PennantPark Investment Corporation Announces Financial Results for the First Quarter Ended December 31, 2025 and Updates Dividend Strategy Going Forward

Rhea-AI Summary

PennantPark Investment Corporation (NYSE: PNNT) reported results for the quarter ended December 31, 2025. Key figures: portfolio $1,218.5M, NAV $457.2M or $7.00 per share (‑1.5% quarterly), net investment income $7.0M ($0.11/share), and distributions $0.24 per share. The company amended and upsized its Truist credit facility and announced an adjusted dividend structure with $0.04 base and $0.04 supplemental monthly payments through December 2026.

Positive

• Truist credit facility upsized to $535M with lower pricing
• Realized $67.5M equity sale supporting portfolio rotation
• Net realized gains of $59.0M for the quarter
• Maintained total monthly dividend of $0.08 per share

Negative

• NAV per share declined to $7.00, down 1.5% quarter
• Net investment income fell to $7.0M ($0.11 per share)
• Net unrealized depreciation of $6.7M as of Dec 31, 2025
• Portfolio size decreased from $1,287.3M to $1,218.5M

News Market Reaction – PNNT

-5.80% 1.8x vol

13 alerts

-5.80% News Effect

-2.7% Trough in 3 hr 47 min

-$22M Valuation Impact

$357M Market Cap

1.8x Rel. Volume

On the day this news was published, PNNT declined 5.80%, reflecting a notable negative market reaction. Argus tracked a trough of -2.7% from its starting point during tracking. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $22M from the company's valuation, bringing the market cap to $357M at that time. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Net asset value per share: $7.00 Net investment income: $7.0M NII per share: $0.11 +5 more

8 metrics

Net asset value per share $7.00 Quarter ended December 31, 2025

Net investment income $7.0M Three months ended December 31, 2025

NII per share $0.11 Three months ended December 31, 2025

Core NII per share $0.14 Three months ended December 31, 2025

Distributions declared per share $0.24 Three months ended December 31, 2025

Investment income $27.3M Three months ended December 31, 2025

Net realized gains $59.0M Three months ended December 31, 2025

New senior notes $75.0M at 7.0% Senior Unsecured Notes due February 1, 2029

Market Reality Check

Price: $5.05 Vol: Volume 508,558 is at 0.8x...

normal vol

$5.05 Last Close

Volume Volume 508,558 is at 0.8x the 20-day average of 636,358, indicating subdued trading interest ahead of the release. normal

Technical Shares at $5.68 trade below the 200-day MA of $6.59 and sit 24.57% under the 52-week high of $7.53, only 1.97% above the 52-week low of $5.57.

Peers on Argus

PNNT is up 0.89% with modest volume, while several income-focused peers like BME...

PNNT is up 0.89% with modest volume, while several income-focused peers like BME (+0.98%), MCI (+0.79%), BGY (+1.24%) and FTHY (+0.21%) also trade higher, suggesting a broader bid in yield-oriented asset managers despite PNNT-specific earnings details.

Historical Context

5 past events · Latest: Feb 03 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 03	Monthly distribution	Positive	+2.1%	Declared February 2026 monthly distribution of $0.08 per share.
Jan 06	Earnings scheduling	Neutral	-2.0%	Announced timing of Q1 2026 earnings release and conference call.
Jan 05	Monthly distribution	Positive	-0.5%	Declared January 2026 $0.08 monthly distribution from taxable NII.
Dec 15	Equity exit & credit	Positive	+3.1%	Exited JF Intermediate equity for $67.5M and upsized credit facility.
Dec 02	Monthly distribution	Positive	-0.5%	Declared December 2025 $0.08 monthly distribution from taxable NII.

Pattern Detected

Dividend announcements have generally produced small single-day moves, while the December 2025 equity exit and credit facility upsize saw the strongest positive reaction.

Recent Company History

Over the past few months, PNNT’s news flow has centered on recurring $0.08 monthly distributions and balance sheet actions. Dividend declarations on Dec 2, 2025, Jan 5, 2026, and Feb 3, 2026 produced modest price changes around flat. The December 2025 exit of the JF Intermediate equity stake and concurrent $535 million credit facility upsize drew the largest positive move at +3.07%. Today’s earnings and dividend-structure update follows this pattern of emphasizing income stability and capital structure management.

Market Pulse Summary

The stock moved -5.8% in the session following this news. A negative reaction despite elements like ...

