High-yield loan and equity mix at PennantPark (PNNT) spans many sectors

Rhea-AI Filing Summary

PennantPark Investment Corporation provides a highly detailed look at its investment portfolio, focusing on non-controlled, non-affiliated and controlled, affiliated companies. The schedule lists numerous first lien secured debt positions, including funded and unfunded term loans and revolvers, with current coupons often in the high single to low double digits and spreads such as 3M SOFR plus stated basis points.

The portfolio spans many industries, including business services, healthcare, consumer products, media, aerospace and defense, distribution, real estate, auto, gaming, and environmental services. In addition to senior loans, PennantPark holds second lien debt, subordinated/corporate notes (including PIK structures), preferred equity, and common equity/partnership interests and warrants in a wide range of sponsors and operating companies.

The schedule also notes related-party exposure through PennantPark Senior Loan Fund and shows a large position in a JPMorgan U.S. Government Money Market Fund classified as cash and cash equivalents at 44.8%, highlighting a mix of income-producing loans and liquid short-term holdings.

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Acquisition 05/04/2021 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services Current Coupon 8.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Funded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC - Class A-2 Acquisition 05/24/2023 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Northwinds Topco, Inc. 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(CAD) Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414pnnt:InvestmentsAndCashEquivalentsMember2025-09-300001383414pnnt:FinancialServicesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NP Riverhead Industrial, LLC Acquisition 05/24/2024 Maturity 01/31/2026 Industry Buildings and Real Estate Current Coupon 15.50%2025-12-310001383414First Lien First Lien Secured Debt Issuer Name MDI Buyer, Inc. Acquisition 12/20/24 Maturity 07/25/28 Industry Chemicals, Plastics and Rubber Current Coupon 8.95% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 12/10/25 Maturity 12/17/29 Industry Building Products Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-12-310001383414First Lien First Lien Secured Debt Issuer Name Ro Health, LLC Acquisition 04/03/25 Maturity 01/17/31 Industry Healthcare Providers & Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare Current Coupon 12.00%2025-09-300001383414Flock Financial, LLC2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Term Loan Acquisition 12/19/2024 Maturity 06/19/2026 Industry Media2025-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:DebtInvestmentsMember2025-12-310001383414First Lien Secured Debt Issuer Name MOREgroup Holdings, Inc. Acquisition 08/29/24 Maturity 01/16/30 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 01/18/2023 Maturity 02/01/2030 Industry Environmental Services Current Coupon 8.29% Basis Point Spread Above Index 3M SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Marketplace Events Holdings, LP Acquisition 12/19/2024 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Revolver Acquisition 06/21/2024 Maturity 06/21/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC - Unfunded Revolver Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services2025-12-310001383414Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Acquisition 07/15/24 Industry Business Services2025-10-012025-12-310001383414pnnt:USGovernmentSecuritiesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Funded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414pnnt:SOFRMemberpnnt:ClassA-2WMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414us-gaap:FairValueInputsLevel2Memberpnnt:USGovernmentSecuritiesMember2025-12-310001383414First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 07/24/23 Maturity 02/23/28 Industry Hotels, Motels, Inns and Gaming Current Coupon 13.35% Basis Point Spread Above Index SOFR+9152024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2024-10-012025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMemberpnnt:USGovernmentSecuritiesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Duggal Acquisition, LLC Acquisition 09/30/2024 Industry Marketing Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 06/08/2022 Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Holdings, LLC Acquisition 12/06/2023 Industry Aerospace and Defense2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 08/11/22 Maturity 07/02/29 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name StellPen Holdings, LLC Acquisition 08/17/2021 Industry Media2025-12-310001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Acquisition 08/04/22 Maturity 12/21/28 Industry Media Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. - Unfunded Revolver Acquisition 09/03/2024 Maturity 09/03/2030 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name TPC US Parent, LLC Acquisition 03/02/22 Maturity 11/24/25 Industry Food Current Coupon 9.89% Basis Point Spread Above Index SOFR+5902025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Revolver Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 03/02/22 Maturity 08/10/27 Industry Distribution Current Coupon 9.80% Basis Point Spread Above Index SOFR+5602025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo II, LP Acquisition 12/23/2021 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCP Boss Holdco, LLC Acquisition 12/27/2024 Industry Conglomerate Manufacturing2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Term Loan Acquisition 07/17/2025 Maturity 07/16/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Medina Health, LLC - Unfunded Revolver Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-12-310001383414First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 02/27/24 Maturity 01/23/29 Industry Media Current Coupon 10.17% Basis Point Spread Above Index SOFR+6502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Project Granite Holdings, LLC Acquisition 12/31/2024 Industry Business Services2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Acquisition 