027 Industry Distribution2024-09-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Maturity 10/15/2028 Industry Business Services Current Coupon 10.88% Basis Point Spread Above Index SOFR+5762023-10-012024-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassA1BMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Solutionreach, Inc. - Unfunded Revolver Maturity 07/17/2025 Industry Communications2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Funded Revolver Maturity 01/29/2026 Industry Consumer Products Current Coupon 11.09% Basis Point Spread Above Index 3M SOFR+7002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name AFC Acquisitions, Inc. (H-2 Series) Industry Distribution2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. - Unfunded Revolver Maturity 04/16/2027 Industry Telecommunications2025-06-300001383414pnnt:InvestmentsAndCashEquivalentsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Maturity 08/15/2029 Industry Business Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+5002023-10-012024-09-300001383414pnnt:ControlledAffiliatedInvestmentsMember2025-04-012025-06-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Maturity 05/03/2029 Industry Consumer Products Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414First Lien Secured Debt Issuer Name Lightspeed Buyer Inc. Maturity 02/03/27 Industry Healthcare, Education and Childcare Current Coupon 9.05% Basis Point Spread Above Index SOFR+4752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Funded Revolver Maturity 12/17/2030 Industry Business Services Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-06-300001383414First Lien Secured Debt Issuer Name The Vertex Companies, LLC Maturity 08/31/2028 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Business Services Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+5652025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO INC Maturity 03/01/2030 Industry Financial Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-06-300001383414pnnt:ConsumerProductsMember2024-09-300001383414pnnt:NonControlledNonAffiliatedInvestmentsMember2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-06-300001383414us-gaap:FairValueInputsLevel3Member2024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. Maturity 04/09/2027 Industry Distribution Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. Maturity 08/28/2030 Industry Manufacturing/Basic Industry Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Accounting Platform Blocker, Inc. - Preferred Equity Industry Financial Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name NFS - CFP Holdings LLC Industry Business Services2025-06-300001383414pnnt:ConsumerServicesMember2024-09-300001383414pnnt:TruistCreditFacilityMember2023-10-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.46% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7152024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distribution Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+6402024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Unfunded Revolver Maturity 03/31/2025 Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Maturity 07/28/2030 Industry Auto Sector Current Coupon 14.19% Basis Point Spread Above Index 3M SOFR+9102024-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Cascade Environmental Holdings, LLC Industry Environmental Services2025-06-300001383414pnnt:EquitySecurityMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distribution Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+5402024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dr. Squatch, LLC Maturity 08/31/2027 Industry Personal and Non-Durable Consumer Products Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+5352023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Revolver Maturity 08/10/2027 Industry Distribution2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. - Unfunded Revolver Maturity 09/03/2027 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sargent & Greenleaf Inc. - Revolver Maturity 12/20/2024 Industry Electronics Current Coupon 11.87% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+6602024-10-012024-12-310001383414pnnt:TruistCreditFacilityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name TWD Parent Holdings, LLC Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Funded Revolver Maturity 08/31/2028 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5102025-06-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Member2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name TPC Holding Company, LP Industry Food2024-09-300001383414First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Business Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+5902024-09-300001383414First Lien Secured Debt Issuer Name MBS Holdings, Inc. Maturity 04/16/2027 Industry Telecommunications Current Coupon 9.35% Basis Point Spread Above Index SOFR+5102024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Archer Lewis, LLC Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752024-10-012025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMembersrt:MaximumMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 10/01/2024 Industry Environmental Services2024-09-300001383414pnnt:MembersEquityMember2024-09-300001383414First Lien Secured Debt Issuer Name Transgo, LLC Maturity 12/29/2028 Industry Auto Sector Current Coupon 10.07% Basis Point Spread Above Index SOFR+5752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Term Loan 2 Maturity 06/30/2025 Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. Maturity 04/09/2027 Industry Distribution Current Coupon 10.48% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-09-300001383414pnnt:USGovernmentSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sargent & Greenleaf Inc. - Unfunded Revolver Maturity 12/20/2024 Industry Electronics2024-09-300001383414First Lien Secured Debt Issuer Name Aechelon Technology Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 10.83% Basis Point Spread Above Index SOFR+6502024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Transgo, LLC Maturity 12/29/2028 Industry Auto Sector Current Coupon 10.60% Basis Point Spread Above Index SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Broder Bros., Co. Maturity 12/04/2025 Industry Consumer Products Current Coupon 10.97% Basis Point Spread Above Index 3M SOFR+6112023-10-012024-09-300001383414First Lien Secured Debt Issuer Name TWS Acquisition Corporation Maturity 6/6/2025 Industry Education Current Coupon 11.33% Basis Point Spread Above Index SOFR+6402024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name A1 Garage Equity, LLC Industry Personal, Food and Miscellaneous Services2025-06-300001383414pnnt:NonControlledNonAffiliatedInvestmentsMember2023-10-012024-06-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:PantheonFundingOneMember2025-06-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMemberpnnt:SeniorSecuredRevolvingCreditFacilityMember2024-08-280001383414First Lien Secured Debt Issuer Name AFC - Dell Holding Corp. Maturity 04/09/2027 Industry Distribution Current Coupon 9.82% Basis Point Spread Above Index SOFR+5502024-10-012025-06-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001383414First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Maturity 07/25/2029 Industry Auto Sector Current Coupon 9.65% Basis Point Spread Above Index SOFR+5352024-10-012025-06-300001383414pnnt:InvestmentsCostMemberpnnt:SecondLienMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 12.21% Basis Point Spread Above Index 3M SOFR+7152023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. Maturity 08/28/2030 Industry Manufacturing/Basic Industry Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Unfunded Revolver Maturity 10/01/2029 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans Maturity 10/03/2029 Industry Transportation Current Coupon 5.42%2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Funded Revolver Maturity 12/19/2030 Industry Media Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Maturity 10/02/2028 Industry Business Services Current Coupon 10.42% Basis Point Spread Above Index SOFR+6252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.71% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. - Unfunded Revolver Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-06-300001383414pnnt:InvestmentsFairValueMemberpnnt:EquityInPSLFMember2025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6352023-10-012024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2025-06-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Maturity 07/15/2028 Industry Business Services Current Coupon 10.38% Basis Point Spread Above Index SOFR+5262023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Intermediate, LLC Maturity 12/01/2029 Industry Electronics Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002024-09-300001383414First Lien Secured Debt Issuer Name Transgo, LLC Maturity 12/29/2028 Industry Auto Sector Current Coupon 10.60% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Maturity 06/14/2028 Industry Distribution Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnnt:DebtInvestmentsMember2024-09-300001383414First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Maturity 03/15/27 Industry Business Services Current Coupon 10.68% Basis Point Spread Above Index SOFR+6352025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name AFC Acquisitions, Inc. (F-2 Series)2025-06-300001383414us-gaap:CashAndCashEquivalentsMember2024-09-300001383414First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers, Packaging and Glass Current Coupon 11.30% Basis Point Spread Above Index SOFR+6102023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ITI Holdings, Inc. Maturity 03/03/2028 Industry Business Services Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+5652023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Best Practice Associates LLC Maturity 06/29/2027 Industry Aerospace and Defense Current Coupon 13.95% Basis Point Spread Above Index 3M SOFR+9152024-09-300001383414First Lien Secured Debt Issuer Name MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 10.20% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name PennantPark-TSO Senior Loan Fund II, LP Industry Financial Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Maturity 09/03/2027 Industry Business Services Current Coupon 14.00% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Maturity 06/30/2026 Industry Media2025-06-300001383414First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Maturity 6/15/2026 Industry Healthcare, Education and Childcare Current Coupon 11.46% Basis Point Spread Above Index SOFR+5502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name ORL Holdco, Inc. - Unfunded Convertible Notes Maturity 03/08/2028 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Revolver Maturity 12/20/2027 Industry Telecommunications2025-06-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Maturity 07/17/28 Industry Business Services Current Coupon 9.59% Basis Point Spread Above Index SOFR+5262025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Maturity 11/01/2026 Industry Media Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-09-300001383414pnnt:TelecommunicationsMember2025-06-300001383414First Lien Secured Debt Issuer Name NBH Group LLC Maturity 08/19/2026 Industry Healthcare, Education and Childcare Current Coupon 11.19% Basis Point Spread Above Index SOFR+5852023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Funded Revolver Maturity 01/29/2026 Industry Consumer Products Current Coupon 11.09% Basis Point Spread Above Index 3M SOFR+7002025-06-300001383414First Lien Secured Debt Issuer Name BLC Holding Company, INC. Maturity 11/20/2030 Industry Environmental Services Current Coupon 8.80% Basis Point Spread Above Index SOFR+4502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Quantic Electronics, LLC - Funded Revolver Maturity 08/17/2026 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6352024-09-300001383414pnnt:MediaMember2025-06-300001383414First Lien Secured Debt Issuer Name Radius Aerospace, Inc. Maturity 03/29/2027 Industry Aerospace and Defense Current Coupon 10.51% Basis Point Spread Above Index SOFR+6152024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Unfunded Revolver Maturity 05/03/2029 Industry Consumer Products2025-06-300001383414pnnt:PennantParkCLOXMember2025-06-300001383414First Lien Secured Debt Issuer Name SpendMend Holdings, LLC Maturity 3/1/2028 Industry Business Services Current Coupon 10.26% Basis Point Spread Above Index SOFR+5652024-09-300001383414First Lien Secured Debt Issuer Name Best Practice Associates, LLC Maturity 11/08/2029 Industry Aerospace and Defense Current Coupon 11.05% Basis Point Spread Above Index SOFR+6752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Unfunded Revolver Maturity 11/09/2026 Industry Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Consumer Products Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+6502024-09-300001383414First Lien Secured Debt Issuer Name Tyto Athene, LLC Maturity 4/3/2028 Industry Aerospace and Defense Current Coupon 10.23% Basis Point Spread Above Index SOFR+4902024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Unfunded Revolver Maturity 03/01/2030 Industry Electronics2025-06-300001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Distribution Current Coupon 10.45% Basis Point Spread Above Index SOFR+5602024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC- Unfunded Revolver Maturity 12/10/2027 Industry Business Services2025-06-300001383414pnnt:TotalInvestmentsAndCashEquivalentsNineHundredFiftyOnePontOneMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TPCN Midco, LLC Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Revolver Maturity 08/30/2027 Industry Business Services Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6102024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Broder Bros., Co. Maturity 12/04/2025 Industry Consumer Products Current Coupon 10.97% Basis Point Spread Above Index 3M SOFR+6112024-09-300001383414Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc.- Common Equity Industry Containers, Packaging and Glass2025-06-300001383414First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Maturity 07/02/2029 Industry Business Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Term Loan Maturity 07/13/2027 Industry Media2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Maturity 01/26/2029 Industry Media2024-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Big Top Holdings, LLC - Unfunded Revolver Maturity 02/07/2030 Industry Manufacturing/Basic Industry2024-09-300001383414First Lien Secured Debt Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Communications Current Coupon 12.40% Basis Point Spread Above Index SOFR+7152023-10-012024-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Maturity 02/07/2030 Industry Education Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC Maturity 08/15/2029 Industry Business Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+5002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name HPA SPQ Aggregator LP Industry Business Services2025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class B Preferred Equity Industry Financial Services2025-06-300001383414pnnt:ClassBLoansMemberus-gaap:SubsequentEventMembersrt:MaximumMember2025-07-012025-07-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Maturity 07/31/2029 Industry Business Services Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002025-06-300001383414pnnt:CashAndCashEquivalentsTenPointOneMemberpnnt:Non-MoneyMarketCashMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Maturity 10/11/2031 Industry Healthcare, Education and Childcare Current Coupon 8.78% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Riverpoint Medical, LLC-Unfunded Revolver Maturity 06/20/2025 Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Funded Revolver Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO INC - Unfunded Term Loan Maturity 03/01/2026 Industry Financial Services2024-09-300001383414First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 8.92% Basis Point Spread Above Index SOFR+4752024-10-012025-06-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2024-10-012025-06-300001383414pnnt:GamingMember2025-06-300001383414RAM Energy LLC2024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Municipal Emergency Services, Inc. Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Shiftkey, LLC Maturity 06/21/2027 Industry Business Services Current Coupon 10.62% Basis Point Spread Above Index 3M SOFR+6012024-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-09-300001383414First Lien Secured Debt Issuer Name Inventus Power, Inc. Maturity 06/30/25 Industry Consumer Products Current Coupon 11.94% Basis Point Spread Above Index SOFR+7612024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name C5MI Holdco, LLC Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO INC - Funded Revolver Maturity 03/01/2030 Industry Financial Services Current Coupon 10.81% Basis Point Spread Above Index 1M SOFR+5752024-09-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Maturity 10/16/28 Industry Business Services Current Coupon 10.09% Basis Point Spread Above Index SOFR+5762025-06-300001383414First Lien Secured Debt Issuer Name CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 10.77% Basis Point Spread Above Index SOFR+6442025-06-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-012021-04-300001383414First Lien Secured Debt Issuer Name EDS Buyer, LLC Maturity 01/10/29 Industry Aerospace and Defense Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752025-06-300001383414First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 8.92% Basis Point Spread Above Index SOFR+4752025-06-300001383414pnnt:SubordinateDebtCorporateNotesMember2024-09-300001383414pnnt:ClassA-1Memberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-06-300001383414pnnt:BusinessServicesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. (CAD) Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+6002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Issuer Name PCS MIDCO INC Maturity 03/01/2030 Industry Financial Services Current Coupon 10.81% Basis Point Spread Above Index 1M SOFR+5752023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Team Services Group, LLC Maturity 11/24/2028 Industry Healthcare, Education and Childcare Current Coupon 9.95% Basis Point Spread Above Index SOFR+5102023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry Business Services Current Coupon 9.03% Basis Point Spread Above Index 3M SOFR+4752025-06-300001383414us-gaap:PreferredStockMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001383414Walker Edison Furniture Company LLC2024-09-300001383414pnnt:InvestmentNonAffiliatedIssuerNoncontrolledMemberpnnt:USGovernmentSecuritiesMember2024-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name TCG 3.0 Jogger Co-Invest, LP - Common Equity Industry Media2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Revolver Maturity 06/14/2028 Industry Distribution Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name AFC Acquisitions, Inc. (G-2 Series) Industry Distribution2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Watchtower Holdings, LLC Industry Electronics2025-06-300001383414pnnt:EquityInterestsInPSLFMemberpnnt:PantheonFundingOneMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings LLC Maturity 03/01/2028 Industry Business Services Current Coupon 9.45% Basis Point Spread Above Index 3M SOFR+5152025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO INC - Unfunded Revolver Maturity 03/01/2030 Industry Financial Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Gauge Schlesinger Coinvest, LLC Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Revolver Maturity 05/07/2026 Industry Media2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Maturity 02/07/2030 Industry Education Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 06/16/2029 Industry Professional Services Current Coupon 10.04% Basis Point Spread Above Index SOFR+5752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Term Loan Maturity 10/19/2026 Industry Healthcare, Education and Childcare2025-06-300001383414AKW Holdings Limited2024-06-300001383414First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Maturity 07/31/2029 Industry Business Services Current Coupon 10.30% Basis Point Spread Above Index SOFR+6002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Funded Revolver Maturity 09/17/2026 Industry Distribution Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5402025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Maturity 01/23/2029 Industry Media Current Coupon 10.82% Basis Point Spread Above Index 3M SOFR+6502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC Maturity 12/22/2028 Industry Aerospace and Defense Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414pnnt:TwoThousandTwentySixNotesPayableMember2025-06-300001383414pnnt:InvestmentsAndCashEquivalentsMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dr. Squatch, LLC - Unfunded Revolver Maturity 08/31/2027 Industry Media2025-06-300001383414pnnt:NonControlledNonAffiliatedInvestmentsMember2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ITI Holdings, Inc. Maturity 03/03/2028 Industry Business Services Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+5652024-09-300001383414pnnt:InvestmentNonAffiliatedIssuerNoncontrolledMemberpnnt:SubordinateDebtCorporateNotesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Magnolia Topco LP - Class B Industry Auto Sector2024-09-3000013834142023-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc Maturity 11/08/29 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index SOFR+6002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Consello Pacific Aggregator, LLC Industry Business Services2025-06-300001383414srt:OtherCurrencyMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Maturity 09/03/2030 Industry Healthcare, Education and Childcare Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+4752023-10-012024-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMember2024-10-012025-06-300001383414Walker Edison Furniture Company LLC2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Maturity 12/29/2029 Industry Diversified Conglomerate Service Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252024-10-012025-06-300001383414First Lien Secured Debt Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.95% Basis Point Spread Above Index SOFR+6102024-09-300001383414First Lien Secured Debt Issuer Name Radius Aerospace, Inc. Maturity 3/31/2025 Industry Aerospace and Defense Current Coupon 10.75% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name BioDerm, Inc. Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dynata, LLC - Last-Out Term Loan Maturity 10/16/2028 Industry Business Services Current Coupon 10.09% Basis Point Spread Above Index 3M SOFR+576.1612024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Revolver Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+6152024-09-300001383414pnnt:InvestmentNonAffiliatedIssuerNoncontrolledMemberpnnt:CommonEquityPartnershipInterestsWarrantsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Duggal Acquisition, LLC (Common) Industry Marketing Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Unfunded Revolver Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 8.95% Basis Point Spread Above Index 3M SOFR+4752025-06-300001383414First 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+5252023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sargent & Greenleaf Inc. - Revolver Maturity 12/20/2024 Industry Electronics Current Coupon 11.87% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+6602024-09-300001383414JF Intermediate, LLC (JF Holdings Corp.)2024-09-300001383414First Lien Secured Debt Issuer Name Magenta Buyer, LLC -Second out Maturity 07/31/28 Industry Software Current Coupon 11.54% Basis Point Spread Above Index SOFR+7262025-06-300001383414us-gaap:PreferredStockMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Gauge Schlesinger Coinvest, LLC - Class A-2 Preferred Equity Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Term Loan Maturity 04/02/2025 Industry Business Services2024-09-300001383414pnnt:TelecommunicationsMember2024-09-300001383414pnnt:PersonalFoodAndMiscellaneousServicesMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Maturity 10/02/2028 Industry Business Services Current Coupon 10.56% Basis Point Spread Above Index 3M SOFR+6252024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cartessa Aesthetics, LLC Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name TPC Holding Company, LP Industry Food2025-06-300001383414us-gaap:CashAndCashEquivalentsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Burgess Point Holdings, LP Industry Auto Sector2024-09-300001383414First Lien Secured Debt Issuer Name Teneo Holdings LLC Maturity 03/13/2031 Industry Business Services Current Coupon 9.08% Basis Point Spread Above Index SOFR+4752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Maturity 06/15/2027 Industry Healthcare, Education and Childcare Current Coupon 10.66% Basis Point Spread Above Index 3M SOFR+5502024-09-300001383414First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 10.26% Basis Point Spread Above Index SOFR+5002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Medina Health, LLC - Unfunded Revolver Maturity 10/20/2028 Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Revolver Maturity 12/31/2029 Industry Diversified Conglomerate Service2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare, Education and Childcare Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5602024-09-300001383414First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Maturity 11/01/2026 Industry Media Current Coupon 10.10% Basis Point Spread Above Index SOFR+5502024-09-300001383414First Lien Secured Debt Issuer Name Magenta Buyer, LLC -Second out Maturity 07/31/28 Industry Software Current Coupon 11.54% Basis Point Spread Above Index SOFR+7262024-10-012025-06-300001383414pnnt:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Carnegie Holdco, LLC Industry Education2025-06-300001383414First Lien Secured Debt Issuer Name Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.45% Basis Point Spread Above Index SOFR+6152024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Connatix Buyer, Inc. - Funded Revolver Maturity 07/13/2027 Industry Media Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+5762023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Pink Lily Holdco, LLC Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co. LLC - Unfunded Revolver Maturity 08/09/2030 Industry Financial Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Revolver Maturity 12/31/2030 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical Associates Maturity 06/13/2031 Industry Healthcare, Education and Childcare Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Sales Benchmark Index LLC Maturity 07/07/2026 Industry Business Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+6202024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Revolver Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+6152023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Wash & Wax Systems LLC Maturity 04/30/2028 Industry Business Services Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name United Land Services Holdings LLC Industry Environmental Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings LLC Maturity 03/01/2028 Industry Business Services Current Coupon 10.25% Basis Point Spread Above Index 3M SOFR+5652024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Smartronix, LLC - Unfunded Revolver Maturity 11/23/2027 Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Shiftkey, LLC Maturity 06/21/2027 Industry Business Services Current Coupon 10.62% Basis Point Spread Above Index 3M SOFR+6012023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Maturity 09/30/30 Industry Marketing Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+4752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Hancock Claims Consultants Investors, LLC - Class A Industry Insurance2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Funded Revolver Maturity 06/21/2029 Industry Healthcare, Education and Childcare Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+5502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Maturity 11/03/2025 Industry Consumer Products Current Coupon 11.20%, Basis Point Spread Above Index 3M SOFR+6352024-09-300001383414First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Maturity 08/01/2029 Industry Business Services Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502025-06-300001383414pnnt:TotalSubordinatedDebtMember2025-06-300001383414pnnt:JfIntermediateLlcMember2023-10-012024-06-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassDMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:PrivatePlacementMember2023-07-260001383414pnnt:USGovernmentSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan Maturity 07/12/2025 Industry Environmental Services2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMembersrt:MinimumMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Wash & Wax Systems LLC Industry Auto Sector2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Quad (U.S.) Co-Invest, L.P. Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-06-300001383414Flock Financial, LLC2024-06-300001383414pnnt:CashAndCashEquivalentsThirtyTwoPointSixMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name ITC Infusion Co-invest, LP Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC Maturity 03/19/2032 Industry Business Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ox Two, LLC - Revolver Maturity 05/18/2026 Industry Building Materials2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Boss Industries, LLC - Unfunded Revolver Maturity 12/27/2030 Industry Conglomerate Manufacturing2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Gauge ETE Blocker, LLC - Promissory Note Maturity 05/21/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 12.56%2025-06-300001383414First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Maturity 10/18/27 Industry Healthcare, Education and Childcare Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Funded Revolver Maturity 11/10/2026 Industry Consumer Products Current Coupon 10.47% Basis Point Spread Above Index 3M SOFR+6152025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2023-10-012024-06-300001383414First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Maturity 12/31/2030 Industry Business Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752024-10-012025-06-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnnt:TruistCreditFacilityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name NEPRT Parent Holdings, LLC (Recteq, LLC) Industry Consumer Products2025-06-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Consumer Products Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+6152023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Zips Car Wash, LLC Maturity 12/31/2024 Industry Auto Sector Current Coupon 12.46% (PIK 1.5%) Basis Point Spread Above Index 3M SOFR+7402024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Cowboy Parent LLC Industry Distribution2025-06-300001383414First Lien Secured Debt Issuer Name TPC US Parent, LLC Maturity 11/24/2025 Industry Food Current Coupon 10.20% Basis Point Spread Above Index SOFR+5902024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name FedHC InvestCo LP - Unfunded Industry Aerospace and Defense2024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name Flock Financial, LLC Maturity 10/19/2027 Industry Financial Services Current Coupon 14.50% (PIK 14.50%)2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co. LLC - Unfunded Term Loan B Maturity 02/09/2026 Industry Financial Services2024-09-300001383414First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Maturity 12/17/30 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Maturity 07/02/2029 Industry Business Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Funded Revolver Maturity 12/17/2030 Industry Business Services Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+5252025-06-300001383414First Lien Secured Debt Issuer Name Connatix Buyer, Inc. Maturity 07/13/27 Industry Media Current Coupon 9.97% Basis Point Spread Above Index SOFR+5762025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CS MIDCO INC - Unfunded Revolver Maturity 03/01/2030 Industry Financial Services2024-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:CommonStockMember2025-06-300001383414First Lien Secured Debt Issuer Name Reception Purchaser, LLC Maturity 4/28/2028 Industry Transportation Current Coupon 25.00% Basis Point Spread Above Index SOFR+6152024-09-300001383414First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Maturity 10/02/2028 Industry Business Services Current Coupon 10.42% Basis Point Spread Above Index SOFR+6252024-10-012025-06-300001383414pnnt:NonControlledNonAffiliatedInvestmentsMember2025-06-300001383414First Lien Secured Debt Issuer Name Simplicity Financial Marketing Group Holdings, Inc Maturity 12/2/2026 Industry Banking, Finance, Insurance & Real Estate Current Coupon 11.38% Basis Point Spread Above Index SOFR+6402023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name ITC Infusion Co-invest, LP Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Aftermarket Drivetrain Products Holdings, LLC Industry Machinery2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Term Loan Maturity 06/19/2026 Industry Media2025-06-300001383414First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 10.26% Basis Point Spread Above Index SOFR+5002023-10-012024-09-300001383414First Lien Secured Debt Issuer Name MBS Holdings, Inc. Maturity 04/16/2027 Industry Telecommunications Current Coupon 10.67% Basis Point Spread Above Index SOFR+5852023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NFS - CFP Holdings LLC Maturity 09/13/2030 Industry Business Services Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+4752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Funded Revolver Maturity 11/10/2026 Industry Consumer Products Current Coupon 10.47% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Revolver Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. - Unfunded Term Loan Maturity 03/13/2025 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO INC - Funded Revolver Maturity 03/01/2030 Industry Financial Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Tinicum Space Coast Co-Invest, LLC Industry Aerospace and Defense2025-06-300001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.66% Basis Point Spread Above Index SOFR+6402024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies US Government Securities Issuer Name U.S. Treasury Bill Maturity 10/29/2024 Industry Short-Term U.S. Government Securities Current Coupon 4.72%2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5862023-10-012024-09-3000013834142017-12-312017-12-310001383414us-gaap:FairValueInputsLevel2Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2024-09-300001383414us-gaap:PrivatePlacementMemberpnnt:ClassA-2WMemberpnnt:PennantParkCLOXMember2025-06-300001383414pnnt:TotalInvestmentsAndCashEquivalentsTwoHundredSeventyNinePointZeroMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners, LLC - Unfunded Term Loan Maturity 12/21/2026 Industry Diversified Conglomerate Service2025-06-300001383414First Lien Secured Debt Issuer Name Magenta Buyer, LLC -Second out Maturity 07/31/2028 Industry Software Current Coupon 12.38% Basis Point Spread Above Index SOFR+8012023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. (CAD) Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Maturity 10/18/27 Industry Healthcare, Education and Childcare Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Term Loan Maturity 04/09/2027 Industry Distribution2025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2024-09-300001383414pnnt:AerospaceAndDefenseMember2024-09-300001383414srt:MaximumMemberpnnt:TruistCreditFacilityMember2024-10-012025-06-300001383414us-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300001383414pnnt:IncentiveFeePaymentConditionThreeMember2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC - Revolver Maturity 12/29/2028 Industry Machinery2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NFS - CFP Holdings LLC - Unfunded Term Loan Maturity 09/13/2030 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC Maturity 10/22/2026 Industry Consumer Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-06-300001383414us-gaap:CashAndCashEquivalentsMember2025-06-300001383414pnnt:ClassCLoansMembersrt:MinimumMemberus-gaap:SubsequentEventMember2025-07-012025-07-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Urology Partners Co., L.P. Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name ENC Parent Corporation - Second Lien Maturity 08/19/2029 Industry Business Services Current Coupon 12.37% Basis Point Spread Above Index 3M SOFR+7762023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Revolver Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 11.84% Basis Point Spread Above Index 3M SOFR+6502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Kinetic Purchaser, LLC Industry Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name QuantiTech InvestCo LP - Unfunded Industry Aerospace and Defense2024-09-300001383414pnnt:NonControlledNonAffiliatedInvestmentsMember2024-04-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name NXOF Holdings, Inc. (Tyto Athene, LLC) Industry Aerospace and Defense2025-06-300001383414First Lien Secured Debt Issuer Name HEC Purchaser Corp. Maturity 06/17/29 Industry Healthcare, Education and Childcare Current Coupon 9.72% Basis Point Spread Above Index SOFR+5502024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Business Services Current Coupon 9.95% Basis Point Spread Above Index SOFR+5652024-10-012025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-06-300001383414Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Industry Business Services2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Beacon Behavioral Holdings LLC Maturity 06/21/2030 Industry Healthcare, Education and Childcare Current Coupon PIK 15.00%2025-06-300001383414pnnt:NonMoneyMarketMember2025-06-300001383414First Lien Secured Debt Issuer Name Lash OpCo, LLC Maturity 02/18/2027 Industry Consumer Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index SOFR+7852024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investment Holdings LLC Maturity 09/22/2028 Industry Business Services Current Coupon 11.25% Basis Point Spread Above Index 1M SOFR+6102023-10-012024-09-300001383414us-gaap:FairValueInputsLevel1Member2025-06-300001383414PennantPark Senior Loan Fund, LLC2024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Maturity 07/01/2029 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC Maturity 02/18/2027 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan 2 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan Maturity 11/17/2025 Industry Personal, Food and Miscellaneous Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Crane 1 Services, Inc. - Revolver Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name PCS Parent, LP Industry Financial Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. - Unfunded Term Loan Maturity 11/07/2025 Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wildcat Buyerco, Inc. Maturity 02/27/2027 Industry Electronics Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414First Lien Secured Debt Issuer Name Owl Acquisition, LLC Maturity 02/04/2028 Industry Education Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352023-10-012024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class A Preferred Equity Industry Financial Services2025-06-300001383414First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Maturity 06/21/2029 Industry Healthcare, Education and Childcare Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502025-06-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001383414pnnt:CashAndCashEquivalentsFourteenPointSevenMemberpnnt:BlackRockFederalFDInstitutionalEightyOneMember2025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Maturity 01/31/2030 Industry Environmental Services Current Coupon 10.10% Basis Point Spread Above Index 1M SOFR+5252024-09-300001383414First Lien Secured Debt Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Environmental Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+5902023-10-012024-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2024-06-300001383414pnnt:InvestmentsCostMemberpnnt:EquityInPSLFMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Unfunded Revolver Maturity 05/07/2026 Industry Media2025-06-300001383414pnnt:ControlledAffiliatedInvestmentsMember2024-04-012024-06-300001383414pnnt:FirstLienSecuredDebtMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. - Unfunded Term Loan A Maturity 09/03/2026 Industry Healthcare, Education and Childcare2025-06-300001383414pnnt:SOFRMemberpnnt:ClassA-2WMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC Maturity 05/30/2027 Industry Printing and Publishing Current Coupon 11.30% Basis Point Spread Above Index 3M SOFR+7002024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC Maturity 05/10/30 Industry Healthcare, Education and Childcare Current Coupon 10.08% Basis Point Spread Above Index SOFR+5752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Revolver Maturity 08/16/2026 Industry Consumer Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+7852024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Maturity 09/17/2026 Industry Distribution2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name S101 Holdings, Inc. Maturity 12/29/2026 Industry Electronics Current Coupon 11.48% Basis Point Spread Above Index 3M SOFR+6152023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Maturity 03/15/2027 Industry Business Services Current Coupon 11.20% Basis Point Spread Above Index SOFR+6352023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name TWD Parent Holdings, LLC Preferred Industry Business Services2024-09-300001383414pnnt:FirstLienSecuredDebtMemberpnnt:InvestmentNonAffiliatedIssuerNoncontrolledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name RFMG Parent, LP Industry Healthcare, Education and Childcare2025-06-300001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001383414Cascade Environmental Holdings, LLC2023-10-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ITI Holdings, Inc. - Revolver Maturity 03/03/2028 Industry Business Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+4502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical Associates Maturity 06/13/2031 Industry Healthcare, Education and Childcare Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Imagine Topco, LP Industry Business Services2025-06-300001383414pnnt:BusinessServicesMember2024-09-300001383414pnnt:InvestmentsCostMember2024-09-300001383414JF Intermediate, LLC (MidOcean JF Holdings Corp.)2024-06-300001383414Walker Edison Furniture Company LLC2023-10-012024-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Funded Revolver Maturity 07/31/2030 Industry Business Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name PL Acquisitionco, LLC - Industry Retail2025-06-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Maturity 12/18/2027 Industry Telecommunications Current Coupon 11.50% Basis Point Spread Above Index 1M SOFR+6902024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Third Out Maturity 05/06/2028 Industry Telecommunications Current Coupon 11.97% Basis Point Spread Above Index 3M SOFR+7002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NFS - CFP Holdings LLC Maturity 09/13/2030 Industry Business Services Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+4752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO INC - Unfunded Term Loan Maturity 03/02/2026 Industry Financial Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC Maturity 12/17/2029 Industry Event Services Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+5502025-06-300001383414First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distribution Current Coupon 9.77% Basis Point Spread Above Index SOFR+5152024-09-300001383414First Lien Secured Debt Issuer Name Magenta Buyer, LLC -First out Maturity 07/31/2028 Industry Software Current Coupon 12.13% Basis Point Spread Above Index SOFR+7012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Pink Lily Holdco, LLC Industry Retail2025-06-300001383414pnnt:EquityInterestsInPSLFMember2025-06-300001383414First Lien Secured Debt Issuer Name PCS Midco, Inc. Maturity 03/01/2030 Industry Financial Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Imagine Topco, LP Preferred Industry Business Services Current Coupon 8.00%2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 10.83% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distribution Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+6402023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Funded Revolver Maturity 06/21/2029 Industry Healthcare, Education and Childcare Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Maturity 12/18/2027 Industry Telecommunications Current Coupon 11.50% Basis Point Spread Above Index SOFR+6902023-10-012024-09-300001383414First Lien Secured Debt Issuer Name GGG Midco, LLC Maturity 09/27/30 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name OSP Embedded Aggregator, LP - Convertible Note Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2025-06-300001383414srt:MinimumMemberpnnt:IncentiveFeePaymentConditionThreeMember2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Ad.net Holdings, Inc. Industry Media2024-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2024-04-012024-06-300001383414First Lien Secured Debt Issuer Name NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.95% Basis Point Spread Above Index SOFR+6352023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Maturity 01/31/2030 Industry Environmental Services Current Coupon 10.10% Basis Point Spread Above Index 1M SOFR+5252023-10-012024-09-300001383414First Lien Secured Debt Issuer Name SpendMend Holdings, LLC Maturity 3/1/2028 Industry Business Services Current Coupon 10.26% Basis Point Spread Above Index SOFR+5652023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Argano, LLC Maturity 09/13/2029 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index SOFR+5752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Five Star Parent Holdings, LLC Industry Leisure, Amusement, Motion Pictures, Entertainment2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name SP L2 Holdings, LLC Industry Consumer Products2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name WCP Ivyrehab Coinvestment, LP Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare, Education and Childcare Current Coupon 12.35% Basis Point Spread Above Index 3M SOFR+7502023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Maturity 12/29/2029 Industry Diversified Conglomerate Service Current Coupon 10.01% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Revolver Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-06-300001383414First Lien Secured Debt Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Retail Current Coupon 11.99% (PIK 3.5%) Basis Point Spread Above Index SOFR+7252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Sabel InvestCo, LP Industry Government Services2025-06-300001383414PennantPark Senior Loan Fund, LLC2024-09-300001383414us-gaap:SubsequentEventMembersrt:MaximumMemberpnnt:ClassDLoansMember2025-07-012025-07-310001383414First Lien Secured Debt Issuer Name Lightspeed Buyer Inc. Maturity 02/03/2026 Industry Healthcare, Education and Childcare Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Bioderm, Inc. Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 11.84% Basis Point Spread Above Index SOFR+6502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Unfunded Revolver Maturity 06/14/2028 Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC Maturity 08/15/2029 Industry Business Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. (CAD) Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Funded Revolver Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-06-300001383414pnnt:TotalInvestmentMember2025-06-300001383414First Lien Secured Debt Issuer Name Broder Bros., Co. Maturity 12/04/2025 Industry Personal and Non-Durable Consumer Products Current Coupon 10.97% Basis Point Spread Above Index SOFR+6112023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Route 66 Development Maturity 01/24/2031 Industry Gaming Current Coupon 13.33% Basis Point Spread Above Index 3M SOFR+9002025-06-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-012021-04-300001383414pnnt:TruistCreditFacilityMember2024-10-012025-06-300001383414Subordinated Debt Issuer Name Wash & Wax Systems LLC - Sub Deb Maturity 07/30/2028 Industry Business Services Current Coupon 12.00%2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Revolver Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC Maturity 07/13/2027 Industry Media Current Coupon 9.97% Basis Point Spread Above Index 3M SOFR+576.1612025-06-300001383414pnnt:PreferredEquityPartnershipInterestMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings LLC - Unfunded Revolver Maturity 03/01/2028 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Cowboy Parent LLC Industry Distribution2024-09-300001383414pnnt:ConsultingServicesMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name KL Stockton Co-Invest LP (Any Hour Services) Industry Personal, Food and Miscellaneous Services2025-06-300001383414AKW Holdings Limited2023-10-012024-06-300001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:FirstLienMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueMarketComparableMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Term Loan Maturity 02/09/2026 Industry Education2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems LLC Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-06-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001383414First Lien Secured Debt Issuer Name Riverpoint Medical, LLC Maturity 6/21/2025 Industry Healthcare, Education and Childcare Current Coupon 9.85% Basis Point Spread Above Index SOFR+5252024-09-300001383414First Lien Secured Debt Issuer Name By Light professional IT Services, LLC Maturity 11/16/2026 Industry Business Services Current Coupon 10.79% Basis Point Spread Above Index SOFR+6472025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name C5MI Holdco, LLC - Preferred Equity Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Icon Partners V C, L.P. Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name RFMG Parent, LP Industry Healthcare, Education and Childcare2024-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:TruistCreditFacilityMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Aechelon InvestCo, LP - Common Equity Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Infogroup Parent Holdings, Inc. Industry Other Media2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Municipal Emergency Services, Inc. Industry Distribution2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name HV Watterson Holdings, LLC Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distribution Current Coupon 9.70% Basis Point Spread Above Index SOFR+5402025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans Maturity 10/03/2029 Industry Transportation Current Coupon 12.66% (PIK 7.25%) Basis Point Spread Above Index 3M SOFR+8352024-10-012025-06-300001383414Cascade Environmental Holdings, LLC2024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Inventus Power, Inc. Maturity 06/30/25 Industry Consumer Products Current Coupon 11.94% Basis Point Spread Above Index SOFR+7612025-06-300001383414First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Maturity 07/01/2029 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752024-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC Maturity 12/29/2028 Industry Machinery Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414pnnt:TwoThousandTwentySixTwoNotesPayableMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Riverpoint Medical, LLC-Revolver Maturity 06/20/2025 Industry Healthcare, Education and Childcare Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+5352023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Lightspeed Investment Holdco LLC Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Unfunded Revolver Maturity 08/31/2029 Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 10.83% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name United Land Services Intermediate Parent Holdings, LLC Maturity 12/23/2026 Industry Environmental Services Current Coupon 14.25% (PIK 14.25%)2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. Maturity 02/09/2026 Industry Business Services Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+5552023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Revolver Maturity 02/01/2029 Industry Environmental Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. (CAD) Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings LLC - Unfunded Term Loan 2 Maturity 11/25/2026 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. Maturity 01/16/2030 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Revolver Maturity 11/09/2026 Industry Consumer Products Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+7652023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Term Loan 1 Maturity 02/15/2025 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name A1 Garage Merger Sub, LLC - Revolver Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Revolver Maturity 05/31/2028 Industry Consumer Products2025-06-300001383414JF Intermediate, LLC (MidOcean JF Holdings Corp.)2023-09-300001383414First Lien Secured Debt Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index SOFR+6352023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Business Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+5902023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Third Out Maturity 05/06/2028 Industry Telecommunications2025-06-300001383414First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Maturity 03/01/1930 Industry Business Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+5252023-10-012024-09-300001383414country:US2025-06-300001383414us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpnnt:TruistCreditFacilityMember2024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Michael Baker International, LLC Maturity 12/18/2028 Industry Business Services Current Coupon 8.32% Basis Point Spread Above Index SOFR+4002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Revolver Maturity 03/31/2025 Industry Aerospace and Defense Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+6152023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Maturity 07/21/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC Maturity 04/10/2031 Industry Auto Sector Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+6252024-10-012025-06-300001383414pnnt:USGovernmentSecuritiesMember2025-06-300001383414pnnt:CashAndCashEquivalentsThirtyTwoPointZeroMemberpnnt:GovernmentFundMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name AH Newco Equityholdings, LLC Industry Healthcare, Education and Childcare Current Coupon 6.00%2025-06-300001383414pnnt:TotalIndustryMember2025-06-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.44% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Applied Technical Services, LLC - Unfunded Revolver Maturity 12/29/2026 Industry Environmental Services2024-09-300001383414pnnt:PennantParkCloViiMembersrt:SubsidiariesMember2023-07-260001383414country:IM2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name A1 Garage Equity, LLC Industry Personal, Food and Miscellaneous Services2024-09-300001383414pnnt:HoldingsIIMember2025-04-012025-06-300001383414First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Maturity 11/01/26 Industry Media Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502025-06-300001383414First Lien Secured Debt Issuer Name Aeronix, Inc. - Term Loan Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 9.85% Basis Point Spread Above Index SOFR+5252023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Ox Two, LLC Maturity 05/18/2026 Industry Distribution Current Coupon 11.12% Basis Point Spread Above Index SOFR+6512023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/16/2029 Industry Professional Services Current Coupon 10.74% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001383414First Lien Secured Debt Issuer Name One Stop Mailing, LLC Maturity 05/07/2027 Industry Transportation Current Coupon 11.21% Basis Point Spread Above Index SOFR+6362024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC - Funded Revolver Maturity 12/10/2027 Industry Business Services Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+5652024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC - Revolver Maturity 07/06/2028 Industry Business Services Current Coupon 12.09% (PIK 12.09%) Basis Point Spread Above Index 3M SOFR+7502023-10-012024-09-300001383414pnnt:EquitySecurityMember2024-09-300001383414First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Maturity 12/19/1930 Industry Media Current Coupon 9.47% Basis Point Spread Above Index SOFR+5252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Term Loan Maturity 01/16/2026 Industry Business Services 2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC - Unfunded Revolver Maturity 04/10/2031 Industry Auto Sector2025-06-3000013834142018-01-012018-01-010001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Maturity 09/28/2027 Industry Distribution Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+5152023-10-012024-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012025-06-300001383414pnnt:AutoSectorMember2025-06-300001383414First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Maturity 10/28/2031 Industry Aerospace and Defense Current Coupon 9.28% Basis Point Spread Above Index SOFR+5002025-06-300001383414Cascade Environmental Holdings, LLC2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC Maturity 08/15/2029 Industry Business Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Revolver Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 11.84% Basis Point Spread Above Index 3M SOFR+6502024-09-300001383414First Lien Secured Debt Issuer Name Dr. Squatch, LLC Maturity 08/31/2027 Industry Personal and Non-Durable Consumer Products Current Coupon 9.95% Basis Point Spread Above Index SOFR+5352023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Maturity 09/30/2030 Industry Marketing Services Current Coupon 9.60%, Basis Point Spread Above Index 3M SOFR+5002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Revolver Maturity 08/28/2029 Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name JF Intermediate, LLC Industry Distribution2024-09-300001383414First Lien Secured Debt Issuer Name Big Top Holdings, LLC Maturity 02/28/2030 Industry Manufacturing / Basic Industries Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502024-10-012025-06-300001383414First Lien Secured Debt Issuer Name NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.65% Basis Point Spread Above Index SOFR+6352025-06-300001383414pnnt:InvestmentAdministratorMember2024-10-012025-06-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. - Revolver Maturity 04/16/2027 Industry Telecommunications2024-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC - Series B Industry Environmental Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Magnolia Topco LP - Class A-1 Industry Auto Sector2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. - Unfunded Revolver Maturity 08/28/2030 Industry Manufacturing/Basic Industry2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name AH Newco Equityholdings, LLC Industry Healthcare, Education and Childcare Current Coupon 6.00%2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Revolver Maturity 12/29/2029 Industry Diversified Conglomerate Service2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Exigo, LLC Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Best Practice Associates LLC Maturity 06/29/2027 Industry Aerospace and Defense Current Coupon 13.95% Basis Point Spread Above Index 3M SOFR+9152023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name PAR Excellence Holdings, Inc. - Common Equity Industry Healthcare, Education and Childcare2024-09-300001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Maturity 08/10/27 Industry Distribution Current Coupon 9.90% Basis Point Spread Above Index SOFR+5602024-10-012025-06-300001383414First Lien Secured Debt Issuer Name RRA Corporate, LLC Maturity 08/15/2029 Industry Business Services Current Coupon 9.54% Basis Point Spread Above Index SOFR+5252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Funded Revolver Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 13.75% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name RTIC Parent Holdings, LLC - Class C Preferred Equity Industry Consumer Products2024-09-300001383414First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Maturity 08/16/27 Industry Personal, Food and Miscellaneous Services Current Coupon 9.69% Basis Point Spread Above Index SOFR+5362024-10-012025-06-300001383414us-gaap:FinancingReceivables30To59DaysPastDueMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name GCOM InvestCo LP Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.45% Basis Point Spread Above Index 1M SOFR+5602024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Accounting Platform Blocker, Inc. Industry Financial Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TPCN Midco, LLC - Unfunded Term Loan Maturity 06/26/2026 Industry Diversified Conglomerate Service2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name BioDerm Holdings, LP (Preferred) Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Revolver Maturity 08/10/2027 Industry Distribution2024-09-300001383414Flock Financial, LLC2023-09-300001383414First Lien Secured Debt Issuer Name Big Top Holdings, LLC Maturity 02/28/1930 Industry Manufacturing / Basic Industries Current Coupon 11.18% Basis Point Spread Above Index SOFR+6252023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc Maturity 11/08/2029 Industry Distribution Current Coupon 11.11% Basis Point Spread Above Index SOFR+6002024-09-300001383414us-gaap:CommonStockMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Maturity 01/23/2029 Industry Media Current Coupon 10.82% Basis Point Spread Above Index 3M SOFR+6502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Watchtower Holdings, LLC Industry Electronics2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry Business Services Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001383414pnnt:ControlledAffiliatedInvestmentsMember2023-10-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings LLC - Unfunded Term Loan Maturity 03/01/2025 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC Maturity 08/31/2028 Industry Business Services Current Coupon 9.43% Basis Point Spread Above Index 3M SOFR+5102024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry Business Services Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+5252024-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc Maturity 11/08/2029 Industry Distribution Current Coupon 11.11% Basis Point Spread Above Index SOFR+6002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Maturity 09/03/2027 Industry Business Services Current Coupon 13.73% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402024-10-012025-06-300001383414Related Party PSLF Cash and Cash Equivalents - 44.8% Issuer Name JPMorgan U.S. Government Money Market Fund2025-06-300001383414First Lien Secured Debt Issuer Name Team Services Group, LLC Maturity 12/20/2027 Industry Healthcare, Education and Childcare Current Coupon 9.53% Basis Point Spread Above Index SOFR+5252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Carisk Parent, L.P. - Common Equity Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Revolver Maturity 09/30/2030 Industry Marketing Services2025-06-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Maturity 07/17/28 Industry Business Services Current Coupon 9.59% Basis Point Spread Above Index SOFR+5262024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name TWD Parent Holdings, LLC Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Term Loan 2 Maturity 08/17/2026 Industry Business Services2025-06-300001383414pnnt:ClassA1AMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-06-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:USGovernmentSecuritiesMember2024-09-300001383414srt:OtherCurrencyMember2023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Maturity 06/14/2028 Industry Distribution Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001383414First Lien Secured Debt Issuer Name MAG DS Corp. Maturity 04/01/27 Industry Aerospace and Defense Current Coupon 9.90% Basis Point Spread Above Index SOFR+5602024-10-012025-06-300001383414srt:MaximumMemberpnnt:TruistCreditFacilityMember2025-02-012025-02-280001383414Flock Financial, LLC2024-09-300001383414us-gaap:FairValueInputsLevel3Member2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. -Unfunded Revolver Maturity 02/07/2025 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name AFC Acquisitions, Inc. (I-2 Series) Industry Distribution2025-06-300001383414pnnt:InvestmentsFairValueMemberpnnt:SecondLienMember2025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class B Preferred Equity Industry Financial Services2024-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2025-04-012025-06-300001383414First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Maturity 08/01/2029 Industry Business Services Current Coupon 10.83% Basis Point Spread Above Index SOFR+5502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distribution Current Coupon 9.45% Basis Point Spread Above Index 3M SOFR+5152024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan Maturity 12/22/2025 Industry Healthcare, Education and Childcare2025-06-300001383414us-gaap:FairValueInputsLevel2Member2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.64% Basis Point Spread Above Index 3M SOFR+5002023-10-012024-09-300001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Maturity 05/29/29 Industry Personal, Food and Miscellaneous Services Current Coupon 9.58% Basis Point Spread Above Index SOFR+5252025-06-300001383414First Lien Secured Debt Issuer Name Team Services Group, LLC Maturity 11/24/2028 Industry Healthcare, Education and Childcare Current Coupon 9.95% Basis Point Spread Above Index SOFR+5102024-09-300001383414First Lien Secured Debt Issuer Name Seacoast Service Partners, LLC Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Maturity 11/01/2026 Industry Media Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+5502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Revolver Maturity 11/09/2027 Industry Retail2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Funded Revolver Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.65% Basis Point Spread Above Index 3M SOFR+6352025-06-300001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wildcat Buyerco, Inc. - Revolver Maturity 02/27/2027 Industry Electronics2024-09-300001383414First Lien Secured Debt Issuer Name Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 12/10/2026 Industry Media Current Coupon 10.67% Basis Point Spread Above Index SOFR+6352024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2025-06-300001383414First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry Business Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+4752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Funded Revolver Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.06% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Riverpoint Medical, LLC Maturity 06/21/2027 Industry Healthcare, Education and Childcare Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002025-06-300001383414First Lien Secured Debt Issuer Name The Bluebird Group LLC Maturity 07/27/2026 Industry Business Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+5902025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name UniVista Insurance Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC Maturity 06/21/2029 Industry Healthcare, Education and Childcare Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252024-09-300001383414pnnt:PersonalFoodAndMiscellaneousServicesMember2025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name eCommission Holding Corporation Industry Financial Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Hancock Claims Consultants Investors, LLC Industry Insurance2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. - Revolver Maturity 08/04/2028 Industry Aerospace and Defense2024-09-300001383414First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Maturity 10/2/2028 Industry Business Services Current Coupon 11.51% Basis Point Spread Above Index SOFR+6002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. - Unfunded Revolver Maturity 11/03/2025 Industry Consumer Products2025-06-300001383414pnnt:FinancialServicesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Riverpoint Medical, LLC - Unfunded Revolver Maturity 06/21/2027 Industry Healthcare, Education and Childcare2025-06-300001383414pnnt:PreferredEquityPartnershipInterestMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. Maturity 01/16/2030 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Unfunded Revolver Maturity 07/21/2025 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Revolver Maturity 01/16/2030 Industry Business Services2024-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2025-04-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC - Revolver Maturity 05/10/2030 Industry Healthcare, Education and Childcare2024-09-300001383414pnnt:CommonEquityPartnershipInterestsWarrantsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name ACP Big Top Holdings, L.P. Industry Manufacturing/Basic Industry2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name HPA SPQ Aggregator LP- Common Equity Industry Business Services2024-09-300001383414First Lien Secured Debt Issuer Name Lash OpCo, LLC Maturity 02/18/2027 Industry Consumer Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index SOFR+7852023-10-012024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-06-300001383414pnnt:SeniorSecuritiesMember2019-02-062019-02-060001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. Maturity 09/13/2029 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5752025-06-300001383414us-gaap:SubordinatedDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.44% Basis Point Spread Above Index 3M SOFR+6002024-09-300001383414JF Intermediate, LLC (MidOcean JF Holdings Corp.)2023-10-012024-06-300001383414First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Maturity 09/03/2030 Industry Healthcare, Education and Childcare Current Coupon 9.32% Basis Point Spread Above Index SOFR+5002024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Maturity 02/07/1930 Industry Education Current Coupon 10.35% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Funded Revolver Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+6502024-09-300001383414First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Maturity 11/30/2029 Industry Healthcare, Education and Childcare Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC - Unfunded Term Loan Maturity 11/30/2025 Industry Printing and Publishing2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Revolver Maturity 03/31/2025 Industry Aerospace and Defense Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+6152024-09-300001383414First Lien Secured Debt Issuer Name Zips Car Wash, LLC Maturity 12/31/2024 Industry Business Services Current Coupon 12.46% (PIK 1.5%) Basis Point Spread Above Index SOFR+7402024-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001383414pnnt:PantheonMemberpnnt:EquityInterestsInPSLFMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Term Loan Maturity 09/30/2026 Industry Marketing Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC Maturity 08/15/2029 Industry Business Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+5002024-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedNotesInPSLFMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name RTIC Parent Holdings, LLC - Class C Industry Consumer Products2025-06-300001383414First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Consumer Products Current Coupon 10.75% Basis Point Spread Above Index SOFR+6152024-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:USGovernmentSecuritiesMember2025-06-300001383414First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Maturity 12/1/2029 Industry Consumer Products Current Coupon 10.60% Basis Point Spread Above Index SOFR+6002023-10-012024-09-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-09-300001383414pnnt:CashAndCashEquivalentsFourteenPointSevenMemberpnnt:Non-MoneyMarketCashMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Maturity 12/20/2027 Industry Telecommunications Current Coupon 11.47% Basis Point Spread Above Index 3M SOFR+7152025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Maturity 09/03/2027 Industry Business Services Current Coupon 13.73% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402025-06-300001383414First Lien Secured Debt Issuer Name One Stop Mailing, LLC Maturity 05/07/2027 Industry Transportation Current Coupon 11.21% Basis Point Spread Above Index SOFR+6362023-10-012024-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedDebtOrCorporateNotesMember2024-09-300001383414pnnt:SeniorSecuritiesMember2019-02-052019-02-050001383414us-gaap:EquityFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-09-300001383414pnnt:TwoThousandThirtyFiveAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Revolver Maturity 05/31/2028 Industry Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Delta InvestCo LP - Unfunded Industry Telecommunications2025-06-300001383414pnnt:InvestmentAdministratorMember2025-04-012025-06-300001383414pnnt:LiabilitiesInExcessOfOtherAssetsMember2025-06-300001383414pnnt:HealthcareEducationAndChildcareMember2024-09-300001383414pnnt:PreferredEquityPartnershipInterestMemberpnnt:InvestmentNonAffiliatedIssuerNoncontrolledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Duggal Acquisition, LLC Industry Marketing Services2025-06-300001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6352023-10-012024-09-300001383414First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Maturity 12/17/26 Industry Business Services Current Coupon 12% Basis Point Spread Above Index SOFR+2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Maturity 05/03/2029 Industry Consumer Products Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414pnnt:ClassBLoansMemberus-gaap:SubsequentEventMember2025-07-310001383414PennantPark Senior Loan Fund, LLC2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. Maturity 11/08/2029 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+6002025-06-300001383414First Lien Secured Debt Issuer Name NBH Group LLC Maturity 08/19/2026 Industry Healthcare, Education and Childcare Current Coupon 9.92% Basis Point Spread Above Index SOFR+5602025-06-300001383414pnnt:InvestmentsFairValueMember2024-09-300001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Incremental TL Maturity 10/31/25 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.00%2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name LEP Pequod Holdings, LP Industry Financial Services2024-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-012021-10-310001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Environmental Services2024-09-300001383414Mailsouth Inc.2023-10-012024-06-300001383414pnnt:EquityDistributionAgreementsMember2024-04-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Funded Revolver Maturity 05/07/2026 Industry Media Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+6262024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index LLC - Revolver Maturity 01/03/2025 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 12.60% Basis Point Spread Above Index 3M SOFR+7502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Industry Aerospace and Defense2024-09-300001383414pnnt:SubordinateDebtCorporateNotesMemberpnnt:InvestmentNonAffiliatedIssuerNoncontrolledMember2024-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Member2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name OSP Embedded Aggregator, LP Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Funded Revolver Maturity 07/13/2027 Industry Media Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+576.1612024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Unfunded Revolver Maturity 12/17/2030 Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name Harris & Co. LLC Maturity 08/09/30 Industry Financial Services Current Coupon 9.33% Basis Point Spread Above Index SOFR+5002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Connatix Parent, LLC Industry Media2025-06-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMemberpnnt:SeniorSecuredRevolvingCreditFacilityMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Altamira Intermediate Company II, Inc. Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Unfunded Revolver Maturity 06/15/2029 Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name Magenta Buyer, LLC -Third out Maturity 07/31/2028 Industry Software Current Coupon 11.63% Basis Point Spread Above Index SOFR+7262024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC - Unfunded Term Loan A Maturity 07/31/2025 Industry Consumer Services2025-06-300001383414First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Maturity 09/30/30 Industry Marketing Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+4752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC Maturity 08/30/2027 Industry Business Services Current Coupon 11.27% Basis Point Spread Above Index 3M SOFR+6352023-10-012024-09-300001383414pnnt:DiversifiedConglomerateServiceMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Term Loan Maturity 02/07/2026 Industry Education2024-09-300001383414pnnt:LongTermCreditFacilityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Unfunded Term Loan Maturity 12/17/2026 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Maturity 12/17/2026 Industry Business Services Current Coupon 11.73% (PIK 4.00%) Basis Point Spread Above Index 1M SOFR+6402024-09-300001383414First Lien Secured Debt Issuer Name Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media Current Coupon 10.53% Basis Point Spread Above Index SOFR+5612024-09-300001383414pnnt:InvestmentsAndCashEquivalentsMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6102024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Safe Haven Defense MidCo, LLC Industry Building Materials2025-06-300001383414pnnt:DebtInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-06-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Gauge Loving Tan, LP - Common Equity Industry Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Distribution Current Coupon 9.92% Basis Point Spread Above Index 3M SOFR+5602025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Unfunded Revolver Maturity 08/16/2029 Industry Aerospace and Defense2024-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:TruistCreditFacilityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Unfunded Revolver Maturity 08/07/2029 Industry Consumer Products2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name VRS Buyer, Inc. - Unfunded Term Loan Maturity 11/23/2026 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC - Funded Revolver Maturity 12/10/2027 Industry Business Services Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+5652025-06-300001383414pnnt:TwoThousandThirtySevenAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2024-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Maturity 07/15/2028 Industry Business Services Current Coupon 10.38% Basis Point Spread Above Index SOFR+5262024-09-300001383414pnnt:TwoThousandTwentySixTwoNotesPayableMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Gauge ETE Blocker, LLC - Common Equity Industry Personal, Food and Miscellaneous Services2024-09-300001383414pnnt:BuildingsAndRealEstateMember2025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AKW Holdings Limited (GBP) Maturity 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 12.16% (PIK 5.47%) Basis Point Spread Above Index 3M SOFR+7002023-10-012024-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-04-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Maturity 08/07/2029 Industry Consumer Products Current Coupon 10.33% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class A Preferred Equity Industry Financial Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Unfunded Revolver Maturity 01/17/2031 Industry Healthcare Providers & Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Revolver Maturity 12/17/2026 Industry Business Services Current Coupon 11.73% (PIK 4.00%) Basis Point Spread Above Index 1M SOFR+6402024-09-300001383414First Lien Secured Debt Issuer Name CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index SOFR+6192023-10-012024-09-300001383414pnnt:ClassCLoansMemberus-gaap:SubsequentEventMembersrt:MaximumMember2025-07-012025-07-310001383414First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Maturity 10/07/1931 Industry Healthcare, Education and Childcare Current Coupon 8.78% Basis Point Spread Above Index SOFR+4502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Atlas Investment Aggregator, LLC Industry Telecommunications2024-09-300001383414pnnt:ClassA-1WMemberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Funded Revolver Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+5252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index LLC - Funded Revolver Maturity 07/07/2026 Industry Business Services Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+5202025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC Maturity 12/22/2028 Industry Aerospace and Defense Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414us-gaap:InvestmentsMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Project Granite Holdings, LLC Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Funded Revolver Maturity 07/31/2029 Industry Business Services Current Coupon 10.33% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Recteq, LLC Maturity 01/29/2026 Industry Consumer Products Current Coupon 11.45% Basis Point Spread Above Index SOFR+7152024-10-012025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2024-09-300001383414Cascade Environmental Holdings, LLC2024-06-300001383414First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Maturity 06/21/2029 Industry Healthcare, Education and Childcare Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan Maturity 09/17/2026 Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Funded Revolver Loan Maturity 08/10/2027 Industry Distribution Current Coupon 10.62% Basis Point Spread Above Index 3M SOFR+5602024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Northwinds Services Group, LLC Industry Consumer Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name QuantiTech InvestCo LP - Unfunded Industry Aerospace and Defense2025-06-300001383414pnnt:SecondLienSecuredDebtMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Unfunded Revolver Maturity 07/31/2030 Industry Business Services2024-09-300001383414First Lien Secured Debt Issuer Name EDS Buyer, LLC Maturity 01/10/2029 Industry Aerospace and Defense Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Maturity 12/17/30 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252025-06-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Unfunded Revolver Maturity 08/30/2027 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.45% Basis Point Spread Above Index 1M SOFR+5602023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name SV Aero Holdings, LLC Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans Maturity 10/03/2029 Industry Transportation Current Coupon 12.66% (PIK 7.25%) Basis Point Spread Above Index 3M SOFR+8352025-06-300001383414Mailsouth Inc.2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+5252025-06-300001383414First Lien Secured Debt Issuer Name MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 10.20% Basis Point Spread Above Index SOFR+5502024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMembersrt:MaximumMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-06-300001383414First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Maturity 10/07/1931 Industry Healthcare, Education and Childcare Current Coupon 8.78% Basis Point Spread Above Index SOFR+4502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name TAC LifePort Holdings, LLC Industry Aerospace and Defense2025-06-300001383414pnnt:InvestmentNonAffiliatedIssuerNoncontrolledMember2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2024-09-300001383414First Lien Secured Debt Issuer Name The Vertex Companies, LLC Maturity 8/31/2027 Industry Business Services Current Coupon 10.99% Basis Point Spread Above Index SOFR+6102023-10-012024-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Tower Arch Infolinks Media, LP - Unfunded Industry Media2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Athletico Holdings, LLC Industry Healthcare, Education and Childcare2024-09-300001383414First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Maturity 02/01/30 Industry Environmental Services Current Coupon 9.07% Basis Point Spread Above Index SOFR+4752024-10-012025-06-300001383414First Lien Secured Debt Issuer Name NBH Group LLC Maturity 08/19/2026 Industry Healthcare, Education and Childcare Current Coupon 11.19% Basis Point Spread Above Index SOFR+5852024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Tower Arch Infolinks Media, LP Industry Media2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Maturity 06/14/2028 Industry Distribution Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Maturity 06/15/2027 Industry Healthcare, Education and Childcare Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502024-10-012025-06-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-06-300001383414pnnt:TruistCreditFacilityMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US LLC - Term Loan Maturity 05/23/2029 Industry Building Materials Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Express Wash Acquisition Company, LLC Maturity 01/15/2029 Industry Auto Sector Current Coupon 16.37% (PIK 16.37%) Basis Point Spread Above Index 3M SOFR+12262023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Connatix Buyer, Inc. - Funded Revolver Maturity 07/13/2027 Industry Media Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+5762024-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Simplicity Financial Marketing Group Holdings Inc. Maturity 12/02/2026 Industry Financial Services Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+6402023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name HV Watterson Holdings, LLC Industry Business Services2024-09-300001383414pnnt:TransportationMember2024-09-300001383414First Lien Secured Debt Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Business Services Current Coupon 11.25% Basis Point Spread Above Index SOFR+6652023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. Maturity 04/16/2027 Industry Telecommunications Current Coupon 9.28% Basis Point Spread Above Index 3M SOFR+5102025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distribution Current Coupon 9.45% Basis Point Spread Above Index 3M SOFR+5152025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan Maturity 07/12/2025 Industry Environmental Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Unfunded Revolver Maturity 07/14/2025 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Gauge Schlesinger Coinvest, LLC Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name TPC Holding Company, LP Industry Food2025-06-300001383414pnnt:OtherMember2024-09-300001383414First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Maturity 12/31/2030 Industry Business Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Berwick Industrial Park Maturity 08/02/2025 Industry Buildings and Real Estate Current Coupon 13.00%2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC Maturity 04/10/2031 Industry Auto Sector Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+6252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Revolver Maturity 01/31/2030 Industry Environmental Services2024-09-300001383414pnnt:ClassDMemberpnnt:PennantParkCloViiMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Distribution Current Coupon 9.92% Basis Point Spread Above Index 3M SOFR+5602024-10-012025-06-300001383414us-gaap:EquityFundsMember2024-09-300001383414First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers, Packaging and Glass Current Coupon 10.45% Basis Point Spread Above Index SOFR+6152025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Connatix Parent, LLC Industry Media2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Intermediate, LLC. - Unfunded Term Loan Maturity 12/01/2025 Industry Electronics2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Medina Health, LLC - Revolver Maturity 10/20/2028 Industry Healthcare, Education and Childcare2024-09-300001383414us-gaap:DomesticCountryMember2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name EvAL Home Health Solutions, LLC Industry Healthcare, Education and Childcare2025-06-300001383414Walker Edison Furniture Company LLC2023-09-300001383414First Lien Secured Debt Issuer Name Bioderm, Inc. Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 11.84% Basis Point Spread Above Index SOFR+6502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name NXOF Holdings, Inc. Industry Aerospace and Defense2025-06-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:MaximumMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Funded Revolver Maturity 08/20/2026 Industry Media Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6272024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Megawatt Acquisition Partners, LLC - Preferred A Industry Electronics2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Funded Revolver Maturity 07/13/2027 Industry Media Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+576.1612025-06-300001383414First Lien Secured Debt Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/27 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5102024-10-012025-06-300001383414pnnt:ClassDMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US LLC - Unfunded Revolver Maturity 05/23/2029 Industry Building Materials2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name FedHC InvestCo II LP Industry Aerospace and Defense2024-09-300001383414First Lien Secured Debt Issuer Name MOREgroup Holdings, LLC Maturity 01/16/1930 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel2Member2024-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:FirstLienMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueMarketComparableMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Unfunded Revolver Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber2025-06-3000013834142018-01-012019-02-040001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Athletico Holdings, LLC Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name MDI Aggregator, LP Industry Chemicals, Plastics and Rubber2024-09-300001383414First Lien Secured Debt Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Consumer Products Current Coupon 11.75% Basis Point Spread Above Index SOFR+7152024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Funded Revolver Maturity 10/01/2029 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+5252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Maturity 12/18/2027 Industry Telecommunications Current Coupon 11.50% Basis Point Spread Above Index 1M SOFR+6902023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Term Loan Maturity 09/27/2026 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Funded Revolver Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Maturity 08/10/27 Industry Distribution Current Coupon 9.90% Basis Point Spread Above Index SOFR+5602025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. Maturity 11/09/2026 Industry Consumer Products Current Coupon 12.24% (PIK 1.00%) Basis Point Spread Above Index 1M SOFR+7652023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Maturity 11/03/2025 Industry Consumer Products Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name QuantiTech InvestCo II LP Industry Aerospace and Defense2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name A1 Garage Merger Sub, LLC - Unfunded Term Loan Maturity 12/21/2024 Industry Personal, Food and Miscellaneous Services2024-09-300001383414pnnt:SubordinatedNotesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Carnegie Holdco, LLC - Common Equity Industry Education2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Maturity 03/15/2027 Industry Business Services Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+6352023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Maturity 07/31/2030 Industry Business Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 10.70% Basis Point Spread Above Index 3M SOFR+6102024-09-300001383414First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry Business Services Current Coupon 10.57% Basis Point Spread Above Index SOFR+5252024-09-300001383414us-gaap:SubordinatedDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001383414First Lien Secured Debt Issuer Name Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media Current Coupon 10.53% Basis Point Spread Above Index SOFR+5612023-10-012024-09-300001383414Flock Financial, LLC2024-10-012025-06-300001383414pnnt:USGovernmentSecuritiesMember2024-09-300001383414pnnt:HealthcareEducationAndChildcareMember2025-06-3000013834142024-04-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Funded Revolver Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 13.75% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer Inc. - Revolver Maturity 02/03/2026 Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name New Insight Holdings, Inc. - Common Equity Industry Business Services2024-09-300001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352024-09-300001383414First Lien Secured Debt Issuer Name VRS Buyer, Inc. Maturity 11/21/2030 Industry Business Services Current Coupon 9.08% Basis Point Spread Above Index SOFR+4752025-06-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnnt:TruistCreditFacilityMember2025-06-300001383414First Lien Secured Debt Issuer Name The Vertex Companies, LLC Maturity 08/31/2028 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Revolver Maturity 12/18/2027 Industry Telecommunications2024-09-3000013834142024-03-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems LLC - Unfunded Revolver Maturity 04/30/2028 Industry Auto Sector2025-06-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NP Riverhead Industrial, LLC Maturity 07/10/2025 Industry Buildings and Real Estate Current Coupon 14.50%2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Maturity 10/02/2028 Industry Business Services Current Coupon 10.56% Basis Point Spread Above Index 3M SOFR+6252025-06-300001383414First Lien Secured Debt Issuer Name Aeronix, Inc. - Term Loan Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 9.85% Basis Point Spread Above Index SOFR+5252024-09-300001383414First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers, Packaging and Glass Current Coupon 10.45% Basis Point Spread Above Index SOFR+6152024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC Maturity 05/10/1930 Industry Healthcare, Education and Childcare Current Coupon 10.85% Basis Point Spread Above Index SOFR+5752024-09-300001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Transgo, LLC Maturity 12/29/2028 Industry Auto Sector Current Coupon 10.07% Basis Point Spread Above Index SOFR+5752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO INC Maturity 03/01/2030 Industry Financial Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-06-300001383414First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services Current Coupon 10.71% Basis Point Spread Above Index SOFR+5862023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aeronix, Inc. - Revolver Maturity 12/12/2028 Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings LLC - Revolver Maturity 03/01/2028 Industry Business Services Current Coupon 10.25% Basis Point Spread Above Index 3M SOFR+5652023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Distribution Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5602024-09-300001383414pnnt:ConsumerServicesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Revolver Maturity 12/19/2030 Industry Media2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5752025-06-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2023-10-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC - Revolver Maturity 09/22/2027 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co. LLC Maturity 08/09/2030 Industry Financial Services Current Coupon 9.33% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC Maturity 05/30/2027 Industry Printing and Publishing Current Coupon 11.60% Basis Point Spread Above Index 3M SOFR+7002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Maturity 07/31/2029 Industry Business Services Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare, Education and Childcare Current Coupon 10.85% Basis Point Spread Above Index SOFR+5602023-10-012024-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name RTIC Parent Holdings, LLC - Class D Industry Consumer Products2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Revolver Maturity 07/14/2025 Industry Business Services Current Coupon 7.60% (PIK 5.60%) Basis Point Spread Above Index 3M SOFR+2752023-10-012024-09-300001383414pnnt:ConsumerProductsMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Funded Revolver Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+5002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. Maturity 08/28/2030 Industry Manufacturing/Basic Industry Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Maturity 03/15/2027 Industry Business Services Current Coupon 11.20% Basis Point Spread Above Index SOFR+6352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Funded Revolver Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name GCP Boss Holdco, LLC Industry Conglomerate Manufacturing2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name FedHC InvestCo LP Industry Aerospace and Defense2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name WCP Ivyrehab QP CF Feeder, LP Industry Healthcare, Education and Childcare2025-06-300001383414pnnt:InvestmentsCostMemberus-gaap:EquityMember2025-06-300001383414First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Maturity 09/22/28 Industry Business Services Current Coupon 9.29% Basis Point Spread Above Index SOFR+5002025-06-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2023-10-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+6152023-10-012024-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:USGovernmentSecuritiesMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Funded Revolver Maturity 06/15/2029 Industry Business Services Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5752025-06-300001383414Pragmatic Institute, LLC2024-10-012025-06-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel2Member2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Revolver Maturity 08/16/2027 Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 Maturity 09/30/2026 Industry Diversified Conglomerate Service2025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMembersrt:MaximumMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.47% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-06-300001383414First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752024-10-012025-06-300001383414First Lien Secured Debt Issuer Name BlueHalo Global Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.70% Basis Point Spread Above Index SOFR+6002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Revolver Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 11.19% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414First Lien Secured Debt Issuer Name Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 06/10/2025 Industry Media Current Coupon 10.75% Basis Point Spread Above Index SOFR+6502023-10-012024-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:FirstLienMember2024-09-300001383414First Lien Secured Debt Issuer Name Compex Legal Services, Inc. Maturity 02/09/26 Industry Business Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+5652025-06-300001383414pnnt:CashAndCashEquivalentsThirtyTwoPointZeroMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings LLC Maturity 03/01/2028 Industry Business Services Current Coupon 10.25% Basis Point Spread Above Index 3M SOFR+5652023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co. LLC - Unfunded Revolver Maturity 08/09/2030 Industry Financial Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name AG Investco LP - Unfunded Industry Business Services2024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Maturity 03/28/2030 Industry Business Services Current Coupon PIK 9.80%2024-10-012025-06-300001383414pnnt:MediaMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Term Loan Maturity 04/21/2027 Industry Business Services2025-06-300001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2024-09-300001383414First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distribution Current Coupon 9.70% Basis Point Spread Above Index SOFR+5402024-10-012025-06-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name RTIC Parent Holdings, LLC - Class A Preferred Equity Industry Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Bluebird Group LLC - Unfunded Revolver Maturity 07/28/2026 Industry Business Services2025-06-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:TruistCreditFacilityMember2025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMembersrt:MinimumMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+6152024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Name Beacon Behavioral Holdings LLC Maturity 06/21/2030 Industry Healthcare, Education and Childcare Current Coupon 15% (PIK 15.00%)2024-09-300001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel2Member2025-06-300001383414pnnt:CashAndCashEquivalentsTenPointOneMember2024-09-300001383414First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 11.49% Basis Point Spread Above Index SOFR+6852023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Ro Health, LLC Maturity 01/17/2031 Industry Healthcare Providers & Services Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name ORL Holdco, Inc. Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Term Loan Maturity 08/10/2027 Industry Distribution2025-06-300001383414pnnt:TwoThousandThirtySevenAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-06-300001383414First Lien Secured Debt Issuer Name Dr. Squatch, LLC Maturity 08/31/27 Industry Personal and Non-Durable Consumer Products Current Coupon 9.66% Basis Point Spread Above Index SOFR+5352025-06-300001383414pnnt:OtherMember2025-06-300001383414First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare, Education and Childcare Current Coupon 10.85% Basis Point Spread Above Index SOFR+5602024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name OES Co-Invest, LP - Class A Industry Diversified Conglomerate Service2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Schlesinger Global, LLC - Promissory Note Maturity 01/08/2026 Industry Business Services Current Coupon 12.92% Basis Point Spread Above Index 3M SOFR+8602025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Revolver Maturity 08/15/2029 Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.75% Basis Point Spread Above Index SOFR+6152024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name AG Investco LP Industry Business Services2024-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:DebtInvestmentsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.95% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC - Revolver Maturity 03/15/2027 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co. LLC - Unfunded Term Loan A Maturity 02/09/2025 Industry Financial Services2024-09-300001383414pnnt:IncentiveFeePaymentConditionOneMember2024-10-012025-06-300001383414pnnt:FirstLienSecuredDebtMemberpnnt:InvestmentNonAffiliatedIssuerNoncontrolledMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings LLC Maturity 03/01/2028 Industry Business Services Current Coupon 9.45% Basis Point Spread Above Index 3M SOFR+5152024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Intermediate, LLC. - Unfunded Revolver Maturity 12/03/2029 Industry Electronics2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Delta InvestCo LP Industry Telecommunications2025-06-300001383414pnnt:InvestmentsCostMemberus-gaap:EquityMember2024-09-300001383414First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Maturity 02/07/1930 Industry Education Current Coupon 10.35% Basis Point Spread Above Index SOFR+5502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Seacoast Service Partners, LLC Industry Diversified Conglomerate Service2025-06-300001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Maturity 12/21/28 Industry Media Current Coupon 9.68% Basis Point Spread Above Index SOFR+5352024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Maturity 10/16/28 Industry Business Services Current Coupon 10.09% Basis Point Spread Above Index SOFR+5762024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Maturity 12/20/2027 Industry Telecommunications Current Coupon 11.45% Basis Point Spread Above Index SOFR+7152024-10-012025-06-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassA2Memberus-gaap:PrivatePlacementMember2023-07-260001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Common Equity Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Azureon, LLC Industry Diversified Conglomerate Service2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Maturity 08/15/2029 Industry Business Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+5002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ENC Parent Corporation Maturity 08/20/2029 Industry Business Services Current Coupon 9.12% Basis Point Spread Above Index 3M SOFR+4512024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Environmental Services Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+5902024-09-300001383414First Lien Secured Debt Issuer Name Big Top Holdings, LLC Maturity 02/28/1930 Industry Manufacturing / Basic Industries Current Coupon 11.18% Basis Point Spread Above Index SOFR+6252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+5502025-06-300001383414First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 11.28% Basis Point Spread Above Index SOFR+6262024-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2024-09-300001383414First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Maturity 02/23/28 Industry Hotels, Motels, Inns and Gaming Current Coupon 11.46% Basis Point Spread Above Index SOFR+7152025-06-300001383414First Lien Secured Debt Issuer Name Magenta Buyer, LLC -Third out Maturity 07/31/28 Industry Software Current Coupon 6.05%2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. - Funded Revolver Maturity 04/16/2027 Industry Telecommunications Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+5852024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare, Education and Childcare Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5602023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2025-06-300001383414pnnt:ElectronicsMember2025-06-300001383414First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Maturity 11/10/27 Industry Consumer Products Current Coupon 10.45% Basis Point Spread Above Index SOFR+6152024-10-012025-06-300001383414PennantPark Senior Loan Fund, LLC2024-06-300001383414pnnt:InvestmentsFairValueMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Unfunded Revolver Maturity 12/17/2026 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Maturity 07/14/2025 Industry Business Services Current Coupon 7.60% (PIK 5.60%) Basis Point Spread Above Index 3M SOFR+2752023-10-012024-09-300001383414us-gaap:CommonStockMember2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name EDS Topco, LP Industry Aerospace and Defense2025-06-3000013834142024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Issuer Name PCS MIDCO INC Maturity 03/01/2030 Industry Financial Services Current Coupon 10.81% Basis Point Spread Above Index 1M SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Revolver Maturity 09/23/2030 Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/25 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 0.00%2025-06-300001383414pnnt:GamingMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name C5MI Holdco, LLC Industry Business Services2025-06-300001383414pnnt:InvestmentsCostMemberpnnt:EquityInPSLFMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Maturity 01/23/2029 Industry Media2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Revolver Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2024-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2023-10-012024-06-300001383414srt:MaximumMemberpnnt:IncentiveFeePaymentConditionTwoMember2024-10-012025-06-300001383414pnnt:EquityInterestsInPSLFMember2024-10-012025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Maturity 03/28/2030 Industry Business Services Current Coupon PIK 9.80%2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Term Loan Maturity 09/30/2030 Industry Marketing Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investment Holdings LLC Maturity 09/22/2028 Industry Business Services Current Coupon 9.28% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AKW Holdings Limited Maturity 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 11.30%2024-10-012025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name PennantPark Senior Loan Fund, LLC Maturity 07/31/2027 Industry Financial Services Current Coupon 13.25% Basis Point Spread Above Index 3M SOFR+8002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Funded Revolver Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+5502025-06-300001383414First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distribution Current Coupon 10.92% Basis Point Spread Above Index SOFR+6402024-09-300001383414First Lien Secured Debt Issuer Name CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 10.77% Basis Point Spread Above Index SOFR+6442024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Gauge ETE Blocker, LLC - Promissory Note Maturity 05/19/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 12.56%2024-09-300001383414Cascade Environmental Holdings, LLC2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Funded Revolver Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 10.82% Basis Point Spread Above Index 3M SOFR+6502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Maturity 07/14/2025 Industry Business Services Current Coupon 7.60% (PIK 5.60%) Basis Point Spread Above Index 3M SOFR+2752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Revolver Maturity 02/07/2030 Industry Education2025-06-300001383414pnnt:NonMoneyMarketCashMemberpnnt:CashAndCashEquivalentsThirtyTwoPointZeroMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Bluebird Group LLC - Revolver Maturity 07/27/2026 Industry Business Services2024-09-300001383414pnnt:ManufacturingBasicIndustriesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Unfunded Revolver Maturity 01/29/2026 Industry Consumer Products2025-06-300001383414First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Maturity 08/01/2029 Industry Business Services Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Consumer Products Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+6502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Revolver Maturity 08/30/2027 Industry Business Services Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6102023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ENC Parent Corporation Maturity 08/20/2029 Industry Business Services Current Coupon 8.81% Basis Point Spread Above Index 3M SOFR+451.1612025-06-300001383414First Lien Secured Debt Issuer Name Global Holdings InterCo LLC Maturity 03/16/2026 Industry Banking, Finance, Insurance & Real Estate Current Coupon 11.43% Basis Point Spread Above Index SOFR+6152024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Fourth Out Maturity 05/06/2028 Industry Telecommunications Current Coupon 11.97% Basis Point Spread Above Index 3M SOFR+7002023-10-012024-09-300001383414First Lien Secured Debt Issuer Name MDI Buyer Inc. Maturity 07/25/28 Industry Chemicals, Plastics and Rubber Current Coupon 9.33% Basis Point Spread Above Index SOFR+5002024-10-012025-06-300001383414pnnt:MembersEquityMember2023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name AFC Acquisitions, Inc. Preferred Equity Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Unfunded Revolver Maturity 01/15/2026 Industry Electronics2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Ad.net Holdings, Inc. Industry Media2024-09-300001383414First Lien Secured Debt Issuer Name Magenta Buyer, LLC -Third out Maturity 07/31/28 Industry Software Current Coupon 6.05%2025-06-300001383414First Lien Secured Debt Issuer Name Recteq, LLC Maturity 01/29/2026 Industry Consumer Products Current Coupon 11.45% Basis Point Spread Above Index SOFR+7152025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name StoicLane, Inc. - Unfunded Convertible Notes Maturity 08/15/2027 Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Revolver Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 11.19% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Unfunded Revolver Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Revolver Maturity 02/07/2025 Industry Business Services Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+5552023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Mineola 212, LLC Maturity 06/24/2025 Industry Buildings and Real Estate Current Coupon 13.00%2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Pink Lily Holdco, LLC Industry Retail2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name New Insight Holdings, Inc. Industry Business Services2025-06-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Distribution Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5602023-10-012024-09-300001383414pnnt:ClassBLoansMembersrt:MinimumMemberus-gaap:SubsequentEventMember2025-07-012025-07-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name StoicLane, Inc. - Unfunded Convertible Notes Maturity 08/16/2027 Industry Healthcare, Education and Childcare2025-06-300001383414First Lien Secured Debt Issuer Name Anteriad Holdings Inc (fka MeritDirect) Maturity 06/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index SOFR+5902024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Quantic Electronics, LLC - Funded Revolver Maturity 08/17/2026 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6352023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Maturity 02/07/2030 Industry Education Current Coupon 9.83% Basis Point Spread Above Index SOFR+5502025-06-300001383414pnnt:EventServicesMember2025-06-300001383414Related Party PSLF Cash and Cash Equivalents - 44.8% Issuer Name Goldman Sachs Financial Square Government Fund2025-06-300001383414First Lien Secured Debt Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.20% Basis Point Spread Above Index SOFR+5602023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Funded Revolver Maturity 10/02/2029 Industry Business Services Current Coupon 10.45% Basis Point Spread Above Index 3M SOFR+5252024-09-300001383414pnnt:ConsultingServicesMember2025-06-300001383414First Lien Secured Debt Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Business Services Current Coupon 11.25% Basis Point Spread Above Index SOFR+6652024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name PCS Parent, LP Industry Financial Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Funded Revolver Maturity 02/07/2026 Industry Business Services Current Coupon 9.78% Basis Point Spread Above Index 3M SOFR+5552024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Revolver Maturity 01/16/2030 Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Maturity 01/31/1930 Industry Environmental Services Current Coupon 10.48% Basis Point Spread Above Index SOFR+5252023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Fourth Out Maturity 05/06/2028 Industry Telecommunications Current Coupon 11.97% Basis Point Spread Above Index 3M SOFR+7002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC Maturity 02/18/2027 Industry Consumer Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+7852023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name eCommission Holding Corporation Industry Financial Services2025-06-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2024-10-012025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name PennantPark Senior Loan Fund, LLC Industry Financial Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wildcat Buyerco, Inc. Maturity 02/27/2027 Industry Electronics Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC Industry Environmental Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NP Riverhead Industrial, LLC Maturity 05/24/2025 Industry Buildings and Real Estate Current Coupon 14.50%2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. - Unfunded Revolver Maturity 09/13/2029 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name IHS Parent Holdings, L.P. Industry Personal, Food and Miscellaneous Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare, Education and Childcare Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+6252023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Maturity 12/29/2029 Industry Diversified Conglomerate Service Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Maturity 02/07/2030 Industry Education Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+5502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Business Services Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+5902023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Business Services Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+5652024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Global Holdings InterCo LLC Maturity 03/16/26 Industry Banking, Finance, Insurance & Real Estate Current Coupon 9.97% Basis Point Spread Above Index SOFR+5602024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Simplicity Financial Marketing Group Holdings Inc. - Unfunded Revolver Maturity 12/02/2026 Industry Financial Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name PennantPark-TSO Senior Loan Fund II, LP Industry Financial Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Funded Revolver Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.06% Basis Point Spread Above Index 3M SOFR+4752025-06-300001383414pnnt:PreferredEquityPartnershipInterestMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Events Buyer, LLC Industry Event Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. - Revolver Maturity 11/03/2025 Industry Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Maturity 06/15/2029 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry Business Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+4752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Marketplace Events Acquisition, LLC Industry Media2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver Maturity 06/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902025-06-300001383414First Lien Secured Debt Issuer Name Global Holdings InterCo LLC Maturity 03/16/2026 Industry Banking, Finance, Insurance & Real Estate Current Coupon 11.43% Basis Point Spread Above Index SOFR+6152023-10-012024-09-300001383414First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Maturity 01/23/2029 Industry Media Current Coupon 10.80% Basis Point Spread Above Index SOFR+6502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name NORA Parent Holdings, LLC Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name SV Aero Holdings, LLC Industry Aerospace and Defense2025-06-300001383414First Lien Secured Debt Issuer Name Connatix Buyer, Inc. Maturity 07/13/27 Industry Media Current Coupon 9.97% Basis Point Spread Above Index SOFR+5762024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Simplicity Financial Marketing Group Holdings, Inc Maturity 12/2/2026 Industry Banking, Finance, Insurance & Real Estate Current Coupon 11.38% Basis Point Spread Above Index SOFR+6402024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5862024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name WCP Ivyrehab QP CF Feeder, LP - Unfunded Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name SP L2 Holdings LLC Industry Consumer Products2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name GGG MIDCO, LLC Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-06-300001383414First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Maturity 01/31/1930 Industry Environmental Services Current Coupon 10.48% Basis Point Spread Above Index SOFR+5252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Funded Revolver Maturity 08/07/2029 Industry Consumer Products Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Maturity 12/01/2029 Industry Consumer Products Current Coupon 10.30% Basis Point Spread Above Index SOFR+6002025-06-300001383414First Lien Secured Debt Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronics Current Coupon 12.45% (PIK 1.00%) Basis Point Spread Above Index SOFR+7602024-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassBMemberus-gaap:PrivatePlacementMember2023-07-260001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 11.39% Basis Point Spread Above Index 3M SOFR+6852023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name TPCN Holdings, LLC - Common Equity Industry Diversified Conglomerate Service2024-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMember2024-09-300001383414pnnt:PSLFAndPantheonAmendementMemberpnnt:PennantParkSeniorLoanFundLLCMemberpnnt:LLCAgreementMembersrt:MaximumMember2024-08-280001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Term Loan Maturity 12/31/2026 Industry Business Services2025-06-300001383414AKW Holdings Limited2025-06-300001383414us-gaap:FairValueInputsLevel3Member2024-09-300001383414pnnt:InvestmentAdministratorMember2023-10-012024-06-300001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-06-300001383414pnnt:NonMoneyMarketMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Schlesinger Global, LLC - Promissory Note Maturity 01/08/2026 Industry Business Services Current Coupon 12.92% Basis Point Spread Above Index 3M SOFR+8602024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Maturity 03/15/2027 Industry Business Services Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+6352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. Maturity 09/13/2029 Industry Business Services Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2024-09-300001383414First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Maturity 1/23/2029 Industry Media Current Coupon 11.10% Basis Point Spread Above Index SOFR+6502024-09-300001383414First Lien Secured Debt Issuer Name SV- Aero Holdings, LLC (Aeronix) Maturity 11/01/2030 Industry Aerospace and Defense Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252025-06-300001383414pnnt:CashAndCashEquivalentsTenPointOneMemberpnnt:BlackRockFederalFDInstitutionalEightyOneMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. - Revolver Maturity 09/03/2027 Industry Business Services2024-09-300001383414First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Maturity 09/23/30 Industry Business Services Current Coupon 9.06% Basis Point Spread Above Index SOFR+4752024-10-012025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2023-09-300001383414First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distribution Current Coupon 9.45% Basis Point Spread Above Index SOFR+5152024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Aechelon InvestCo, LP - Unfunded Industry Aerospace and Defense2024-09-300001383414First Lien Secured Debt Issuer Name Tyto Athene, LLC Maturity 04/01/2028 Industry Aerospace and Defense Current Coupon 9.19% Basis Point Spread Above Index SOFR+4902024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name FedHC InvestCo LP Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name StoicLane, Inc. - Convertible Notes Maturity 08/15/2027 Industry Healthcare, Education and Childcare Current Coupon 12.00%2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Aftermarket Drivetrain Products Holdings, LLC Industry Machinery2025-06-300001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel1Member2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Unfunded Revolver Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber2024-09-300001383414Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Industry Business Services2025-06-300001383414pnnt:EquityInterestsInPSLFMember2023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Maturity 01/23/2029 Industry Media Current Coupon 13.00% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name LJ Avalon, LP Industry Environmental Services2025-06-300001383414pnnt:SecondLienSecuredDebtMemberpnnt:InvestmentNonAffiliatedIssuerNoncontrolledMember2024-09-300001383414First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Maturity 06/15/2027 Industry Healthcare, Education and Childcare Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC - Unfunded Revolver Maturity 05/11/2026 Industry Media2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Team Services Group, LLC Maturity 12/18/2028 Industry Healthcare, Education and Childcare Current Coupon 14.51% Basis Point Spread Above Index 3M SOFR+9262024-09-300001383414pnnt:SubordinatedNotesMember2024-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Maturity 12/18/2027 Industry Telecommunications Current Coupon 11.50% Basis Point Spread Above Index SOFR+6902024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. - Unfunded Revolver Maturity 10/28/2031 Industry Aerospace and Defense2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Unfunded Revolver Maturity 03/01/2030 Industry Electronics2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Revolver Maturity 02/07/2025 Industry Business Services Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+5552024-09-300001383414srt:MaximumMemberpnnt:IncentiveFeePaymentConditionOneMember2024-10-012025-06-300001383414First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Maturity 11/03/2025 Industry Consumer Products Current Coupon 11.20% Basis Point Spread Above Index SOFR+6352023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Funded Revolver Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002025-06-300001383414First Lien Secured Debt Issuer Name Fairbanks Morse Defense Maturity 06/17/2028 Industry Aerospace and Defense Current Coupon 9.74% Basis Point Spread Above Index SOFR+4502023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Maturity 12/01/2029 Industry Healthcare, Education and Childcare Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Magnolia Topco LP - Class A Industry Auto Sector2025-06-300001383414First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Maturity 11/03/25 Industry Consumer Products Current Coupon 9.58% Basis Point Spread Above Index SOFR+5252024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC Maturity 02/18/2027 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Connatix Buyer, Inc. - Revolver Maturity 07/13/2027 Industry Media2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Sabel InvestCo, LP - Unfunded Industry Government Services2025-06-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Icon Partners V C, L.P. - Unfunded Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Fourth Out Maturity 05/06/2028 Industry Telecommunications2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Crane 1 Acquisition Parent Holdings, L.P. Industry Personal, Food and Miscellaneous Services2025-06-300001383414First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Maturity 12/17/2026 Industry Business Services Current Coupon 12.00% (PIK 4.0%) Basis Point Spread Above Index 2023-10-012024-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:TwoThousandThirtyFourAssetBackedDebtMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name ACP Big Top Holdings, L.P. - Common Equity Industry Manufacturing/Basic Industry2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Maturity 12/29/2029 Industry Diversified Conglomerate Service Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-09-300001383414pnnt:EnvironmentalServicesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Connatix Parent, LLC Industry Media2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name ENC Parent Corporation - Second Lien Maturity 08/19/2029 Industry Business Services Current Coupon 12.37% Basis Point Spread Above Index 3M SOFR+7762024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name ORL Holdco, Inc. - Convertible Notes Maturity 03/08/2028 Industry Business Services Current Coupon 18.00%2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investment Holdings LLC Maturity 09/22/2028 Industry Business Services Current Coupon 9.28% Basis Point Spread Above Index 3M SOFR+5002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name AMCSI Crash Co-Invest, LP Industry Auto Sector2024-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassA1AMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare, Education and Childcare Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+6252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name KL Stockton Co-Invest LP (Any Hour Services) Industry Personal, Food and Miscellaneous Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Funded Revolver Maturity 10/02/2029 Industry Business Services Current Coupon 10.45% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001383414us-gaap:SubordinatedDebtMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Funded Revolver Maturity 05/07/2026 Industry Media Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+6262023-10-012024-09-300001383414pnnt:DebtInvestmentsMember2025-06-300001383414First Lien Secured Debt Issuer Name Teneo Holdings LLC Maturity 3/13/2031 Industry Business Services Current Coupon 9.60% Basis Point Spread Above Index SOFR+4752023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Maturity 10/31/2030 Industry Business Services Current Coupon 10.55% Basis Point Spread Above Index SOFR+6252025-06-300001383414pnnt:TransportationMember2025-06-300001383414pnnt:InvestmentsFairValueMemberpnnt:EquityInPSLFMember2024-09-300001383414pnnt:CommonEquityPartnershipInterestsWarrantsMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Maturity 08/15/2029 Industry Business Services Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-06-300001383414pnnt:PantheonMemberpnnt:EquityInterestsInPSLFMember2025-06-300001383414us-gaap:FairValueInputsLevel3Member2023-09-300001383414First Lien Secured Debt Issuer Name Tyto Athene, LLC Maturity 04/01/2028 Industry Aerospace and Defense Current Coupon 9.19% Basis Point Spread Above Index SOFR+4902025-06-300001383414pnnt:InvestmentsCostMemberpnnt:SecondLienMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Team Services Group, LLC Maturity 12/18/2028 Industry Healthcare, Education and Childcare Current Coupon 13.54% Basis Point Spread Above Index 3M SOFR+926.1612025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Aechelon InvestCo, LP Industry Aerospace and Defense2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Revolver Maturity 12/17/2026 Industry Business Services Current Coupon 11.73% (PIK 4.00%) Basis Point Spread Above Index 1M SOFR+6402023-10-012024-09-3000013834142019-02-052019-02-050001383414First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Maturity 06/20/2029 Industry Healthcare, Education and Childcare Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252025-06-300001383414First Lien Secured Debt Issuer Name MDI Buyer Inc. Maturity 07/25/28 Industry Chemicals, Plastics and Rubber Current Coupon 9.33% Basis Point Spread Above Index SOFR+5002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Maturity 03/15/2027 Industry Business Services Current Coupon 10.68% Basis Point Spread Above Index 3M SOFR+6352025-06-300001383414First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Maturity 08/16/27 Industry Personal, Food and Miscellaneous Services Current Coupon 9.69% Basis Point Spread Above Index SOFR+5362025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Funded Revolver Maturity 05/07/2026 Industry Media Current Coupon 10.56% Basis Point Spread Above Index 3M SOFR+626.1612024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Maturity 06/14/2028 Industry Distribution Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752024-09-300001383414First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Maturity 12/19/1930 Industry Media Current Coupon 9.47% Basis Point Spread Above Index SOFR+5252024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Anteriad Holdings Inc (fka MeritDirect) Maturity 06/30/2026 Industry Media Current Coupon 10.50% Basis Point Spread Above Index SOFR+5902024-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Revolver Maturity 11/20/2030 Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Maturity 12/1/2029 Industry Consumer Products Current Coupon 10.60% Basis Point Spread Above Index SOFR+6002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co. LLC Maturity 08/09/2030 Industry Financial Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5002023-10-012024-09-300001383414Walker Edison Furniture Company LLC2024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer Inc. - Unfunded Revolver Maturity 02/03/2027 Industry Healthcare, Education and Childcare2025-06-300001383414Equity Securities Issuer Name Wash & Wax Systems LLC (Common)2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name TPC Holding Company, LP Industry Food2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Maturity 02/03/2027 Industry Healthcare, Education and Childcare Current Coupon 9.08% Basis Point Spread Above Index 3M SOFR+4752025-06-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001383414First Lien Secured Debt Issuer Name Anteriad Holdings Inc (fka MeritDirect) Maturity 06/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index SOFR+5902025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Funded Revolver Maturity 05/03/2029 Industry Consumer Products Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings LLC - Funded Revolver Maturity 03/01/2028 Industry Business Services Current Coupon 9.38% Basis Point Spread Above Index 3M SOFR+5152025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Term Loan 3rd Amendment Maturity 09/28/2027 Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Maturity 06/30/2025 Industry Consumer Products Current Coupon 9.45% Basis Point Spread Above Index 3M SOFR+4602024-09-300001383414JF Intermediate, LLC (JF Holdings Corp.)2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Shiftkey, LLC Maturity 06/21/2027 Industry Business Services Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+6012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Maturity 12/20/2027 Industry Telecommunications Current Coupon 11.47% Basis Point Spread Above Index 3M SOFR+7152024-10-012025-06-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-10-012024-06-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name OHCP V BC COI, L.P. - Unfunded Industry Distribution2024-09-300001383414First Lien Secured Debt Issuer Name MAG DS Corp. Maturity 04/01/27 Industry Aerospace and Defense Current Coupon 9.90% Basis Point Spread Above Index SOFR+5602025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Funded Revolver Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Simplicity Financial Marketing Group Holdings Inc. - Unfunded Term Loan Maturity 02/09/2026 Industry Financial Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners, LLC - Unfunded Revolver Maturity 12/20/2029 Industry Diversified Conglomerate Service2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Term Loan B Maturity 08/28/2026 Industry Healthcare, Education and Childcare2025-06-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:TruistCreditFacilityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name S101 Holdings, Inc. Maturity 12/29/2026 Industry Electronics Current Coupon 11.48% Basis Point Spread Above Index 3M SOFR+6152024-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:USGovernmentSecuritiesMember2024-09-300001383414First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Maturity 11/03/25 Industry Consumer Products Current Coupon 9.58% Basis Point Spread Above Index SOFR+5252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC - Unfunded Revolver Maturity 12/29/2028 Industry Machinery2025-06-300001383414First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distribution Current Coupon 9.45% Basis Point Spread Above Index SOFR+5152025-06-300001383414First Lien Secured Debt Issuer Name The Bluebird Group LLC Maturity 07/27/2026 Industry Business Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+5902024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Industry Aerospace and Defense2025-06-300001383414First Lien Secured Debt Issuer Name NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.95% Basis Point Spread Above Index SOFR+6352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name BioDerm, Inc. Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC - Revolver Maturity 05/10/2026 Industry Media2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Wash & Wax Systems LLC Maturity 07/30/2028 Industry Auto Sector Current Coupon 12.00%2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Maturity 09/28/2027 Industry Distribution Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+5152024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Funded Revolver Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.95% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Revolver Maturity 12/18/2025 Industry Healthcare, Education and Childcare Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+5602024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Funded Revolver Maturity 06/20/2029 Industry Healthcare, Education and Childcare Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+5252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name EDS Topco, LP Industry Aerospace and Defense2024-09-300001383414pnnt:ClassCMemberpnnt:PennantParkCloViiMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AKW Holdings Limited Maturity 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 11.30%2025-06-300001383414Flock Financial, LLC2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Magnolia Topco LP - Class B Preferred Equity Industry Auto Sector2024-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMember2025-06-300001383414First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Maturity 08/03/2029 Industry Aerospace and Defense Current Coupon 11.56% Basis Point Spread Above Index SOFR+6252023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Sales Benchmark Index LLC Maturity 1/3/2025 Industry Business Services Current Coupon 10.80% Basis Point Spread Above Index SOFR+6202023-10-012024-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Revolver Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-06-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002025-06-300001383414First Lien Secured Debt Issuer Name Confluent Health, LLC Maturity 11/30/28 Industry Healthcare, Education and Childcare Current Coupon 11.83% Basis Point Spread Above Index SOFR+7502024-10-012025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt of Net Assets Issuer Name PennantPark Senior Loan Fund, LLC Maturity 07/31/2027 Industry Financial Services Current Coupon 12.29%2025-06-300001383414First Lien Secured Debt Issuer Name PCS Midco, Inc. Maturity 03/01/2030 Industry Financial Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Revolver Maturity 10/01/2027 Industry Distribution2025-06-300001383414us-gaap:MoneyMarketFundsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Shiftkey, LLC Maturity 06/21/2027 Industry Business Services Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+6012024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.46% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7152025-06-300001383414pnnt:InvestmentsFairValueMemberpnnt:SecondLienMember2024-09-300001383414First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry Business Services Current Coupon 10.57% Basis Point Spread Above Index SOFR+5252023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Inventus Power, Inc. Maturity 06/30/2025 Industry Consumer Products Current Coupon 12.46% Basis Point Spread Above Index SOFR+7612023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 11.05% Basis Point Spread Above Index 3M SOFR+6192023-10-012024-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Walker Edison Furniture Industry Home and Office Furnishings2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6352024-09-300001383414pnnt:InvestmentNonAffiliatedIssuerNoncontrolledMemberpnnt:CommonEquityPartnershipInterestsWarrantsMember2025-06-3000013834142023-10-012024-06-300001383414First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Maturity 06/20/2029 Industry Healthcare, Education and Childcare Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252024-10-012025-06-300001383414First Lien Secured Debt Issuer Name HEC Purchaser Corp. Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index SOFR+5502024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:TruistCreditFacilityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Gauge Schlesinger Coinvest, LLC - Class A-2 Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Maturity 03/01/1930 Industry Business Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+5252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Term Loan Maturity 06/12/2027 Industry Aerospace and Defense2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Five Star Parent Holdings, LLC Industry Leisure, Amusement, Motion Pictures, Entertainment2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Maturity 09/23/2026 Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 10.56% Basis Point Spread Above Index SOFR+6262025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NFS - CFP Holdings LLC - Unfunded Revolver Maturity 09/13/2030 Industry Business Services2024-09-300001383414First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers, Packaging and Glass Current Coupon 11.30% Basis Point Spread Above Index SOFR+6102024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:TruistCreditFacilityMember2025-06-300001383414First Lien Secured Debt Issuer Name Teneo Holdings LLC Maturity 03/13/2031 Industry Business Services Current Coupon 9.08% Basis Point Spread Above Index SOFR+4752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Term Loan Maturity 06/30/2026 Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Applied Technical Services, LLC - Revolver Maturity 12/29/2026 Industry Environmental Services Current Coupon 13.25% Basis Point Spread Above Index 3M SOFR+4752024-09-300001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/25 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 0.00%2024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Maturity 03/01/1930 Industry Business Services Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Unfunded Revolver Maturity 12/17/2029 Industry Aerospace and Defense2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Revolver Maturity 06/14/2028 Industry Distribution Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414First Lien Secured Debt Issuer Name SV- Aero Holdings, LLC (Aeronix) Maturity 11/01/2030 Industry Aerospace and Defense Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Mineola 212, LLC Maturity 12/24/2025 Industry Buildings and Real Estate Current Coupon 13.00%2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Imagine Acquisitionco, LLC - Unfunded Revolver Maturity 11/16/2027 Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.65% Basis Point Spread Above Index SOFR+6352024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name TWD Parent Holdings, LLC Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name Magenta Buyer, LLC -Second out Maturity 07/31/2028 Industry Software Current Coupon 12.38% Basis Point Spread Above Index SOFR+8012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Funded Revolver Maturity 03/01/2030 Industry Electronics Current Coupon 10.11% Basis Point Spread Above Index 3M SOFR+5252024-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel2Member2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Revolver Maturity 10/18/2027 Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name AMCSI Crash Co-Invest, LP - Unfunded Industry Auto Sector2024-09-300001383414First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Maturity 10/31/2030 Industry Business Services Current Coupon 10.55% Basis Point Spread Above Index SOFR+6252024-10-012025-06-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2024-04-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Maturity 09/17/2026 Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US LLC Maturity 05/23/2029 Industry Building Materials Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252025-06-300001383414First Lien Secured Debt Issuer Name AFC - Dell Holding Corp. Maturity 04/09/2027 Industry Distribution Current Coupon 9.82% Basis Point Spread Above Index SOFR+5502025-06-300001383414First Lien Secured Debt Issuer Name Inventus Power, Inc. Maturity 06/30/2025 Industry Consumer Products Current Coupon 12.46% Basis Point Spread Above Index SOFR+7612024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners, LLC - Funded Revolver Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.3% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Maturity 07/25/2029 Industry Auto Sector Current Coupon 9.65% Basis Point Spread Above Index SOFR+5352025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Unfunded Revolver Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Term Loan 3rd Amendment Maturity 09/28/2027 Industry Distribution2025-06-300001383414First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Maturity 12/29/2029 Industry Diversified Conglomerate Service Current Coupon 10.01% Basis Point Spread Above Index SOFR+5502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Revolver Maturity 09/30/2028 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC Maturity 02/18/2027 Industry Consumer Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+7852024-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 11.39% Basis Point Spread Above Index 3M SOFR+6852024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC Maturity 03/19/2032 Industry Business Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Maturity 6/15/2026 Industry Healthcare, Education and Childcare Current Coupon 11.46% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Maturity 01/23/2029 Industry Media Current Coupon 13.00% Basis Point Spread Above Index 3M SOFR+5502025-06-300001383414First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 10.56% Basis Point Spread Above Index SOFR+6262024-10-012025-06-300001383414First Lien Secured Debt Issuer Name PL Acquisitionco, LLC Maturity 11/09/2027 Industry Retail Current Coupon 11.50% Basis Point Spread Above Index SOFR+7252024-10-012025-06-300001383414pnnt:ClassA-1Memberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-06-300001383414pnnt:IncentiveFeePaymentConditionTwoMember2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. Maturity 11/09/2026 Industry Consumer Products Current Coupon 12.24% (PIK 1.00%) Basis Point Spread Above Index 1M SOFR+7652024-09-300001383414First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Maturity 12/17/26 Industry Business Services Current Coupon 12% Basis Point Spread Above Index SOFR+2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.47% Basis Point Spread Above Index 3M SOFR+6152025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Unfunded Revolver Maturity 05/03/2029 Industry Consumer Products2024-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:FirstLienMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name NXOF Holdings, Inc. (Tyto Athene, LLC) Industry Aerospace and Defense2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMembersrt:MaximumMember2024-09-300001383414us-gaap:MoneyMarketFundsMemberpnnt:CashAndCashEquivalentsThirtyTwoPointZeroMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ITI Holdings, Inc. - Unfunded Revolver Maturity 03/03/2028 Industry Business Services2024-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2025-06-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:TruistCreditFacilityMember2025-06-300001383414First Lien Secured Debt Issuer Name BlueHalo Global Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.70% Basis Point Spread Above Index SOFR+6002024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMembersrt:MaximumMemberpnnt:SubordinatedDebtOrCorporateNotesMember2024-09-300001383414Equity Security Issuer Name Dynata, LLC Industry Business Services2023-10-012024-09-300001383414pnnt:TotalInvestmentsAndCashEquivalentsTwoHundredFiftyEightPointFiveMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Revolver Maturity 12/01/2029 Industry Healthcare, Education and Childcare2024-09-300001383414pnnt:USGovernmentSecuritiesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Funded Revolver Maturity 02/07/2026 Industry Business Services Current Coupon 9.78% Basis Point Spread Above Index 3M SOFR+5552025-06-300001383414First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Maturity 05/03/2029 Industry Consumer Products Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752024-10-012025-06-300001383414pnnt:TwoThousandTwentySixNotesPayableMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Gauge ETE Blocker, LLC Industry Personal, Food and Miscellaneous Services2025-06-300001383414First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Maturity 05/03/2029 Industry Consumer Products Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752025-06-300001383414First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Business Services Current Coupon 9.95% Basis Point Spread Above Index SOFR+5652025-06-300001383414pnnt:EquityDistributionAgreementsMember2025-06-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001383414srt:OtherCurrencyMember2024-09-300001383414First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Maturity 5/3/2029 Industry Consumer Products Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752024-09-300001383414First Lien Secured Debt Issuer Name Smartronix, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 10.35% Basis Point Spread Above Index SOFR+6102024-09-300001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-06-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:USGovernmentSecuritiesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name QuantiTech InvestCo II LP Industry Aerospace and Defense2024-09-300001383414First Lien Secured Debt Issuer Name Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 06/10/2025 Industry Media Current Coupon 10.75% Basis Point Spread Above Index SOFR+6502024-09-300001383414pnnt:ElectronicsMember2024-09-300001383414First Lien Secured Debt Issuer Name Zips Car Wash, LLC Maturity 12/31/2024 Industry Business Services Current Coupon 12.46% (PIK 1.5%) Basis Point Spread Above Index SOFR+7402023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings LLC - Funded Revolver Maturity 03/01/2028 Industry Business Services Current Coupon 9.38% Basis Point Spread Above Index 3M SOFR+5152024-10-012025-06-300001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Maturity 05/10/26 Industry Media Current Coupon 10.23% Basis Point Spread Above Index SOFR+5902024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name UniVista Insurance Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name Magenta Buyer, LLC -First out Maturity 07/31/28 Industry Software Current Coupon 11.29% Basis Point Spread Above Index SOFR+7012025-06-300001383414First Lien Secured Debt Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare, Education and Childcare Current Coupon 10.55% Basis Point Spread Above Index SOFR+6252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Revolver Maturity 08/31/2029 Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. Maturity 08/28/2030 Industry Manufacturing/Basic Industry Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+5252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name ORL Holdco, Inc. - Unfunded Convertible Notes Maturity 03/08/2028 Industry Business Services2025-06-300001383414us-gaap:PreferredStockMember2025-06-300001383414First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/16/2029 Industry Professional Services Current Coupon 10.74% Basis Point Spread Above Index SOFR+5752024-09-300001383414First Lien Secured Debt Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Environmental Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+5902024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name Pragmatic Institute, LLC Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name NXOF Holdings, Inc. Industry Aerospace and Defense2024-09-300001383414pnnt:BlackRockFederalFDInstitutionalEightyOneMemberpnnt:CashAndCashEquivalentsThirtyTwoPointZeroMember2025-06-300001383414pnnt:EnvironmentalServicesMember2024-09-300001383414pnnt:MembersEquityMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. - Unfunded Term Loan A Maturity 09/03/2026 Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Funded Revolver Maturity 07/31/2029 Industry Business Services Current Coupon 10.33% Basis Point Spread Above Index 3M SOFR+6002025-06-300001383414Flock Financial, LLC2023-10-012024-06-300001383414pnnt:TotalInvestmentMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Northwinds Topco, Inc. - Unfunded Term Loan Maturity 10/30/2029 Industry Consumer Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name AMCSI Crash Co-Invest, LP - Unfunded Industry Auto Sector2025-06-300001383414First Lien Secured Debt Issuer Name Teneo Holdings LLC Maturity 3/13/2031 Industry Business Services Current Coupon 9.60% Basis Point Spread Above Index SOFR+4752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NBH Group LLC - Revolver Maturity 08/19/2026 Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC - Series B Industry Environmental Services2025-06-300001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Maturity 12/21/28 Industry Media Current Coupon 9.68% Basis Point Spread Above Index SOFR+5352025-06-300001383414pnnt:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Maturity 02/03/2027 Industry Healthcare, Education and Childcare Current Coupon 9.08% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Lightspeed Buyer Inc. Maturity 02/03/27 Industry Healthcare, Education and Childcare Current Coupon 9.05% Basis Point Spread Above Index SOFR+4752024-10-012025-06-300001383414First Lien Secured Debt Issuer Name CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index SOFR+6192024-09-300001383414pnnt:ManufacturingBasicIndustriesMember2024-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:CommonStockMember2024-09-300001383414pnnt:InvestmentNonAffiliatedIssuerNoncontrolledMemberpnnt:USGovernmentSecuritiesMember2025-06-300001383414pnnt:ClassBMemberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Revolver Maturity 08/16/2027 Industry Aerospace and Defense2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Term Loan Maturity 08/10/2027 Industry Distribution2024-09-300001383414pnnt:InvestmentsCostMember2025-06-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Junior Revolver Maturity 03/01/2029 Industry Home and Office Furnishings2025-06-300001383414First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Maturity 02/23/28 Industry Hotels, Motels, Inns and Gaming Current Coupon 11.46% Basis Point Spread Above Index SOFR+7152024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Unfunded Revolver Maturity 02/07/2026 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. Maturity 11/08/2029 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Revolver Maturity 08/20/2026 Industry Media2024-09-300001383414First Lien Secured Debt Issuer Name Case Works, LLC Maturity 10/01/29 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252025-06-300001383414Pragmatic Institute, LLC2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name PL Acquisitionco, LLC - Preferred Equity Industry Retail2024-09-300001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.66% Basis Point Spread Above Index SOFR+6402023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Maturity 07/28/2030 Industry Auto Sector Current Coupon 13.38% Basis Point Spread Above Index 3M SOFR+9102024-10-012025-06-300001383414pnnt:PSLFAndPantheonAmendementMembersrt:MinimumMemberpnnt:PennantParkSeniorLoanFundLLCMemberpnnt:LLCAgreementMember2024-08-280001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO INC - Funded Revolver Maturity 03/01/2030 Industry Financial Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-06-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-012021-10-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Northwinds Topco, Inc. Maturity 10/30/2029 Industry Consumer Services Current Coupon PIK 15.00%2025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name PennantPark Senior Loan Fund, LLC Industry Financial Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.71% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414pnnt:TruistCreditFacilityMember2025-06-3000013834142022-12-312022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Quantic Electronics, LLC - Unfunded Revolver Maturity 08/17/2026 Industry Aerospace and Defense2024-09-300001383414pnnt:CommonEquityPartnershipInterestsWarrantsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Funded Revolver Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 10.82% Basis Point Spread Above Index 3M SOFR+6502024-10-012025-06-300001383414pnnt:TwoThousandAndTwentySixNotesMember2024-09-300001383414First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Consumer Products Current Coupon 10.75% Basis Point Spread Above Index SOFR+6152023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distribution Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+5402025-06-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC Maturity 03/01/2029 Industry Home and Office Furnishings2024-09-300001383414pnnt:InvestmentNonAffiliatedIssuerNoncontrolledMember2025-06-300001383414First Lien Secured Debt Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Consumer Products Current Coupon 11.75% Basis Point Spread Above Index SOFR+7152023-10-012024-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:DebtInvestmentsMember2025-06-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Maturity 10/15/2028 Industry Business Services Current Coupon 10.88% Basis Point Spread Above Index SOFR+5762024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name United Land Services Intermediate Parent Holdings, LLC Maturity 12/23/2026 Industry Environmental Services Current Coupon PIK 14.75%2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Imagine Topco, LP Preferred Industry Business Services Current Coupon 8.00%2025-06-300001383414pnnt:ClassCMemberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Hancock Claims Consultants Investors, LLC - Class A Preferred Equity Industry Insurance2024-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC - Unfunded Term Loan Maturity 11/30/2025 Industry Printing and Publishing2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TWS Acquisition Corporation Maturity 06/16/2025 Industry Education Current Coupon 11.33% Basis Point Spread Above Index 3M SOFR+6402024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Funded Revolver Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+3752025-06-300001383414First Lien Secured Debt Issuer Name S101 Holdings Inc. Maturity 12/29/2026 Industry Electronics Current Coupon 11.48% Basis Point Spread Above Index SOFR+6152024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name New Medina Health, LLC Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Unfunded Revolver Maturity 11/09/2027 Industry Retail2025-06-300001383414First Lien Secured Debt Issuer Name Seacoast Service Partners, LLC Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name GGG MIDCO, LLC (Common) Industry Home and Office Furnishings, Housewares and Durable Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ox Two, LLC Maturity 05/18/2026 Industry Building Materials Current Coupon 11.12% Basis Point Spread Above Index 3M SOFR+6512023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name OSP Embedded Aggregator, LP Industry Aerospace and Defense2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name OES Co-Invest, LP Class A Common Equity Industry Diversified Conglomerate Service2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name United Land Services Holdings LLC - Common Equity Industry Environmental Services2024-09-300001383414us-gaap:SubsequentEventMemberpnnt:ClassDLoansMember2025-07-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry Business Services Current Coupon 9.03% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Revolver Maturity 06/21/2029 Industry Healthcare, Education and Childcare2025-06-3000013834142025-08-110001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedNotesInPSLFMember2025-06-300001383414pnnt:PennantParkCLOXMembersrt:SubsidiariesMember2024-12-230001383414First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Maturity 08/01/2029 Industry Business Services Current Coupon 10.83% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:USGovernmentSecuritiesMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Maturity 03/15/2027 Industry Business Services Current Coupon 10.68% Basis Point Spread Above Index 3M SOFR+6352024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Maturity 02/01/2030 Industry Environmental Services Current Coupon 9.03% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Applied Technical Services, LLC - Revolver Maturity 12/29/2026 Industry Environmental Services Current Coupon 13.25% Basis Point Spread Above Index 3M SOFR+4752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Funded Revolver Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+6502023-10-012024-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Junior Revolver Maturity 03/01/2029 Industry Home and Office Furnishings2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Seaway Topco, LP Industry Chemicals, Plastics and Rubber2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wildcat Buyerco, Inc. - Unfunded Term Loan Maturity 02/27/2027 Industry Electronics2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Funded Revolver Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.95% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652024-10-012025-06-300001383414First Lien Secured Debt Issuer Name MBS Holdings, Inc. Maturity 04/16/2027 Industry Telecommunications Current Coupon 10.67% Basis Point Spread Above Index SOFR+5852024-09-300001383414pnnt:EquityInterestsInPSLFMember2024-09-300001383414us-gaap:EquityFundsMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Team Services Group, LLC Maturity 12/18/2028 Industry Healthcare, Education and Childcare Current Coupon 14.51% Basis Point Spread Above Index 3M SOFR+9262023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Route 66 Development Maturity 01/24/2031 Industry Gaming Current Coupon 13.33% Basis Point Spread Above Index 3M SOFR+9002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Icon Partners V C, L.P. Industry Business Services2024-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-06-300001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 11.56% Basis Point Spread Above Index SOFR+6502024-09-300001383414us-gaap:PreferredStockMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TPCN Midco, LLC Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC Maturity 03/01/2029 Industry Home and Office Furnishings2025-06-300001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Maturity 05/10/2026 Industry Media Current Coupon 11.04% Basis Point Spread Above Index SOFR+5902024-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc Maturity 11/08/29 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index SOFR+6002024-10-012025-06-300001383414pnnt:DebtInvestmentsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Crane 1 Acquisition Parent Holdings, L.P. Industry Personal, Food and Miscellaneous Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Lorient Peregrine Investments, LP Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ENC Parent Corporation Maturity 08/20/2029 Industry Business Services Current Coupon 8.81% Basis Point Spread Above Index 3M SOFR+451.1612024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Business Services2024-09-300001383414pnnt:ChemicalsPlasticsAndRubberMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Funded Revolver Maturity 03/29/2027 Industry Aerospace and Defense Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC Maturity 12/17/2029 Industry Event Services Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Riverpoint Medical, LLC Maturity 06/21/2027 Industry Healthcare, Education and Childcare Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Altamira Intermediate Company II, Inc. Industry Aerospace and Defense2025-06-300001383414First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Maturity 03/15/27 Industry Business Services Current Coupon 10.68% Basis Point Spread Above Index SOFR+6352024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Revolver Maturity 09/17/2026 Industry Distribution Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+6402023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan Maturity 12/01/2029 Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Maturity 06/15/2029 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Funded Revolver Maturity 08/20/2026 Industry Media Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6272025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Consello Pacific Aggregator, LLC Industry Business Services2024-09-300001383414AKW Holdings Limited2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Northwinds Topco, Inc. - Unfunded Term Loan Maturity 10/30/2029 Industry Consumer Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Kentucky Racing Holdco, LLC (Warrants) Industry Hotels, Motels, Inns and Gaming2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name FedHC InvestCo II LP Industry Aerospace and Defense2025-06-300001383414First Lien Secured Debt Issuer Name STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans Maturity 10/03/2029 Industry Transportation Current Coupon 5.43% Basis Point Spread Above Index SOFR+7602024-10-012025-06-300001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedNotesInPSLFMember2024-09-300001383414First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Maturity 12/01/2029 Industry Healthcare, Education and Childcare Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name North Haven Saints Equity Holdings, LP Industry Business Services2025-06-300001383414pnnt:DistributionMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name North Haven Saints Equity Holdings, LP Industry Business Services2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:TruistCreditFacilityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. Maturity 04/16/2027 Industry Telecommunications Current Coupon 9.28% Basis Point Spread Above Index 3M SOFR+5102024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Unfunded Revolver Maturity 08/20/2026 Industry Media2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Maturity 01/26/2029 Industry Media Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+6502024-09-300001383414pnnt:DistributionMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver Maturity 06/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Maturity 03/01/1930 Industry Business Services Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502024-10-012025-06-300001383414First Lien Secured Debt Issuer Name TPC US Parent, LLC Maturity 11/24/2025 Industry Food Current Coupon 10.98% Basis Point Spread Above Index SOFR+5652023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Express Wash Acquisition Company, LLC Maturity 01/15/2029 Industry Auto Sector Current Coupon 16.37% (PIK 16.37%) Basis Point Spread Above Index 3M SOFR+12262024-09-300001383414First Lien Secured Debt Issuer Name Wash & Wax Systems LLC Maturity 04/30/2028 Industry Business Services Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Funded Revolver Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Maturity 09/03/2030 Industry Healthcare, Education and Childcare Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-06-300001383414us-gaap:RevolvingCreditFacilityMember2024-10-012025-06-300001383414pnnt:FinancialServicesMember2024-09-300001383414First Lien Secured Debt Issuer Name Boss Industries, LLC Maturity 12/27/2030 Industry Conglomerate Manufacturing Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name QuantiTech InvestCo LP Industry Aerospace and Defense2024-09-300001383414pnnt:TruistCreditFacilityMember2023-10-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems LLC - Funded Revolver Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 Maturity 09/30/2026 Industry Diversified Conglomerate Service2024-09-300001383414pnnt:HoldingsIIMember2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Funded Revolver Maturity 03/29/2027 Industry Aerospace and Defense Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+6152025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Revolver Maturity 07/14/2025 Industry Business Services Current Coupon 7.60% (PIK 5.60%) Basis Point Spread Above Index 3M SOFR+2752024-09-300001383414pnnt:TwoThousandThirtyFiveAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-06-300001383414First Lien Secured Debt Issuer Name Radius Aerospace, Inc. Maturity 03/29/2027 Industry Aerospace and Defense Current Coupon 10.51% Basis Point Spread Above Index SOFR+6152025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. - Unfunded Term Loan Maturity 11/07/2025 Industry Distribution2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC - Unfunded Revolver Maturity 12/22/2028 Industry Aerospace and Defense2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Maturity 07/21/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name IHS Parent Holdngs, L.P. Industry Personal, Food and Miscellaneous Services2024-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-06-300001383414First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Maturity 09/23/30 Industry Business Services Current Coupon 9.06% Basis Point Spread Above Index SOFR+4752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 12.60% Basis Point Spread Above Index 3M SOFR+7502023-10-012024-09-300001383414srt:MinimumMemberus-gaap:SubsequentEventMemberpnnt:ClassDLoansMember2025-07-012025-07-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Magnolia Topco LP - Class A Preferred Equity Industry Auto Sector2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Revolver Maturity 10/02/2029 Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name S101 Holdings Inc. Maturity 12/29/2026 Industry Electronics Current Coupon 11.48% Basis Point Spread Above Index SOFR+6152023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Dr. Squatch, LLC Maturity 08/31/2027 Industry Personal and Non-Durable Consumer Products Current Coupon 9.95% Basis Point Spread Above Index SOFR+5352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Revolver Maturity 05/31/2028 Industry Consumer Products Current Coupon 11.60% Basis Point Spread Above Index 3M SOFR+7002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC Maturity 06/21/2029 Industry Healthcare, Education and Childcare Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001383414First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Maturity 5/3/2029 Industry Consumer Products Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Funded Revolver Maturity 08/31/2028 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5102024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Urology Partners Co., L.P. Industry Healthcare, Education and Childcare2025-06-300001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Incremental TL Maturity 10/31/25 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.00%2025-06-300001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 11.56% Basis Point Spread Above Index SOFR+6502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Revolver Maturity 12/18/2025 Industry Healthcare, Education and Childcare Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+5602023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. Maturity 02/09/2026 Industry Business Services Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+5552024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 10.83% Basis Point Spread Above Index 3M SOFR+6502024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Confluent Health, LLC Maturity 11/30/28 Industry Healthcare, Education and Childcare Current Coupon 11.83% Basis Point Spread Above Index SOFR+7502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name SSC Dominion Holdings, LLC Industry Electronics2024-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/01/2029 Industry Home and Office Furnishings2025-06-300001383414First Lien Secured Debt Issuer Name Lash OpCo, LLC Maturity 02/18/27 Industry Consumer Products Current Coupon 12.13% Basis Point Spread Above Index SOFR+7852025-06-300001383414First Lien Secured Debt Issuer Name PCS Midco, Inc. Maturity 3/1/2030 Industry Financial Services Current Coupon 10.81% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001383414First Lien Secured Debt Issuer Name VRS Buyer, Inc. Maturity 11/21/2030 Industry Business Services Current Coupon 9.08% Basis Point Spread Above Index SOFR+4752024-10-012025-06-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnnt:TwoThousandAndTwentySixNotesTwoMember2024-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings LLC - Unfunded Revolver Maturity 03/01/2028 Industry Business Services2025-06-300001383414pnnt:TotalIndustryMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Funded Revolver Maturity 07/21/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602025-06-300001383414First Lien Secured Debt Issuer Name Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.45% Basis Point Spread Above Index SOFR+6152025-06-300001383414First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Maturity 02/01/30 Industry Environmental Services Current Coupon 9.07% Basis Point Spread Above Index SOFR+4752025-06-300001383414Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc.- Common Equity Industry Containers, Packaging and Glass2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Maturity 02/07/2030 Industry Education Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-06-300001383414pnnt:TruistCreditFacilityMember2024-10-012025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:USGovernmentSecuritiesMember2025-06-300001383414First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Maturity 02/23/2028 Industry Hotels, Motels, Inns and Gaming Current Coupon 12.21% Basis Point Spread Above Index SOFR+7102024-09-300001383414pnnt:TotalInvestmentsAndCashEquivalentsOneThousandFiftyPointSevenMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name RTIC Parent Holdings, LLC - Class D Preferred Equity Industry Consumer Products2024-09-300001383414pnnt:ClassCLoansMemberus-gaap:SubsequentEventMember2025-07-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Infogroup Parent Holdings, Inc. Industry Other Media2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name WCP Ivyrehab QP CF Feeder, LP Industry Healthcare, Education and Childcare2024-09-300001383414First Lien Secured Debt Issuer Name Case Works, LLC Maturity 10/01/29 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252024-10-012025-06-300001383414pnnt:EquityInterestsInPSLFMemberpnnt:PantheonFundingOneMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Ad.net Holdings, Inc. Industry Media2025-06-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name ORL Holdco, Inc. Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name EvAL Home Health Solutions, LLC - Preferred Equity Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical Associates - Unfunded Term Loan Maturity 06/13/2027 Industry Healthcare, Education and Childcare2025-06-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMember2022-03-310001383414First Lien Secured Debt Issuer Name Big Top Holdings, LLC Maturity 02/28/2030 Industry Manufacturing / Basic Industries Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Quad (U.S.) Co-Invest, L.P. Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name GGG Midco, LLC Maturity 09/27/30 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare, Education and Childcare Current Coupon 9.31% Basis Point Spread Above Index SOFR+4252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Kentucky Racing Holdco, LLC (Warrants) Industry Hotels, Motels, Inns and Gaming2024-09-300001383414First Lien Secured Debt Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 8.83% Basis Point Spread Above Index SOFR+4502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name RTIC Parent Holdings, LLC - Class A Industry Consumer Products2025-06-300001383414us-gaap:DomesticCountryMember2025-04-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name OHCP V BC COI, L.P. - Unfunded Industry Distribution2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Revolver Maturity 12/15/2029 Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Term Loan Maturity 12/18/2025 Industry Healthcare, Education and Childcare2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:FirstLienMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Maturity 08/07/2029 Industry Consumer Products Current Coupon 10.33% Basis Point Spread Above Index 3M SOFR+6002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. - Unfunded Revolver Maturity 08/01/2029 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.95% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Ad.net Holdings, Inc. Industry Media2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Maturity 12/29/2029 Industry Diversified Conglomerate Service Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+5502024-09-300001383414pnnt:NetAssetsMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Revolver Maturity 07/13/2027 Industry Media2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC - Unfunded Term Loan Maturity 11/02/2026 Industry Aerospace and Defense2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Maturity 10/11/2031 Industry Healthcare, Education and Childcare Current Coupon 8.78% Basis Point Spread Above Index 3M SOFR+4502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 9.93% Basis Point Spread Above Index 3M SOFR+5602024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Unfunded Term Loan Maturity 10/01/2025 Industry Business Services 2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Unfunded Revolver Maturity 03/29/2027 Industry Aerospace and Defense2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Best Practice Associates, LLC - Unfunded Revolver Maturity 11/08/2029 Industry Aerospace and Defense2025-06-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Berwick Industrial Park Maturity 05/02/2025 Industry Buildings and Real Estate Current Coupon 13.00%2024-09-300001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Maturity 05/10/2026 Industry Media Current Coupon 11.04% Basis Point Spread Above Index SOFR+5902023-10-012024-09-300001383414Mailsouth Inc.2024-06-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-11-012021-11-010001383414PennantPark Senior Loan Fund, LLC2023-10-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+5852023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Magnolia Topco LP - Class B Industry Auto Sector2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ITI Holdings, Inc. - Revolver Maturity 03/03/2028 Industry Business Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+4502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Unfunded Revolver Maturity 08/16/2029 Industry Aerospace and Defense2025-06-300001383414pnnt:PreferredEquityPartnershipInterestMemberpnnt:InvestmentNonAffiliatedIssuerNoncontrolledMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC - Unfunded Revolver Maturity 09/22/2028 Industry Business Services2025-06-300001383414pnnt:ClassCMemberpnnt:PennantParkCloViiMemberus-gaap:PrivatePlacementMember2023-07-260001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel1Member2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Meadowlark Title, LLC Industry Business Services2025-06-300001383414pnnt:InvestmentsCostMemberpnnt:USGovernmentSecuritiesMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name OSP PAR Holdings, LP Industry Healthcare, Education and Childcare2025-06-300001383414First Lien Secured Debt Issuer Name Boss Industries, LLC Maturity 12/27/2030 Industry Conglomerate Manufacturing Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 10.83% Basis Point Spread Above Index 3M SOFR+6502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Funded Revolver Maturity 12/20/2027 Industry Telecommunications Current Coupon 11.47% Basis Point Spread Above Index 3M SOFR+7152024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Distribution Current Coupon 10.45% Basis Point Spread Above Index SOFR+5602023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Term Loan Maturity 08/16/2027 Industry Aerospace and Defense2024-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Term Loan Maturity 03/27/2026 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investment Holdings LLC Maturity 09/22/2028 Industry Business Services Current Coupon 11.25% Basis Point Spread Above Index 1M SOFR+6102024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Meadowlark Title, LLC Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dr. Squatch, LLC Maturity 08/31/2027 Industry Personal and Non-Durable Consumer Products Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+5352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Wildcat Parent, LP Industry Electronics2024-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Carisk Parent, L.P. Industry Healthcare, Education and Childcare2025-06-300001383414First Lien Secured Debt Issuer Name Compex Legal Services, Inc. Maturity 02/09/26 Industry Business Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+5652024-10-012025-06-300001383414pnnt:TruistCreditFacilityMember2023-10-012024-09-300001383414pnnt:ClassDMemberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dynata, LLC - Last-Out Term Loan Maturity 10/16/2028 Industry Business Services Current Coupon 10.09% Basis Point Spread Above Index 3M SOFR+576.1612025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Funded Revolver Maturity 01/15/2026 Industry Electronics Current Coupon 11.93% Basis Point Spread Above Index 3M SOFR+761.4482024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare, Education and Childcare Current Coupon 12.35% Basis Point Spread Above Index 3M SOFR+7502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name TAC LifePort Holdings, LLC Industry Aerospace and Defense2024-09-300001383414First Lien Secured Debt Issuer Name Bioderm, Inc. Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 10.82% Basis Point Spread Above Index SOFR+6502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Revolver Maturity 06/15/2029 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Consumer Products Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+6152024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ox Two, LLC Maturity 05/18/2026 Industry Building Materials Current Coupon 11.12% Basis Point Spread Above Index 3M SOFR+6512024-09-300001383414pnnt:NetAssetsMember2024-09-300001383414First Lien Secured Debt Issuer Name Ox Two, LLC Maturity 05/18/2026 Industry Distribution Current Coupon 11.12% Basis Point Spread Above Index SOFR+6512024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Simplicity Financial Marketing Group Holdings Inc. Maturity 12/02/2026 Industry Financial Services Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+6402024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. - Unfunded Revolver Maturity 09/03/2030 Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TWS Acquisition Corporation Maturity 06/16/2025 Industry Education Current Coupon 11.33% Basis Point Spread Above Index 3M SOFR+6402023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/28 Industry Personal, Food and Miscellaneous Services Current Coupon 9.80% Basis Point Spread Above Index SOFR+6002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Revolver Maturity 12/18/2025 Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Funded Revolver Maturity 12/19/2030 Industry Media Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252025-06-300001383414First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Maturity 01/23/2029 Industry Media Current Coupon 10.80% Basis Point Spread Above Index SOFR+6502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Maturity 12/19/2030 Industry Media Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Gauge Lash Coinvest LLC Industry Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Maturity 07/01/2029 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name ORL Holdco, Inc. - Convertible Notes Maturity 03/08/2028 Industry Business Services Current Coupon 18.00%2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Schlesinger Global, LLC - Promissory Note Maturity 01/08/2026 Industry Business Services Current Coupon 12.33% (PIK 11.85%) Basis Point Spread Above Index 3M SOFR+7002024-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedNotesInPSLFMember2024-09-300001383414us-gaap:SubsequentEventMember2025-07-012025-07-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. Maturity 09/13/2029 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-06-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:DebtInvestmentsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners, LLC - Funded Revolver Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.3% Basis Point Spread Above Index 3M SOFR+5002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Funded Revolver Maturity 06/20/2029 Industry Healthcare, Education and Childcare Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name NEPRT Parent Holdings, LLC (Recteq, LLC) Industry Consumer Products2024-09-300001383414pnnt:JfIntermediateLlcMember2024-10-012025-06-300001383414First Lien Secured Debt Issuer Name NBH Group LLC Maturity 08/19/2026 Industry Healthcare, Education and Childcare Current Coupon 9.92% Basis Point Spread Above Index SOFR+5602024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Funded Revolver Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. - Unfunded Revolver Maturity 09/03/2030 Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name WCP Ivyrehab Coinvestment, LP Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Burgess Point Holdings, LP Industry Auto Sector2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC Maturity 05/30/2027 Industry Printing and Publishing Current Coupon 11.30% Basis Point Spread Above Index 3M SOFR+7002025-06-300001383414First Lien Secured Debt Issuer Name Bioderm, Inc. Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 10.82% Basis Point Spread Above Index SOFR+6502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Funded Revolver Maturity 08/16/2026 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Revolver Maturity 10/02/2029 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name LJ Avalon, LP Industry Environmental Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US LLC - Unfunded Revolver Maturity 05/23/2029 Industry Building Materials2025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2023-10-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies US Government Securities Issuer Name U.S. Treasury Bill Maturity 07/22/2025 Industry Short-Term U.S. Government Securities Current Coupon 4.24%2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Kinetic Purchaser, LLC Industry Consumer Products2025-06-300001383414First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Maturity 1/23/2029 Industry Media Current Coupon 11.10% Basis Point Spread Above Index SOFR+6502023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/27 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5102025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Maturity 11/03/2025 Industry Consumer Products Current Coupon 11.20%, Basis Point Spread Above Index 3M SOFR+6352023-10-012024-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC (Preferred) Industry Environmental Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction L.L.C. - Revolver Maturity 12/31/2026 Industry Insurance2024-09-300001383414First Lien Secured Debt Issuer Name Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 12/10/2026 Industry Media Current Coupon 10.67% Basis Point Spread Above Index SOFR+6352025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan Maturity 10/30/2026 Industry Personal, Food and Miscellaneous Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Riverpoint Medical, LLC-Revolver Maturity 06/20/2025 Industry Healthcare, Education and Childcare Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+5352024-09-3000013834142025-06-300001383414Related Party PSLF Cash and Cash Equivalents - 44.8% Issuer Name BlackRock Federal FD Institutional 812025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2023-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/01/2029 Industry Home and Office Furnishings2024-09-300001383414First Lien Secured Debt Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.75% Basis Point Spread Above Index SOFR+6152023-10-012024-09-300001383414pnnt:NonControlledNonAffiliatedInvestmentsMember2025-04-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index LLC - Unfunded Revolver Maturity 07/07/2026 Industry Business Services 2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Northwinds Services Group, LLC - Common Equity Industry Consumer Services2024-09-300001383414First Lien Secured Debt Issuer Name Archer Lewis, LLC Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Funded Revolver Maturity 07/31/2030 Industry Business Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical Associates - Unfunded Revolver Maturity 06/13/2031 Industry Healthcare, Education and Childcare2025-06-300001383414pnnt:JfIntermediateLlcMember2024-04-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Icon Partners V C, L.P. - Unfunded Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name FedHC InvestCo LP - Unfunded Industry Aerospace and Defense2025-06-300001383414First Lien Secured Debt Issuer Name Lightspeed Buyer Inc. Maturity 02/03/2026 Industry Healthcare, Education and Childcare Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352024-09-300001383414First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Maturity 09/22/28 Industry Business Services Current Coupon 9.29% Basis Point Spread Above Index SOFR+5002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Maturity 07/31/2030 Industry Business Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US LLC Maturity 05/23/2029 Industry Building Materials Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Environmental Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US LLC - Term Loan Maturity 05/23/2029 Industry Building Materials Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Sales Benchmark Index LLC Maturity 1/3/2025 Industry Business Services Current Coupon 10.80% Basis Point Spread Above Index SOFR+6202024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name ENC Parent Corporation - Second Lien Maturity 08/19/2029 Industry Business Services Current Coupon 12.06% Basis Point Spread Above Index 3M SOFR+776.1612024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name TCG 3.0 Jogger Co-Invest, LP Industry Media2025-06-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2023-10-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TPCN Midco, LLC - Unfunded Revolver Maturity 06/26/2026 Industry Diversified Conglomerate Service2024-09-300001383414First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 11.49% Basis Point Spread Above Index SOFR+6852024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2024-09-300001383414First Lien Secured Debt Issuer Name HEC Purchaser Corp. Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Funded Revolver Loan Maturity 08/10/2027 Industry Distribution Current Coupon 10.62% Basis Point Spread Above Index 3M SOFR+5602023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NBH Group LLC - Unfunded Revolver Maturity 08/19/2026 Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Maturity 07/01/2029 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 10/01/2025 Industry Environmental Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. Maturity 09/13/2029 Industry Business Services Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC - Unfunded Term Loan B Maturity 12/30/2025 Industry Consumer Services2025-06-300001383414First Lien Secured Debt Issuer Name HEC Purchaser Corp. Maturity 06/17/29 Industry Healthcare, Education and Childcare Current Coupon 9.72% Basis Point Spread Above Index SOFR+5502025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Tower Arch Infolinks Media, LP - Unfunded Industry Media2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Third Out Maturity 05/06/2028 Industry Telecommunications Current Coupon 11.97% Basis Point Spread Above Index 3M SOFR+7002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Funded Revolver Maturity 12/17/2026 Industry Business Services Current Coupon 12% (PIK 4.00%)2025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Maturity 11/01/2026 Industry Media Current Coupon 10.10% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001383414pnnt:NetAssetsHundredPercentMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC Maturity 05/10/2026 Industry Media Current Coupon 11.20% Basis Point Spread Above Index 3 M SOFR+5902024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ENC Parent Corporation Maturity 08/20/2029 Industry Business Services Current Coupon 9.12% Basis Point Spread Above Index 3M SOFR+4512023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Term Loan 2 Maturity 08/15/2026 Industry Business Services2024-09-300001383414Subordinated Debt Issuer Name Wash & Wax Systems LLC - Sub Deb Maturity 07/30/2028 Industry Business Services Current Coupon 12.00%2024-10-012025-06-300001383414pnnt:InvestmentsFairValueMemberus-gaap:EquityMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Maturity 07/28/2030 Industry Auto Sector Current Coupon 13.38% Basis Point Spread Above Index 3M SOFR+9102025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name GMP Hills, LP - Common Equity Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Aechelon InvestCo, LP - Unfunded Industry Aerospace and Defense2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name GCOM InvestCo LP Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Maturity 11/03/2025 Industry Consumer Products Current Coupon 11.20% Basis Point Spread Above Index SOFR+6352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Revolver Maturity 05/31/2028 Industry Consumer Products Current Coupon 11.60% Basis Point Spread Above Index 3M SOFR+7002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Delta InvestCo LP Industry Telecommunications One2024-09-300001383414srt:AffiliatedEntityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Intermediate, LLC Maturity 12/01/2029 Industry Electronics Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name SP L2 Holdings, LLC Industry Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Maturity 11/03/2025 Industry Consumer Products Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Halo Buyer, Inc. Maturity 07/06/2026 Industry Consumer Products Current Coupon 13.20% Basis Point Spread Above Index 1M SOFR+8352023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Funded Revolver Maturity 07/21/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602024-10-012025-06-300001383414pnnt:AerospaceAndDefenseMember2025-06-300001383414pnnt:AutoSectorMember2024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name JF Holdings Corp. Maturity 07/31/2026 Industry Distribution Current Coupon 11.30% Basis Point Spread Above Index 3M SOFR+6052024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Funded Revolver Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.65% Basis Point Spread Above Index 3M SOFR+6352024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Term Loan 1 Maturity 12/30/2024 Industry Diversified Conglomerate Service2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Magnolia Topco LP - Class B Industry Auto Sector2025-06-300001383414pnnt:InvestmentAdministratorMember2024-04-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name NORA Parent Holdings, LLC Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Applied Technical Services, LLC - Unfunded Term Loan Maturity 07/17/2025 Industry Environmental Services2024-09-300001383414First Lien Secured Debt Issuer Name MBS Holdings, Inc. Maturity 04/16/2027 Industry Telecommunications Current Coupon 9.35% Basis Point Spread Above Index SOFR+5102025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Funded Revolver Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.47% Basis Point Spread Above Index 3M SOFR+6152025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name GMP Hills, LP Industry Distribution2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Funded Revolver Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.59% Basis Point Spread Above Index 3M SOFR+5152023-10-012024-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedDebtOrCorporateNotesMember2024-09-300001383414First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Intermediate, LLC. - Revolver Maturity 12/01/2029 Industry Electronics2024-09-3000013834142024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. - Unfunded Revolver Maturity 08/28/2030 Industry Manufacturing/Basic Industry2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC - Revolver Maturity 12/22/2028 Industry Aerospace and Defense2024-09-300001383414First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Maturity 11/30/2029 Industry Healthcare, Education and Childcare Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Delta InvestCo LP Industry Telecommunications2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. - Unfunded Term Loan Maturity 10/02/2026 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Unfunded Revolver Maturity 06/14/2028 Industry Distribution2025-06-300001383414PennantPark Senior Loan Fund, LLC2023-09-300001383414First 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+5252024-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Funded Revolver Maturity 01/15/2026 Industry Electronics Current Coupon 11.93% Basis Point Spread Above Index 3M SOFR+761.4482025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Revolver Maturity 06/26/2029 Industry Diversified Conglomerate Service2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Ro Health Holdings, Inc. Industry Healthcare Providers & Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Revolver Maturity 08/28/2029 Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AKW Holdings Limited (GBP) Maturity 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 12.16% (PIK 5.47%) Basis Point Spread Above Index 3M SOFR+7002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Schlesinger Global, LLC - Promissory Note Maturity 01/08/2026 Industry Business Services Current Coupon 12.33% (PIK 11.85%) Basis Point Spread Above Index 3M SOFR+7002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC- Unfunded Revolver Maturity 12/10/2027 Industry Business Services2024-09-300001383414First Lien Secured Debt Issuer Name Broder Bros., Co. Maturity 12/04/2025 Industry Personal and Non-Durable Consumer Products Current Coupon 10.97% Basis Point Spread Above Index SOFR+6112024-09-300001383414First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Maturity 12/17/2026 Industry Business Services Current Coupon 12.00% (PIK 4.0%) Basis Point Spread Above Index 2024-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare, Education and Childcare Current Coupon 9.31% Basis Point Spread Above Index SOFR+4252023-10-012024-09-300001383414pnnt:SecondLienSecuredDebtMember2025-06-300001383414us-gaap:FairValueInputsLevel1Member2024-09-300001383414First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Maturity 09/22/2028 Industry Business Services Current Coupon 11.35% Basis Point Spread Above Index SOFR+6102023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Exigo, LLC Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name SBI Holdings Investments LLC Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 8.95% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Maturity 05/13/2032 Industry Consulting Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752025-06-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name ENC Parent Corporation - Second Lien Maturity 08/19/2029 Industry Business Services Current Coupon 12.06% Basis Point Spread Above Index 3M SOFR+776.1612025-06-300001383414pnnt:PennantParkCloViiMember2024-09-300001383414First Lien Secured Debt Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Communications Current Coupon 12.40% Basis Point Spread Above Index SOFR+7152024-09-300001383414First Lien Secured Debt Issuer Name By Light professional IT Services, LLC Maturity 11/16/2026 Industry Business Services Current Coupon 10.79% Basis Point Spread Above Index SOFR+6472024-10-012025-06-300001383414First Lien Secured Debt Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.95% Basis Point Spread Above Index SOFR+6102023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan Maturity 07/12/2025 Industry Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Maturity 08/15/2029 Industry Business Services Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name OHCP V BC COI, L.P. Industry Distribution2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Unfunded Revolver Maturity 07/31/2029 Industry Business Services2025-06-300001383414First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Maturity 08/03/2029 Industry Aerospace and Defense Current Coupon 11.56% Basis Point Spread Above Index SOFR+6252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name SP L2 Holdings LLC - Unfunded Industry Consumer Products2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name A1 Garage Merger Sub, LLC - Unfunded Revolver Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Funded Revolver Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.59% Basis Point Spread Above Index 3M SOFR+5152024-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings LLC - Revolver Maturity 03/01/2028 Industry Business Services Current Coupon 10.25% Basis Point Spread Above Index 3M SOFR+5652024-09-300001383414pnnt:TruistCreditFacilityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name SBI Holdings Investments LLC Industry Business Services2025-06-300001383414pnnt:JfIntermediateLlcMember2025-04-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Unfunded Revolver Maturity 10/02/2028 Industry Business Services2025-06-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:TwoThousandThirtyFourAssetBackedDebtMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Reception Purchaser, LLC Maturity 02/28/2028 Industry Transportation Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+6152024-09-300001383414First Lien Secured Debt Issuer Name SpendMend Holdings, LLC Maturity 03/01/2028 Industry Business Services Current Coupon 9.45% Basis Point Spread Above Index SOFR+5152025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Unfunded Term Loan Maturity 06/26/2026 Industry Business Services2025-06-300001383414pnnt:ControlledAffiliatedInvestmentsMember2024-10-012025-06-300001383414pnnt:ClassCMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-06-300001383414pnnt:HoldingsIIMember2023-10-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Maturity 09/03/2027 Industry Business Services Current Coupon 14.00% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402024-09-300001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Maturity 05/10/26 Industry Media Current Coupon 10.23% Basis Point Spread Above Index SOFR+5902025-06-300001383414First Lien Secured Debt Issuer Name Ro Health, LLC Maturity 01/17/2031 Industry Healthcare Providers & Services Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Funded Revolver Maturity 09/17/2026 Industry Distribution Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5402024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Funded Revolver Maturity 05/03/2029 Industry Consumer Products Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5752025-06-300001383414First Lien Secured Debt Issuer Name MOREgroup Holdings, LLC Maturity 01/16/2030 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252024-10-012025-06-300001383414First Lien Secured Debt Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/26 Industry Insurance Current Coupon 9.90% Basis Point Spread Above Index SOFR+5602024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name ORL Holdco, Inc. Industry Business Services2024-09-300001383414First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Maturity 02/23/2028 Industry Hotels, Motels, Inns and Gaming Current Coupon 12.21% Basis Point Spread Above Index SOFR+7102023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Owl Acquisition, LLC Maturity 02/04/2028 Industry Education Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352024-09-300001383414pnnt:PantheonMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-06-300001383414srt:OtherCurrencyMember2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Unfunded Term Loan Maturity 11/04/2026 Industry Business Services2025-06-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Lorient Peregrine Investments, LP Industry Business Services2024-09-300001383414Equity Security Issuer Name Dynata, LLC Industry Business Services2024-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2023-10-012024-06-300001383414First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Maturity 11/10/27 Industry Consumer Products Current Coupon 10.45% Basis Point Spread Above Index SOFR+6152025-06-300001383414First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distribution Current Coupon 9.77% Basis Point Spread Above Index SOFR+5152023-10-012024-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassA1BMemberus-gaap:PrivatePlacementMember2023-07-262023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Gauge Lash Coinvest LLC Industry Consumer Products2025-06-300001383414First Lien Secured Debt Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Business Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+5102023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 11.28% Basis Point Spread Above Index SOFR+6262023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Term Loan B Maturity 12/16/2024 Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. - Revolver Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dynata, LLC - Last-Out Term Loan Maturity 07/15/2028 Industry Business Services Current Coupon 10.88%, Basis Point Spread Above Index 3M SOFR+5762023-10-012024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name JF Intermediate, LLC Industry Distribution2025-06-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-11-012021-11-010001383414First Lien Secured Debt Issuer Name Michael Baker International, LLC Maturity 12/18/2028 Industry Business Services Current Coupon 8.32% Basis Point Spread Above Index SOFR+4002024-10-012025-06-300001383414pnnt:ChemicalsPlasticsAndRubberMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name NFS - CFP Holdings LLC - Common Equity Industry Business Services2024-09-300001383414First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC Maturity 05/10/1930 Industry Healthcare, Education and Childcare Current Coupon 10.85% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Harris & Co. LLC Maturity 08/09/30 Industry Financial Services Current Coupon 9.33% Basis Point Spread Above Index SOFR+5002025-06-300001383414pnnt:FirstLienSecuredDebtMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Maturity 07/06/2028 Industry Business Services Current Coupon 12.09% (PIK 12.09%) Basis Point Spread Above Index 3M SOFR+7502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver Maturity 05/10/2030 Industry Healthcare, Education and Childcare2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems LLC Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502025-06-300001383414First Lien Secured Debt Issuer Name One Stop Mailing, LLC Maturity 05/07/2027 Industry Transportation Current Coupon 10.69% Basis Point Spread Above Index SOFR+6362024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name WCP Ivyrehab QP CF Feeder, LP - Unfunded Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Big Top Holdings, LLC - Unfunded Revolver Maturity 02/28/2030 Industry Manufacturing/Basic Industry2025-06-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:PantheonFundingOneMember2024-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-10-012024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Maturity 07/06/2028 Industry Business Services Current Coupon 12.09% (PIK 12.09%) Basis Point Spread Above Index 3M SOFR+7502023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Riverpoint Medical, LLC Maturity 6/21/2025 Industry Healthcare, Education and Childcare Current Coupon 9.85% Basis Point Spread Above Index SOFR+5252023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare, Education and Childcare Current Coupon 10.85% Basis Point Spread Above Index SOFR+6252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Maturity 09/03/2030 Industry Healthcare, Education and Childcare Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002025-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:TwoThousandAndTwentySixNotesMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC Maturity 07/13/2027 Industry Media Current Coupon 9.97% Basis Point Spread Above Index 3M SOFR+576.1612024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Lightspeed Investment Holdco LLC Industry Healthcare, Education and Childcare2024-09-300001383414First Lien Secured Debt Issuer Name Sales Benchmark Index LLC Maturity 07/07/2026 Industry Business Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+6202025-06-300001383414us-gaap:FairValueInputsLevel3Member2023-10-012024-06-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMembersrt:MaximumMember2025-06-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Funded Revolver Maturity 03/01/2030 Industry Electronics Current Coupon 10.11% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Funded Revolver Maturity 06/15/2029 Industry Business Services Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. - Unfunded Revolver Maturity 09/13/2029 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Reception Purchaser, LLC Maturity 02/28/2028 Industry Transportation Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+6152023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners, LLC Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Term Loan Maturity 01/16/2026 Industry Business Services2024-09-300001383414pnnt:PantheonMemberpnnt:PennantParkSeniorLoanFundLLCMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Revolver Maturity 01/31/2028 Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Kinetic Purchaser, LLC - Class AA Industry Consumer Products2025-06-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Walker Edison Furniture Industry Home and Office Furnishings2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Maturity 02/01/2030 Industry Environmental Services Current Coupon 9.03% Basis Point Spread Above Index 3M SOFR+4752025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Crane 1 Services, Inc. - Unfunded Revolver Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC - Revolver Maturity 07/06/2028 Industry Business Services Current Coupon 12.09% (PIK 12.09%) Basis Point Spread Above Index 3M SOFR+7502024-09-300001383414First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Maturity 12/20/2027 Industry Telecommunications Current Coupon 11.45% Basis Point Spread Above Index SOFR+7152025-06-300001383414JF Intermediate, LLC (JF Holdings Corp.)2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners, LLC Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002025-06-300001383414First Lien Secured Debt Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index SOFR+6352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Environmental Services Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+5902023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dr. Squatch, LLC - Unfunded Revolver Maturity 08/31/2027 Industry Media2024-09-300001383414pnnt:EventServicesMember2024-09-300001383414pnnt:MembersEquityMember2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Revolver Maturity 03/19/2032 Industry Business Services2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC Maturity 08/31/2028 Industry Business Services Current Coupon 9.43% Basis Point Spread Above Index 3M SOFR+5102025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name SSC Dominion Holdings, LLC Industry Electronics2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.50% Basis Point Spread Above Index 1M SOFR+6432024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Term Loan Maturity 04/09/2027 Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name AG Investco LP Industry Business Services2025-06-300001383414pnnt:EquityDistributionAgreementsMember2024-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 10.70% Basis Point Spread Above Index 3M SOFR+6102023-10-012024-09-300001383414pnnt:SeniorSecuritiesMember2024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Term Loan B Maturity 08/28/2026 Industry Healthcare, Education and Childcare2024-09-300001383414pnnt:InvestmentsCostMemberpnnt:FirstLienMember2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Maturity 05/13/2032 Industry Consulting Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Revolver Maturity 06/30/2026 Industry Media2024-09-300001383414First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Maturity 07/25/2029 Industry Auto Sector Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352023-10-012024-09-300001383414First Lien Secured Debt Issuer Name TPC US Parent, LLC Maturity 11/24/2025 Industry Food Current Coupon 10.98% Basis Point Spread Above Index SOFR+5652024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC Maturity 12/29/2028 Industry Machinery Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services Current Coupon 10.71% Basis Point Spread Above Index SOFR+5862024-09-300001383414us-gaap:FairValueInputsLevel3Member2025-06-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name QuantiTech InvestCo LP Industry Aerospace and Defense2025-06-300001383414First Lien Secured Debt Issuer Name RRA Corporate, LLC Maturity 08/15/2029 Industry Business Services Current Coupon 9.54% Basis Point Spread Above Index SOFR+5252024-10-012025-06-30xbrli:pureiso4217:USDxbrli:sharesxbrli:sharesiso4217:CADiso4217: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 JUNE 30, 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 August 11, 2025 was 65,296,094.

