Issuer (PNNT) details diversified loan and equity holdings across sectors

Rhea-AI Filing Summary

This excerpt from a PNNT annual filing amendment details a large portfolio of investments in non-controlled, non-affiliated and affiliated portfolio companies. The positions span first lien secured debt, subordinated/corporate notes, and various classes of common and preferred equity or partnership interests.

The investments are diversified across many industries, including business services, healthcare and childcare, consumer products, aerospace and defense, distribution, media, auto sector, gaming, and environmental services. Many of the first lien loans reference SOFR-based floating rates with substantial basis point spreads and, in some cases, PIK (payment-in-kind) components, indicating higher-yield, credit-focused exposure typical of a senior loan or private credit strategy.

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Acquisition 08/04/22 Maturity 12/21/28 Industry Media Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name IHS Parent Holdings, LP Acquisition 12/21/2022 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Wildcat Parent, LP Industry Electronics2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC - Unfunded Revolver Acquisition 09/09/2025 Maturity 09/12/2031 Industry Business Services2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMembersrt:MinimumMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC - Unfunded Term Loan Acquisition 10/31/2024 Maturity 11/02/2026 Industry Aerospace and Defense2025-09-300001383414First 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+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Quad (U.S.) Co-Invest, LP Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ACP Big Top Holdings, LP Acquisition 02/29/2024 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414pnnt:FlockFinancialLLCMember2022-10-012023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2024-10-012025-09-300001383414Investments 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 Lash OpCo, LLC Acquisition 08/16/2021 Maturity 02/18/2027 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class A Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Inventus Power, Inc. Acquisition 10/10/23 Maturity 01/15/26 Industry Consumer Products Current Coupon 11.78% Basis Point Spread Above Index SOFR+7612024-10-012025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2023-10-012024-09-300001383414Investments 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+12262024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Unfunded Revolver Acquisition 07/24/2023 Maturity 02/07/2026 Industry Business Services2025-09-300001383414First 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 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 Rancho Health MSO, Inc. - Funded Revolver Acquisition 09/27/2021 Maturity 06/20/2029 Industry Healthcare, Education and Childcare Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class A-1 Acquisition 05/03/2024 Industry Consumer Products2025-09-300001383414country:IM2025-09-300001383414First 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+5502024-09-300001383414Investments 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 Beacon Behavioral Support Service, LLC - Unfunded Term Loan (8) Maturity 12/21/2025 Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP Acquisition 12/20/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name AMCSI Crash Co-Invest, LP Industry Auto Sector2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name RTIC Parent Holdings, LLC - Class C Preferred Equity Industry Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan Acquisition 05/25/2023 Maturity 07/12/2026 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC- Unfunded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services2025-09-300001383414pnnt:ClassDMemberpnnt:PennantParkCloViiMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer NameAH Newco Holdings, LLC Industry Healthcare, Education and Childcare Current Coupon 6.00%2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Five Star Parent Holdings, LLC Acquisition 02/21/2023 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414Investments 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 Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Funded Revolver Acquisition 05/03/2024 Maturity 05/03/2029 Industry Consumer Products Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name EDS Topco, LP Acquisition 12/19/2022 Industry Aerospace and Defense2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 02/07/23 Maturity 12/28/28 Industry Personal, Food and Miscellaneous Services Current Coupon 10.16% Basis Point Spread Above Index SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Unfunded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 of Net Assets Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Business Services Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+5902023-10-012024-09-300001383414First 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+7602023-10-012024-09-3000013834142024-10-012025-09-300001383414pnnt:TwoThousandThirtySevenAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Atlas Investment Aggregator, LLC Acquisition 05/03/202 Industry Telecommunications2024-10-012025-09-300001383414pnnt:InvestmentsCostMemberpnnt:FirstLienMember2025-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo II, LP Acquisition 05/01/2020 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Unfunded Revolver Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414pnnt:JfIntermediateLlcMember2024-09-300001383414Investments 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 Services2024-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2022-10-012023-09-300001383414Investments 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 First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Funded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+6262024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 06/26/24 Maturity 02/28/30 Industry Manufacturing / Basic Industries Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414pnnt:AerospaceAndDefenseMember2024-09-300001383414Investments 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 Cartessa Aesthetics, LLC - Revolver Maturity 06/14/2028 Industry Distribution 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 Rural Sourcing Holdings, Inc. - Funded Revolver Acquisition 06/08/2023 Maturity 06/15/2029 Industry Business Services Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414pnnt:HoldingsIIMember2022-10-012023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMembersrt:MaximumMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414pnnt:AKWHoldingsLimitedMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Acquisition 10/07/2024 Maturity 10/11/2031 Industry Healthcare, Education and Childcare Current Coupon 8.81% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Pink Lily Holdco, LLC Acquisition 11/05/2021 Industry Retail2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Funded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+6902025-09-300001383414pnnt:AutoSectorMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Term Loan Acquisition 03/01/2024 Maturity 03/02/2026 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TCG 3.0 Jogger Co-Invest, LP Acquisition 01/22/2024 Industry Media2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name Flock Financial, LLC Acquisition 04/19/2024 Maturity 10/19/2027 Industry Financial Services Current Coupon 12.50%2025-09-300001383414pnnt:PreferredEquityPartnershipInterestMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Acquisition 10/31/24 Maturity 11/01/30 Industry Aerospace and Defense Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414First 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+6852023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TMII Enterprises, LLC - Unfunded Revolve Acquisition 12/19/2022 Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Revolver Acquisition 01/09/2024 Maturity 01/16/2030 Industry Business Services2025-09-300001383414First 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+7852024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Connatix Buyer, Inc. - Revolver Maturity 07/13/2027 Industry Media2024-09-300001383414First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 12/23/24 Maturity 08/16/29 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001383414pnnt:NonMoneyMarketMember2025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedNotesInPSLFMember2025-09-300001383414First Lien Secured Debt Issuer Name Team Services Group, LLC Acquisition 07/24/23 Maturity 12/20/2027 Industry Healthcare, Education and Childcare Current Coupon 9.56% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense 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 TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+6502024-10-012025-09-300001383414Investments 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 of Net Assets Issuer Name Azureon, LLC Acquisition 06/26/2024 Industry Diversified Conglomerate Service2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Revolver Maturity 12/15/2029 Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name OSP Embedded Aggregator, LP - Convertible Note Acquisition 11/06/2024 Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. Acquisition 08/04/2025 Maturity 08/04/2031 Industry Marketing Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name BioDerm Holdings, LP Acquisition 01/30/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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 Common Equity/Partnership Interests/Warrants Issuer Name TPC Holding Company, LP Industry Food2024-09-300001383414Investments 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+5652023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Acquisition 07/17/24 Maturity 03/01/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Route 66 Development Acquisition 01/28/2025 Maturity 01/24/2031 Industry Gaming Current Coupon 13.16% Basis Point Spread Above Index 3M SOFR+9002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Acquisition 09/23/2024 Maturity 09/23/2026 Industry Business Services2025-09-300001383414Investments 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+6112023-10-012024-09-300001383414Investments 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+5152024-09-300001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Acquisition 08/04/22 Maturity 12/21/28 Industry Media Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352025-09-300001383414us-gaap:FairValueInputsLevel3Member2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Revolver Acquisition 12/31/2024 Maturity 12/31/2030 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Unfunded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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+7502024-09-300001383414Investments 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 LJ Avalon Holdings, LLC - Unfunded Term Loan Acquisition 01/18/2023 Maturity 02/08/2027 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. - Unfunded Term Loan Acquisition 11/02/2023 Maturity 11/07/2025 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Northwinds Topco, Inc. Maturity 10/30/2029 Industry Consumer Services Current Coupon 15% (PIK 15.00%)2024-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMember2023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. - Unfunded Revolver Acquisition 11/04/2021 Maturity 11/16/2027 Industry Business Services2024-10-012025-09-300001383414First 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+6102023-10-012024-09-300001383414Investments 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 First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Revolver Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Acquisition 07/24/23 Maturity 06/15/2027 Industry Healthcare, Education and Childcare Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Funded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Consello Pacific Aggregator, LLC Acquisition 10/02/2023 Industry Business Services2025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-09-300001383414pnnt:EquityInterestsInPSLFMemberpnnt:PantheonMember2024-09-300001383414Investments 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+5152023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Term Loan Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Revolver Acquisition 09/13/2024 Maturity 09/13/2029 Industry Business Services2025-09-300001383414Investments 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+5852023-10-012024-09-300001383414First Lien Secured Debt Issuer Name NBH Group, LLC Acquisition 03/02/22 Maturity 08/19/26 Industry Healthcare, Education and Childcare Current Coupon 10.12% Basis Point Spread Above Index SOFR+5852025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Buyer, LLC. - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Funded Revolver Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Events Buyer, LLC Acquisition 12/17/2024 Industry Event Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP - Unfunded Acquisition 10/27/2021 Industry Media2024-10-012025-09-300001383414us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpnnt:TruistCreditFacilityMember2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Acquisition 12/23/24 Maturity 09/30/30 Industry Marketing Services Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name LJ Avalon, LP Acquisition 01/18/2023 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name QuantiTech InvestCo, LP Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Funded Revolver Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+5152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/2024 Maturity 10/03/2029 Industry Transportation Current Coupon PIK 5.32%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Funded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products Current Coupon 10.15% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2025 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Revolver Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP - Unfunded Acquisition 12/13/2021 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP Acquisition 07/28/2022 Industry Auto Sector2025-09-300001383414Investments 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 Dr. Squatch, LLC Maturity 08/31/2027 Industry Personal and Non-Durable Consumer Products Current Coupon 9.95% Basis Point Spread Above Index SOFR+5352024-09-300001383414First Lien Secured Debt Issuer Name S101 Holdings Inc. Maturity 12/29/2026 Industry Electronics Current Coupon 11.48% Basis Point Spread Above Index SOFR+6152023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Hancock Claims Consultants Investors, LLC - Class A Preferred Equity Industry Insurance2024-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC (Preferred) Industry Environmental Services2024-09-300001383414First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 03/02/22 Maturity 06/20/29 Industry Healthcare, Education and Childcare Current Coupon 9.29% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Unfunded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Funded Revolver Acquisition 11/14/2022 Maturity 03/29/2027 Industry Aerospace and Defense Current Coupon 10.29% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414pnnt:TwoThousandAndTwentyFourNotesMember2019-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab Coinvestment, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Unfunded Revolver Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class B Preferred Equity Industry Financial Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name HV Watterson Holdings, LLC Industry Business ServicesInvestments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name HV Watterson Holdings, LLC Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Revolver Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 12/23/24 Maturity 10/18/27 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414pnnt:ControlledAffiliatedInvestmentsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC Acquisition 08/12/2025 Maturity 01/21/2031 Industry Healthcare Providers & Services Current Coupon 9.48% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMembersrt:MinimumMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2024-09-300001383414Investments 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+6402023-10-012024-09-300001383414Investments 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 Duggal Acquisition, LLC - Unfunded Revolver Acquisition 09/30/2024 Maturity 09/30/2030 Industry Marketing Services2025-09-300001383414First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 03/02/22 Maturity 04/01/2028 Industry Aerospace and Defense Current Coupon 9.19% Basis Point Spread Above Index SOFR+4902025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SSC Dominion Holdings, LLC Acquisition 07/11/2018 Industry Electronics2025-09-300001383414First 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+6002024-09-300001383414Investments 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 Team Services Group, LLC Acquisition 07/24/23 Maturity 12/20/2027 Industry Healthcare, Education and Childcare Current Coupon 9.56% Basis Point Spread Above Index SOFR+5252024-10-012025-09-3000013834142020-10-012021-09-300001383414First 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 PlayPower, Inc. - Unfunded Revolver Acquisition 08/28/2024 Maturity 08/28/2030 Industry Manufacturing/Basic Industry2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment Acquisition 08/15/2025 Maturity 08/22/2032 Industry Gaming Current Coupon 9.02% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class AA Acquisition 11/08/2021 Industry Consumer Products2024-10-012025-09-300001383414pnnt:TwoThousandTwentySixNotesPayableMember2024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Common Equity Industry Healthcare, Education and Childcare2024-09-300001383414First 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+6402024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Revolver Maturity 08/10/2027 Industry Distribution2024-09-300001383414pnnt:FlockFinancialLLCMember2025-09-300001383414Investments 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+5902023-10-012024-09-300001383414pnnt:SecondLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Unfunded Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NORA Parent Holdings, LLC Acquisition 08/22/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name C5MI Holdco, LLC - Common Equity Industry Business Services2024-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-09-300001383414pnnt:TruistCreditFacilityMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Unfunded Revolver Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Holdings, LLC Acquisition 12/06/2023 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name IHS Parent Holdings, L.P. Industry Personal, Food and Miscellaneous Services2024-09-300001383414Investments 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+4602024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Revolver Maturity 02/07/2030 Industry Education2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Term Loan Acquisition 10/18/2024 Maturity 10/19/2026 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TWS Acquisition Corporation - Revolver Maturity 06/16/2025 Industry Education2024-09-300001383414First Lien Secured Debt Issuer Name TPC US Parent, LLC Acquisition 03/02/22 Maturity 11/24/2025 Industry Food Current Coupon 10.19% Basis Point Spread Above Index SOFR+5902025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SBI Holdings Investments, LLC Acquisition 12/23/2019 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 11/26/24 Maturity 09/03/30 Industry Healthcare, Education and Childcare Current Coupon 9.17% Basis Point Spread Above Index SOFR+5002025-09-300001383414First Lien Secured Debt Issuer Name Radius Aerospace, Inc. Acquisition 11/06/19 Maturity 03/29/27 Industry Aerospace and Defense Current Coupon 10.45% Basis Point Spread Above Index SOFR+6152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Quad (U.S.) Co-Invest, LP Acquisition 10/03/2022 Industry Business Services2024-10-012025-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PCS Parent, LP Acquisition 03/01/2024 Industry Financial Services2024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2023-10-012024-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-10-012025-09-300001383414First 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+5752024-09-300001383414country:IM2024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AKW Holdings Limited Acquisition 03/07/2018 Maturity 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 11.19% Basis Point Spread Above Index 3M SOFR+7002024-10-012025-09-300001383414First 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+6002023-10-012024-09-300001383414pnnt:WalkerEdisonFurnitureCompanyLLCMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Insight Holdings, Inc. Acquisition 07/15/2024 Industry Business Services2024-10-012025-09-300001383414us-gaap:MoneyMarketFundsMember2024-09-300001383414pnnt:ClassA-1Memberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-09-300001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Municipal Emergency Services, Inc. Industry Distribution2024-09-300001383414First 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+5352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Rosco Topco, LLC Acquisition 09/09/2025 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. Acquisition 07/24/23 Maturity 11/15/27 Industry Business Services Current Coupon 9.29% Basis Point Spread Above Index SOFR+5102024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2023-09-300001383414First 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+5602023-10-012024-09-300001383414pnnt:EquityDistributionAgreementsMember2024-06-042024-06-040001383414Investments 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+7502023-10-012024-09-300001383414First 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+5252024-09-300001383414First Lien Secured Debt Issuer Name Bioderm, Inc. Acquisition 06/26/24 Maturity 01/31/28 Industry Healthcare, Education and Childcare Current Coupon 10.77% Basis Point Spread Above Index SOFR+6502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Unfunded Revolver Acquisition 06/08/2023 Maturity 06/15/2029 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCP Boss Holdco, LLC Acquisition 12/27/2024 Industry Conglomerate Manufacturing2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 10.16% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wildcat Buyerco, Inc. - Revolver Maturity 02/27/2027 Industry Electronics2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Term Loan Acquisition 03/21/2025 Maturity 03/21/2027 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Unfunded Revolver Acquisition 11/14/2022 Maturity 03/29/2027 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Unfunded Revolver Maturity 08/16/2029 Industry Aerospace and Defense2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:TruistCreditFacilityMember2025-09-300001383414First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 10/09/24 Maturity 07/31/29 Industry Business Services Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002025-09-300001383414pnnt:InvestmentAdministratorMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Term Loan Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name MDI Aggregator, LP Acquisition 07/19/2022 Industry Chemicals, Plastics and Rubber2025-09-300001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942025-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name UniVista Insurance Acquisition 06/14/2021 Industry Business Services2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberpnnt:FirstLienMembersrt:MaximumMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC - Unfunded Revolver Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services2025-09-300001383414First Lien Secured Debt Issuer Name Recteq, LLC Acquisition 06/26/24 Maturity 01/29/26 Industry Consumer Products Current Coupon 10.40% Basis Point Spread Above Index SOFR+6402024-10-012025-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Magnolia Topco LP - Class B Preferred Equity Industry Auto Sector2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Unfunded Revolver Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. Acquisition 07/01/2025 Maturity 07/01/2031 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name NFS - CFP Holdings LLC - Common Equity Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 07/15/2025 Maturity 07/15/2031 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Connatix Parent, LLC Industry Media2024-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembercountry:US2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name PL Acquisitionco, LLC Acquisition 05/31/2023 Industry Retail2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Burgess Point Holdings, LP Acquisition 07/21/2022 Industry Auto Sector2025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Industry Financial Services2025-09-300001383414pnnt:WalkerEdisonFurnitureCompanyLLCMember2023-09-300001383414Investments 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 Media2024-09-300001383414Investments 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+5502024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class A Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 07/24/23 Maturity 03/15/27 Industry Business Services Current Coupon 10.51% Basis Point Spread Above Index SOFR+6352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Revolver Acquisition 03/21/2025 Maturity 03/19/2032 Industry Business Services2024-10-012025-09-300001383414pnnt:EventServicesMember2025-09-300001383414pnnt:PersonalFoodAndMiscellaneousServicesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP - Unfunded Acquisition 08/26/2021 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments 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% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402024-09-3000013834142021-09-300001383414First Lien Secured Debt Issuer Name CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index SOFR+6192024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Term Loan Acquisition 09/13/2024 Maturity 10/02/2026 Industry Business Services2025-09-3000013834142025-09-300001383414First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Acquisition 07/24/23 Maturity 06/16/29 Industry Professional Services Current Coupon 9.92% Basis Point Spread Above Index SOFR+5752025-09-300001383414First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 3/02/22 Maturity 06/30/26 Industry Media Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Revolver Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 UniVista Insurance Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments 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+5502024-09-300001383414pnnt:TruistCreditFacilityMember2024-09-300001383414First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 10/03/22 Maturity 07/25/29 Industry Auto Sector Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+6252025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMembersrt:MaximumMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC - Unfunded Acquisition 11/04/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 01/10/2029 Industry Aerospace and Defense2025-09-300001383414pnnt:EquityInterestsInPSLFMemberpnnt:PantheonFundingOneMember2025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC - Class A Acquisition 04/30/2024 Industry Insurance2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Revolver Acquisition 09/27/2021 Maturity 06/20/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name NEPRT Parent Holdings, LLC (Recteq, LLC) Industry Consumer Products2024-09-300001383414First 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+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Funded Revolver Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TPCN Midco, LLC - Unfunded Term Loan Maturity 06/26/2026 Industry Diversified Conglomerate Service2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414pnnt:SubordinatedNotesMember2024-10-012025-09-300001383414Investments 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+5002023-10-012024-09-300001383414srt:MaximumMemberpnnt:IncentiveFeePaymentConditionTwoMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name North Haven Saints Equity Holdings, LP Acquisition 02/25/2022 Industry Business Services2025-09-300001383414Equity Securities Issuer Name Wash & Wax Group, LP - Common Equity Acquisition 04/30/25 Industry Business Services2024-10-012025-09-300001383414pnnt:PennantParkCloViiMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpnnt:ClassDD-RMember2025-07-210001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Term Loan Acquisition 09/29/2025 Maturity 09/30/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 07/21/25 Maturity 12/31/30 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. 3rd Amendment Unfunded Term Loan Acquisition 12/21/2022 Maturity 10/30/2026 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Equity Securities Issuer Name White Tiger Newco, LLC - Common Equity Acquisition 07/31/25 Industry Business Services2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMember2025-09-300001383414Investments 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 Industry2024-09-300001383414pnnt:PreferredEquityPartnershipInterestsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414Investments 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 IG Investment Holdings LLC Maturity 09/22/2028 Industry Business Services Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+6102023-10-012024-09-300001383414pnnt:BuildingsAndRealEstateMember2025-09-300001383414First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 04/23/24 Maturity 10/02/29 Industry Business Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+4752025-09-300001383414First Lien Secured Debt Issuer Name NORA Acquisition, LLC Acquisition 11/21/23 Maturity 08/31/29 Industry Healthcare, Education and Childcare Current Coupon 10.35% Basis Point Spread Above Index SOFR+6352024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 03/02/22 Maturity 04/01/2028 Industry Aerospace and Defense Current Coupon 9.19% Basis Point Spread Above Index SOFR+4902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Unfunded Revolver Acquisition 11/14/2022 Maturity 03/29/2027 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name United Land Services Holdings, LLC Acquisition 07/12/2024 Industry Environmental Services2025-09-300001383414pnnt:InvestmentsFairValueMemberus-gaap:EquityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Imagine Topco, LP Acquisition 11/04/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+5902025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Mineola 212, LLC Acquisition 06/24/2024 Maturity 12/24/2025 Industry Buildings and Real Estate Current Coupon 14.00%2025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:USGovernmentSecuritiesMember2025-09-300001383414pnnt:AutoSectorMember2024-09-300001383414First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 01/17/25 Maturity 12/17/29 Industry Aerospace and Defense Current Coupon 9.76% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 07/30/2028 Industry Auto Sector Current Coupon PIK 12.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Term Loan Acquisition 09/30/2024 Maturity 09/30/2026 Industry Marketing Services2024-10-012025-09-300001383414pnnt:SBADebenturesMemberpnnt:SBICIIMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Term Loan Acquisition 09/27/2024 Maturity 09/27/2026 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Funded Revolver Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602024-10-012025-09-300001383414First 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 Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class C Acquisition 05/03/2024 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 Archer Lewis, LLC - Unfunded Term Loan Acquisition 08/28/2024 Maturity 08/28/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Unfunded Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Paving Parent, LLC Acquisition 07/01/2025 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Revolver Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 01/18/24 Maturity 10/20/28 Industry Healthcare, Education and Childcare Current Coupon 10.25% Basis Point Spread Above Index SOFR+6252024-10-012025-09-300001383414pnnt:WalkerEdisonFurnitureCompanyLLCMember2022-10-012023-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414pnnt:FinancialServicesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Funded Revolver Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 08/12/22 Maturity 07/13/27 Industry Media Current Coupon 10.08% Basis Point Spread Above Index SOFR+5762025-09-300001383414us-gaap:EquityFundsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. - Unfunded Revolver Acquisition 07/26/2023 Maturity 08/01/2029 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+4612024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC Acquisition 07/12/2024 Maturity 12/23/2026 Industry Environmental Services Current Coupon PIK 14.75%2024-10-012025-09-300001383414First 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 First Lien Secured Debt Issuer Name Inventus Power, Inc. - Funded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+7612025-09-300001383414Investments in 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+8002024-09-300001383414pnnt:NonMoneyMarketMember2024-09-300001383414First 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+6112024-09-300001383414Investments 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 First Lien Secured Debt Issuer Name NP Riverhead Industrial, LLC Acquisition 05/24/2024 Maturity 12/10/2025 Industry Buildings and Real Estate Current Coupon 15.50%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Term Loan Acquisition 02/07/2024 Maturity 02/09/2026 Industry Education2024-10-012025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2024-10-012025-09-300001383414Investments 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 PCS Midco, Inc. Acquisition 08/29/24 Maturity 03/01/30 Industry Financial Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services Current Coupon 8.88% Basis Point Spread Above Index 3M SOFR+4852025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name OSP Embedded Aggregator, LP - Convertible Note Acquisition 11/06/2024 Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Burgess Point Holdings, LP Acquisition 07/21/2022 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan C Acquisition 08/09/2024 Maturity 08/18/2027 Industry Financial Services2025-09-300001383414pnnt:InvestmentsFairValueMember2024-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassBMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Funded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name HPA SPQ Aggregator LP- Common Equity Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo II, LP Acquisition 12/23/2021 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. - Unfunded Revolver Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense2025-09-300001383414pnnt:TotalSubordinatedDebtMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NBH Group, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/19/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.09% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 04/01/22 Maturity 12/10/27 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index SOFR+5652025-09-300001383414Investments in 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Atlas Investment Aggregator, LLC Acquisition 05/03/202 Industry Telecommunications2025-09-300001383414pnnt:GamingMember2025-09-300001383414Investments 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 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+6502024-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMember2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2025-09-300001383414First 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+7012023-10-012024-09-300001383414First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 02/27/24 Maturity 01/23/2029 Industry Media Current Coupon 10.52% Basis Point Spread Above Index SOFR+6502024-10-012025-09-300001383414pnnt:FirstLienSecuredDebtMember2025-09-300001383414pnnt:MailsouthIncMember2023-09-300001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352024-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMemberpnnt:SeniorSecuredRevolvingCreditFacilityMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Term Loan Acquisition 08/28/2024 Maturity 08/28/2026 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. - Revolver Maturity 08/01/2029 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Riverpoint Medical, LLC - Unfunded Revolver Acquisition 06/19/2019 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Funded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414us-gaap:FairValueInputsLevel1Member2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Unfunded Revolver Acquisition 01/27/2021 Maturity 01/29/2026 Industry Consumer Products2024-10-012025-09-300001383414pnnt:FlockFinancialLLCMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414First Lien Secured Debt Issuer Name SpendMend Holdings, LLC Acquisition 07/24/23 Maturity 03/01/28 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 09/09/2025 Maturity 09/12/2031 Industry Business Services Current Coupon 8.81% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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+2752023-10-012024-09-300001383414Investments 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 BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.44% Basis Point Spread Above Index 3M SOFR+6002024-09-300001383414pnnt:PreferredEquityPartnershipInterestMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001383414First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 09/14/22 Maturity 06/13/29 Industry Chemicals, Plastics and Rubber Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152024-10-012025-09-300001383414Investments 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+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name TWD Parent Holdings, LLC Industry Business Services2024-09-300001383414pnnt:PreferredEquityPartnershipInterestMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001383414Investments 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 ACP Avenu Buyer, LLC - Funded Revolver Maturity 10/02/2029 Industry Business Services Current Coupon 10.45% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001383414Investments 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 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 of Net Assets Issuer Name Aechelon InvestCo, LP - Unfunded Acquisition 08/16/2024 Industry Aerospace and Defense2024-10-012025-09-300001383414pnnt:NonControlledAffiliatedInvestmentsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Industry Media2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/24/23 Maturity 11/10/27 Industry Consumer Products Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152025-09-300001383414pnnt:ClassCMemberpnnt:PennantParkCloViiMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Revolver Acquisition 09/23/2024 Maturity 09/23/2030 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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+6102023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OES Co-Invest, LP - Class A Acquisition 05/31/2024 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMembersrt:MaximumMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Burgess Point Holdings, LP Industry Auto Sector2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC Acquisition 05/31/2024 Maturity 05/30/2027 Industry Printing and Publishing Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+7002025-09-300001383414First Lien Secured Debt Issuer Name Compex Legal Services, Inc. Acquisition 12/23/24 Maturity 02/09/26 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+5552024-10-012025-09-300001383414Investments 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 Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5152024-10-012025-09-300001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001383414Investments 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+7152023-10-012024-09-300001383414First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 04/23/24 Maturity 10/02/29 Industry Business Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 12/01/23 Maturity 12/20/27 Industry Telecommunications Current Coupon 10.31% Basis Point Spread Above Index SOFR+6152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Best Practice Associates, LLC - Unfunded Revolver Acquisition 11/07/2024 Maturity 11/08/2029 Industry Aerospace and Defense2024-10-012025-09-300001383414pnnt:PreferredEquityPartnershipInterestsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name BioDerm Holdings, LP Acquisition 01/30/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. (CAD) Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Revolver Maturity 05/07/2026 Industry Media2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Pink Lily Holdco, LLC Acquisition 11/05/2021 Industry Retail2025-09-300001383414First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 03/02/22 Maturity 08/31/2028 Industry Business Services Current Coupon 8.93% Basis Point Spread Above Index SOFR+4752025-09-300001383414First 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 Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare, Education and Childcare Current Coupon 10.85% Basis Point Spread Above Index SOFR+5602023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment - Unfunded Term Loan Acquisition 08/15/2025 Maturity 08/25/2027 Industry Gaming2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Unfunded Revolver Acquisition 06/08/2023 Maturity 06/15/2029 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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 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 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+5752023-10-012024-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:FirstLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Funded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+7612024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP PAR Holdings, LP Acquisition 09/03/2024 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414pnnt:InvestmentsAndCashEquivalentsMember2025-09-300001383414Investments 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 Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Funded Revolver Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Term Loan Maturity 08/16/2027 Industry Aerospace and Defense2024-09-300001383414pnnt:SubordinateDebtCorporateNotesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Term Loan Acquisition 10/18/2024 Maturity 10/19/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Acquisition 07/24/23 Maturity 11/01/26 Industry Media Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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+5502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5602024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedNotesInPSLFMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. - Unfunded Revolver Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class B Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment Acquisition 06/21/2024 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 03/02/22 Maturity 04/16/27 Industry Telecommunications Current Coupon 9.30% Basis Point Spread Above Index SOFR+5102025-09-300001383414First 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 Reception Purchaser, LLC Maturity 4/28/2028 Industry Transportation Current Coupon 25.00% Basis Point Spread Above Index SOFR+6152024-09-300001383414pnnt:ManufacturingBasicIndustriesMember2024-09-300001383414First 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 Applied Technical Services, LLC - Revolver Maturity 12/29/2026 Industry Environmental Services Current Coupon 13.25% Basis Point Spread Above Index 3M SOFR+4752023-10-012024-09-300001383414First 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 Exigo Intermediate II, LLC - Unfunded Revolver Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services2025-09-300001383414Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Acquisition 07/15/24 Industry Business Services2024-10-012025-09-300001383414First 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 of Net Assets Issuer Name Sabel InvestCo, LP - Unfunded Acquisition 10/31/2024 Industry Government Services2024-10-012025-09-300001383414Investments 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 Adweek Purchaser, LLC - Unfunded Term Loan Acquisition 05/31/2024 Maturity 11/30/2025 Industry Printing and Publishing2025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SecondLienMember2024-09-300001383414First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 04/30/25 Maturity 04/30/2028 Industry Business Services Current Coupon 9.81% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Funded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5762024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 12/20/24 Maturity 08/09/30 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in 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+5902024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Unfunded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics2025-09-300001383414First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation Current Coupon 5.32% Basis Point Spread Above Index2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Unfunded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 09/03/2024 Maturity 09/03/2030 Industry Healthcare, Education and Childcare Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Gauge Schlesinger Coinvest, LLC Industry Business Services2024-09-300001383414First Lien Secured Debt Issuer Name EvAL Home Care Solutions Intermediate, LLC Acquisition 07/23/24 Maturity 05/10/30 Industry Healthcare, Education and Childcare Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Insight Holdings, Inc. Acquisition 07/15/2024 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Unfunded Revolver Acquisition 01/27/2021 Maturity 01/29/2026 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/2024 Maturity 10/03/2029 Industry Transportation Current Coupon 12.57% (PIK 7.25%) Basis Point Spread Above Index 3M SOFR+8352025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Altamira Intermediate Company II, Inc. Acquisition 07/23/2019 Industry Aerospace and Defense2025-09-300001383414Investments 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 11.20% Basis Point Spread Above Index 3M SOFR+6352023-10-012024-09-300001383414pnnt:ManufacturingBasicIndustriesMember2025-09-300001383414First 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+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6352023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP - Unfunded Acquisition 12/13/2021 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Revolver Acquisition 06/21/2024 Maturity 06/21/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 06/08/2022 Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.15% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414Investments 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 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 Cartessa Aesthetics, LLC Maturity 06/14/2028 Industry Distribution Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001383414First 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+5652023-10-012024-09-300001383414pnnt:HoldingsIIMember2024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:PantheonFundingOneMember2025-09-300001383414First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 12/23/24 Maturity 08/15/29 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Term Loan Acquisition 09/23/2021 Maturity 01/15/2026 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. - Unfunded Revolver Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Hancock Claims Consultants Investors, LLC Industry Insurance2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC - Revolver Maturity 03/15/2027 Industry Business Services2024-09-300001383414pnnt:BlackRockFederalFDInstitutionalEightyOneMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Northwinds Topco, Inc. - Unfunded Term Loan Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services2024-10-012025-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants Issuer Name OHCP V BC COI, LP Industry Distribution2024-09-300001383414pnnt:NonControlledAffiliatedInvestmentsMember2024-09-300001383414First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC Acquisition 03/02/22 Maturity 07/07/26 Industry Business Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+6202024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name RFMG Parent, LP Acquisition 12/16/2020 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414srt:MaximumMemberpnnt:IncentiveFeePaymentConditionOneMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name NXOF Holdings, Inc. Industry Aerospace and Defense2024-09-300001383414First Lien Secured Debt Issuer Name AFC-Dell Holding Corp. Acquisition 02/23/24 Maturity 04/09/27 Industry Distribution Current Coupon 9.83% Basis Point Spread Above Index SOFR+5502025-09-300001383414pnnt:TotalIndustryMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services Current Coupon 10.51% Basis Point Spread Above Index 3M SOFR+6352025-09-300001383414First 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 Preferred Equity/Partnership Interests of Net Assets Issuer Name Imagine Topco, LP Preferred Acquisition 11/04/2021 Industry Business Services Current Coupon 8.00%2025-09-300001383414First 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+6102024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Term Loan Acquisition 10/12/2021 Maturity 06/12/2027 Industry Aerospace and Defense2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Inventus Power, Inc. Acquisition 10/10/23 Maturity 01/15/26 Industry Consumer Products Current Coupon 11.78% Basis Point Spread Above Index SOFR+7612025-09-300001383414pnnt:RAMEnergyLLCMember2022-10-012023-09-300001383414pnnt:CommonEquityPartnershipInterestsWarrantsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Funded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpnnt: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+5252023-10-012024-09-300001383414First 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, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2025 Industry Environmental Services2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Events Buyer, LLC Acquisition 12/17/2024 Industry Event Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name North Haven Saints Equity Holdings, LP Acquisition 02/25/2022 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP - Unfunded Acquisition 08/16/2024 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.46% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Unfunded Revolver Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services2024-10-012025-09-300001383414First 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+6352024-09-300001383414First 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+6502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Funded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media Current Coupon 10.18% Basis Point Spread Above Index 3M SOFR+6022025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Unfunded Revolver Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name RFMG Parent, LP Acquisition 12/16/2020 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Term Loan Maturity 04/09/2027 Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name Acquisition 01/00/1900 Maturity 01/00/1900 Industry Current Coupon 13.41% Basis Point Spread Above Index 3M SOFR+9102025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NFS - CFP Holdings, LLC Acquisition 09/13/2024 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sargent & Greenleaf Inc. - Revolver Maturity 12/20/2024 Industry Electronics Current Coupon 11.87% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+6602023-10-012024-09-300001383414First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Acquisition 07/23/24 Maturity 05/03/29 Industry Consumer Products Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments 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+6402023-10-012024-09-300001383414First 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 Carnegie Dartlet, LLC Acquisition 02/07/2024 Maturity 02/07/2030 Industry Education Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Revolver Maturity 03/01/2030 Industry Financial Services2024-09-300001383414Investments 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+5752023-10-012024-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2024-09-300001383414pnnt:RAMEnergyLLCMember2023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TAC LifePort Holdings, LLC Acquisition 02/24/2021 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments 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 Services2024-09-300001383414pnnt:FlockFinancialLLCMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name White Tiger Newco, LLC Acquisition 07/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414srt:MaximumMember2024-09-300001383414Investments 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+6152024-09-300001383414us-gaap:CashAndCashEquivalentsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Acquisition 05/23/2024 Maturity 05/23/2029 Industry Building Materials Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction L.L.C. - Revolver Maturity 12/31/2026 Industry Insurance2024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class A Acquisition 04/19/2024 Industry Financial Services2024-10-012025-09-300001383414Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc.- Common Equity Acquisition 11/05/24 Industry Containers, Packaging and Glass2024-10-012025-09-300001383414First 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+5262024-09-300001383414First 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+6252023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP Acquisition 11/05/2018 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC- Unfunded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-09-300001383414First Lien Secured Debt Issuer Name Global Holdings InterCo, LLC Acquisition 03/02/22 Maturity 03/16/26 Industry Banking, Finance, Insurance & Real Estate Current Coupon 9.74% Basis Point Spread Above Index SOFR+5602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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+7502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.09% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414First Lien Secured Debt Issuer Name NORA Acquisition, LLC Acquisition 11/21/23 Maturity 08/31/29 Industry Healthcare, Education and Childcare Current Coupon 10.35% Basis Point Spread Above Index SOFR+6352025-09-300001383414Investments 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 First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414pnnt:ChemicalsPlasticsAndRubberMember2024-09-300001383414Investments 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 Preferred Equity/Partnership Interests of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/24/23 Maturity 11/10/27 Industry Consumer Products Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC Acquisition 05/31/2024 Maturity 05/30/2027 Industry Printing and Publishing Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+7002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Revolver Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name Transgo, LLC Maturity 12/29/2028 Industry Auto Sector Current Coupon 10.60% Basis Point Spread Above Index SOFR+5752024-09-300001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Maturity 05/10/2026 Industry Media Current Coupon 11.04% Basis Point Spread Above Index SOFR+5902023-10-012024-09-300001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 07/24/23 Maturity 05/29/29 Industry Personal, Food and Miscellaneous Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Unfunded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Maturity 07/15/2028 Industry Business Services Current Coupon 10.38% Basis Point Spread Above Index SOFR+5262023-10-012024-09-300001383414srt:MaximumMemberpnnt:TruistCreditFacilityMember2024-10-012025-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2025-09-300001383414Investments 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+5002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Altamira Intermediate Company II, Inc. Acquisition 07/23/2019 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Unfunded Revolver Maturity 03/01/2030 Industry Electronics2024-09-300001383414First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 03/02/22 Maturity 07/28/2026 Industry Business Services Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902025-09-300001383414Investments 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+6052023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Term Loan Acquisition 09/27/2024 Maturity 09/27/2026 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2024-10-012025-09-300001383414Investments 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 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name LJ Avalon, LP Acquisition 01/18/2023 Industry Environmental Services2024-10-012025-09-300001383414pnnt:InvestmentsCostMemberus-gaap:EquityMember2024-09-300001383414us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpnnt:ClassA-2WMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-09-300001383414Investments 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+5252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name KL Stockton Co-Invest, LP Acquisition 07/16/2021 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Imagine Topco, LP Preferred Industry Business Services Current Coupon 8.00%2024-09-300001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment - Unfunded Term Loan Acquisition 08/15/2025 Maturity 08/25/2027 Industry Gaming2025-09-300001383414pnnt:ConsumerProductsMember2025-09-300001383414pnnt:TwoThousandThirtyFiveAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2024-10-012025-09-300001383414First 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 Walker Edison Furniture Company, LLC - New Money DIP Acquisition 03/01/2023 Maturity 03/01/2029 Industry Home and Office Furnishings Current Coupon 10.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC- Unfunded Revolver Maturity 12/10/2027 Industry Business Services2024-09-300001383414Investments 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 Services2024-09-300001383414pnnt:DiversifiedConglomerateServiceMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Ad.net Holdings, Inc. Industry Media2024-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2025 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name BLC Holding Company, INC. Acquisition 02/24/25 Maturity 11/20/30 Industry Environmental Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name First Medical Holdings, LLC Acquisition 06/13/2025 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Funded Revolver Acquisition 02/26/2020 Maturity 08/16/2026 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NORA Parent Holdings, LLC Acquisition 08/22/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Funded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service2025-09-300001383414Investments 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 ACP Falcon Buyer, Inc. Maturity 08/01/2029 Industry Business Services Current Coupon 10.83% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name EvAL Home Health Solutions, LLC - Preferred Equity Industry Healthcare, Education and Childcare2024-09-300001383414First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 10/09/24 Maturity 07/31/29 Industry Business Services Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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 North American Rail Solutions, LLC - Funded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments 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 Services2024-09-300001383414Investments 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+5502023-10-012024-09-300001383414Investments 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 Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class A Acquisition 04/19/2024 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Crane 1 Acquisition Parent Holdings, LP Industry Personal, Food and Miscellaneous Services2024-09-300001383414First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 09/09/22 Maturity 06/14/28 Industry Distribution Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002025-09-3000013834142024-09-300001383414First 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+6002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Unfunded Revolver Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services2025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2024-10-012025-09-300001383414Investments 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+5752024-09-300001383414pnnt:FinancialServicesMember2024-09-300001383414First 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+5902023-10-012024-09-300001383414srt:MaximumMemberpnnt:TruistCreditFacilityMember2025-02-012025-02-2800013834142020-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seaway Topco, LP Acquisition 06/08/2022 Industry Chemicals, Plastics and Rubber2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414pnnt:EquityInterestsInPSLFMemberpnnt:PantheonMember2025-09-300001383414First 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+7102024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class B Acquisition 04/19/2024 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Urology Partners Co, LP Acquisition 01/20/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Infogroup Parent Holdings, Inc. Acquisition 05/31/2023 Industry Other Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan 2 Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414srt:OtherCurrencyMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP Acquisition 12/20/2021 Industry Business Services2025-09-300001383414Investments 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+6402023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media2024-10-012025-09-300001383414First 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+6152024-09-300001383414Investments 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+5862023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Unfunded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Medina Health, LLC - Unfunded Revolver Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments 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 Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lorient Peregrine Investments, LP Acquisition 11/18/2022 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Northwinds Services Group, LLC Acquisition 08/16/2024 Industry Consumer Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name MDI Aggregator, LP Industry Chemicals, Plastics and Rubber2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Term Loan Acquisition 12/19/2024 Maturity 06/19/2026 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP - Unfunded Acquisition 08/26/2021 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name HV Watterson Holdings, LLC Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2028 Industry Business Services2025-09-300001383414Investments 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 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 First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 08/16/2021 Maturity 02/18/2027 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan Acquisition 08/12/2025 Maturity 07/30/2027 Industry Healthcare Providers & Services2024-10-012025-09-300001383414First 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 Index2023-10-012024-09-300001383414Investments 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+6102024-09-300001383414First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC Acquisition 04/01/22 Maturity 11/09/27 Industry Retail Current Coupon 4.27%2025-09-300001383414Investments 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 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+9102024-09-300001383414First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 09/09/22 Maturity 12/17/26 Industry Business Services Current Coupon 8.00%2024-10-012025-09-300001383414First 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+5102024-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:TwoThousandThirtyFourAssetBackedDebtMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Athletico Holdings, LLC Industry Healthcare, Education and Childcare2024-09-300001383414Investments 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+5762024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2024-10-012025-09-300001383414pnnt:AKWHoldingsLimitedMember2024-10-012025-09-300001383414pnnt:CascadeEnvironmentalHoldingsLLCMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602025-09-300001383414Investments 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+6502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name PennantPark-TSO Senior Loan Fund II, LP Industry Financial Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Financial Services2025-09-300001383414us-gaap:EquityFundsMember2024-09-300001383414Investments 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+6012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Machinery2024-10-012025-09-300001383414pnnt:JfIntermediateLlcMember2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 11/26/24 Maturity 10/01/29 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 06/07/24 Maturity 12/29/2028 Industry Auto Sector Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 11/01/2019 Maturity 11/03/2025 Industry Consumer Products Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Term Loan Acquisition 12/29/2023 Maturity 09/30/2026 Industry Diversified Conglomerate Service2025-09-300001383414pnnt:MailsouthIncMember2023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 04/22/2020 Industry Business Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Acquisition 07/05/2022 Maturity 03/28/2030 Industry Business Services Current Coupon PIK 9.50% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Hancock Roofing And Construction, LLC Acquisition 03/02/22 Maturity 12/31/26 Industry Insurance Current Coupon 9.60% Basis Point Spread Above Index SOFR+5502025-09-300001383414First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 07/24/23 Maturity 08/16/27 Industry Personal, Food and Miscellaneous Services Current Coupon 10.03% Basis Point Spread Above Index SOFR+5862024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Funded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants 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 of Net Assets Issuer Name EDS Topco, LP Acquisition 12/19/2022 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC - Class A-2 Acquisition 05/24/2023 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Funded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414Investments 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+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2025-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2023-10-012024-09-300001383414Investments 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 Watchtower Buyer, LLC. - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronics2025-09-300001383414First 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+5102023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Delta InvestCo LP Industry Telecommunications One2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ironclad Holdco, LLC (Applied Technical Services, LLC) Acquisition 12/23/2020 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services2024-10-012025-09-300001383414First 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+5252023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TCG 3.0 Jogger Co-Invest, LP Acquisition 01/22/2024 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NEPRT Parent Holdings, LLC Acquisition 01/27/2021 Industry Consumer Products2024-10-012025-09-300001383414Investments 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+7502023-10-012024-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2024-10-012025-09-300001383414Investments 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 Childcare2024-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-10-012024-09-300001383414pnnt:TwoThousandThirtyFiveAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments 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+2752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Unfunded Revolver Acquisition 05/29/2020 Maturity 07/07/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP Acquisition 10/27/2021 Industry Media2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 07/21/25 Maturity 12/20/29 Industry Diversified Conglomerate Service Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 02/09/24 Maturity 12/01/29 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414pnnt:InvestmentsCostMemberpnnt:USGovernmentSecuritiesMember2025-09-300001383414pnnt:ClassA1AMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Bluebird Group LLC - Revolver Maturity 07/27/2026 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name PL Acquisitionco, LLC - Preferred Equity Industry Retail2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry2025-09-300001383414Investments 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+5002024-09-300001383414pnnt:IncentiveFeePaymentConditionOneMember2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Member2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name MOREgroup Holdings, Inc. Acquisition 08/29/24 Maturity 01/16/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments 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 S101 Holdings, Inc. - Unfunded Term Loan 2 Maturity 12/15/2024 Industry Electronics2024-09-300001383414First Lien Secured Debt Issuer Name Argano, LLC Acquisition 12/16/24 Maturity 09/13/29 Industry Business Services Current Coupon 9.89% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Revolver Acquisition 01/18/2023 Maturity 02/01/2029 Industry Environmental Services2025-09-300001383414Investments in 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+6102023-10-012024-09-300001383414pnnt:ClassCMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-09-300001383414First 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+5252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Medina Health, LLC Acquisition 10/16/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Term Loan Acquisition 09/30/2024 Maturity 09/30/2026 Industry Marketing Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NFS - CFP Holdings, LLC Acquisition 09/13/2024 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2028 Industry Business Services2024-10-012025-09-300001383414pnnt:ClassDMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.46% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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 The Vertex Companies, LLC Acquisition 03/02/22 Maturity 08/31/2028 Industry Business Services Current Coupon 8.93% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2025-09-300001383414First 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 C5MI Acquisition, LLC Maturity 07/31/2030 Industry Business Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002024-09-300001383414Equity Securities Issuer Name Wash & Wax Group, LP - Common Equity Acquisition 04/30/25 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name 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 LJ Avalon Holdings, LLC Acquisition 01/18/2023 Maturity 02/01/2030 Industry Environmental Services Current Coupon 8.78% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCOM InvestCo, LP Acquisition 05/11/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Revolver Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name TPC Holding Company, LP Industry Food2024-09-300001383414First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 07/24/23 Maturity 01/10/29 Industry Aerospace and Defense Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001383414Investments 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%2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Unfunded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare2025-09-300001383414First 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+4902023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 03/02/22 Maturity 10/01/27 Industry Distribution Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152024-10-012025-09-300001383414pnnt:EquityInterestsInPSLFMember2023-10-012024-09-300001383414Investments 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 Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP – Unfunded Acquisition 12/20/2021 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 08/11/22 Maturity 07/02/29 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Northwinds Topco, Inc. Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services Current Coupon PIK 15.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Term Loan Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedNotesInPSLFMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Unfunded Revolver Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services2024-10-012025-09-300001383414pnnt:BuildingsAndRealEstateMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Term Loan Acquisition 08/15/2024 Maturity 08/17/2026 Industry Business Services2025-09-3000013834142017-12-312017-12-310001383414pnnt:ConsumerServicesMember2024-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants Issuer Name Cowboy Parent LLC Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Revolver Acquisition 06/21/2024 Maturity 06/21/2029 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Magnolia Topco LP - Class B Industry Auto Sector2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Big Top Holdings, LLC - Unfunded Revolver Acquisition 02/29/2024 Maturity 02/28/2030 Industry Manufacturing/Basic Industry2025-09-300001383414First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 03/02/22 Maturity 10/01/27 Industry Distribution Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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 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 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+5252023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC Acquisition 03/21/2025 Maturity 03/19/2032 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name A1 Garage Equity, LLC Acquisition 12/19/2022 Industry Personal, Food and Miscellaneous Services2025-09-300001383414pnnt:WalkerEdisonFurnitureCompanyLLCMember2025-09-300001383414Investments 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 Spendmend Holdings, LLC Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+5152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carnegie Holdco, LLC Acquisition 02/07/2024 Industry Education2025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. - Unfunded Term Loan Acquisition 09/03/2024 Maturity 09/03/2026 Industry Healthcare, Education and Childcare2025-09-300001383414Investments 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 12.24% (PIK 1.00%) 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 MDI Buyer, Inc. - Unfunded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber2025-09-300001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414pnnt:LongTermCreditFacilityMember2025-09-300001383414pnnt:EquityDistributionAgreementsMember2024-09-300001383414First 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+6002023-10-012024-09-300001383414pnnt:USGovernmentSecuritiesMember2024-09-300001383414First 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+5862023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 03/01/2024 Maturity 03/01/2030 Industry Financial Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc.- Common Equity Acquisition 11/05/24 Industry Containers, Packaging and Glass2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Revolver Acquisition 12/31/2024 Maturity 12/31/2030 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Ox Two, LLC Maturity 5/18/2026 Industry Distribution Current Coupon 11.12% Basis Point Spread Above Index SOFR+6512023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 07/24/23 Maturity 02/23/28 Industry Hotels, Motels, Inns and Gaming Current Coupon 13.35% Basis Point Spread Above Index SOFR+9152024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 04/30/25 Maturity 04/30/2028 Industry Business Services Current Coupon 9.81% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name APT INTERMEDIATE, LLC Acquisition 09/29/2025 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:PragmaticInstituteLlcMember2024-09-300001383414First Lien Secured Debt Issuer Name SpendMend Holdings, LLC Acquisition 07/24/23 Maturity 03/01/28 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class C Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Project Granite Holdings, LLC Acquisition 12/31/2024 Industry Business Services2024-10-012025-09-300001383414First 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+6502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC - Unfunded Revolver Acquisition 05/23/2024 Maturity 05/23/2029 Industry Building Materials2025-09-300001383414Investments 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 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+6352024-09-300001383414First Lien Secured Debt Issuer Name CF512, Inc. Acquisition 12/29/21 Maturity 08/20/26 Industry Media Current Coupon 10.36% Basis Point Spread Above Index SOFR+6192024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Podean Intermediate II, LLC Acquisition 08/04/2025 Industry Marketing Services2024-10-012025-09-300001383414First 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+5502024-09-300001383414pnnt:SubordinatedNotesMember2024-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2023-09-300001383414Investments 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+5752024-09-300001383414Investments 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 First Lien Secured Debt Issuer Name IG Investments Holdings, LLC - Unfunded Revolver Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction, LLC Acquisition 05/05/2022 Maturity 12/31/2026 Industry Insurance Current Coupon 9.76% Basis Point Spread Above Index 3M SOFR+5602025-09-300001383414First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 09/09/22 Maturity 12/17/26 Industry Business Services Current Coupon 8.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TMII Enterprises, LLC - Unfunded Revolve Acquisition 12/19/2022 Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services2025-09-3000013834142018-01-012019-02-040001383414First 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+4902024-09-300001383414pnnt:ConsultingServicesMember2024-09-300001383414First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 03/02/22 Maturity 04/16/27 Industry Telecommunications Current Coupon 9.30% Basis Point Spread Above Index SOFR+5102024-10-012025-09-300001383414First Lien Secured Debt Issuer Name MAG DS Corp. Acquisition 03/02/22 Maturity 04/01/27 Industry Aerospace and Defense Current Coupon 9.60% Basis Point Spread Above Index SOFR+5602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Funded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments 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 Capital Construction, LLC - Unfunded Term Loan A Acquisition 06/30/2025 Maturity 12/30/2025 Industry Consumer Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. - Unfunded Term Loan Maturity 03/13/2025 Industry Business Services2024-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Northwinds Services Group, LLC - Common Equity Industry Consumer Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5402025-09-300001383414Investments 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 Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Industry Business Services2024-10-012025-09-300001383414First 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 Preferred Equity/Partnership Interests of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2025-09-3000013834142023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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+5152023-10-012024-09-300001383414First 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 Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare Current Coupon 12.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2025 Industry Environmental Services2024-10-012025-09-300001383414pnnt:LongTermCreditFacilityMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies US Government Securities Issuer Name U.S. Treasury Bill Acquisition 08/11/2021 Maturity 10/31/2025 Industry Short-Term U.S. Government Securities Current Coupon 3.98%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name PL Acquisitionco, LLC Acquisition 05/31/2023 Industry Retail2025-09-300001383414First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Acquisition 07/23/24 Maturity 05/03/29 Industry Consumer Products Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Acquisition 07/26/22 Maturity 10/28/31 Industry Aerospace and Defense Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002025-09-300001383414First Lien Secured Debt Issuer Name 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 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 TPCN Midco, LLC Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414Subordinated Debt Issuer Name Wash & Wax Systems LLC - Subordinate Debt Acquisition 04/30/25 Maturity 07/30/2028 Industry Business Services Current Coupon 12.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Azureon, LLC Acquisition 06/26/2024 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414Investments 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 Ro Health, LLC - Funded Revolver Acquisition 01/16/2025 Maturity 01/17/2031 Industry Healthcare Providers & Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Watchtower Holdings, LLC Acquisition 11/29/2023 Industry Electronics2024-10-012025-09-300001383414pnnt:SubordinateDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 03/01/2023 Maturity 03/01/2029 Industry Home and Office Furnishings2025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2024-09-3000013834142025-03-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dynata, LLC - Last-Out Term Loan Acquisition 07/15/2024 Maturity 10/16/2028 Industry Business Services Current Coupon 9.96% Basis Point Spread Above Index 3M SOFR+5762025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Term Loan Acquisition 03/21/2025 Maturity 03/21/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name BioDerm, Inc. Acquisition 09/09/2024 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:PreferredEquityPartnershipInterestMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Revolver Acquisition 02/07/2024 Maturity 02/07/2030 Industry Education2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Quad (U.S.) Co-Invest, LP Acquisition 10/03/2022 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 07/24/23 Maturity 08/16/27 Industry Personal, Food and Miscellaneous Services Current Coupon 10.03% Basis Point Spread Above Index SOFR+5862025-09-300001383414Investments 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 ETE Intermediate II, LLC Acquisition 05/24/2023 Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. - Revolver Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-09-300001383414First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 11/26/24 Maturity 10/01/29 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-012021-10-310001383414First 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 Express Wash Intermediate, LLC - Unfunded Revolver Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Unfunded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC Maturity 12/29/2028 Industry Machinery Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. Acquisition 08/28/2024 Maturity 08/28/2030 Industry Manufacturing/Basic Industry Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Funded Revolver Acquisition 01/30/2023 Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 10.77% Basis Point Spread Above Index 3M SOFR+6502025-09-300001383414pnnt:DiversifiedConglomerateServiceMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Third Out Acquisition 03/28/2024 Maturity 05/06/2028 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/2024 Maturity 10/03/2029 Industry Transportation Current Coupon PIK 5.32%2025-09-300001383414First 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 Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver Acquisition 05/10/2024 Maturity 05/10/2030 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Funded Revolver Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414First 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 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 Compex Legal Services, Inc. - Revolver Maturity 02/07/2025 Industry Business Services Current Coupon 10.80% Basis Point Spread Above Index 3M SOFR+5552023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2024-10-012025-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants Issuer Name SV Aero Holdings, LLC Industry Aerospace and Defense2024-09-300001383414pnnt:ClassA-1WMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name SSC Dominion Holdings, LLC Industry Electronics2024-09-300001383414First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Acquisition 09/19/24 Maturity 12/01/2029 Industry Consumer Products Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Podean Intermediate II, LLC Acquisition 08/04/2025 Industry Marketing Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name S101 Holdings, Inc. Maturity 12/29/2026 Industry Electronics Current Coupon 11.48% 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 ENC Parent Corporation Acquisition 07/11/2024 Maturity 08/20/2029 Industry Business Services Current Coupon 8.51% Basis Point Spread Above Index 3M SOFR+4512025-09-300001383414srt:MaximumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Urology Partners Co, LP Acquisition 01/20/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Funded Revolver Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SecondLienMember2025-09-300001383414First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 07/24/23 Maturity 02/01/30 Industry Environmental Services Current Coupon 8.46% Basis Point Spread Above Index SOFR+4502024-10-012025-09-3000013834142023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name LEP Pequod Holdings, LP Industry Financial Services2024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class B Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carisk Parent, LP Acquisition 11/27/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services Current Coupon PIK 8.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Unfunded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414pnnt:PtNetworksLlcAndRamEnergyHoldingsLlcMember2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 03/02/22 Maturity 02/18/27 Industry Consumer Products Current Coupon 12.16% Basis Point Spread Above Index SOFR+7852024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 02/13/24 Maturity 11/08/29 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Crane 1 Acquisition Parent Holdings, LP Acquisition 08/11/2021 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - FOTL Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 1.00% Basis Point Spread Above Index 3M SOFR+5952025-09-300001383414First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 03/21/24 Maturity 10/02/28 Industry Business Services Current Coupon 10.42% Basis Point Spread Above Index SOFR+6252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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 Wildcat Buyerco, Inc. Maturity 02/27/2027 Industry Electronics Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Revolver Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services2024-10-012025-09-300001383414Investments in 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+5852024-09-300001383414pnnt:TruistCreditFacilityMember2023-10-012024-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:CommonEquityMember2025-09-300001383414Investments 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+7002024-09-300001383414pnnt:TruistCreditFacilityMember2025-09-300001383414First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 07/21/25 Maturity 12/31/30 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414pnnt:InvestmentsCostMemberus-gaap:EquityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. - Unfunded Term Loan Maturity 11/07/2025 Industry Distribution2024-09-300001383414First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Acquisition 09/03/25 Maturity 10/11/1931 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services Current Coupon PIK 8.00%2025-09-300001383414First Lien Secured Debt Issuer Name MBS Holdings, Inc. Maturity 04/16/2027 Industry Telecommunications Current Coupon 10.67% Basis Point Spread Above Index SOFR+5852024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Funded Revolver Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+4852025-09-300001383414pnnt:ClassBMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Intermediate, LLC. - Revolver Maturity 12/01/2029 Industry Electronics2024-09-300001383414Investments 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+9262024-09-300001383414us-gaap:FairValueInputsLevel1Member2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP - Unfunded Acquisition 07/28/2022 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Term Loan A Maturity 08/28/2025 Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Project Granite Holdings, LLC Acquisition 12/31/2024 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name A1 Garage Equity, LLC Industry Personal, Food and Miscellaneous Services2024-09-300001383414First 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+6902024-09-300001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 07/24/23 Maturity 05/29/29 Industry Personal, Food and Miscellaneous Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name First Medical Holdings, LLC Acquisition 06/13/2025 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Revolver (8) Maturity 08/20/2026 Industry Media2024-09-300001383414Investments 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 ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry Business Services Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service2025-09-300001383414Investments 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 Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Maturity 09/17/2026 Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Five Star Parent Holdings, LLC - Class P Acquisition 07/09/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414pnnt:PennantParkCloViiMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpnnt:ClassCC-RMember2025-07-210001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Northwinds Topco, Inc. Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services Current Coupon PIK 15.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Funded Revolver Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Lash Coinvest, LLC Acquisition 12/04/2019 Industry Consumer Products2024-10-012025-09-300001383414pnnt:HealthcareEducationAndChildcareMember2024-09-300001383414srt:MinimumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC - Unfunded Acquisition 11/04/2021 Industry Consumer Products2024-10-012025-09-300001383414Investments 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 Services2024-09-300001383414First 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+6352023-10-012024-09-300001383414Investments 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 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 Aphix Buyer, Inc - Unfunded Term Loan Acquisition 07/17/2025 Maturity 07/16/2027 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Municipal Emergency Services, Inc. Acquisition 09/28/2021 Industry Distribution2024-10-012025-09-300001383414First 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+5352023-10-012024-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassBMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:PrivatePlacementMember2023-07-260001383414pnnt:InvestmentsFairValueMemberus-gaap:EquityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Unfunded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Urology Partners Co, LP Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC Acquisition 12/23/2020 Industry Insurance2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP Acquisition 12/16/2020 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Rosco Topco, LLC Acquisition 09/09/2025 Industry Business Services2024-10-012025-09-300001383414Investments 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+6402024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2023-09-300001383414pnnt:DistributionMember2025-09-300001383414pnnt:PersonalFoodAndMiscellaneousServicesMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Megawatt Acquisition Partners, LLC - Preferred A Industry Electronics2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2025-09-300001383414pnnt:NetAssetsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Revolver Acquisition 09/23/2024 Maturity 09/23/2030 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP - Unfunded Acquisition 07/28/2022 Industry Auto Sector2024-10-012025-09-300001383414First 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+5502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Term Loan Acquisition 10/02/2023 Maturity 04/21/2027 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. Acquisition 07/24/23 Maturity 11/15/27 Industry Business Services Current Coupon 9.29% Basis Point Spread Above Index SOFR+5102025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Unfunded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Safe Haven Defense MidCo, LLC Acquisition 05/23/2024 Industry Building Materials2025-09-300001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Priority TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Bioderm, Inc. Acquisition 06/26/24 Maturity 01/31/28 Industry Healthcare, Education and Childcare Current Coupon 10.77% Basis Point Spread Above Index SOFR+6502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Conglomerate Manufacturing2025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2022-10-012023-09-300001383414pnnt:ConsumerProductsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Unfunded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense2024-10-012025-09-300001383414pnnt:ConsultingServicesMember2025-09-300001383414Investments 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 Ledge Lounger, Inc. Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Co-Invest, LLC Acquisition 10/29/2024 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 Dynata, LLC - Last-Out Term Loan Acquisition 07/15/2024 Maturity 10/16/2028 Industry Business Services Current Coupon 9.96% Basis Point Spread Above Index 3M SOFR+5762024-10-012025-09-300001383414First 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 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+4752023-10-012024-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:EquityInPSLFMember2024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name JF Intermediate, LLC Acquisition 08/31/2022 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+5902024-10-012025-09-300001383414First 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+5902024-09-3000013834142019-02-052019-02-050001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction, LLC Acquisition 05/05/2022 Maturity 12/31/2026 Industry Insurance Current Coupon 9.76% Basis Point Spread Above Index 3M SOFR+5602024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5102025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2024-10-012025-09-300001383414pnnt:SBADebenturesMember2025-09-300001383414First Lien Secured Debt Issuer Name Ro Health, LLC Acquisition 04/03/25 Maturity 01/17/31 Industry Healthcare Providers & Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OceanSound Discovery Equity, LP Acquisition 03/28/2024 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Unfunded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-09-300001383414Investments 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+6152023-10-012024-09-300001383414Investments 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+6012023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 09/14/22 Maturity 06/13/29 Industry Chemicals, Plastics and Rubber Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152025-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2023-10-012024-09-300001383414Investments 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 10.25% Basis Point Spread Above Index 3M SOFR+5652024-09-300001383414Investments 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 Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 07/30/2028 Industry Auto Sector Current Coupon PIK 12.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan B Acquisition 08/09/2024 Maturity 02/09/2026 Industry Financial Services2025-09-300001383414First Lien Secured Debt Issuer Name One Stop Mailing, LLC Acquisition 06/07/23 Maturity 05/07/27 Industry Transportation Current Coupon 10.53% Basis Point Spread Above Index SOFR+6362024-10-012025-09-300001383414First 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 Index2024-09-300001383414pnnt:SubordinatedNotesMember2025-09-300001383414Investments 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 Publishing2024-09-300001383414pnnt:AKWHoldingsLimitedMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Revolver Maturity 08/09/2030 Industry Financial Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name Acquisition 01/00/1900 Maturity 01/00/1900 Industry Current Coupon 13.41% Basis Point Spread Above Index 3M SOFR+9102024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Revolver Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC Acquisition 04/01/22 Maturity 11/09/27 Industry Retail Current Coupon 4.27%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ENC Parent Corporation Acquisition 07/11/2024 Maturity 08/20/2029 Industry Business Services Current Coupon 8.51% Basis Point Spread Above Index 3M SOFR+4512024-10-012025-09-300001383414Investments 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 First Lien Secured Debt Issuer Name Wildcat Buyerco, Inc. - Unfunded Term Loan Maturity 02/27/2027 Industry Electronics2024-09-300001383414First 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP Acquisition 10/31/2024 Industry Government Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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+6602024-09-300001383414First Lien Secured Debt Issuer Name Best Practice Associates, LLC Acquisition 01/21/25 Maturity 11/08/29 Industry Aerospace and Defense Current Coupon 10.91% Basis Point Spread Above Index SOFR+6752024-10-012025-09-300001383414First 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+7402023-10-012024-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:MaximumMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP Acquisition 12/13/2021 Industry Distribution2025-09-300001383414Investments 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 Infogroup Parent Holdings, Inc. Industry Other Media2024-09-300001383414pnnt:JfIntermediateLlcMember2023-09-300001383414First Lien Secured Debt Issuer Name Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media Current Coupon 10.53% Basis Point Spread Above Index SOFR+5612024-09-300001383414Investments 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 3M SOFR+5902023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Crane 1 Services, Inc. - Unfunded Revolver Acquisition 06/10/2024 Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name 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 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 Gauge ETE Blocker, LLC Acquisition 05/24/2023 Maturity 05/21/2029 Industry Personal, Food and Miscellaneous Services Current Coupon PIK 12.56%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Revolver Maturity 12/29/2029 Industry Diversified Conglomerate Service2024-09-3000013834142022-09-300001383414Investments 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 Omnia Exterior Solutions, LLC Acquisition 07/25/24 Maturity 12/29/29 Industry Diversified Conglomerate Service Current Coupon 9.26% Basis Point Spread Above Index SOFR+5252025-09-300001383414pnnt:PennantParkCloViiMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpnnt:ClassA1AMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 06/28/2022 Maturity 07/02/2029 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414First 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 First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Unfunded Revolver Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Funded Revolver Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-09-300001383414us-gaap:RevolvingCreditFacilityMember2024-10-012025-09-300001383414Investments 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+6152024-09-300001383414Investments 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 Express Wash Intermediate, LLC - Unfunded Revolver Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP Acquisition 10/31/2024 Industry Government Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 07/15/2025 Maturity 07/15/2031 Industry Business Services Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Best Practice Associates, LLC Acquisition 01/21/25 Maturity 11/08/29 Industry Aerospace and Defense Current Coupon 10.91% Basis Point Spread Above Index SOFR+6752025-09-300001383414Investments 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 Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Northwinds Topco, Inc. - Unfunded Term Loan Maturity 10/30/2029 Industry Consumer Services2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name Flock Financial, LLC Acquisition 04/19/2024 Maturity 10/19/2027 Industry Financial Services Current Coupon 12.50%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. - Unfunded Revolver Acquisition 11/01/2019 Maturity 11/03/2025 Industry Consumer Products2025-09-300001383414Investments 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 Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. - Unfunded Term Loan Acquisition 09/03/2024 Maturity 09/03/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SecondLienMember2024-09-300001383414pnnt:PantheonMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Revolver Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 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 IG Investments Holdings, LLC Maturity 09/22/2028 Industry Business Services Current Coupon 11.35% Basis Point Spread Above Index SOFR+6102024-09-300001383414Investments 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+6252023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP - Unfunded Acquisition 12/16/2020 Industry Telecommunications2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Acquisition 03/02/22 Maturity 05/10/26 Industry Media Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902025-09-300001383414First 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+6102024-09-300001383414Investments 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 Arcfield Acquisition Corp. - Unfunded Revolver Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Imagine Topco, LP Preferred Acquisition 11/04/2021 Industry Business Services Current Coupon 8.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 PCS MIDCO INC - Unfunded Term Loan Maturity 03/01/2026 Industry Financial Services2024-09-300001383414Investments 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+5652024-09-300001383414Investments 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+5602023-10-012024-09-300001383414First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 09/16/24 Maturity 06/17/29 Industry Healthcare, Education and Childcare Current Coupon 8.87% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Funded Revolver 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 First Lien Secured Debt Issuer Name Aphix Buyer, Inc Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCP Boss Holdco, LLC Acquisition 12/27/2024 Industry Conglomerate Manufacturing2024-10-012025-09-300001383414First 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+6502024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Unfunded Revolver Maturity 08/16/2026 Industry Consumer Products2024-09-300001383414First Lien Secured Debt Issuer Name AFC-Dell Holding Corp. Acquisition 02/23/24 Maturity 04/09/27 Industry Distribution Current Coupon 9.83% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name ORL Holdco, Inc. Industry Business Services2024-09-300001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001383414First 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+5752023-10-012024-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP Acquisition 05/01/2020 Industry Aerospace and Defense2025-09-300001383414pnnt:BusinessServicesMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Term Loan Acquisition 08/29/2025 Maturity 08/29/2027 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 03/02/22 Maturity 06/20/29 Industry Healthcare, Education and Childcare Current Coupon 9.29% Basis Point Spread Above Index SOFR+5002025-09-300001383414pnnt:PSLFAndPantheonAmendementMemberpnnt:LLCAgreementMemberpnnt:PennantParkSeniorLoanFundLLCMembersrt:MaximumMemberus-gaap:PrivatePlacementMember2024-08-280001383414pnnt:WalkerEdisonFurnitureCompanyLLCMember2024-10-012025-09-300001383414Investments 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 Childcare2024-09-300001383414Investments 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 Rubber2024-09-300001383414Investments 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 Childcare2024-09-300001383414First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 02/09/24 Maturity 12/01/29 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5102024-10-012025-09-300001383414Investments 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 Media2024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AKW Holdings Limited Acquisition 03/07/2018 Maturity 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 11.19% Basis Point Spread Above Index 3M SOFR+7002025-09-300001383414pnnt:ElectronicsMember2025-09-300001383414Investments 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%2024-09-300001383414First 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+4502023-10-012024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Funded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 10.66% Basis Point Spread Above Index 3M SOFR+6502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP - Unfunded Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP - Unfunded Acquisition 12/16/2020 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. - Unfunded Revolver Acquisition 08/28/2024 Maturity 08/28/2030 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Funded Revolver Acquisition 06/08/2022 Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.15% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Icon Partners V C, LP - Unfunded Industry Business Services2024-09-300001383414pnnt:PennantParkCLOXMember2025-09-300001383414First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Acquisition 03/04/25 Maturity 12/17/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare, Education and Childcare Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5602024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC - Unfunded Revolver Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Unfunded Revolver Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution2025-09-300001383414First Lien Secured Debt Issuer Name EvAL Home Care Solutions Intermediate, LLC Acquisition 07/23/24 Maturity 05/10/30 Industry Healthcare, Education and Childcare Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Term Loan B Maturity 12/16/2024 Industry Distribution2024-09-300001383414pnnt:TwoThousandTwentySixTwoNotesPayableMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment Acquisition 08/15/2025 Maturity 08/22/2032 Industry Gaming Current Coupon 9.02% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Funded Revolver Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+4852024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMember2022-03-310001383414First 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+6652023-10-012024-09-300001383414First 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+7612023-10-012024-09-300001383414pnnt:SubordinateDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Beacon Behavioral Holdings, LLC Acquisition 06/21/2024 Maturity 06/21/2030 Industry Healthcare, Education and Childcare Current Coupon PIK 15.