Analysis

The stock moved -5.8% in the session following this news. A negative reaction despite elements like Core NII per share of $0.14 and continued $0.24 in quarterly distributions would have fit a pattern where income news sometimes met with mixed price responses. The quarter also showed lower investment income of $27.3M, reduced NII of $7.0M, and a modest NAV per share decline to $7.00. With shares already trading below the 200-day MA of $6.59, any sharp selloff could have reflected concern about earnings power versus payout levels and portfolio marks.

Key Terms

core net investment income, non-gaap, first lien secured debt, second lien secured debt, +4 more

8 terms

core net investment income financial

"Core net investment income ("Core NII") is a non-GAAP financial measure."

Core net investment income is the recurring cash profit a fund or investment vehicle earns from its normal lending, dividend and interest activities after routine expenses, excluding one-time gains or losses and unusual accounting items. Investors use it like a household’s steady paycheck—helping judge how reliably a fund can pay dividends or cover operating costs, because it filters out volatile or nonrecurring swings that can mask underlying performance.

non-gaap financial

"Core net investment income ("Core NII") is a non-GAAP financial measure."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

first lien secured debt financial

"consisted of $487.9 million or 40% of first lien secured debt, $209.5 million"

A first lien secured debt is a loan or bond backed by specific assets that gives the lender the top legal claim on those assets if the borrower defaults. Think of it like holding the first seat in line for repayment from a company’s pledged property; that priority usually means lower risk and lower interest compared with unsecured or later‑ranked debt. Investors care because it determines how likely they are to recover money if the borrower runs into trouble and where this claim sits in the company’s payment order.

second lien secured debt financial

"or 2% of second lien secured debt, $205.7 million or 17% of subordinated debt"

A loan or bond secured by specific company assets that is legally ranked behind a first-lien creditor for repayment if the borrower defaults. It matters to investors because it offers higher interest than first-lien debt to compensate for greater risk, and its value and recoveries are more sensitive in distress—imagine two people entitled to the same safety deposit box, with the second person only getting what’s left after the first is paid.

subordinated debt financial

"2% of second lien secured debt, $205.7 million or 17% of subordinated debt"

Subordinated debt is a type of loan that is paid back after other debts have been settled if a company encounters financial trouble. It is considered riskier for lenders because they have lower priority in getting repaid, similar to being last in line during a payout. For investors, this means higher potential returns in exchange for taking on more risk.

non-accrual financial

"we had four portfolio companies on non-accrual, representing 2.2% and 1.1%"

A non-accrual loan or asset is one for which a lender has stopped counting expected interest as income because the borrower is very late on payments or in serious financial trouble. For investors, non-accruals signal that future cash from interest is uncertain and that the lender may need to write down the loan’s value or set aside extra reserves, similar to a landlord who stops recording rent when a tenant stops paying.

senior unsecured notes financial

"the Company issued $75.0 million in aggregate principal amount of 7.0% Senior Unsecured Notes due"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

registration rights agreement regulatory

"PennantPark also entered a Registration Rights Agreement requiring it to register an exchange offer"

A registration rights agreement is a contract that gives investors the option to have their ownership stakes officially registered with the government, making it easier to sell their shares later. This agreement matters because it provides investors with a clearer path to cash out their investments if they choose, offering more liquidity and confidence in their ability to sell their holdings when desired.

AI-generated analysis. Not financial advice.

MIAMI, Feb. 09, 2026 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (NYSE: PNNT) (the "Company") announced today financial results for the first quarter ended December 31, 2025.

HIGHLIGHTS       
Quarter ended December 31, 2025 (unaudited)
($ in millions, except per share amounts)

Assets and Liabilities:
Investment portfolio (1)	$	1,218.5
Net assets	$	457.2
Net asset value per share	$	7.00
Quarterly change in net asset value per share		(1.5	)%
Credit Facility	$	295.5
2026 Notes, net of unamortized deferred financing costs	$	149.7
2026-2 Notes, net of unamortized deferred financing costs	$	164.1
Regulatory debt to equity		1.34	x
Weighted average yield on debt investments		10.9	%
Operating Results:
Net investment income	$	7.0
Net investment income per share	$	0.11
Core net investment income per share (2)	$	0.14
Distributions declared per share	$	0.24
Portfolio Activity:
Purchases of investments (3)	$	115.1
Sales and repayments of investments (3)	$	273.2
PSLF Portfolio data:
PSLF investment portfolio	$	1,357.3
Purchases of investments	$	129.5
Sales and repayments of investments	$	25.3

1. Includes investments in PennantPark Senior Loan Fund, LLC ("PSLF"), an unconsolidated joint venture, totaling $200.1 million, at fair value.
2. Core net investment income ("Core NII") is a non-GAAP financial measure. The Company believes that Core NII provides useful information to investors and management because it reflects the Company's financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the quarter ended December 31, 2025, Core NII excluded: i) $3.9 million of debt issuance costs, and ii) $1.9 million of incentive fee expense offset..
3. Excludes U.S. Government Securities.
   