 

 

 

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PENNANTPARK INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025

TABLE OF CONTENTS

 

PART I. CONSOLIDATED FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and September 30, 2024		4
Consolidated Statements of Operations for the three and nine months ended June 30, 2025 and 2024 (unaudited)		5
Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2025 and 2024 (unaudited)		6
Consolidated Statements of Cash Flows for the nine months ended June 30, 2025 and 2024 (unaudited)		7
Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and September 30, 2024		8
Notes to Consolidated Financial Statements (unaudited)		27
Report of Independent Registered Public Accounting Firm (PCAOB ID 49)		47
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		49
Item 3. Quantitative and Qualitative Disclosures About Market Risk		65
Item 4. Controls and Procedures		66
PART II. OTHER INFORMATION
Item 1. Legal Proceedings		67
Item 1A. Risk Factors		67
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		67
Item 3. Defaults Upon Senior Securities		67
Item 4. Mine Safety Disclosures		67
Item 5. Other Information		67
Item 6. Exhibits		68
SIGNATURES		69

 

2

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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

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Item 1. Consolidated Financial Statements

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

 

Table Link Similar Tables Download CSV

		June 30, 2025				September 30, 2024
		(unaudited)
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost—$723,149 and $916,168, respectively)		$	729,787			$	910,323
Non-controlled, affiliated investments (amortized cost—$58,443 and $56,734, respectively)			7,484				33,423
Controlled, affiliated investments (amortized cost—$349,671 and $343,970, respectively)			434,353				384,304
Total investments (amortized cost—$1,131,263 and $1,316,872, respectively)			1,171,624				1,328,050
Cash and cash equivalents (cost—$70,408 and $49,833, respectively)			70,546				49,861
Interest receivable			4,600				5,261
Distribution receivable			5,832				5,417
Due from affiliates			90				228
Prepaid expenses and other assets			196				269
Total assets			1,252,888				1,389,086
Liabilities
Truist Credit Facility payable, at fair value (cost—$316,456 and $461,456, respectively)		$	316,384				460,361
2026 Notes payable (par— $150,000, unamortized deferred financing cost of $753 and $1,429, respectively)			149,247				148,571
2026 Notes-2 payable (par— $165,000, unamortized deferred financing cost of $1,280 and $1,920, respectively)			163,720				163,080
Payable for investment purchased			124,720				100,096
Interest payable on debt			2,919				6,406
Distributions payable			5,224				5,224
Base management fee payable			3,889				4,297
Accounts payable and accrued expenses			3,698				4,053
Incentive fee payable			2,502				3,057
Due to affiliate			—				33
Total liabilities			772,303				895,178
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			743,968				743,968
Accumulated deficit			(263,448	)			(250,125	)
Total net assets		$	480,585			$	493,908
Total liabilities and net assets		$	1,252,888			$	1,389,086
Net asset value per share		$	7.36			$	7.56

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

 

Table Link Similar Tables Download CSV

		Three Months Ended June 30,								Nine Months Ended June 30,
		2025				2024				2025				2024
Investment income:
From non-controlled, non-affiliated investments:
Interest		$	12,659			$	17,383			$	46,411			$	61,353
Payment-in-kind			1,569				1,904				4,554				2,093
Dividend income			560				977				1,566				2,292
Other income			617				392				1,319				2,595
From non-controlled, affiliated investments:
Payment-in-kind			—				—				—				347
From controlled, affiliated investments:
Interest			8,217				7,966				23,360				19,389
Payment-in-kind			355				995				1,178				2,484
Dividend income			5,578				7,387				16,008				16,765
Other income			—				—				27				—
Total investment income			29,555				37,004				94,423				107,318
Expenses:
Interest and expenses on debt			9,196				11,482				31,254				32,906
Base management fee			3,889				4,216				12,174				12,357
Incentive fee			2,502				3,345				7,682				9,684
General and administrative expenses			1,050				1,030				3,450				3,623
Administrative services expenses			450				450				1,400				1,189
Expenses before amendment costs, debt issuance costs and provision for taxes			17,087				20,523				55,960				59,759
Provision for taxes on net investment income			670				735				1,920				1,902
Credit facility amendment and debt issuance costs			—				—				324				—
Net expenses			17,757				21,258				58,204				61,661
Net investment income			11,798				15,746				36,219				45,657
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments and debt:
Non-controlled, non-affiliated investments			(475	)			(1,590	)			(30,749	)			(444	)
Non-controlled and controlled, affiliated investments			—				(5,305	)			—				(35,474	)
Provision for taxes on realized gain on investments			(1	)			—				(50	)			(177	)
Net realized gain (loss) on investments and debt			(476	)			(6,895	)			(30,799	)			(36,095	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments			(547	)			(1,614	)			12,594				(15,412	)
Non-controlled and controlled, affiliated investments			347				(3,483	)			16,699				38,592
Provision for taxes on unrealized appreciation (depreciation) on investments			—				—				—				(680	)
Debt appreciation (depreciation)			(2,972	)			(8	)			(1,023	)			(1,578	)
Net change in unrealized appreciation (depreciation) on investments and debt			(3,172	)			(5,105	)			28,270				20,922
Net realized and unrealized gain (loss) from investments and debt			(3,648	)			(12,000	)			(2,529	)			(15,173	)
Net increase (decrease) in net assets resulting from operations		$	8,150			$	3,746			$	33,690			$	30,484
Net increase (decrease) in net assets resulting from operations per common share		$	0.12			$	0.06			$	0.52			$	0.47
Net investment income per common share		$	0.18			$	0.24			$	0.55			$	0.70

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

5

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

		Three Months Ended June 30,								Nine Months Ended June 30,
		2025				2024				2025				2024
Net increase (decrease) in net assets resulting from operations:
Net investment income		$	11,798			$	15,746			$	36,219			$	45,657
Net realized gain (loss) on investments and debt			(475	)			(6,895	)			(30,749	)			(35,918	)
Net change in unrealized appreciation (depreciation) on investments			(200	)			(5,097	)			29,293				23,180
Net change in provision for taxes on net realized gain (loss) on investments			(1	)			—				(50	)			(177	)
Net change in provision for taxes on unrealized appreciation (depreciation) on investments			—				—				—				(680	)
Net change in unrealized appreciation (depreciation) on debt			(2,972	)			(8	)			(1,023	)			(1,578	)
Net increase (decrease) in net assets resulting from operations			8,150				3,746				33,690				30,484
Distributions to stockholders:
Distribution of net investment income			(15,671	)			(14,355	)			(47,013	)			(41,751	)
Total distributions to stockholders			(15,671	)			(14,355	)			(47,013	)			(41,751	)
Capital Transactions:
Public offering			—				552				—				552
Offering costs			—				(250	)			—				(250	)
Net increase in net assets resulting from capital transactions			—				302				—				302
Net increase (decrease) in net assets			(7,521	)			(10,307	)			(13,323	)			(10,965	)
Net assets:
Beginning of period			488,106				501,529				493,908				502,187
End of period		$	480,585			$	491,222			$	480,585			$	491,222
Capital share activity:
Shares issued from public offering			—				71,594				—				71,594

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

 

Table Link Similar Tables Download CSV

			Nine Months Ended June 30,
			2025				2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations			$	33,690			$	30,484
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				(29,293	)			(23,180	)
Net change in unrealized appreciation (depreciation) on debt				1,023				1,578
Net realized (gain) loss on investments				30,749				35,918
Net accretion of discount and amortization of premium				(3,144	)			(2,102	)
Purchases of investments				(908,102	)			(752,062	)
Payment-in-kind income				(5,732	)			(4,924	)
Proceeds from dispositions of investments				1,071,812				589,390
Amortization of deferred financing costs				1,316				1,316
(Increase) decrease in:
Interest receivable				661				1,252
Distribution receivable				(415	)			(2,885	)
Due from affiliate				138				(139	)
Prepaid expenses and other assets				73				3,386
Increase (decrease) in:
Due to affiliate				(33	)			(4,066	)
Payable for investments purchased				24,624				(35,398	)
Interest payable on debt				(3,487	)			(3,107	)
Base management fee payable, net				(408	)			301
Incentive fee payable				(555	)			35
Accounts payable and accrued expenses				(355	)			(3,536	)
Net cash provided by (used in) operating activities				212,562				(167,739	)
Cash flows from financing activities:
Proceeds from public offering			$	—			$	552
Offering costs				—				(250	)
Distributions paid to stockholders				(47,014	)			(50,222	)
Borrowings under Truist Credit Facility				97,000				423,036
Repayments under Truist Credit Facility				(242,000	)			(185,000	)
Net cash provided by (used in) financing activities				(192,014	)			188,116
Net increase (decrease) in cash equivalents				20,548				20,377
Effect of exchange rate changes on cash				137				—
Cash and cash equivalents, beginning of period				49,861				38,775
Cash and cash equivalents, end of period			$	70,546			$	59,152
Supplemental disclosure of cash flow information:
Interest paid			$	33,425			$	34,697
Taxes paid			$	2,850			$	6,308
Non-cash exchanges and conversions			$	23,229			$	28,835
Non-cash purchases and disposition of investments			$	26,250			$	—

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2025

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 151.9% (1), (2)
First Lien Secured Debt - 84.3% of Net Assets
A1 Garage Merger Sub, LLC - Unfunded Revolver (7)		12/22/2028		Personal, Food and Miscellaneous Services			—				—				2,532			$	-			$	-
ACP Avenu Buyer, LLC		10/02/2029		Business Services			9.03	%		3M SOFR+475					5,930				5,886				5,871
ACP Avenu Buyer, LLC - Unfunded Term Loan (7)		04/21/2027		Business Services			—				—				3,479				-				(17	)
ACP Avenu Buyer, LLC - Unfunded Revolver (7)		10/02/2029		Business Services			—				—				2,436				-				(24	)
ACP Falcon Buyer, Inc. - Unfunded Revolver (7)		08/01/2029		Business Services			—				—				2,533				-				-
Ad.net Acquisition, LLC - Funded Revolver		05/07/2026		Media			10.56	%		3M SOFR+626					292				292				292
Ad.net Acquisition, LLC - Unfunded Revolver (7)		05/07/2026		Media			—				—				152				-				-
Adweek Purchaser, LLC		05/30/2027		Printing and Publishing			11.30	%		3M SOFR+700					2,000				1,972				2,000
Adweek Purchaser, LLC - Unfunded Term Loan (7)		11/30/2025		Printing and Publishing			—				—				400				-				6
Aechelon Technology, Inc.		08/16/2029		Aerospace and Defense			10.83	%		3M SOFR+650					11,760				11,653				11,760
Aechelon Technology, Inc. - Unfunded Revolver (7)		08/16/2029		Aerospace and Defense			—				—				2,724				-				-
AFC Dell Holding Corp.		04/09/2027		Distribution			9.83	%		3M SOFR+550					67				67				67
AFC Dell Holding Corp. - Unfunded Term Loan (7)		04/09/2027		Distribution			—				—				4,428				-				(22	)
Atlas Purchaser, Inc. - Third Out (10)		05/06/2028		Telecommunications			—				—				8,840				7,706				3,492
Atlas Purchaser, Inc. - Fourth Out (10)		05/06/2028		Telecommunications			—				—				4,760				794				262
Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver		06/30/2026		Media			10.20	%		3M SOFR+590					691				691				691
Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver (7)		06/30/2026		Media			—				—				921				-				-
Arcfield Acquisition Corp. - Unfunded Revolver (7)		10/28/2031		Aerospace and Defense			—				—				1,688				-				(8	)
Archer Lewis, LLC - Unfunded Term Loan B (7)		08/28/2026		Healthcare, Education and Childcare			—				—				6,821				-				68
Archer Lewis, LLC - Unfunded Revolver (7)		08/28/2029		Healthcare, Education and Childcare			—				—				1,304				-				-
Argano, LLC.		09/13/2029		Business Services			10.07	%		3M SOFR+575					10,461				10,359				10,366
Argano, LLC. - Unfunded Term Loan (7)		10/02/2026		Business Services			—				—				2,483				-				2
Argano, LLC. - Unfunded Revolver (7)		09/13/2029		Business Services			—				—				794				-				(7	)
Azureon, LLC		06/26/2029		Diversified Conglomerate Service			10.05	%		3M SOFR+575					9,835				9,728				9,609
Azureon, LLC - Funded Revolver		06/26/2029		Diversified Conglomerate Service			10.07	%		3M SOFR+575					464				464				453
Azureon, LLC - Unfunded Revolver (7)		06/26/2029		Diversified Conglomerate Service			—				—				696				-				(16	)
Beacon Behavioral Support Service, LLC - Unfunded Term Loan (7)		12/22/2025		Healthcare, Education and Childcare			—				—				3,838				-				-
Beacon Behavioral Support Service, LLC - Funded Revolver		06/21/2029		Healthcare, Education and Childcare			9.80	%		3M SOFR+550					782				782				774
Beacon Behavioral Support Service, LLC - Unfunded Revolver (7)		06/21/2029		Healthcare, Education and Childcare			—				—				261				-				(3	)
Berwick Industrial Park		08/02/2025		Buildings and Real Estate			13.00	%			—				4,000				4,006				3,920
Best Practice Associates, LLC - Unfunded Revolver (7)		11/08/2029		Aerospace and Defense			—				—				1,929				-				(24	)
Beta Plus Technologies, Inc.		07/02/2029		Business Services			10.05	%		3M SOFR+575					4,863				4,804				4,753
Big Top Holdings, LLC - Unfunded Revolver (7)		02/28/2030		Manufacturing/Basic Industry			—				—				1,155				-				-
BioDerm, Inc. - Funded Revolver		01/31/2028		Healthcare, Education and Childcare			10.82	%		3M SOFR+650					1,071				1,071				1,058
Blackhawk Industrial Distribution, Inc.		09/17/2026		Distribution			9.72	%		3M SOFR+540					1,270				1,265				1,254
Blackhawk Industrial Distribution, Inc. - Funded Revolver		09/17/2026		Distribution			9.70	%		3M SOFR+540					2,671				2,671				2,638
Blackhawk Industrial Distribution, Inc. - Unfunded Revolver (7)		09/17/2026		Distribution			—				—				2,186				-				(27	)
BLC Holding Company, Inc. - Unfunded Term Loan (7)		11/20/2026		Business Services			—				—				9,768				-				73
BLC Holding Company, Inc. - Unfunded Revolver (7)		11/20/2030		Business Services			—				—				3,005				-				-
Boss Industries, LLC - Unfunded Revolver (7)		12/27/2030		Conglomerate Manufacturing			—				—				1,306				-				-

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

8

---

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Capital Construction, LLC		10/22/2026		Consumer Services			10.05	%		3M SOFR+575					3,659			$	3,631			$	3,631
Capital Construction, LLC - Unfunded Term Loan A (7)		07/31/2025		Consumer Services			—				—				1,950				-				-
Capital Construction, LLC - Unfunded Term Loan B (7)		12/30/2025		Consumer Services			—				—				6,613				-				-
Carisk Buyer, Inc. - Unfunded Term Loan (7)		12/03/2029		Healthcare, Education and Childcare			—				—				4,813				-				48
Carisk Buyer, Inc. - Unfunded Term Loan 2 (7)		12/03/2029		Healthcare, Education and Childcare			—				—				1,528				-				11
Carisk Buyer, Inc. - Unfunded Revolver (7)		12/03/2029		Healthcare, Education and Childcare			—				—				1,750				-				-
Carnegie Dartlet, LLC		02/07/2030		Education			9.83	%		3M SOFR+550					2,331				2,309				2,308
Carnegie Dartlet, LLC - Unfunded Term Loan (7)		02/09/2026		Education			—				—				7,680				-				-
Carnegie Dartlet, LLC - Unfunded Revolver (7)		02/07/2030		Education			—				—				3,339				-				(33	)
Cartessa Aesthetics, LLC		06/14/2028		Distribution			10.30	%		3M SOFR+600					23,555				23,281				23,555
Cartessa Aesthetics, LLC - Funded Revolver		06/14/2028		Distribution			10.30	%		3M SOFR+600					1,265				1,265				1,265
Cartessa Aesthetics, LLC - Unfunded Revolver (7)		06/14/2028		Distribution			—				—				2,297				-				-
Case Works, LLC - Unfunded Term Loan (7)		10/01/2025		Business Services			—				—				852				-				(12	)
Case Works, LLC - Funded Revolver		10/01/2029		Business Services			9.55	%		3M SOFR+525					1,415				1,415				1,383
Case Works, LLC - Unfunded Revolver (7)		10/01/2029		Business Services			—				—				472				-				(11	)
CF512, Inc. - Funded Revolver		08/20/2026		Media			10.60	%		3M SOFR+627					82				82				81
CF512, Inc. - Unfunded Revolver (7)		08/20/2026		Media			—				—				827				-				(8	)
CJX Borrower, LLC		07/13/2027		Media			9.97	%		3M SOFR+576					285				278				285
CJX Borrower, LLC - Unfunded Term Loan (7)		07/13/2027		Media			—				—				185				-				34
CJX Borrower, LLC - Funded Revolver		07/13/2027		Media			10.07	%		3M SOFR+576					818				818				818
CJX Borrower, LLC - Unfunded Revolver (7)		07/13/2027		Media			—				—				1,057				-				-
Compex Legal Services, Inc. - Funded Revolver		02/07/2026		Business Services			9.78	%		3M SOFR+555					393				393				393
Compex Legal Services, Inc. - Unfunded Revolver (7)		02/07/2026		Business Services			—				—				262				-				-
Cornerstone Advisors of Arizona, LLC		05/13/2032		Consulting Services			9.05	%		3M SOFR+475					6,000				5,970				5,970
Cornerstone Advisors of Arizona, LLC - Unfunded Revolver (7)		05/13/2032		Consulting Services			—				—				797				-				(4	)
Commercial Fire Protection Holdings, LLC - Unfunded Term Loan (7)		09/23/2026		Business Services			—				—				6,630				-				50
Commercial Fire Protection Holdings, LLC - Unfunded Revolver (7)		09/23/2030		Business Services			—				—				2,486				-				-
Crane 1 Services, Inc. - Unfunded Revolver (7)		08/16/2027		Personal, Food and Miscellaneous Services			—				—				435				-				(3	)
C5MI Acquisition, LLC		07/31/2029		Business Services			10.30	%		3M SOFR+600					2,469				2,437				2,469
C5MI Acquisition, LLC - Funded Revolver		07/31/2029		Business Services			10.33	%		3M SOFR+600					964				964				964
C5MI Acquisition, LLC - Unfunded Revolver (7)		07/31/2029		Business Services			—				—				3,169				-				-
Dr. Squatch, LLC - Unfunded Revolver (7)		08/31/2027		Media			—				—				2,326				-				-
DRS Holdings III, Inc.		11/03/2025		Consumer Products			9.57	%		3M SOFR+525					2				2				2
DRS Holdings III, Inc. - Unfunded Revolver (7)		11/03/2025		Consumer Products			—				—				608				-				(4	)
Duggal Acquisition, LLC - Unfunded Term Loan (7)		09/30/2026		Marketing Services			—				—				2,042				-				20
Duggal Acquisition, LLC - Unfunded Revolver (7)		09/30/2030		Marketing Services			—				—				2,561				-				-
Dynata, LLC - Last-Out Term Loan		10/16/2028		Business Services			10.09	%		3M SOFR+576					84				84				73
EDS Buyer, LLC - Unfunded Revolver (7)		12/22/2028		Aerospace and Defense			—				—				1,915				-				5
Emergency Care Partners, LLC - Unfunded Term Loan (7)		10/19/2026		Healthcare, Education and Childcare			—				—				2,185				-				-
Emergency Care Partners, LLC - Unfunded Revolver (7)		10/18/2027		Healthcare, Education and Childcare			—				—				641				-				-
ENC Parent Corporation		08/20/2029		Business Services			8.81	%		3M SOFR+451					3,391				3,041				2,882
ETE Intermediate II, LLC		05/29/2029		Personal, Food and Miscellaneous Services			9.58	%		3M SOFR+525					553				550				553
ETE Intermediate II, LLC - Funded Revolver		05/25/2029		Personal, Food and Miscellaneous Services			9.58	%		3M SOFR+525					166				166				166
ETE Intermediate II, LLC - Unfunded Revolver (7)		05/25/2029		Personal, Food and Miscellaneous Services			—				—				2,264				-				-
Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver (7)		05/10/2030		Healthcare, Education and Childcare			—				—				822				-				-
Exigo Intermediate II, LLC		03/15/2027		Business Services			10.68	%		3M SOFR+635					23,940				23,787				23,940
Exigo Intermediate II, LLC - Unfunded Revolver (7)		03/15/2027		Business Services			—				—				1,856				-				-
Express Wash Intermediate, LLC		04/10/2031		Auto Sector			10.46	%		3M SOFR+625					10,000				9,952				9,940
Express Wash Intermediate, LLC - Unfunded Revolver (7)		04/10/2031		Auto Sector			—				—				609				-				(4	)
First Medical Associates		06/13/2031		Healthcare, Education and Childcare			10.07	%		3M SOFR+575					4,500				4,455				4,455
First Medical Associates - Unfunded Term Loan (7)		06/13/2027		Healthcare, Education and Childcare			—				—				3,000				-				-
First Medical Associates - Unfunded Revolver (7)		06/13/2031		Healthcare, Education and Childcare			—				—				600				-				-
Five Star Buyer, Inc.		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)		02/23/2028		Leisure, Amusement, Motion Pictures, Entertainment			—				—				370				-				(7	)

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

9

---

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)

JUNE 30, 2025

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Gauge ETE Blocker, LLC - Promissory Note		05/21/2029		Personal, Food and Miscellaneous Services		PIK 12.56%					—				277			$	277			$	277
GGG MIDCO, LLC		09/27/2030		Home and Office Furnishings, Housewares and Durable Consumer Products			9.32	%		3M SOFR+500					6,175				6,116				6,175
GGG MIDCO, LLC - Unfunded Term Loan (7)		09/27/2026		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				4,111				-				41
GGG MIDCO, LLC - Unfunded Revolver (7)		09/27/2030		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				581				-				-
Graffiti Buyer, Inc.		08/10/2027		Distribution			9.92	%		3M SOFR+560					246				244				241
Graffiti Buyer, Inc. - Unfunded Term Loan (7)		08/10/2027		Distribution			—				—				831				-				(10	)
Graffiti Buyer, Inc. - Unfunded Revolver (7)		08/10/2027		Distribution			—				—				769				-				(15	)
Halo Buyer, Inc.		08/07/2029		Consumer Products			10.33	%		3M SOFR+600					16,958				16,800				16,449
Halo Buyer, Inc. - Funded Revolver		08/07/2029		Consumer Products			12.50	%		3M SOFR+500					495				495				464
Halo Buyer, Inc. - Unfunded Revolver (7)		08/07/2029		Consumer Products			—				—				2,203				-				(135	)
Hancock Roofing and Construction L.L.C.		12/31/2026		Insurance			9.93	%		3M SOFR+560					750				750				746
Harris & Co. LLC		08/09/2030		Financial Services			9.33	%		3M SOFR+500					8,457				8,385				8,457
Harris & Co. LLC - Unfunded Term Loan B (7)		02/09/2026		Financial Services			—				—				7,461				-				65
Harris & Co. LLC - Unfunded Revolver (7)		08/09/2030		Financial Services			—				—				4,529				-				-
Hills Distribution, Inc.		11/08/2029		Distribution			10.32	%		3M SOFR+600					7,805				7,737				7,805
Hills Distribution, Inc. - Unfunded Term Loan (7)		11/07/2025		Distribution			—				—				1,280				-				13
HV Watterson Holdings, LLC		12/17/2026		Business Services			12.00	%			—				288				287				181
						(PIK 4.00%)
HV Watterson Holdings, LLC - Funded Revolver		12/17/2026		Business Services			12.00	%			—				1,250				1,250				785
						(PIK 4.00%)
HV Watterson Holdings, LLC - Unfunded Revolver (7)		12/17/2026		Business Services			—				—				—				-				-
HW Holdco, LLC - Unfunded Revolver (7)		05/11/2026		Media			—				—				3,387				-				-
IG Investment Holdings LLC		09/22/2028		Business Services			9.28	%		3M SOFR+500					104				103				103
IG Investments Holdings, LLC - Unfunded Revolver (7)		09/22/2028		Business Services			—				—				722				-				(5	)
Imagine Acquisitionco, LLC - Unfunded Revolver (7)		11/16/2027		Business Services			—				—				1,685				-				(4	)
Impact Advisors, LLC		03/19/2032		Business Services			9.05	%		3M SOFR+475					7,980				7,941				7,940
Impact Advisors, LLC - Unfunded Term Loan (7)		03/21/2027		Business Services			—				—				4,686				-				-
Impact Advisors, LLC - Unfunded Revolver (7)		03/19/2032		Business Services			—				—				937				-				(5	)
Infinity Home Services Holdco, Inc.		12/28/2028		Personal, Food and Miscellaneous Services			10.30	%		3M SOFR+600					8,997				8,902				8,997
Infinity Home Services Holdco, Inc. (CAD)		12/28/2028		Personal, Food and Miscellaneous Services			10.30	%		3M SOFR+600					CAD 2,619				1,891				1,919
Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan (7)		10/30/2026		Personal, Food and Miscellaneous Services			—				—				9,091				-				(45	)
Infinity Home Services Holdco, Inc. - Funded Revolver		12/28/2028		Personal, Food and Miscellaneous Services			12.50	%		3M SOFR+500					323				323				323
Infinity Home Services Holdco, Inc. - Unfunded Revolver (7)		12/28/2028		Personal, Food and Miscellaneous Services			—				—				969				-				-
Inovex Information Systems Incorporated - Unfunded Term Loan (7)		12/17/2026		Business Services			—				—				1,900				-				-
Inovex Information Systems Incorporated - Funded Revolver		12/17/2030		Business Services			9.58	%		3M SOFR+525					974				974				974
Inovex Information Systems Incorporated - Unfunded Revolver (7)		12/17/2030		Business Services			—				—				1,401				-				-
Inventus Power, Inc. - Funded Revolver		01/15/2026		Electronics			11.93	%		3M SOFR+761					288				288				288
Inventus Power, Inc. - Unfunded Revolver (7)		01/15/2026		Electronics			—				—				1,441				-				-
Kinetic Purchaser, LLC		11/10/2027		Consumer Products			10.45	%		3M SOFR+615					3,099				3,039				2,944
Kinetic Purchaser, LLC - Funded Revolver		11/10/2026		Consumer Products			10.47	%		3M SOFR+615					2,427				2,427				2,305
Kinetic Purchaser, LLC - Unfunded Revolver (7)		11/10/2026		Consumer Products			—				—				2,427				-				(121	)
Lash OpCo, LLC		02/18/2027		Consumer Products			12.14	%		3M SOFR+785					3,016				2,996				2,956
						(PIK 5.10%)

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

10

---

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Lash OpCo, LLC - Funded Revolver		08/16/2026		Consumer Products			12.14	%		3M SOFR+785					2,790			$	2,790			$	2,734
						(PIK 5.10%)
Lash OpCo, LLC - Unfunded Revolver (7)		08/16/2026		Consumer Products			—				—				317				-				(6	)
LAV Gear Holdings, Inc. (10)		10/31/2025		Leisure, Amusement, Motion Pictures, Entertainment			—				—				2,125				2,088				1,591
LAV Gear Holdings, Inc. - Incremental Term Loan		10/31/2025		Leisure, Amusement, Motion Pictures, Entertainment		PIK 10.00%					—				138				131				172
Ledge Lounger, Inc.		11/09/2026		Consumer Products			11.95	%		3M SOFR+765					8,998				8,941				8,458
						(PIK 1.00%)
Ledge Lounger, Inc. - Funded Revolver		11/09/2026		Consumer Products			11.95	%		3M SOFR+765					1,621				1,621				1,524
						(PIK 1.00%)
Lightspeed Buyer, Inc.		02/03/2027		Healthcare, Education and Childcare			9.08	%		3M SOFR+475					2,016				2,016				2,016
Lightspeed Buyer Inc. - Unfunded Revolver (7)		02/03/2027		Healthcare, Education and Childcare			—				—				1,166				-				-
LJ Avalon Holdings, LLC		02/01/2030		Environmental Services			9.03	%		3M SOFR+475					1,110				1,104				1,110
LJ Avalon Holdings, LLC - Unfunded Term Loan (7)		10/01/2025		Environmental Services			—				—				1,306				-				7
LJ Avalon Holdings, LLC - Unfunded Revolver (7)		02/01/2029		Environmental Services			—				—				587				-				-
Loving Tan Intermediate II, Inc.		05/31/2028		Consumer Products			9.80	%		3M SOFR+550					7,089				7,010				7,053
Loving Tan Intermediate II, Inc. - Funded Revolver		05/31/2028		Consumer Products			9.80	%		3M SOFR+550					332				332				330
Loving Tan Intermediate II, Inc. - Unfunded Revolver (7)		05/31/2028		Consumer Products			—				—				664				-				(3	)
Loving Tan Intermediate II, Inc. - Unfunded Term Loan (7)		07/14/2025		Consumer Products			—				—				2,018				-				10
Marketplace Events Acquisition, LLC		12/19/2030		Media			9.55	%		3M SOFR+525					869				860				869
Marketplace Events Acquisition, LLC - Unfunded Term Loan (7)		06/19/2026		Media			—				—				3,483				-				35
Marketplace Events Acquisition, LLC - Funded Revolver		12/19/2030		Media			9.57	%		3M SOFR+525					653				653				653
Marketplace Events Acquisition, LLC - Unfunded Revolver (7)		12/19/2030		Media			—				—				1,524				-				-
MBS Holdings, Inc.		04/16/2027		Telecommunications			9.28	%		3M SOFR+510					268				267				268
MBS Holdings, Inc. - Unfunded Revolver (7)		04/16/2027		Telecommunications			—				—				694				-				-
MDI Buyer, Inc. - Funded Revolver		07/25/2028		Chemicals, Plastics and Rubber			11.50	%		3M SOFR+375					1,407				1,407				1,393
MDI Buyer, Inc. - Unfunded Revolver (7)		07/25/2028		Chemicals, Plastics and Rubber			—				—				819				-				(8	)
Meadowlark Acquirer, LLC		12/10/2027		Business Services			9.95	%		3M SOFR+565					1,908				1,896				1,879
Meadowlark Acquirer, LLC - Funded Revolver		12/10/2027		Business Services			9.95	%		3M SOFR+565					337				337				332
Meadowlark Acquirer, LLC- Unfunded Revolver (7)		12/10/2027		Business Services			—				—				1,348				-				(20	)
Medina Health, LLC - Unfunded Revolver (7)		10/20/2028		Healthcare, Education and Childcare			—				—				2,774				-				7
Megawatt Acquisitionco, Inc. - Funded Revolver		03/01/2030		Electronics			9.83	%		3M SOFR+550					483				483				446
Megawatt Acquisitionco, Inc. - Unfunded Revolver (7)		03/01/2030		Electronics			—				—				1,374				-				(106	)
Mineola 212, LLC		12/24/2025		Buildings and Real Estate			13.00	%			—				3,500				3,511				3,500
MOREGroup Holdings, Inc. - Unfunded Term Loan (7)		01/16/2026		Business Services			—				—				6,124				-				61
MOREGroup Holdings, Inc. - Unfunded Revolver (7)		01/16/2030		Business Services			—				—				3,675				-				-
Municipal Emergency Services, Inc.		10/01/2027		Distribution			9.45	%		3M SOFR+515					376				373				376
Municipal Emergency Services, Inc. - Unfunded Term Loan 3rd Amendment (7)		09/28/2027		Distribution			—				—				123				-				1
Municipal Emergency Services, Inc. - Unfunded Revolver (7)		10/01/2027		Distribution			—				—				1,880				-				-
NBH Group LLC - Unfunded Revolver (7)		08/19/2026		Healthcare, Education and Childcare			—				—				1,163				-				-
NORA Acquisition, LLC - Funded Revolver		08/31/2029		Healthcare, Education and Childcare			10.65	%		3M SOFR+635					406				406				403
NORA Acquisition, LLC - Unfunded Revolver (7)		08/31/2029		Healthcare, Education and Childcare			—				—				2,301				-				(17	)
NP Riverhead Industrial, LLC		07/10/2025		Buildings and Real Estate			14.50	%			—				5,000				5,003				5,050
Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 (7)		09/30/2026		Diversified Conglomerate Service			—				—				5,598				-				(7	)
Omnia Exterior Solutions, LLC - Funded Revolver		12/31/2029		Diversified Conglomerate Service			9.57	%		3M SOFR+525					420				420				416
Omnia Exterior Solutions, LLC - Unfunded Revolver (7)		12/31/2029		Diversified Conglomerate Service			—				—				1,680				-				(17	)
ORL Acquisition, Inc.		09/03/2027		Business Services			13.73	%		3M SOFR+940					4,321				4,285				3,888
						(PIK 7.50%)

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

11

---

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
ORL Acquisition, Inc. - Unfunded Revolver (7)		09/03/2027		Business Services			—				—				149			$	-			$	(15	)
OSP Embedded Purchaser, LLC		12/17/2029		Aerospace and Defense			10.07	%		3M SOFR+575					6,403				6,309				6,300
OSP Embedded Purchaser, LLC - Unfunded Revolver (7)		12/17/2029		Aerospace and Defense			—				—				1,477				-				(24	)
Pacific Purchaser, LLC		10/02/2028		Business Services			10.56	%		3M SOFR+625					820				809				811
Pacific Purchaser, LLC - Unfunded Revolver (7)		10/02/2028		Business Services			—				—				1,373				-				(15	)
PAR Excellence Holdings, Inc.		09/03/2030		Healthcare, Education and Childcare			9.32	%		3M SOFR+500					11,970				11,853				11,850
PAR Excellence Holdings, Inc. - Unfunded Revolver (7)		09/03/2030		Healthcare, Education and Childcare			—				—				2,681				-				(27	)
PCS MIDCO INC		03/01/2030		Financial Services			10.05	%		3M SOFR+575					2,167				2,149				2,178
PCS MIDCO INC - Unfunded Term Loan (7)		03/02/2026		Financial Services			—				—				2,239				-				34
PCS MIDCO INC - Funded Revolver		03/01/2030		Financial Services			10.05	%		3M SOFR+575					132				132				133
PCS MIDCO INC - Unfunded Revolver (7)		03/01/2030		Financial Services			—				—				1,630				-				8
PlayPower, Inc.		08/28/2030		Manufacturing/Basic Industry			9.55	%		3M SOFR+525					11,910				11,833				11,791
PlayPower, Inc. - Unfunded Revolver (7)		08/28/2030		Manufacturing/Basic Industry			—				—				2,570				-				(26	)
PL Acquisitionco, LLC - Unfunded Revolver (7)		11/09/2027		Retail			—				—				1,618				-				(615	)
Project Granite Buyer, Inc. - Unfunded Term Loan (7)		12/31/2026		Business Services			—				—				554				-				11
Project Granite Buyer, Inc. - Unfunded Revolver (7)		12/31/2030		Business Services			—				—				923				-				9
Radius Aerospace, Inc. - Funded Revolver		03/29/2027		Aerospace and Defense			10.46	%		3M SOFR+615					410				410				399
Radius Aerospace, Inc. - Unfunded Revolver (7)		03/29/2027		Aerospace and Defense			—				—				1,819				-				(45	)
Rancho Health MSO, Inc. - Unfunded Term Loan (7)		06/30/2026		Healthcare, Education and Childcare			—				—				1,954				-				8
Rancho Health MSO, Inc. - Funded Revolver		06/20/2029		Healthcare, Education and Childcare			9.56	%		3M SOFR+525					1,248				1,248				1,248
Rancho Health MSO, Inc. - Unfunded Revolver (7)		06/20/2029		Healthcare, Education and Childcare			—				—				1,427				-				-
Recteq, LLC - Funded Revolver		01/29/2026		Consumer Products			11.09	%		3M SOFR+700					313				313				311
Recteq, LLC - Unfunded Revolver (7)		01/29/2026		Consumer Products			—				—				814				-				(4	)
Riverpoint Medical, LLC - Unfunded Revolver (7)		06/21/2027		Healthcare, Education and Childcare			—				—				364				-				-
Ro Health, LLC - Unfunded Revolver (7)		01/17/2031		Healthcare Providers & Services			—				—				4,193				-				-
Route 66 Development		01/24/2031		Gaming			13.33	%		3M SOFR+900					18,000				17,653				17,910
RRA Corporate, LLC		08/15/2029		Business Services			9.30	%		3M SOFR+500					3,003				2,973				2,979
RRA Corporate, LLC - Unfunded Term Loan 2 (7)		08/17/2026		Business Services			—				—				7,178				-				14
RRA Corporate, LLC - Funded Revolver		08/15/2029		Business Services			9.57	%		3M SOFR+525					1,763				1,763				1,749
RRA Corporate, LLC - Unfunded Revolver (7)		08/15/2029		Business Services			—				—				1,385				-				(11	)
RTIC Subsidiary Holdings, LLC - Funded Revolver		05/03/2029		Consumer Products			10.07	%		3M SOFR+575					2,169				2,169				2,131
RTIC Subsidiary Holdings, LLC - Unfunded Revolver (7)		05/03/2029		Consumer Products			—				—				3,253				-				(57	)
Rural Sourcing Holdings, Inc. - Unfunded Term Loan (7)		06/26/2026		Business Services			—				—				1,146				-				(23	)
Rural Sourcing Holdings, Inc. - Funded Revolver		06/15/2029		Business Services			10.08	%		3M SOFR+575					487				487				475
Rural Sourcing Holdings, Inc. - Unfunded Revolver (7)		06/15/2029		Business Services			—				—				373				-				(9	)
Sabel Systems Technology Solutions, LLC - Unfunded Revolver (7)		10/31/2030		Government Services			—				—				1,328				-				-
Safe Haven Defense US LLC		05/23/2029		Building Materials			9.57	%		3M SOFR+525					3,930				3,879				3,930
Safe Haven Defense US LLC - Unfunded Revolver (7)		05/23/2029		Building Materials			—				—				1,114				-				-
Sales Benchmark Index LLC - Funded Revolver		07/07/2026		Business Services			9.50	%		3M SOFR+520					427				427				427
Sales Benchmark Index LLC - Unfunded Revolver (7)		07/07/2026		Business Services			—				—				183				-				-
Sath Industries, LLC		12/17/2029		Event Services			9.81	%		3M SOFR+550					11,417				11,313				11,417
Sath Industries, LLC - Unfunded Revolver (7)		12/17/2029		Event Services			—				—				1,300				-				-
Schlesinger Global, Inc.		07/21/2025		Business Services			12.92	%		3M SOFR+860					5,090				5,089				4,836
						(PIK 5.85%)
Schlesinger Global, Inc. - Funded Revolver		07/21/2025		Business Services			12.92	%		3M SOFR+860					34				34				32
						(PIK 5.85%)
Schlesinger Global, Inc. - Unfunded Revolver (7)		07/21/2025		Business Services			—				—				8				-				-