09/19/24 Maturity 12/01/29 Industry Consumer Products Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Acquisition 10/31/24 Maturity 11/01/30 Industry Aerospace and Defense Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001383414First Lien First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 07/25/24 Maturity 12/29/29 Industry Diversified Conglomerate Service Current Coupon 9.26% Basis Point Spread Above Index SOFR+5252025-09-300001383414First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 09/16/24 Maturity 06/17/29 Industry Healthcare, Education and Childcare Current Coupon 8.87% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414pnnt:SeniorSecuritiesMember2025-10-012025-12-310001383414pnnt:EnvironmentalServicesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name UniVista Insurance Acquisition 06/14/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Revolver Acquisition 01/18/2023 Maturity 02/01/2029 Industry Environmental Services2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AKW Holdings Limited Acquisition 03/07/2018 Maturity 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 11.05% Basis Point Spread Above Index 3M SOFR+7002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Funded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414us-gaap:CashMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Paving Parent, LLC Acquisition 07/01/2025 Industry Business Services2024-10-012025-09-300001383414Related Party PSLF Cash and Cash Equivalents - 44.8% Issuer Name JPMorgan U.S. Government Money Market Fund2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Term Loan Acquisition 08/28/2024 Maturity 08/28/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. - Unfunded Revolver Acquisition 11/01/2019 Maturity 11/03/2025 Industry Consumer Products2024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Revolver Acquisition 12/31/2024 Maturity 12/31/2030 Industry Business Services2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC Acquisition 03/02/22 Maturity 07/07/26 Industry Business Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+6202025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 07/25/24 Maturity 12/29/29 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 01/17/25 Maturity 12/17/29 Industry Aerospace and Defense Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:TruistCreditFacilityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP Acquisition 12/13/2021 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare Current Coupon 9.43% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414pnnt:TotalSubordinatedDebtMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC Acquisition 2/25/2022 Maturity 3/1/2028 Industry Business Services Current Coupon 8.82% Basis Point Spread Above Index 3M SOFR+5152025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name OSP Embedded Aggregator, LP - Convertible Note Acquisition 11/06/2024 Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2025-12-310001383414pnnt:ClassCMemberpnnt:PennantParkCloViiMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414First Lien Secured Debt Issuer Name PN Buyer, Inc. Acquisition 10/09/25 Maturity 07/31/31 Industry Financial Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ENC Parent Corporation Acquisition 07/11/2024 Maturity 08/20/2029 Industry Business Services Current Coupon 8.51% Basis Point Spread Above Index 3M SOFR+4512025-09-300001383414First Lien Secured Debt Issuer Name North American Rail Solutions Acquisition 12/25/25 Maturity 08/29/31 Industry Road and Rail Current Coupon 8.42%2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Acquisition 10/12/22 Maturity 11/30/26 Industry Containers, Packaging and Glass Current2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel1Member2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Imagine Topco, LP Preferred Acquisition 11/04/2021 Industry Business Services Current Coupon 8.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Term Loan Acquisition 08/29/2025 Maturity 08/29/2027 Industry Manufacturing/Basic Industry2025-09-300001383414First Lien First Lien Secured Debt Issuer Name MOREgroup Holdings, Inc. Acquisition 08/29/24 Maturity 01/16/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Crane 1 Acquisition Parent Holdings, LP Acquisition 08/11/2021 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414PennantPark Senior Loan Fund, LLC2025-10-012025-12-310001383414pnnt:CommonEquityPartnershipInterestsWarrantsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OceanSound Discovery Equity, LP Acquisition 03/28/2024 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Revolver Acquisition 01/09/2024 Maturity 01/16/2030 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Revolver Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OES Co-Invest, LP - Class A Acquisition 05/31/2024 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:TruistCreditFacilityMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Unfunded Revolver Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan Acquisition 05/25/2023 Maturity 07/12/2026 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Rosco Topco, LLC Acquisition 09/09/2025 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Safe Haven Defense MidCo, LLC Acquisition 05/23/2024 Industry Building Materials2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC - Unfunded Term Loan Acquisition 10/31/2024 Maturity 11/02/2026 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 6/8/2022 Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCP Boss Holdco, LLC Acquisition 12/27/2024 Industry Conglomerate Manufacturing2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Buyer, LLC. - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronics2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NORA Parent Holdings, LLC Acquisition 08/22/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. - Unfunded Revolver Acquisition 07/26/2023 Maturity 08/01/2029 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 03/02/22 Maturity 11/03/25 Industry Consumer Products Current Coupon 8.97% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name Pragmatic Institute, LLC Acquisition 