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Crane 1 Services, Inc. - Unfunded Revolver Acquisition 06/10/2024 Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services2025-09-300001383414First 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+5252023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Riverpoint Medical, LLC Acquisition 03/02/22 Maturity 06/21/27 Industry Healthcare, Education and Childcare Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments 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 OSP Embedded Purchaser, LLC - Unfunded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PennantPark-TSO Senior Loan Fund II, LP Acquisition 01/07/2022 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Unfunded Revolver Acquisition 05/03/2024 Maturity 05/03/2029 Industry Consumer Products2025-09-300001383414First 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+6402023-10-012024-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Accounting Platform Blocker, Inc. Acquisition 08/09/2024 Industry Financial Services2024-10-012025-09-300001383414pnnt:InvestmentsCostMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Financial Services2024-10-012025-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP Acquisition 05/01/2020 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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 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 First Lien Secured Debt Issuer Name Berwick Industrial Park Maturity 05/02/2025 Industry Buildings and Real Estate Current Coupon 13.00%2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Wash & Wax Systems. LLC Acquisition 04/30/2025 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5402024-10-012025-09-300001383414pnnt:InvestmentsAndCashEquivalentsMember2024-09-300001383414First 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 Controlled, Affiliated Portfolio Companies Common Equity Issuer Name Pragmatic Institute, LLC Acquisition 03/28/2025 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 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:InvestmentAffiliatedIssuerControlledMemberpnnt:PreferredEquityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+5652024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Shiftkey, LLC Acquisition 06/17/2022 Maturity 06/21/2027 Industry Business Services Current Coupon 10.01% Basis Point Spread Above Index 3M SOFR+6012024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Term Loan Acquisition 06/13/2025 Maturity 06/13/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments 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+4752024-09-300001383414First 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+7102023-10-012024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Term Loan Acquisition 03/01/2024 Maturity 03/02/2026 Industry Financial Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name GGG Midco, LLC Acquisition 12/16/24 Maturity 09/27/30 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Third Out Acquisition 03/28/2024 Maturity 05/06/2028 Industry Telecommunications2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Funded Revolver Acquisition 07/24/2023 Maturity 02/07/2026 Industry Business Services Current Coupon 9.78% Basis Point Spread Above Index 3M SOFR+5552025-09-300001383414pnnt:SeniorSecuritiesMember2023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 02/07/2024 Maturity 02/07/2030 Industry Education Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414First Lien Secured Debt Issuer Name Confluent Health, LLC Acquisition 12/23/24 Maturity 11/30/28 Industry Healthcare, Education and Childcare Current Coupon 11.66% Basis Point Spread Above Index SOFR+7502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 11/02/2023 Maturity 11/08/2029 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 09/16/24 Maturity 06/17/29 Industry Healthcare, Education and Childcare Current Coupon 8.87% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Conglomerate Manufacturing2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A-1 Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan 2 Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-09-300001383414country:US2024-09-300001383414Investments 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 The Vertex Companies, LLC - Unfunded Revolver Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services2025-09-300001383414pnnt:DebtInvestmentsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Acquisition 05/23/2024 Maturity 05/23/2029 Industry Building Materials Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ITC Infusion Co-invest, LP Acquisition 02/16/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name StellPen Holdings, LLC Industry Media2024-09-300001383414First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Acquisition 07/17/24 Maturity 03/01/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414pnnt:CascadeEnvironmentalHoldingsLLCMember2023-10-012024-09-300001383414pnnt:InvestmentsCostMemberpnnt:USGovernmentSecuritiesMember2024-09-300001383414First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 03/02/22 Maturity 09/22/28 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments 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+6102024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC - Revolver Maturity 09/22/2027 Industry Business Services2024-09-300001383414pnnt:ControlledAffiliatedInvestmentsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan Acquisition 07/12/2024 Maturity 01/12/2026 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC Acquisition 06/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902024-10-012025-09-300001383414Equity Security Issuer Name Dynata, LLC Industry Business Services2023-10-012024-09-300001383414Investments 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+5502023-10-012024-09-300001383414pnnt:ClassDMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-09-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Acquisition 07/15/24 Maturity 10/16/28 Industry Business Services Current Coupon 9.96% Basis Point Spread Above Index SOFR+5762025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Paving Parent, LLC Acquisition 07/01/2025 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seacoast Service Partners, LLC Acquisition 12/20/2024 Industry Diversified Conglomerate Service2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - FOTL Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 1.00% Basis Point Spread Above Index 3M SOFR+5952024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Revolver Acquisition 01/09/2024 Maturity 01/16/2030 Industry Business Services2024-10-012025-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassA1AMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414pnnt:TotalInvestmentMember2024-09-300001383414First Lien Secured Debt Issuer Name NBH Group, LLC Acquisition 03/02/22 Maturity 08/19/26 Industry Healthcare, Education and Childcare Current Coupon 10.12% Basis Point Spread Above Index SOFR+5852024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name AG Investco, LP Industry Business Services2024-09-300001383414pnnt:PSLFAndPantheonAmendementMembersrt:MinimumMemberpnnt:PennantParkSeniorLoanFundLLCMemberpnnt:LLCAgreementMemberus-gaap:PrivatePlacementMember2024-08-280001383414Investments 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+5002023-10-012024-09-300001383414First 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 Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Funded Revolver Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652024-10-012025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:EquityInPSLFMember2025-09-300001383414pnnt:Non-MoneyMarketCashMember2025-09-300001383414pnnt:SeniorSecuritiesMember2019-02-052019-02-050001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media2025-09-300001383414First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 07/24/23 Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 8.66% Basis Point Spread Above Index SOFR+4502025-09-3000013834142022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP Embedded Aggregator, LP Acquisition 12/11/2023 Industry Aerospace and Defense2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Acp Falcon Buyer, Inc. Acquisition 10/06/23 Maturity 08/01/29 Industry Business Services Current Coupon 9.79% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 11.56% Basis Point Spread Above Index SOFR+6502023-10-012024-09-300001383414srt:OtherCurrencyMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Funded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media Current Coupon 10.18% Basis Point Spread Above Index 3M SOFR+6022024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class C Acquisition 05/03/2024 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC Maturity 08/30/2027 Industry Business Services Current Coupon 11.27% Basis Point Spread Above Index 3M SOFR+6352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-09-300001383414Investments 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+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Funded Revolver 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name StellPen Holdings, LLC Acquisition 08/17/2021 Industry Media2025-09-300001383414Investments 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+7502024-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassDD-RMember2025-07-210001383414Investments 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 10.81% Basis Point Spread Above Index 1M SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan B Acquisition 08/09/2024 Maturity 02/09/2026 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/08/2022 Maturity 11/10/2027 Industry Consumer Products Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan C Acquisition 08/09/2024 Maturity 08/18/2027 Industry Financial Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Ox Two, LLC Maturity 5/18/2026 Industry Distribution Current Coupon 11.12% Basis Point Spread Above Index SOFR+6512024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Revolver Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414pnnt:AKWHoldingsLimitedMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Environmental Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Revolver Maturity 01/16/2030 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Funded Revolver Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+5152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/2024 Maturity 10/03/2029 Industry Transportation Current Coupon 12.57% (PIK 7.25%) Basis Point Spread Above Index 3M SOFR+8352024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Communications Current Coupon 12.40% Basis Point Spread Above Index SOFR+7152023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Accounting Platform Blocker, Inc. Acquisition 08/09/2024 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 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 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+5252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Shiftkey, LLC Acquisition 06/17/2022 Maturity 06/21/2027 Industry Business Services Current Coupon 10.01% Basis Point Spread Above Index 3M SOFR+6012025-09-300001383414pnnt:SeniorSecuritiesMember2019-02-062019-02-060001383414First 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+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Funded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414us-gaap:InvestmentsMember2025-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassA2Memberus-gaap:PrivatePlacementMember2023-07-260001383414Investments 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 Services2024-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:SeniorSecuredRevolvingCreditFacilityMembersrt:SubsidiariesMember2025-09-300001383414Investments 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 10.80% Basis Point Spread Above Index 3M SOFR+5552024-09-300001383414First Lien Secured Debt Issuer Name CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index SOFR+6192023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. - Unfunded Revolver Acquisition 11/01/2019 Maturity 11/03/2025 Industry Consumer Products2024-10-012025-09-300001383414pnnt:JfIntermediateLlcMember2023-10-012024-09-300001383414pnnt:NonMoneyMarketCashMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414First 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+6002024-09-300001383414Investments 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+6902023-10-012024-09-300001383414First 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+6852024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (I-2 Series) Acquisition 12/07/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Funded Revolver Acquisition 05/03/2024 Maturity 05/03/2029 Industry Consumer Products Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dr. Squatch, LLC - Unfunded Revolver Maturity 08/31/2027 Industry Media2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Revolver Acquisition 09/13/2024 Maturity 09/13/2029 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name novex Information Systems Incorporated - Unfunded Term Loan Acquisition 12/17/2024 Maturity 12/17/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment Acquisition 06/21/2024 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First 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+5252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 06/17/2024 Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Incremental Term Loan Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 1.00% Basis Point Spread Above Index 3M SOFR+5942025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Funded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5762025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Maturity 07/31/2027 Industry Financial Services Current Coupon 12.29% Basis Point Spread Above Index 3M SOFR+ 8002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Exigo, LLC Acquisition 03/10/2022 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Term Loan Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Acquisition 07/24/23 Maturity 11/01/26 Industry Media Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414First Lien 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+6152023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2024-10-012025-09-300001383414First 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 Rancho Health MSO, Inc. - Unfunded Term Loan Acquisition 09/27/2021 Maturity 06/30/2026 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name TWD Parent Holdings, LLC Preferred Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. - Unfunded Term Loan Acquisition 11/02/2023 Maturity 11/07/2025 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name One Stop Mailing, LLC Acquisition 06/07/23 Maturity 05/07/27 Industry Transportation Current Coupon 10.53% Basis Point Spread Above Index SOFR+6362025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Term Loan Acquisition 12/29/2023 Maturity 09/30/2026 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Acquisition 09/03/25 Maturity 10/11/1931 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index SOFR+4502025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-012021-04-300001383414First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Acquisition 07/24/23 Maturity 06/16/29 Industry Professional Services Current Coupon 9.92% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414pnnt:InvestmentsCostMemberpnnt:EquityInPSLFMember2024-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 12/23/24 Maturity 10/18/27 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. - Unfunded Revolver Acquisition 11/04/2021 Maturity 11/16/2027 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414pnnt:PragmaticInstituteLlcMember2023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media Current Coupon 10.53% Basis Point Spread Above Index SOFR+5612023-10-012024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-09-300001383414pnnt:NetAssetsMember2024-09-300001383414Investments 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+6352024-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassBB-RMember2025-07-210001383414pnnt:ControlledAndNonControlledAffiliatesMember2022-10-012023-09-300001383414First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Acquisition 09/16/24 Maturity 06/21/29 Industry Healthcare, Education and Childcare Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments 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 Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Funded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 10.16% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name GMP Hills, LP - Common Equity Industry Distribution2024-09-300001383414First 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 Subordinate Debt/Corporate Notes of Net Assets Issuer Name ORL Holdco, Inc. - Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services Current Coupon 18.00%2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Maturity 07/31/2027 Industry Financial Services Current Coupon 12.29% Basis Point Spread Above Index 3M SOFR+ 8002025-09-300001383414Investments 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 Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare, Education and Childcare Current Coupon 9.31% Basis Point Spread Above Index SOFR+4252023-10-012024-09-300001383414Investments 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 13.18% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+7852023-10-012024-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414Investments 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+6402024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (F-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414srt:MinimumMember2024-09-300001383414pnnt:JfIntermediateLlcMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Unfunded Revolver Acquisition 05/03/2024 Maturity 05/03/2029 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Revolver Maturity 03/31/2025 Industry Aerospace and Defense Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+6152023-10-012024-09-300001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Acquisition 03/02/22 Maturity 05/10/26 Industry Media Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name LJ Avalon, LP Industry Environmental Services2024-09-300001383414First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 03/04/25 Maturity 12/19/30 Industry Media Current Coupon 9.12% Basis Point Spread Above Index SOFR+5252025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMemberpnnt:USGovernmentSecuritiesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name QuantiTech InvestCo, LP - Unfunded Industry Aerospace and Defense2024-09-300001383414First 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 Preferred Equity/Partnership Interests Issuer Name Ad.net Holdings, Inc. Industry Media2024-09-300001383414First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 07/24/23 Maturity 02/01/30 Industry Environmental Services Current Coupon 8.46% Basis Point Spread Above Index SOFR+4502025-09-300001383414First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Acquisition 10/31/24 Maturity 11/01/30 Industry Aerospace and Defense Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001383414First Lien Secured Debt Issuer Name Wildcat Buyerco, Inc. Maturity 2/27/2027 Industry Electronics Current Coupon 10.60% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001383414pnnt:EnvironmentalServicesMember2025-09-300001383414First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Acquisition 07/24/23 Maturity 06/15/2027 Industry Healthcare, Education and Childcare Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502025-09-300001383414pnnt:NonControlledNonAffiliatedInvestmentsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 06/28/2022 Maturity 07/02/2029 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 11/01/2019 Maturity 11/03/2025 Industry Consumer Products Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Unfunded Revolver Acquisition 07/24/2023 Maturity 02/07/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:USGovernmentSecuritiesMember2025-09-300001383414First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 07/24/23 Maturity 09/17/26 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index SOFR+5402025-09-300001383414pnnt:EquityInterestsInPSLFMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Funded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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+6152024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—184.3% First Lien Secured Debt—112.9% of Net Assets2024-09-300001383414First Lien Secured Debt Issuer Name Amsive Holdings Corporation Acquisition 03/02/22 Maturity 12/10/26 Industry Media Current Coupon 10.35% Basis Point Spread Above Index SOFR+6352025-09-300001383414First 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+5252023-10-012024-09-300001383414First 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 Preferred Equity/Partnership Interests of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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 Rural Sourcing Holdings, Inc. Maturity 06/15/2029 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Revolver Maturity 09/30/2028 Industry Business Services2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2025-09-300001383414Investments 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 Infinity Home Services Holdco, Inc. (CAD) Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments 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+6152024-09-300001383414Investments 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 RRA Corporate, LLC Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Third Out Maturity 05/06/2028 Industry Telecommunications Current Coupon 11.97% Basis Point Spread Above Index 3M SOFR+7002024-09-300001383414pnnt:AerospaceAndDefenseMember2025-09-300001383414Investments 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 Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+5152024-10-012025-09-300001383414First 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+6362023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Unfunded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services2024-10-012025-09-300001383414Investments 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+5752023-10-012024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. - Unfunded Revolver Acquisition 09/03/2024 Maturity 09/03/2030 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name Anteriad Holdings Inc (fka MeritDirect) Maturity 06/30/2026 Industry Media Current Coupon 10.50% Basis Point Spread Above Index SOFR+5902024-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SSC Dominion Holdings, LLC Acquisition 07/11/2018 Industry Electronics2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Maturity 1/23/2029 Industry Media Current Coupon 11.10% Basis Point Spread Above Index SOFR+6502023-10-012024-09-300001383414Investments 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+7402024-09-300001383414pnnt:Non-MoneyMarketCashMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Holdings, LLC Acquisition 12/06/2023 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge APHIX Blocker, LLC Acquisition 07/16/2025 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products2025-09-300001383414First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 03/21/24 Maturity 10/02/28 Industry Business Services Current Coupon 10.42% Basis Point Spread Above Index SOFR+6252025-09-300001383414First Lien Secured Debt Issuer Name MDI Buyer, Inc. Acquisition 12/20/24 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 8.95% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Funded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name A1 Garage Equity, LLC Acquisition 12/19/2022 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Unfunded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products2025-09-300001383414First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 09/09/22 Maturity 06/14/28 Industry Distribution Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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+6432023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Unfunded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media2024-10-012025-09-300001383414pnnt:SubordinatedNotesMember2023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name NXOF Holdings, Inc. (Tyto Athene, LLC) Industry Aerospace and Defense2024-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedNotesInPSLFMember2024-09-300001383414Investments 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, 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 LAV Gear Holdings, Inc. - Incremental Term Loan Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 1.00% Basis Point Spread Above Index 3M SOFR+5942024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 07/15/2025 Maturity 07/15/2031 Industry Business Services Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2025-09-300001383414pnnt:TotalInvestmentMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Term Loan Acquisition 07/31/2025 Maturity 07/31/2027 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name PCS Midco, Inc. Acquisition 08/29/24 Maturity 03/01/30 Industry Financial Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name EvAL Home Health Solutions, LLC Acquisition 05/10/2024 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments 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+5002024-09-300001383414First 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+6102024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMembersrt:MaximumMember2025-09-300001383414Investments 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 Childcare2024-09-300001383414First Lien Secured Debt Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Communications Current Coupon 12.40% Basis Point Spread Above Index SOFR+7152024-09-300001383414Investments 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+6402023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Term Loan Acquisition 01/18/2023 Maturity 02/08/2027 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name StellPen Holdings, LLC Acquisition 08/17/2021 Industry Media2024-10-012025-09-300001383414Investments 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 First Lien Secured Debt Issuer Name Capital Construction, LLC - Unfunded Term Loan A Acquisition 06/30/2025 Maturity 12/30/2025 Industry Consumer Services2024-10-012025-09-300001383414pnnt:JfIntermediateLlcMember2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC Acquisition 07/12/2024 Maturity 12/23/2026 Industry Environmental Services Current Coupon PIK 14.75%2025-09-300001383414First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 01/18/24 Maturity 10/20/28 Industry Healthcare, Education and Childcare Current Coupon 10.25% Basis Point Spread Above Index SOFR+6252025-09-300001383414First 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 Preferred Equity/Partnership Interests of Net Assets Issuer Name AH Holdings, LLC Acquisition 03/23/2011 Industry Healthcare, Education and Childcare Current Coupon 6.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Altamira Intermediate Company II, Inc. Industry Aerospace and Defense2024-09-300001383414First Lien Secured Debt Issuer Name Hancock Roofing And Construction, LLC Acquisition 03/02/22 Maturity 12/31/26 Industry Insurance Current Coupon 9.60% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Unfunded Revolver Acquisition 11/05/2021 Maturity 11/09/2027 Industry Retail2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name UniVista Insurance Acquisition 06/14/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC - Class A Acquisition 04/30/2024 Industry Insurance2025-09-300001383414First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 03/02/22 Maturity 02/03/27 Industry Healthcare, Education and Childcare Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Maturity 06/30/2025 Industry Consumer Products Current Coupon 9.45% Basis Point Spread Above Index 3M SOFR+4602023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Best Practice Associates, LLC - Unfunded Revolver Acquisition 11/07/2024 Maturity 11/08/2029 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 Municipal Emergency Services, Inc. Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5152025-09-300001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Acquisition 10/12/22 Maturity 11/30/26 Industry Containers, Packaging and Glass Current2025-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001383414Investments 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:JfIntermediateLlcMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Revolver Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Beacon Behavioral Holdings, LLC Acquisition 06/21/2024 Maturity 06/21/2030 Industry Healthcare, Education and Childcare Current Coupon PIK 15.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments 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+6852024-09-300001383414First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 10/03/22 Maturity 07/25/29 Industry Auto Sector Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352025-09-300001383414Investments 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 First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Funded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5602024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Funded Revolver Acquisition 05/29/2020 Maturity 07/07/2026 Industry Business Services Current Coupon 9.20% Basis Point Spread Above Index 3M SOFR+5202024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC - Revolver Maturity 12/22/2028 Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name PCS Parent, LP Industry Financial Services2024-09-300001383414First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 03/02/22 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 8.92% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Riverpoint Medical, LLC - Unfunded Revolver Acquisition 06/19/2019 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Bluebird Group, LLC - Unfunded Revolver Acquisition 07/22/2021 Maturity 07/28/2026 Industry Business Services2024-10-012025-09-300001383414First 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge APHIX Blocker, LLC Acquisition 07/16/2025 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Pragmatic Institute, LLC Industry Business Services2024-09-300001383414Investments 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 Crane 1 Services, Inc. - Revolver Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Funded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+6262025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Bluebird Group, LLC - Unfunded Revolver Acquisition 07/22/2021 Maturity 07/28/2026 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Riverpoint Medical, LLC Acquisition 03/02/22 Maturity 06/21/27 Industry Healthcare, Education and Childcare Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Revolver Maturity 09/13/2029 Industry Business Services2024-09-300001383414First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC Acquisition 03/02/22 Maturity 07/07/26 Industry Business Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+6202025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Funded Revolver Maturity 03/01/2030 Industry Electronics Current Coupon 10.11% Basis Point Spread Above Index 3M SOFR+5252024-09-300001383414pnnt:SBADebenturesMember2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Acquisition 07/05/2022 Maturity 03/28/2030 Industry Business Services Current Coupon PIK 9.50% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP PAR Holdings, LP Acquisition 09/03/2024 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name MDI Buyer, Inc. Acquisition 12/20/24 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 8.95% Basis Point Spread Above Index SOFR+4752025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MaximumMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies US Government Securities Issuer Name U.S. Treasury Bill Acquisition 08/11/2021 Maturity 10/31/2025 Industry Short-Term U.S. Government Securities Current Coupon 3.98%2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 03/02/22 Maturity 11/03/25 Industry Consumer Products Current Coupon 9.41% Basis Point Spread Above Index SOFR+5252025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2024-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name novex Information Systems Incorporated - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name TPC US Parent, LLC Acquisition 03/02/22 Maturity 11/24/2025 Industry Food Current Coupon 10.19% Basis Point Spread Above Index SOFR+5902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Funded Revolver Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414First 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 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 Common Equity/Partnership Interests/Warrants Issuer Name Gauge Lash Coinvest LLC Industry Consumer Products2024-09-300001383414pnnt:LongTermCreditFacilityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Funded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services Current Coupon 10.51% Basis Point Spread Above Index 3M SOFR+6352024-10-012025-09-300001383414Investments in 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%)2024-09-300001383414pnnt:EquityInterestsInPSLFMember2024-09-300001383414First 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+5502024-09-300001383414First 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 First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 09/09/2025 Maturity 09/12/2031 Industry Business Services Current Coupon 8.81% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class B Acquisition 04/19/2024 Industry Financial Services2025-09-300001383414First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 03/02/22 Maturity 02/03/27 Industry Healthcare, Education and Childcare Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001383414pnnt:InvestmentsCostMemberpnnt:FirstLienMember2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2024-10-012025-09-300001383414Investments 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+5752023-10-012024-09-300001383414Investments 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 13.75% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:USGovernmentSecuritiesMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Machinery2025-09-300001383414pnnt:PragmaticInstituteLlcMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 01/18/2023 Maturity 02/01/2030 Industry Environmental Services Current Coupon 8.78% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Investments 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 of Net Assets Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/08/2022 Maturity 11/10/2027 Industry Consumer Products Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414pnnt:EquitySecurityMember2025-09-300001383414Investments 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+5602024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Revolver Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services2025-09-300001383414First 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+5502023-10-012024-09-300001383414us-gaap:CashAndCashEquivalentsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name TEAM Services Group, LLC Acquisition 04/26/2024 Maturity 12/18/2028 Industry Healthcare, Education and Childcare Current Coupon 13.57% Basis Point Spread Above Index 3M SOFR+9262024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Unfunded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense2024-10-012025-09-300001383414First 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 Preferred Equity/Partnership Interests of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ACP Big Top Holdings, LP Acquisition 02/29/2024 Industry Manufacturing/Basic Industry2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Industry Business Services2024-10-012025-09-300001383414us-gaap:FinancingReceivables30To59DaysPastDueMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. Acquisition 08/28/2024 Maturity 08/28/2030 Industry Manufacturing/Basic Industry Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name APT INTERMEDIATE, LLC Acquisition 09/29/2025 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc Maturity 11/08/2029 Industry Distribution Current Coupon 11.11% Basis Point Spread Above Index SOFR+6002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TAC LifePort Holdings, LLC Acquisition 02/24/2021 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Funded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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+4752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Smartronix, LLC - Unfunded Revolver Maturity 11/23/2027 Industry Aerospace and Defense2024-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Berwick Industrial Park Acquisition 04/26/2022 Maturity 05/02/2026 Industry Buildings and Real Estate Current Coupon 13.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Funded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in 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 First Lien Secured Debt Issuer Name Mineola 212, LLC Acquisition 06/24/2024 Maturity 12/24/2025 Industry Buildings and Real Estate Current Coupon 14.00%2024-10-012025-09-300001383414Investments 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 of Net Assets Issuer Name AFC Acquisitions, Inc. (G-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:MaximumMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP Acquisition 10/27/2021 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Funded Revolver Acquisition 01/27/2021 Maturity 01/29/2026 Industry Consumer Products Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+6252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Unfunded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media2025-09-3000013834142026-01-220001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMemberpnnt:SeniorSecuredRevolvingCreditFacilityMember2024-08-280001383414First 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+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Kentucky Racing Holdco, LLC (Warrants) Industry Hotels, Motels, Inns and Gaming2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class A Acquisition 11/08/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP Acquisition 12/16/2020 Industry Telecommunications2024-10-012025-09-300001383414pnnt:TwoThousandTwentySixNotesPayableMember2025-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GMP Hills, LP Acquisition 11/02/2023 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Funded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.06% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name novex Information Systems Incorporated - Unfunded Term Loan Acquisition 12/17/2024 Maturity 12/17/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Maturity 08/15/2029 Industry Business Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+5002023-10-012024-09-3000013834142018-01-012018-01-010001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class AA Acquisition 11/08/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. - Unfunded Revolver Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 07/02/2019 Maturity 01/08/2026 Industry Business Services Current Coupon 12.92% Basis Point Spread Above Index 3M SOFR+8602024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMembersrt:MinimumMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Funded Revolver Acquisition 01/30/2023 Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 10.77% Basis Point Spread Above Index 3M SOFR+6502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Fourth Out Acquisition 03/28/2024 Maturity 05/06/2028 Industry Telecommunications2025-09-300001383414First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Acquisition 10/12/22 Maturity 11/30/26 Industry Containers, Packaging and Glass Current2024-10-012025-09-300001383414pnnt:EquityDistributionAgreementsMember2023-10-012024-09-300001383414First 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+5502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan Acquisition 07/12/2024 Maturity 01/12/2026 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Revolver Maturity 12/18/2027 Industry Telecommunications2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name AG Investco, LP - Unfunded 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+6112023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC - Unfunded Revolver Acquisition 05/23/2024 Maturity 05/23/2029 Industry Building Materials2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Priority TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMembersrt:MinimumMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001383414First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 12/23/24 Maturity 08/15/29 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5402024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMembersrt:MaximumMemberpnnt:SubordinatedDebtOrCorporateNotesMember2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2024-09-300001383414First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 11/26/24 Maturity 09/03/30 Industry Healthcare, Education and Childcare Current Coupon 9.17% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Acquisition 07/15/24 Maturity 10/16/28 Industry Business Services Current Coupon 9.96% Basis Point Spread Above Index SOFR+5762024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Unfunded Revolver Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service2025-09-300001383414First 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 Preferred Equity/Partnership Interests Issuer Name Gauge Schlesinger Coinvest, LLC - Class A-2 Preferred Equity Industry Business Services2024-09-300001383414us-gaap:DomesticCountryMember2024-10-012025-09-300001383414nvestments 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 Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name WCP Ivyrehab QP CF Feeder, LP Industry Healthcare, Education and Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. - Unfunded Revolver Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class A-1 Acquisition 05/03/2024 Industry Consumer Products2024-10-012025-09-300001383414First 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+6262024-09-300001383414pnnt:SecondLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (H-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ro Health Holdings, Inc. Acquisition 01/16/2025 Industry Healthcare Providers & Services2025-09-300001383414First 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+5252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Funded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products Current Coupon 10.15% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name AFC Acquisitions, Inc. Preferred Equity Industry Distribution2024-09-300001383414Investments 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 First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Term Loan Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name 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+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carisk Parent, LP Acquisition 11/27/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name A1 Garage Merger Sub, LLC - Unfunded Term Loan (8) Maturity 12/21/2024 Industry Personal, Food and Miscellaneous Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC - Unfunded Term Loan Acquisition 10/31/2024 Maturity 11/02/2026 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 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 First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Term Loan Maturity 08/10/2027 Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Unfunded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media2025-09-300001383414Investments 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+6352023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Athletico Holdings, LLC Acquisition 02/04/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First 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+5502024-09-300001383414First 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 Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (J-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Revolver Acquisition 07/01/2025 Maturity 07/01/2031 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Unfunded Revolver Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name FedHC InvestCo II, LP Industry Aerospace and Defense2024-09-300001383414us-gaap:FairValueInputsLevel3Member2025-09-300001383414Investments 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+5252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Revolver Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+6252024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Acquisition 07/15/24 Maturity 07/17/28 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+5262024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan Acquisition 06/21/2024 Maturity 12/22/2025 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 08/12/22 Maturity 07/13/27 Industry Media Current Coupon 10.08% Basis Point Spread Above Index SOFR+5762024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 07/25/24 Maturity 12/29/29 Industry Diversified Conglomerate Service Current Coupon 9.26% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments 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 NFS - CFP Holdings LLC - Unfunded Term Loan Maturity 09/13/2026 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Infogroup Parent Holdings, Inc. Acquisition 05/31/2023 Industry Other Media2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2023-09-300001383414Investments 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 First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Revolver Acquisition 01/18/2023 Maturity 02/01/2029 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Megawatt Acquisition Partners, LLC - Common Equity A Industry Electronics2024-09-300001383414us-gaap:FairValueInputsLevel3Member2023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 01/10/2029 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Term Loan Acquisition 10/12/2021 Maturity 06/12/2027 Industry Aerospace and Defense2025-09-300001383414First 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+5652023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lightspeed Investment Holdco, LLC Acquisition 01/21/2020 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments 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+6352024-09-300001383414pnnt:PennantParkCloViiMember2025-09-300001383414First 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 Common Equity/Partnership Interests/Warrants Issuer Name SBI Holdings Investments, LLC Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name FedHC InvestCo, LP Industry Aerospace and Defense2024-09-300001383414pnnt:RAMEnergyLLCMember2023-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Medina Health, LLC Acquisition 10/16/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Route 66 Development Acquisition 01/28/2025 Maturity 01/24/2031 Industry Gaming Current Coupon 13.16% Basis Point Spread Above Index 3M SOFR+9002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Funded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+6902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lightspeed Investment Holdco, LLC Acquisition 01/21/2020 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Revolver Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2025-09-300001383414pnnt:ChemicalsPlasticsAndRubberMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Term Loan Acquisition 01/09/2024 Maturity 01/16/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP Acquisition 08/26/2021 Industry Aerospace and Defense2024-10-012025-09-300001383414srt:MinimumMemberpnnt:IncentiveFeePaymentConditionThreeMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services Current Coupon 13.70% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402025-09-300001383414Investments 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 10.81% Basis Point Spread Above Index 1M SOFR+5752023-10-012024-09-300001383414pnnt:TruistCreditFacilityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Revolver Acquisition 07/01/2025 Maturity 07/01/2031 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name BioDerm, Inc. Acquisition 09/09/2024 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414us-gaap:DomesticCountryMember2023-10-012024-09-300001383414Investments 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 Furnishings2024-09-300001383414Investments 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+9102023-10-012024-09-300001383414pnnt:AKWHoldingsLimitedMember2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Term Loan Acquisition 07/01/2025 Maturity 07/01/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Magnolia Topco, LP - Class A Industry Auto Sector2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name KL Stockton Co-Invest, LP Acquisition 07/16/2021 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 12/01/23 Maturity 12/20/27 Industry Telecommunications Current Coupon 10.31% Basis Point Spread Above Index SOFR+6152025-09-300001383414First 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+6202023-10-012024-09-300001383414Investments 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+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name MDI Aggregator, LP Acquisition 07/19/2022 Industry Chemicals, Plastics and Rubber2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 09/03/2024 Maturity 09/03/2030 Industry Healthcare, Education and Childcare Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Revolver Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name TPCN Holdings, LLC - Common Equity Industry Diversified Conglomerate Service2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Revolver Acquisition 09/27/2021 Maturity 06/20/2029 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan Acquisition 08/12/2025 Maturity 07/30/2027 Industry Healthcare Providers & Services2025-09-300001383414pnnt:EventServicesMember2024-09-300001383414First 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+4612023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5762025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel2Member2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Term Loan Acquisition 07/01/2025 Maturity 07/01/2027 Industry Business Services2025-09-300001383414Investments 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+5762024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ITC Infusion Co-invest, LP Acquisition 02/16/2022 Industry Healthcare, Education and Childcare2025-09-300001383414First 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+6152024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414pnnt:PennantParkCLOXMembersrt:SubsidiariesMember2024-12-230001383414Investments 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% (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 Atlas Purchaser, Inc. - Fourth Out Acquisition 03/28/2024 Maturity 05/06/2028 Industry Telecommunications2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 10.16% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan Acquisition 05/25/2023 Maturity 07/12/2026 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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+7852024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414Investments 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 MOREGroup Holdings, Inc. - Unfunded Term Loan Acquisition 01/09/2024 Maturity 01/16/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Safe Haven Defense MidCo, LLC Acquisition 05/23/2024 Industry Building Materials2024-10-012025-09-300001383414First 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+6102023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. - Revolver Maturity 09/03/2027 Industry Business Services2024-09-300001383414Investments 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 Services2024-09-300001383414First Lien Secured Debt Issuer Name Reception Purchaser, LLC Maturity 4/28/2028 Industry Transportation Current Coupon 25.00% Basis Point Spread Above Index SOFR+6152023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Ad.Net Acquisition, LLC Acquisition 03/02/22 Maturity 05/07/26 Industry Media Current Coupon 10.26% Basis Point Spread Above Index SOFR+6262024-10-012025-09-300001383414First 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+5502023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 07/24/23 Maturity 02/23/28 Industry Hotels, Motels, Inns and Gaming Current Coupon 13.35% Basis Point Spread Above Index SOFR+9152025-09-300001383414pnnt:DebtInvestmentsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo II, LP Acquisition 05/01/2020 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan Acquisition 06/21/2024 Maturity 12/22/2025 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Funded Revolver Acquisition 11/05/2021 Maturity 11/09/2027 Industry Retail Current Coupon PIK 4.27%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Loving Tan, LP Acquisition 05/25/2023 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (I-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 12/23/24 Maturity 08/16/29 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414us-gaap:FinancingReceivables30To59DaysPastDueMember2023-10-012024-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Term Loan Acquisition 12/31/2024 Maturity 12/31/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP Acquisition 11/05/2018 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Watchtower Holdings, LLC Industry Electronics2024-09-300001383414First 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+5902024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Consello Pacific Aggregator, LLC Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Term Loan Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Unfunded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpnnt:ClassA-1Memberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+5652025-09-300001383414Investments 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+6402023-10-012024-09-300001383414pnnt:TruistCreditFacilityMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2025-09-300001383414Investments 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 Preferred Equity/Partnership Interests of Net Assets Issuer Name Consello Pacific Aggregator, LLC Acquisition 10/02/2023 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lorient Peregrine Investments, LP Acquisition 11/18/2022 Industry Business Services2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembercountry:US2024-09-300001383414pnnt:JPMorganUSGovernmentMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414First 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+5502024-09-300001383414pnnt:FlockFinancialLLCMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments 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 Cartessa Aesthetics, LLC - Revolver Maturity 06/14/2028 Industry Distribution Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001383414First Lien Secured Debt Issuer Name MAG DS Corp. Acquisition 03/02/22 Maturity 04/01/27 Industry Aerospace and Defense Current Coupon 9.60% Basis Point Spread Above Index SOFR+5602024-10-012025-09-300001383414pnnt:NonControlledNonAffiliatedInvestmentsMember2025-09-300001383414Investments 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 Rancho Health MSO, Inc. - Funded Revolver Acquisition 09/27/2021 Maturity 06/20/2029 Industry Healthcare, Education and Childcare Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414First 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+6152023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP - Unfunded Acquisition 11/05/2018 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC Acquisition 09/13/2024 Maturity 09/13/2029 Industry Business Services Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414First 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+5152024-09-300001383414Investments 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 Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+6502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Funded Revolver Acquisition 06/08/2023 Maturity 06/15/2029 Industry Business Services Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5402025-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC - Series B Acquisition 02/19/2025 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class