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

12

---

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Seacoast Service Partners, LLC		12/20/2029		Diversified Conglomerate Service			9.32	%		3M SOFR+500					1,805			$	1,790			$	1,742
Seacoast Service Partners, LLC - Unfunded Term Loan (7)		12/21/2026		Diversified Conglomerate Service			—				—				3,608				-				(95	)
Seacoast Service Partners, LLC - Funded Revolver		12/20/2029		Diversified Conglomerate Service			9.30	%		3M SOFR+500					393				393				379
Seacoast Service Partners, LLC - Unfunded Revolver (7)		12/20/2029		Diversified Conglomerate Service			—				—				962				-				(34	)
Seaway Buyer, LLC		06/13/2029		Chemicals, Plastics and Rubber			10.47	%		3M SOFR+615					4,668				4,621				4,400
Seaway Buyer, LLC - Funded Revolver		06/13/2028		Chemicals, Plastics and Rubber			10.47	%		3M SOFR+615					2,605				2,605				2,455
Seaway Buyer, LLC - Unfunded Revolver (7)		06/13/2028		Chemicals, Plastics and Rubber			—				—				521				-				(30	)
Shiftkey, LLC		06/21/2027		Business Services			10.31	%		3M SOFR+601					17,431				17,338				16,333
Sigma Defense Systems, LLC		12/20/2027		Telecommunications			11.47	%		3M SOFR+715					10,497				10,255				10,497
Sigma Defense Systems, LLC - Funded Revolver		12/20/2027		Telecommunications			11.47	%		3M SOFR+715					848				848				848
Sigma Defense Systems, LLC - Unfunded Revolver (7)		12/20/2027		Telecommunications			—				—				2,838				-				-
Spendmend Holdings LLC		03/01/2028		Business Services			9.45	%		3M SOFR+515					1,195				1,189				1,195
Spendmend Holdings LLC - Unfunded Term Loan 2 (7)		11/25/2026		Business Services			—				—				1,434				-				7
Spendmend Holdings LLC - Funded Revolver		03/01/2028		Business Services			9.38	%		3M SOFR+515					234				234				234
Spendmend Holdings LLC - Unfunded Revolver (7)		03/01/2028		Business Services			—				—				1,168				-				-
STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans		10/03/2029		Transportation			12.66	%		3M SOFR+835					4,248				4,041				3,568
						(PIK 7.25%)
STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans (13)		10/03/2029		Transportation			5.42	%			—				9,842				5,656				2,953
SV-Aero Holdings, LLC - Unfunded Term Loan (7)		11/02/2026		Aerospace and Defense			—				—				3,562				-				18
System Planning and Analysis, Inc.		08/16/2027		Aerospace and Defense			8.95	%		3M SOFR+475					8,312				8,260				8,246
System Planning and Analysis, Inc. - Unfunded Term Loan (7)		06/12/2027		Aerospace and Defense			—				—				1,751				-				(5	)
System Planning and Analysis, Inc. - Funded Revolver		08/16/2027		Aerospace and Defense			9.06	%		3M SOFR+475					1,747				1,747				1,733
System Planning and Analysis, Inc. - Unfunded Revolver (7)		08/16/2027		Aerospace and Defense			—				—				2,969				-				(24	)
TCG 3.0 Jogger Acquisitionco, Inc.		01/23/2029		Media			10.82	%		3M SOFR+650					8,888				8,769				8,888
TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver		01/23/2029		Media			13.00	%		3M SOFR+550					345				345				345
TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver (7)		01/23/2029		Media			—				—				1,380				-				-
The Bluebird Group LLC - Unfunded Revolver (7)		07/28/2026		Business Services			—				—				734				-				-
The Vertex Companies, LLC		08/31/2028		Business Services			9.43	%		3M SOFR+510					182				180				182
The Vertex Companies, LLC - Unfunded Term Loan (7)		11/04/2026		Business Services			—				—				6,457				-				36
The Vertex Companies, LLC - Funded Revolver		08/31/2028		Business Services			9.42	%		3M SOFR+510					592				592				591
The Vertex Companies, LLC - Unfunded Revolver (7)		08/31/2028		Business Services			—				—				3,376				-				(7	)
TransGo, LLC - Unfunded Revolver (7)		12/29/2028		Machinery			—				—				2,775				-				14
Urology Management Holdings, Inc. - Unfunded Term Loan A (7)		09/03/2026		Healthcare, Education and Childcare			—				—				1,000				-				1
US Fertility Enterprises, LLC		10/11/2031		Healthcare, Education and Childcare			8.78	%		3M SOFR+450					264				267				264
VRS Buyer, Inc. - Unfunded Term Loan (7)		11/23/2026		Business Services			—				—				4,759				-				12
VRS Buyer, Inc. - Unfunded Revolver (7)		11/22/2030		Business Services			—				—				2,380				-				(12	)
Watchtower Intermediate, LLC. - Unfunded Revolver (7)		12/03/2029		Electronics			—				—				6,300				-				(6	)
Wash & Wax Systems LLC		04/30/2028		Auto Sector		PIK 9.78%				3M SOFR+550					1,180				1,202				1,204
Wash & Wax Systems LLC - Funded Revolver		04/30/2028		Auto Sector		PIK 9.78%				3M SOFR+550					13				13				13
Wash & Wax Systems LLC - Unfunded Revolver (7)		04/30/2028		Auto Sector			—				—				617				-				-
Total First Lien Secured Debt																			417,635				405,240
Second Lien Secured Debt - 3.7% of Net Assets
Burgess Point Purchaser Corporation		07/28/2030		Auto Sector			13.38	%		3M SOFR+910					8,000				7,732				8,000
ENC Parent Corporation - Second Lien		08/19/2029		Business Services			12.06	%		3M SOFR+776					7,500				7,451				6,600
Team Services Group, LLC		12/18/2028		Healthcare, Education and Childcare			13.54	%		3M SOFR+926					3,429				3,426				3,411
Total Second Lien Secured Debt																			18,609				18,011
Subordinate Debt/Corporate Notes - 6.4% of Net Assets
Beacon Behavioral Holdings LLC		06/21/2030		Healthcare, Education and Childcare		PIK 15.00%					—				3,617				3,575				3,581
Northwinds Topco, Inc.		10/30/2029		Consumer Services		PIK 15.00%					—				7,964				7,874				7,904

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

13

---

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Northwinds Topco, Inc. - Unfunded Term Loan (7)		10/30/2029		Consumer Services			—				—				7,000			$	-			$	(53	)
ORL Holdco, Inc. - Convertible Notes		03/08/2028		Business Services			18.00	%			—				6				6				4
ORL Holdco, Inc. - Unfunded Convertible Notes (7)		03/08/2028		Business Services			—				—				6				-				(1	)
OSP Embedded Aggregator, LP - Convertible Note		05/08/2030		Aerospace and Defense			12.00	%			—				24				237				289
Schlesinger Global, LLC - Promissory Note		01/08/2026		Business Services			12.92	%		3M SOFR+860					1				1				3
StoicLane, Inc. - Convertible Notes		08/16/2027		Healthcare, Education and Childcare			12.00	%			—				917				917				1,014
StoicLane, Inc. - Unfunded Convertible Notes (7)		08/16/2027		Healthcare, Education and Childcare			—				—				306				-				32
United Land Services Intermediate Parent Holdings, LLC		12/23/2026		Environmental Services		PIK 14.75%					—				17,456				17,207				17,281
United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan (7)		07/12/2025		Environmental Services			—				—				2,541				-				13
Wash & Wax Systems LLC		07/30/2028		Auto Sector			12.00	%			—				787				788				786
Total Subordinate Debt																			30,605				30,853
Preferred Equity/Partnership Interests - 3.9% of Net Assets (6)
Accounting Platform Blocker, Inc.				Financial Services							—				356,200				356				356
Ad.net Holdings, Inc.				Media							—				2,400				240				292
AFC Acquisitions, Inc. (F-2 Series) (9)				Distribution							—				490				749				619
AFC Acquisitions, Inc. (G-2 Series) (9)				Distribution							—				11				18				14
AFC Acquisitions, Inc. (H-2 Series) (9)				Distribution							—				6				12				8
AFC Acquisitions, Inc. (I-2 Series) (9)				Distribution							—				6				12				7
AFC Acquisitions, Inc. (J-2 Series) (9)				Distribution							—				10				20				13
AH Newco Equityholdings, LLC				Healthcare, Education and Childcare			6.00	%			—				211				500				366
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)				Media							—				1,135				1,135				1,071
BioDerm Holdings, LP				Healthcare, Education and Childcare							—				1,312				1,312				1,275
Cartessa Aesthetics, LLC (9)				Distribution							—				3,562,500				3,563				7,611
Connatix Parent, LLC				Media							—				7,967				8				8
C5MI Holdco, LLC (9)				Business Services							—				104,000				104				118
Gauge Schlesinger Coinvest, LLC - Class A-2				Business Services							—				1				1				1
EvAL Home Health Solutions, LLC (9)				Healthcare, Education and Childcare							—				272,771				453				426
Hancock Claims Consultants Investors, LLC - Class A (9)				Insurance							—				116,588				76				142
Imagine Topco, LP Preferred				Business Services			8.00	%			—				743,826				744				956
Magnolia Topco LP - Class A (9)				Auto Sector							—				1,545				1,545				1,759
Magnolia Topco LP - Class A-1 (9)				Auto Sector							—				530				530				1,060
Magnolia Topco LP - Class B (9)				Auto Sector							—				1,018				643				516
Megawatt Acquisition Partners, LLC - Class A				Electronics							—				5,349				535				340
NXOF Holdings, Inc. (Tyto Athene, LLC)				Aerospace and Defense							—				422				422				468
ORL Holdco, Inc.				Business Services							—				575				57				8
PL Acquisitionco, LLC - (9)				Retail							—				73				73				-
RTIC Parent Holdings, LLC - Class A (9)				Consumer Products							—				5				5				-
RTIC Parent Holdings, LLC - Class C (9)				Consumer Products							—				10,624				699				1,061
RTIC Parent Holdings, LLC - Class D (9)				Consumer Products							—				11,276				113				145
SP L2 Holdings LLC				Consumer Products							—				331,229				81				7
SP L2 Holdings LLC - Unfunded (7)				Consumer Products							—				189,274				-				(43	)
TPC Holding Company, LP				Food							—				219				219				302
TWD Parent Holdings, LLC				Business Services							—				30				30				41
Total Preferred Equity/Partnership Interests																			14,255				18,947
Common Equity/Partnership Interests/Warrants - 27.5% of Net Assets (6)
A1 Garage Equity, LLC (9)				Personal, Food and Miscellaneous Services							—				2,193,038				2,193				3,663
ACP Big Top Holdings, L.P.				Manufacturing/Basic Industry							—				773,800				744				903
Ad.net Holdings, Inc.				Media							—				2,667				27				-
Aechelon InvestCo, LP				Aerospace and Defense							—				10,684				1,068				3,440
Aechelon InvestCo, LP - Unfunded (7)				Aerospace and Defense							—				11,940				-				-
Aftermarket Drivetrain Products Holdings, LLC				Machinery							—				1,645				1,645				2,455
AG Investco LP (9)				Business Services							—				8,052				805				152
AG Investco LP - Unfunded (7), (9)				Business Services							—				1,948				-				(158	)
Altamira Intermediate Company II, Inc.				Aerospace and Defense							—				125,000				125				128
AMCSI Crash Co-Invest, LP				Auto Sector							—				24,898				2,490				3,486
AMCSI Crash Co-Invest, LP - Unfunded (7)				Auto Sector							—				5,102				-				-
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)				Media							—				1,135				-				-
Athletico Holdings, LLC (9)				Healthcare, Education and Childcare							—				9,357				10,000				7,034
Atlas Investment Aggregator, LLC				Telecommunications							—				1,700,000				1,613				-
Azureon, LLC (9)				Diversified Conglomerate Service							—				508,238				508				427
BioDerm, Inc.				Healthcare, Education and Childcare							—				1,312				-				-
Burgess Point Holdings, LP				Auto Sector							—				764				777				781
Carnegie Holdco, LLC (9)				Education							—				1,680,300				1,633				1,378
Carisk Parent, L.P.				Healthcare, Education and Childcare							—				204,455				204				197
Connatix Parent, LLC				Media							—				273,207				632				322
Consello Pacific Aggregator, LLC (9)				Business Services							—				782,891				743				587
Cowboy Parent LLC				Distribution							—				27,778				3,015				3,623
Crane 1 Acquisition Parent Holdings, L.P.				Personal, Food and Miscellaneous Services							—				113				104				221
C5MI Holdco, LLC (9)				Business Services							—				754,200				754				455
Delta InvestCo LP (9)				Telecommunications							—				913,649				866				1,443
Delta InvestCo LP - Unfunded (7), (9)				Telecommunications							—				227,395				-				-

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

14

---

 

ENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon		Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Duggal Acquisition, LLC				Marketing Services					—				314			$	314			$	319
eCommission Holding Corporation (11)				Financial Services					—				80				905				2,297
EDS Topco, LP				Aerospace and Defense					—				937,500				938				1,515
Events Buyer, LLC				Event Services					—				536,267				536				616
Exigo, LLC				Business Services					—				1,458,333				1,458				1,645
FedHC InvestCo LP (9)				Aerospace and Defense					—				15,255				545				2,047
FedHC InvestCo LP - Unfunded (7), (9)				Aerospace and Defense					—				2,563				-				-
FedHC InvestCo II LP (9)				Aerospace and Defense					—				21,817				2,303				3,037
First Medical Holdings, LLC				Healthcare, Education and Childcare					—				45,000				450				450
Five Star Parent Holdings, LLC				Leisure, Amusement, Motion Pictures, Entertainment					—				655,714				656				174
Gauge ETE Blocker, LLC				Personal, Food and Miscellaneous Services					—				374,444				374				352
Gauge Lash Coinvest LLC				Consumer Products					—				1,231,392				951				2,996
Gauge Loving Tan, LP				Consumer Products					—				543,562				544				645
Gauge Schlesinger Coinvest, LLC				Business Services					—				9				10				4
GCOM InvestCo LP				Business Services					—				2,434				1,003				591
GCP Boss Holdco, LLC				Conglomerate Manufacturing					—				1,045,100				1,045				1,254
GGG MIDCO, LLC (9)				Home and Office Furnishings, Housewares and Durable Consumer Products					—				1,222,700				1,223				1,273
GMP Hills, LP				Distribution					—				3,747,470				3,747				4,085
Hancock Claims Consultants Investors, LLC (9)				Insurance					—				450,000				450				230
HPA SPQ Aggregator LP				Business Services					—				750,399				750				483
HV Watterson Holdings, LLC				Business Services					—				1,600,000				1,600				-
Icon Partners V C, L.P.				Business Services					—				1,137,608				1,138				1,080
Icon Partners V C, L.P. - Unfunded (7)				Business Services					—				362,392				-				(18	)
IHS Parent Holdings, L.P.				Personal, Food and Miscellaneous Services					—				1,218,045				1,218				1,693
Imagine Topco, LP				Business Services					—				743,826				-				-
Infogroup Parent Holdings, Inc.				Other Media					—				181,495				2,040				2,710
Ironclad Holdco, LLC (Applied Technical Services, LLC)				Environmental Services					—				4,993				525				784
ITC Infusion Co-invest, LP (9)				Healthcare, Education and Childcare					—				162,445				1,673				3,525
Kinetic Purchaser, LLC				Consumer Products					—				1,308,814				1,309				128
Kinetic Purchaser, LLC - Class AA				Consumer Products					—				115,688				135				271
KL Stockton Co-Invest LP (Any Hour Services) (9)				Personal, Food and Miscellaneous Services					—				382,353				385				531
Lightspeed Investment Holdco LLC				Healthcare, Education and Childcare					—				273,143				273				1,016
LJ Avalon, LP				Environmental Services					—				851,087				851				1,319
Lorient Peregrine Investments, LP				Business Services					—				335,590				4,530				2,514
Magnolia Topco LP - Class A (9)				Auto Sector					—				1,545,460				-				-
Magnolia Topco LP - Class B (9)				Auto Sector					—				1,017,840				-				-
Marketplace Events Acquisition, LLC				Media					—				14,640				1,464				1,605
MDI Aggregator, LP				Chemicals, Plastics and Rubber					—				31,904				3,232				3,442
Meadowlark Title, LLC (9)				Business Services					—				815,385				802				106
Megawatt Acquisition Partners, LLC - Class A				Electronics					—				594				59				-
Municipal Emergency Services, Inc.				Distribution					—				3,920,145				3,984				7,095
NEPRT Parent Holdings, LLC (Recteq, LLC) (9)				Consumer Products					—				1,299				1,250				185
New Insight Holdings, Inc.				Business Services					—				1,157				20				20
New Medina Health, LLC (9)				Healthcare, Education and Childcare					—				1,429,480				1,429				1,919
NFS - CFP Holdings LLC				Business Services					—				662,983				663				749
NORA Parent Holdings, LLC (9)				Healthcare, Education and Childcare					—				1,257				1,248				599
North Haven Saints Equity Holdings, LP (9)				Business Services					—				351,553				352				380
Northwinds Services Group, LLC				Consumer Services					—				840,000				1,680				1,978
NXOF Holdings, Inc.				Aerospace and Defense					—				8,188				108				-
OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (9)				Aerospace and Defense					—				119,966				1,200				1,530
OES Co-Invest, LP - Class A				Diversified Conglomerate Service					—				840				847				1,033
OHCP V BC COI, L.P.				Distribution					—				699,844				700				413
OHCP V BC COI, L.P. - Unfunded (7)				Distribution					—				50,156				-				(21	)
ORL Holdco, Inc.				Business Services					—				638				6				-
OSP Embedded Aggregator, LP				Aerospace and Defense					—				871				871				1,059
OSP PAR Holdings, LP				Healthcare, Education and Childcare					—				1,806				1,812				2,229
PCS Parent, LP				Financial Services					—				421,304				421				442
PennantPark-TSO Senior Loan Fund II, LP (11)				Financial Services					—				8,115,794				8,116				7,177
Pink Lily Holdco, LLC (9)				Retail					—				1,044				1,044				-
Project Granite Holdings, LLC				Business Services					—				369				369				381
Quad (U.S.) Co-Invest, L.P.				Business Services					—				2,607,587				2,608				3,874
QuantiTech InvestCo LP (9)				Aerospace and Defense					—				700				-				98
QuantiTech InvestCo LP - Unfunded (7), (9)				Aerospace and Defense					—				955				-				-
QuantiTech InvestCo II LP (9)				Aerospace and Defense					—				40				12				7
RFMG Parent, LP				Healthcare, Education and Childcare					—				1,050,000				1,050				1,383
Ro Health Holdings, Inc.				Healthcare Providers & Services					—				289,700				290				385
Sabel InvestCo, LP (9)				Government Services					—				31,972				830				1,058

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

15

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Sabel InvestCo, LP - Unfunded (7), (9)				Government Services							—				47,957			$	-			$	-
Safe Haven Defense MidCo, LLC (9)				Building Materials							—				245				245				244
SBI Holdings Investments LLC				Business Services							—				36,585				366				454
Seacoast Service Partners, LLC				Diversified Conglomerate Service							—				274				351				295
Seaway Topco, LP				Chemicals, Plastics and Rubber							—				2,981				2,981				750
SP L2 Holdings, LLC				Consumer Products							—				881,966				882				-
SSC Dominion Holdings, LLC				Electronics							—				36				36				4,358
StellPen Holdings, LLC				Media							—				153,846				154				112
SV Aero Holdings, LLC (9)				Aerospace and Defense							—				25				216				607
TAC LifePort Holdings, LLC (9)				Aerospace and Defense							—				254,206				239				575
TCG 3.0 Jogger Co-Invest, LP				Media							—				6,475				1,252				768
Tinicum Space Coast Co-Invest, LLC (9)				Aerospace and Defense							—				216				2,177				2,401
Tower Arch Infolinks Media, LP (9)				Media							—				546,509				252				931
Tower Arch Infolinks Media, LP - Unfunded (7), (9)				Media							—				348,936				-				-
TPC Holding Company, LP				Food							—				11,527				12				-
TWD Parent Holdings, LLC				Business Services							—				608				1				3
United Land Services Holdings LLC				Environmental Services							—				184,049				600				724
UniVista Insurance (9)				Business Services							—				400				-				113
Urology Partners Co., L.P.				Healthcare, Education and Childcare							—				1,111,111				1,109				1,964
Wash & Wax Systems LLC				Auto Sector							—				514				917				943
Watchtower Holdings, LLC (9)				Electronics							—				12,419				1,242				1,204
WCP Ivyrehab Coinvestment, LP (9)				Healthcare, Education and Childcare							—				208				208				245
WCP Ivyrehab QP CF Feeder, LP (9)				Healthcare, Education and Childcare							—				3,754				3,793				4,431
WCP Ivyrehab QP CF Feeder, LP - Unfunded (7), (9)				Healthcare, Education and Childcare							—				246				-				-
Kentucky Racing Holdco, LLC (Warrants) (9)				Hotels, Motels, Inns and Gaming							—				161,252				-				1,688
Total Common Equity/Partnership Interests/Warrants																			117,325				132,039
US Government Securities - 25.9% of Net Assets
U.S. Treasury Bill (5)		07/22/2025		Short-Term U.S. Government Securities			4.24	%			—				125,000				124,720				124,697
Total US Government Securities																			124,720				124,697
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies																			723,149				729,787
Investments in Non-Controlled, Affiliated Portfolio Companies - 1.6% of Net Assets (1), (2)
First Lien Secured Debt - 0.0%
Walker Edison Furniture Company LLC (10)		03/01/2029		Home and Office Furnishings			—				—				13,825				11,660				-
Walker Edison Furniture Company LLC - Unfunded Term Loan (7), (10)		03/01/2029		Home and Office Furnishings			—				—				313				-				(312	)
Walker Edison Furniture Company LLC - Junior Revolver (10)		03/01/2029		Home and Office Furnishings			—				—				3,333				3,332				333
Total First Lien Secured Debt																			14,992				21
Preferred Equity/Partnership Interests - 1.6% of Net Assets (6)
Cascade Environmental Holdings, LLC				Environmental Services							—				5,887,236				32,791				5,894
Cascade Environmental Holdings, LLC - Series B				Environmental Services							—				918				918				1,569
Total Preferred Equity/Partnership Interests																			33,709				7,463
Common Equity/Partnership Interests/Warrants - 0.0% of Net Assets (6)
Cascade Environmental Holdings, LLC				Environmental Services							—				7,444,347				2,852				-
Walker Edison Furniture				Home and Office Furnishings							—				72,917				6,890				-
Total Common Equity/Partnership Interests/Warrants																			9,742				—
Total Investments in Non-Controlled, Affiliated Portfolio Companies																			58,443				7,484
Investments in Controlled, Affiliated Portfolio Companies - 90.4% (1), (2)
First Lien Secured Debt - 14.8% of Net Assets
AKW Holdings Limited (8), (11)		03/15/2027		Healthcare, Education and Childcare			11.30	%		3M SOFR+700					GBP 42,457				58,074				58,181
Pragmatic Institute, LLC		03/28/2030		Business Services		PIK 9.80%				3M SOFR+550					14,669				14,669				13,019
Total First Lien Secured Debt																			72,743				71,200

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

16

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)

 

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Subordinated Debt - 34.0% of Net Assets
Flock Financial, LLC  (11)		10/19/2027		Financial Services			12.50	%			—				23,031			$	23,031			$	23,031
PennantPark Senior Loan Fund, LLC (11)		07/31/2027		Financial Services			12.29	%		3M SOFR+800					140,287				140,288				140,288
Total Subordinated Debt																			163,319				163,319
Preferred Equity - 6.1% of Net Assets (6)
Flock Financial Class A (11)				Financial Services							—				2,047,727				7,313				18,712
Flock Financial Class B (9), (11)				Financial Services							—				5,409,091				19,318				10,644
Total Preferred Equity																			26,631				29,356
Common Equity - 35.5% of Net Assets (6)
AKW Holdings Limited (8), (11)				Healthcare, Education and Childcare							—				950				132				18,690
JF Intermediate, LLC				Distribution							—				43,918				4,488				78,459
PennantPark Senior Loan Fund, LLC (11)				Financial Services							—				82,176,579				82,358				73,329
Pragmatic Institute, LLC				Business Services							—				480				-				-
Total Common Equity																			86,978				170,478
Total Investments in Controlled, Affiliated Portfolio Companies																			349,671				434,353
Total Investments - 243.8% of Net Assets (12)																			1,131,263				1,171,624
Cash and Cash Equivalents - 14.7% of Net Assets
BlackRock Federal FD Institutional 81							4.19	%											49,497				49,497
Non-Money Market Cash																			20,911				21,049
Total Cash and Cash Equivalents																			70,408				70,546
Total Investments and Cash Equivalents - 258.5%																		$	1,201,671			$	1,242,170
Liabilities in Excess of Other Assets - (158.5)%																							(761,585	)
Net Assets - 100%																						$	480,585

 

(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 (1-month S, 3-month S, or 6-month 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 payment-in-kind ("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 $58.2 million, $76.9 million, and 16.0%.

(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 June 30, 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 U.S. Companies unless noted otherwise. Total cost, fair value, and percentage of Net Assets for the U.S. Companies were $1,073.1 million, $1,094.8 million, and 227.8%

(13)

Partial non-accrual PIK security.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

17

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2024

(In thousands, except share data)

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 184.3% (1), (2)
First Lien Secured Debt - 112.9% of Net Assets
A1 Garage Merger Sub, LLC		12/22/2028		Personal, Food and Miscellaneous Services		10.95%				3M SOFR+610					5,345			$	5,279			$	5,345
A1 Garage Merger Sub, LLC - Unfunded Term Loan (8)		12/21/2024		Personal, Food and Miscellaneous Services			—				—				1,534				—				23
A1 Garage Merger Sub, LLC - Revolver (8)		12/22/2028		Personal, Food and Miscellaneous Services			—				—				2,532				—				—
ACP Avenu Buyer, LLC		10/02/2029		Business Services		10.52%				3M SOFR+525					28				28				27
ACP Avenu Buyer, LLC - Unfunded Term Loan (8)		04/02/2025		Business Services			—				—				1,799				—				(34	)
ACP Avenu Buyer, LLC - Funded Revolver		10/02/2029		Business Services		10.45%				3M SOFR+525					271				271				262
ACP Avenu Buyer, LLC - Revolver (8)		10/02/2029		Business Services			—				—				947				—				(31	)
ACP Falcon Buyer, Inc. - Revolver (8)		08/01/2029		Business Services			—				—				2,533				—				—
Ad.net Acquisition, LLC - Funded Revolver		05/07/2026		Media		10.93%				3M SOFR+626					178				178				178
Ad.net Acquisition, LLC - Revolver (8)		05/07/2026		Media			—				—				267				—				—
Adweek Purchaser, LLC		05/30/2027		Printing and Publishing		11.60%				3M SOFR+700					2,000				1,963				2,000
Adweek Purchaser, LLC - Unfunded Term Loan (8)		11/30/2025		Printing and Publishing			—				—				400				—				6
Aechelon Technology, Inc.		08/16/2029		Aerospace and Defense		12.60%				3M SOFR+750					5,000				4,951				4,900
Aechelon Technology, Inc. - Unfunded Revolver (8)		08/16/2029		Aerospace and Defense			—				—				1,109				—				(22	)
Aeronix, Inc. - Revolver (8)		12/12/2028		Aerospace and Defense			—				—				2,489				—				—
AFC Dell Holding Corp.		04/09/2027		Distribution		10.48%				3M SOFR+550					9,781				9,762				9,683
AFC Dell Holding Corp. - Unfunded Term Loan (8)		04/09/2027		Distribution			—				—				4,428				—				(44	)
Atlas Purchaser, Inc. - Third Out		05/06/2028		Telecommunications		11.97%				3M SOFR+700					8,840				7,499				6,144
Atlas Purchaser, Inc. - Fourth Out		05/06/2028		Telecommunications		11.97%				3M SOFR+700					4,760				674				624
Anteriad, LLC (f/k/a MeritDirect, LLC) - Revolver (8)		06/30/2026		Media			—				—				1,612				—				—
Applied Technical Services, LLC		12/29/2026		Environmental Services		10.50%				3M SOFR+590					1,182				1,174				1,164
Applied Technical Services, LLC - Unfunded Term Loan (8)		07/17/2025		Environmental Services			—				—				2,637				—				(13	)
Applied Technical Services, LLC - Revolver		12/29/2026		Environmental Services		13.25%				3M SOFR+475					1,133				1,133				1,116
Applied Technical Services, LLC - Unfunded Revolver (8)		12/29/2026		Environmental Services			—				—				669				—				(10	)
Arcfield Acquisition Corp. - Revolver (8)		08/04/2028		Aerospace and Defense			—				—				3,521				—				(18	)
Archer Lewis, LLC		08/28/2029		Healthcare, Education and Childcare		10.83%				3M SOFR+575					8,700				8,614				8,526
Archer Lewis, LLC - Unfunded Term Loan A (8)		08/28/2025		Healthcare, Education and Childcare			—				—				5,324				—				(53	)
Archer Lewis, LLC - Unfunded Term Loan B (8)		08/28/2026		Healthcare, Education and Childcare			—				—				8,527				—				(85	)
Archer Lewis, LLC - Unfunded Revolver (8)		08/28/2029		Healthcare, Education and Childcare			—				—				1,304				—				(26	)
Argano, LLC.		09/13/2029		Business Services		10.85%				3M SOFR+575					15,000				14,851				14,850
Argano, LLC. - Unfunded Term Loan (8)		03/13/2025		Business Services			—				—				4,981				—				—
Argano, LLC. - Unfunded Revolver (8)		09/13/2029		Business Services			—				—				794				—				—
Beacon Behavioral Support Service, LLC		06/21/2029		Healthcare, Education and Childcare		9.85%				3M SOFR+525					2,396				2,372				2,360
Beacon Behavioral Support Service, LLC - Unfunded Term Loan (8)		12/21/2025		Healthcare, Education and Childcare			—				—				3,747				—				(19	)
Beacon Behavioral Support Service, LLC - Revolver (8)		06/21/2029		Healthcare, Education and Childcare			—				—				1,206				—				(18	)
Berwick Industrial Park		05/02/2025		Buildings and Real Estate		13.00%					—				4,000				4,042				3,988
Beta Plus Technologies, Inc.		07/01/2029		Business Services		10.35%				3M SOFR+575					4,900				4,832				4,753
Big Top Holdings, LLC - Unfunded Revolver (8)		02/07/2030		Manufacturing/Basic Industry			—				—				1,155				—				—
BioDerm, Inc. - Revolver		01/31/2028		Healthcare, Education and Childcare		11.84%				3M SOFR+650					589				589				582
BioDerm, Inc. - Revolver (8)		01/31/2028		Healthcare, Education and Childcare			—				—				482				—				(6	)
Blackhawk Industrial Distribution, Inc.		09/17/2026		Distribution		11.00%				3M SOFR+640					6,279				6,239				6,171
Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan (8)		09/17/2026		Distribution			—				—				2,368				—				(18	)
Blackhawk Industrial Distribution, Inc. - Revolver		09/17/2026		Distribution		11.04%				3M SOFR+640					1,093				1,093				1,074
Blackhawk Industrial Distribution, Inc. - Unfunded Revolver (8)		09/17/2026		Distribution			—				—				3,764				—				(64	)
BlueHalo Financing Holdings, LLC		10/31/2025		Aerospace and Defense		10.44%				3M SOFR+600					14				14				14
Broder Bros., Co.		12/04/2025		Consumer Products		10.97%				3M SOFR+611					9,524				9,524				9,524
Carisk Buyer, Inc. - Unfunded Term Loan (8)		12/01/2029		Healthcare, Education and Childcare			—				—				4,813				—				(24	)
Carisk Buyer, Inc. - Revolver (8)		12/01/2029		Healthcare, Education and Childcare			—				—				1,750				—				(26	)
Carnegie Dartlet, LLC		02/07/2030		Education		10.35%				3M SOFR+550					12,935				12,745				12,741
Carnegie Dartlet, LLC - Unfunded Term Loan (8)		02/07/2026		Education			—				—				10,017				—				(50	)
Carnegie Dartlet, LLC - Unfunded Revolver (8)		02/07/2030		Education			—				—				3,339				—				(50	)

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

18

---

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2024

(In thousands, except share data)

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Cartessa Aesthetics, LLC		06/14/2028		Distribution		10.35%				3M SOFR+575					28,737			$	28,334			$	28,736
Cartessa Aesthetics, LLC - Revolver		06/14/2028		Distribution		10.35%				3M SOFR+575					1,265				1,265				1,265
Cartessa Aesthetics, LLC - Unfunded Revolver (8)		06/14/2028		Distribution			—				—				2,297				—				—
CF512, Inc.		08/20/2026		Media		11.05%				3M SOFR+619					6,525				6,475				6,427
CF512, Inc. - Revolver (8)		08/20/2026		Media			—				—				909				—				(14	)
Compex Legal Services, Inc.		02/09/2026		Business Services		10.31%				3M SOFR+555					939				933				939
Compex Legal Services, Inc. - Revolver		02/07/2025		Business Services		10.80%				3M SOFR+555					328				328				328
Compex Legal Services, Inc. - Unfunded Revolver (8)		02/07/2025		Business Services			—				—				328				—				—
Confluent Health, LLC		11/30/2028		Healthcare, Education and Childcare		12.35%				3M SOFR+750					1,970				1,854				1,970
Connatix Buyer, Inc. - Funded Revolver		07/13/2027		Media		10.58%				3M SOFR+576					424				424				424
Connatix Buyer, Inc. - Revolver (8)		07/13/2027		Media			—				—				1,451				—				—
Crane 1 Services, Inc.		08/16/2027		Personal, Food and Miscellaneous Services		9.40%				3M SOFR+586					1,777				1,751				1,763
Crane 1 Services, Inc. - Revolver (8)		08/16/2027		Personal, Food and Miscellaneous Services			—				—				435				—				(3	)
C5MI Acquisition, LLC		07/31/2030		Business Services		10.60%				3M SOFR+600					15,000				14,778				14,700
C5MI Acquisition, LLC - Funded Revolver		07/31/2030		Business Services		10.60%				3M SOFR+600					276				276				270
C5MI Acquisition, LLC - Unfunded Revolver (8)		07/31/2030		Business Services			—				—				3,858				—				(77	)
Dr. Squatch, LLC		08/31/2027		Personal and Non-Durable Consumer Products		9.95%				3M SOFR+535					8,116				8,058				8,116
Dr. Squatch, LLC - Unfunded Revolver (8)		08/31/2027		Media			—				—				2,326				—				—
DRS Holdings III, Inc.		11/03/2025		Consumer Products		11.20%				3M SOFR+635					6				6				6
DRS Holdings III, Inc. - Revolver (8)		11/03/2025		Consumer Products			—				—				1,783				—				(14	)
Duggal Acquisition, LLC		09/30/2030		Marketing Services		9.60%				3M SOFR+500					7,000				6,930				6,930
Duggal Acquisition, LLC - Unfunded Term Loan (8)		09/30/2026		Marketing Services			—				—				2,042				—				—
Duggal Acquisition, LLC - Unfunded Revolver (8)		09/30/2030		Marketing Services			—				—				2,561				—				—
Dynata, LLC - Last-Out Term Loan		07/15/2028		Business Services		10.88%				3M SOFR+576					84				84				77
EDS Buyer, LLC		12/22/2028		Aerospace and Defense		10.35%				3M SOFR+575					12,261				12,106				12,077
EDS Buyer, LLC - Revolver (8)		12/22/2028		Aerospace and Defense			—				—				1,915				—				(29	)
ENC Parent Corporation		08/20/2029		Business Services		9.12%				3M SOFR+451					3,391				2,995				2,865
ETE Intermediate II, LLC - Funded Revolver		05/25/2029		Personal, Food and Miscellaneous Services		11.10%				3M SOFR+650					1,215				1,215				1,215
ETE Intermediate II, LLC - Revolver (8)		05/25/2029		Personal, Food and Miscellaneous Services			—				—				1,215				—				—
Eval Home Health Solutions Intermediate, LLC - Revolver (8)		05/10/2030		Healthcare, Education and Childcare			—				—				822				—				(8	)
Exigo Intermediate II, LLC		03/15/2027		Business Services		11.20%				3M SOFR+635					24,128				23,911				24,007
Exigo Intermediate II, LLC - Revolver (8)		03/15/2027		Business Services			—				—				1,856				—				(9	)
Five Star Buyer, Inc.		02/23/2028		Leisure, Amusement, Motion Pictures, Entertainment		12.21%				3M SOFR+715					196				196				196
Five Star Buyer, Inc. - Revolver (8)		02/23/2028		Leisure, Amusement, Motion Pictures, Entertainment			—				—				741				—				—
Gauge ETE Blocker, LLC - Promissory Note		05/19/2029		Personal, Food and Miscellaneous Services		12.56%					—				215				215				215
GGG MIDCO, LLC		09/27/2030		Home and Office Furnishings, Housewares and Durable Consumer Products		9.64%				3M SOFR+500					8,525				8,440				8,440
GGG MIDCO, LLC - Unfunded Term Loan (8)		03/27/2026		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				13,728				—				—
GGG MIDCO, LLC - Unfunded Revolver (8)		09/27/2030		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				581				—				—
Graffiti Buyer, Inc.		08/10/2027		Distribution		10.20%				3M SOFR+560					1,132				1,123				1,121
Graffiti Buyer, Inc. - Unfunded Term Loan (8)		08/10/2027		Distribution			—				—				831				—				(2	)
Graffiti Buyer, Inc. - Funded Revolver		08/10/2027		Distribution		10.62%				3M SOFR+560					384				384				380
Graffiti Buyer, Inc. - Revolver (8)		08/10/2027		Distribution			—				—				385				—				(4	)
Halo Buyer, Inc.		06/30/2025		Consumer Products		9.45%				3M SOFR+460					4,712				4,382				4,285
Hancock Roofing and Construction L.L.C.		12/31/2026		Insurance		10.45%				1M SOFR+560					680				680				666
Hancock Roofing and Construction L.L.C. - Revolver (8)		12/31/2026		Insurance			—				—				70				—				(1	)
Harris & Co. LLC		08/09/2030		Financial Services		9.85%				3M SOFR+500					5,593				5,545				5,495
Harris & Co. LLC - Unfunded Term Loan A (8)		02/09/2025		Financial Services			—				—				13,051				—				(114	)
Harris & Co. LLC - Unfunded Term Loan B (8)		02/09/2026		Financial Services			—				—				16,654				—				(146	)
Harris & Co. LLC - Unfunded Revolver (8)		08/09/2030		Financial Services			—				—				2,451				—				(43	)

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

19

---

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2024

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Hills Distribution, Inc. - Unfunded Term Loan (8)		11/07/2025		Distribution			—				—				9,144				—				—
HV Watterson Holdings, LLC		12/17/2026		Business Services		11.73%				1M SOFR+640					279				278				256
						(PIK 4.00%)
HV Watterson Holdings, LLC - Revolver		12/17/2026		Business Services		11.73%				1M SOFR+640					1,213				1,213				1,112
						(PIK 4.00%)
HV Watterson Holdings, LLC - Unfunded Revolver (8)		12/17/2026		Business Services			—				—				37				—				(3	)
HW Holdco, LLC		05/10/2026		Media		11.20%				3M SOFR+590					11,124				11,112				11,124
HW Holdco, LLC - Revolver (8)		05/10/2026		Media			—				—				3,387				—				—
IG Investment Holdings LLC		09/22/2028		Business Services		11.25%				3M SOFR+610					105				104				104
IG Investments Holdings, LLC - Revolver (8)		09/22/2027		Business Services			—				—				722				—				(7	)
Imagine Acquisitionco, LLC (8)		11/15/2027		Business Services			—				—				1,685				—				(8	)
Infinity Home Services Holdco, Inc.		12/28/2028		Personal, Food and Miscellaneous Services		11.39%				3M SOFR+685					2,458				2,429				2,458
Infinity Home Services Holdco, Inc. (CAD)		12/28/2028		Personal, Food and Miscellaneous Services		10.35%				3M SOFR+600					CAD 2,562				1,846				1,897
Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan (8)		11/17/2025		Personal, Food and Miscellaneous Services			—				—				6,573				—				82
Infinity Home Services Holdco, Inc. - Funded Revolver		12/28/2028		Personal, Food and Miscellaneous Services		13.75%				3M SOFR+575					194				194				194
Infinity Home Services Holdco, Inc. - Revolver (8)		12/28/2028		Personal, Food and Miscellaneous Services			—				—				1,098				—				—
Infolinks Media Buyco, LLC		11/01/2026		Media		10.10%				3M SOFR+550					1,281				1,270				1,272
Inventus Power, Inc. - Revolver (8)		06/30/2025		Electronics			—				—				1,729				—				(26	)
ITI Holdings, Inc.		03/03/2028		Business Services		10.58%				3M SOFR+565					8,748				8,647				8,748
ITI Holdings, Inc. - Revolver		03/03/2028		Business Services		12.50%				3M SOFR+450					1,121				1,121				1,121
ITI Holdings, Inc. - Unfunded Revolver (8)		03/03/2028		Business Services			—				—				370				—				—
Kinetic Purchaser, LLC		11/10/2027		Consumer Products		10.75%				3M SOFR+615					3,099				3,023				3,099
Kinetic Purchaser, LLC - Revolver (8)		11/10/2026		Consumer Products			—				—				4,854				—				—
Lash OpCo, LLC		02/18/2027		Consumer Products		12.94%				1M SOFR+785					2,902				2,871				2,873
						(PIK 5.10%)
Lash OpCo, LLC - Revolver		08/16/2026		Consumer Products		13.18%				1M SOFR+785					2,685				2,685				2,658
						(PIK 5.10%)
Lash OpCo, LLC - Unfunded Revolver (8)		08/16/2026		Consumer Products			—				—				317				—				(3	)
LAV Gear Holdings, Inc.		10/31/2025		Leisure, Amusement, Motion Pictures, Entertainment		11.50%				1M SOFR+643					2,032				2,032				1,996
Ledge Lounger, Inc.		11/09/2026		Consumer Products		12.24%				3M SOFR+765					8,999				8,911				8,549
						(PIK 1.00%)
Ledge Lounger, Inc. - Revolver		11/09/2026		Consumer Products		12.25%				3M SOFR+765					644				644				612
Ledge Lounger, Inc. - Unfunded Revolver (8)		11/09/2026		Consumer Products			—				—				966				—				(48	)
Lightspeed Buyer Inc. - Revolver (8)		02/03/2026		Healthcare, Education and Childcare			—				—				1,166				—				—
LJ Avalon Holdings, LLC		01/31/2030		Environmental Services		10.10%				1M SOFR+525					1,459				1,438				1,459
LJ Avalon Holdings, LLC - Unfunded Term Loan (8)		10/01/2024		Environmental Services			—				—				2,419				—				12
LJ Avalon Holdings, LLC - Revolver (8)		01/31/2030		Environmental Services			—				—				587				—				—
Loving Tan Intermediate II, Inc.		05/31/2028		Consumer Products		11.10%				3M SOFR+650					9,784				9,633				9,637
Loving Tan Intermediate II, Inc. - Revolver		05/31/2028		Consumer Products		11.60%				3M SOFR+700					332				332				327
Loving Tan Intermediate II, Inc. - Unfunded Revolver (8)		05/31/2028		Consumer Products			—				—				664				—				(10	)
Loving Tan Intermediate II, Inc. - Unfunded Term Loan (8)		07/12/2025		Consumer Products			—				—				4,376				—				(22	)
MBS Holdings, Inc. - Funded Revolver		04/16/2027		Telecommunications		10.95%				3M SOFR+585					83				83				83
MBS Holdings, Inc. - Revolver (8)		04/16/2027		Telecommunications			—				—				611				—				—
MDI Buyer, Inc.		07/25/2028		Chemicals, Plastics and Rubber		10.71%				3M SOFR+575					19,931				19,679				19,736
MDI Buyer, Inc. - Revolver		07/25/2028		Chemicals, Plastics and Rubber		11.19%				3M SOFR+575					1,529				1,529				1,514
MDI Buyer, Inc. - Unfunded Revolver (8)		07/25/2028		Chemicals, Plastics and Rubber			—				—				698				—				—
Meadowlark Acquirer, LLC		12/10/2027		Business Services		10.50%				3M SOFR+590					1,923				1,908				1,874
Meadowlark Acquirer, LLC- Unfunded Revolver (8)		12/10/2027		Business Services			—				—				1,685				—				(42	)

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

20

---

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2024

(In thousands, except share data)

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Medina Health, LLC		10/20/2028		Healthcare, Education and Childcare		10.85%				3M SOFR+625					4,887			$	4,813			$	4,887
Medina Health, LLC - Revolver (8)		10/20/2028		Healthcare, Education and Childcare			—				—				2,774				—				—
Megawatt Acquisitionco, Inc. - Funded Revolver		03/01/2030		Electronics		10.11%				3M SOFR+525					204				204				193
Megawatt Acquisitionco, Inc. - Unfunded Revolver (8)		03/01/2030		Electronics			—				—				1,653				—				(93	)
Mineola 212, LLC		06/24/2025		Buildings and Real Estate		13.00%					—				3,500				3,489				3,479
MOREGroup Holdings, Inc.		01/16/2030		Business Services		10.35%				3M SOFR+575					7,450				7,348				7,338
MOREGroup Holdings, Inc. - Unfunded Term Loan (8)		01/16/2026		Business Services			—				—				6,124				—				(31	)
MOREGroup Holdings, Inc. - Unfunded Revolver (8)		01/16/2030		Business Services			—				—				3,675				—				(55	)
Municipal Emergency Services, Inc.		09/28/2027		Distribution		9.77%				3M SOFR+515					2,792				2,792				2,792
Municipal Emergency Services, Inc. - Unfunded Term Loan B (8)		12/16/2024		Distribution			—				—				966				—				—
Municipal Emergency Services, Inc. - Unfunded Term Loan 3rd Amendment (8)		09/28/2027		Distribution			—				—				500				—				5
Municipal Emergency Services, Inc. - Revolver (8)		09/28/2027		Distribution			—				—				1,880				—				—
NBH Group LLC - Revolver (8)		08/19/2026		Healthcare, Education and Childcare			—				—				1,163				—				(35	)
NFS - CFP Holdings LLC		09/13/2030		Business Services		9.56%				3M SOFR+475					18,000				17,866				17,865
NFS - CFP Holdings LLC - Unfunded Term Loan (8)		09/13/2026		Business Services			—				—				6,630				—				—
NFS - CFP Holdings LLC - Unfunded Revolver (8)		09/13/2030		Business Services			—				—				2,486				—				—
NORA Acquisition, LLC		08/31/2029		Healthcare, Education and Childcare		10.95%				3M SOFR+635					5,445				5,348				5,445
NORA Acquisition, LLC - Revolver (8)		08/31/2029		Healthcare, Education and Childcare			—				—				2,707				—				—
NP Riverhead Industrial, LLC		05/24/2025		Buildings and Real Estate		14.50%					—				5,000				4,984				4,975
Omnia Exterior Solutions, LLC		12/29/2029		Diversified Conglomerate Service		10.10%				3M SOFR+550					4,888				4,840				4,814
Omnia Exterior Solutions, LLC - Unfunded Term Loan 1 (8)		12/30/2024		Diversified Conglomerate Service			—				—				3,499				—				(22	)
Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 (8)		09/30/2026		Diversified Conglomerate Service			—				—				5,598				—				(35	)
Omnia Exterior Solutions, LLC - Revolver (8)		12/29/2029		Diversified Conglomerate Service			—				—				2,100				—				(31	)
ORL Acquisition, Inc.		09/03/2027		Business Services		14.00%				3M SOFR+940					4,245				4,198				3,608
						(PIK 7.50%)
ORL Acquisition, Inc. - Revolver (8)		09/03/2027		Business Services			—				—				149				—				(22	)
OSP Embedded Purchaser, LLC		12/15/2029		Aerospace and Defense		10.70%				3M SOFR+610					6,451				6,345				6,264
OSP Embedded Purchaser, LLC - Revolver (8)		12/15/2029		Aerospace and Defense			—				—				1,477				—				(43	)
Ox Two, LLC		05/18/2026		Building Materials		11.12%				3M SOFR+651					8,460				8,403				8,460
Ox Two, LLC - Revolver (8)		05/18/2026		Building Materials			—				—				2,419				—				—
Pacific Purchaser, LLC - Unfunded Term Loan (8)		09/30/2028		Business Services			—				—				2,747				—				36
Pacific Purchaser, LLC - Revolver (8)		09/30/2028		Business Services			—				—				1,373				—				(3	)
PAR Excellence Holdings, Inc.		09/03/2030		Healthcare, Education and Childcare		9.77%				3M SOFR+475					10,000				9,901				9,900
PAR Excellence Holdings, Inc. - Unfunded Revolver (8)		09/03/2030		Healthcare, Education and Childcare			—				—				2,681				—				—
PCS MIDCO INC		03/01/2030		Financial Services		10.81%				1M SOFR+575					467				462				467
PCS MIDCO INC - Unfunded Term Loan (8)		03/01/2026		Financial Services			—				—				3,955				—				40
PCS MIDCO INC - Funded Revolver		03/01/2030		Financial Services		10.81%				1M SOFR+575					308				308				308
PCS MIDCO INC - Unfunded Revolver (8)		03/01/2030		Financial Services			—				—				1,454				—				—
PlayPower, Inc.		08/28/2030		Manufacturing/Basic Industry		9.85%				3M SOFR+525					12,000				11,912				11,820
PlayPower, Inc. - Unfunded Revolver (8)		08/28/2030		Manufacturing/Basic Industry			—				—				2,570				—				(39	)
PL Acquisitionco, LLC - Revolver (8)		11/09/2027		Retail			—				—				3,236				—				(647	)
Pragmatic Institute, LLC (7)		07/06/2028		Business Services		12.09%				3M SOFR+750					37,241				36,054				22,810
						(PIK 12.09%)
Pragmatic Institute, LLC - Revolver (7)		07/06/2028		Business Services		12.09%				3M SOFR+750					5,154				5,041				3,157
						(PIK 12.09%)
Quantic Electronics, LLC		11/19/2026		Aerospace and Defense		10.95%				3M SOFR+635					1,468				1,461				1,461
Quantic Electronics, LLC - Funded Revolver		08/17/2026		Aerospace and Defense		10.95%				3M SOFR+635					264				264				263
Quantic Electronics, LLC - Unfunded Revolver (8)		08/17/2026		Aerospace and Defense			—				—				264				—				(1	)
Radius Aerospace, Inc. - Revolver		03/31/2025		Aerospace and Defense		11.10%				3M SOFR+615					817				817				800
Radius Aerospace, Inc. - Unfunded Revolver (8)		03/31/2025		Aerospace and Defense			—				—				1,411				—				(28	)
Rancho Health MSO, Inc.		12/18/2025		Healthcare, Education and Childcare		10.90%				3M SOFR+560					360				360				360
Rancho Health MSO, Inc. - Unfunded Term Loan (8)		12/18/2025		Healthcare, Education and Childcare			—				—				210				—				—
Rancho Health MSO, Inc. - Unfunded Term Loan 2 (8)		06/30/2025		Healthcare, Education and Childcare			—				—				1,500				—				15
Rancho Health MSO, Inc. - Revolver		12/18/2025		Healthcare, Education and Childcare		10.93%				3M SOFR+560					210				210				210
Rancho Health MSO, Inc. - Unfunded Revolver (8)		12/18/2025		Healthcare, Education and Childcare			—				—				315				—				—