03/28/2025 Industry Business Services2025-12-310001383414pnnt:TwoThousandAndTwentySixNotesTwoMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (F-2 Series) Acquisition 12/07/2023 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Funded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Revolver Acquisition 09/30/2024 Maturity 09/30/2030 Industry Marketing Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC - Unfunded Revolver Acquisition 09/09/2025 Maturity 09/12/2031 Industry Business Services2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMembersrt:MaximumMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Term Loan Acquisition 8/15/2024 Maturity 8/17/2026 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC Acquisition 05/31/2024 Maturity 05/30/2027 Industry Printing and Publishing Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+7002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Unfunded Revolver Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 07/24/23 Maturity 09/17/26 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index SOFR+5402024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 02/07/2024 Maturity 02/07/2030 Industry Education Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NFS - CFP Holdings, LLC Acquisition 09/13/2024 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Quad (U.S.) Co-Invest, LP Acquisition 10/03/2022 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Rosco Topco, LLC Acquisition 09/09/2025 Industry Business Services2024-10-012025-09-300001383414us-gaap:InvestmentsMember2025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Route 66 Development Acquisition 01/28/2025 Maturity 01/24/2031 Industry Gaming Current Coupon 13.16.% Basis Point Spread Above Index 3M SOFR+9002024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Term Loan Acquisition 7/1/2025 Maturity 7/1/2027 Industry Business Services2025-10-012025-12-310001383414us-gaap:SubordinatedDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 07/24/23 Maturity 03/15/27 Industry Business Services Current Coupon 10.51% Basis Point Spread Above Index SOFR+6352025-09-300001383414First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 09/09/22 Maturity 06/14/28 Industry Distribution Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Revolver Acquisition 2/7/2024 Maturity 02/07/2030 Industry Education2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SSC Dominion Holdings, LLC Acquisition 07/11/2018 Industry Electronics2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ironclad Holdco, LLC (Applied Technical Services, LLC) Acquisition 12/23/2020 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - FOTL Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 10.10% Basis Point Spread Above Index 3M SOFR+5952025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies US Government Securities Issuer Name U.S. Treasury Bill Acquisition 10/02/2025 Maturity 10/31/2025 Industry Short-Term U.S. Government Securities Current Coupon 3.98%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge APHIX Blocker, LLC Acquisition 07/16/2025 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name ENC Parent Corporation Acquisition 08/06/2021 Maturity 08/19/2029 Industry Business Services Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+7762024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Acquisition 07/15/24 Maturity 07/17/28 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+5262025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Funded Revolver Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Term Loan Acquisition 8/28/2024 Maturity 08/28/2026 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Revolver Acquisition 12/12/2023 Maturity 04/09/2028 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SBI Holdings Investments, LLC Acquisition 12/23/2019 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Unfunded Revolver Acquisition 8/25/2021 Maturity 8/31/2028 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+6352025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Co-Invest, LLC Acquisition 10/29/2024 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service2025-09-300001383414pnnt:PantheonMemberpnnt:EquityInterestsInPSLFMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment Acquisition 6/21/2024 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. - Unfunded Revolver Acquisition 11/04/2021 Maturity 11/16/2027 Industry Business Services2025-10-012025-12-310001383414pnnt:ChemicalsPlasticsAndRubberMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Acquisition 07/23/24 Maturity 05/03/29 Industry Consumer Products Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-3000013834142022-12-312022-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Funded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 11.40% Basis Point Spread Above Index 3M SOFR+4652025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 12/23/24 Maturity 10/18/27 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Materials Current Coupon 9.19% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Term Loan Acquisition 8/15/2024 Maturity 8/17/2026 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 12/01/23 Maturity 12/20/27 Industry Telecommunications Current Coupon 10.62% Basis Point Spread Above Index SOFR+6902025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SSC Dominion Holdings, LLC Acquisition 07/11/2018 Industry Electronics2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Altamira Intermediate Company II, Inc. Acquisition 07/23/2019 Industry Aerospace and Defense2025-10-012025-12-310001383414pnnt:InvestmentsCostMemberpnnt:FirstLienMember2025-09-300001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Term Loan Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Revolver Acquisition 02/07/2024 Maturity 02/07/2030 Industry Education2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Unfunded Revolver Acquisition 5/3/2024 Maturity 5/3/2029 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Acquisition 09/23/2024 Maturity 09/23/2026 Industry Business Services2025-10-012025-12-310001383414pnnt:HoldingsIIMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Altamira