   

CONFERENCE CALL AT 12:00 P.M. EST ON FEBRUARY 10, 2026

PennantPark Investment Corporation (“we,” “our,” “us” or the “Company”) will also host a conference call at 12:00 p.m. (Eastern Time) on Tuesday, February 10, 2026 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (800) 330-6710 approximately 5-10 minutes prior to the call. International callers should dial (646) 769-9200. All callers should reference conference ID #5373585 or PennantPark Investment Corporation. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark’s website.

ADJUSTED DIVIDEND STRUCTURE

Beginning with the dividend payable in April, the total monthly dividend will remain at $0.08 per share but will be comprised of a $0.04 per share monthly base dividend and $0.04 per share monthly supplemental dividend. The base dividend is expected to be fully supported by current core net investment income and the supplemental dividend will be supported by our undistributed spillover income. We anticipate maintaining the supplemental dividend payment through December 2026.

PORTFOLIO AND INVESTMENT ACTIVITY

“The realization of our equity investment in JF Intermediate, LLC for $67.5 million was a meaningful milestone in PNNT’s ongoing equity rotation strategy,” said Art Penn, Chairman and CEO.  “We are pleased with the recent upsize of our Credit Facility which included amending the terms to have lower pricing which will benefit our shareholders.”

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

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

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

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

PennantPark Senior Loan Fund, LLC

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

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

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

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

RESULTS OF OPERATIONS

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

Investment Income

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

Expenses

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

Net Investment Income

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

Net Realized Gains or Losses

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

Unrealized Appreciation or Depreciation on Investments and Debt

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

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

Net Change in Net Assets Resulting from Operations

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

LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources are derived primarily from proceeds of securities offerings, debt capital and cash flows from operations, including investment sales and repayments, and income earned. 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.

In December 2025, we increased the size of the Truist Credit Facility from $500 million to $535 million, extended the maturity to 2030, and reduced pricing from SOFR plus 235 bps to SOFR plus 210 bps.

As of December 31, 2025 and September 30, 2025, we had $296.5 million and $426.5 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 5.8% and 6.5%, respectively, exclusive of the fee on undrawn commitments. As of December 31, 2025 and September 30, 2025, we had $238.5 million and $73.5 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions.

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

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

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

DISTRIBUTIONS

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

RECENT DEVELOPMENTS

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

AVAILABLE INFORMATION

The Company makes available on its website its Quarterly Report on Form 10-Q filed with the SEC and stockholders may find the report on our website at www.pennantpark.com.

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In thousands, except share data)
	December 31, 2025
	(unaudited)				September 30, 2025
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost—$846,496 and $853,416, respectively)	$	852,085			$	857,415
Non-controlled, affiliated investments (amortized cost—$36,561 and $36,561, respectively)		1,751				4,891
Controlled, affiliated investments (amortized cost—$342,149 and $346,911, respectively)		364,638				424,967
Total investments (amortized cost—$1,225,206 and $1,236,888, respectively)		1,218,474				1,287,273
Cash equivalents (cost—$17,660 and $30,711, respectively)		17,660				30,711
Cash (cost—$28,091 and $21,028, respectively)		28,200				21,072
Interest receivable		5,182				5,261
Receivable for investments sold		18,915				—
Distribution receivable		4,645				4,694
Due from affiliates		81				168
Prepaid expenses and other assets		360				375
Total assets		1,293,517				1,349,554
Liabilities
Truist Credit Facility payable, at fair value (cost—$296,456 and $426,456, respectively)		295,464				425,477
2026 Notes payable (par— $150,000, unamortized deferred financing cost of $302 and $527, respectively)		149,698				149,473
2026 Notes-2 payable (par— $165,000, unamortized deferred financing cost of $853 and $1,067, respectively)		164,147				163,933
Payable for investment purchased		209,555				130,007
Interest payable on debt		2,986				6,281
Distributions payable		5,224				—
Accounts payable and accrued expenses		5,294				4,342
Base management fee payable		3,915				4,005
Incentive fee payable		—				2,086
Total liabilities		836,283				885,604
Commitments and contingencies
Net assets
Common stock, 65,296,094 and 65,296,094 shares issued and outstanding, respectively
Par value $0.001 per share and 200,000,000 shares authorized		65				65
Paid-in capital in excess of par value		740,506				740,506
Accumulated deficit		(283,337	)			(276,621	)
Total net assets	$	457,234			$	463,950
Total liabilities and net assets	$	1,293,517			$	1,349,554
Net asset value per share	$	7.00			$	7.11