A Acquisition 11/08/2021 Industry Consumer Products2024-10-012025-09-300001383414Investments 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 Services2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2023-10-012024-09-300001383414Investments 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 Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 3/02/22 Maturity 06/30/26 Industry Media Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902025-09-300001383414First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 01/17/25 Maturity 12/17/29 Industry Aerospace and Defense Current Coupon 9.76% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Simplicity Financial Marketing Group Holdings Inc. Maturity 12/02/2026 Industry Financial Services Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+6402024-09-300001383414First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 07/21/25 Maturity 12/27/30 Industry Conglomerate Manufacturing Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name EDS Topco, LP Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services Current Coupon 8.88% Basis Point Spread Above Index 3M SOFR+4852024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2025-09-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Acquisition 07/15/24 Maturity 07/17/28 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+5262025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name North Haven Saints Equity Holdings, 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+5852023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name RFMG Parent, LP Industry Healthcare, Education and Childcare2024-09-300001383414Investments 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 Furnishings2024-09-300001383414Investments 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 Products2024-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001383414First 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 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+2752023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 08/11/22 Maturity 07/02/29 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP Acquisition 07/28/2022 Industry Auto Sector2024-10-012025-09-300001383414First 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+5752024-09-300001383414Investments 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 Impact Advisors, LLC Acquisition 03/21/2025 Maturity 03/19/2032 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Funded Revolver Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMemberpnnt:CommonEquityPartnershipInterestsWarrantsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name TEAM Services Group, LLC Acquisition 04/26/2024 Maturity 12/18/2028 Industry Healthcare, Education and Childcare Current Coupon 13.57% Basis Point Spread Above Index 3M SOFR+9262025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedDebtOrCorporateNotesMember2024-09-300001383414Investments 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 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 Common Equity/Partnership Interests/Warrants Issuer Name Delta InvestCo LP Industry Telecommunications2024-09-300001383414First Lien Secured Debt Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Consumer Products Current Coupon 11.75% Basis Point Spread Above Index SOFR+7152023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name OSP Embedded Aggregator, LP Industry Aerospace and Defense2024-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassA1BMemberus-gaap:PrivatePlacementMember2023-07-260001383414First Lien Secured Debt Issuer Name BLC Holding Company, INC. Acquisition 02/24/25 Maturity 11/20/30 Industry Environmental Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001383414pnnt:InvestmentAdministratorMember2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Term Loan Acquisition 07/17/2025 Maturity 07/16/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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+7762023-10-012024-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:TotalSubordinatedDebtMember2024-09-300001383414pnnt:TelecommunicationsMember2025-09-300001383414Investments 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 10.25% Basis Point Spread Above Index 3M SOFR+5652023-10-012024-09-300001383414First 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+6652024-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:FirstLienMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP - Unfunded Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First 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+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC Acquisition 08/12/2025 Maturity 01/21/2031 Industry Healthcare Providers & Services Current Coupon 9.48% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414us-gaap:InvestmentsMember2024-09-300001383414pnnt:OtherMember2025-09-300001383414Investments 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+5852024-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Funded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 10.66% Basis Point Spread Above Index 3M SOFR+6502024-10-012025-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2024-10-012025-09-300001383414Investments 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:PreferredEquityPartnershipInterestsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001383414First 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+5752023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 04/01/22 Maturity 12/10/27 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index SOFR+5652024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. - Unfunded Revolver Acquisition 08/04/2025 Maturity 08/04/2031 Industry Marketing Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. - Unfunded Revolver Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-09-300001383414pnnt:BusinessServicesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 12/20/24 Maturity 08/28/29 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Unfunded Revolver Maturity 11/09/2026 Industry Consumer Products2024-09-300001383414pnnt:EquitySecurityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Term Loan Acquisition 02/07/2024 Maturity 02/09/2026 Industry Education2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP Embedded Aggregator, LP Acquisition 12/11/2023 Industry Aerospace and Defense2025-09-300001383414pnnt:TelecommunicationsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC - Unfunded Revolver Acquisition 09/09/2025 Maturity 09/12/2031 Industry Business Services2024-10-012025-09-300001383414Investments 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%)2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Atlas Investment Aggregator, LLC Industry Telecommunications2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver Acquisition 05/10/2024 Maturity 05/10/2030 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Revolver Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 TAC LifePort Holdings, LLC Industry Aerospace and Defense2024-09-300001383414First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Acquisition 09/16/24 Maturity 06/21/29 Industry Healthcare, Education and Childcare Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 12/20/24 Maturity 08/28/29 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Term Loan Acquisition 07/31/2025 Maturity 07/31/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Funded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+3752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US LLC - Unfunded Revolver Maturity 05/23/2029 Industry Building Materials2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Term Loan Acquisition 12/20/2024 Maturity 12/21/2026 Industry Diversified Conglomerate Service2025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:PantheonFundingOneMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kentucky Racing Holdco, LLC (Warrants) Acquisition 04/16/2019 Industry Hotels, Motels, Inns and Gaming2025-09-300001383414First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 07/21/25 Maturity 12/27/30 Industry Conglomerate Manufacturing Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Unfunded Revolver Acquisition 01/16/2025 Maturity 01/17/2031 Industry Healthcare Providers & Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 11/02/2023 Maturity 11/08/2029 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Term Loan Maturity 01/16/2026 Industry Business Services2024-09-300001383414First 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 Preferred Equity/Partnership Interests of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Unfunded Revolver Acquisition 06/08/2022 Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber2024-10-012025-09-300001383414pnnt:CascadeEnvironmentalHoldingsLLCMember2022-10-012023-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:PreferredEquityMember2024-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name ENC Parent Corporation Acquisition 08/06/2021 Maturity 08/19/2029 Industry Business Services Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+7762025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (F-2 Series) Acquisition 12/07/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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+7402023-10-012024-09-300001383414Investments 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 Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Cowboy Parent LLC Acquisition 09/12/2018 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Exigo, LLC Acquisition 03/10/2022 Industry Business Services2024-10-012025-09-300001383414Investments 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 9.77% Basis Point Spread Above Index 3M SOFR+4752024-09-300001383414pnnt:DistributionMember2024-09-300001383414First Lien Secured Debt Issuer Name CF512, Inc. Acquisition 12/29/21 Maturity 08/20/26 Industry Media Current Coupon 10.36% Basis Point Spread Above Index SOFR+6192025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Athletico Holdings, LLC Acquisition 02/04/2022 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 06/07/24 Maturity 12/29/2028 Industry Auto Sector Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-10-012023-09-300001383414Investments 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 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 First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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+9262023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 02/13/24 Maturity 11/08/29 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Lash Coinvest, LLC Acquisition 12/04/2019 Industry Consumer Products2025-09-300001383414pnnt:CommonEquityPartnershipInterestsWarrantsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001383414First 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:FairValueInputsLevel2Member2025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A-1 Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2024-09-300001383414country:USpnnt:NetAssetsMember2025-09-300001383414srt:MinimumMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652024-10-012025-09-300001383414Investments 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+6432024-09-300001383414First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 12/16/24 Maturity 09/23/30 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001383414Investments 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+6112024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Duggal Acquisition, LLC Acquisition 09/30/2024 Industry Marketing Services2025-09-300001383414First 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+6252023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carnegie Holdco, LLC Acquisition 02/07/2024 Industry Education2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab Coinvestment, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Acquisition 03/04/25 Maturity 12/17/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Accounting Platform Blocker, Inc. - Preferred Equity Industry Financial Services2024-09-300001383414Investments 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+7002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SBI Holdings Investments, LLC Acquisition 12/23/2019 Industry Business Services2024-10-012025-09-300001383414Investments 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+5352024-09-300001383414First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Maturity 02/07/1930 Industry Education Current Coupon 10.35% Basis Point Spread Above Index SOFR+5502024-09-300001383414First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 02/27/24 Maturity 01/23/2029 Industry Media Current Coupon 10.52% Basis Point Spread Above Index SOFR+6502025-09-300001383414pnnt:AKWHoldingsLimitedMember2023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Five Star Parent Holdings, LLC Acquisition 02/21/2023 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants Issuer Name Aftermarket Drivetrain Products Holdings, LLC Industry Machinery2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Loving Tan, LP Acquisition 05/25/2023 Industry Consumer Products2025-09-300001383414First Lien Secured Debt Issuer Name NBH Group LLC Maturity 08/19/2026 Industry Healthcare, Education and Childcare Current Coupon 11.19% Basis Point Spread Above Index SOFR+5852023-10-012024-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class D Acquisition 05/03/2024 Industry Consumer Products2025-09-300001383414Investments 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+8352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Industry Media2025-09-300001383414First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 06/26/24 Maturity 02/28/30 Industry Manufacturing / Basic Industries Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Ad.Net Acquisition, LLC Acquisition 03/02/22 Maturity 05/07/26 Industry Media Current Coupon 10.26% Basis Point Spread Above Index SOFR+6262025-09-300001383414Investments 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 Services2024-09-300001383414First Lien Secured Debt Issuer Name Global Holdings InterCo, LLC Acquisition 03/02/22 Maturity 03/16/26 Industry Banking, Finance, Insurance & Real Estate Current Coupon 9.74% Basis Point Spread Above Index SOFR+5602024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name Pragmatic Institute, LLC Acquisition 03/28/2025 Industry Business Services2025-09-300001383414pnnt:USGovernmentSecuritiesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NEPRT Parent Holdings, LLC Acquisition 01/27/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 06/08/2022 Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.15% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Revolver Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 03/02/22 Maturity 11/03/25 Industry Consumer Products Current Coupon 9.41% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services Current Coupon 9.54% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414us-gaap:MoneyMarketFundsMember2025-09-300001383414First 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+6252024-09-300001383414pnnt:AKWHoldingsLimitedMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414pnnt:TwoThousandThirtySevenAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name United Land Services Holdings LLC - Common Equity Industry Environmental Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Acquisition 09/23/2024 Maturity 09/23/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Funded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+6352024-10-012025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMemberpnnt:USGovernmentSecuritiesMember2024-09-300001383414Investments 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+6252024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414us-gaap:DomesticCountryMember2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Revolver Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC Maturity 12/22/2028 Industry Aerospace and Defense Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001383414First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Acquisition 07/26/22 Maturity 10/28/31 Industry Aerospace and Defense Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Funded Revolver Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414pnnt:EnvironmentalServicesMember2024-09-300001383414Investments 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 First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Funded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414First Lien Secured Debt Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Environmental Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+5902023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (J-2 Series) Acquisition 12/07/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Unfunded Revolver Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector2024-10-012025-09-300001383414First 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+7252023-10-012024-09-300001383414Investments 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+4752024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class C Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First 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+6102024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2025-09-300001383414Investments 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 Childcare2024-09-300001383414Investments 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+6262023-10-012024-09-300001383414Investments 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+6512024-09-300001383414First Lien Secured Debt Issuer Name Argano, LLC Acquisition 12/16/24 Maturity 09/13/29 Industry Business Services Current Coupon 9.89% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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 Common Equity/Partnership Interests/Warrants Issuer Name AMCSI Crash Co-Invest, LP - Unfunded Industry Auto Sector2024-09-300001383414First 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:IncentiveFeePaymentConditionTwoMember2024-10-012025-09-300001383414Investments 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 Argano, LLC - Unfunded Term Loan Acquisition 09/13/2024 Maturity 10/02/2026 Industry Business Services2024-10-012025-09-300001383414pnnt:MediaMember2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:TwoThousandAndTwentySixNotesMember2025-09-300001383414pnnt:RAMEnergyLLCMember2024-09-300001383414Investments 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+5752023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aftermarket Drivetrain Products Holdings, LLC Acquisition 12/29/2023 Industry Machinery2025-09-300001383414First Lien Secured Debt Issuer Name Confluent Health, LLC Acquisition 12/23/24 Maturity 11/30/28 Industry Healthcare, Education and Childcare Current Coupon 11.66% Basis Point Spread Above Index SOFR+7502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Funded Revolver Acquisition 01/27/2021 Maturity 01/29/2026 Industry Consumer Products Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+6252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC Maturity 05/10/2026 Industry Media Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+5902024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Unfunded Revolver Acquisition 06/08/2022 Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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+9152024-09-300001383414Investments 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 3M SOFR+6102024-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name JF Intermediate, LLC Acquisition 08/31/2022 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Acquisition 10/07/2024 Maturity 10/11/2031 Industry Healthcare, Education and Childcare Current Coupon 8.81% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414Investments 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+6402024-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:GoldmanSachsFinancialSquareGovernmentFundMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Unfunded Revolver Acquisition 01/16/2025 Maturity 01/17/2031 Industry Healthcare Providers & Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Funded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+3752025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedDebtOrCorporateNotesMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP - Unfunded Acquisition 11/05/2018 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC - Unfunded Revolver Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies—184.3%2024-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2022-01-012022-01-310001383414First Lien Secured Debt Issuer Name Radius Aerospace, Inc. Acquisition 11/06/19 Maturity 03/29/27 Industry Aerospace and Defense Current Coupon 10.45% Basis Point Spread Above Index SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414pnnt:CascadeEnvironmentalHoldingsLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Term Loan Maturity 02/07/2026 Industry Education2024-09-300001383414First 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 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+7002024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NP Riverhead Industrial, LLC Acquisition 05/24/2024 Maturity 12/10/2025 Industry Buildings and Real Estate Current Coupon 15.50%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Funded Revolver Acquisition 11/14/2022 Maturity 03/29/2027 Industry Aerospace and Defense Current Coupon 10.29% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414First Lien Secured Debt Issuer Name 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 First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:USGovernmentSecuritiesMember2024-09-300001383414First 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+6402024-09-300001383414First 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+7602024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services2025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberpnnt:CommonEquityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name novex Information Systems Incorporated - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC - Class A-2 Acquisition 05/24/2023 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Term Loan Acquisition 08/15/2024 Maturity 08/17/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Revolver Maturity 08/15/2029 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Unfunded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Funded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 10.16% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414First 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 Zips Car Wash, LLC Maturity 12/31/2024 Industry Business Services Current Coupon 12.46% (PIK 1.5%) Basis Point Spread Above Index SOFR+7402024-09-300001383414Investments 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+6352023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Funded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP Acquisition 08/26/2021 Industry Aerospace and Defense2025-09-300001383414First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 01/07/25 Maturity 10/31/30 Industry Business Services Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments 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 NFS - CFP Holdings LLC - Unfunded Revolver Maturity 09/13/2030 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC - Unfunded Revolver Acquisition 10/11/2019 Maturity 05/11/2026 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Term Loan Acquisition 12/19/2024 Maturity 06/19/2026 Industry Media2025-09-300001383414First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Acquisition 12/23/24 Maturity 09/30/30 Industry Marketing Services Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 07/24/23 Maturity 03/15/27 Industry Business Services Current Coupon 10.51% Basis Point Spread Above Index SOFR+6352025-09-300001383414pnnt:EquityInterestsInPSLFMember2024-10-012024-10-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name OHCP V BC COI, LP - Unfunded Industry Distribution2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Funded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services Current Coupon PIK 8.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCOM InvestCo, LP Acquisition 05/11/2021 Industry Business Services2025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC Acquisition 06/26/2024Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name IHS Parent Holdings, LP Acquisition 12/21/2022 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414Investments in 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+7002024-09-300001383414pnnt:SubordinateDebtCorporateNotesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001383414First 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 First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - New Money DIP Acquisition 03/01/2023 Maturity 03/01/2029 Industry Home and Office Furnishings Current Coupon 10.00%2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name GGG Midco, LLC Acquisition 12/16/24 Maturity 09/27/30 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414First 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+8012024-09-300001383414pnnt:SBADebenturesMemberpnnt:GroupOfSBICMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC Acquisition 09/13/2024 Maturity 09/13/2029 Industry Business Services Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare, Education and Childcare Current Coupon 12.35% Basis Point Spread Above Index 3M SOFR+7502023-10-012024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:TruistCreditFacilityMember2024-09-300001383414First Lien Secured Debt Issuer Name Compex Legal Services, Inc. Acquisition 12/23/24 Maturity 02/09/26 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+5552025-09-300001383414pnnt:PreferredEquityPartnershipInterestsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Revolver Maturity 09/30/2030 Industry Marketing Services2024-09-300001383414pnnt:JfIntermediateLlcMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2023-10-012024-09-300001383414pnnt:USGovernmentSecuritiesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Funded Revolver Acquisition 06/08/2022 Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.15% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414Subordinated Debt Issuer Name Wash & Wax Systems LLC - Subordinate Debt Acquisition 04/30/25 Maturity 07/30/2028 Industry Business Services Current Coupon 12.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. - Unfunded Revolver Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC - Unfunded Revolver Acquisition 10/11/2019 Maturity 05/11/2026 Industry Media2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 01/07/25 Maturity 10/31/30 Industry Business Services Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. Maturity 11/09/2026 Industry Consumer Products Current Coupon 12.24% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652024-09-300001383414Investments 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 First Medical MSO, LLC Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414First 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+5752024-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001383414First 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 ETE Intermediate II, LLC - Funded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC - Series B Acquisition 02/19/2025 Industry Environmental Services2025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Wash & Wax Systems. LLC Acquisition 04/30/2025 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PCS Parent, LP Acquisition 03/01/2024 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC Maturity 08/30/2027 Industry Business Services Current Coupon 11.27% Basis Point Spread Above Index 3M SOFR+6352023-10-012024-09-300001383414First Lien Secured Debt Issuer Name MBS Holdings, Inc. Maturity 04/16/2027 Industry Telecommunications Current Coupon 10.67% Basis Point Spread Above Index SOFR+5852023-10-012024-09-300001383414First 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+5252023-10-012024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:USGovernmentSecuritiesMember2025-09-300001383414Investments 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 Service2024-09-300001383414First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation Current Coupon 12.57% Basis Point Spread Above Index SOFR+8352024-10-012025-09-300001383414First 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+5002023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 03/02/22 Maturity 02/18/27 Industry Consumer Products Current Coupon 12.16% Basis Point Spread Above Index SOFR+7852025-09-300001383414Investments in Non-Controlled, 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 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 IG Investments Holdings, LLC - Unfunded Revolver Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services2025-09-300001383414pnnt:TruistCreditFacilityMember2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2024-10-012025-09-300001383414pnnt:TruistCreditFacilityMember2024-09-300001383414Investments 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 Products2024-09-300001383414pnnt:HealthcareEducationAndChildcareMember2025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Lorient Peregrine Investments, LP Industry Business Services2024-09-300001383414Investments 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+6152024-09-300001383414Investments 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+6402024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2024-09-300001383414pnnt:JfIntermediateLlcMember2022-10-012023-09-300001383414pnnt:USGovernmentSecuritiesMember2024-09-300001383414Investments 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+5502023-10-012024-09-300001383414Investments 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 Preferred Equity/Partnership Interests Issuer Name Magnolia Topco LP - Class A Preferred Equity Industry Auto Secto2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Big Top Holdings, LLC - Unfunded Revolver Acquisition 02/29/2024 Maturity 02/28/2030 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Northwinds Topco, Inc. - Unfunded Term Loan Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services2025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2022-10-012023-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Term Loan Acquisition 08/29/2025 Maturity 08/29/2027 Industry Manufacturing/Basic Industry2025-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassCC-RMember2025-07-210001383414Investments 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+6002024-09-300001383414pnnt:BlackRockFederalFDInstitutional81Member2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC Acquisition 06/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902025-09-300001383414pnnt:CommonEquityPartnershipInterestsWarrantsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Revolver Maturity 09/28/2027 Industry Distribution2024-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP - Unfunded Acquisition 10/31/2024 Industry Government Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Watchtower Holdings, LLC Acquisition 11/29/2023 Industry Electronics2025-09-300001383414Investments 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 of Net Assets Issuer Name Crane 1 Acquisition Parent Holdings, LP Acquisition 08/11/2021 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Unfunded Revolver Acquisition 05/29/2020 Maturity 07/07/2026 Industry Business Services2024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:TwoThousandThirtyFourAssetBackedDebtMember2025-09-300001383414pnnt:GamingMember2024-09-300001383414pnnt:CascadeEnvironmentalHoldingsLLCMember2024-09-300001383414First Lien Secured Debt Issuer Name Recteq, LLC Acquisition 06/26/24 Maturity 01/29/26 Industry Consumer Products Current Coupon 10.40% Basis Point Spread Above Index SOFR+6402025-09-300001383414pnnt:OtherMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AH Holdings, LLC Acquisition 03/23/2011 Industry Healthcare, Education and Childcare Current Coupon 6.00%2025-09-300001383414pnnt:EquityInterestsInPSLFMemberpnnt:PantheonFundingOneMember2024-09-300001383414First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 03/04/25 Maturity 12/19/30 Industry Media Current Coupon 9.12% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414First 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+6902023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. - Unfunded Revolver Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services2024-10-012025-09-300001383414First 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+6352023-10-012024-09-300001383414First 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+5502023-10-012024-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP - Unfunded Acquisition 05/01/2020 Industry Aerospace and Defense2024-10-012025-09-300001383414pnnt:AKWHoldingsLimitedMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ironclad Holdco, LLC (Applied Technical Services, LLC) Acquisition 12/23/2020 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Term Loan Acquisition 12/20/2024 Maturity 12/21/2026 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414First 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 First Lien Secured Debt Issuer Name Sargent & Greenleaf Inc. - Unfunded Revolver Maturity 12/20/2024 Industry Electronics2024-09-300001383414First 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+5862024-09-300001383414pnnt:MediaMember2025-09-300001383414First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation Current Coupon 12.57% Basis Point Spread Above Index SOFR+8352025-09-300001383414First 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 First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Unfunded Term Loan Maturity 09/30/2028 Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 04/22/2020 Industry Business Services2025-09-300001383414Equity Security Issuer Name Dynata, LLC Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Term Loan Acquisition 02/25/2022 Maturity 11/25/2026 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Distribution Current Coupon 10.45% Basis Point Spread Above Index SOFR+5602024-09-300001383414pnnt:SeniorSecuritiesMember2024-10-012025-09-300001383414pnnt:CascadeEnvironmentalHoldingsLLCMember2024-10-012025-09-300001383414pnnt:AKWHoldingsLimitedMember2024-10-012025-09-300001383414Investments 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+5752024-09-300001383414Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Acquisition 07/15/24 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP - Unfunded Acquisition 10/27/2021 Industry Media2025-09-300001383414pnnt:AKWHoldingsLimitedMember2023-10-012024-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Municipal Emergency Services, Inc. Acquisition 09/28/2021 Industry Distribution2025-09-300001383414Investments 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, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Funded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:BlackRockFederalFDInstitutionalThirtyMember2024-09-300001383414First Lien Secured Debt Issuer Name Ro Health, LLC Acquisition 04/03/25 Maturity 01/17/31 Industry Healthcare Providers & Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Revolver Maturity 01/31/2030 Industry Environmental Services2024-09-300001383414First 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+5502023-10-012024-09-300001383414pnnt:InvestmentsFairValueMember2025-09-300001383414pnnt:MailsouthIncMember2022-10-012023-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberpnnt:FirstLienMembersrt:MaximumMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OceanSound Discovery Equity, LP Acquisition 03/28/2024 Industry Aerospace and Defense2025-09-300001383414srt:MinimumMember2024-10-012025-09-300001383414Investments 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 Services2024-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMembersrt:MaximumMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP Acquisition 08/16/2024 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name EvAL Home Health Solutions, LLC Acquisition 05/10/2024 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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+5752024-09-300001383414pnnt:PantheonMemberpnnt:PennantParkSeniorLoanFundLLCMember2024-09-300001383414Investments 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 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 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+5252023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare Current Coupon 12.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Term Loan Acquisition 09/27/2021 Maturity 06/30/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services Current Coupon 9.54% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Revolver Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC Acquisition 06/26/2024Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Maturity 01/26/2029 Industry Media Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+6502024-09-300001383414Investments 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 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+5552023-10-012024-09-300001383414pnnt:JfIntermediateLlcMember2024-10-012025-09-300001383414Equity Securities Issuer Name White Tiger Newco, LLC - Common Equity Acquisition 07/31/25 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Five Star Parent Holdings, LLC - Class P Acquisition 07/09/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-09-300001383414First 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 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 Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class D Acquisition 05/03/2024 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Term Loan Acquisition 02/25/2022 Maturity 11/25/2026 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 07/24/23 Maturity 01/10/29 Industry Aerospace and Defense Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Funded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name C5MI Holdco, LLC - Preferred Equity Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Funded Revolver Acquisition 01/16/2025 Maturity 01/17/2031 Industry Healthcare Providers & Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414First Lien Secured Debt Issuer Name TWS Acquisition Corporation Maturity 6/6/2025 Industry Education Current Coupon 11.33% Basis Point Spread Above Index SOFR+6402023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Funded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.06% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kentucky Racing Holdco, LLC (Warrants) Acquisition 04/16/2019 Industry Hotels, Motels, Inns and Gaming2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name ENC Parent Corporation Acquisition 08/06/2021 Maturity 08/19/2029 Industry Business Services Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+7762024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo II, LP Acquisition 12/23/2021 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cartessa Aesthetics, LLC Industry Distribution2024-09-300001383414First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 07/24/23 Maturity 09/17/26 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index SOFR+5402024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP – Unfunded Acquisition 12/20/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Berwick Industrial Park Acquisition 04/26/2022 Maturity 05/02/2026 Industry Buildings and Real Estate Current Coupon 13.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aftermarket Drivetrain Products Holdings, LLC Acquisition 12/29/2023 Industry Machinery2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Wildcat Buyerco, Inc. Maturity 2/27/2027 Industry Electronics Current Coupon 10.60% Basis Point Spread Above Index SOFR+5752024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name ORL Holdco, Inc. Industry Business Services2024-09-300001383414First Lien Secured Debt Issuer Name Amsive Holdings Corporation Acquisition 03/02/22 Maturity 12/10/26 Industry Media Current Coupon 10.35% Basis Point Spread Above Index SOFR+6352024-10-012025-09-300001383414pnnt:HoldingsIIMember2023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Unfunded Revolver Acquisition 11/05/2021 Maturity 11/09/2027 Industry Retail2025-09-300001383414Investments in 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 Gauge ETE Blocker, LLC Acquisition 05/24/2023 Maturity 05/21/2029 Industry Personal, Food and Miscellaneous Services Current Coupon PIK 12.56%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings LLC - Revolver 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 PCS MIDCO, Inc. Acquisition 03/01/2024 Maturity 03/01/2030 Industry Financial Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation Current Coupon 5.32% Basis Point Spread Above Index2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Duggal Acquisition, LLC Acquisition 09/30/2024 Industry Marketing Services2024-10-012025-09-300001383414First 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 Lightspeed Buyer, Inc. Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414pnnt:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2024-10-012025-09-300001383414First 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 Recteq, LLC – Revolver Maturity 01/29/2026 Industry Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Aechelon InvestCo, LP - Unfunded Industry Aerospace and Defense2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP Acquisition 08/16/2024 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Unfunded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services2025-09-300001383414pnnt:IncentiveFeePaymentConditionThreeMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Funded Revolver Acquisition 07/24/2023 Maturity 02/07/2026 Industry Business Services Current Coupon 9.78% Basis Point Spread Above Index 3M SOFR+5552024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Funded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Term Loan Acquisition 09/29/2025 Maturity 09/30/2027 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:InvestmentsCostMemberpnnt:EquityInPSLFMember2025-09-300001383414Investments 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 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:ClassA-2WMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NBH Group, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/19/2026 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2024-09-300001383414pnnt:FlockFinancialLLCMember2023-10-012024-09-300001383414pnnt:SBADebenturesMember2024-09-300001383414First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 02/07/23 Maturity 12/28/28 Industry Personal, Food and Miscellaneous Services Current Coupon 10.16% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414pnnt:PragmaticInstituteLlcMember2025-09-300001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Funded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense2025-09-300001383414Investments 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+6262024-09-300001383414srt:OtherCurrencyMember2023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Revolver Acquisition 03/21/2025 Maturity 03/19/2032 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name ORL Holdco, Inc. - Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services Current Coupon 18.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 05/24/2023 Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Member2023-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GMP Hills, LP Acquisition 11/02/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 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 Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 11.28% Basis Point Spread Above Index SOFR+6262023-10-012024-09-300001383414First 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+5352024-09-300001383414srt:MaximumMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OES Co-Invest, LP - Class A Acquisition 05/31/2024 Industry Diversified Conglomerate Service2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name JF Intermediate, LLC Industry Distribution2024-09-300001383414First 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 Systems Planning And Analysis, Inc. Acquisition 03/02/22 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 8.92% Basis Point Spread Above Index SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 07/15/2025 Maturity 07/15/2031 Industry Business Services2024-10-012025-09-300001383414First 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+4252024-09-300001383414pnnt:MailsouthIncMember2024-09-300001383414pnnt:PennantParkCloViiMember2024-09-300001383414Investments 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+6102024-09-300001383414Investments 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+6152023-10-012024-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-012021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC - Funded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+5652025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2024-09-300001383414First 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+6402024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. - Unfunded Revolver Acquisition 07/26/2023 Maturity 08/01/2029 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Revolver Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Acp Falcon Buyer, Inc. Acquisition 10/06/23 Maturity 08/01/29 Industry Business Services Current Coupon 9.79% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-09-300001383414Investments 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+6352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP - Unfunded Acquisition 05/01/2020 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Term Loan Acquisition 09/23/2021 Maturity 01/15/2026 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Owl Acquisition, LLC Maturity 02/04/2028 Industry Education Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Funded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Unfunded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PennantPark-TSO Senior Loan Fund II, LP Acquisition 01/07/2022 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. Acquisition 08/04/2025 Maturity 08/04/2031 Industry Marketing Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. 3rd Amendment Unfunded Term Loan Acquisition 12/21/2022 Maturity 10/30/2026 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Icon Partners V C, LP Industry Business Services2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC Acquisition 12/23/2020 Industry Insurance2025-09-300001383414Investments 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+6192023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Meadowlark Title, LLC Acquisition 12/09/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC - Funded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+5652024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Lightspeed Investment Holdco LLC Industry Healthcare, Education and Childcare2024-09-300001383414pnnt:SBADebenturesMemberpnnt:SBICMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 06/17/2024 Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 03/01/2023 Maturity 03/01/2029 Industry Home and Office Furnishings2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Revolver Maturity 12/03/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Revolver Acquisition 02/07/2024 Maturity 02/07/2030 Industry Education2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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 Five Star Buyer, Inc. - Unfunded Revolver Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Funded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+6352025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name GCOM InvestCo LP Industry Business Services2024-09-3000013834142022-12-312022-12-3100013834142021-10-012022-09-300001383414Investments 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 Childcare2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Funded Revolver Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name 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 HV Watterson Holdings, LLC - Funded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services Current Coupon PIK 8.00%2025-09-300001383414First 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+4502024-09-300001383414us-gaap:SubordinatedDebtMember2025-09-300001383414Investments 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 Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP Acquisition 12/13/2021 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name SpendMend Holdings, LLC Maturity 3/1/2028 Industry Business Services Current Coupon 10.26% Basis Point Spread Above Index SOFR+5652024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Funded Revolver Acquisition 02/26/2020 Maturity 08/16/2026 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852024-10-012025-09-300001383414First 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+5502024-09-300001383414First 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 Arcfield Acquisition Corp. - Revolver Maturity 08/04/2028 Industry Aerospace and Defense2024-09-300001383414First 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+5352023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 12/16/24 Maturity 09/23/30 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seaway Topco, LP Acquisition 06/08/2022 Industry Chemicals, Plastics and Rubber2025-09-300001383414pnnt:WalkerEdisonFurnitureCompanyLLCMember2023-10-012024-09-300001383414pnnt:InvestmentsCostMemberpnnt:SecondLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Northwinds Services Group, LLC Acquisition 08/16/2024 Industry Consumer Services2024-10-012025-09-300001383414pnnt:JfIntermediateLlcMember2023-10-012024-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name RTIC Parent Holdings, LLC - Class D Preferred Equity Industry Consumer Products2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Revolver Acquisition 09/30/2024 Maturity 09/30/2030 Industry Marketing Services2024-10-012025-09-300001383414Investments in Non-Controlled, Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Walker Edison Furniture Industry Home and Office Furnishings2024-09-300001383414First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Maturity 02/07/1930 Industry Education Current Coupon 10.35% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Meadowlark Title, LLC Acquisition 12/09/2021 Industry Business Services2025-09-300001383414First 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+7262024-09-300001383414pnnt:TwoThousandTwentySixTwoNotesPayableMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. - Unfunded Revolver Acquisition 09/03/2024 Maturity 09/03/2030 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414pnnt:EquityInterestsInPSLFMember2024-10-012025-09-300001383414First 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+6362024-09-300001383414First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Acquisition 09/19/24 Maturity 12/01/2029 Industry Consumer Products Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002025-09-300001383414First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 07/21/25 Maturity 12/20/29 Industry Diversified Conglomerate Service Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC - Revolver Maturity 05/10/2026 Industry Media2024-09-300001383414Investments 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+7002023-10-012024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 07/02/2019 Maturity 01/08/2026 Industry Business Services Current Coupon 12.92% Basis Point Spread Above Index 3M SOFR+8602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Term Loan Acquisition 12/31/2024 Maturity 12/31/2026 Industry Business Services2024-10-012025-09-300001383414srt:OtherCurrencyMember2025-09-300001383414pnnt:AKWHoldingsLimitedMember2022-10-012023-09-300001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 03/02/22 Maturity 08/10/27 Industry Distribution Current Coupon 9.80% Basis Point Spread Above Index SOFR+5602024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Co-Invest, LLC Acquisition 10/29/2024 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC - Unfunded Term Loan Acquisition 05/31/2024 Maturity 11/30/2025 Industry Printing and Publishing2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services Current Coupon 13.70% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402024-10-012025-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Term Loan Acquisition 06/13/2025 Maturity 06/13/2027 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (G-2 Series) Acquisition 12/07/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Term Loan Acquisition 10/02/2023 Maturity 04/21/2027 Industry Business Services2024-10-012025-09-300001383414pnnt:FirstLienSecuredDebtMember2024-09-300001383414Investments 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+5602023-10-012024-09-300001383414First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 12/20/24 Maturity 08/09/30 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Unfunded Revolver Maturity 07/31/2030 Industry Business Services2024-09-300001383414pnnt:BlackRockFederalFDInstitutional81Member2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Unfunded Revolver Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services2025-09-300001383414pnnt:PennantParkCloViiMembersrt:SubsidiariesMember2023-07-260001383414Investments 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+5352024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Funded Revolver Acquisition 05/29/2020 Maturity 07/07/2026 Industry Business Services Current Coupon 9.20% Basis Point Spread Above Index 3M SOFR+5202025-09-300001383414First Lien Secured Debt Issuer Name MOREgroup Holdings, Inc. Acquisition 08/29/24 Maturity 01/16/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies 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 Lash OpCo, LLC - Revolver Maturity 08/16/2026 Industry Consumer Products Current Coupon 13.18% (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 CJX Borrower, LLC Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5762024-10-012025-09-300001383414us-gaap:FairValueInputsLevel2Member2024-09-300001383414First 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+7612024-09-300001383414First 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:ClassDMemberpnnt:PennantParkCloViiMemberus-gaap:PrivatePlacementMember2023-07-260001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-012021-10-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. - Unfunded Revolver Acquisition 08/04/2025 Maturity 08/04/2031 Industry Marketing Services2024-10-012025-09-300001383414First 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+6202024-09-300001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 03/02/22 Maturity 08/10/27 Industry Distribution Current Coupon 9.80% Basis Point Spread Above Index SOFR+5602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-30xbrli:pureiso4217:USDxbrli:sharesxbrli:sharesiso4217:CADiso4217:GBPpnnt:Segmentpnnt:Portfolioiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K/A