Intermediate Company II, Inc. Acquisition 07/23/2019 Industry Aerospace and Defense2024-10-012025-09-300001383414pnnt:AKWHoldingsLimitedMember2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Cowboy Parent LLC Acquisition 09/12/2018 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Funded Revolver Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMembersrt:MaximumMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP - Unfunded Acquisition 10/31/2024 Industry Government Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Unfunded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Term Loan Acquisition 12/20/2024 Maturity 12/21/2026 Industry Diversified Conglomerate Service2025-12-310001383414srt:MinimumMemberpnnt:IncentiveFeePaymentConditionThreeMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5152024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001383414pnnt:ControlledAndNonControlledAffiliatesMember2025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Unfunded Revolver Acquisition 7/2/2019 Maturity 3/31/2027 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+6252025-09-300001383414First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Acquisition 12/23/24 Maturity 09/30/30 Industry Marketing Services Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/3/2024 Maturity 10/3/2029 Industry Transportation2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Term Loan Acquisition 09/27/2021 Maturity 06/30/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ro Health Holdings, Inc. Acquisition 01/16/2025 Industry Healthcare Providers & Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Hancock Roofing And Construction, LLC Acquisition 03/02/22 Maturity 12/31/26 Industry Insurance Current Coupon 9.60% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Funded Revolver Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Unfunded Revolver Acquisition 01/27/2021 Maturity 01/29/2026 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Cowboy Parent LLC Acquisition 09/12/2018 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name KL Stockton Co-Invest, LP Acquisition 07/16/2021 Industry Personal, Food and Miscellaneous Services2025-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassA2Memberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:TwoThousandThirtyFourAssetBackedDebtMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2025 Industry Environmental Services2025-12-310001383414us-gaap:DomesticCountryMember2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. - Unfunded Revolver Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Term Loan Acquisition 03/01/2024 Maturity 03/02/2026 Industry Financial Services2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name One Stop Mailing, LLC Acquisition 06/07/23 Maturity 05/07/27 Industry Transportation Current Coupon 10.53% Basis Point Spread Above Index SOFR+6362025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Unfunded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan 2 Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Argano, LLC Acquisition 12/16/24 Maturity 09/13/29 Industry Business Services Current Coupon 9.89% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414pnnt:CashAndCashEquivalentsFortyTwoPercentageMemberpnnt:GovernmentFundMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Funded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 8.69% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Revolver Acquisition 12/31/2024 Maturity 12/31/2030 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name MDI Aggregator, LP Acquisition 07/19/2022 Industry Chemicals, Plastics and Rubber2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Medina Health, LLC - Unfunded Revolver Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PD Tri-State Holdco, LLC - Unfunded Revolver Acquisition 10/14/2025 Maturity 10/14/2030 Industry Diversified Consumer Services2025-12-310001383414First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC Acquisition 03/02/22 Maturity 07/07/26 Industry Business Services Current Coupon 9.87% Basis Point Spread Above Index SOFR+6202025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Unfunded Revolver Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan Acquisition 8/12/2025 Maturity 07/30/2027 Industry Healthcare Providers & Services2025-12-310001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Unfunded Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation Current Coupon 12.57% Basis Point Spread Above Index SOFR+8352025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Term Loan Acquisition 10/02/2023 Maturity 04/21/2027 Industry Business Services2024-10-012025-09-300001383414srt:AffiliatedEntityMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP Acquisition 08/26/2021 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Holdings, LLC Acquisition 12/06/2023 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Northwinds Services Group, LLC Acquisition 08/16/2024 Industry Consumer Services2025-10-012025-12-310001383414pnnt:FinancialServicesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Funded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 07/24/23 Maturity 09/17/26 Industry Distribution Current Coupon 9.07% Basis Point Spread Above Index SOFR+5402025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC Acquisition 07/12/2024 Maturity 12/23/2026 Industry Environmental Services Current Coupon PIK 14.75%2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Confluent Health, LLC Acquisition 12/23/24 Maturity 11/30/28 Industry Healthcare, Education and Childcare Current Coupon 11.66% Basis Point Spread Above Index SOFR+7502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 11/01/2019 Maturity 11/01/2028 Industry Consumer Products Current Coupon 8.97% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC - Unfunded Acquisition 11/04/2021 Industry Consumer Products2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Radius Aerospace, Inc. Acquisition 11/06/19 Maturity 03/29/27 Industry Aerospace and Defense Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name MDI Aggregator, LP Acquisition 07/19/2022 Industry Chemicals, Plastics and Rubber2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. 