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

21

---

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2024

(In thousands, except share data)

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Reception Purchaser, LLC		02/28/2028		Transportation		10.75%				3M SOFR+615					10,763			$	9,638			$	8,072
Recteq, LLC - Revolver (8)		01/29/2026		Consumer Products			—				—				1,127				-				(11	)
Riverpoint Medical, LLC - Revolver		06/20/2025		Healthcare, Education and Childcare		10.10%				3M SOFR+535					53				53				53
Riverpoint Medical, LLC - Unfunded Revolver (8)		06/20/2025		Healthcare, Education and Childcare			—				—				310				—				—
RRA Corporate, LLC		08/15/2029		Business Services		9.60%				3M SOFR+500					4,000				3,960				3,960
RRA Corporate, LLC - Unfunded Term Loan 1 (8)		02/15/2025		Business Services			—				—				5,394				—				—
RRA Corporate, LLC - Unfunded Term Loan 2 (8)		08/15/2026		Business Services			—				—				10,181				—				—
RRA Corporate, LLC - Funded Revolver		08/15/2029		Business Services		9.60%				3M SOFR+500					661				661				655
RRA Corporate, LLC - Unfunded Revolver (8)		08/15/2029		Business Services			—				—				2,487				—				(25	)
RTIC Subsidiary Holdings, LLC		05/03/2029		Consumer Products		10.35%				3M SOFR+575					9,975				9,827				9,776
RTIC Subsidiary Holdings, LLC - Unfunded Revolver (8)		05/03/2029		Consumer Products			—				—				5,422				—				(108	)
Rural Sourcing Holdings, Inc.		06/15/2029		Business Services		10.35%				3M SOFR+575					1,140				1,124				1,126
Rural Sourcing Holdings, Inc. - Unfunded Term Loan (8)		06/27/2026		Business Services			—				—				1,146				—				(9	)
Rural Sourcing Holdings, Inc. - Revolver (8)		06/15/2029		Business Services			—				—				860				—				(11	)
S101 Holdings, Inc.		12/29/2026		Electronics		11.48%				3M SOFR+615					355				351				351
S101 Holdings, Inc. - Unfunded Term Loan 2 (8)		12/15/2024		Electronics			—				—				4,955				—				—
Safe Haven Defense US LLC - Term Loan		05/23/2029		Building Materials		9.85%				3M SOFR+525					8,976				8,843				8,886
Safe Haven Defense US LLC - Unfunded Revolver (8)		05/23/2029		Building Materials			—				—				1,114				—				(11	)
Sales Benchmark Index LLC - Revolver (8)		01/03/2025		Business Services			—				—				732				—				—
Sargent & Greenleaf Inc. - Revolver		12/20/2024		Electronics		11.87%				3M SOFR+660					610				610				610
						(PIK 1.00%)
Sargent & Greenleaf Inc. - Unfunded Revolver (8)		12/20/2024		Electronics			—				—				4				—				—
Schlesinger Global, Inc.		07/14/2025		Business Services		7.60%				3M SOFR+275					4,870				4,851				4,748
						(PIK 5.60%)
Schlesinger Global, Inc. - Revolver		07/14/2025		Business Services		7.60%				3M SOFR+275					32				32				31
						(PIK 5.60%)
Schlesinger Global, Inc. - Unfunded Revolver (8)		07/14/2025		Business Services			—				—				7				—				—
Seaway Buyer, LLC		06/13/2029		Chemicals, Plastics and Rubber		10.75%				3M SOFR+615					4,704				4,650				4,539
Seaway Buyer, LLC - Revolver		06/13/2029		Chemicals, Plastics and Rubber		10.75%				3M SOFR+615					313				313				302
Seaway Buyer, LLC - Unfunded Revolver (8)		06/13/2029		Chemicals, Plastics and Rubber			—				—				2,814				—				(98	)
Shiftkey, LLC		06/21/2027		Business Services		10.62%				3M SOFR+601					17,595				17,478				16,838
Sigma Defense Systems, LLC		12/18/2027		Telecommunications		11.50%				1M SOFR+690					25,785				25,251				25,528
Sigma Defense Systems, LLC - Unfunded Revolver (8)		12/18/2027		Telecommunications			—				—				3,685				—				(37	)
Simplicity Financial Marketing Group Holdings Inc.		12/02/2026		Financial Services		10.88%				3M SOFR+640					4,065				4,054				4,106
Simplicity Financial Marketing Group Holdings Inc. - Unfunded Term Loan (8)		02/09/2026		Financial Services			—				—				4,656				—				93
Simplicity Financial Marketing Group Holdings Inc. - Unfunded Revolver (8)		12/02/2026		Financial Services			—				—				1,043				—				—
Smartronix, LLC - Unfunded Revolver (8)		11/23/2027		Aerospace and Defense			—				—				3,941				—				—
Solutionreach, Inc. - Unfunded Revolver (8)		07/17/2025		Communications			—				—				833				—				—
Spendmend Holdings LLC		03/01/2028		Business Services		10.25%				3M SOFR+565					432				430				432
Spendmend Holdings LLC - Unfunded Term Loan (8)		03/01/2025		Business Services			—				—				2,348				—				18
Spendmend Holdings LLC - Revolver		03/01/2028		Business Services		10.25%				3M SOFR+565					561				561				561
Spendmend Holdings LLC - Unfunded Revolver (8)		03/01/2028		Business Services			—				—				841				—				—
System Planning and Analysis, Inc.		08/16/2027		Aerospace and Defense		10.26%				3M SOFR+585					1,283				1,274				1,280
System Planning and Analysis, Inc. - Unfunded Term Loan (8)		08/16/2027		Aerospace and Defense			—				—				7,068				—				39
System Planning and Analysis, Inc. - Funded Revolver		08/16/2027		Aerospace and Defense		9.59%				3M SOFR+515					921				921				919
System Planning and Analysis, Inc. - Unfunded Revolver (8)		08/16/2027		Aerospace and Defense			—				—				3,795				—				(8	)
TCG 3.0 Jogger Acquisitionco, Inc.		01/26/2029		Media		11.10%				3M SOFR+650					8,955				8,814				8,865
TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver (8)		01/26/2029		Media			—				—				1,725				—				(17	)
The Bluebird Group LLC - Revolver (8)		07/27/2026		Business Services			—				—				734				—				—
The Vertex Companies, LLC		08/30/2027		Business Services		11.27%				3M SOFR+635					184				181				185
The Vertex Companies, LLC - Revolver		08/30/2027		Business Services		10.95%				3M SOFR+610					305				305				305
The Vertex Companies, LLC - Unfunded Revolver (8)		08/30/2027		Business Services			—				—				435				—				—
TPCN Midco, LLC		06/26/2029		Diversified Conglomerate Service		10.35%				3M SOFR+575					3,990				3,931				3,894
TPCN Midco, LLC - Unfunded Term Loan (8)		06/26/2026		Diversified Conglomerate Service			—				—				5,894				—				(83	)
TPCN Midco, LLC - Unfunded Revolver (8)		06/26/2029		Diversified Conglomerate Service			—				—				1,160				—				(28	)

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

22

---

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2024

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
TransGo, LLC		12/29/2028		Machinery		10.60%				3M SOFR+575					4,638			$	4,573			$	4,638
TransGo, LLC - Revolver (8)		12/29/2028		Machinery			—				—				2,775				—				—
TWS Acquisition Corporation		06/16/2025		Education		11.33%				3M SOFR+640					1,301				1,299				1,301
TWS Acquisition Corporation - Revolver (8)		06/16/2025		Education			—				—				1,644				—				—
Urology Management Holdings, Inc.		06/15/2027		Healthcare, Education and Childcare		10.66%				3M SOFR+550					576				573				570
Urology Management Holdings, Inc. - Unfunded Term Loan A (8)		09/03/2026		Healthcare, Education and Childcare			—				—				2,000				—				(10	)
Watchtower Intermediate, LLC		12/01/2029		Electronics		10.60%				3M SOFR+600					7,301				7,201				7,228
Watchtower Intermediate, LLC. - Unfunded Term Loan (8)		12/01/2025		Electronics			—				—				2,100				—				3
Watchtower Intermediate, LLC. - Revolver (8)		12/01/2029		Electronics			—				—				6,300				—				(63	)
Wildcat Buyerco, Inc.		02/27/2027		Electronics		10.60%				3M SOFR+575					4,585				4,551				4,585
Wildcat Buyerco, Inc. - Unfunded Term Loan (8)		02/27/2027		Electronics			—				—				2,737				—				27
Wildcat Buyerco, Inc. - Revolver (8)		02/27/2027		Electronics			—				—				551				—				—
Zips Car Wash, LLC		12/31/2024		Auto Sector		12.46%				3M SOFR+740					2,590				2,586				2,473
						(PIK 1.5%)
Total First Lien Secured Debt																			579,813				557,686
Second Lien Secured Debt - 13.6% of Net Assets
Best Practice Associates LLC		06/29/2027		Aerospace and Defense		13.95%				3M SOFR+915					17,825				17,606				17,647
Burgess Point Purchaser Corporation		07/28/2030		Auto Sector		14.19%				3M SOFR+910					8,000				7,698				8,000
ENC Parent Corporation - Second Lien		08/19/2029		Business Services		12.37%				3M SOFR+776					7,500				7,444				6,225
Halo Buyer, Inc.		07/06/2026		Consumer Products		13.20%				1M SOFR+835					32,500				32,299				31,931
Team Services Group, LLC		12/18/2028		Healthcare, Education and Childcare		14.51%				3M SOFR+926					3,429				3,422				3,377
Total Second Lien Secured Debt																			68,469				67,180
Subordinate Debt/Corporate Notes - 8.8% of Net Assets
Beacon Behavioral Holdings LLC		06/21/2030		Healthcare, Education and Childcare		15.00%					—				3,235				3,189				3,187
						(PIK 15.00%)
Express Wash Acquisition Company, LLC		01/15/2029		Auto Sector		16.37%				3M SOFR+1226					24,284				23,710				24,138
						(PIK 16.37%)
Northwinds Topco, Inc.		10/30/2029		Consumer Services		15.00%					—				7,123				7,020				6,944
						(PIK 15.00%)
Northwinds Topco, Inc. - Unfunded Term Loan (8)		10/30/2029		Consumer Services			—				—				7,000				—				(175	)
ORL Holdco, Inc. - Convertible Notes		03/08/2028		Business Services		18.00%					—				6				6				4
ORL Holdco, Inc. - Unfunded Convertible Notes (8)		03/08/2028		Business Services			—				—				6				—				(2	)
Schlesinger Global, LLC - Promissory Note		01/08/2026		Business Services		12.33%				3M SOFR+700					1				1				3
						(PIK 11.85%)
StoicLane, Inc. - Convertible Notes		08/15/2027		Healthcare, Education and Childcare		12.00%					—				612				612				612
StoicLane, Inc. - Unfunded Convertible Notes (8)		08/15/2027		Healthcare, Education and Childcare			—				—				612				—				—
United Land Services Intermediate Parent Holdings, LLC		12/23/2026		Environmental Services		14.25%					—				9,300				9,120				9,021
						(PIK 14.25%)
United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan (8)		07/12/2025		Environmental Services			—				—				9,000				—				(135	)
Total Subordinate Debt																			43,658				43,597
Preferred Equity/Partnership Interests - 3.5% of Net Assets (6)
Accounting Platform Blocker, Inc. - Preferred Equity				Financial Services			—				—				356,200				356				356
Ad.net Holdings, Inc.				Media			—				—				2,400				240				304
AFC Acquisitions, Inc. Preferred Equity (10)				Distribution			—				—				507				780				831
AH Newco Equityholdings, LLC				Healthcare, Education and Childcare		6.00%					—				211				500				896
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (10)				Media			—				—				1,135				1,135				1,293
BioDerm Holdings, LP (Preferred)				Healthcare, Education and Childcare			—				—				1,312				1,312				1,178
Cartessa Aesthetics, LLC (10)				Distribution			—				—				3,562,500				3,563				6,343
C5MI Holdco, LLC - Preferred Equity (10)				Business Services			—				—				104,000				104				106
Gauge Schlesinger Coinvest, LLC - Class A-2 Preferred Equity				Business Services			—				—				1				1				1
EvAL Home Health Solutions, LLC - Preferred Equity (10)				Healthcare, Education and Childcare			—				—				272,771				453				508
Hancock Claims Consultants Investors, LLC - Class A Preferred Equity (10)				Insurance			—				—				116,588				76				149
Imagine Topco, LP Preferred				Business Services		8.00%					—				743,826				744				862
Magnolia Topco LP - Class A Preferred Equity (10)				Auto Sector			—				—				1,545				1,545				1,592
Magnolia Topco LP - Class B Preferred Equity (10)				Auto Sector			—				—				1,018				643				—
Megawatt Acquisition Partners, LLC - Preferred A				Electronics			—				—				5,349				535				481
NXOF Holdings, Inc. (Tyto Athene, LLC)				Aerospace and Defense			—				—				422				422				572
ORL Holdco, Inc.				Business Services			—				—				575				57				8
PL Acquisitionco, LLC - Preferred Equity				Retail			—				—				37				37				—

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

23

---

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2024

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
RTIC Parent Holdings, LLC - Class A Preferred Equity (10)				Consumer Products			—				—				5			$	5				—
RTIC Parent Holdings, LLC - Class C Preferred Equity (10)				Consumer Products			—				—				10,624				699				1,138
RTIC Parent Holdings, LLC - Class D Preferred Equity (10)				Consumer Products			—				—				11,276				113				125
TPC Holding Company, LP				Food			—				—				219				219				354
TWD Parent Holdings, LLC Preferred				Business Services			—				—				30				30				35
Total Preferred Equity/Partnership Interests																			13,569				17,132
Common Equity/Partnership Interests/Warrants - 25.3% of Net Assets (6)
A1 Garage Equity, LLC (10)				Personal, Food and Miscellaneous Services			—				—				2,193,038				2,193				2,767
ACP Big Top Holdings, L.P. - Common Equity				Manufacturing/Basic Industry			—				—				773,800				774				932
Ad.net Holdings, Inc.				Media			—				—				2,667				27				1
Aechelon InvestCo, LP - Common Equity				Aerospace and Defense			—				—				11,312				1,131				1,131
Aechelon InvestCo, LP - Unfunded (8)				Aerospace and Defense			—				—				11,312				—				—
Aftermarket Drivetrain Products Holdings, LLC				Machinery			—				—				1,645				1,645				2,304
AG Investco LP (10)				Business Services			—				—				805,164				805				1,008
AG Investco LP - Unfunded (8),(10)				Business Services			—				—				194,836				—				—
Altamira Intermediate Company II, Inc.				Aerospace and Defense			—				—				125,000				125				151
AMCSI Crash Co-Invest, LP				Auto Sector			—				—				2,489,777				2,490				3,737
AMCSI Crash Co-Invest, LP - Unfunded (8)				Auto Sector			—				—				510,223				—				—
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (10)				Media			—				—				1,135				—				—
Athletico Holdings, LLC (10)				Healthcare, Education and Childcare			—				—				9,357				10,000				7,674
Atlas Investment Aggregator, LLC				Telecommunications			—				—				1,700,000				1,613				—
BioDerm, Inc.				Healthcare, Education and Childcare			—				—				1,312				—				—
Burgess Point Holdings, LP				Auto Sector			—				—				764				777				812
Carnegie Holdco, LLC - Common Equity (10)				Education			—				—				1,680,300				1,645				1,630
Carisk Parent, L.P. - Common Equity				Healthcare, Education and Childcare			—				—				204,455				204				211
Connatix Parent, LLC				Media			—				—				57,416				632				355
Consello Pacific Aggregator, LLC (10)				Business Services			—				—				782,891				743				703
Cowboy Parent LLC				Distribution			—				—				27,778				3,015				5,809
Crane 1 Acquisition Parent Holdings, L.P.				Personal, Food and Miscellaneous Services			—				—				113				104				190
C5MI Holdco, LLC - Common Equity (10)				Business Services			—				—				754,200				754				752
Delta InvestCo LP (10)				Telecommunications			—				—				913,649				866				1,703
Delta InvestCo LP (8),(10)				Telecommunications			—				—				227,395				—				—
Duggal Acquisition, LLC (Common)				Marketing Services			—				—				313,600				314				314
eCommission Holding Corporation (12)				Financial Services			—				—				80				949				2,554
EDS Topco, LP				Aerospace and Defense			—				—				937,500				938				1,047
Exigo, LLC				Business Services			—				—				1,458,333				1,458				1,577
FedHC InvestCo LP (10)				Aerospace and Defense			—				—				14,578				489				1,193
FedHC InvestCo LP - Unfunded (8),(10)				Aerospace and Defense			—				—				5,150				—				—
FedHC InvestCo II LP (10)				Aerospace and Defense			—				—				20,882				2,175				1,814
Five Star Parent Holdings, LLC				Leisure, Amusement, Motion Pictures, Entertainment			—				—				655,714				656				647
Gauge ETE Blocker, LLC - Common Equity				Personal, Food and Miscellaneous Services			—				—				374,444				374				285
Gauge Lash Coinvest LLC				Consumer Products			—				—				1,101,293				834				3,201
Gauge Loving Tan, LP - Common Equity				Consumer Products			—				—				543,562				544				598
Gauge Schlesinger Coinvest, LLC				Business Services			—				—				9				10				5
GCOM InvestCo LP				Business Services			—				—				2,434				1,003				578
GGG MIDCO, LLC (Common) (10)				Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				1,222,700				1,223				1,223
GMP Hills, LP - Common Equity				Distribution			—				—				3,747,470				3,747				3,673
Hancock Claims Consultants Investors, LLC (10)				Insurance			—				—				450,000				450				275
HPA SPQ Aggregator LP- Common Equity				Business Services			—				—				750,399				750				842
HV Watterson Holdings, LLC				Business Services			—				—				1,600,000				1,600				252
Icon Partners V C, L.P.				Business Services			—				—				1,122,549				1,123				1,123
Icon Partners V C, L.P. - Unfunded (8)				Business Services			—				—				377,451				—				—
IHS Parent Holdngs, L.P.				Personal, Food and Miscellaneous Services			—				—				1,218,045				1,218				1,535
Imagine Topco, LP				Business Services			—				—				743,826				—				—
Infogroup Parent Holdings, Inc.				Other Media			—				—				181,495				2,040				2,711
Ironclad Holdco, LLC (Applied Technical Services, LLC)				Environmental Services			—				—				4,993				525				776
ITC Infusion Co-invest, LP (10)				Healthcare, Education and Childcare			—				—				162,445				1,645				2,443
Kinetic Purchaser, LLC				Consumer Products			—				—				1,308,814				1,309				1,498
KL Stockton Co-Invest LP (Any Hour Services) (10)				Personal, Food and Miscellaneous Services			—				—				382,353				385				884
LEP Pequod Holdings, LP				Financial Services			—				—				350				865				1,004
Lightspeed Investment Holdco LLC				Healthcare, Education and Childcare			—				—				273,143				273				988
LJ Avalon, LP				Environmental Services			—				—				851,087				851				1,038
Lorient Peregrine Investments, LP				Business Services			—				—				335,590				4,530				4,453
Magnolia Topco LP - Class A (10)				Auto Sector			—				—				1,545,460				—				—
Magnolia Topco LP - Class B (10)				Auto Sector			—				—				1,017,840				—				—
MDI Aggregator, LP				Chemicals, Plastics and Rubber			—				—				30,993				3,103				3,599
Meadowlark Title, LLC (10)				Business Services			—				—				815,385				802				—
Megawatt Acquisition Partners, LLC - Common Equity A				Electronics			—				—				594				59				48
Municipal Emergency Services, Inc.				Distribution			—				—				3,920,145				3,984				6,272
NEPRT Parent Holdings, LLC (Recteq, LLC) (10)				Consumer Products			—				—				1,299				1,250				87
New Insight Holdings, Inc. - Common Equity				Business Services			—				—				1,157				20				20
New Medina Health, LLC (10)				Healthcare, Education and Childcare			—				—				1,429,480				1,429				2,231
NFS - CFP Holdings LLC - Common Equity				Business Services			—				—				662,983				663				663
NORA Parent Holdings, LLC (10)				Healthcare, Education and Childcare			—				—				1,257				1,248				1,115
North Haven Saints Equity Holdings, LP (10)				Business Services			—				—				351,553				352				380

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

24

---

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2024

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Northwinds Services Group, LLC - Common Equity				Consumer Services			—				—				840,000			$	1,680			$	1,680
NXOF Holdings, Inc.				Aerospace and Defense			—				—				8,188				108				—
OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (10)				Aerospace and Defense			—				—				98,286				983				997
OES Co-Invest, LP Class A Common Equity				Diversified Conglomerate Service			—				—				840				847				937
OHCP V BC COI, L.P.				Distribution			—				—				694,943				695				443
OHCP V BC COI, L.P. - Unfunded (8)				Distribution			—				—				55,057				—				(20	)
ORL Holdco, Inc.				Business Services			—				—				638				6				—
OSP Embedded Aggregator, LP				Aerospace and Defense			—				—				870,536				871				553
PAR Excellence Holdings, Inc. - Common Equity				Healthcare, Education and Childcare			—				—				1,087,000				1,087				1,087
PCS Parent, LP				Financial Services			—				—				421,304				421				442
PennantPark-TSO Senior Loan Fund II, LP (12)				Financial Services			—				—				8,115,794				8,116				8,126
Pink Lily Holdco, LLC (10)				Retail			—				—				1,044				1,044				—
Pragmatic Institute, LLC				Business Services			—				—				1,918,047				1,918				—
Quad (U.S.) Co-Invest, L.P.				Business Services			—				—				2,958,706				2,959				3,780
QuantiTech InvestCo LP (10)				Aerospace and Defense			—				—				700				—				172
QuantiTech InvestCo LP - Unfunded (8), (10)				Aerospace and Defense			—				—				955				—				—
QuantiTech InvestCo II LP (10)				Aerospace and Defense			—				—				40				14				12
RFMG Parent, LP				Healthcare, Education and Childcare			—				—				1,050,000				1,050				1,309
Safe Haven Defense MidCo, LLC (10)				Building Materials			—				—				227				227				247
SBI Holdings Investments LLC				Business Services			—				—				36,585				366				406
Seaway Topco, LP				Chemicals, Plastics and Rubber			—				—				2,981				2,981				2,006
SP L2 Holdings, LLC				Consumer Products			—				—				881,966				882				35
SSC Dominion Holdings, LLC				Electronics			—				—				36				36				4,154
StellPen Holdings, LLC				Media			—				—				153,846				154				134
SV Aero Holdings, LLC (10)				Aerospace and Defense			—				—				25				218				472
TAC LifePort Holdings, LLC (10)				Aerospace and Defense			—				—				254,206				239				388
TCG 3.0 Jogger Co-Invest, LP - Common Equity				Media			—				—				6,475				1,252				965
Tower Arch Infolinks Media, LP (10)				Media			—				—				542,000				251				819
Tower Arch Infolinks Media, LP - Unfunded (8), (10)				Media			—				—				353,444				—				—
TPC Holding Company, LP				Food			—				—				11,527				12				61
TPCN Holdings, LLC - Common Equity (10)				Diversified Conglomerate Service			—				—				473,400				473				388
TWD Parent Holdings, LLC				Business Services			—				—				608				1				6
United Land Services Holdings LLC - Common Equity				Environmental Services			—				—				184,049				600				600
UniVista Insurance (10)				Business Services			—				—				400				334				844
Urology Partners Co., L.P.				Healthcare, Education and Childcare			—				—				1,111,111				1,111				1,184
Watchtower Holdings, LLC (10)				Electronics			—				—				12,419				1,242				1,292
WCP Ivyrehab Coinvestment, LP (10)				Healthcare, Education and Childcare			—				—				208				208				221
WCP Ivyrehab QP CF Feeder, LP (10)				Healthcare, Education and Childcare			—				—				3,754				3,793				3,987
WCP Ivyrehab QP CF Feeder, LP - Unfunded (8), (10)				Healthcare, Education and Childcare			—				—				246				—				—
Wildcat Parent, LP				Electronics			—				—				2,314				98				843
Kentucky Racing Holdco, LLC (Warrants) (10)				Hotels, Motels, Inns and Gaming			—				—				161,252				—				1,711
Total Common Equity/Partnership Interests/Warrants																			111,008				125,097
US Government Securities - 20.2% of Net Assets
U.S. Treasury Bill (5)		10/29/2024		Short-Term U.S. Government Securities		4.72%					—				100,000				99,652				99,632
Total US Government Securities																			99,652				99,632
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies																			916,168				910,323
Investments in Non-Controlled, Affiliated Portfolio Companies - 6.8% of Net Assets (1), (2)
First Lien Secured Debt - 0.8%
Walker Edison Furniture Company LLC (11)		03/01/2029		Home and Office Furnishings			—				—				10,877				10,054				979
Walker Edison Furniture Company, LLC - Unfunded Term Loan (11), (8)		03/01/2029		Home and Office Furnishings			—				—				167				—				(152	)
Walker Edison Furniture Company LLC - Junior Revolver (11)		03/01/2029		Home and Office Furnishings			—				—				3,333				3,333				3,333
Total First Lien Secured Debt																			13,387				4,160
Preferred Equity/Partnership Interests - 5.9% of Net Assets (6)
Cascade Environmental Holdings, LLC (Preferred)				Environmental Services			—				—				5,887,236				32,791				27,931
Cascade Environmental Holdings, LLC - Series B				Environmental Services			—				—				918				918				1,331
Total Preferred Equity/Partnership Interests																			33,709				29,262

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

25

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2024

(In thousands, except share data)

 

Table Link Similar Tables Download CSV

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Common Equity/Partnership Interests/Warrants - 0.0% of Net Assets (6)
Cascade Environmental Holdings, LLC				Environmental Services			—				—				7,444,347			$	2,852				—
Walker Edison Furniture				Home and Office Furnishings			—				—				72,917				6,786				—
Total Common Equity/Partnership Interests/Warrants																			9,638				—
Total Investments in Non-Controlled, Affiliated Portfolio Companies																			56,734				33,423
Investments in Controlled, Affiliated Portfolio Companies - 77.8% (1), (2)
First Lien Secured Debt - 21.5% of Net Assets
AKW Holdings Limited (GBP) (9), (12)		03/15/2027		Healthcare, Education and Childcare		12.16%				3M SOFR+700					GBP 42,457				58,075				56,950
						(PIK 5.47%)
JF Holdings Corp.		07/31/2026		Distribution		11.30%				3M SOFR+605					49,625				49,114				49,129
Total First Lien Secured Debt																			107,189				106,079
Subordinated Debt - 28.0% of Net Assets
Flock Financial, LLC (12)		10/19/2027		Financial Services		14.50%					—				22,208				22,208				22,208
						(PIK 14.50%)
PennantPark Senior Loan Fund, LLC (12)		07/31/2027		Financial Services		13.25%				3M SOFR+800					115,886				115,886				115,886
Total Subordinated Debt																			138,094				138,094
Preferred Equity - 5.4% of Net Assets (6)
Flock Financial Class A Preferred Equity (12)				Financial Services			—				—				2,047,727				7,313				7,313
Flock Financial Class B Preferred Equity (12)				Financial Services			—				—				5,409,091				19,318				19,318
Total Preferred Equity																			26,631				26,631
Common Equity - 23.0% of Net Assets (6)
AKW Holdings Limited - Common Equity (9), (12)				Healthcare, Education and Childcare			—				—				950				132				3,848
JF Intermediate, LLC				Distribution			—				—				43,918				4,488				41,729
PennantPark Senior Loan Fund, LLC (12)				Financial Services			—				—				67,373,319				67,436				67,923
Total Common Equity																			72,056				113,500
Total Investments in Controlled, Affiliated Portfolio Companies																			343,970				384,304
Total Investments - 268.9% of Net Assets (13)																			1,316,872				1,328,050
Cash and Cash Equivalents - 10.1% of Net Assets
BlackRock Federal FD Institutional 81						5.03%													38,769				38,769
Non-Money Market Cash																			11,064				11,092
Total Cash and Cash Equivalents																			49,833				49,861
Total Investments and Cash Equivalents - 279.0%																		$	1,366,705			$	1,377,911
Liabilities in Excess of Other Assets - (179.0)%																							(884,003	)
Net Assets - 100%																						$	493,908

(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 (1-month S, 3-month S, or 6-month 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 payment-in-kind ("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)

Partial non-accrual PIK securities.

(8)

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.

(9)

Non-U.S. company or principal place of business is located in The Isle of Man.

(10)

Investment is held through our Taxable Subsidiary (See Note 1).

(11)

Non-accrual security.

(12)

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, 2024, qualifying assets represent 78% of the Company’s total assets and non-qualifying assets represent 22% of the Company’s total assets.

(13)

All investments are in U.S. Companies unless noted otherwise.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

26

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

JUNE 30, 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 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 June 30, 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.

 

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.

 

27

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 2025

 

 

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 preliminary 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.

 

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 June 30, 2025, we had four portfolio companies on non-accrual status, representing 2.8% of overall portfolio on a cost and 0.7% fair value basis. As of September 30, 2024, we had two portfolio companies on non-accrual status, representing 4.1% and 2.3% of our overall portfolio on a cost and fair value basis, respectively.

 

 

28

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 2025

 

(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 and nine months ended June 30, 2025, we recorded a provision for taxes on net investment income of $0.7 million and $1.9 million respectively, which pertains to U.S. federal excise tax. For the three and nine months ended June 30, 2024, we recorded a provision for taxes on net investment income of $0.7 million and $1.9 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 and nine months ended June 30, 2025, the Company recognized a provision for taxes of less than ($0.1) million and $(0.1) million on net realized gain (loss) on investments by the Taxable Subsidiary, respectively. For the three and nine months ended June 30, 2024, the Company recognized a provision for taxes of zero and $(0.2) million, respectively, on net realized gain (loss) on investments by the Taxable Subsidiary. For the three and nine months ended June 30, 2025, the Company recognized a provision for taxes of zero and zero, on net unrealized gain (loss) on investments by the Taxable Subsidiary, respectively. For the three and nine months ended June 30, 2024, the Company recognized a provision for taxes of zero and $(0.7) million, respectively, on net unrealized gain (loss) on investments by the Taxable Subsidiary. 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 and nine months ended June 30, 2025, the Company paid $0.2 million and $0.2 million, in federal taxes on realized gains on the sale of investments held by the Taxable Subsidiary, respectively. The state and local tax liability is $0.1 million as of June 30, 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 equity distribution agreements with Truist Securities, Inc. and Keefe, Bruyette & Woods, Inc. (together, the "Equity Distribution Agreements"), as sales agents (each a "Sales Agent" and together, 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 at-the-market offering ("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 all of the offerings made hereunder will not be less than our current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us.

 

During the three and nine months ended June 30, 2025, we did not issue any shares under the ATM program. During the three and nine months ended June 30, 2024, we issued 71,594 shares of common stock through the ATM Program at an average price of $7.72 per share raising $0.6 million of net proceeds offer commission to the sales agents and inclusive of proceeds from the Investment Adviser to ensure all shares were sold at or above NAV. In connection with the share issuance, we expensed $0.3 million of deferred offering costs incurred related to establishing the ATM program to additional paid in capital. On April 28, 2025, our registration statement pursuant to which shares were issued under the ATM Program expired.

 

(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:

 

1.

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

 

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 2025

 

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) Recent Accounting Pronouncements

 

In March 2020, the FASB issued ASU 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 June 30, 2023. The FASB approved an (optional) two year extension to December 31, 2024, for transitioning away from LIBOR. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 during the three and nine months ended June 30, 2025, the effect of which was not material to the consolidated financial statements.

 

In June 2022, the FASB issued ASU 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 ASU 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 and included within each reported measure of segment 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 is currently evaluating the impact of this standard on its consolidated financial statements.

 

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.

 

 

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 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 and nine months ended June 30, 2025, we recorded base management fees of $3.9 million and $12.2 million, respectively. For the three and nine months ended June 30, 2024, we recorded base management fees of $4.2 million and $12.4 million, respectively.

 

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 and nine months ended June 30, 2025, we recorded an incentive fee of $2.5 million and $7.7 million, respectively, related to incentive fees on net investment income. For the three and nine months ended June 30, 2024, we recorded an incentive fee of $3.3 million and $9.7 million, 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 and nine months ended June 30, 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 and nine months ended June 30, 2025 and 2024, we did not accrue an incentive fee on capital gains as calculated under GAAP.

 

 

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 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 and nine months ended June 30, 2025, we recorded $0.4 million and $1.1 million, respectively, for the services described above. For the three and nine months ended June 30, 2024, we recorded $0.5 million and $1.2 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 and nine months ended June 30, 2025 and 2024.

 

For the three and nine months ended June 30, 2025, we sold $21.8 million and $462.8 million in investments to PSLF at fair value, respectively, and recognized less than $0.1 million and $0.9 million of net realized gains, respectively. For the three and nine months ended June 30, 2024, we sold $37.8 million and $191.8 million in investments to PSLF at fair value, and recognized less than $0.1 million and $0.1 million of net realized gains, respectively of net realized gains, respectively.

 

For the three and nine months ended June 30, 2025, we sold zero in investments to PTSF II at fair value, respectively, and recognized zero of net realized gains, respectively. For the three and nine months ended June 30, 2024, we sold zero in investments to PTSF II at fair value, respectively, and recognized zero and of net realized gains, respectively.

 

As of June 30, 2025 and September 30, 2024, PNNT had a payable to PSLF zero and less than $0.1 million, respectively, presented as a due to affiliate on the consolidated statement of assets and liabilities. These amounts are related to cash owed to PSLF from PNNT in connection with trades between the funds.

 

As of June 30, 2025 and September 30, 2024, PNNT had a receivable from affiliates of less than $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 and trades between the funds.

 

 

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 2025

 

 

4. INVESTMENTS

 

Purchases of investments, including PIK interest, for the three and nine months ended June 30, 2025 totaled $89.6 million and $565.9 million, respectively (excluding U.S. Government Securities). For the three and nine months ended June 30, 2024, purchases of investments, including PIK interest, totaled $167.5 million and $589.1 million, respectively (excluding U.S. Government Securities). Sales and repayments of investments for the three and nine months ended June 30, 2025 totaled $132.2 million and $749.0 million, respectively (excluding U.S. Government Securities). For the three and nine months ended June 30, 2024, sales and repayments of investments totaled $132.9 million and $380.1 million, respectively (excluding U.S. Government Securities).

 

Investments and cash and cash equivalents consisted of the following:

 

Table Link Similar Tables Download CSV

		June 30, 2025								September 30, 2024
Investment Classification ($ in thousands)		Cost				Fair Value				Cost				Fair Value
First lien		$	505,370			$	476,461			$	700,390			$	667,926
U.S. Government Securities			124,720				124,697				99,652				99,632
Second lien			18,609				18,011				68,470				67,180
Subordinated debt / corporate notes			53,636				53,884				65,865				65,804
Subordinated notes in PSLF			140,288				140,288				115,886				115,886
Equity			206,282				284,954				199,173				243,699
Equity in PSLF			82,358				73,329				67,436				67,923
Total investments			1,131,263				1,171,624				1,316,872				1,328,050
Cash and cash equivalents			70,408				70,546				49,833				49,861
Total investments and cash and cash equivalents		$	1,201,671			$	1,242,170			$	1,366,705			$	1,377,911

 

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:

 

Table Link Similar Tables Download CSV

		June 30, 2025 (1)													September 30, 2024 (1)
Industry Classification		Cost			Fair Value			Fair Value Percentage			Net Asset Value Percentage				Cost			Fair Value			Fair Value Percentage			Net Asset Value Percentage
Distribution		$	57,211		$	139,067			15	%		29	%		$	120,378		$	165,304			14	%		33	%
Healthcare, Education and Childcare			113,736			134,132			14	%		28	%			124,430			127,574			11	%		26	%
Business Services			142,399			133,262			14	%		28	%			205,232			184,233			16	%		37	%
Short-Term U.S. Government Securities			124,720			124,697			13	%		26	%			99,652			99,632			9	%		20	%
Financial Services			70,126			73,534			8	%		15	%			69,915			71,527			6	%		14	%
Consumer Products			54,904			52,736			6	%		11	%			89,773			89,743			8	%		18	%
Aerospace and Defense			38,840			45,532			5	%		9	%			53,472			54,017			5	%		11	%
Environmental Services			56,848			28,701			3	%		6	%			51,402			44,290			4	%		9	%
Auto Sector			26,589			28,484			3	%		6	%			39,449			40,752			4	%		8	%
Personal, Food and Miscellaneous Services			16,383			18,647			2	%		4	%			17,203			18,850			2	%		4	%
Media			17,952			18,092			2	%		4	%			31,964			32,130			3	%		7	%
Gaming			17,653			17,910			2	%		4	%			-			-			0	%		0	%
Telecommunications			22,349			16,810			2	%		3	%			35,986			34,045			3	%		7	%
Diversified Conglomerate Service			14,501			14,185			1	%		3	%			10,091			9,834			1	%		2	%
Consumer Services			13,185			13,460			1	%		3	%			8,700			8,449			1	%		2	%
Manufacturing/Basic Industry			12,577			12,668			1	%		3	%			12,686			12,713			1	%		3	%
Buildings and Real Estate			12,520			12,470			1	%		3	%			12,515			12,442			1	%		3	%
Chemicals, Plastics and Rubber			14,846			12,402			1	%		3	%			32,255			31,598			3	%		6	%
Event Services			11,849			12,033			1	%		3	%			-			-			0	%		0	%
Home and Office Furnishings, Housewares and Durable Consumer Products			7,339			7,489			1	%		2	%			9,663			9,663			1	%		2	%
Electronics			2,643			6,524			1	%		1	%			14,887			19,633			2	%		4	%
Transportation			9,697			6,521			1	%		1	%			9,638			8,072			1	%		2	%
Consulting Services			5,970			5,966			1	%		1	%			-			-			0	%		0	%
All Other			43,780			22,685			2	%		5	%			84,260			69,740			6	%		14	%
Total		$	908,617		$	958,007			100	%		199	%		$	1,133,551		$	1,144,241			100	%		232	%

(1)

Excludes investments in PSLF.

 

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 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 June 30, 2025 and September 30, 2024, PSLF had total assets of $1,389.2 million and $1,073.4 million, respectively and its investment portfolio consisted of debt investments in 115 and 102 portfolio companies, respectively. As of June 30, 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, 2024, we and Pantheon had remaining commitments to fund subordinated notes of $32.6 million and $46.5 million, respectively, and equity interests of $19.9 million and $28.5 million, respectively, in PSLF. As of June 30, 2025, at fair value, the largest investment in a single portfolio company in PSLF was $30.9 million and the five largest investments totaled $128.6 million. As of September 30, 2024, at fair value, the largest investment in a single portfolio company in PSLF was $25.1 million and the five largest investments totaled $109.9 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 June 30, 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, 2024, we and Pantheon owned 60.5% and 39.5%, respectively, of each of the outstanding subordinated notes and equity interest of PSLF. As of June 30, 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, 2024, our investment in PSLF consisted of subordinated notes of $115.9 million and equity interests of $67.4 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 diversified 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 June 30, 2025 and September 30, 2024 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 diversified 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%. As of June 30, 2025 and September 30, 2024, there were $246.0 million and $246.0 million, respectively, 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 diversified 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 June 30, 2025, there was $328.0 million 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:

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($ in thousands)		June 30, 2025 (Unaudited)				September 30, 2024
Total investments		$	1,339,089			$	1,031,225
Weighted average cost yield on income producing investments			10.4	%			11.3	%
Number of portfolio companies in PSLF			115				102
Largest portfolio company investment at fair value		$	30,851			$	25,073
Total of five largest portfolio company investments at fair value		$	128,609			$	109,927

 

 

 

34

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 2025

 

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

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Issuer Name (3)		Maturity			Industry		Current  Coupon			Basis Point Spread Above Index (1)			Par				Cost				Fair Value (2)
First Lien Secured Debt - 1009.7%
A1 Garage Merger Sub, LLC		12/22/28			Personal, Food and Miscellaneous Services		8.83%			SOFR+450				19,929			$	19,733			$	19,929
ACP Avenu Buyer, LLC		10/02/29			Business Services		9.05%			SOFR+475				7,609				7,488				7,533
ACP Falcon Buyer, Inc.		08/01/29			Business Services		9.80%			SOFR+550				15,235				14,991				15,387
AFC Dell Holding Corp.		04/09/27			Distribution		9.82%			SOFR+550				16,191				16,071				16,110
Ad.net Acquisition, LLC		05/07/26			Media		10.56%			SOFR+626				4,800				4,800				4,800
Aechelon Technology, Inc.		08/16/29			Aerospace and Defense		10.83%			SOFR+650				4,850				4,764				4,850
Alpine Acquisition Corp II		11/30/26			Containers, Packaging and Glass		10.45%			SOFR+615				15,185				15,036				10,630
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)		12/10/26			Media		10.67%			SOFR+635				13,773				13,722				13,635
Anteriad Holdings Inc (fka MeritDirect)		06/30/26			Media		10.20%			SOFR+590				14,056				14,014				14,056
Arcfield Acquisition Corp.		10/28/31			Aerospace and Defense		9.28%			SOFR+500				14,925				14,904				14,850
Archer Lewis, LLC		08/28/29			Healthcare, Education and Childcare		10.05%			SOFR+575				15,620				15,460				15,620
Argano, LLC.		09/13/29			Business Services		10.07%			SOFR+575				14,888				14,764				14,754
BLC Holding Company, INC.		11/20/30			Environmental Services		8.80%			SOFR+450				12,043				11,971				12,043
Beacon Behavioral Support Service, LLC		06/21/29			Healthcare, Education and Childcare		9.80%			SOFR+550				24,670				24,354				24,423
Best Practice Associates, LLC		11/08/29			Aerospace and Defense		11.05%			SOFR+675				19,900				19,648				19,651
Beta Plus Technologies, Inc.		07/02/29			Business Services		10.05%			SOFR+575				14,588				14,405				14,259
Big Top Holdings, LLC		02/28/30			Manufacturing / Basic Industries		9.80%			SOFR+550				6,643				6,545				6,643
Bioderm, Inc.		01/31/28			Healthcare, Education and Childcare		10.82%			SOFR+650				8,820				8,744				8,710
Blackhawk Industrial Distribution, Inc.		09/17/26			Distribution		9.70%			SOFR+540				25,310				25,060				24,993
Boss Industries, LLC		12/27/30			Conglomerate Manufacturing		9.30%			SOFR+500				5,970				5,931				5,970
Burgess Point Purchaser Corporation		07/25/29			Auto Sector		9.65%			SOFR+535				6,202				5,928				5,266
By Light professional IT Services, LLC		11/16/26			Business Services		10.79%			SOFR+647				14,570				14,526				14,570
C5MI Acquisition, LLC		07/31/29			Business Services		10.30%			SOFR+600				7,444				7,350				7,444
CF512, Inc.		08/20/26			Media		10.77%			SOFR+644				9,066				8,992				8,975
Carisk Buyer, Inc.		12/01/29			Healthcare, Education and Childcare		9.55%			SOFR+525				11,398				11,301				11,398
Carnegie Dartlet, LLC		02/07/30			Education		9.83%			SOFR+550				22,713				22,412				22,485
Cartessa Aesthetics, LLC		06/14/28			Distribution		10.05%			SOFR+600				21,937				21,750				21,937
Case Works, LLC		10/01/29			Business Services		9.55%			SOFR+525				10,462				10,390				10,221
Commercial Fire Protection Holdings, LLC		09/23/30			Business Services		9.06%			SOFR+475				20,883				20,781				20,883
Compex Legal Services, Inc.		02/09/26			Business Services		9.85%			SOFR+555				932				932				932
Confluent Health, LLC		11/30/28			Healthcare, Education and Childcare		11.83%			SOFR+750				1,955				1,955				1,955
Connatix Buyer, Inc.		07/13/27			Media		9.97%			SOFR+576				8,647				8,637				8,647
Crane 1 Services, Inc.		08/16/27			Personal, Food and Miscellaneous Services		9.69%			SOFR+536				5,285				5,254				5,245
Dr. Squatch, LLC		08/31/27			Personal and Non-Durable Consumer Products		9.66%			SOFR+535				30,851				30,741				30,851
DRI Holding Inc.		12/21/28			Media		9.68%			SOFR+535				5,785				5,436				5,702
DRS Holdings III, Inc.		11/03/25			Consumer Products		9.58%			SOFR+525				4,629				4,627				4,597
Duggal Acquisition, LLC		09/30/30			Marketing Services		9.05%			SOFR+475				4,963				4,922				4,963
Dynata, LLC - First Out Term Loan		07/17/28			Business Services		9.59%			SOFR+526				1,576				1,484				1,565
Dynata, LLC - Last-Out Term Loan		10/16/28			Business Services		10.09%			SOFR+576				9,695				9,695				8,527
EDS Buyer, LLC		01/10/29			Aerospace and Defense		10.05%			SOFR+575				23,228				22,961				23,286
ETE Intermediate II, LLC		05/29/29			Personal, Food and Miscellaneous Services		9.58%			SOFR+525				12,155				11,986				12,155
Emergency Care Partners, LLC		10/18/27			Healthcare, Education and Childcare		9.80%			SOFR+550				6,948				6,910				6,948
Eval Home Health Solutions Intermediate, LLC		05/10/30			Healthcare, Education and Childcare		10.08%			SOFR+575				7,199				7,110				7,199
Exigo Intermediate II, LLC		03/15/27			Business Services		10.68%			SOFR+635				9,576				9,509				9,576
Five Star Buyer, Inc.		02/23/28			Hotels, Motels, Inns and Gaming		11.46%			SOFR+715				4,159				4,110				4,075
GGG Midco, LLC		09/27/30			Home and Office Furnishings, Housewares and Durable Consumer Products		9.30%			SOFR+500				12,517				12,406				12,517
Global Holdings InterCo LLC		03/16/26			Banking, Finance, Insurance & Real Estate		9.97%			SOFR+560				6,610				6,605				6,345
Graffiti Buyer, Inc.		08/10/27			Distribution		9.90%			SOFR+560				3,969				3,935				3,890
HEC Purchaser Corp.		06/17/29			Healthcare, Education and Childcare		9.72%			SOFR+550				7,920				7,840				7,920
HV Watterson Holdings, LLC		12/17/26			Business Services		12.00%			SOFR+				15,608				15,520				9,802
HW Holdco, LLC		05/10/26			Media		10.23%			SOFR+590				23,813				23,739				23,813
Hancock Roofing and Construction L.L.C.		12/31/26			Insurance		9.90%			SOFR+560				6,029				6,029				5,998
Harris & Co. LLC		08/09/30			Financial Services		9.33%			SOFR+500				19,231				19,104				19,231
Hills Distribution, Inc.		11/08/29			Distribution		10.32%			SOFR+600				14,184				14,023				14,184
IG Investment Holdings LLC		09/22/28			Business Services		9.28%			SOFR+500				4,361				4,313				4,328
Imagine Acquisitionco, LLC		11/15/27			Business Services		9.42%			SOFR+510				5,466				5,413				5,453
Infinity Home Services Holdco, Inc.		12/28/28			Personal, Food and Miscellaneous Services		9.80%			SOFR+600				13,785				13,648				13,785
Infolinks Media Buyco, LLC		11/01/26			Media		9.80%			SOFR+550				13,050				13,004				13,050
Inovex Information Systems Incorporated		12/17/30			Business Services		9.55%			SOFR+525				5,970				5,931				5,970
Inventus Power, Inc.		01/15/26			Consumer Products		11.94%			SOFR+761				13,002				12,932				13,002
Kinetic Purchaser, LLC		11/10/27			Consumer Products		10.45%			SOFR+615				13,701				13,581				13,016
LAV Gear Holdings, Inc. (4)		10/31/25			Leisure, Amusement, Motion Pictures, Entertainment									4,761				4,690				3,566
LAV Gear Holdings, Inc. - Incremental TL		10/31/25			Leisure, Amusement, Motion Pictures, Entertainment		10.00%							308				294				385
Lash OpCo, LLC		02/18/27			Consumer Products		12.13%			SOFR+785				21,248				21,181				20,823
Lightspeed Buyer, Inc.		02/03/27			Healthcare, Education and Childcare		9.05%			SOFR+475				20,166				20,079				20,166
LJ Avalon Holdings, LLC		02/01/30			Environmental Services		9.07%			SOFR+475				7,656				7,566				7,656
MAG DS Corp.		04/01/27			Aerospace and Defense		9.90%			SOFR+560				8,198				7,927				7,870
MDI Buyer Inc.		07/25/28			Chemicals, Plastics and Rubber		9.33%			SOFR+500				19,779				19,610				19,581
Magenta Buyer, LLC -First out		07/31/28			Software		11.29%			SOFR+701				450				450				375
Magenta Buyer, LLC -Second out		07/31/28			Software		11.54%			SOFR+726				587				587				271
Magenta Buyer, LLC -Third out (5)		07/31/28			Software		6.05%							2,194				2,194				508
Marketplace Events Acquisition, LLC		12/19/30			Media		9.47%			SOFR+525				19,950				19,774				19,950
MBS Holdings, Inc.		04/16/27			Telecommunications		9.35%			SOFR+510				8,266				8,214				8,266
Meadowlark Acquirer, LLC		12/10/27			Business Services		9.95%			SOFR+565				2,900				2,870				2,857
Medina Health, LLC		10/20/28			Healthcare, Education and Childcare		10.55%			SOFR+625				19,423				19,304				19,471
Megawatt Acquisitionco, Inc.		03/01/30			Business Services		9.80%			SOFR+550				7,900				7,805				7,292
Michael Baker International, LLC		12/18/28			Business Services		8.28%			SOFR+400				496				496				498