(Amendment No. 1)

(Mark One)

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

FOR THE FISCAL YEAR ENDED SEPTEMBER 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.		33319
(Address of principal executive offices)		(Zip Code)

(786) 297-9500

(Registrant’s Telephone Number, Including Area Code)

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

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  No .

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes  No .

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, 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. 

If securities are registered pursuant to Section (b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. 

Indicate by check mark whether any of these error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). 

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

The aggregate market value of common stock held by non-affiliates of the Registrant on March 31, 2025 based on the closing price on that date of $7.03 on The New York Stock Exchange was approximately $443.6 million. For the purposes of calculating the aggregate market value of common stock held by non-affiliates, all directors and executive officers of the Registrant have been treated as affiliates. There were 65,296,094 shares of the Registrant’s common stock outstanding as of January 22, 2026 Documents Incorporated by Reference: Portions of the Registrant’s Proxy Statement relating to the Registrant’s 2026 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Report.

EXPLANATORY NOTE

PennantPark Investment Corporation, a Maryland corporation, or together with its subsidiaries, where applicable, or the Company, which may also be referred to as “we,” “us” or “our,” is filing this Amendment No. 1, or this Amendment, to our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, or the Form 10-K, which was initially filed with the Securities and Exchange Commission, or the SEC, on November 24, 2025.

We are filing this Amendment to clarify that the financial information disclosed in Note 13 for JF Intermediate, LLC and AKW Holdings Limited was audited as part of RSM US LLP’s audit of the consolidated statements of assets and liabilities of the Company and its subsidiaries, including the consolidated schedules of investments, as of September 30, 2025 and 2024, and the related consolidated statements of operations, changes in net assets and cash flows for each of the three years in the period ended September 30, 2025, and the related notes to the consolidated financial statements.

This Amendment also includes the filing of new Exhibits 31.1, 31.2, 32.1 and 32.2, certifications of our Chief Executive Officer and Chief Financial Officer, pursuant to Rule 13a-14(a) and (b) of the Securities Exchange Act of 1934, as amended.

Except as described above, no other changes have been made to the Form 10-K.

This Amendment does not reflect subsequent events that may have occurred after the original filing date of the Form 10-K or modify or update in any way disclosures made in the Form 10-K, except as required to reflect the revisions discussed above. Among other things, forward-looking statements made in the Form 10-K have not been revised to reflect events that occurred or facts that became known to us after filing of the Form 10-K, and such forward-looking statements should be read in their historical context. Furthermore, this Amendment should be read in conjunction with the Form 10-K and with our subsequent filings with the SEC.

Item 8. Consolidated Financial Statements and Supplementary Data

		Page
Management’s Report on Internal Control over Financial Reporting		4
Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting		5
Report of Independent Registered Public Accounting Firm (PCAOB ID - 49)		6
Consolidated Statements of Assets and Liabilities as of September 30, 2025 and 2024		7
Consolidated Statements of Operations for the years ended September 30, 2025, 2024 and 2023		8
Consolidated Statements of Changes in Net Assets for the years ended September 30, 2025, 2024 and 2023		9
Consolidated Statements of Cash Flows for the years ended September 30, 2025, 2024 and 2023		10
Consolidated Schedules of Investments as of September 30, 2025 and 2024		11
Notes to the Consolidated Financial Statements		31

Management’s Report on Internal Control Over Financial Reporting

The management of PennantPark Investment Corporation (except where the context suggests otherwise, the terms “we,” “us,” “our” and “PennantPark Investment” refer to PennantPark Investment Corporation and its Subsidiaries) is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f), and for performing an assessment of the effectiveness of internal control over financial reporting as of September 30, 2025. Our internal control system is a process designed to provide reasonable assurance to our management and board of directors regarding the preparation and fair presentation of published financial statements.

PennantPark Investment’s internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions recorded necessary to permit the preparation of financial statements in accordance with U.S. generally accepted accounting principles. Our policies and procedures also provide reasonable assurance that receipts and expenditures are being made only in accordance with authorizations of management and the directors of PennantPark Investment, and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company's annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of PennantPark Investment’s internal control over financial reporting as of September 30, 2025. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in 2013 Internal Control—Integrated Framework. Based on such assessment management has determined that, as of September 30, 2025, we do not maintain effective internal control over financial reporting due to the material weakness described below.

A material weakness was identified in the operations of control related to the Company's quarterly review of equity investment valuations with respect to the allocation of value of the portfolio company to the Company’s holdings. Although this material weakness did not result in any material misstatement of our consolidated financial statements for the periods presented, there is a possibility they could lead to a material misstatement of account balances or disclosures. Accordingly, management has concluded that this control deficiency constitutes a material weakness.

Management believes that the financial statements included in this Annual Report on Form 10-K present fairly, in all material respects, the Company’s financial position, results of its operations, changes in net assets and cash flows for the periods presented. We believe that the audited consolidated financial statements included in this Annual Report on Form 10-K are accurate. We have begun the process of, and we are focused on, further enhancing effective internal control measures to improve our internal control over financial reporting and remediate this material weakness. Our internal control remediation efforts include the following:

•Enhance existing review controls of equity investments related to the allocation of the portfolio company’s enterprise value to the Company’s holdings to ensure allocations are consistent with the relevant and respective source document; and

•Enhancing policies and procedures to demonstrate commitment to improving our overall control environment.

We believe our planned actions to enhance our processes and controls will address the material weakness, but these actions are subject to ongoing management evaluation, and we will need a period of execution to demonstrate remediation. We are committed to the continuous improvement of our internal control over financial reporting and will continue to diligently review our internal control over financial reporting.

PennantPark Investment's independent registered public accounting firm has issued an audit report on the effectiveness of our internal control over financial

reporting as of September 30, 2025. This report appears on page 5.

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of

PennantPark Investment Corporation and Subsidiaries

Opinion on the Internal Control Over Financial Reporting

We have audited PennantPark Investment Corporation and Subsidiaries (the Company) internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. In our opinion, because of the effect of the material weakness described below on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of assets and liabilities, including the consolidated schedules of investments, as of September 30, 2025 and 2024, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended September 30, 2025, and the related notes to the consolidated financial statements (collectively, the financial statements) of the Company and our report dated November 24, 2025, expressed an unqualified opinion.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. The following material weakness has been identified and included in management’s assessment. A material weakness was identified in the operation of controls related to the Company’s quarterly review of equity investment valuations with respect to the allocation of value of the portfolio company to the Company’s holdings. This material weakness was considered in determining the nature, timing and extent of audit tests applied in our audit of the 2025 financial statements, and this report does not affect our report dated November 24, 2025 on those financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting in the accompanying Management’s Report on Internal Controls Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. 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.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ RSM US LLP

New York, New York

November 24, 2025

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of

PennantPark Investment Corporation and Subsidiaries

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities of PennantPark Investment Corporation and Subsidiaries (the Company), including the consolidated schedules of investments, as of September 30, 2025 and 2024, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended September 30, 2025, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2025 and 2024, and the results of its operations, changes in net assets, and cash flows for each of the three years in the period ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. Our report dated November 24, 2025, expressed an opinion that the Company had not maintained effective internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. 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.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 and 2024, by correspondence with the custodian, underlying fund advisors, and by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below is a matters arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Level 3 Fair Value Measurements

The fair value of the Company’s investments valued using Level 3 fair value measurements was approximately $1,088.0 million as of September 30, 2025. The fair value of the Company’s financial instruments classified as liabilities valued using Level 3 fair value measurements was approximately $425.5 million as of September 30, 2025. As discussed in Notes 2 and 5 to the consolidated financial statements, the Company’s investment portfolio generally consists of illiquid securities, including debt and equity investments, which were acquired directly from the issuer. Such investments include first lien secured debt, second lien secured debt, subordinated debt and equity investments. Additionally, the Company has elected to apply the fair value option to certain financial instruments classified as liabilities. The inputs into the determination of fair value require significant management judgment or estimation.

We identified Level 3 fair value measurements as a critical audit matter due to the subjective nature of the judgments necessary for management to select valuation techniques and the use of significant unobservable inputs to estimate the fair value. Auditing the reasonableness of management’s selection of valuation technique and the related unobservable inputs required a high degree of auditor judgment and increased audit effort, including the use of a valuation specialist.

The primary procedures we performed to address this critical audit matter included the following, among others:

•With the assistance of our valuation specialists, we evaluated the appropriateness of the selected valuation techniques, and any changes to selected valuation techniques from prior periods, used for Level 3 fair value measurements. For a sample of investments, we evaluated both the reasonableness of the significant unobservable inputs and the reasonableness of any significant changes in significant unobservable inputs from prior periods, when applicable, by comparing the unobservable inputs to external sources, including, but not limited to:

oHistorical operating results of the investee.

oAvailable market data for comparable companies.

oSubsequent events and transactions, where available.

We tested both the source information used to determine the unobservable input and the mathematical accuracy of the calculation used to compute the unobservable input for a sample of investments.

/s/ RSM US LLP

We have served as the Company's auditor since 2013.

New York, New York

November 24, 2025

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share data)

		September 30, 2025				September 30, 2024
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost—$853,416 and $916,168, respectively)		$	857,415			$	910,323
Non-controlled, affiliated investments (amortized cost—$36,561 and $56,734, respectively)			4,891				33,423
Controlled, affiliated investments (amortized cost—$346,911 and $343,970, respectively)			424,967				384,304
Total investments (amortized cost—$1,236,888 and $1,316,872, respectively)			1,287,273				1,328,050
Cash and cash equivalents (cost—$51,739 and $49,833, respectively)			51,783				49,861
Interest receivable			5,261				5,261
Distribution receivable			4,694				5,417
Due from affiliates			168				228
Prepaid expenses and other assets			375				269
Total assets			1,349,554				1,389,086
Liabilities
Truist Credit Facility payable, at fair value (cost—$426,456 and $461,456, respectively)		$	425,477				460,361
2026 Notes payable (par— $150,000, unamortized deferred financing cost of $527 and $1,429, respectively)			149,473				148,571
2026 Notes-2 payable (par— $165,000, unamortized deferred financing cost of $1,067 and $1,920, respectively)			163,933				163,080
Payable for investment purchased			130,007				100,096
Interest payable on debt			6,281				6,406
Distributions payable			—				5,224
Accounts payable and accrued expenses			4,342				4,053
Base management fee payable			4,005				4,297
Incentive fee payable			2,086				3,057
Due to affiliate			—				33
Total liabilities			885,604				895,178
Commitments and contingencies (See Note 12)
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				743,968
Accumulated deficit			(276,621	)			(250,125	)
Total net assets		$	463,950			$	493,908
Total liabilities and net assets		$	1,349,554			$	1,389,086
Net asset value per share		$	7.11			$	7.56

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

		Years Ended September 30,
		2025				2024				2023
Investment income:
From non-controlled, non-affiliated investments:
Interest		$	60,351			$	80,527			$	93,420
Payment-in-kind			6,222				5,140				1,236
Dividend income			1,931				2,869				13,945
Other income			1,780				3,508				2,316
From non-controlled, affiliated investments:
Interest			—				—				73
Payment-in-kind			—				347				625
From controlled, affiliated investments:
Interest			30,049				25,738				15,425
Payment-in-kind			1,546				4,084				2,596
Dividend income			20,471				21,605				15,730
Other income			27				—				—
Total investment income			122,377				143,818				145,366
Expenses:
Base management fee			16,179				16,654				16,549
Incentive fee			9,768				12,741				13,901
Interest and expenses on debt			41,315				45,188				39,408
Administrative services expenses			1,850				1,689				1,843
General and administrative expenses			4,300				4,874				3,837
Expenses before provision for taxes and financing costs			73,412				81,146				75,538
Provision for taxes on net investment income			2,590				2,602				4,295
Credit facility amendment and debt issuance costs			324				—				—
Net expenses			76,326				83,748				79,833
Net investment income			46,051				60,070				65,533
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments and debt:
Non-controlled, non-affiliated investments			(30,514	)			1,166				(18,418	)
Non-controlled and controlled, affiliated investments			(21,946	)			(34,999	)			(133,098	)
Debt extinguishment			—				—				(289	)
Provision for taxes on realized gain on investments			26				186				(4,952	)
Net realized gain (loss) on investments and debt			(52,434	)			(33,647	)			(156,757	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments			9,862				(20,895	)			(35,440	)
Non-controlled and controlled, affiliated investments			29,363				48,388				95,034
Provision for taxes on unrealized appreciation (depreciation) on investments			—				(680	)			1,576
Debt appreciation (depreciation)			(116	)			(4,385	)			(3,753	)
Net change in unrealized appreciation (depreciation) on investments and debt			39,109				22,428				57,417
Net realized and unrealized gain (loss) from investments and debt			(13,325	)			(11,219	)			(99,340	)
Net increase (decrease) in net assets resulting from operations		$	32,726			$	48,851			$	(33,807	)
Net increase (decrease) in net assets resulting from operations per common share		$	0.50			$	0.75			$	(0.52	)
Net investment income per common share		$	0.71			$	0.92			$	1.00

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(In thousands, except share and per share data)

		Years Ended September 30,
		2025				2024				2023
Net increase (decrease) in net assets resulting from operations:
Net investment income		$	46,051			$	60,070			$	65,533
Net realized gain (loss) on investments and debt			(52,460	)			(33,833	)			(151,805	)
Net change in unrealized appreciation (depreciation) on investments			39,225				27,493				59,594
Net change in provision for taxes on realized gain (loss) on investments			26				186				(4,952	)
Net change in provision for taxes on change in unrealized appreciation (depreciation) on investments			—				(680	)			1,576
Net change in unrealized appreciation (depreciation) on debt			(116	)			(4,385	)			(3,753	)
Net increase (decrease) in net assets resulting from operations			32,726				48,851				(33,807	)
Distributions to stockholders:
Distribution of net investment income			(62,684	)			(57,432	)			(49,571	)
Total distributions to stockholders			(62,684	)			(57,432	)			(49,571	)
Capital transactions:
Public offering			—				552				—
Offering costs			—				(250	)			—
Net increase in net assets resulting from capital transactions			—				302				—
Net increase (decrease) in net assets			(29,958	)			(8,279	)			(83,378	)
Net assets:
Beginning of year			493,908				502,187				585,565
End of year		$	463,950			$	493,908			$	502,187
Capital share activity:
Shares of common stock issued from public offering			—				71,594				—
Shares of common stock repurchased			—				—				—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STEATEMENTS OF CASH FLOWS

(In thousands, except share and per share data)

		Years Ended September 30,
		2025				2024				2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations		$	32,726			$	48,851			$	(33,807	)
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			(39,225	)			(27,493	)			(59,594	)
Net change in unrealized appreciation (depreciation) on debt			116				4,385				3,753
Net realized (gain) loss on investments			52,460				33,833				151,516
Debt extinguishment realized loss			—				—				289
Net accretion of discount and amortization of premium			(3,400	)			(3,361	)			(6,792	)
Purchases of investments			(1,219,273	)			(1,043,619	)			(375,176	)
Payment-in-kind income			(7,768	)			(9,571	)			(4,458	)
Proceeds from dispositions of investments			1,257,928				824,555				418,627
Amortization of deferred financing costs			1,755				1,755				1,780
(Increase) or Decrease in:
Interest receivable			—				1,559				(3,227	)
Receivables from investments sold			—				—				29,494
Distribution receivable			723				(338	)			(2,659	)
Due from affiliate			60				(228	)			—
Prepaid expenses and other assets			(105	)			3,592				(306	)
Increase or (Decrease) in:
Due to affiliates			(33	)			(4,066	)			1,990
Payable for investments purchased			29,911				147				99,949
Interest payable on debt			(125	)			175				(33	)
Base management fee payable, net			(292	)			382				(934	)
Deferred tax liability			—				—				(896	)
Incentive fee payable			(971	)			(253	)			3,310
Accounts payable and accrued expenses			289				(2,701	)			115
Net cash provided by (used in) operating activities			104,776				(172,396	)			222,941
Cash flows from financing activities:
Proceeds from public offering			—				552			—
Offering costs			—				(250	)		—
Distributions paid to stockholders			(67,908	)			(65,904	)			(45,658	)
Repayments of SBA debentures			—				—				(20,000	)
Borrowings under Truist Credit Facility			207,000				524,036				152,500
Repayments under Truist Credit Facility			(242,000	)			(275,000	)			(326,000	)
Net cash provided by (used in) financing activities			(102,908	)			183,434				(239,158	)
Net increase (decrease) in cash and cash equivalents			1,868				11,038				(16,217	)
Effect of exchange rate changes on cash			54				48				217
Cash and cash equivalents, beginning of year			49,861				38,775				54,775
Cash and cash equivalents, end of year		$	51,783			$	49,861			$	38,775
Supplemental disclosures:
Interest paid		$	39,685			$	43,258			$	37,661
Taxes paid		$	2,850			$	6,308			$	5,707
Non-cash exchanges and conversions		$	24,684			$	36,253			$	18,467
Non-cash purchases and disposition of investments		$	26,250			$	—			$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025

(In thousands, except share data)

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 184.8% (1), (2)
First Lien Secured Debt - 111.6% of Net Assets
ACP Avenu Buyer, LLC		10/02/2023		10/02/2029		Business Services			9.29	%		3M SOFR+500					15,920			$	15,827			$	15,760
ACP Avenu Buyer, LLC - Unfunded Term Loan (7)		10/02/2023		04/21/2027		Business Services			—				—				3,479				-				(17	)
ACP Avenu Buyer, LLC - Unfunded Revolver (7)		10/02/2023		10/02/2029		Business Services			—				—				2,436				-				(24	)
ACP Falcon Buyer, Inc. - Unfunded Revolver (7)		07/26/2023		08/01/2029		Business Services			—				—				2,533				-				-
Ad.net Acquisition, LLC - Funded Revolver		05/04/2021		05/07/2026		Media			10.26	%		3M SOFR+626					292				292				292
Ad.net Acquisition, LLC - Unfunded Revolver (7)		05/04/2021		05/07/2026		Media			—				—				152				-				-
Adweek Purchaser, LLC		05/31/2024		05/30/2027		Printing and Publishing			11.00	%		3M SOFR+700					2,100				2,074				2,100
Adweek Purchaser, LLC - Unfunded Term Loan (7)		05/31/2024		11/30/2025		Printing and Publishing			—				—				300				-				5
Aechelon Technology, Inc.		08/16/2024		08/16/2029		Aerospace and Defense			9.91	%		3M SOFR+575					11,640				11,537				11,640
Aechelon Technology, Inc. - Funded Revolver		08/16/2024		08/16/2029		Aerospace and Defense			10.66	%		3M SOFR+650					961				961				961
Aechelon Technology, Inc. - Unfunded Revolver (7)		08/16/2024		08/16/2029		Aerospace and Defense			—				—				1,763				-				-
AFC Dell Holding Corp.		12/12/2023		04/09/2027		Distribution			9.70	%		3M SOFR+550					67				67				67
AFC Dell Holding Corp. - Unfunded Term Loan (7)		12/12/2023		04/09/2027		Distribution			—				—				4,428				-				(22	)
Atlas Purchaser, Inc. - Third Out (10)		03/28/2024		05/06/2028		Telecommunications			—				—				8,840				7,707				265
Atlas Purchaser, Inc. - Fourth Out (10)		03/28/2024		05/06/2028		Telecommunications			—				—				4,760				794				95
Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver		05/21/2019		06/30/2026		Media			9.90	%		3M SOFR+590					230				230				230
Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver (7)		05/21/2019		06/30/2026		Media			—				—				1,382				-				-
Aphix Buyer, Inc		07/17/2025		07/17/2031		Business Services			8.91	%		3M SOFR+475					6,144				6,106				6,114
Aphix Buyer, Inc - Unfunded Term Loan (7)		07/17/2025		07/16/2027		Business Services			—				—				9,172				-				11
Aphix Buyer, Inc - Unfunded Revolver (7)		07/17/2025		07/17/2031		Business Services			—				—				2,389				-				(12	)
APT OPCO, LLC		09/29/2025		09/30/2031		Healthcare, Education and Childcare			9.00	%		3M SOFR+500					7,875				7,826				7,826
APT OPCO, LLC - Unfunded Term Loan (7)		09/29/2025		09/30/2027		Healthcare, Education and Childcare			—				—				1,228				-				-
APT OPCO, LLC - Unfunded Revolver (7)		09/29/2025		09/30/2031		Healthcare, Education and Childcare			—				—				1,228				-				-
Arcfield Acquisition Corp. - Unfunded Revolver (7)		10/28/2024		10/28/2031		Aerospace and Defense			—				—				1,688				-				(8	)
Archer Lewis, LLC		08/28/2024		08/28/2029		Healthcare, Education and Childcare			9.77	%		3M SOFR+575					1,488				1,474				1,488
Archer Lewis, LLC - Unfunded Term Loan (7)		08/28/2024		08/28/2026		Healthcare, Education and Childcare			—				—				5,329				-				53
Archer Lewis, LLC - Unfunded Revolver (7)		08/28/2024		08/28/2029		Healthcare, Education and Childcare			—				—				1,304				-				-
Argano, LLC.		09/13/2024		09/13/2029		Business Services			9.90	%		3M SOFR+575					10,448				10,349				10,291
Argano, LLC - Unfunded Term Loan (7)		09/13/2024		10/02/2026		Business Services			—				—				2,483				-				(12	)
Argano, LLC - Unfunded Revolver (7)		09/13/2024		09/13/2029		Business Services			—				—				794				-				(12	)
Azureon, LLC		06/26/2024		06/26/2029		Diversified Conglomerate Service			9.75	%		3M SOFR+575					9,811				9,708				9,526
Azureon, LLC - Funded Revolver		06/26/2024		06/26/2029		Diversified Conglomerate Service			9.75	%		3M SOFR+575					464				464				450
Azureon, LLC - Unfunded Revolver (7)		06/26/2024		06/26/2029		Diversified Conglomerate Service			—				—				696				-				(20	)
Beacon Behavioral Support Service, LLC - Unfunded Term Loan (7)		06/21/2024		12/22/2025		Healthcare, Education and Childcare			—				—				3,838				-				38
Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment (7)		06/21/2024		06/21/2027		Healthcare, Education and Childcare			—				—				12,627				-				126
Beacon Behavioral Support Service, LLC - Unfunded Revolver (7)		06/21/2024		06/21/2029		Healthcare, Education and Childcare			—				—				1,042				-				-
Berwick Industrial Park		04/26/2022		05/02/2026		Buildings and Real Estate			13.00	%			—				4,000				4,016				3,988
Best Practice Associates, LLC - Unfunded Revolver (7)		11/07/2024		11/08/2029		Aerospace and Defense			—				—				1,929				-				(14	)
Beta Plus Technologies, Inc.		06/28/2022		07/02/2029		Business Services			9.75	%		3M SOFR+575					10,644				10,509				10,537
Big Top Holdings, LLC - Unfunded Revolver (7)		02/29/2024		02/28/2030		Manufacturing/Basic Industry			—				—				1,155				-				-
BioDerm, Inc. - Funded Revolver		01/30/2023		01/31/2028		Healthcare, Education and Childcare			10.77	%		3M SOFR+650					1,071				1,071				1,058
Blackhawk Industrial Distribution, Inc.		06/27/2022		09/17/2026		Distribution			9.40	%		3M SOFR+540					1,267				1,263				1,245
Blackhawk Industrial Distribution, Inc. - Funded Revolver		06/27/2022		09/17/2026		Distribution			9.40	%		3M SOFR+540					2,186				2,186				2,147
Blackhawk Industrial Distribution, Inc. - Unfunded Revolver (7)		06/27/2022		09/17/2026		Distribution			—				—				2,671				-				(47	)
BLC Holding Company, Inc.		11/20/2024		11/20/2030		Business Services			8.50	%		3M SOFR+450					2,248				2,232				2,248
BLC Holding Company, Inc. - Unfunded Term Loan (7)		11/20/2024		11/20/2026		Business Services			—				—				7,514				-				56
BLC Holding Company, Inc. - Funded Revolver		11/20/2024		11/20/2030		Business Services			8.50	%		3M SOFR+450					331				331				331
BLC Holding Company, Inc. - Unfunded Revolver (7)		11/20/2024		11/20/2030		Business Services			—				—				2,675				-				-
Blue Cloud Pediatric Surgery Centers, LLC		08/12/2025		01/21/2031		Healthcare Providers & Services			9.48	%		3M SOFR+525					2,494				2,469				2,469
Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan (7)		08/12/2025		07/30/2027		Healthcare Providers & Services			—				—				2,759				-				-
Boss Industries, LLC - Unfunded Revolver (7)		12/27/2024		12/27/2030		Conglomerate Manufacturing			—				—				1,306				-				-