3rd Amendment Unfunded Term Loan Acquisition 12/21/2022 Maturity 10/30/2026 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 02/09/24 Maturity 12/01/29 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Unfunded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. - Unfunded Revolver Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 9.65% Basis Point Spread Above Index SOFR+5942025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Unfunded Term Loan Acquisition 12/17/2024 Maturity 12/17/2026 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Revolver Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.62% Basis Point Spread Above Index 3M SOFR+6902025-10-012025-12-310001383414AKW Holdings Limited2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Revolver Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+5402025-10-012025-12-310001383414First Lien Secured Debt Issuer Name AFC-Dell Holding Corp. Acquisition 02/23/24 Maturity 04/09/27 Industry Distribution Current Coupon 9.83% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Unfunded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC - Unfunded Revolver Acquisition 10/11/2019 Maturity 05/11/2026 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan 2 Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 12/20/24 Maturity 08/28/29 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class A-1 Acquisition 05/03/2024 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Term Loan Acquisition 12/31/2024 Maturity 12/31/2026 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Athletico Holdings, LLC Acquisition 02/04/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC - Unfunded Revolver Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Riverpoint Medical, LLC - Unfunded Revolver Acquisition 06/19/2019 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Best Practice Associates, LLC Acquisition 01/21/25 Maturity 11/08/29 Industry Aerospace and Defense Current Coupon 10.47% Basis Point Spread Above Index SOFR+6752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP - Unfunded Acquisition 10/31/2024 Industry Government Services2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2024-12-310001383414First Lien First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 03/02/22 Maturity 07/28/26 Industry Business Services Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMembersrt:MaximumMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. Acquisition 08/28/2024 Maturity 08/28/2030 Industry Manufacturing/Basic Industry Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Maturity 07/31/2027 Industry Financial Services Current Coupon 12.29% Basis Point Spread Above Index 3M SOFR+ 8002024-10-012025-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2025-12-310001383414Equity Securities Issuer Name Wash & Wax Group, LP - Common Equity - Common Equity Acquisition 07/31/25 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name Argano, LLC Acquisition 12/16/24 Maturity 09/13/29 Industry Business Services Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC - Unfunded Revolver Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC - Unfunded Acquisition 11/04/2021 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Term Loan Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kentucky Racing Holdco, LLC (Warrants) Acquisition 04/16/2019 Industry Hotels, Motels, Inns and Gaming2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Funded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5762025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 8/15/2024 Maturity 8/15/2029 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services2025-12-310001383414First Lien First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 01/17/25 Maturity 12/17/29 Industry Aerospace and Defense Current Coupon 9.76% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment Acquisition 8/15/2025 Maturity 8/22/2032 Industry Gaming Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 10/1/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.09% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 07/24/23 Maturity 12/22/28 Industry Personal, Food and Miscellaneous Services Current Coupon 8.22% Basis Point Spread Above Index SOFR+4502025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class A Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Revolver Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class B Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TAC LifePort Holdings, LLC Acquisition 02/24/2021 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Funded Revolver Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name MDI Aggregator, LP Acquisition 07/19/2022 Industry Chemicals, Plastics and Rubber2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Funded Revolver Acquisition 10/20/2021 Maturity 4/30/2028 Industry Auto Sector Current Coupon PIK 9.19% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Acquisition 07/15/24 Industry Business Services2025-09-300001383414Pragmatic Institute, LLC2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. - Unfunded Revolver Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DX Electric Company, LLC - Unfunded Revolver Acquisition 10/01/2025 Maturity 10/01/2031 Industry Electronics2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Unfunded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Municipal Emergency Services, Inc. Acquisition 09/28/2021 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Revolver Acquisition 09/13/2024 Maturity 09/13/2029 Industry Business Services2024-10-012025-09-300001383414pnnt:USGovernmentSecuritiesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Revolver Acquisition 2/7/2024 Maturity 02/07/2030 Industry Education2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Funded Revolver Acquisition 1/30/2023 Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 10.36% Basis Point Spread Above Index 3M SOFR+6502025-12-310001383414us-gaap:InvestmentUnaffiliatedIssuerMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Funded Revolver Acquisition 07/24/2023 Maturity 02/07/2026 Industry Business Services Current Coupon 9.78% Basis Point Spread Above Index 3M SOFR+5552025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 09/09/2025 Maturity 09/12/2031 Industry Business Services Current Coupon 8.81% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cascade Environmental Holdings, LLC - Series B Acquisition 02/19/2025 Industry Environmental Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name Acquisition 07/026/2022 Maturity 07/28/2030 Industry Current Coupon 12.94% Basis Point Spread Above Index 3M SOFR+9102025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Unfunded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 07/30/2028 Industry Auto Sector Current Coupon PIK 12.