 

35

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 2025

 

Table Link Similar Tables Download CSV

Issuer Name (3)		Maturity				Industry		Current  Coupon				Basis Point Spread Above Index (1)				Par				Cost				Fair Value (2)
MOREGroup Holdings, Inc.		01/16/30				Business Services		9.55%				SOFR+525					19,750				19,512				19,750
Municipal Emergency Services, Inc.		10/01/27				Distribution		9.45%				SOFR+515					9,599				9,529				9,599
NBH Group LLC		08/19/26				Healthcare, Education and Childcare		9.92%				SOFR+560					7,199				7,174				7,199
NORA Acquisition, LLC		08/31/29				Healthcare, Education and Childcare		10.65%				SOFR+635					20,141				19,901				19,990
OSP Embedded Purchaser, LLC		12/17/29				Aerospace and Defense		10.05%				SOFR+575					18,974				18,837				18,671
Omnia Exterior Solutions, LLC		12/29/29				Diversified Conglomerate Service		9.55%				SOFR+525					18,019				17,794				17,838
One Stop Mailing, LLC		05/07/27				Transportation		10.69%				SOFR+636					8,297				8,213				8,297
PCS MIDCO INC		03/01/30				Financial Services		10.05%				SOFR+575					5,768				5,700				5,797
PL Acquisitionco, LLC		11/09/27				Retail		11.50%				SOFR+725					8,609				8,541				5,338
Pacific Purchaser, LLC		10/02/28				Business Services		10.42%				SOFR+625					12,805				12,624				12,664
PAR Excellence Holdings, Inc.		09/03/30				Healthcare, Education and Childcare		9.32%				SOFR+500					9,950				9,864				9,851
Project Granite Buyer, Inc.		12/31/30				Business Services		10.05%				SOFR+575					5,985				5,932				6,045
RRA Corporate, LLC		08/15/29				Business Services		9.54%				SOFR+525					3,970				3,939				3,938
RTIC Subsidiary Holdings, LLC		05/03/29				Consumer Products		10.05%				SOFR+575					24,762				24,412				24,329
Radius Aerospace, Inc.		03/29/27				Aerospace and Defense		10.51%				SOFR+615					11,811				11,744				11,515
Rancho Health MSO, Inc.		06/20/29				Healthcare, Education and Childcare		9.55%				SOFR+525					22,779				22,705				22,779
Recteq, LLC		01/29/26				Consumer Products		11.45%				SOFR+715					9,575				9,553				9,527
Riverpoint Medical, LLC		06/21/27				Healthcare, Education and Childcare		9.30%				SOFR+500					3,901				3,900				3,901
Ro Health, LLC		01/17/31				Healthcare Providers & Services		9.30%				SOFR+500					10,000				9,935				10,000
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)		06/16/29				Professional Services		10.04%				SOFR+575					5,435				5,363				5,299
Sabel Systems Technology Solutions, LLC		10/31/30				Business Services		10.55%				SOFR+625					11,940				11,842				11,940
Sales Benchmark Index LLC		07/07/26				Business Services		10.50%				SOFR+620					6,637				6,613				6,637
Seacoast Service Partners, LLC		12/20/29				Diversified Conglomerate Service		9.30%				SOFR+500					4,975				4,938				4,801
Seaway Buyer, LLC		06/13/29				Chemicals, Plastics and Rubber		10.45%				SOFR+615					14,588				14,423				13,749
Sigma Defense Systems, LLC		12/20/27				Telecommunications		11.45%				SOFR+715					24,013				23,836				24,013
Spendmend Holdings LLC		03/01/28				Business Services		9.45%				SOFR+515					9,437				9,272				9,437
STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans		10/03/29				Transportation		12.68%				SOFR+835					1,949				1,854				1,637
STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans (5)		10/03/29				Transportation		5.43%									4,514				2,594				1,354
SV- Aero Holdings, LLC (Aeronix)		11/01/30				Aerospace and Defense		9.55%				SOFR+525					14,813				14,750				14,813
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)		08/16/27				Aerospace and Defense		8.92%				SOFR+475					16,960				16,847				16,824
TCG 3.0 Jogger Acquisitionco, Inc.		01/23/29				Media		10.80%				SOFR+650					9,875				9,750				9,875
TPC US Parent, LLC		11/24/25				Food		10.20%				SOFR+590					11,305				11,286				11,293
Team Services Group, LLC		12/20/27				Healthcare, Education and Childcare		9.53%				SOFR+525					9,612				9,443				9,552
Teneo Holdings LLC		03/13/31				Business Services		9.08%				SOFR+475					2,963				2,934				2,988
The Bluebird Group LLC		07/27/26				Business Services		10.20%				SOFR+590					17,261				17,206				17,261
The Vertex Companies, LLC		08/31/28				Business Services		9.31%				SOFR+500					14,517				14,423				14,488
Transgo, LLC		12/29/28				Auto Sector		10.08%				SOFR+575					17,051				16,890				17,137
Tyto Athene, LLC		04/01/28				Aerospace and Defense		9.19%				SOFR+490					11,342				11,270				11,070
Urology Management Holdings, Inc.		06/15/27				Healthcare, Education and Childcare		9.80%				SOFR+550					12,412				12,351				12,362
US Fertility Enterprises, LLC		10/07/31				Healthcare, Education and Childcare		8.78%				SOFR+450					4,988				4,943				5,000
VRS Buyer, Inc.		11/21/30				Business Services		9.08%				SOFR+475					9,000				8,946				8,955
Watchtower Buyer, LLC		12/01/29				Consumer Products		10.30%				SOFR+600					23,173				22,963				23,149
Wash & Wax Systems LLC		04/30/28				Business Services		9.50%				SOFR+550					6,433				6,554				6,562
Total First Lien Secured Debt																					1,344,268				1,327,311
Subordinated Debt - 3.3%
Wash & Wax Systems LLC - Sub Debt		07/30/28				Business Services		12.00%									4,290				4,290				4,290
Total Subordinated Debt																	4,290				4,290				4,290
Equity Securities - 5.7%
New Insight Holdings, Inc. - Common Equity			—			Business Services			—				—				134,330				2,351				2,347
48Forty Intermediate Holdings, Inc.- Common Equity			—			Containers, Packaging and Glass			—				—				1,988				—				—
Wash & Wax Systems LLC (Common)																	2,803				5,002				5,141
Total Equity Securities																					7,353				7,488
Total Investments - 1018.7%																					1,355,911				1,339,089
Cash and Cash Equivalents - 32.0%
JPMorgan U.S. Government Money Market Fund								4.09%													7,655				7,655
Goldman Sachs Financial Square Government Fund								4.18%													9,973				9,973
BlackRock Federal FD Institutional 81								4.19%													3,073				3,073
Non-Money Market Cash																					21,412				21,412
Total Cash and Cash Equivalents																					42,113				42,113
Total Investments and Cash Equivalents - 1,050.7%																				$	1,398,024			$	1,381,202
Liabilities in Excess of Other Assets — (950.7)%																									(1,249,750	)
Members' Equity—100.0%																								$	131,452

 

(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)

All investments are in US Companies unless noted otherwise.

(4)

Non-accrual security

(5)

Partial non-accrual PIK security

 

36

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 2025

 

Below is a listing of PSLF’s individual investments as of September 30, 2024 (par and $ in thousands):

 

Table Link Similar Tables Download CSV

Issuer Name (3)		Maturity			Industry		Current  Coupon				Basis Point Spread Above Index (1)			Par				Cost				Fair Value (2)
First Lien Secured Debt - 916.4%
A1 Garage Merger Sub, LLC		12/22/28			Personal, Food and Miscellaneous Services			10.95	%		SOFR+610				14,738			$	14,504			$	14,738
ACP Avenu Buyer, LLC		10/02/29			Business Services			10.57	%		SOFR+525				7,667				7,526				7,418
ACP Falcon Buyer, Inc.		08/01/29			Business Services			10.83	%		SOFR+550				15,351				15,067				15,412
Ad.net Acquisition, LLC		05/07/26			Media			11.28	%		SOFR+626				4,838				4,838				4,838
Aeronix, Inc. - Term Loan		12/18/28			Aerospace and Defense			9.85	%		SOFR+525				14,888				14,700				14,888
AFC - Dell Holding Corp.		04/09/27			Distribution			10.49	%		SOFR+550				7,131				7,059				7,059
Alpine Acquisition Corp II		11/30/26			Containers, Packaging and Glass			11.30	%		SOFR+610				14,687				14,459				14,100
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)		06/10/25			Media			10.75	%		SOFR+650				13,813				13,769				13,675
Anteriad Holdings Inc (fka MeritDirect)		06/30/26			Media			10.50	%		SOFR+590				14,714				14,638				14,714
Applied Technical Services, LLC		12/29/26			Environmental Services			10.50	%		SOFR+590				14,522				14,389				14,304
Arcfield Acquisition Corp.		08/03/29			Aerospace and Defense			11.56	%		SOFR+625				21,574				21,270				21,466
Beacon Behavioral Support Services, LLC		06/21/29			Healthcare, Education and Childcare			9.92	%		SOFR+525				14,963				14,750				14,738
Beta Plus Technologies, Inc.		07/01/29			Business Services			10.35	%		SOFR+575				14,700				14,486				14,259
Big Top Holdings, LLC		02/28/30			Manufacturing / Basic Industries			11.18	%		SOFR+625				6,965				6,852				6,965
Bioderm, Inc.		01/31/28			Healthcare, Education and Childcare			11.84	%		SOFR+650				8,887				8,795				8,776
Blackhawk Industrial Distribution, Inc.		09/17/26			Distribution			10.92	%		SOFR+640				20,504				20,245				20,152
BlueHalo Global Holdings, LLC		10/31/25			Aerospace and Defense			10.70	%		SOFR+600				13,292				13,218				13,026
Broder Bros., Co.		12/04/25			Personal and Non-Durable Consumer Products			10.97	%		SOFR+611				9,374				9,374				9,374
Burgess Point Purchaser Corporation		07/25/29			Auto Sector			10.20	%		SOFR+535				4,874				4,625				4,585
Carisk Buyer, Inc.		11/30/29			Healthcare, Education and Childcare			10.35	%		SOFR+575				5,473				5,400				5,390
Carnegie Dartlet, LLC		02/07/30			Education			10.35	%		SOFR+550				9,950				9,810				9,801
Cartessa Aesthetics, LLC		06/14/28			Distribution			10.35	%		SOFR+575				17,106				16,879				17,106
CF512, Inc.		08/20/26			Media			11.21	%		SOFR+619				2,891				2,876				2,848
Connatix Buyer, Inc.		07/13/27			Media			10.53	%		SOFR+561				8,716				8,702				8,716
Crane 1 Services, Inc.		08/16/27			Personal, Food and Miscellaneous Services			10.71	%		SOFR+586				2,549				2,529				2,530
Dr. Squatch, LLC		08/31/27			Personal and Non-Durable Consumer Products			9.95	%		SOFR+535				22,993				22,842				22,993
DRI Holding Inc.		12/21/28			Media			10.20	%		SOFR+535				5,830				5,423				5,626
DRS Holdings III, Inc.		11/03/25			Consumer Products			11.20	%		SOFR+635				13,777				13,760				13,667
Dynata, LLC - First Out Term Loan		07/15/28			Business Services			10.38	%		SOFR+526				1,588				1,476				1,586
Dynata, LLC - Last Out Term Loan		10/15/28			Business Services			10.88	%		SOFR+576				9,768				9,768				8,993
EDS Buyer, LLC		01/10/29			Aerospace and Defense			10.35	%		SOFR+575				11,144				11,013				10,977
ETE Intermediate II, LLC		05/29/29			Personal, Food and Miscellaneous Services			11.56	%		SOFR+650				12,249				12,049				12,249
Eval Home Health Solutions Intermediate, LLC		05/10/30			Healthcare, Education and Childcare			10.85	%		SOFR+575				7,396				7,293				7,322
Exigo Intermediate II, LLC		03/15/27			Business Services			11.20	%		SOFR+635				9,651				9,556				9,603
Fairbanks Morse Defense		06/17/28			Aerospace and Defense			9.74	%		SOFR+450				3,491				3,417				3,495
Five Star Buyer, Inc.		02/23/28			Hotels, Motels, Inns and Gaming			12.21	%		SOFR+710				4,241				4,175				4,241
Global Holdings InterCo LLC		03/16/26			Banking, Finance, Insurance & Real Estate			11.43	%		SOFR+615				6,952				6,940				6,605
Graffiti Buyer, Inc.		08/10/27			Distribution			10.45	%		SOFR+560				3,118				3,081				3,087
Hancock Roofing and Construction L.L.C.		12/31/26			Insurance			10.20	%		SOFR+560				6,146				6,146				6,023
HEC Purchaser Corp.		06/17/29			Healthcare, Education and Childcare			9.75	%		SOFR+550				7,980				7,887				7,924
Hills Distribution, Inc		11/08/29			Distribution			11.11	%		SOFR+600				14,292				14,106				14,149
HV Watterson Holdings, LLC		12/17/26			Business Services		12.00% (PIK 4.0%)								15,144				15,019				13,887
HW Holdco, LLC		05/10/26			Media			11.04	%		SOFR+590				18,355				18,296				18,355
IG Investments Holdings, LLC		09/22/28			Business Services			11.35	%		SOFR+610				4,383				4,322				4,339
Imagine Acquisitionco, LLC		11/15/27			Business Services			10.20	%		SOFR+510				5,509				5,440				5,481
Infinity Home Services Holdco, Inc.		12/28/28			Personal, Food and Miscellaneous Services			11.49	%		SOFR+685				13,890				13,730				14,029
Infolinks Media Buyco, LLC		11/01/26			Media			10.10	%		SOFR+550				12,286				12,214				12,194
Inventus Power, Inc.		06/30/25			Consumer Products			12.46	%		SOFR+761				13,101				12,980				12,905
Kinetic Purchaser, LLC		11/10/27			Consumer Products			10.75	%		SOFR+615				13,701				13,520				13,701
LAV Gear Holdings, Inc.		10/31/25			Leisure, Amusement, Motion Pictures, Entertainment			11.66	%		SOFR+640				4,613				4,601				4,530
Lash OpCo, LLC		02/18/27			Consumer Products		12.94% (PIK 5.10%)				SOFR+785				20,447				20,338				20,243
Lightspeed Buyer Inc.		02/03/26			Healthcare, Education and Childcare			10.20	%		SOFR+535				14,267				14,170				14,267
LJ Avalon Holdings, LLC		01/31/30			Environmental Services			10.48	%		SOFR+525				6,255				6,151				6,255
MAG DS Corp.		04/01/27			Aerospace and Defense			10.20	%		SOFR+550				8,266				7,890				7,770
Magenta Buyer, LLC -First out		07/31/28			Software			12.13	%		SOFR+701				450				450				425
Magenta Buyer, LLC -Second out		07/31/28			Software			12.38	%		SOFR+801				569				569				390
Magenta Buyer, LLC -Third out		07/31/28			Software			11.63	%		SOFR+726				2,109				2,109				617
MBS Holdings, Inc.		04/16/27			Telecommunications			10.67	%		SOFR+585				8,330				8,256				8,338
Meadowlark Acquirer, LLC		12/10/27			Business Services			10.50	%		SOFR+590				2,923				2,884				2,850
Medina Health, LLC		10/20/28			Healthcare, Education and Childcare			10.85	%		SOFR+625				14,912				14,765				14,912
Megawatt Acquisitionco, Inc.		03/01/30			Business Services			9.85	%		SOFR+525				7,960				7,851				7,514
MOREgroup Holdings, LLC		01/16/30			Business Services			10.35	%		SOFR+575				12,450				12,303				12,263
Municipal Emergency Services, Inc.		10/01/27			Distribution			9.77	%		SOFR+515				5,912				5,822				5,912
NBH Group LLC		08/19/26			Healthcare, Education and Childcare			11.19	%		SOFR+585				7,353				7,311				7,133
NORA Acquisition, LLC		08/31/29			Healthcare, Education and Childcare			10.95	%		SOFR+635				14,850				14,597				14,850
Omnia Exterior Solutions, LLC		12/29/29			Diversified Conglomerate Service			10.01	%		SOFR+550				9,768				9,650				9,622
One Stop Mailing, LLC		5/7/2027			Transportation			11.21	%		SOFR+636				8,380				8,256				8,380
Owl Acquisition, LLC		2/4/2028			Education			10.20	%		SOFR+535				3,893				3,811				3,825

 

37

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 2025

 

Table Link Similar Tables Download CSV

Issuer Name (3)		Maturity				Industry		Current  Coupon				Basis Point Spread Above Index (1)				Par				Cost				Fair Value (2)
Ox Two, LLC		5/18/2026				Distribution			11.12	%		SOFR+651					9,340				9,307				9,340
Pacific Purchaser, LLC		10/2/2028				Business Services			11.51	%		SOFR+600					12,903				12,682				12,877
PCS Midco, Inc.		3/1/2030				Financial Services			10.81	%		SOFR+575					5,812				5,735				5,812
PL Acquisitionco, LLC		11/9/2027				Retail		11.99% (PIK 3.5%)				SOFR+725					8,193				8,100				6,554
Quantic Electronics, LLC		11/19/2026				Aerospace and Defense			10.95	%		SOFR+635					3,280				3,245				3,263
RTIC Subsidiary Holdings, LLC		5/3/2029				Consumer Products			10.35	%		SOFR+575					19,950				19,673				19,551
Radius Aerospace, Inc.		3/31/2025				Aerospace and Defense			10.75	%		SOFR+575					12,565				12,543				12,313
Rancho Health MSO, Inc.		12/18/2025				Healthcare, Education and Childcare			10.85	%		SOFR+560					5,530				5,530				5,530
Reception Purchaser, LLC		4/28/2028				Transportation			25.00	%		SOFR+615					4,937				4,888				3,703
Recteq, LLC		1/29/2026				Consumer Products			11.75	%		SOFR+715					9,650				9,592				9,554
Riverpoint Medical, LLC		6/21/2025				Healthcare, Education and Childcare			9.85	%		SOFR+525					3,932				3,919				3,936
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)		6/16/2029				Professional Services			10.74	%		SOFR+575					4,336				4,268				4,282
S101 Holdings Inc.		12/29/2026				Electronics			11.48	%		SOFR+615					6,467				6,387				6,402
Sales Benchmark Index LLC		1/3/2025				Business Services			10.80	%		SOFR+620					6,676				6,668				6,676
Sargent & Greenleaf Inc.		12/20/2024				Electronics		12.45% (PIK 1.00%)				SOFR+760					4,634				4,634				4,634
Seaway Buyer, LLC		6/13/2029				Chemicals, Plastics and Rubber			10.75	%		SOFR+615					14,700				14,510				14,186
Sigma Defense Systems, LLC		12/18/2027				Telecommunications			11.50	%		SOFR+690					14,621				14,465				14,475
Simplicity Financial Marketing Group Holdings, Inc		12/2/2026				Banking, Finance, Insurance & Real Estate			11.38	%		SOFR+640					11,359				11,207				11,472
Skopima Consilio Parent, LLC		5/17/2028				Business Services			9.46	%		SOFR+461					1,290				1,269				1,289
Smartronix, LLC		11/23/2028				Aerospace and Defense			10.35	%		SOFR+610					25,078				24,798				25,073
Solutionreach, Inc.		7/17/2025				Communications			12.40	%		SOFR+715					9,239				9,216				9,239
SpendMend Holdings, LLC		3/1/2028				Business Services			10.26	%		SOFR+565					9,510				9,302				9,510
Summit Behavioral Healthcare, LLC		11/24/2028				Healthcare, Education and Childcare			9.31	%		SOFR+425					3,554				3,398				3,305
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)		8/16/2027				Aerospace and Defense			10.26	%		SOFR+500					15,803				15,600				15,772
TCG 3.0 Jogger Acquisitionco, Inc.		1/23/2029				Media			11.10	%		SOFR+650					9,950				9,800				9,851
TPC US Parent, LLC		11/24/2025				Food			10.98	%		SOFR+565					11,392				11,330				11,392
TWS Acquisition Corporation		6/6/2025				Education			11.33	%		SOFR+640					1,568				1,567				1,568
Team Services Group, LLC		11/24/2028				Healthcare, Education and Childcare			9.95	%		SOFR+510					9,661				9,462				9,537
Teneo Holdings LLC		3/13/2031				Business Services			9.60	%		SOFR+475					2,985				2,955				2,994
The Bluebird Group LLC		7/27/2026				Business Services			11.25	%		SOFR+665					14,445				14,404				14,445
The Vertex Companies, LLC		8/31/2027				Business Services			10.99	%		SOFR+610					7,611				7,536				7,611
Transgo, LLC		12/29/2028				Auto Sector			10.60	%		SOFR+575					14,479				14,282				14,479
Tyto Athene, LLC		4/3/2028				Aerospace and Defense			10.23	%		SOFR+490					11,393				11,306				11,165
Urology Management Holdings, Inc.		6/15/2026				Healthcare, Education and Childcare			11.46	%		SOFR+550					10,928				10,836				10,819
Watchtower Buyer, LLC		12/1/2029				Consumer Products			10.60	%		SOFR+600					13,942				13,769				13,803
Wildcat Buyerco, Inc.		2/27/2027				Electronics			10.60	%		SOFR+575					19,256				19,126				19,256
Zips Car Wash, LLC		12/31/2024				Business Services		12.46% (PIK 1.5%)				SOFR+740					19,687				19,648				18,801
Total First Lien Secured Debt																					1,033,954				1,028,874
Equity Security - 2.1%
Dynata, LLC - Common Equity			—			Business Services			—				—				134				2,351				2,351
Total Investments - 918.5%																					1,036,305				1,031,225
Cash and Cash Equivalents - 32.6%
BlackRock Federal FD Institutional 30																					36,595				36,595
Total Cash and Cash Equivalents																					36,595				36,595
Total Investments and Cash Equivalents - 951.1)%																				$	1,072,900			$	1,067,820
Liabilities in Excess of Other Assets — (851.1)%																									(955,549	)
Members' Equity—100.0%																								$	112,271

(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 (1M S, 2M S, 3M S, or 6M S, 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)

All investments are in US Companies unless noted otherwise.

 

 

 

 

38

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 2025

 

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

 

Table Link Similar Tables Download CSV

		June 30, 2025 (Unaudited)				September 30, 2024
Assets
Investments at fair value (amortized cost—$1,355,911 and $1,036,305, respectively)		$	1,339,089			$	1,031,225
Cash and cash equivalents (cost—$42,113 and $36,595, respectively)			42,113				36,595
Interest receivable			5,561				5,089
Prepaid expenses and other assets			2,406				372
Due from affiliate			42				71
Total assets			1,389,211				1,073,352
Liabilities
2037 Asset-backed debt, net (par—$328,000 and $0, respectively and unamortized deferred financing cost of $1,977 and $0, respectively)			326,023				—
2034 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $1,037 and $1,328, respectively)			244,963				244,672
2035 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $1,589 and $1,882, respectively)			244,411				244,118
Credit facility payable			160,600				247,600
Subordinated notes payable to members			250,808				191,546
Payable for investments purchased			—				7,314
Interest payable on credit facility and asset backed debt			14,402				12,525
Distribution payable to members			10,000				8,000
Interest payable on subordinated notes to members			5,304				4,372
Accounts payable and accrued expenses			1,241				934
Due to affiliate			7				—
Total liabilities			1,257,759				961,081
Members' equity			131,452				112,271
Total liabilities and members' equity		$	1,389,211			$	1,073,352

 

———————————

(1)

As of June 30, 2025 and September 30, 2024, PSLF had zero of unfunded commitments to fund investments.

 

 

 

39

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 2025

 

 

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

 

Table Link Similar Tables Download CSV

		Three Months Ended June 30,								Nine Months Ended June 30,
		2025				2024				2025				2024
Investment income:
Interest		$	36,203			$	28,866			$	104,583			$	83,812
Other income			313				222				1,142				696
Total investment income			36,516				29,088				105,725				84,508
Expenses:
Interest expense on credit facility and asset-backed debt			17,881				13,635				50,818				39,613
Interest expense on subordinated notes to members			7,788				6,450				22,565				18,361
Administration fees			1,068				778				2,745				1,948
General and administrative expenses			173				305				869				725
Total expenses			26,910				21,168				76,997				60,647
Net investment income			9,606				7,920				28,728				23,861
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments			(3,416	)			—				(5,542	)			—
Net change in unrealized appreciation (depreciation) on investments			(3,439	)			(400	)			(11,743	)			1,935
Net realized and unrealized gain (loss) on investments			(6,855	)			(400	)			(17,285	)			1,935
Net increase (decrease) in members' equity resulting from operations		$	2,751			$	7,520			$	11,443			$	25,796

———————————

(1) No management or incentive fees are payable by PSLF.

 

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.

 

 

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 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:

 

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Asset Category ($ in thousands)		Fair value at June 30, 2025				Valuation Technique		Unobservable Input		Range of Input (Weighted Average) (1)
First lien		$	44,430			Market Comparable		Broker/Dealer bids or quotes		N/A
First lien			427,129			Market Comparable		Market yield		7.0% - 20.6% (10.3%)
First lien			4,902			Enterprise Market Value		EBITDA multiple		7.0x - 7.8x (7.5x)
Second lien			14,600			Market Comparable		Market yield		13.6% - 17.1% (15.2%)
Second lien			3,411			Market Comparable		Broker/Dealer bids or quotes		N/A
Subordinated debt / corporate notes			194,172			Market Comparable		Market yield		6.3% - 23.3% (13.1%)
Equity			277,776			Enterprise Market Value		EBITDA multiple		0.4x - 18.0x (9.5x)
Total Level 3 investments		$	966,420
Debt Category ($ in thousands)
Truist Credit Facility		$	316,384			Market Comparable		Market yield		5.6%

 

(1)

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

 

 

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Asset Category ($ in thousands)		Fair value at September 30, 2024				Valuation Technique		Unobservable Input		Range of Input (Weighted Average) (1)
First lien		$	13,841			Market Comparable		Broker/Dealer bids or quotes		N/A
First lien			621,998			Market Comparable		Market yield		7.0% – 21.4% (10.2%)
First lien			32,087			Enterprise Market Value		EBITDA multiple		0.9x - 8.4x (8.4x)
Second lien			63,803			Market Comparable		Market yield		13.1% - 18.5% (13.9%)
Second lien			3,377			Market Comparable		Broker/Dealer bids or quotes		N/A
Subordinated debt / corporate notes			181,690			Market Comparable		Market yield		5.0% - 16.5% (14.1%)
Equity			235,573			Enterprise Market Value		EBITDA multiple		0.4x - 18.8x (9.4x)
Total Level 3 investments		$	1,152,369
Debt Category ($ in thousands)
Truist Credit Facility		$	460,361			Market Comparable		Market yield		5.4%

 

 

1.

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

 

 

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 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 June 30, 2025
Description ($ in thousands)		Fair Value				Level 1				Level 2				Level 3				Measured at Net Asset Value (1)
Debt investments		$	688,644			$	—			$	—			$	688,644			$	—
U.S. Government Securities(3)			124,697				—				124,697				—				—
Equity investments			358,283				—				—				277,776				80,507
Total investments			1,171,624				—				124,697				966,420				80,507
Cash and cash equivalents			70,546				70,546				—				—				—
Total investments and cash and cash equivalents		$	1,242,170			$	70,546			$	124,697			$	966,420			$	80,507
Truist Credit Facility		$	316,384			$	—			$	—			$	316,384			$	—
2026 Notes(2)			149,247				—				149,247				—				—
2026 Notes-2(2)			163,720				—				163,720				—				—
Total debt		$	629,351			$	—			$	312,967			$	316,384			$	—

 

(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, 2024
Description ($ in thousands)		Fair Value				Level 1				Level 2				Level 3				Measured at Net Asset Value (1)
Debt investments		$	916,796			$	—			$	—			$	916,796			$	—
U.S. Government Securities(3)			99,632				—				99,632				—				—
Equity investments			311,622				—				—				235,573				76,049
Total investments			1,328,050				—				99,632				1,152,369				76,049
Cash and cash equivalents			49,861				49,861				—				—				—
Total investments and cash and cash equivalents		$	1,377,911			$	49,861			$	99,632			$	1,152,369			$	76,049
Truist Credit Facility		$	460,361			$	—			$	—			$	460,361			$	—
2026 Notes(2)			148,571				—				148,571				—				—
2026 Notes-2(2)			163,080				—				163,080				—				—
Total debt		$	772,012			$	—			$	311,651			$	460,361			$	—

 

(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):

 

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		Nine Months Ended June 30, 2025
Description ($ in thousands)		Debt  investments				Equity  investments				Totals
Beginning balance		$	916,796			$	235,573			$	1,152,369
Net realized gain (loss)			(30,009	)			(725	)			(30,734	)
Net change in unrealized appreciation (depreciation)			4,579				35,095				39,674
Purchases, PIK interest, net discount accretion and non-cash exchanges			543,409				10,719				554,128
Sales, repayments and non-cash exchanges			(746,131	)			(2,886	)			(749,017	)
Transfers in/out of Level 3			—			—					—
Ending balance		$	688,644			$	277,776			$	966,420
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		$	(11,620	)		$	34,061			$	22,441

 

 

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 2025

 

 

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		Nine Months Ended June 30, 2024
Description ($ in thousands)		Debt  investments				Equity  investments				Totals
Beginning balance		$	764,275			$	163,053			$	927,328
Net realized gain (loss)			(23,256	)			(11,401	)			(34,657	)
Net change in unrealized appreciation (depreciation)			(842	)			25,058				24,216
Purchases, PIK interest, net discount accretion and non-cash exchanges			537,661				43,463				581,124
Sales, repayments and non-cash exchanges			(372,683	)			(3,715	)			(376,398	)
Transfers in/out of Level 3		—				—					—
Ending balance		$	905,155			$	216,458			$	1,121,613
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		$	(16,458	)		$	14,138			$	(2,320	)

 

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

 

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		Nine months ended June 30,
Long-Term Credit Facility		2025				2024
Beginning balance (cost – $461,456 and $212,420, respectively)		$	460,361			$	206,940
Net change in unrealized appreciation (depreciation) included in earnings			1,023				1,578
Borrowings (1)			97,000				423,036
Repayments (1)			(242,000	)			(185,000	)
Transfers in and/or out of Level 3			—				—
Ending balance (cost – $316,456 and $450,456, respectively)		$	316,384			$	446,554
Temporary draws outstanding, at cost			—				—
Ending balance (cost – $316,456 and $450,456, respectively)		$	316,384			$	446,554

 

(1)

Excludes temporary draws.

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

 

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Foreign Currency		Amount Borrowed				Borrowing Cost				Current Value				Reset Date		Unrealized appreciation/ (depreciation)
British Pound		£	36,000			$	49,420			$	49,333			September 30, 2025		$	87
Canadian dollar			CAD 2,800			$	2,036			$	2,052			July 31, 2025		$	(16	)

 

As of September 30, 2024, we had outstanding non-U.S. dollar borrowings on our Truist Credit Facility:

 

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Foreign Currency		Amount Borrowed				Borrowing Cost				Current Value				Reset Date		Unrealized appreciation/ (depreciation)
British Pound		£	36,000			$	49,420			$	48,289			December 28, 2024		$	1,131
Canadian dollar			CAD 2,800			$	2,036			$	2,073			October 23, 2024		$	(37	)

 

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 zero and $0.3 million of expenses relating to amendment costs on the Truist Credit Facility during the three and nine months ended June 30, 2025, respectively. Due to that election and in accordance with GAAP, we did not incur any expenses relating to amendment costs on the Truist Credit Facility during the three and nine months ended June 30, 2024. 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 and nine months ended June 30, 2025, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $(3.0) million and $(1.0) million, respectively. For the three and nine months ended June 30, 2024, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of less than $(0.1) million and $(1.6) million, respectively. As of June 30, 2025 and September 30, 2024, the unrealized appreciation (depreciation) on the Truist Credit Facility totaled $0.1 million and $1.1 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.

 

 

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 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 nine months ended June 30, 2025 and 2024 were as follows ($ in thousands):

 

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Name of Investment		Fair Value at September 30, 2024				Gross Additions(1)				Gross Reductions				Net Change in Appreciation / (Depreciation)				Fair Value at June 30, 2025				Interest Income				PIK Income				Dividend Income/Other				Net Realized Gains (Losses)
Controlled Affiliates
AKW Holdings Limited		$	60,798			$	—			$	—			$	16,073			$	76,871			$	4,828			$	—			$	27			$	—
Flock Financial, LLC			48,839				823				—				2,725				52,387				1,448				823				—				—
JF Intermediate, LLC  (JF Holdings Corp.)			90,858				512				(49,625	)			36,714				78,459				4,282				—				—				—
Pragmatic Institute, LLC (3)			—				14,740				(71	)			(1,650	)			13,019				4				355				—				—
PennantPark Senior Loan Fund, LLC (2)			183,809				39,324				—				(9,516	)			213,617				12,798				—				16,008				—
Total Controlled Affiliates		$	384,304			$	55,399			$	(49,696	)		$	44,346			$	434,353			$	23,360			$	1,178			$	16,035			$	—
Non-Controlled Affiliates
Cascade Environmental Holdings, LLC		$	29,262			$	—			$	—			$	(21,799	)		$	7,463			$	—			$	—			$	—			$	—
Walker Edison Furniture Company LLC			4,161				1,708				—				(5,848	)			21				—				—				—				—
Total Non-Controlled Affiliates		$	33,423			$	1,708			$	—			$	(27,647	)		$	7,484			$	—			$	—			$	—			$	—
Total Controlled and    Non-Controlled Affiliates		$	417,727			$	57,107			$	(49,696	)		$	16,699			$	441,837			$	23,360			$	1,178			$	16,035			$	—

 

(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.

(3)

Pragmatic Institute, LLC became a controlled affiliate during the quarter ended March 31, 2025.

 

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Name of Investment		Fair Value at September 30, 2023				Gross Additions(1)				Gross Reductions				Net Change in Appreciation / (Depreciation)				Fair Value at June 30, 2024				Interest Income				PIK Income				Dividend Income				Net Realized Gains (Losses)
Controlled Affiliates
AKW Holdings Limited		$	51,660			$	1,897			$	—			$	3,787			$	57,344			$	2,893			$	1,897			$	—			$	—
Flock Financial, LLC (5)			32,300				20,006				(5,306	)			1,029				48,029				1,358				587				—				(5,305	)
JF Intermediate, LLC (MidOcean JF Holdings Corp.) (2)			8,759				51,846				(250	)			21,243				81,598				4,029				—				—				—
Mailsouth Inc.			—				—				(28,899	)			28,899				—				—				—				—				(28,899	)
PennantPark Senior Loan Fund, LLC (3)			164,408				22,353				—				(1,158	)			185,603				11,109				—				16,765				—
RAM Energy LLC (4)			—				—				—				—				—				—				—				—				(1,270	)
Total Controlled Affiliates		$	257,127			$	96,102			$	(34,455	)		$	53,800			$	372,574			$	19,389			$	2,484			$	16,765			$	(35,474	)
Non-Controlled Affiliates
Cascade Environmental Holdings, LLC		$	32,105			$	—			$	—			$	(4,541	)		$	27,564			$	—			$	—			$	—			$	—
Walker Edison Furniture Company LLC			13,907				2,470				—				(10,667	)			5,710				—				347				—				—
Total Non-Controlled Affiliates		$	46,012			$	2,470			$	—			$	(15,208	)		$	33,274			$	—			$	347			$	—			$	—
Total Controlled and    Non-Controlled Affiliates		$	303,139			$	98,572			$	(34,455	)		$	38,592			$	405,848			$	19,389			$	2,831			$	16,765			$	(35,474	)

 

1.

Includes PIK.

2.

JF Intermediate, LLC became a controlled affiliate during the quarter end December 31, 2023.

3.

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.

4.

RAM Energy LLC was fully realized in January 2023, during the nine months ended June 20, 2024 there was realized loss due to reduction of the escrow receivable.

5.

Flock Financial, LLC became a controlled affiliate during the quarter ended June 30, 2024.

 

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):

 

 

44

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 2025

 

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		Three Months Ended June 30,								Nine Months Ended June 30,
		2025				2024				2025				2024
Numerator for net increase (decrease) in net assets resulting from operations		$	8,150			$	3,746			$	33,690			$	30,484
Denominator for basic and diluted weighted average shares			65,296,094				65,238,634				65,296,094				65,229,194
Basic and diluted net increase (decrease) in net assets per share resulting from operations		$	0.12			$	0.06			$	0.52			$	0.47

 

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 June 30, 2025, cash and cash equivalents consisted of money market funds, and non-money market funds in the amounts of $49.5 million and $21.0 million. As of September 30, 2024, cash and cash equivalents consisted of money market funds, and non-money market funds in the amounts of $38.8 million and $11.1 million at fair value, respectively.

 

9. FINANCIAL HIGHLIGHTS

 

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

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		Nine Months Ended June 30,
		2025				2024
Per Share Data:
Net asset value, beginning of period		$	7.56			$	7.70
Net investment income (1)			0.55				0.70
Net change in realized and unrealized gain (loss) (1)			(0.04	)			(0.24	)
Net increase (decrease) in net assets resulting from operations (1) (8)			0.52				0.46
Distributions to stockholders (1), (2)			(0.72	)			(0.64	)
Net asset value, end of period		$	7.36			$	7.52
Per share market value, end of period		$	6.84			$	7.55
Total return* (3)			8.58	%			25.84	%
Shares outstanding at end of period			65,296,094				65,296,094
Ratios** / Supplemental Data:
Ratio of operating expenses to average net assets (4)			7.24	%			7.65	%
Ratio of debt related expenses to average net assets (5)			8.57	%			8.76	%
Ratio of total expenses to average net assets (5)			15.81	%			16.41	%
Ratio of net investment income to average net assets (5)			9.87	%			12.15	%
Net assets at end of period		$	480,585			$	491,222
Weighted average debt outstanding		$	690,420			$	675,406
Weighted average debt per share (1)		$	10.57			$	10.35
Asset coverage per unit (6)		$	1,761			$	1,645
Portfolio turnover ratio* (7)			49.84	%			30.03	%

* 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)

Excludes 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 extinguishment 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 nine months ended June 30, 2025 does not foot due to rounding

 

10. DEBT

 

The annualized weighted average cost of debt for the nine months ended June 30, 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 6.1% and 6.5%, respectively. As of June 30, 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 June 30, 2025 and September 30, 2024, our asset coverage ratio, as computed in accordance with the 1940 Act, was 176% and 164%, respectively.

 

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

June 30, 2025

 

 

Truist Credit Facility

 

As of June 30, 2025, we had the multi-currency Truist Credit Facility for up to $500 million (increased from $475 million in February 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 June 30, 2025 and September 30, 2024, we had $316.5 million and $461.5 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 6.7% and 7.2%, respectively, exclusive of the fee on undrawn commitment, as of June 30, 2025 and September 30, 2024. The Truist Credit Facility is a revolving facility with a stated maturity date of July 29, 2027 and pricing set at 235 basis points over SOFR (or an alternative risk-free floating interest rate index). As of June 30, 2025 and September 30, 2024, we had $183.5 million and $13.5 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 June 30, 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 June 30, 2025 and September 30, 2024, we had $322.0 million and $373.9 million, respectively, in commitments to fund investments. Additionally, the Company had unfunded commitments of up to $13.2 million and $52.5 million to PSLF as of June 30, 2025 and September 30, 2024, respectively, that may be contributed primarily for the purpose of funding new investments approved by PSLF board of directors or investment committee.

 

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, 2024, PennantPark Senior Loan Fund, LLC 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, 2024, 2023, and 2022 were filed as exhibits to our Annual Report on Form 10-K for the fiscal year ended September 30, 2024.

 

In December 2023, the JF Intermediate LLC became controlled affiliate. Below is certain selected key financial data from JF Intermediate, LLC's income statements for the periods in which our investment in JF Intermediate, LLC exceeded the threshold in at least one of the tests under Rule 3-09 of Regulation S-X (amounts in thousands).

 

JF Intermediate, LLC (Unaudited):

 

Table Link Similar Tables Download CSV

		Three Months Ended June 30,								Nine Months Ended June 30,
Income Statement		2025				2024				2025				2024
Total revenue		$	233,706			$	219,527			$	663,904			$	574,541
Total expenses			238,293			$	222,853				679,498			$	595,980
Net income (loss)		$	(4,587	)		$	(3,326	)		$	(15,594	)		$	(21,439	)

 

 

13. SUBSEQUENT EVENTS

 

 

In July 2025, PSLF through its wholly-owned and consolidated subsidiary, CLO VII, partially refinanced its $300 million debt securitization. The $21.0 million of Class B Loans interest was decreased from SOFR plus 4.05% to SOFR plus 1.95%, the $24.0 million of Class C Loans interest was decreased from SOFR plus 4.70% to SOFR plus 2.30%, and the $18.0 million of Class D interest was decreased from SOFR plus 7.00% to SOFR plus 3.35%.

 

 

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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 June 30, 2025, the related consolidated statements of operations and changes in net assets for the three month and nine-month periods ended June 30, 2025 and 2024, and cash flows for the nine-month periods ended June 30, 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), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments, as of September 30, 2024, 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 25, 2024, 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, 2024, 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

August 11, 2025
 

 

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Awareness Letter of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders

PennantPark Investment Corporation and its Subsidiaries

We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the unaudited interim financial information of PennantPark Investment Corporation and its subsidiaries for the periods ended June 30, 2025 and 2024, as indicated in our report dated August 11, 2025; because we did not perform an audit, we expressed no opinion on that information.

We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, is incorporated by reference in Registration Statement No. 333-263564 on Form N-2.

We are also aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act.

/s/ RSM US LLP

New York, New York

August 11, 2025

 

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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.

 

 

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Overview

 

PennantPark Investment Corporation is a BDC whose 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 diversified 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 June 30, 2025, our portfolio totaled $1,171.6 million and consisted of $476.4 million or 41% of first lien secured debt, $124.7 million or 11% of U.S. Government Securities, $18.0 million or 1% of second lien secured debt, $194.2 million or 16% of subordinated debt (including $140.3 million or 12% in PSLF) and $358.3 million or 31% of preferred and common equity (including $73.3 million or 6% in PSLF). Our interest bearing debt portfolio consisted of 90% variable-rate investments and 10% fixed-rate investments. As of June 30, 2025, we had four portfolio companies on non-accrual, representing 2.8% and 0.7% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $40.4 million as of June 30, 2025. Our overall portfolio consisted of 158 companies with an average investment size of $6.6 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 11.5%.

 

As of September 30, 2024, our portfolio totaled $1,328.1 million and consisted of $667.9 million or 50% of first lien secured debt, $99.6 million or 8% of U.S. Government Securities, $67.2 million or 5% of second lien secured debt, $181.7 million or 14% of subordinated debt (including $115.9 million or 9% in PSLF) and $311.7 million or 23% of preferred and common equity (including $67.9 million or 5% in PSLF). Our interest bearing debt portfolio consisted of 94% variable-rate investments and 6% fixed-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 4.1% and 2.3% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $11.2 million as of September 30, 2024. Our overall portfolio consisted of 152 companies with an average investment size of $8.1 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.3%.

 

For the three months ended June 30, 2025, we invested $87.7 million in four new and 28 existing portfolio companies with a weighted average yield on debt investments of 10.0%. For the three months ended June 30, 2025, sales and repayments of investments totaled $132.2 million including $21.8 million sold to PSLF. For the nine months ended June 30, 2025, we invested $560.2 million in 19 new and 112 existing portfolio companies with a weighted average yield on debt investments of 10.5%. For the nine months ended June 30, 2025, sales and repayments of investments totaled $749.0 million including $462.8 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 June 30, 2024, we invested $163.1 million in 11 new and 42 existing portfolio companies with a weighted average yield on debt investments of 12.0%. For the three months ended June 30, 2024, sales and repayments of investments totaled $132.9 million including $37.8 million sold to PSLF. For the nine months ended June 30, 2024, we invested $752.1 million in 29 new and 65 existing portfolio companies with a weighted average yield on debt investments of 11.9%. For the nine months ended June 30, 2024, sales and repayments of investments totaled $380.1 million including $191.8 million sold to PSLF. The investments sales and repayments noted above exclude all purchases and sales of U.S. Government Securities.

 

 

 

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PennantPark Senior Loan Fund, LLC

 

As of June 30, 2025, PSLF’s portfolio totaled $1,339.1 million, consisted of 115 companies with an average investment size of $11.6 million and had a weighted average yield interest bearing debt investments of 10.4%.

 

As of September 30, 2024, PSLF’s portfolio totaled $1,031.2 million, consisted of 102 companies with an average investment size of $10.1 million and had a weighted average yield interest bearing debt investments of 11.3%.

 

For the three months ended June 30, 2025, PSLF invested $22.0 million, including $21.8 million purchased from the Company, in three new and one existing portfolio companies at weighted average yield interest bearing debt investments of 9.8%. PSLF’s sales and repayments of investments for the same period totaled $71.4 million. For the nine months ended June 30, 2025, PSLF invested $545.7 million, including $462.8 million purchased from the Company, in 26 new and 57 existing portfolio companies at weighted average yield interest bearing debt investments of 10.3%. PSLF’s sales and repayments of investments for the same period totaled $228.8 million.