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2025

(In thousands, except share data)

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
By Light Professional IT Services, LLC		07/15/2025		07/15/2031		Business Services			9.66	%		3M SOFR+550					2,500			$	2,481			$	2,481
By Light Professional IT Services, LLC - Unfunded Revolver (7)		07/15/2025		07/15/2031		Business Services			—				—				988				-				(7	)
Capital Construction, LLC		06/30/2025		10/22/2026		Consumer Services			10.20	%		3M SOFR+590					5,608				5,573				5,552
Capital Construction, LLC - Unfunded Term Loan A (7)		06/30/2025		12/30/2025		Consumer Services			—				—				6,613				-				(17	)
Carisk Buyer, Inc. - Unfunded Term Loan (7)		11/27/2023		12/03/2029		Healthcare, Education and Childcare			—				—				4,813				-				48
Carisk Buyer, Inc. - Unfunded Term Loan 2 (7)		11/27/2023		12/03/2029		Healthcare, Education and Childcare			—				—				1,528				-				11
Carisk Buyer, Inc. - Unfunded Revolver (7)		11/27/2023		12/03/2029		Healthcare, Education and Childcare			—				—				1,750				-				-
Carnegie Dartlet, LLC		02/07/2024		02/07/2030		Education			9.66	%		3M SOFR+550					2,326				2,304				2,302
Carnegie Dartlet, LLC - Unfunded Term Loan (7)		02/07/2024		02/09/2026		Education			—				—				7,680				-				-
Carnegie Dartlet, LLC - Unfunded Revolver (7)		02/07/2024		02/07/2030		Education			—				—				3,339				-				(33	)
Cartessa Aesthetics, LLC		06/01/2022		06/14/2028		Distribution			10.30	%		3M SOFR+600					23,494				23,242				23,494
Cartessa Aesthetics, LLC - Funded Revolver		06/01/2022		06/14/2028		Distribution			10.30	%		3M SOFR+600					1,265				1,265				1,265
Cartessa Aesthetics, LLC - Unfunded Revolver (7)		06/01/2022		06/14/2028		Distribution			—				—				2,297				-				-
Case Works, LLC		10/01/2024		10/01/2029		Business Services			9.09	%		3M SOFR+525					852				845				814
Case Works, LLC - Funded Revolver		10/01/2024		10/01/2029		Business Services			9.25	%		3M SOFR+525					1,793				1,793				1,712
Case Works, LLC - Unfunded Revolver (7)		10/01/2024		10/01/2029		Business Services			—				—				94				-				(4	)
CF512, Inc. - Funded Revolver		08/17/2021		08/20/2026		Media			10.18	%		3M SOFR+602					82				82				81
CF512, Inc. - Unfunded Revolver (7)		08/17/2021		08/20/2026		Media			—				—				827				-				(8	)
CJX Borrower, LLC		07/08/2021		07/13/2027		Media			10.08	%		3M SOFR+576					322				309				322
CJX Borrower, LLC - Unfunded Term Loan (7)		07/08/2021		07/13/2027		Media			—				—				149				-				27
CJX Borrower, LLC - Funded Revolver		07/08/2021		07/13/2027		Media			10.07	%		3M SOFR+576					893				893				893
CJX Borrower, LLC - Unfunded Revolver (7)		07/08/2021		07/13/2027		Media			—				—				982				-				-
Compex Legal Services, Inc. - Funded Revolver		07/24/2023		02/07/2026		Business Services			9.78	%		3M SOFR+555					459				459				459
Compex Legal Services, Inc. - Unfunded Revolver (7)		07/24/2023		02/07/2026		Business Services			—				—				197				-				-
Cornerstone Advisors of Arizona, LLC		05/13/2025		05/13/2032		Consulting Services			8.75	%		3M SOFR+475					6,000				5,970				5,970
Cornerstone Advisors of Arizona, LLC - Unfunded Revolver (7)		05/13/2025		05/13/2032		Consulting Services			—				—				797				-				(4	)
Commercial Fire Protection Holdings, LLC - Unfunded Term Loan (7)		09/23/2024		09/23/2026		Business Services			—				—				6,630				-				50
Commercial Fire Protection Holdings, LLC - Unfunded Revolver (7)		09/23/2024		09/23/2030		Business Services			—				—				2,486				-				-
Crane 1 Services, Inc. - Unfunded Revolver (7)		06/10/2024		08/16/2027		Personal, Food and Miscellaneous Services			—				—				435				-				(3	)
C5MI Acquisition, LLC		07/31/2024		07/31/2029		Business Services			10.00	%		3M SOFR+600					2,463				2,432				2,463
C5MI Acquisition, LLC - Unfunded Revolver (7)		07/31/2024		07/31/2029		Business Services			—				—				4,133				-				-
DRS Holdings III, Inc.		11/01/2019		11/03/2025		Consumer Products			9.57	%		3M SOFR+525					2				2				2
DRS Holdings III, Inc. - Unfunded Revolver (7)		11/01/2019		11/03/2025		Consumer Products			—				—				608				-				-
Duggal Acquisition, LLC - Unfunded Term Loan (7)		09/30/2024		09/30/2026		Marketing Services			—				—				2,042				-				20
Duggal Acquisition, LLC - Unfunded Revolver (7)		09/30/2024		09/30/2030		Marketing Services			—				—				2,561				-				-
Dynata, LLC - Last-Out Term Loan		07/15/2024		10/16/2028		Business Services			9.96	%		3M SOFR+576					83				83				68
EDS Buyer, LLC - Unfunded Revolver (7)		12/19/2022		01/10/2029		Aerospace and Defense			—				—				1,915				-				5
Emergency Care Partners, LLC		10/18/2024		10/18/2027		Healthcare, Education and Childcare			9.69	%		3M SOFR+550					656				656				656
Emergency Care Partners, LLC - Unfunded Term Loan (7)		10/18/2024		10/19/2026		Healthcare, Education and Childcare			—				—				1,530				-				-
Emergency Care Partners, LLC - Unfunded Revolver (7)		10/18/2024		10/18/2027		Healthcare, Education and Childcare			—				—				641				-				-
ENC Parent Corporation		07/11/2024		08/20/2029		Business Services			8.51	%		3M SOFR+451					3,391				3,057				2,882
ETE Intermediate II, LLC		05/24/2023		05/29/2029		Personal, Food and Miscellaneous Services			9.16	%		3M SOFR+500					552				549				552
ETE Intermediate II, LLC - Funded Revolver		05/24/2023		05/25/2029		Personal, Food and Miscellaneous Services			9.17	%		3M SOFR+500					166				166				166
ETE Intermediate II, LLC - Unfunded Revolver (7)		05/24/2023		05/25/2029		Personal, Food and Miscellaneous Services			—				—				2,264				-				-
Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver (7)		05/10/2024		05/10/2030		Healthcare, Education and Childcare			—				—				822				-				-
Exigo Intermediate II, LLC		03/10/2022		03/15/2027		Business Services			10.51	%		3M SOFR+635					23,878				23,740				23,878
Exigo Intermediate II, LLC - Unfunded Revolver (7)		03/10/2022		03/15/2027		Business Services			—				—				1,856				-				-
Express Wash Intermediate, LLC		07/14/2022		04/10/2031		Auto Sector			10.58	%		3M SOFR+625					9,975				9,926				9,736
Express Wash Intermediate, LLC - Unfunded Revolver (7)		07/14/2022		04/10/2031		Auto Sector			—				—				609				-				(15	)
First Medical MSO, LLC		06/13/2025		06/13/2031		Healthcare, Education and Childcare			9.75	%		3M SOFR+575					4,489				4,445				4,444
First Medical MSO, LLC - Unfunded Term Loan (7)		06/13/2025		06/13/2027		Healthcare, Education and Childcare			—				—				3,000				-				-

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12

First Medical MSO, LLC - Unfunded Revolver (7)		06/13/2025		06/13/2031		Healthcare, Education and Childcare			—				—				600				-				(6	)
Five Star Buyer, Inc.		02/21/2023		02/23/2028		Leisure, Amusement, Motion Pictures, Entertainment			11.46	%		3M SOFR+715					197				197				193
								(PIK 1.00%)
Five Star Buyer, Inc. - Unfunded Revolver (7)		02/21/2023		02/23/2028		Leisure, Amusement, Motion Pictures, Entertainment			—				—				370				-				(7	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2025

(In thousands, except share data)

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Gauge ETE Blocker, LLC		05/24/2023		05/21/2029		Personal, Food and Miscellaneous Services		PIK 12.56%					—				285			$	285			$	285
GGG MIDCO, LLC		09/27/2024		09/27/2030		Home and Office Furnishings, Housewares and Durable Consumer Products			9.22	%		3M SOFR+500					8,112				8,035				8,112
GGG MIDCO, LLC - Unfunded Term Loan (7)		09/27/2024		09/27/2026		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				2,154				-				22
GGG MIDCO, LLC - Unfunded Revolver (7)		09/27/2024		09/27/2030		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				581				-				-
Graffiti Buyer, Inc.		10/25/2022		08/10/2027		Distribution			9.66	%		3M SOFR+560					245				244				240
Graffiti Buyer, Inc. - Unfunded Term Loan (7)		10/25/2022		08/10/2027		Distribution			—				—				831				-				(10	)
Graffiti Buyer, Inc. - Funded Revolver		10/25/2022		08/10/2027		Distribution			9.85	%		3M SOFR+560					32				32				31
Graffiti Buyer, Inc. - Unfunded Revolver (7)		10/25/2022		08/10/2027		Distribution			—				—				737				-				(15	)
Halo Buyer, Inc.		07/18/2018		08/07/2029		Consumer Products			10.16	%		3M SOFR+600					16,915				16,760				16,915
Halo Buyer, Inc. - Funded Revolver		07/18/2018		08/07/2029		Consumer Products			10.16	%		3M SOFR+600					517				517				517
Halo Buyer, Inc. - Unfunded Revolver (7)		07/18/2018		08/07/2029		Consumer Products			—				—				2,181				-				-
Hancock Roofing and Construction, LLC		05/05/2022		12/31/2026		Insurance			9.76	%		3M SOFR+560					750				750				743
Harris & Co, LLC		08/09/2024		08/09/2030		Financial Services			9.16	%		3M SOFR+500					9,097				9,019				9,018
Harris & Co, LLC - Unfunded Term Loan B (7)		08/09/2024		02/09/2026		Financial Services			—				—				5,574				-				-
Harris & Co, LLC - Unfunded Term Loan C (7)		08/09/2024		08/18/2027		Financial Services			—				—				10,226				-				-
Harris & Co, LLC - Funded Revolver		08/09/2024		08/09/2030		Financial Services			9.16	%		3M SOFR+500					526				526				521
Harris & Co, LLC - Unfunded Revolver (7)		08/09/2024		08/09/2030		Financial Services			—				—				2,479				-				(22	)
HEC Purchaser Corp.		06/17/2024		06/17/2029		Healthcare, Education and Childcare			9.22	%		3M SOFR+500					4,801				4,778				4,801
Hills Distribution, Inc.		11/02/2023		11/08/2029		Distribution			10.32	%		3M SOFR+600					7,786				7,721				7,786
Hills Distribution, Inc. - Unfunded Term Loan (7)		11/02/2023		11/07/2025		Distribution			—				—				1,280				-				13
HV Watterson Holdings, LLC (10)		06/13/2022		12/17/2026		Business Services			8.00	%			—				287				286				158
HV Watterson Holdings, LLC - Funded Revolver (10)		06/13/2022		12/17/2026		Business Services			8.00	%			—				1,250				1,250				686
HV Watterson Holdings, LLC - Unfunded Revolver (7), (10)		06/13/2022		12/17/2026		Business Services			—				—				—				-				-
HW Holdco, LLC - Unfunded Revolver (7)		10/11/2019		05/11/2026		Media			—				—				3,387				-				-
IG Investments Holdings, LLC		07/11/2022		09/22/2028		Business Services			9.31	%		3M SOFR+500					104				103				103
IG Investments Holdings, LLC - Unfunded Revolver (7)		07/11/2022		09/22/2028		Business Services			—				—				722				-				(4	)
Imagine Acquisitionco, Inc. - Unfunded Revolver (7)		11/04/2021		11/16/2027		Business Services			—				—				1,685				-				-
Impact Advisors, LLC		03/21/2025		03/19/2032		Business Services			8.50	%		3M SOFR+450					7,960				7,921				7,960
Impact Advisors, LLC - Unfunded Term Loan (7)		03/21/2025		03/21/2027		Business Services			—				—				4,686				-				23
Impact Advisors, LLC - Unfunded Revolver (7)		03/21/2025		03/19/2032		Business Services			—				—				937				-				-
Infinity Home Services Holdco, Inc.		12/21/2022		12/28/2028		Personal, Food and Miscellaneous Services			10.00	%		3M SOFR+600					8,974				8,885				8,974
Infinity Home Services Holdco, Inc. (CAD)		12/21/2022		12/28/2028		Personal, Food and Miscellaneous Services			10.00	%		3M SOFR+600					CAD 2,612				1,887				1,877
Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan (7)		12/21/2022		10/30/2026		Personal, Food and Miscellaneous Services			—				—				9,091				-				-
Infinity Home Services Holdco, Inc. - Funded Revolver		12/21/2022		12/28/2028		Personal, Food and Miscellaneous Services			12.25	%		3M SOFR+500					161				161				161
Infinity Home Services Holdco, Inc. - Unfunded Revolver (7)		12/21/2022		12/28/2028		Personal, Food and Miscellaneous Services			—				—				1,130				-				-
Inovex Information Systems Incorporated - Unfunded Term Loan (7)		12/17/2024		12/17/2026		Business Services			—				—				1,900				-				-
Inovex Information Systems Incorporated - Unfunded Revolver (7)		12/17/2024		12/17/2030		Business Services			—				—				2,375				-				-
Inventus Power, Inc. - Funded Revolver		03/24/2021		01/15/2026		Electronics			11.76	%		3M SOFR+761					403				403				403
Inventus Power, Inc. - Unfunded Revolver (7)		03/24/2021		01/15/2026		Electronics			—				—				1,325				-				-
Kinetic Purchaser, LLC		07/08/2022		11/10/2027		Consumer Products			10.19	%		3M SOFR+615					3,099				3,044				2,634
Kinetic Purchaser, LLC - Funded Revolver		07/08/2022		11/10/2026		Consumer Products			10.15	%		3M SOFR+615					3,070				3,070				2,609
Kinetic Purchaser, LLC - Unfunded Revolver (7)		07/08/2022		11/10/2026		Consumer Products			—				—				1,784				-				(268	)
Lash OpCo, LLC		08/16/2021		02/18/2027		Consumer Products			12.14	%		3M SOFR+785					3,055				3,038				2,979
								(PIK 5.10%)
Lash OpCo, LLC - Funded Revolver		08/16/2021		08/16/2026		Consumer Products			12.14	%		3M SOFR+785					918				918				895
								(PIK 5.10%)
Lash OpCo, LLC - Unfunded Revolver (7)		08/16/2021		08/16/2026		Consumer Products			—				—				2,223				-				(56	)
LAV Gear Holdings, Inc. - Incremental Term Loan		02/26/2020		07/31/2029		Leisure, Amusement, Motion Pictures, Entertainment		PIK 10.10%				3M SOFR+594					1,218				1,226				1,263
LAV Gear Holdings, Inc. - FOTL		02/26/2020		07/31/2029		Leisure, Amusement, Motion Pictures, Entertainment		PIK 10.10%				3M SOFR+595					134				122				165
LAV Gear Holdings, Inc. - Unfunded Revolver (7)		02/26/2020		07/31/2029		Leisure, Amusement, Motion Pictures, Entertainment			—				—				149				-				-

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

14

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2025

(In thousands, except share data)

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Ledge Lounger, Inc.		11/04/2021		11/09/2026		Consumer Products			11.65	%		3M SOFR+765					8,998			$	8,949			$	7,018
								(PIK 1.00%)
Ledge Lounger, Inc. - Funded Revolver		11/04/2021		11/09/2026		Consumer Products			11.65	%		3M SOFR+765					1,621				1,621				1,264
								(PIK 1.00%)
Lightspeed Buyer, Inc.		02/03/2020		02/03/2027		Healthcare, Education and Childcare			8.91	%		3M SOFR+475					2,011				2,011				2,011
Lightspeed Buyer, Inc. - Unfunded Revolver (7)		02/03/2020		02/03/2027		Healthcare, Education and Childcare			—				—				1,166				-				-
LJ Avalon Holdings, LLC		01/18/2023		02/01/2030		Environmental Services			8.78	%		3M SOFR+450					5,194				5,179				5,194
LJ Avalon Holdings, LLC - Unfunded Term Loan (7)		01/18/2023		02/08/2027		Environmental Services			—				—				2,624				-				13
LJ Avalon Holdings, LLC - Unfunded Revolver (7)		01/18/2023		02/01/2029		Environmental Services			—				—				1,498				-				-
Loving Tan Intermediate II, Inc.		05/25/2023		05/31/2028		Consumer Products			9.00	%		3M SOFR+500					7,054				6,982				7,054
Loving Tan Intermediate II, Inc. - Funded Revolver		05/25/2023		05/31/2028		Consumer Products			9.00	%		3M SOFR+500					664				664				664
Loving Tan Intermediate II, Inc. - Unfunded Revolver (7)		05/25/2023		05/31/2028		Consumer Products			—				—				332				-				-
Loving Tan Intermediate II, Inc. - Unfunded Term Loan (7)		05/25/2023		07/12/2026		Consumer Products			—				—				2,018				-				20
Marketplace Events Acquisition, LLC		12/19/2024		12/19/2030		Media			9.25	%		3M SOFR+525					1,237				1,225				1,237
Marketplace Events Acquisition, LLC - Unfunded Term Loan (7)		12/19/2024		06/19/2026		Media			—				—				3,113				-				31
Marketplace Events Acquisition, LLC - Funded Revolver		12/19/2024		12/19/2030		Media			9.25	%		3M SOFR+525					218				218				218
Marketplace Events Acquisition, LLC - Unfunded Revolver (7)		12/19/2024		12/19/2030		Media			—				—				1,959				-				-
MBS Holdings, Inc.		04/14/2021		04/16/2027		Telecommunications			9.30	%		3M SOFR+510					267				266				267
MBS Holdings, Inc. - Unfunded Revolver (7)		04/14/2021		04/16/2027		Telecommunications			—				—				694				-				-
MDI Buyer, Inc. - Funded Revolver		07/19/2022		07/25/2028		Chemicals, Plastics and Rubber			11.50	%		3M SOFR+375					1,808				1,808				1,808
MDI Buyer, Inc. - Unfunded Revolver (7)		07/19/2022		07/25/2028		Chemicals, Plastics and Rubber			—				—				419				-				-
Meadowlark Acquirer, LLC		12/09/2021		12/10/2027		Business Services			9.65	%		3M SOFR+565					1,903				1,892				1,903
Meadowlark Acquirer, LLC - Funded Revolver		12/09/2021		12/10/2027		Business Services			9.65	%		3M SOFR+565					337				337				337
Meadowlark Acquirer, LLC- Unfunded Revolver (7)		12/09/2021		12/10/2027		Business Services			—				—				1,348				-				-
Medina Health, LLC - Unfunded Revolver (7)		10/16/2023		10/20/2028		Healthcare, Education and Childcare			—				—				2,774				-				14
Megawatt Acquisitionco, Inc. - Funded Revolver		03/01/2024		03/01/2030		Electronics			9.67	%		3M SOFR+550					232				232				221
Megawatt Acquisitionco, Inc. - Unfunded Revolver (7)		03/01/2024		03/01/2030		Electronics			—				—				1,625				-				(78	)
Mineola 212, LLC		06/24/2024		12/24/2025		Buildings and Real Estate			14.00	%			—				3,500				3,515				3,507
MOREGroup Holdings, Inc. - Unfunded Term Loan (7)		01/09/2024		01/16/2026		Business Services			—				—				6,124				-				61
MOREGroup Holdings, Inc. - Unfunded Revolver (7)		01/09/2024		01/16/2030		Business Services			—				—				3,675				-				-
Municipal Emergency Services, Inc.		09/23/2021		10/01/2027		Distribution			9.17	%		3M SOFR+515					1,031				1,024				1,031
Municipal Emergency Services, Inc. - Unfunded Term Loan (7)		09/23/2021		01/15/2026		Distribution			—				—				568				-				3
Municipal Emergency Services, Inc. - Unfunded Revolver (7)		09/23/2021		10/01/2027		Distribution			—				—				1,880				-				-
NBH Group, LLC - Unfunded Revolver (7)		08/16/2021		08/19/2026		Healthcare, Education and Childcare			—				—				1,163				-				-
NORA Acquisition, LLC - Funded Revolver		08/22/2023		08/31/2029		Healthcare, Education and Childcare			10.35	%		3M SOFR+635					1,218				1,218				1,209
NORA Acquisition, LLC - Unfunded Revolver (7)		08/22/2023		08/31/2029		Healthcare, Education and Childcare			—				—				1,489				-				(11	)
North American Rail Solutions, LLC		08/29/2025		08/29/2031		Manufacturing/Basic Industry			8.75	%		3M SOFR+475					29,416				29,269				29,269
North American Rail Solutions, LLC - Unfunded Term Loan (7)		08/29/2025		08/29/2027		Manufacturing/Basic Industry			—				—				2,263				-				-
North American Rail Solutions, LLC - Funded Revolver		08/29/2025		08/29/2031		Manufacturing/Basic Industry			8.75	%		3M SOFR+475					784				784				784
North American Rail Solutions, LLC - Unfunded Revolver (7)		08/29/2025		08/29/2031		Manufacturing/Basic Industry			—				—				2,383				-				-
NP Riverhead Industrial, LLC		05/24/2024		12/10/2025		Buildings and Real Estate			15.50	%			—				5,000				5,015				5,000
Omnia Exterior Solutions, LLC		12/29/2023		12/31/2029		Diversified Conglomerate Service			9.25	%		3M SOFR+525					1,787				1,771				1,751
Omnia Exterior Solutions, LLC - Unfunded Term Loan (7)		12/29/2023		09/30/2026		Diversified Conglomerate Service			—				—				3,807				-				(43	)
Omnia Exterior Solutions, LLC - Funded Revolver		12/29/2023		12/31/2029		Diversified Conglomerate Service			9.25	%		3M SOFR+525					1,260				1,260				1,235
Omnia Exterior Solutions, LLC - Unfunded Revolver (7)		12/29/2023		12/31/2029		Diversified Conglomerate Service			—				—				840				-				(17	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

15

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2025

(In thousands, except share data)

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
ORL Acquisition, Inc.		09/01/2021		09/03/2027		Business Services			13.70	%		3M SOFR+940					4,426			$	4,395			$	3,917
								(PIK 7.50%)
ORL Acquisition, Inc. - Unfunded Revolver (7)		09/01/2021		09/03/2027		Business Services			—				—				149				-				(17	)
OSP Embedded Purchaser, LLC		12/11/2023		12/17/2029		Aerospace and Defense			9.81	%		3M SOFR+575					6,386				6,298				6,297
OSP Embedded Purchaser, LLC - Unfunded Revolver (7)		12/11/2023		12/17/2029		Aerospace and Defense			—				—				1,477				-				(21	)
Pacific Purchaser, LLC - Unfunded Revolver (7)		10/02/2023		10/02/2028		Business Services			—				—				1,373				-				(5	)
PAR Excellence Holdings, Inc.		09/03/2024		09/03/2030		Healthcare, Education and Childcare			9.32	%		3M SOFR+500					11,940				11,827				11,731
PAR Excellence Holdings, Inc. - Unfunded Revolver (7)		09/03/2024		09/03/2030		Healthcare, Education and Childcare			—				—				2,681				-				(47	)
Paving Lessor Corp.		07/01/2025		07/01/2031		Business Services			9.25	%		3M SOFR+525					6,974				6,922				6,921
Paving Lessor Corp. - Unfunded Term Loan (7)		07/01/2025		07/01/2027		Business Services			—				—				3,291				-				-
Paving Lessor Corp. - Unfunded Revolver (7)		07/01/2025		07/01/2031		Business Services			—				—				2,194				-				(16	)
PCS MIDCO, Inc.		03/01/2024		03/01/2030		Financial Services			9.75	%		3M SOFR+575					2,322				2,303				2,322
PCS MIDCO, Inc. - Unfunded Term Loan (7)		03/01/2024		03/02/2026		Financial Services			—				—				2,078				-				21
PCS MIDCO, Inc. - Unfunded Revolver (7)		03/01/2024		03/01/2030		Financial Services			—				—				1,762				-				-
Peninsula Pacific Entertainment		08/15/2025		08/22/2032		Gaming			9.02	%		3M SOFR+475					5,251				5,198				5,238
Peninsula Pacific Entertainment - Unfunded Term Loan (7)		08/15/2025		08/25/2027		Gaming			—				—				1,231				-				3
Penta Group Holdings, Inc.		07/31/2025		07/31/2031		Business Services			8.50	%		3M SOFR+450					3,556				3,538				3,538
Penta Group Holdings, Inc. - Unfunded Term Loan (7)		07/31/2025		07/31/2027		Business Services			—				—				2,591				-				-
Penta Group Holdings, Inc. - Funded Revolver		07/31/2025		07/31/2031		Business Services			8.50	%		3M SOFR+450					210				210				209
Penta Group Holdings, Inc. - Unfunded Revolver (7)		07/31/2025		07/31/2031		Business Services			—				—				437				-				(2	)
PlayPower, Inc.		08/28/2024		08/28/2030		Manufacturing/Basic Industry			9.25	%		3M SOFR+525					11,880				11,804				11,880
PlayPower, Inc. - Unfunded Revolver (7)		08/28/2024		08/28/2030		Manufacturing/Basic Industry			—				—				2,570				-				-
Podean Buyer, Inc.		08/04/2025		08/04/2031		Marketing Services			10.00	%		3M SOFR+600					4,030				3,990				3,990
Podean Buyer, Inc. - Unfunded Revolver (7)		08/04/2025		08/04/2031		Marketing Services			—				—				796				-				(8	)
PL Acquisitionco, LLC - Funded Revolver (13)		11/05/2021		11/09/2027		Retail			4.27	%			—				863				863				345
PL Acquisitionco, LLC - Unfunded Revolver (7), (13)		11/05/2021		11/09/2027		Retail			—				—				755				-				(453	)
Project Granite Buyer, Inc. - Unfunded Term Loan (7)		12/31/2024		12/31/2026		Business Services			—				—				554				-				11
Project Granite Buyer, Inc. - Unfunded Revolver (7)		12/31/2024		12/31/2030		Business Services			—				—				923				-				9
Radius Aerospace, Inc. - Funded Revolver		11/14/2022		03/29/2027		Aerospace and Defense			10.29	%		3M SOFR+600					410				410				400
Radius Aerospace, Inc. - Unfunded Revolver (7)		11/14/2022		03/29/2027		Aerospace and Defense			—				—				1,819				-				(41	)
Rancho Health MSO, Inc. - Unfunded Term Loan (7)		09/27/2021		06/30/2026		Healthcare, Education and Childcare			—				—				1,954				-				8
Rancho Health MSO, Inc. - Funded Revolver		09/27/2021		06/20/2029		Healthcare, Education and Childcare			9.29	%		3M SOFR+500					1,962				1,962				1,962
Rancho Health MSO, Inc. - Unfunded Revolver (7)		09/27/2021		06/20/2029		Healthcare, Education and Childcare			—				—				713				-				-
Recteq, LLC - Funded Revolver		01/27/2021		01/29/2026		Consumer Products			10.46	%		3M SOFR+625					313				313				312
Recteq, LLC - Unfunded Revolver (7)		01/27/2021		01/29/2026		Consumer Products			—				—				814				-				(2	)
Riverpoint Medical, LLC - Unfunded Revolver (7)		06/19/2019		06/21/2027		Healthcare, Education and Childcare			—				—				364				-				-
Ro Health, LLC - Funded Revolver		01/16/2025		01/17/2031		Healthcare Providers & Services			8.50	%		3M SOFR+450					1,258				1,258				1,258
Ro Health, LLC - Unfunded Revolver (7)		01/16/2025		01/17/2031		Healthcare Providers & Services			—				—				2,935				-				-
Rosco Parent, LLC		09/09/2025		09/12/2031		Business Services			8.81	%		3M SOFR+475					10,167				10,090				10,090
Rosco Parent, LLC - Unfunded Revolver (7)		09/09/2025		09/12/2031		Business Services			—				—				1,332				-				-
Route 66 Development		01/28/2025		01/24/2031		Gaming			13.16	%		3M SOFR+900					18,000				17,655				17,910
RRA Corporate, LLC		08/15/2024		08/15/2029		Business Services			9.00	%		3M SOFR+500					2,996				2,967				2,978
RRA Corporate, LLC - Unfunded Term Loan (7)		08/15/2024		08/17/2026		Business Services			—				—				7,178				-				29
RRA Corporate, LLC - Funded Revolver		08/15/2024		08/15/2029		Business Services			9.25	%		3M SOFR+525					1,448				1,448				1,440
RRA Corporate, LLC - Unfunded Revolver (7)		08/15/2024		08/15/2029		Business Services			—				—				1,700				-				(10	)
RTIC Subsidiary Holdings, LLC - Funded Revolver		05/03/2024		05/03/2029		Consumer Products			9.75	%		3M SOFR+575					1,898				1,898				1,879
RTIC Subsidiary Holdings, LLC - Unfunded Revolver (7)		05/03/2024		05/03/2029		Consumer Products			—				—				3,524				-				(35	)
Rural Sourcing Holdings, Inc. - Funded Revolver		06/08/2023		06/15/2029		Business Services			10.08	%		3M SOFR+575					487				487				438
Rural Sourcing Holdings, Inc. - Unfunded Revolver (7)		06/08/2023		06/15/2029		Business Services			—				—				373				-				(37	)
Sabel Systems Technology Solutions, LLC - Funded Revolver		10/31/2024		10/31/2030		Government Services			12.75	%		3M SOFR+525					66				66				66
Sabel Systems Technology Solutions, LLC - Unfunded Revolver (7)		10/31/2024		10/31/2030		Government Services			—				—				1,261				-				-
Safe Haven Defense US, LLC		05/23/2024		05/23/2029		Building Materials			9.50	%		3M SOFR+525					3,919				3,871				3,899
Safe Haven Defense US, LLC - Unfunded Revolver (7)		05/23/2024		05/23/2029		Building Materials			—				—				1,114				-				(6	)
Sales Benchmark Index, LLC - Funded Revolver		05/29/2020		07/07/2026		Business Services			9.20	%		3M SOFR+520					244				244				244
Sales Benchmark Index, LLC - Unfunded Revolver (7)		05/29/2020		07/07/2026		Business Services			—				—				366				-				-
Sath Industries, LLC		12/17/2024		12/17/2029		Event Services			9.54	%		3M SOFR+550					11,389				11,287				11,389
Sath Industries, LLC - Unfunded Revolver (7)		12/17/2024		12/17/2029		Event Services			—				—				1,300				-				-
Schlesinger Global, Inc.		07/02/2019		11/12/2025		Business Services			12.92	%		3M SOFR+860					2,613				2,605				2,482
								(PIK 5.85%)
Schlesinger Global, Inc. - Funded Revolver		07/02/2019		11/12/2025		Business Services			12.92	%		3M SOFR+860					34				34				32
								(PIK 5.85%)
Schlesinger Global, Inc. - Unfunded Revolver (7)		07/02/2019		11/12/2025		Business Services			—				—				5				-				-