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data)
(Unaudited)
	Three Months Ended December 31,
	2025				2024
Investment income:
From non-controlled, non-affiliated investments:
Interest	$	13,939			$	18,767
Payment-in-kind		2,324				1,421
Dividend income		234				508
Other income		301				582
From controlled, affiliated investments:
Interest		6,271				7,255
Payment-in-kind		—				823
Dividend income		4,184				4,851
Total investment income		27,253				34,207
Expenses:
Base management fee		3,915				4,268
Incentive fee		—				2,756
Interest and expenses on debt		10,501				11,741
Administrative services expenses		450				500
General and administrative expenses		850				1,250
Expenses before provision for taxes and financing costs		15,716				20,515
Provision for taxes on net investment income		660				700
Credit facility amendment and debt issuance costs		3,885				—
Total expenses		20,261				21,215
Net investment income		6,992				12,992
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments and debt:
Non-controlled, non-affiliated investments		(3,860	)			(2,560	)
Non-controlled and controlled, affiliated investments		62,875				—
Provision for taxes on realized gain on investments		(13	)			—
Net realized gain (loss) on investments and debt		59,002				(2,560	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments		1,653				(4,777	)
Non-controlled and controlled, affiliated investments		(58,705	)			7,138
Provision for taxes on unrealized appreciation (depreciation) on investments		—				(37	)
Debt appreciation (depreciation)		13				3,328
Net change in unrealized appreciation (depreciation) on investments and debt		(57,039	)			5,652
Net realized and unrealized gain (loss) from investments and debt		1,963				3,092
Net increase (decrease) in net assets resulting from operations	$	8,955			$	16,084
Net increase (decrease) in net assets resulting from operations per common share	$	0.14			$	0.25
Net investment income per common share	$	0.11			$	0.20

ABOUT PENNANTPARK INVESTMENT CORPORATION

PennantPark Investment Corporation is a business development company which primarily invests in U.S. middle-market private companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

PennantPark Investment Advisers, LLC, a leading middle market credit platform, and its affiliates, manage approximately $10 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, Amsterdam, and Zurich. For more information about PennantPark and affiliates, please go to our website at www.pennantpark.com.

FORWARD-LOOKING STATEMENTS AND OTHER

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (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 PennantPark Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.

The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

Contact:	Richard T. Allorto, Jr.
	PennantPark Investment Corporation
	(212) 905-1000
	www.pennantpark.com

FAQ

What dividend change did PennantPark (PNNT) announce on Feb 9, 2026?

The company restructured its monthly dividend to $0.04 base plus $0.04 supplemental per share. According to the company, the base dividend is expected to be supported by Core NII and the supplemental dividend by undistributed spillover income through December 2026.

How did PennantPark’s NAV and net investment income perform for Q1 ended Dec 31, 2025 (PNNT)?

NAV was $457.2M, or $7.00 per share, a 1.5% quarterly decline. According to the company, net investment income was $7.0M, or $0.11 per share, down versus the prior-year quarter due to a smaller portfolio and lower yields.

What did PennantPark (PNNT) say about its credit facility changes on Feb 9, 2026?

The Truist credit facility was increased to $535M and repriced to SOFR+210bps. According to the company, the amendment extended maturity to 2030, lowered borrowing costs, and provided meaningful additional unused capacity for investing.

What portfolio activity did PennantPark (PNNT) report for the quarter ended Dec 31, 2025?

The company invested $115.1M and realized $273.2M of sales and repayments during the quarter. According to the company, activity included a $67.5M equity realization and transfers to PSLF that materially affected quarter flows.

Did PennantPark (PNNT) report any significant gains or unrealized losses for Q1 Dec 31, 2025?

Yes; the company reported $59.0M of net realized gains and a $57.1M net change in unrealized depreciation for the quarter. According to the company, net unrealized depreciation totaled $6.7M as of December 31, 2025, after realizations.