 

For the three months ended June 30, 2024, PSLF invested $56.0. million, including $37.8 million purchased from the Company, in five new and seven existing portfolio companies at weighted average yield on interest bearing debt investments of 11.5%. PSLF’s sales and repayments of investments for the same period totaled $54.9 million. For the nine months ended June 30, 2024, PSLF invested $250.2 million, including $191.8 million purchased from the Company, in 21 new and 16 existing portfolio companies at weighted average yield on interest bearing debt investments of 12.0%. PSLF’s sales and repayments of investments for the same period totaled $133.8 million.

 

At-the-Market Offering

 

On June 4, 2024, we entered into Equity Distribution Agreements with Truist Securities, Inc. and Keefe, Bruyette & Woods, Inc. as 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.

 

During the three and nine months ended June 30, 2025, we did not issue any shares under the ATM program. During the three and nine months ended June 30, 2024, we issued 71,594 shares of common stock through the ATM Program at an average price of $7.72 per share raising $0.6 million of net proceeds offer commission to the sales agents and inclusive of proceeds from the Investment Adviser to ensure all shares were sold at or above NAV. In connection with the share issuance, we expensed $0.3 million of deferred offering costs incurred related to establishing the ATM program to additional paid in capital. On April 28, 2025, our registration statement pursuant to which shares were issued under the ATM Program expired.

 

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 2024 Annual Report on Form 10-K during the three months ended June 30, 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;

 

 

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(4)

The audit committee of our board of directors reviews the preliminary 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.

 

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 zero and $0.3 million of expenses relating to amendment costs on the Truist Credit Facility for both the three and nine months ended June 30, 2025, respectively. Due to that election and in accordance with GAAP, we did not incur any expenses relating to amendment costs on the Truist Credit Facility for both the three and nine months ended June 30, 2024. 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 and nine months ended June 30, 2025, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $(3.0) million and $(1.0) million, respectively. For the three and nine months ended June 30, 2024, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of less than $(0.1) million and $(1.6) million, respectively. As of June 30, 2025 and September 30, 2024, the unrealized appreciation (depreciation) on the Truist Credit Facility totaled $0.1 million and $1.1 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.

 

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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.

 

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 and nine months ended June 30, 2025, we recorded a provision for taxes on net investment income of $0.7 million and $1.9 million, respectively, pertaining to federal excise tax. For the three and nine months ended June 30, 2024, we recorded a provision for taxes on net investment income of $0.7 million and $1.9 million, respectively, all of 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 and nine months ended June 30, 2025, the Company recognized a provision for taxes of less than ($0.1) million and $(0.1) million on net realized gain (loss) on investments by the Taxable Subsidiary, respectively. For the three and nine months ended June 30, 2024, the Company recognized a provision for taxes of zero and $(0.2) million, respectively, on net realized gain (loss) on investments by the Taxable Subsidiary, respectively. For the three and nine months ended June 30, 2025, the Company recognized a provision for taxes zero and zero, on net unrealized gain (loss) on investments by the Taxable Subsidiary, respectively. For the three and nine months ended June 30, 2024, the Company recognized a provision for taxes of zero and $(0.7) 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 and nine months ended June 30, 2025, the Company paid $0.2 million and $0.2 million, in federal taxes on realized gains on the sale of investments held by the Taxable Subsidiary, respectively. The state and local tax liability is $0.1 million as of June 30, 2025 is included under accrued other expenses in the consolidated statement of assets and liabilities.

 

 

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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 and nine months ended June 30, 2025 and 2024.

 

Investment Income

 

For the three and nine months ended June 30, 2025, investment income was $29.6 million and $94.4 million, respectively, which was attributable to $21.6 million and $68.9 million from first lien secured debt, $0.4 million and $3.4 million from second lien secured debt, $1.0 million and $3.2 million from subordinated debt and $6.5 million and $18.9 million from other investments, respectively. For the three and nine months ended June 30, 2024, investment income was $37.0 million and $107.3 million, respectively, which was attributable to $25.9 million and $78.5 million from first lien secured debt, $2.1 million and $7.6 million from second lien secured debt, $0.6 million and $1.9 million from subordinated debt and $8.4 million and $19.3 million from other investments, respectively. The decrease in investment income for three and nine months ended June 30, 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 and nine months ended June 30, 2025, expenses totaled $17.8 million and $58.2 million, respectively, and were comprised of $9.2 million and $31.6 million of debt related interest and expenses, $3.9 million and $12.2 million of base management fees, $2.5 million and $7.7 million of incentive fees, $1.5 million and $4.8 million of general and administrative expenses and $0.7 million and $1.9 million of provision for excise taxes, respectively. For the three and nine months ended June 30, 2024, expenses totaled $21.3 million and $61.7 million, respectively, and were comprised of; $11.5 million and $32.9 million of debt-related interest and expenses, $4.2 million and $12.4 million of base management fees, $3.3 million and $9.7 million of incentive fees, $1.5 million and $4.8 million of general and administrative expenses and $0.7 million and $1.9 million of provision for excise taxes, respectively. The decrease in expenses for the three and nine months ended June 30, 2025, was primarily due to decreases in interest and expenses on debt and a decrease in incentive fees.

 

Net Investment Income

 

For the three and nine months ended June 30, 2025, net investment income totaled $11.8 million and $36.2 million, or $0.18 per share and $0.55 per share, respectively. For the three and nine months ended June 30, 2024, net investment income totaled $15.7 million and $45.7 million, or $0.24 per share and $0.70 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.

 

 

Net Realized Gains or Losses

 

For the three and nine months ended June 30, 2025, net realized gains (losses) totaled $(0.5) million and $(30.8) million, respectively. For the three and nine months ended June 30, 2024, net realized gains (losses) totaled $(6.9) million and $(36.1) 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 and nine months ended June 30, 2025, we reported net change in unrealized appreciation (depreciation) on investments of $(0.2) million and $29.3 million, respectively. For the three and nine months ended June 30, 2024, we reported net change in unrealized appreciation (depreciation) on investments of $(5.1) million and $23.2 million, respectively. As of June 30, 2025 and September 30, 2024, our net unrealized appreciation (depreciation) on investments totaled $40.4 million and $11.2 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 and nine months ended June 30, 2025, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $(2.9) million and $(1.0) million, respectively. For the three and nine months ended June 30, 2024, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $(0.1) million and $(1.6) million, respectively. As of June 30, 2025 and September 30, 2024, the net unrealized appreciation (depreciation) on the Truist Credit Facility totaled $0.1 million and $1.1 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 and nine months ended June 30, 2025, net increase (decrease) in net assets resulting from operations totaled $8.2 million and $33.7 million or $0.12 per share and $0.52 per share, respectively. For the three and nine months ended June 30, 2024, net increase (decrease) in net assets resulting from operations totaled $3.7 million and $30.5 million or $0.06 per share and $0.47 per share, respectively. The change in net assets from operations for the nine months ended June 30, 2025 was primarily due to a change in the net realized and unrealized depreciation in the portfolio primarily driven by changes in market conditions and decrease in net investment income.

 

 

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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 June 30, 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 June 30, 2025 and September 30, 2024, our asset coverage ratio, as computed in accordance with the 1940 Act was 176% and 164%, respectively.

 

For the nine months ended June 30, 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 6.1% and 6.5%, respectively.

 

As of June 30, 2025, we had the multi-currency Truist Credit Facility for up to $500 million (increased from $475 million in February 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 June 30, 2025 and September 30, 2024, we had $316.5 million and $461.5 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 6.7% and 7.2%, respectively, exclusive of the fee on undrawn commitment, as of June 30, 2025 and September 30, 2024. The Truist Credit Facility is a revolving facility with a stated maturity date of July 29, 2027 and pricing set at 235 basis points over SOFR (or an alternative risk-free floating interest rate index). As of June 30, 2025 and September 30, 2024, we had $183.5 million and $13.5 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 June 30, 2025, we were in compliance with the terms of the Truist Credit Facility.

As of June 30, 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 June 30, 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 in connection with the contemplated sale of shares of our common stock, with an aggregate offering price of up to $100 million under the 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 the ATM Program will not be less than our current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us.

 

During the three and nine months ended June 30, 2025, we did not issue any shares under the ATM program. During the three and nine months ended June 30, 2024, we issued 71,594 shares of common stock through the ATM Program at an average price of $7.72 per share raising $0.6 million of net proceeds offer commission to the sales agents and inclusive of proceeds from the Investment Adviser to ensure all shares were sold at or above NAV. In connection with the share issuance, we expensed $0.3 million of deferred offering costs incurred related to establishing the ATM program to additional paid in capital. On April 28, 2025, our registration statement pursuant to which shares were issued under the ATM Program expired.

 

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.

 

 

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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 June 30, 2025 and September 30, 2024, we had cash and cash equivalents of $70.5 million and $49.9 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 nine months ended June 30, 2025, our operating activities provided cash of $212.6 million and our financing activities used cash of $192.0 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 nine months ended June 30, 2024, our operating activities used cash of $167.7 million and our financing activities provided cash of $188.1 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily from borrowings under the Truist Credit Facility.
 

 

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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 June 30, 2025 and September 30, 2024, PSLF had total assets of $1,389.2 million and $1,073.4 million, respectively and its investment portfolio consisted of debt investments in 115 and 102 portfolio companies, respectively. As of June 30, 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, 2024, we and Pantheon had remaining commitments to fund subordinated notes of $32.6 million and $46.5 million, respectively, and equity interests of $19.9 million and $28.5 million, respectively, in PSLF. As of June 30, 2025, at fair value, the largest investment in a single portfolio company in PSLF was $30.9 million and the five largest investments totaled $128.6 million. As of September 30, 2024, at fair value, the largest investment in a single portfolio company in PSLF was $25.1 million and the five largest investments totaled $109.9 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 June 30, 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, 2024, we and Pantheon owned 60.5% and 39.5%, respectively, of each of the outstanding subordinated notes and equity interest of PSLF. As of June 30, 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, 2024, our investment in PSLF consisted of subordinated notes of $115.9 million and equity interests of $67.4 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 diversified 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 June 30, 2025 and September 30, 2024 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 diversified 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%. As of June 30, 2025 and September 30, 2024, there were $246.0 million and $246.0 million, respectively, 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 diversified 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 June 30, 2025, there was $328.0 million 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:

 

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($ in thousands)		June 30, 2025 (Unaudited)				September 30, 2024
Total investments		$	1,339,089			$	1,031,225
Weighted average cost yield on income producing investments			10.4	%			11.3	%
Number of portfolio companies in PSLF			115				102
Largest portfolio company investment at fair value		$	30,851			$	25,073
Total of five largest portfolio company investments at fair value		$	128,609			$	109,927

 

 

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

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Issuer Name (3)		Maturity			Industry		Current  Coupon			Basis Point Spread Above Index (1)			Par				Cost				Fair Value (2)
First Lien Secured Debt - 1009.7%
A1 Garage Merger Sub, LLC		12/22/28			Personal, Food and Miscellaneous Services		8.83%			SOFR+450				19,929			$	19,733			$	19,929
ACP Avenu Buyer, LLC		10/02/29			Business Services		9.05%			SOFR+475				7,609				7,488				7,533
ACP Falcon Buyer, Inc.		08/01/29			Business Services		9.80%			SOFR+550				15,235				14,991				15,387
AFC Dell Holding Corp.		04/09/27			Distribution		9.82%			SOFR+550				16,191				16,071				16,110
Ad.net Acquisition, LLC		05/07/26			Media		10.56%			SOFR+626				4,800				4,800				4,800
Aechelon Technology, Inc.		08/16/29			Aerospace and Defense		10.83%			SOFR+650				4,850				4,764				4,850
Alpine Acquisition Corp II		11/30/26			Containers, Packaging and Glass		10.45%			SOFR+615				15,185				15,036				10,630
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)		12/10/26			Media		10.67%			SOFR+635				13,773				13,722				13,635
Anteriad Holdings Inc (fka MeritDirect)		06/30/26			Media		10.20%			SOFR+590				14,056				14,014				14,056
Arcfield Acquisition Corp.		10/28/31			Aerospace and Defense		9.28%			SOFR+500				14,925				14,904				14,850
Archer Lewis, LLC		08/28/29			Healthcare, Education and Childcare		10.05%			SOFR+575				15,620				15,460				15,620
Argano, LLC.		09/13/29			Business Services		10.07%			SOFR+575				14,888				14,764				14,754
BLC Holding Company, INC.		11/20/30			Environmental Services		8.80%			SOFR+450				12,043				11,971				12,043
Beacon Behavioral Support Service, LLC		06/21/29			Healthcare, Education and Childcare		9.80%			SOFR+550				24,670				24,354				24,423
Best Practice Associates, LLC		11/08/29			Aerospace and Defense		11.05%			SOFR+675				19,900				19,648				19,651
Beta Plus Technologies, Inc.		07/02/29			Business Services		10.05%			SOFR+575				14,588				14,405				14,259
Big Top Holdings, LLC		02/28/30			Manufacturing / Basic Industries		9.80%			SOFR+550				6,643				6,545				6,643
Bioderm, Inc.		01/31/28			Healthcare, Education and Childcare		10.82%			SOFR+650				8,820				8,744				8,710
Blackhawk Industrial Distribution, Inc.		09/17/26			Distribution		9.70%			SOFR+540				25,310				25,060				24,993
Boss Industries, LLC		12/27/30			Conglomerate Manufacturing		9.30%			SOFR+500				5,970				5,931				5,970
Burgess Point Purchaser Corporation		07/25/29			Auto Sector		9.65%			SOFR+535				6,202				5,928				5,266
By Light professional IT Services, LLC		11/16/26			Business Services		10.79%			SOFR+647				14,570				14,526				14,570
C5MI Acquisition, LLC		07/31/29			Business Services		10.30%			SOFR+600				7,444				7,350				7,444
CF512, Inc.		08/20/26			Media		10.77%			SOFR+644				9,066				8,992				8,975
Carisk Buyer, Inc.		12/01/29			Healthcare, Education and Childcare		9.55%			SOFR+525				11,398				11,301				11,398
Carnegie Dartlet, LLC		02/07/30			Education		9.83%			SOFR+550				22,713				22,412				22,485
Cartessa Aesthetics, LLC		06/14/28			Distribution		10.05%			SOFR+600				21,937				21,750				21,937
Case Works, LLC		10/01/29			Business Services		9.55%			SOFR+525				10,462				10,390				10,221
Commercial Fire Protection Holdings, LLC		09/23/30			Business Services		9.06%			SOFR+475				20,883				20,781				20,883
Compex Legal Services, Inc.		02/09/26			Business Services		9.85%			SOFR+555				932				932				932
Confluent Health, LLC		11/30/28			Healthcare, Education and Childcare		11.83%			SOFR+750				1,955				1,955				1,955
Connatix Buyer, Inc.		07/13/27			Media		9.97%			SOFR+576				8,647				8,637				8,647
Crane 1 Services, Inc.		08/16/27			Personal, Food and Miscellaneous Services		9.69%			SOFR+536				5,285				5,254				5,245
Dr. Squatch, LLC		08/31/27			Personal and Non-Durable Consumer Products		9.66%			SOFR+535				30,851				30,741				30,851
DRI Holding Inc.		12/21/28			Media		9.68%			SOFR+535				5,785				5,436				5,702
DRS Holdings III, Inc.		11/03/25			Consumer Products		9.58%			SOFR+525				4,629				4,627				4,597
Duggal Acquisition, LLC		09/30/30			Marketing Services		9.05%			SOFR+475				4,963				4,922				4,963
Dynata, LLC - First Out Term Loan		07/17/28			Business Services		9.59%			SOFR+526				1,576				1,484				1,565
Dynata, LLC - Last-Out Term Loan		10/16/28			Business Services		10.09%			SOFR+576				9,695				9,695				8,527
EDS Buyer, LLC		01/10/29			Aerospace and Defense		10.05%			SOFR+575				23,228				22,961				23,286
ETE Intermediate II, LLC		05/29/29			Personal, Food and Miscellaneous Services		9.58%			SOFR+525				12,155				11,986				12,155
Emergency Care Partners, LLC		10/18/27			Healthcare, Education and Childcare		9.80%			SOFR+550				6,948				6,910				6,948
Eval Home Health Solutions Intermediate, LLC		05/10/30			Healthcare, Education and Childcare		10.08%			SOFR+575				7,199				7,110				7,199
Exigo Intermediate II, LLC		03/15/27			Business Services		10.68%			SOFR+635				9,576				9,509				9,576
Five Star Buyer, Inc.		02/23/28			Hotels, Motels, Inns and Gaming		11.46%			SOFR+715				4,159				4,110				4,075
GGG Midco, LLC		09/27/30			Home and Office Furnishings, Housewares and Durable Consumer Products		9.30%			SOFR+500				12,517				12,406				12,517
Global Holdings InterCo LLC		03/16/26			Banking, Finance, Insurance & Real Estate		9.97%			SOFR+560				6,610				6,605				6,345
Graffiti Buyer, Inc.		08/10/27			Distribution		9.90%			SOFR+560				3,969				3,935				3,890
HEC Purchaser Corp.		06/17/29			Healthcare, Education and Childcare		9.72%			SOFR+550				7,920				7,840				7,920
HV Watterson Holdings, LLC		12/17/26			Business Services		12.00%			SOFR+				15,608				15,520				9,802
HW Holdco, LLC		05/10/26			Media		10.23%			SOFR+590				23,813				23,739				23,813
Hancock Roofing and Construction L.L.C.		12/31/26			Insurance		9.90%			SOFR+560				6,029				6,029				5,998
Harris & Co. LLC		08/09/30			Financial Services		9.33%			SOFR+500				19,231				19,104				19,231
Hills Distribution, Inc.		11/08/29			Distribution		10.32%			SOFR+600				14,184				14,023				14,184
IG Investment Holdings LLC		09/22/28			Business Services		9.28%			SOFR+500				4,361				4,313				4,328
Imagine Acquisitionco, LLC		11/15/27			Business Services		9.42%			SOFR+510				5,466				5,413				5,453
Infinity Home Services Holdco, Inc.		12/28/28			Personal, Food and Miscellaneous Services		9.80%			SOFR+600				13,785				13,648				13,785
Infolinks Media Buyco, LLC		11/01/26			Media		9.80%			SOFR+550				13,050				13,004				13,050
Inovex Information Systems Incorporated		12/17/30			Business Services		9.55%			SOFR+525				5,970				5,931				5,970
Inventus Power, Inc.		01/15/26			Consumer Products		11.94%			SOFR+761				13,002				12,932				13,002
Kinetic Purchaser, LLC		11/10/27			Consumer Products		10.45%			SOFR+615				13,701				13,581				13,016
LAV Gear Holdings, Inc. (4)		10/31/25			Leisure, Amusement, Motion Pictures, Entertainment									4,761				4,690				3,566
LAV Gear Holdings, Inc. - Incremental TL		10/31/25			Leisure, Amusement, Motion Pictures, Entertainment		10.00%							308				294				385
Lash OpCo, LLC		02/18/27			Consumer Products		12.13%			SOFR+785				21,248				21,181				20,823
Lightspeed Buyer, Inc.		02/03/27			Healthcare, Education and Childcare		9.05%			SOFR+475				20,166				20,079				20,166
LJ Avalon Holdings, LLC		02/01/30			Environmental Services		9.07%			SOFR+475				7,656				7,566				7,656
MAG DS Corp.		04/01/27			Aerospace and Defense		9.90%			SOFR+560				8,198				7,927				7,870
MDI Buyer Inc.		07/25/28			Chemicals, Plastics and Rubber		9.33%			SOFR+500				19,779				19,610				19,581
Magenta Buyer, LLC -First out		07/31/28			Software		11.29%			SOFR+701				450				450				375
Magenta Buyer, LLC -Second out		07/31/28			Software		11.54%			SOFR+726				587				587				271
Magenta Buyer, LLC -Third out (5)		07/31/28			Software		6.05%							2,194				2,194				508
Marketplace Events Acquisition, LLC		12/19/30			Media		9.47%			SOFR+525				19,950				19,774				19,950
MBS Holdings, Inc.		04/16/27			Telecommunications		9.35%			SOFR+510				8,266				8,214				8,266
Meadowlark Acquirer, LLC		12/10/27			Business Services		9.95%			SOFR+565				2,900				2,870				2,857
Medina Health, LLC		10/20/28			Healthcare, Education and Childcare		10.55%			SOFR+625				19,423				19,304				19,471
Megawatt Acquisitionco, Inc.		03/01/30			Business Services		9.80%			SOFR+550				7,900				7,805				7,292
Michael Baker International, LLC		12/18/28			Business Services		8.28%			SOFR+400				496				496				498
MOREGroup Holdings, Inc.		01/16/30			Business Services		9.55%			SOFR+525				19,750				19,512				19,750
Municipal Emergency Services, Inc.		10/01/27			Distribution		9.45%			SOFR+515				9,599				9,529				9,599
NBH Group LLC		08/19/26			Healthcare, Education and Childcare		9.92%			SOFR+560				7,199				7,174				7,199

 

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Issuer Name (3)		Maturity				Industry		Current  Coupon				Basis Point Spread Above Index (1)				Par				Cost				Fair Value (2)
NORA Acquisition, LLC		08/31/29				Healthcare, Education and Childcare		10.65%				SOFR+635					20,141				19,901				19,990
OSP Embedded Purchaser, LLC		12/17/29				Aerospace and Defense		10.05%				SOFR+575					18,974				18,837				18,671
Omnia Exterior Solutions, LLC		12/29/29				Diversified Conglomerate Service		9.55%				SOFR+525					18,019				17,794				17,838
One Stop Mailing, LLC		05/07/27				Transportation		10.69%				SOFR+636					8,297				8,213				8,297
PCS MIDCO INC		03/01/30				Financial Services		10.05%				SOFR+575					5,768				5,700				5,797
PL Acquisitionco, LLC		11/09/27				Retail		11.50%				SOFR+725					8,609				8,541				5,338
Pacific Purchaser, LLC		10/02/28				Business Services		10.42%				SOFR+625					12,805				12,624				12,664
PAR Excellence Holdings, Inc.		09/03/30				Healthcare, Education and Childcare		9.32%				SOFR+500					9,950				9,864				9,851
Project Granite Buyer, Inc.		12/31/30				Business Services		10.05%				SOFR+575					5,985				5,932				6,045
RRA Corporate, LLC		08/15/29				Business Services		9.54%				SOFR+525					3,970				3,939				3,938
RTIC Subsidiary Holdings, LLC		05/03/29				Consumer Products		10.05%				SOFR+575					24,762				24,412				24,329
Radius Aerospace, Inc.		03/29/27				Aerospace and Defense		10.51%				SOFR+615					11,811				11,744				11,515
Rancho Health MSO, Inc.		06/20/29				Healthcare, Education and Childcare		9.55%				SOFR+525					22,779				22,705				22,779
Recteq, LLC		01/29/26				Consumer Products		11.45%				SOFR+715					9,575				9,553				9,527
Riverpoint Medical, LLC		06/21/27				Healthcare, Education and Childcare		9.30%				SOFR+500					3,901				3,900				3,901
Ro Health, LLC		01/17/31				Healthcare Providers & Services		9.30%				SOFR+500					10,000				9,935				10,000
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)		06/16/29				Professional Services		10.04%				SOFR+575					5,435				5,363				5,299
Sabel Systems Technology Solutions, LLC		10/31/30				Business Services		10.55%				SOFR+625					11,940				11,842				11,940
Sales Benchmark Index LLC		07/07/26				Business Services		10.50%				SOFR+620					6,637				6,613				6,637
Seacoast Service Partners, LLC		12/20/29				Diversified Conglomerate Service		9.30%				SOFR+500					4,975				4,938				4,801
Seaway Buyer, LLC		06/13/29				Chemicals, Plastics and Rubber		10.45%				SOFR+615					14,588				14,423				13,749
Sigma Defense Systems, LLC		12/20/27				Telecommunications		11.45%				SOFR+715					24,013				23,836				24,013
Spendmend Holdings LLC		03/01/28				Business Services		9.45%				SOFR+515					9,437				9,272				9,437
STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans		10/03/29				Transportation		12.68%				SOFR+835					1,949				1,854				1,637
STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans (5)		10/03/29				Transportation		5.43%									4,514				2,594				1,354
SV- Aero Holdings, LLC (Aeronix)		11/01/30				Aerospace and Defense		9.55%				SOFR+525					14,813				14,750				14,813
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)		08/16/27				Aerospace and Defense		8.92%				SOFR+475					16,960				16,847				16,824
TCG 3.0 Jogger Acquisitionco, Inc.		01/23/29				Media		10.80%				SOFR+650					9,875				9,750				9,875
TPC US Parent, LLC		11/24/25				Food		10.20%				SOFR+590					11,305				11,286				11,293
Team Services Group, LLC		12/20/27				Healthcare, Education and Childcare		9.53%				SOFR+525					9,612				9,443				9,552
Teneo Holdings LLC		03/13/31				Business Services		9.08%				SOFR+475					2,963				2,934				2,988
The Bluebird Group LLC		07/27/26				Business Services		10.20%				SOFR+590					17,261				17,206				17,261
The Vertex Companies, LLC		08/31/28				Business Services		9.31%				SOFR+500					14,517				14,423				14,488
Transgo, LLC		12/29/28				Auto Sector		10.08%				SOFR+575					17,051				16,890				17,137
Tyto Athene, LLC		04/01/28				Aerospace and Defense		9.19%				SOFR+490					11,342				11,270				11,070
Urology Management Holdings, Inc.		06/15/27				Healthcare, Education and Childcare		9.80%				SOFR+550					12,412				12,351				12,362
US Fertility Enterprises, LLC		10/07/31				Healthcare, Education and Childcare		8.78%				SOFR+450					4,988				4,943				5,000
VRS Buyer, Inc.		11/21/30				Business Services		9.08%				SOFR+475					9,000				8,946				8,955
Watchtower Buyer, LLC		12/01/29				Consumer Products		10.30%				SOFR+600					23,173				22,963				23,149
Wash & Wax Systems LLC		04/30/28				Business Services		9.50%				SOFR+550					6,433				6,554				6,562
Total First Lien Secured Debt																					1,344,268				1,327,311
Subordinated Debt - 3.3%
Wash & Wax Systems LLC - Sub Debt		07/30/28				Business Services		12.00%									4,290				4,290				4,290
Total Subordinated Debt																	4,290				4,290				4,290
Equity Securities - 5.7%
New Insight Holdings, Inc. - Common Equity			—			Business Services			—				—				134,330				2,351				2,347
48Forty Intermediate Holdings, Inc.- Common Equity			—			Containers, Packaging and Glass			—				—				1,988				—				—
Wash & Wax Systems LLC (Common)																	2,803				5,002				5,141
Total Equity Securities																					7,353				7,488
Total Investments - 1018.7%																					1,355,911				1,339,089
Cash and Cash Equivalents - 32.0%
JPMorgan U.S. Government Money Market Fund								4.09%													7,655				7,655
Goldman Sachs Financial Square Government Fund								4.18%													9,973				9,973
BlackRock Federal FD Institutional 81								4.19%													3,073				3,073
Non-Money Market Cash																					21,412				21,412
Total Cash and Cash Equivalents																					42,113				42,113
Total Investments and Cash Equivalents - 1,050.7%																				$	1,398,024			$	1,381,202
Liabilities in Excess of Other Assets — (950.7)%																									(1,249,750	)
Members' Equity—100.0%																								$	131,452

(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)

All investments are in US Companies unless noted otherwise.

(4)

Non-accrual security

(5)

Partial non-accrual PIK security

 

 

 

60

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Below is a listing of PSLF’s individual investments as of September 30, 2024 (par and $ in thousands):

Table Link Similar Tables Download CSV

Issuer Name (3)		Maturity			Industry		Current  Coupon				Basis Point Spread Above Index (1)			Par				Cost				Fair Value (2)
First Lien Secured Debt - 916.4%
A1 Garage Merger Sub, LLC		12/22/28			Personal, Food and Miscellaneous Services			10.95	%		SOFR+610				14,738			$	14,504			$	14,738
ACP Avenu Buyer, LLC		10/02/29			Business Services			10.57	%		SOFR+525				7,667				7,526				7,418
ACP Falcon Buyer, Inc.		08/01/29			Business Services			10.83	%		SOFR+550				15,351				15,067				15,412
Ad.net Acquisition, LLC		05/07/26			Media			11.28	%		SOFR+626				4,838				4,838				4,838
Aeronix, Inc. - Term Loan		12/18/28			Aerospace and Defense			9.85	%		SOFR+525				14,888				14,700				14,888
AFC - Dell Holding Corp.		04/09/27			Distribution			10.49	%		SOFR+550				7,131				7,059				7,059
Alpine Acquisition Corp II		11/30/26			Containers, Packaging and Glass			11.30	%		SOFR+610				14,687				14,459				14,100
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)		06/10/25			Media			10.75	%		SOFR+650				13,813				13,769				13,675
Anteriad Holdings Inc (fka MeritDirect)		06/30/26			Media			10.50	%		SOFR+590				14,714				14,638				14,714
Applied Technical Services, LLC		12/29/26			Environmental Services			10.50	%		SOFR+590				14,522				14,389				14,304
Arcfield Acquisition Corp.		08/03/29			Aerospace and Defense			11.56	%		SOFR+625				21,574				21,270				21,466
Beacon Behavioral Support Services, LLC		06/21/29			Healthcare, Education and Childcare			9.92	%		SOFR+525				14,963				14,750				14,738
Beta Plus Technologies, Inc.		07/01/29			Business Services			10.35	%		SOFR+575				14,700				14,486				14,259
Big Top Holdings, LLC		02/28/30			Manufacturing / Basic Industries			11.18	%		SOFR+625				6,965				6,852				6,965
Bioderm, Inc.		01/31/28			Healthcare, Education and Childcare			11.84	%		SOFR+650				8,887				8,795				8,776
Blackhawk Industrial Distribution, Inc.		09/17/26			Distribution			10.92	%		SOFR+640				20,504				20,245				20,152
BlueHalo Global Holdings, LLC		10/31/25			Aerospace and Defense			10.70	%		SOFR+600				13,292				13,218				13,026
Broder Bros., Co.		12/04/25			Personal and Non-Durable Consumer Products			10.97	%		SOFR+611				9,374				9,374				9,374
Burgess Point Purchaser Corporation		07/25/29			Auto Sector			10.20	%		SOFR+535				4,874				4,625				4,585
Carisk Buyer, Inc.		11/30/29			Healthcare, Education and Childcare			10.35	%		SOFR+575				5,473				5,400				5,390
Carnegie Dartlet, LLC		02/07/30			Education			10.35	%		SOFR+550				9,950				9,810				9,801
Cartessa Aesthetics, LLC		06/14/28			Distribution			10.35	%		SOFR+575				17,106				16,879				17,106
CF512, Inc.		08/20/26			Media			11.21	%		SOFR+619				2,891				2,876				2,848
Connatix Buyer, Inc.		07/13/27			Media			10.53	%		SOFR+561				8,716				8,702				8,716
Crane 1 Services, Inc.		08/16/27			Personal, Food and Miscellaneous Services			10.71	%		SOFR+586				2,549				2,529				2,530
Dr. Squatch, LLC		08/31/27			Personal and Non-Durable Consumer Products			9.95	%		SOFR+535				22,993				22,842				22,993
DRI Holding Inc.		12/21/28			Media			10.20	%		SOFR+535				5,830				5,423				5,626
DRS Holdings III, Inc.		11/03/25			Consumer Products			11.20	%		SOFR+635				13,777				13,760				13,667
Dynata, LLC - First Out Term Loan		07/15/28			Business Services			10.38	%		SOFR+526				1,588				1,476				1,586
Dynata, LLC - Last Out Term Loan		10/15/28			Business Services			10.88	%		SOFR+576				9,768				9,768				8,993
EDS Buyer, LLC		01/10/29			Aerospace and Defense			10.35	%		SOFR+575				11,144				11,013				10,977
ETE Intermediate II, LLC		05/29/29			Personal, Food and Miscellaneous Services			11.56	%		SOFR+650				12,249				12,049				12,249
Eval Home Health Solutions Intermediate, LLC		05/10/30			Healthcare, Education and Childcare			10.85	%		SOFR+575				7,396				7,293				7,322
Exigo Intermediate II, LLC		03/15/27			Business Services			11.20	%		SOFR+635				9,651				9,556				9,603
Fairbanks Morse Defense		06/17/28			Aerospace and Defense			9.74	%		SOFR+450				3,491				3,417				3,495
Five Star Buyer, Inc.		02/23/28			Hotels, Motels, Inns and Gaming			12.21	%		SOFR+710				4,241				4,175				4,241
Global Holdings InterCo LLC		03/16/26			Banking, Finance, Insurance & Real Estate			11.43	%		SOFR+615				6,952				6,940				6,605
Graffiti Buyer, Inc.		08/10/27			Distribution			10.45	%		SOFR+560				3,118				3,081				3,087
Hancock Roofing and Construction L.L.C.		12/31/26			Insurance			10.20	%		SOFR+560				6,146				6,146				6,023
HEC Purchaser Corp.		06/17/29			Healthcare, Education and Childcare			9.75	%		SOFR+550				7,980				7,887				7,924
Hills Distribution, Inc		11/08/29			Distribution			11.11	%		SOFR+600				14,292				14,106				14,149
HV Watterson Holdings, LLC		12/17/26			Business Services		12.00% (PIK 4.0%)								15,144				15,019				13,887
HW Holdco, LLC		05/10/26			Media			11.04	%		SOFR+590				18,355				18,296				18,355
IG Investments Holdings, LLC		09/22/28			Business Services			11.35	%		SOFR+610				4,383				4,322				4,339
Imagine Acquisitionco, LLC		11/15/27			Business Services			10.20	%		SOFR+510				5,509				5,440				5,481
Infinity Home Services Holdco, Inc.		12/28/28			Personal, Food and Miscellaneous Services			11.49	%		SOFR+685				13,890				13,730				14,029
Infolinks Media Buyco, LLC		11/01/26			Media			10.10	%		SOFR+550				12,286				12,214				12,194
Inventus Power, Inc.		06/30/25			Consumer Products			12.46	%		SOFR+761				13,101				12,980				12,905
Kinetic Purchaser, LLC		11/10/27			Consumer Products			10.75	%		SOFR+615				13,701				13,520				13,701
LAV Gear Holdings, Inc.		10/31/25			Leisure, Amusement, Motion Pictures, Entertainment			11.66	%		SOFR+640				4,613				4,601				4,530
Lash OpCo, LLC		02/18/27			Consumer Products		12.94% (PIK 5.10%)				SOFR+785				20,447				20,338				20,243
Lightspeed Buyer Inc.		02/03/26			Healthcare, Education and Childcare			10.20	%		SOFR+535				14,267				14,170				14,267
LJ Avalon Holdings, LLC		01/31/30			Environmental Services			10.48	%		SOFR+525				6,255				6,151				6,255
MAG DS Corp.		04/01/27			Aerospace and Defense			10.20	%		SOFR+550				8,266				7,890				7,770
Magenta Buyer, LLC -First out		07/31/28			Software			12.13	%		SOFR+701				450				450				425
Magenta Buyer, LLC -Second out		07/31/28			Software			12.38	%		SOFR+801				569				569				390
Magenta Buyer, LLC -Third out		07/31/28			Software			11.63	%		SOFR+726				2,109				2,109				617
MBS Holdings, Inc.		04/16/27			Telecommunications			10.67	%		SOFR+585				8,330				8,256				8,338
Meadowlark Acquirer, LLC		12/10/27			Business Services			10.50	%		SOFR+590				2,923				2,884				2,850
Medina Health, LLC		10/20/28			Healthcare, Education and Childcare			10.85	%		SOFR+625				14,912				14,765				14,912
Megawatt Acquisitionco, Inc.		03/01/30			Business Services			9.85	%		SOFR+525				7,960				7,851				7,514
MOREgroup Holdings, LLC		01/16/30			Business Services			10.35	%		SOFR+575				12,450				12,303				12,263
Municipal Emergency Services, Inc.		10/01/27			Distribution			9.77	%		SOFR+515				5,912				5,822				5,912
NBH Group LLC		08/19/26			Healthcare, Education and Childcare			11.19	%		SOFR+585				7,353				7,311				7,133
NORA Acquisition, LLC		08/31/29			Healthcare, Education and Childcare			10.95	%		SOFR+635				14,850				14,597				14,850
Omnia Exterior Solutions, LLC		12/29/29			Diversified Conglomerate Service			10.01	%		SOFR+550				9,768				9,650				9,622
One Stop Mailing, LLC		5/7/2027			Transportation			11.21	%		SOFR+636				8,380				8,256				8,380
Owl Acquisition, LLC		2/4/2028			Education			10.20	%		SOFR+535				3,893				3,811				3,825
Ox Two, LLC		5/18/2026			Distribution			11.12	%		SOFR+651				9,340				9,307				9,340
Pacific Purchaser, LLC		10/2/2028			Business Services			11.51	%		SOFR+600				12,903				12,682				12,877

 

61

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Table Link Similar Tables Download CSV

Issuer Name (3)		Maturity				Industry		Current  Coupon				Basis Point Spread Above Index (1)				Par				Cost				Fair Value (2)
PCS Midco, Inc.		3/1/2030				Financial Services			10.81	%		SOFR+575					5,812				5,735				5,812
PL Acquisitionco, LLC		11/9/2027				Retail		11.99% (PIK 3.5%)				SOFR+725					8,193				8,100				6,554
Quantic Electronics, LLC		11/19/2026				Aerospace and Defense			10.95	%		SOFR+635					3,280				3,245				3,263
RTIC Subsidiary Holdings, LLC		5/3/2029				Consumer Products			10.35	%		SOFR+575					19,950				19,673				19,551
Radius Aerospace, Inc.		3/31/2025				Aerospace and Defense			10.75	%		SOFR+575					12,565				12,543				12,313
Rancho Health MSO, Inc.		12/18/2025				Healthcare, Education and Childcare			10.85	%		SOFR+560					5,530				5,530				5,530
Reception Purchaser, LLC		4/28/2028				Transportation			25.00	%		SOFR+615					4,937				4,888				3,703
Recteq, LLC		1/29/2026				Consumer Products			11.75	%		SOFR+715					9,650				9,592				9,554
Riverpoint Medical, LLC		6/21/2025				Healthcare, Education and Childcare			9.85	%		SOFR+525					3,932				3,919				3,936
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)		6/16/2029				Professional Services			10.74	%		SOFR+575					4,336				4,268				4,282
S101 Holdings Inc.		12/29/2026				Electronics			11.48	%		SOFR+615					6,467				6,387				6,402
Sales Benchmark Index LLC		1/3/2025				Business Services			10.80	%		SOFR+620					6,676				6,668				6,676
Sargent & Greenleaf Inc.		12/20/2024				Electronics		12.45% (PIK 1.00%)				SOFR+760					4,634				4,634				4,634
Seaway Buyer, LLC		6/13/2029				Chemicals, Plastics and Rubber			10.75	%		SOFR+615					14,700				14,510				14,186
Sigma Defense Systems, LLC		12/18/2027				Telecommunications			11.50	%		SOFR+690					14,621				14,465				14,475
Simplicity Financial Marketing Group Holdings, Inc		12/2/2026				Banking, Finance, Insurance & Real Estate			11.38	%		SOFR+640					11,359				11,207				11,472
Skopima Consilio Parent, LLC		5/17/2028				Business Services			9.46	%		SOFR+461					1,290				1,269				1,289
Smartronix, LLC		11/23/2028				Aerospace and Defense			10.35	%		SOFR+610					25,078				24,798				25,073
Solutionreach, Inc.		7/17/2025				Communications			12.40	%		SOFR+715					9,239				9,216				9,239
SpendMend Holdings, LLC		3/1/2028				Business Services			10.26	%		SOFR+565					9,510				9,302				9,510
Summit Behavioral Healthcare, LLC		11/24/2028				Healthcare, Education and Childcare			9.31	%		SOFR+425					3,554				3,398				3,305
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)		8/16/2027				Aerospace and Defense			10.26	%		SOFR+500					15,803				15,600				15,772
TCG 3.0 Jogger Acquisitionco, Inc.		1/23/2029				Media			11.10	%		SOFR+650					9,950				9,800				9,851
TPC US Parent, LLC		11/24/2025				Food			10.98	%		SOFR+565					11,392				11,330				11,392
TWS Acquisition Corporation		6/6/2025				Education			11.33	%		SOFR+640					1,568				1,567				1,568
Team Services Group, LLC		11/24/2028				Healthcare, Education and Childcare			9.95	%		SOFR+510					9,661				9,462				9,537
Teneo Holdings LLC		3/13/2031				Business Services			9.60	%		SOFR+475					2,985				2,955				2,994
The Bluebird Group LLC		7/27/2026				Business Services			11.25	%		SOFR+665					14,445				14,404				14,445
The Vertex Companies, LLC		8/31/2027				Business Services			10.99	%		SOFR+610					7,611				7,536				7,611
Transgo, LLC		12/29/2028				Auto Sector			10.60	%		SOFR+575					14,479				14,282				14,479
Tyto Athene, LLC		4/3/2028				Aerospace and Defense			10.23	%		SOFR+490					11,393				11,306				11,165
Urology Management Holdings, Inc.		6/15/2026				Healthcare, Education and Childcare			11.46	%		SOFR+550					10,928				10,836				10,819
Watchtower Buyer, LLC		12/1/2029				Consumer Products			10.60	%		SOFR+600					13,942				13,769				13,803
Wildcat Buyerco, Inc.		2/27/2027				Electronics			10.60	%		SOFR+575					19,256				19,126				19,256
Zips Car Wash, LLC		12/31/2024				Business Services		12.46% (PIK 1.5%)				SOFR+740					19,687				19,648				18,801
Total First Lien Secured Debt																					1,033,954				1,028,874
Equity Security - 2.1%
Dynata, LLC - Common Equity			—			Business Services			—				—				134				2,351				2,351
Total Investments - 918.5%																					1,036,305				1,031,225
Cash and Cash Equivalents - 32.6%
BlackRock Federal FD Institutional 30																					36,595				36,595
Total Cash and Cash Equivalents																					36,595				36,595
Total Investments and Cash Equivalents - 951.1)%																				$	1,072,900			$	1,067,820
Liabilities in Excess of Other Assets — (851.1)%																									(955,549	)
Members' Equity—100.0%																								$	112,271

(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 (1M S, 2M S, 3M S, or 6M S, 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)

All investments are in US Companies unless noted otherwise.

 

 

 

62

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

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		June 30, 2025 (Unaudited)				September 30, 2024
Assets
Investments at fair value (amortized cost—$1,355,911 and $1,036,305, respectively)		$	1,339,089			$	1,031,225
Cash and cash equivalents (cost—$42,113 and $36,595, respectively)			42,113				36,595
Interest receivable			5,561				5,089
Prepaid expenses and other assets			2,406				372
Due from affiliate			42				71
Total assets			1,389,211				1,073,352
Liabilities
2037 Asset-backed debt, net (par—$328,000 and $0, respectively and unamortized deferred financing cost of $1,977 and $0, respectively)			326,023				—
2034 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $1,037 and $1,328, respectively)			244,963				244,672
2035 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $1,589 and $1,882, respectively)			244,411				244,118
Credit facility payable			160,600				247,600
Subordinated notes payable to members			250,808				191,546
Payable for investments purchased			—				7,314
Interest payable on credit facility and asset backed debt			14,402				12,525
Distribution payable to members			10,000				8,000
Interest payable on subordinated notes to members			5,304				4,372
Accounts payable and accrued expenses			1,241				934
Due to affiliate			7				—
Total liabilities			1,257,759				961,081
Members' equity			131,452				112,271
Total liabilities and members' equity		$	1,389,211			$	1,073,352

(1)

As of June 30, 2025 and September 30, 2024, PSLF had zero unfunded commitments to fund investments.

 

 

63

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

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		Three Months Ended June 30,								Nine Months Ended June 30,
		2025				2024				2025				2024
Investment income:
Interest		$	36,203			$	28,866			$	104,583			$	83,812
Other income			313				222				1,142				696
Total investment income			36,516				29,088				105,725				84,508
Expenses:
Interest expense on credit facility and asset-backed debt			17,881				13,635				50,818				39,613
Interest expense on subordinated notes to members			7,788				6,450				22,565				18,361
Administration fees			1,068				778				2,745				1,948
General and administrative expenses			173				305				869				725
Total expenses			26,910				21,168				76,997				60,647
Net investment income			9,606				7,920				28,728				23,861
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments			(3,416	)			—				(5,542	)			—
Net change in unrealized appreciation (depreciation) on investments			(3,439	)			(400	)			(11,743	)			1,935
Net realized and unrealized gain (loss) on investments			(6,855	)			(400	)			(17,285	)			1,935
Net increase (decrease) in members' equity resulting from operations		$	2,751			$	7,520			$	11,443			$	25,796

 

(1) No management or incentive fees are payable by PSLF.

 

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 and nine months ended June 30, 2025, we declared distributions of $0.24 and $0.72 per share, for total distributions of $15.7 million and $47.0 million, respectively. During the three and nine months ended June 30, 2024, we declared distributions of $0.22 and $0.64 per share, for total distributions of $14.4 million and $41.8 million, respectively. 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 ASU 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 June 30, 2023. The FASB approved an (optional) two year extension to December 31, 2024, for transitioning away from LIBOR. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 during the three and nine months ended June 30, 2025, the effect of which was not material to the consolidated financial statements.

 

 

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In June 2022, the FASB issued ASU 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 ASU 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 and included within each reported measure of segment 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 is currently evaluating the impact of this standard on its consolidated financial statements.

 

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 June 30, 2025, our debt portfolio consisted of 90% variable-rate investments and 10% 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:

 

Table Link Similar Tables Download CSV

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 1%		$	(3,044	)		$	(0.05	)
Up 1%			3,044				0.05
Up 2%			6,088				0.09
Up 3%			9,132				0.14
Up 4%			12,189				0.19

 

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.

 

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Item 4. Controls and Procedures

 

As of the period covered by this Report, 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 13a-15(e) under the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures 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.

 

There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

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PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

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, 2024, filed on November 26, 2024, which could materially affect our business, financial condition and/or operating results. The risks as in our Annual Report on Form 10-K, and this Quarterly Report on Form 10-Q, 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.

 

Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies.

There have been significant changes to U.S. trade policies, treaties and tariffs, and in the future there may be additional significant changes. Existing or new tariffs imposed on foreign goods imported by the U.S. or on U.S. goods imported by foreign countries could subject us or our portfolio companies to additional risks. Among other effects, tariffs may increase the cost of production for certain of our portfolio companies or reduce demand for their products, which could adversely affect their results of operations. We cannot predict whether, or to what extent, any tariff or other trade protections may affect our portfolio companies or our business, financial condition or results of operations.

 

We are subject to risks associated with cybersecurity and cyber incidents.

Our internal computer systems and infrastructure and those of our Investment Adviser, strategic collaborators, vendors, contractors, consultants or regulators with whom we share confidential, protected or sensitive data or information, or upon which our business relies, are vulnerable to damage from computer viruses, unauthorized access, misuse, natural disasters, terrorism, cybersecurity threats, war and telecommunication and electrical failures, as well as security compromises or breaches, which may compromise our systems, infrastructure, data or that of those with whom we share such data or information or upon which our business relies, or lead to data compromise, misuse, misappropriation or leakage. We may experience, and from time to time have experienced, cyber attacks on our information technology systems and infrastructure by threat actors of all types (including nation states, criminal enterprises, individual actors or advanced persistent threat groups, among others). In addition to extracting sensitive information, such attacks could include the deployment of harmful malware, ransomware, digital extortion, business email compromises and denial-of-service attacks, social engineering (including phishing attacks) and other means to affect server reliability and threaten the confidentiality, integrity and availability of information, systems or infrastructure.

 

As our reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by our Investment Adviser and other third-parties. We, along with our Investment Adviser, have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber-attacks, but these measures, as well as our increased awareness of the nature and extent of the risk of a cyber attack, may be ineffective and do not guarantee that a cyber attack will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an attack. Further, our contracts may not contain limitations of liability, and even where they do, there can be no assurance that limitations of liability in our contracts are sufficient to protect us from liabilities, damages or claims related to our privacy and data security obligations. Further, although we maintain cyber liability insurance, this insurance may not provide adequate coverage against potential liabilities related to any experienced cybersecurity attack or breach.

 

Furthermore, cybersecurity continues to be a priority for regulators around the world, and some jurisdictions have enacted laws requiring companies to notify individuals and/or regulators of data security breaches involving certain types of personal information. If we fail to comply with the relevant laws and regulations, we could suffer financial losses, a disruption of our businesses, liability to investors, regulatory intervention or reputational damage.

 

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.

 

 

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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).
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.

 

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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: August 11, 2025		By:		/s/ Arthur H. Penn
				Arthur H. Penn
				Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer)
Date: August 11, 2025		By:		/s/ Richard T. Allorto, Jr.
				Richard T. Allorto, Jr.
				Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

 

 

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