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

16

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2025

(In thousands, except share data)

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Seacoast Service Partners NA, LLC		12/20/2024		12/20/2029		Diversified Conglomerate Service			9.01	%		3M SOFR+500					1,801			$	1,786			$	1,727
Seacoast Service Partners NA, LLC - Unfunded Term Loan (7)		12/20/2024		12/21/2026		Diversified Conglomerate Service			—				—				3,608				-				(116	)
Seacoast Service Partners NA, LLC - Funded Revolver		12/20/2024		12/20/2029		Diversified Conglomerate Service			9.00	%		3M SOFR+500					569				569				546
Seacoast Service Partners NA, LLC - Unfunded Revolver (7)		12/20/2024		12/20/2029		Diversified Conglomerate Service			—				—				786				-				(32	)
Seaway Buyer, LLC		06/08/2022		06/13/2029		Chemicals, Plastics and Rubber			10.17	%		3M SOFR+615					4,656				4,611				4,342
Seaway Buyer, LLC - Funded Revolver		06/08/2022		06/13/2028		Chemicals, Plastics and Rubber			10.19	%		3M SOFR+615					2,605				2,605				2,429
Seaway Buyer, LLC - Unfunded Revolver (7)		06/08/2022		06/13/2028		Chemicals, Plastics and Rubber			—				—				521				-				(35	)
Shiftkey, LLC		06/17/2022		06/21/2027		Business Services			10.01	%		3M SOFR+601					16,593				16,515				15,913
Sigma Defense Systems, LLC		11/30/2021		12/20/2027		Telecommunications			10.31	%		3M SOFR+615					10,450				10,209				10,450
Sigma Defense Systems, LLC - Funded Revolver		11/30/2021		12/20/2027		Telecommunications			10.90	%		3M SOFR+690					850				850				850
Sigma Defense Systems, LLC - Unfunded Revolver (7)		11/30/2021		12/20/2027		Telecommunications			—				—				2,835				-				-
Spendmend Holdings, LLC		02/25/2022		03/01/2028		Business Services			9.15	%		3M SOFR+515					1,192				1,186				1,192
Spendmend Holdings, LLC - Unfunded Term Loan (7)		02/25/2022		11/25/2026		Business Services			—				—				1,434				-				7
Spendmend Holdings, LLC - Funded Revolver		02/25/2022		03/01/2028		Business Services			9.15	%		3M SOFR+515					234				234				234
Spendmend Holdings, LLC - Unfunded Revolver (7)		02/25/2022		03/01/2028		Business Services			—				—				1,168				-				-
STG Distribution, LLC - First Out New Money Term Loans		10/03/2024		10/03/2029		Transportation			12.57	%		3M SOFR+835					4,330				4,131				3,854
								(PIK 7.25%)
STG Distribution, LLC - Second Out Term Loans (13)		10/03/2024		10/03/2029		Transportation			5.32	%			—				10,012				5,656				801
SV-Aero Holdings, LLC - Unfunded Term Loan (7)		10/31/2024		11/02/2026		Aerospace and Defense			—				—				3,562				-				18
System Planning and Analysis, Inc.		10/12/2021		08/16/2027		Aerospace and Defense			9.05	%		3M SOFR+475					9,468				9,415				9,392
System Planning and Analysis, Inc. - Unfunded Term Loan (7)		10/12/2021		06/12/2027		Aerospace and Defense			—				—				589				-				(2	)
System Planning and Analysis, Inc. - Funded Revolver		10/12/2021		08/16/2027		Aerospace and Defense			9.06	%		3M SOFR+475					437				437				433
System Planning and Analysis, Inc. - Unfunded Revolver (7)		10/12/2021		08/16/2027		Aerospace and Defense			—				—				4,279				-				(34	)
TCG 3.0 Jogger Acquisitionco, Inc.		01/23/2024		01/23/2029		Media			10.52	%		3M SOFR+650					8,865				8,753				8,821
TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver		01/23/2024		01/23/2029		Media			12.75	%		3M SOFR+550					310				310				309
TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver (7)		01/23/2024		01/23/2029		Media			—				—				1,414				-				(7	)
The Bluebird Group, LLC - Unfunded Revolver (7)		07/22/2021		07/28/2026		Business Services			—				—				734				-				-
The Vertex Companies, LLC		08/25/2021		08/31/2028		Business Services			8.88	%		3M SOFR+485					6,638				6,587				6,608
The Vertex Companies, LLC - Funded Revolver		08/25/2021		08/31/2028		Business Services			9.01	%		3M SOFR+485					1,455				1,455				1,448
The Vertex Companies, LLC - Unfunded Revolver (7)		08/25/2021		08/31/2028		Business Services			—				—				2,513				-				(13	)
TMII Enterprises, LLC - Unfunded Revolver (7)		12/19/2022		12/22/2028		Personal, Food and Miscellaneous Services			—				—				2,532				-				-
TransGo, LLC - Unfunded Revolver (7)		12/29/2023		12/29/2028		Machinery			—				—				2,775				-				21
Urology Management Holdings, Inc. - Unfunded Term Loan (7)		09/03/2024		09/03/2026		Healthcare, Education and Childcare			—				—				1,000				-				5
US Fertility Enterprises, LLC		10/07/2024		10/11/2031		Healthcare, Education and Childcare			8.81	%		3M SOFR+450					263				263				263
Walker Edison Furniture Company, LLC - New Money DIP		03/01/2023		03/01/2029		Home and Office Furnishings			10.00	%			—				297				297				303
Walker Edison Furniture Company, LLC - Unfunded Term Loan (7)		03/01/2023		03/01/2029		Home and Office Furnishings			—				—				786				-				27
Wash & Wax Systems, LLC		10/20/2021		04/30/2028		Auto Sector		PIK 9.78%				3M SOFR+550					1,206				1,227				1,231
Wash & Wax Systems, LLC - Funded Revolver		10/20/2021		04/30/2028		Auto Sector		PIK 9.78%				3M SOFR+550					13				13				13
Wash & Wax Systems, LLC - Unfunded Revolver (7)		10/20/2021		04/30/2028		Auto Sector			—				—				617				-				-
Watchtower Buyer, LLC. - Unfunded Revolver (7)		11/29/2023		12/03/2029		Electronics			—				—				6,300				-				(63	)
Total First Lien Secured Debt																					537,235				517,648
Second Lien Secured Debt - 3.9% of Net Assets
Burgess Point Purchaser Corporation		07/26/2022		07/28/2030		Auto Sector			13.41	%		3M SOFR+910					8,000				7,741				8,000
ENC Parent Corporation		08/06/2021		08/19/2029		Business Services			11.76	%		3M SOFR+776					7,500				7,453				6,750
TEAM Services Group, LLC		04/26/2024		12/18/2028		Healthcare, Education and Childcare			13.57	%		3M SOFR+926					3,429				3,425				3,411
Total Second Lien Secured Debt																					18,619				18,161

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

17

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2025

(In thousands, except share data)

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Subordinate Debt/Corporate Notes - 8.2% of Net Assets
Beacon Behavioral Holdings, LLC		06/21/2024		06/21/2030		Healthcare, Education and Childcare		PIK 15.00%					—				5,948			$	5,885			$	5,948
Gauge Schlesinger Coinvest, LLC		07/02/2019		01/08/2026		Business Services			12.92	%		3M SOFR+860					1				1				3
Northwinds Topco, Inc.		08/16/2024		10/30/2029		Consumer Services		PIK 15.00%					—				11,902				11,814				11,842
Northwinds Topco, Inc. - Unfunded Term Loan (7)		08/16/2024		10/30/2029		Consumer Services			—				—				3,500				-				(18	)
ORL Holdco, Inc. - Convertible Notes		08/02/2024		03/08/2028		Business Services			18.00	%			—				6				6				-
ORL Holdco, Inc. - Unfunded Convertible Notes (7)		08/02/2024		03/08/2028		Business Services			—				—				6				-				(5	)
OSP Embedded Aggregator, LP - Convertible Note		11/06/2024		05/08/2030		Aerospace and Defense			12.00	%			—				24				237				276
StoicLane, Inc. - Convertible Notes		08/15/2024		08/16/2027		Healthcare, Education and Childcare			12.00	%			—				917				917				1,055
StoicLane, Inc. - Unfunded Convertible Notes (7)		08/15/2024		08/16/2027		Healthcare, Education and Childcare			—				—				306				-				46
United Land Services Intermediate Parent Holdings, LLC		07/12/2024		12/23/2026		Environmental Services		PIK 14.75%					—				18,112				17,872				17,931
United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan (7)		07/12/2024		01/12/2026		Environmental Services			—				—				2,541				-				13
Wash & Wax Systems, LLC		10/20/2021		07/30/2028		Auto Sector		PIK 12.00%					—				811				812				811
Total Subordinate Debt																					37,544				37,902
Preferred Equity/Partnership Interests - 4.3% of Net Assets (6)
Accounting Platform Blocker, Inc.		08/09/2024				Financial Services							—				356,200				356				356
Ad.net Holdings, Inc.		05/04/2021				Media							—				2,400				240				215
AFC Acquisitions, Inc. (F-2 Series) (9)		12/07/2023				Distribution							—				490				749				819
AFC Acquisitions, Inc. (G-2 Series) (9)		12/07/2023				Distribution							—				11				18				19
AFC Acquisitions, Inc. (H-2 Series) (9)		12/07/2023				Distribution							—				6				12				13
AFC Acquisitions, Inc. (I-2 Series) (9)		12/07/2023				Distribution							—				6				12				11
AFC Acquisitions, Inc. (J-2 Series) (9)		12/07/2023				Distribution							—				10				20				20
AH Holdings, LLC		03/23/2011				Healthcare, Education and Childcare			6.00	%			—				211				500				335
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)		05/21/2019				Media							—				1,135				1,135				1,120
BioDerm Holdings, LP		01/30/2023				Healthcare, Education and Childcare							—				1,312				1,312				1,307
Cartessa Aesthetics, LLC (9)		06/01/2022				Distribution							—				3,562,500				3,563				8,088
Connatix Parent, LLC		07/08/2021				Media							—				7,967				8				8
Consello Pacific Aggregator, LLC (9)		10/02/2023				Business Services							—				782,891				743				603
C5MI Holdco, LLC (9)		07/31/2024				Business Services							—				104,000				104				108
Gauge Schlesinger Coinvest, LLC - Class A-2		05/24/2023				Business Services							—				1				1				-
EvAL Home Health Solutions, LLC (9)		05/10/2024				Healthcare, Education and Childcare							—				272,771				453				409
Five Star Parent Holdings, LLC - Class P		07/09/2025				Leisure, Amusement, Motion Pictures, Entertainment							—				384				38				164
Hancock Claims Consultants Investors, LLC - Class A (9)		04/30/2024				Insurance							—				116,588				76				134
HPA SPQ Aggregator, LP		06/08/2023				Business Services							—				52,353				52				52
Imagine Topco, LP Preferred		11/04/2021				Business Services			8.00	%			—				743,826				744				1,017
Magnolia Topco, LP - Class A (9)		07/25/2023				Auto Sector							—				1,545				1,545				1,424
Magnolia Topco, LP - Class A-1 (9)		07/25/2023				Auto Sector							—				530				530				1,060
Magnolia Topco, LP - Class B (9)		07/25/2023				Auto Sector							—				1,018				643				-
Megawatt Acquisition Partners, LLC - Class A		06/28/2024				Electronics							—				5,349				535				417
NXOF Holdings, Inc.		02/26/2019				Aerospace and Defense							—				422				422				441
ORL Holdco, Inc.		09/01/2021				Business Services							—				575				57				-
PL Acquisitionco, LLC - (9)		05/31/2023				Retail							—				73				73				-
RTIC Parent Holdings, LLC - Class A-1 (9)		05/03/2024				Consumer Products							—				5				5				-
RTIC Parent Holdings, LLC - Class C (9)		05/03/2024				Consumer Products							—				10,624				700				1,290
RTIC Parent Holdings, LLC - Class D (9)		05/03/2024				Consumer Products							—				11,276				113				152
SP L2 Holdings, LLC		11/04/2021				Consumer Products							—				331,229				81				-
SP L2 Holdings, LLC - Unfunded (7)		11/04/2021				Consumer Products							—				189,274				-				(46	)
TPC Holding Company, LP		12/04/2019				Food							—				219				219				236
TWD Parent Holdings, LLC		08/25/2021				Business Services							—				33				33				47
Total Preferred Equity/Partnership Interests																					15,092				19,819
Common Equity/Partnership Interests/Warrants - 30.0% of Net Assets (6)
A1 Garage Equity, LLC (9)		12/19/2022				Personal, Food and Miscellaneous Services							—				2,193,038				2,193				3,893
ACP Big Top Holdings, LP		02/29/2024				Manufacturing/Basic Industry							—				773,800				744				1,134
Ad.net Holdings, Inc.		05/04/2021				Media							—				2,667				27				-
Aechelon InvestCo, LP		08/16/2024				Aerospace and Defense							—				10,684				1,068				4,064
Aechelon InvestCo, LP - Unfunded (7)		08/16/2024				Aerospace and Defense							—				11,940				-				-
Aftermarket Drivetrain Products Holdings, LLC		12/29/2023				Machinery							—				1,645				1,645				3,062
AG Investco, LP (9)		11/05/2018				Business Services							—				8,052				805				75
AG Investco, LP - Unfunded (7), (9)		11/05/2018				Business Services							—				1,948				-				(177	)
Altamira Intermediate Company II, Inc.		07/23/2019				Aerospace and Defense							—				125,000				125				116
AMCSI Crash Co-Invest, LP		07/28/2022				Auto Sector							—				24,898				2,490				3,794
AMCSI Crash Co-Invest, LP - Unfunded (7)		07/28/2022				Auto Sector							—				5,102				-				-
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)		05/21/2019				Media							—				1,135				-				-
APT INTERMEDIATE, LLC (9)		09/29/2025				Healthcare, Education and Childcare							—				384,799				519				519
Athletico Holdings, LLC (9)		02/04/2022				Healthcare, Education and Childcare							—				9,357				10,000				6,897

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

18

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2025

(In thousands, except share data)

Issuer Name		Acquisition		Maturity		Industry		Current Coupon		Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Atlas Investment Aggregator, LLC		05/03/2021				Telecommunications					—				1,700,000			$	1,613				-
Azureon, LLC (9)		06/26/2024				Diversified Conglomerate Service					—				508,238				508				432
BioDerm, Inc.		09/09/2024				Healthcare, Education and Childcare					—				1,312				-				-
Burgess Point Holdings, LP		07/21/2022				Auto Sector					—				764				777				825
Carnegie Holdco, LLC (9)		02/07/2024				Education					—				1,680,300				1,603				1,260
Carisk Parent, LP		11/27/2023				Healthcare, Education and Childcare					—				204,455				204				236
Connatix Parent, LLC		07/08/2021				Media					—				273,207				632				315
Cowboy Parent LLC		09/12/2018				Distribution					—				27,778				3,015				3,157
Crane 1 Acquisition Parent Holdings, LP		08/11/2021				Personal, Food and Miscellaneous Services					—				113				104				220
C5MI Holdco, LLC (9)		07/31/2024				Business Services					—				754,200				754				694
Delta InvestCo, LP (9)		12/16/2020				Telecommunications					—				913,649				866				1,768
Delta InvestCo, LP - Unfunded (7), (9)		12/16/2020				Telecommunications					—				227,395				-				-
Duggal Acquisition, LLC		09/30/2024				Marketing Services					—				314				314				287
EDS Topco, LP		12/19/2022				Aerospace and Defense					—				937,500				938				1,935
Events Buyer, LLC		12/17/2024				Event Services					—				536,267				536				684
Exigo, LLC		03/10/2022				Business Services					—				1,458,333				1,458				1,547
FedHC InvestCo, LP (9)		08/26/2021				Aerospace and Defense					—				15,255				545				2,023
FedHC InvestCo, LP - Unfunded (7), (9)		08/26/2021				Aerospace and Defense					—				2,563				-				-
FedHC InvestCo II, LP (9)		12/23/2021				Aerospace and Defense					—				21,817				2,303				3,002
First Medical Holdings, LLC		06/13/2025				Healthcare, Education and Childcare					—				45,000				450				464
Five Star Parent Holdings, LLC		02/21/2023				Leisure, Amusement, Motion Pictures, Entertainment					—				655,714				656				-
Gauge APHIX Blocker, LLC		07/16/2025				Business Services					—				489,789				490				519
Gauge ETE Blocker, LLC		05/24/2023				Personal, Food and Miscellaneous Services					—				374,444				374				288
Gauge Lash Coinvest, LLC		12/04/2019				Consumer Products					—				1,231,392				951				2,430
Gauge Loving Tan, LP		05/25/2023				Consumer Products					—				543,562				544				700
Gauge Schlesinger Coinvest, LLC		04/22/2020				Business Services					—				9				10				-
GCOM InvestCo, LP		05/11/2021				Business Services					—				2,434				1,003				649
GCP Boss Holdco, LLC		12/27/2024				Conglomerate Manufacturing					—				1,045,100				1,045				1,515
GGG MIDCO, LLC (9)		09/27/2024				Home and Office Furnishings, Housewares and Durable Consumer Products					—				1,222,700				1,223				1,589
GMP Hills, LP		11/02/2023				Distribution					—				3,747,470				3,747				4,647
Hancock Claims Consultants Investors, LLC (9)		12/23/2020				Insurance					—				450,000				450				194
HPA SPQ Aggregator, LP		06/08/2023				Business Services					—				750,399				750				46
HV Watterson Holdings, LLC		06/13/2022				Business Services					—				1,600,000				1,600				-
Icon Partners V C, LP		12/20/2021				Business Services					—				1,201,283				1,201				1,184
Icon Partners V C, LP - Unfunded (7)		12/20/2021				Business Services					—				298,717				-				(4	)
IHS Parent Holdings, LP		12/21/2022				Personal, Food and Miscellaneous Services					—				1,218,045				1,218				1,717
Imagine Topco, LP		11/04/2021				Business Services					—				743,826				-				69
Infogroup Parent Holdings, Inc.		05/31/2023				Other Media					—				181,495				2,040				2,735
Ironclad Holdco, LLC (Applied Technical Services, LLC)		12/23/2020				Environmental Services					—				4,993				525				1,139
ITC Infusion Co-invest, LP (9)		02/16/2022				Healthcare, Education and Childcare					—				162,445				1,673				4,419
Kinetic Purchaser, LLC - Class A		11/08/2021				Consumer Products					—				1,308,814				1,309				11
Kinetic Purchaser, LLC - Class AA		11/08/2021				Consumer Products					—				115,688				135				271
KL Stockton Co-Invest, LP (9)		07/16/2021				Personal, Food and Miscellaneous Services					—				382,353				385				639
Lightspeed Investment Holdco, LLC		01/21/2020				Healthcare, Education and Childcare					—				273,143				273				993
LJ Avalon, LP		01/18/2023				Environmental Services					—				851,087				851				1,362
Lorient Peregrine Investments, LP		11/18/2022				Business Services					—				335,590				4,530				2,339
Magnolia Topco, LP - Class A (9)		07/25/2023				Auto Sector					—				1,545,460				-				-
Magnolia Topco, LP - Class B (9)		07/25/2023				Auto Sector					—				1,017,840				-				-
Marketplace Events Acquisition, LLC		12/19/2024				Media					—				14,640				1,464				1,731
MDI Aggregator, LP		07/19/2022				Chemicals, Plastics and Rubber					—				31,904				3,232				3,035
Meadowlark Title, LLC (9)		12/09/2021				Business Services					—				815,385				802				383
Megawatt Acquisition Partners, LLC - Class A		06/28/2024				Electronics					—				594				59				-
Municipal Emergency Services, Inc.		09/28/2021				Distribution					—				3,920,145				3,984				8,154
NEPRT Parent Holdings, LLC (9)		01/27/2021				Consumer Products					—				1,299				1,250				205
New Insight Holdings, Inc.		07/15/2024				Business Services					—				1,157				20				17

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2025

(In thousands, except share data)

Issuer Name		Acquisition		Maturity		Industry		Current Coupon		Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
New Medina Health, LLC (9)		10/16/2023				Healthcare, Education and Childcare					—				1,429,480			$	1,429			$	2,225
NFS - CFP Holdings, LLC		09/13/2024				Business Services					—				662,983				663				804
NORA Parent Holdings, LLC (9)		08/22/2023				Healthcare, Education and Childcare					—				1,257				1,248				612
North Haven Saints Equity Holdings, LP (9)		02/25/2022				Business Services					—				351,553				352				355
Northwinds Services Group, LLC		08/16/2024				Consumer Services					—				840,000				1,680				1,960
NXOF Holdings, Inc.		02/26/2019				Aerospace and Defense					—				8,188				108				-
OceanSound Discovery Equity, LP (9)		03/28/2024				Aerospace and Defense					—				119,966				1,200				1,496
OES Co-Invest, LP - Class A		05/31/2024				Diversified Conglomerate Service					—				840				851				714
OHCP V BC COI, LP		12/13/2021				Distribution					—				699,844				700				385
OHCP V BC COI, LP - Unfunded (7)		12/13/2021				Distribution					—				50,156				-				(23	)
ORL Holdco, Inc.		09/01/2021				Business Services					—				638				6				-
OSP Embedded Aggregator, LP		12/11/2023				Aerospace and Defense					—				871				871				1,011
OSP PAR Holdings, LP		09/03/2024				Healthcare, Education and Childcare					—				1,806				1,812				1,735
Paving Parent, LLC		07/01/2025				Business Services					—				1,166				1,166				1,092
PCS Parent, LP		03/01/2024				Financial Services					—				421,304				421				421
PennantPark-TSO Senior Loan Fund II, LP (11)		01/07/2022				Financial Services					—				8,115,794				8,116				7,008
Penta Group Holdings, Inc.		07/31/2025				Business Services					—				813,376				813				813
Pink Lily Holdco, LLC (9)		11/05/2021				Retail					—				1,044				1,044				-
Podean Intermediate II, LLC		08/04/2025				Marketing Services					—				287				287				287
Project Granite Holdings, LLC		12/31/2024				Business Services					—				369				369				386
Quad (U.S.) Co-Invest, LP		10/03/2022				Business Services					—				2,607,587				2,608				4,036
QuantiTech InvestCo, LP (9)		05/01/2020				Aerospace and Defense					—				700				-				96
QuantiTech InvestCo, LP - Unfunded (7), (9)		05/01/2020				Aerospace and Defense					—				955				-				-
QuantiTech InvestCo II, LP (9)		05/01/2020				Aerospace and Defense					—				40				12				7
RFMG Parent, LP		12/16/2020				Healthcare, Education and Childcare					—				1,050,000				1,050				1,292
Ro Health Holdings, Inc.		01/16/2025				Healthcare Providers & Services					—				289,700				290				436
Rosco Topco, LLC		09/09/2025				Business Services					—				701,149				701				701
Sabel InvestCo, LP (9)		10/31/2024				Government Services					—				32,771				830				1,098
Sabel InvestCo, LP - Unfunded (7), (9)		10/31/2024				Government Services					—				47,957				-				-
Safe Haven Defense MidCo, LLC (9)		05/23/2024				Building Materials					—				245				245				89
SBI Holdings Investments, LLC		12/23/2019				Business Services					—				36,585				366				410
Seacoast Service Partners, LLC		12/20/2024				Diversified Conglomerate Service					—				274				351				263
Seaway Topco, LP		06/08/2022				Chemicals, Plastics and Rubber					—				2,981				2,981				661
SP L2 Holdings, LLC		11/04/2021				Consumer Products					—				881,966				882				-
SSC Dominion Holdings, LLC		07/11/2018				Electronics					—				36				36				3,478
StellPen Holdings, LLC		08/17/2021				Media					—				153,846				154				114
TAC LifePort Holdings, LLC (9)		02/24/2021				Aerospace and Defense					—				254,206				239				600
TCG 3.0 Jogger Co-Invest, LP		01/22/2024				Media					—				6,475				1,252				841
Tinicum Space Coast Co-Invest, LLC (9)		10/29/2024				Aerospace and Defense					—				216				2,177				2,406
Tinicum Space Coast Holdings, LLC (9)		12/06/2023				Aerospace and Defense					—				25				210				614
Tower Arch Infolinks Media, LP (9)		10/27/2021				Media					—				548,251				253				644
Tower Arch Infolinks Media, LP - Unfunded (7), (9)		10/27/2021				Media					—				347,194				-				-
TPC Holding Company, LP		12/04/2019				Food					—				11,527				12				-
TWD Parent Holdings, LLC		08/25/2021				Business Services					—				670				3				17
United Land Services Holdings, LLC		07/12/2024				Environmental Services					—				184,049				600				695
UniVista Insurance (9)		06/14/2021				Business Services					—				400				-				113
Urology Partners Co, LP		01/20/2023				Healthcare, Education and Childcare					—				1,111,111				1,111				4,656
Wash & Wax Systems. LLC (9)		04/30/2025				Auto Sector					—				514				917				947
Watchtower Holdings, LLC (9)		11/29/2023				Electronics					—				12,419				1,242				1,107
WCP Ivyrehab Coinvestment, LP (9)		06/27/2022				Healthcare, Education and Childcare					—				208				208				268
WCP Ivyrehab QP CF Feeder, LP (9)		06/27/2022				Healthcare, Education and Childcare					—				3,754				3,853				4,839
WCP Ivyrehab QP CF Feeder, LP - Unfunded (7), (9)		06/27/2022				Healthcare, Education and Childcare					—				246				-				-
White Tiger Newco, LLC		07/31/2025				Leisure, Amusement, Motion Pictures, Entertainment					—				4,833				368				338
Kentucky Racing Holdco, LLC (Warrants) (9)		04/16/2019				Hotels, Motels, Inns and Gaming					—				161,252				-				1,848
Total Common Equity/Partnership Interests/Warrants																			120,117				139,097

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

20

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2025

(In thousands, except share data)

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
US Government Securities - 26.9% of Net Assets
U.S. Treasury Bill (5)		10/02/2025		10/31/2025		Short-Term U.S. Government Securities			3.98	%			—				125,000			$	124,809			$	124,788
Total US Government Securities																					124,809				124,788
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies																					853,416				857,415
Investments in Non-Controlled, Affiliated Portfolio Companies - 1.1% of Net Assets (1), (2)
Preferred Equity/Partnership Interests - 1.1% of Net Assets (6)
Cascade Environmental Holdings, LLC		02/19/2025				Environmental Services							—				918				918				1,657
Cascade Environmental Holdings, LLC - Series B		02/19/2025				Environmental Services							—				5,887,236				32,791				3,234
Total Preferred Equity/Partnership Interests																					33,709				4,891
Common Equity/Partnership Interests/Warrants - 0.0% of Net Assets (6)
Cascade Environmental Holdings, LLC		02/19/2015				Environmental Services							—				7,444,347				2,852				—
Total Common Equity/Partnership Interests/Warrants																					2,852				—
Total Investments in Non-Controlled, Affiliated Portfolio Companies																					36,561				4,891
Investments in Controlled, Affiliated Portfolio Companies - 91.6% (1), (2)
First Lien Secured Debt - 14.0% of Net Assets
AKW Holdings Limited (8), (11)		03/07/2018		03/15/2027		Healthcare, Education and Childcare			11.19	%		3M SOFR+700					GBP 40,000				54,714				53,850
Pragmatic Institute, LLC		07/05/2022		03/28/2030		Business Services		PIK 9.50%				3M SOFR+550					15,000				15,000				10,875
Total First Lien Secured Debt																					69,714				64,725
Subordinated Debt - 35.2% of Net Assets
Flock Financial, LLC  (11)		04/19/2024		10/19/2027		Financial Services			12.50	%			—				23,031				23,031				23,031
PennantPark Senior Loan Fund, LLC (11)		07/31/2020		07/31/2027		Financial Services			12.29	%		3M SOFR+800					140,287				140,287				140,287
Total Subordinated Debt																					163,318				163,318
Preferred Equity - 5.7% of Net Assets (6)
Flock Financial Class A (11)		04/19/2024				Financial Services							—				2,047,727				7,313				17,868
Flock Financial Class B (9), (11)		04/19/2024				Financial Services							—				5,409,091				19,318				8,415
Total Preferred Equity																					26,631				26,283
Common Equity - 36.8% of Net Assets (6)
AKW Holdings Limited - Class A (8), (11)		03/07/2018				Healthcare, Education and Childcare							—				950				132				33,742
AKW Holdings Limited - Class B (8), (11)		03/07/2018				Healthcare, Education and Childcare							—				13				124				483
AKW Holdings Limited - Class C (8), (11)		03/07/2018				Healthcare, Education and Childcare							—				13				146				571
JF Intermediate, LLC		08/31/2022				Distribution							—				43,918				4,488				68,332
PennantPark Senior Loan Fund, LLC (11)		07/31/2020				Financial Services							—				82,176,579				82,358				67,513
Pragmatic Institute, LLC		03/28/2025				Business Services							—				480				-				-
Total Common Equity																					87,248				170,641
Total Investments in Controlled, Affiliated Portfolio Companies																					346,911				424,967
Total Investments - 277.5% of Net Assets (12), (14)																					1,236,888				1,287,273
Cash and Cash Equivalents - 11.2% of Net Assets
BlackRock Federal FD Institutional 81 (Money Market Fund)									4.11	%											30,711				30,711
Non-Money Market Cash																					21,028				21,072
Total Cash and Cash Equivalents																					51,739				51,783
Total Investments and Cash Equivalents - 288.6%																				$	1,288,627			$	1,339,056
Liabilities in Excess of Other Assets - (188.6)%																									(875,106	)
Net Assets - 100%																								$	463,950

(1)The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.

(2)The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities (See Note 6).

(3)Valued based on our accounting policy (See Note 2).

(4)Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR”, or Prime rate, or “P, or Sterling Overnight Index Average, or “SONIA.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower’s option. SONIA loans are typically indexed daily for GBP loans with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

(5)The security was valued by using the pricing service which utilize broker-supplied prices.

(6)Non-income producing securities.

(7)Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

(8)Non-U.S. company or principal place of business located in The Isle of Man. Total cost, fair value, and percentage of Net Assets for the Isle of Man was $55.1 million, $88.6 million, and 19.1%.

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

(10)Non-accrual security

(11)The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2025, qualifying assets represent 74% of the Company’s total assets and non-qualifying assets represent 26% of the Company’s total assets.

(12)All investments are in US Companies unless noted otherwise. Total cost, fair value, and percentage of Net Assets for the U.S. Companies were $1,181.8 million, $1,198.6 million, and 258.4%

(13)Partial non-accrual PIK security.

(14)All of our investments are not registered under the 1933 Act and have restrictions on resale.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

21

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2024

(In thousands, except share data)

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

22

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2024

(In thousands, except share data)

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

23

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2024

(In thousands, except share data)

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

24

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2024

(In thousands, except share data)

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

25

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2024

(In thousands, except share data)

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				—				—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

26

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2024

(In thousands, except share data)

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
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	)
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 Holdings, 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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

27

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2024

(In thousands, except share data)

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
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				—
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 Holdings, 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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

28

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2024

(In thousands, except share data)

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
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
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

29

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2024

(In thousands, except share data)

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), (14)																			1,316,872				1,328,050
Cash and Cash Equivalents - 10.1% of Net Assets
BlackRock Federal FD Institutional 81 (Money Market Fund)						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-daySOFR 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. Total cost, fair value, and percentage of Net Assets for the Isle of Man was $58.2 million, $60.8 million, and 12.3%.

(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 US Companies unless noted otherwise. Total cost, fair value, and percentage of Net Assets for the U.S. Companies were $1,258.7 million, $1,281.7 million, and 259.5%

(14)All of our investments are not registered under the 1933 Act and have restrictions on resale.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

30

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 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, listing and 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 the1940 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. PennantPark Investment, through the Administrator, also provided similar services to SBIC II under a separate administration agreement.

On July 31, 2020, we and certain entities and managed accounts of the private credit investment manager of Pantheon Ventures (UK) LLP (“Pantheon”) entered into a limited liability company agreement to co-manage PSLF, a newly-formed unconsolidated joint venture. 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 has been 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 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.

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.

In January 2022, we funded PennantPark-TSO Senior Loan Fund II LP, ("PTSF II"), an unconsolidated limited partnership, organized as a Delaware limited liability 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 September 30, 2025, our capital commitment of $15.0 million is 100% funded and we hold 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 and the Investment Adviser intends to continue to affirm the exclusion on an annual basis, 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, or FASB’s, Accounting Standards Codification, as amended, or 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.

31

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

September 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, 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. See Note 5.

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

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

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

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

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

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

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

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

Security transactions are recorded on a trade-date basis. We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering prepayment penalties. Net change in unrealized appreciation or depreciation reflects, as applicable, the change in the fair values of our portfolio investments and the Truist 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, or 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 are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and amendment 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 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. As of September 30, 2024, we had two portfolio companies on non-accrual representing 4.1% and 2.3% percent of our overall portfolio on a cost and fair value basis, respectively.

(c)Income Taxes

We have complied with the requirements of Subchapter M of the Code and have qualified to be treated as a RIC for federal income tax purposes. In this regard, we account for income taxes using the asset and liability method prescribed by ASC Topic 740, Income Taxes, or ASC 740. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Based upon our qualification and election to be treated as a RIC for U.S. federal income tax purposes, we typically do not incur any 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 years ended September 30, 2025, 2024, and 2023, we recorded a provision for taxes on net investment income of $2.6 million, $2.6 million and $4.3 million, respectively, which pertains to U.S. federal excise tax.

32

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

September 30, 2025

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.

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 years ended September 30, 2025, 2024 and 2023 the Company recognized a provision for taxes of less than $0.1 million, $0.2 million, and $(5.0) million, respectively, on net realized gain on investments by the Taxable Subsidiary. For the years ended September 30, 2025, 2024 and 2023 the Company recognized a provision for taxes of zero, $(0.7) million, and $1.6 million, respectively, on net unrealized gain 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 were realized and unrealized during fiscal year ending September 30, 2025 and (ii) the expected tax benefit resulting from the use of loss carryforwards to offset such gains. For the year ended September 30, 2025, 2024 and 2023 the Company recognized a provision for taxes less than $0.1 million, $(0.5) million, and $(3.4) million, respectively, on net realized and unrealized gains on investments by the Taxable Subsidiary.

During the year ended September 30, 2025, 2024 and 2023 the Company paid $0.2 million, zero, and zero million respectively, in federal taxes on realized gains on the sale of investments held by the Taxable Subsidiary. The state and local tax liability of zero as of September 30, 2025 is included under accrued other expenses in the consolidated statement of assets and liabilities.

Because U.S. 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 year ended September 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 after commissions to the sales agents and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively. 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

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.

33

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

September 30, 2025

(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 SBIC Funds and our Taxable Subsidiary in our Consolidated Financial Statements. We do not consolidate our non-controlling interests in PSLF or PTSF II. See further description of our investment in PSLF in Note 4.

(g) Asset Transfers and Servicing

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

(h) Segment Reporting

In accordance with ASC Topic 280 – Segment Reporting, the Company has determined that it has a single reporting segment and operating unit structure. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets. See Note 14 for additional information on the Company’s segment accounting policies.

(i) Recent Accounting Pronouncements

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

In June 2022, the FASB issued Accounting Standards Update No. 2022-03, or ASU, 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, or ASU 2022-03, which changed the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurements and Disclosures, or 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 of this new accounting standard, the effect was not material to the consolidated financial statements.

In November 2023, the Financial Accounting Standards Board (FASB) issues 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 (the “CODM”) 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 our fiscal years beginning December 15, 2024, and should be applied on a retrospective basis to all periods presented, noting early adoption is permitted. The Company has adopted ASU 2023.07 effective September 30, 2025 and concluded that the application of this guidance did not have a material impact on its consolidated financial statements. See Note 14 for more information on the effects of the adoption of ASU 2023.07.

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

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. SBIC II’s investment management agreement had no effect on the management or incentive fees that we pay to the Investment Adviser on a consolidated basis. 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.

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

September 30, 2025

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 also 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 periods prior to January 1, 2018, the base management fee was calculated at an annual rate of 2.00% of our “average adjusted gross assets.” For the years ended September 30, 2025, 2024, and 2023, the Investment Adviser earned base management fees of $16.2 million, $16.7 million, and $16.5 million, respectively, from us.

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 years ended September 30, 2025, 2024, and 2023, the Investment Adviser earned $9.8 million, $12.7 million, and $13.9 million, respectively, in incentive fees on net investment income from us.

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 the years ended September 30, 2025, 2024, and 2023, the Investment Adviser did not accrue an incentive fee on capital gains as calculated under the Investment Management Agreement (as described above).

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 the years ended September 30, 2025, 2024, and 2023, the Investment Adviser did not accrue an incentive fee on capital gains as calculated under GAAP.

(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. The Administrator had provided similar services to SBIC II under its administration agreement with PennantPark Investment. For providing these services, facilities and personnel, we have agreed to reimburse the Administrator for its 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 Compliance Officer, Chief Financial Officer, Corporate Counsel and their respective staffs. 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 years ended September 30, 2025, 2024, and 2023, we recorded $1.4 million, $1.2 million and $1.3 million, respectively, for 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.

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

September 30, 2025

(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 years ended September 30, 2025, 2024, and 2023.

For the years ended September 30, 2025, 2024, and 2023, we sold $462.8 million, $308.8 million, and $127.8 million in investments to PSLF at fair value, respectively, and recognized $0.9 million, $0.2 million and $(0.2) million of net realized gain (loss), respectively.

For the years ended September 30, 2025, 2024, and 2023, we sold zero in investments to PTSF II at fair value, respectively, and recognized zero of net realized gains, respectively.

As of September 30, 2025, 2024, and 2023 PNNT had a payable to PSLF and PTSF II of less than zero, $0.1 million and $4.1 million, respectively, presented as a due to affiliates on the consolidated statement of assets and liabilities. These amounts are related to cash owed to PSLF and PTSF II from PNNT in connection with trades between the funds.

As of September 30, 2025, 2024, and 2023, PNNT had a receivable from Administrator of 0.2 million, $0.2 million and zero, 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.

4. INVESTMENTS

Purchases of investments, including PIK interest, for the years ended September 30, 2025, 2024, and 2023 totaled $754.3 million, $784.2 million, and $279.9 million, respectively (excluding U.S. Government Securities). Sales and repayments of investments for years ended September 30, 2025, 2024, and 2023 totaled $810.4 million, $555.4 million, and $418.6 million, respectively (excluding U.S. Government Securities).

Investments and cash and cash equivalents consisted of the following ($ in thousands):

		September 30, 2025								September 30, 2024
Investment Classification ($ in thousands)		Cost				Fair Value				Cost				Fair Value
First lien		$	606,949				582,373			$	700,390			$	667,926
U.S. Government Securities			124,809				124,788				99,652				99,632
Second lien			18,619				18,161				68,470				67,180
Subordinated debt / corporate notes			60,575				60,933				65,865				65,804
Subordinated notes in PSLF			140,287				140,287				115,886				115,886
Equity			203,291				293,218				199,173				243,699
Equity in PSLF			82,358				67,513				67,436				67,923
Total investments			1,236,888				1,287,273				1,316,872				1,328,050
Cash and cash equivalents			51,739				51,783				49,833				49,861
Total investments and cash and cash equivalents		$	1,288,627			$	1,339,056			$	1,366,705			$	1,377,911

36

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

September 30, 2025

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets (excluding cash) in such industries as of:

		September 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
Business Services		$	195,614		$	184,452			17	%		40	%		$	205,232		$	184,233			16	%		37	%
Healthcare, Education and Childcare			128,969			168,000			16	%		36	%			124,430			127,574			11	%		26	%
Distribution			57,352			130,850			12	%		28	%			120,378			165,304			14	%		33	%
Short-Term U.S. Government Securities			124,809			124,788			12	%		27	%			99,652			99,632			8	%		20	%
Financial Services			70,403			68,959			6	%		15	%			69,915			71,527			6	%		14	%
Consumer Products			53,746			49,414			5	%		11	%			89,773			89,743			8	%		18	%
Aerospace and Defense			39,513			47,113			4	%		10	%			53,472			54,017			5	%		11	%
Manufacturing/Basic Industry			42,601			43,067			4	%		9	%			12,686			12,713			1	%		3	%
Environmental Services			61,588			31,238			3	%		7	%			51,402			44,290			4	%		9	%
Auto Sector			26,621			27,826			2	%		6	%			39,449			40,752			4	%		8	%
Gaming			22,853			23,151			2	%		5	%			-			-			0	%		0	%
Consumer Services			19,067			19,319			2	%		4	%			8,700			8,449			1	%		2	%
Personal, Food and Miscellaneous Services			16,207			18,769			2	%		4	%			17,203			18,850			2	%		4	%
Media			17,477			17,434			2	%		4	%			31,964			32,130			3	%		7	%
Diversified Conglomerate Service			17,268			16,416			1	%		4	%			10,091			9,834			1	%		2	%
Telecommunications			22,305			13,695			1	%		3	%			35,986			34,045			3	%		7	%
Buildings and Real Estate			12,546			12,495			1	%		3	%			12,515			12,442			1	%		3	%
Chemicals, Plastics and Rubber			15,237			12,240			1	%		3	%			32,255			31,598			3	%		6	%
Event Services			11,823			12,073			1	%		3	%			-			-			0	%		0	%
Home and Office Furnishings, Housewares and Durable Consumer Products			9,258			9,723			1	%		2	%			9,663			9,663			1	%		2	%
Electronics			2,507			5,485			1	%		1	%			14,887			19,633			2	%		4	%
Consulting Services			5,970			5,966			1	%		1	%			-			-			0	%		0	%
All Other			40,509			37,000			3	%		8	%			93,898			77,812			7	%		16	%
Total		$	1,014,243		$	1,079,473			100	%		234	%		$	1,133,551		$	1,144,241			100	%		232	%

(1)Excludes investments in PSLF.

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

September 30, 2025

PennantPark Senior Loan Fund, LLC

In July 2020, we and Pantheon formed PSLF, an unconsolidated joint venture. PSLF invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSLF was formed as a Delaware limited liability company. As of September 30, 2025 and 2024 PSLF had total assets of $1,315.4 million and $1,073.4 million, respectively. PSLF’s portfolio consisted of debt investments in 109 and 102 portfolio companies as of September 30, 2025 and 2024, respectively. As of September 30, 2025, we and Pantheon had remaining commitments to fund first lien secured debt of $8.2 million and $11.7 million, respectively, and equity interests of $5.0 million and $7.1 million, respectively, in PSLF. As of September 30, 2024, we and Pantheon had remaining commitments to fund first lien secured debt of $32.6 million and $46.5 million, respectively, and equity interest of $19.9 million and $28.5 million respectively. As of September 30, 2025, at fair value, the largest investment in a single portfolio company in PSLF was $24.8 million and the five largest investments totaled $121.4 million. 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 September 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 interests of PSLF. As of September 30, 2025, our investment in PSLF consisted of subordinated notes of $140.3 million and $115.9 million, respectively, and equity interests of $82.4 million and $67.4 million, respectively. In October 2024, the Company made a capital contribution of approximately $26.3 million of assets at their most recent fair market value as of the date of the transaction.

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 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 shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the Member Designees’ Committee shall constitute a quorum, provided that two individuals are present that were elected, designated or appointed by each of us and Pantheon.

Additionally, PSLF, through its wholly-owned subsidiary, or PSLF Subsidiary, has entered into a $400.0 million (increased from $325.0 million in August 2024) senior secured revolving credit facility, or the PSLF 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 September 30, 2025 and 2024, there was $246.0 million of external 2034 Asset-Backed Debt.

On July 26, 2023, 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%, (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 September 30, 2025 and 2024 there was $246.0 million of external 2035 Asset-Backed Debt. On July 21, 2025, CLO VII closed a partial refinancing of the 2035 Debt Securitization where the $21.0 million Class B (B-R) Senior Secured Floating Rate Notes interest rate was decreased to SOFR plus 2.0%, the $24.0 million Class C (C-R) Secured Deferrable Floating Rate Notes interest rate was decreased to SOFR plus 2.3% and the $18.0 million Class D (D-R) Secured Deferrable Floating Rate Notes interest rate was decreased to SOFR plus 3.4%.

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 due2037, 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 September 30, 2025, there was $328.0 million of external 2037 Asset-Backed Debt.

On August 28, 2024, PSLF and Pantheon 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 “Member”) to request to redeem its interests in PSLF (in minimum tranches of 25% of the interests then-owned by such Member) at any time. Under the Amendment, PSLF is required to use commercially reasonable efforts to redeem any such 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%. It is contemplated that any such redemption would be funded by either principal proceeds from repayments of investments in underlying portfolio companies of PSLF or the proceeds of any new Member’s investment into PSLF.

38

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

September 30, 2025

Below is a summary of PSLF’s portfolio at fair value ($ in thousands):

($ in thousands)		September 30, 2025				September 30, 2024
Total investments		$	1,265,901			$	1,031,225
Weighted average cost yield on income producing investments			10.1	%			11.3	%
Number of portfolio companies in PSLF			109				102
Largest portfolio company investment at fair value		$	24,802			$	25,073
Total of five largest portfolio company investments at fair value		$	121,360			$	109,927

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

Issuer Name		Acquisition		Maturity			Industry		Current  Coupon			Basis Point Spread Above Index (1)			Par				Cost				Fair Value (2)
First Lien Secured Debt - 1,035.8% of Net Assets
ACP Avenu Buyer, LLC		04/23/24		10/02/29			Business Services		9.04%			SOFR+475				7,590			$	7,474			$	7,514
Acp Falcon Buyer, Inc.		10/06/23		08/01/29			Business Services		9.79%			SOFR+550				15,196				14,963				15,348
AFC-Dell Holding Corp.		02/23/24		04/09/27			Distribution		9.83%			SOFR+550				16,181				16,072				16,100
Ad.Net Acquisition, LLC		03/02/22		05/07/26			Media		10.26%			SOFR+626				4,788				4,788				4,788
Aechelon Technology, Inc.		12/23/24		08/16/29			Aerospace and Defense		9.91%			SOFR+575				4,800				4,718				4,800
Alpine Acquisition Corp II (4), (7)		10/12/22		11/30/26			Containers, Packaging and Glass									15,185				15,056				7,896
Amsive Holdings Corporation		03/02/22		12/10/26			Media		10.35%			SOFR+635				13,805				13,745				13,667
Anteriad, LLC (f/k/a MeritDirect, LLC)		03/02/22		06/30/26			Media		9.90%			SOFR+590				13,837				13,803				13,837
Arcfield Acquisition Corp.		07/26/22		10/28/31			Aerospace and Defense		9.31%			SOFR+500				14,888				14,867				14,813
Archer Lewis, LLC		12/20/24		08/28/29			Healthcare, Education and Childcare		9.75%			SOFR+575				15,581				15,426				15,581
Argano, LLC		12/16/24		09/13/29			Business Services		9.89%			SOFR+575				14,850				14,730				14,628
BLC Holding Company, INC.		02/24/25		11/20/30			Environmental Services		8.50%			SOFR+450				12,013				11,942				12,013
Beacon Behavioral Support Services, LLC		09/16/24		06/21/29			Healthcare, Education and Childcare		9.50%			SOFR+550				24,607				24,305				24,607
Best Practice Associates, LLC		01/21/25		11/08/29			Aerospace and Defense		10.91%			SOFR+675				19,850				19,606				19,701
Beta Plus Technologies, Inc.		08/11/22		07/02/29			Business Services		9.75%			SOFR+575				14,550				14,375				14,405
Big Top Holdings, LLC		06/26/24		02/28/30			Manufacturing / Basic Industries		9.25%			SOFR+525				6,626				6,531				6,626
Bioderm, Inc.		06/26/24		01/31/28			Healthcare, Education and Childcare		10.77%			SOFR+650				8,798				8,726				8,688
Blackhawk Industrial Distribution, Inc.		07/24/23		09/17/26			Distribution		9.40%			SOFR+540				25,244				25,052				24,802
Boss Industries, LLC		07/21/25		12/27/30			Conglomerate Manufacturing		9.00%			SOFR+500				5,955				5,916				5,955
Burgess Point Purchaser Corporation		10/03/22		07/25/29			Auto Sector		9.51%			SOFR+535				6,186				5,926				5,348
C5MI Acquisition, LLC		10/09/24		07/31/29			Business Services		10.00%			SOFR+600				7,425				7,334				7,425
CF512, Inc.		12/29/21		08/20/26			Media		10.36%			SOFR+619				9,042				8,983				8,952
Carisk Buyer, Inc.		02/09/24		12/01/29			Healthcare, Education and Childcare		9.00%			SOFR+500				11,370				11,276				11,370
Carnegie Dartlet, LLC		06/26/24		02/07/30			Education		9.66%			SOFR+550				22,655				22,360				22,428
Cartessa Aesthetics, LLC		09/09/22		06/14/28			Distribution		10.00%			SOFR+600				21,880				21,708				21,880
Case Works, LLC		11/26/24		10/01/29			Business Services		9.25%			SOFR+525				10,436				10,366				9,966
Commercial Fire Protection Holdings, LLC		12/16/24		09/23/30			Business Services		8.50%			SOFR+450				20,831				20,730				20,831
Compex Legal Services, Inc.		12/23/24		02/09/26			Business Services		9.55%			SOFR+555				931				931				931
Confluent Health, LLC		12/23/24		11/30/28			Healthcare, Education and Childcare		11.66%			SOFR+750				1,950				1,950				1,940
CJX Borrower, LLC		08/12/22		07/13/27			Media		10.08%			SOFR+576				8,624				8,614				8,624
Crane 1 Services, Inc.		07/24/23		08/16/27			Personal, Food and Miscellaneous Services		10.03%			SOFR+586				5,271				5,243				5,232
DRI Holding Inc.		08/04/22		12/21/28			Media		9.51%			SOFR+535				5,770				5,442				5,655
DRS Holdings III, Inc.		03/02/22		11/03/25			Consumer Products		9.41%			SOFR+525				4,478				4,478				4,523
Duggal Acquisition, LLC		12/23/24		09/30/30			Marketing Services		8.75%			SOFR+475				4,950				4,910				4,950
Dynata, LLC - First Out Term Loan		07/15/24		07/17/28			Business Services		9.46%			SOFR+526				1,572				1,486				1,565
Dynata, LLC - Last Out Term Loan		07/15/24		10/16/28			Business Services		9.96%			SOFR+576				9,670				9,670				7,873
EDS Buyer, LLC		07/24/23		01/10/29			Aerospace and Defense		8.75%			SOFR+475				23,169				22,915				23,227
ETE Intermediate II, LLC		07/24/23		05/29/29			Personal, Food and Miscellaneous Services		9.16%			SOFR+500				12,124				11,963				12,124
Emergency Care Partners, LLC		12/23/24		10/18/27			Healthcare, Education and Childcare		9.00%			SOFR+500				6,930				6,895				6,930
EvAL Home Care Solutions Intermediate, LLC		07/23/24		05/10/30			Healthcare, Education and Childcare		9.91%			SOFR+575				7,040				6,955				7,040
Exigo Intermediate II, LLC		07/24/23		03/15/27			Business Services		10.51%			SOFR+635				9,551				9,491				9,551
Five Star Buyer, Inc.		07/24/23		02/23/28			Hotels, Motels, Inns and Gaming		13.35%			SOFR+915				4,140				4,096				4,057
GGG Midco, LLC		12/16/24		09/27/30			Home and Office Furnishings, Housewares and Durable Consumer Products		9.00%			SOFR+500				12,485				12,377				12,485
Global Holdings InterCo, LLC		03/02/22		03/16/26			Banking, Finance, Insurance & Real Estate		9.74%			SOFR+560				6,593				6,589				6,593
Graffiti Buyer, Inc.		03/02/22		08/10/27			Distribution		9.80%			SOFR+560				3,959				3,928				3,880
HEC Purchaser Corp.		09/16/24		06/17/29			Healthcare, Education and Childcare		8.87%			SOFR+500				7,798				7,723				7,798
HV Watterson Holdings, LLC (4)		09/09/22		12/17/26			Business Services		8.00%							15,570				15,496				8,548
HW Holdco, LLC		03/02/22		05/10/26			Media		9.90%			SOFR+590				23,593				23,537				23,593
Hancock Roofing And Construction, LLC		03/02/22		12/31/26			Insurance		9.60%			SOFR+550				6,029				6,029				5,968
Harris & Co, LLC		12/20/24		08/09/30			Financial Services		9.16%			SOFR+500				19,182				18,995				19,015
Hills Distribution, Inc.		02/13/24		11/08/29			Distribution		10.32%			SOFR+600				14,148				13,992				14,148
IG Investments Holdings, LLC		03/02/22		09/22/28			Business Services		9.31%			SOFR+500				4,350				4,305				4,328

39

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

September 30, 2025

Issuer Name		Acquisition		Maturity			Industry		Current  Coupon			Basis Point Spread Above Index (1)			Par				Cost				Fair Value (2)
Imagine Acquisitionco, Inc.		07/24/23		11/15/27			Business Services		9.29%			SOFR+510				5,452				5,402				5,452
Infinity Home Services Holdco, Inc.		02/07/23		12/28/28			Personal, Food and Miscellaneous Services		10.16%			SOFR+600				13,749				13,622				13,749
Infolinks Media Buyco, LLC		07/24/23		11/01/26			Media		9.50%			SOFR+550				13,046				13,007				12,981
Inovex Information Systems Incorporated		03/04/25		12/17/30			Business Services		9.25%			SOFR+525				5,955				5,918				5,955
Inventus Power, Inc.		10/10/23		01/15/26			Consumer Products		11.78%			SOFR+761				12,968				12,934				12,968
Kinetic Purchaser, LLC		07/24/23		11/10/27			Consumer Products		10.15%			SOFR+615				13,701				13,590				11,646
LAV Gear Holdings, Inc. - Takeback TL		07/31/25		07/31/29			Leisure, Amusement, Motion Pictures, Entertainment		10.10%			SOFR+594				2,295				2,295				2,295
LAV Gear Holdings, Inc. - Priority TL		07/31/25		07/31/29			Leisure, Amusement, Motion Pictures, Entertainment		10.10%			SOFR+594				729				720				898
Lash OpCo, LLC		03/02/22		02/18/27			Consumer Products		12.16%			SOFR+785				21,525				21,466				20,987
Lightspeed Buyer, Inc.		03/02/22		02/03/27			Healthcare, Education and Childcare		8.75%			SOFR+475				20,115				20,017				20,115
LJ Avalon Holdings, LLC		07/24/23		02/01/30			Environmental Services		8.77%			SOFR+450				7,636				7,550				7,636
MAG DS Corp.		03/02/22		04/01/27			Aerospace and Defense		9.60%			SOFR+560				8,175				7,939				8,142
MDI Buyer, Inc.		12/20/24		07/25/28			Chemicals, Plastics and Rubber		8.95%			SOFR+475				19,728				19,568				19,728
Marketplace Events Acquisition, LLC		03/04/25		12/19/30			Media		9.12%			SOFR+525				19,900				19,727				19,900
MBS Holdings, Inc.		03/02/22		04/16/27			Telecommunications		9.30%			SOFR+510				8,244				8,197				8,244
Meadowlark Acquirer, LLC		04/01/22		12/10/27			Business Services		9.65%			SOFR+565				2,893				2,865				2,893
Medina Health, LLC		01/18/24		10/20/28			Healthcare, Education and Childcare		10.25%			SOFR+625				19,423				19,311				19,520
Megawatt Acquisitionco, Inc.		07/17/24		03/01/30			Business Services		9.25%			SOFR+525				7,880				7,788				7,502
MOREgroup Holdings, Inc.		08/29/24		01/16/30			Business Services		9.25%			SOFR+525				19,700				19,472				19,700
Municipal Emergency Services, Inc.		03/02/22		10/01/27			Distribution		9.15%			SOFR+515				9,575				9,512				9,575
NBH Group, LLC		03/02/22		08/19/26			Healthcare, Education and Childcare		10.12%			SOFR+585				7,180				7,159				7,180
NORA Acquisition, LLC		11/21/23		08/31/29			Healthcare, Education and Childcare		10.35%			SOFR+635				20,090				19,860				19,939
OSP Embedded Purchaser, LLC		01/17/25		12/17/29			Aerospace and Defense		9.76%			SOFR+575				18,926				18,793				18,661
Omnia Exterior Solutions, LLC		07/25/24		12/29/29			Diversified Conglomerate Service		9.26%			SOFR+525				17,982				17,766				17,622
One Stop Mailing, LLC		06/07/23		05/07/27			Transportation		10.53%			SOFR+636				8,274				8,199				8,274
PCS Midco, Inc.		08/29/24		03/01/30			Financial Services		9.75%			SOFR+575				5,753				5,688				5,753
Pink Lily Holdco, LLC (5)		04/01/22		11/09/27			Retail		4.27%							8,761				8,699				3,504
Pacific Purchaser, LLC		03/21/24		10/02/28			Business Services		10.42%			SOFR+625				12,773				12,602				12,721
PAR Excellence Holdings, Inc.		11/26/24		09/03/30			Healthcare, Education and Childcare		9.17%			SOFR+500				9,925				9,842				9,751
Project Granite Buyer, Inc.		07/21/25		12/31/30			Business Services		9.75%			SOFR+575				5,955				5,903				6,015
RRA Corporate, LLC		12/23/24		08/15/29			Business Services		9.25%			SOFR+525				3,960				3,930				3,936
RTIC Subsidiary Holdings, LLC		07/23/24		05/03/29			Consumer Products		9.75%			SOFR+575				24,700				24,365				24,453
Radius Aerospace, Inc.		11/06/19		03/29/27			Aerospace and Defense		10.45%			SOFR+615				11,780				11,714				11,515
Rancho Health MSO, Inc.		03/02/22		06/20/29			Healthcare, Education and Childcare		9.29%			SOFR+500				22,704				22,631				22,704
Recteq, LLC		06/26/24		01/29/26			Consumer Products		10.40%			SOFR+640				9,550				9,537				9,526
Riverpoint Medical, LLC		03/02/22		06/21/27			Healthcare, Education and Childcare		8.75%			SOFR+475				3,891				3,861				3,891
Ro Health, LLC		04/03/25		01/17/31			Healthcare Providers & Services		8.50%			SOFR+450				9,308				9,249				9,308
Rural Sourcing Holdings, Inc.		07/24/23		06/16/29			Professional Services		9.92%			SOFR+575				5,435				5,367				4,891
Sabel Systems Technology Solutions, LLC		01/07/25		10/31/30			Business Services		9.91%			SOFR+575				11,910				11,813				11,910
Sales Benchmark Index, LLC		03/02/22		07/07/26			Business Services		10.20%			SOFR+620				6,617				6,597				6,617
Seacoast Service Partners NA, LLC		07/21/25		12/20/29			Diversified Conglomerate Service		9.00%			SOFR+500				4,963				4,926				4,759
Seaway Buyer, LLC		09/14/22		06/13/29			Chemicals, Plastics and Rubber		10.15%			SOFR+615				14,550				14,394				13,568
Sigma Defense Systems, LLC		12/01/23		12/20/27			Telecommunications		10.31%			SOFR+615				23,904				23,741				23,904
SpendMend Holdings, LLC		07/24/23		03/01/28			Business Services		9.15%			SOFR+515				9,412				9,261				9,412
STG Distribution, LLC - First Out New Money Term Loans		10/03/24		10/03/29			Transportation		12.57%			SOFR+835				1,986				1,895				1,768
STG Distribution, LLC - Second Out Term Loans (5)		10/03/24		10/03/29			Transportation		5.32%							4,566				2,594				365
SV-Aero Holdings, LLC		10/31/24		11/01/30			Aerospace and Defense		9.00%			SOFR+500				14,719				14,656				14,719
Systems Planning And Analysis, Inc.		03/02/22		08/16/27			Aerospace and Defense		8.92%			SOFR+475				16,919				16,816				16,784
TCG 3.0 Jogger Acquisitionco, Inc.		02/27/24		01/23/29			Media		10.52%			SOFR+650				9,850				9,732				9,801
TMII Enterprises, LLC		07/24/23		12/22/28			Personal, Food and Miscellaneous Services		8.66%			SOFR+450				19,878				19,692				19,878
TPC US Parent, LLC		03/02/22		11/24/25			Food		10.19%			SOFR+590				11,275				11,269				11,185
Team Services Group, LLC		07/24/23		12/20/27			Healthcare, Education and Childcare		9.56%			SOFR+525				9,588				9,434				9,548
The Bluebird Group, LLC		03/02/22		07/28/26			Business Services		9.90%			SOFR+590				16,348				16,306				16,348
The Vertex Companies, LLC		03/02/22		08/31/28			Business Services		8.93%			SOFR+475				14,480				14,393				14,408
Transgo, LLC		06/07/24		12/29/28			Auto Sector		9.91%			SOFR+575				16,363				16,215				16,486
Tyto Athene, LLC		03/02/22		04/01/28			Aerospace and Defense		9.19%			SOFR+490				11,342				11,271				11,058
Urology Management Holdings, Inc.		07/24/23		06/15/27			Healthcare, Education and Childcare		9.66%			SOFR+550				12,380				12,333				12,380
US Fertility Enterprises, LLC		09/03/25		10/11/31			Healthcare, Education and Childcare		8.67%			SOFR+450				4,975				4,931				4,975
Watchtower Buyer, LLC		09/19/24		12/01/29			Consumer Products		10.00%			SOFR+600				23,114				22,912				22,885
Wash & Wax Systems, LLC		04/30/25		04/30/28			Business Services		9.81%			SOFR+550				6,577				6,686				6,708
Total First Lien Secured Debt																				1,276,720				1,253,543
Subordinated Debt - 3.7% of Net Assets

40

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

September 30, 2025

Issuer Name		Acquisition		Maturity				Industry		Current  Coupon				Basis Point Spread Above Index (1)				Par				Cost				Fair Value (2)
Wash & Wax Systems, LLC - Subordinate Debt		04/30/25		07/30/28				Business Services		12.00%									4,422				4,422				4,422
Total Subordinated Debt																			4,422				4,422				4,422
Equity Securities - 6.6% of Net Assets
New Insight Holdings, Inc. - Common Equity		07/15/24			—			Business Services			—				—				134,330				2,351				2,014
48Forty Intermediate Holdings, Inc. - Common Equity		11/05/24			—			Containers, Packaging and Glass			—				—				1,988				—				—
Wash & Wax Group, LP - Common Equity		04/30/25			—			Business Services			—				—				2,803				5,002				5,165
White Tiger Newco, LLC - Common Equity		07/31/25			—			Business Services			—				—				10,805				824				757
Total Equity Securities																							8,177				7,936
Total Investments - 1,046.0% of Net Assets(3)(6)																							1,289,319				1,265,901
Cash and Cash Equivalents - 33.9%
JPMorgan U.S. Government (Money Market Fund)										4.09%													7,972				7,972
Goldman Sachs Financial Square Government Fund (Money Market Fund)										4.18%													6,946				6,946
BlackRock Federal FD Institutional 81 (Money Market Fund)										4.19%													1,920				1,920
Non-Money Market Cash																							24,147				24,147
Total Cash and Cash Equivalents																							40,985				40,985
Total Investments and Cash Equivalents - 1,079.8% of Net Assets																						$	1,330,304			$	1,306,886
Liabilities in Excess of Other Assets — (979.8)% of Net Assets																											(1,185,860	)
Members' Equity—100.0%																										$	121,026

(1)Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or "SOFR" or Prime rate or “P”. 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 a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

(2)Valued based on PSLF’s accounting policy.

(3)As of September 30, 2025, all investments are in US Companies. Total cost, fair value, and percentage of Net Assets for U.S. Companies were $1,289.3 million, $1,265.9 million and 1,046.0%

(4)Non-accrual security

(5)Partial non-accrual PIK Security.

(6)All of our investments are not registered under the 1933 Act and have restrictions on resale.

(7)The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2034 Asset-Backed Debt and held through PennantPark CLO IV, LLC, or,3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO VII, LLC, or 4) securing the 2037 Asset-Backed Debt and held through PennantPark CLO X, LLC

41

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

September 30, 2025

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

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Filing: 10-K/A - PENNANTPARK INVESTMENT CORP (PNNT)
Accession Number: 0001193125-26-021227

Issuer Name		Maturity			Industry		Current  Coupon				Basis Point Spread Above Index (1)			Par				Cost				Fair Value (2)
First Lien Secured Debt - 916.4%of Net Assets
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

FAQ

What does the PNNT 10-K/A portfolio schedule show?

It lists detailed investments in non-controlled, non-affiliated and affiliated portfolio companies, including first lien secured loans, subordinated notes, and equity interests across many issuers.

What types of securities does PNNT hold in this portfolio?

Holdings include first lien secured debt, unfunded and funded revolvers, term loans, subordinate debt/corporate notes, and common and preferred equity or partnership interests in multiple private companies.

Which industries are represented in PNNTs investments?

The schedule covers companies in business services, healthcare, education and childcare, consumer products, aerospace and defense, distribution, media, auto sector, gaming, environmental services, and other sectors.

What interest rate structure is used for many PNNT loans?

Many loans reference SOFR-based floating rates such as 3M SOFR or 1M SOFR, plus a basis point spread, often with relatively high current coupons that reflect credit risk.

Does PNNT also invest in affiliated entities?

Yes. The schedule includes controlled, affiliated portfolio companies such as AKW Holdings Limited and PennantPark Senior Loan Fund, LLC, with related debt and equity positions disclosed.

What are PIK interest features mentioned in the schedule?

Some loans show PIK (payment-in-kind) interest, where part or all of the coupon, such as 5.10% or higher, is paid by increasing the loan balance instead of cash, indicating higher-risk, higher-yield structures.