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5652025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Unfunded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC - Unfunded Revolver Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC - Unfunded Term Loan Acquisition 10/31/2024 Maturity 11/2/2026 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Unfunded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Funded Revolver Acquisition 5/29/2020 Maturity 7/7/2026 Industry Business Services Current Coupon 9.87% Basis Point Spread Above Index 3M SOFR+6202025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Unfunded Revolver Acquisition 1/16/2025 Maturity 1/17/2031 Industry Healthcare Providers & Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414First Lien First Lien Secured Debt Issuer Name NORA Acquisition, LLC Acquisition 11/21/23 Maturity 08/31/29 Industry Healthcare, Education and Childcare Current Coupon 10.35% Basis Point Spread Above Index SOFR+6352025-09-300001383414pnnt:TwoThousandThirtySevenAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 7/15/2025 Maturity 07/15/2031 Industry Business Services Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC - Unfunded Term Loan Acquisition 10/3/2025 Maturity 10/3/2027 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP Acquisition 10/31/2024 Industry Government Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Mineola 212, LLC Acquisition 06/24/2024 Maturity 12/24/2025 Industry Buildings and Real Estate Current Coupon 14.00%2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name MDI Buyer, Inc. Acquisition 12/20/24 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 8.57% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2025-10-012025-12-310001383414pnnt:PreferredEquityPartnershipInterestMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:MaximumMember2025-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:USGovernmentSecuritiesMember2025-12-310001383414First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 11/26/24 Maturity 10/01/29 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP - Unfunded Acquisition 11/05/2018 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Revolver Acquisition 3/1/2024 Maturity 3/1/2030 Industry Financial Services2025-12-310001383414Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 11/05/24 Industry Containers, Packaging and Glass2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lorient Peregrine Investments, LP Acquisition 11/18/2022 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lightspeed Investment Holdco, LLC Acquisition 01/21/2020 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 12/20/24 Maturity 08/09/30 Industry Financial Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Funded Revolver Acquisition 8/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP - Unfumded Acquisition 12/13/2021 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan Acquisition 6/21/2024 Maturity 12/13/2026 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PennantPark-TSO Senior Loan Fund II, LP Acquisition 01/07/2022 Industry Financial Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Funded Revolver Acquisition 05/29/2020 Maturity 07/07/2026 Industry Business Services Current Coupon 9.20% Basis Point Spread Above Index 3M SOFR+5202025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP Acquisition 12/20/2021 Industry Business Services2024-10-012025-09-300001383414JF Intermediate, LLC (MidOcean JF Holdings Corp.)2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Funded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 10.66% Basis Point Spread Above Index 3M SOFR+6502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP Acquisition 12/16/2020 Industry Telecommunications2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Revolver Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414pnnt:USGovernmentSecuritiesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Loving Tan, LP Acquisition 05/25/2023 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Loving Tan, LP Acquisition 05/25/2023 Industry Consumer Products2025-12-310001383414First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 12/16/24 Maturity 09/23/30 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001383414pnnt:IncentiveFeePaymentConditionOneMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Unfunded Revolver Acquisition 11/05/2021 Maturity 11/09/2027 Industry Retail2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver Acquisition 05/10/2024 Maturity 05/10/2030 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC - Funded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+5652024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seacoast Service Partners, LLC Acquisition 12/20/2024 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Funded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products Current Coupon 10.15% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Northwinds Topco, Inc. - Unfunded Term Loan Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Acquisition 8/15/2024 Maturity 8/15/2029 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2015 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Revolver Acquisition 03/21/2025 Maturity 03/19/2032 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC - Unfunded Term Loan A Acquisition 06/30/2025 Maturity 12/30/2025 Industry Consumer Services2024-10-012025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedNotesInPSLFMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Unfunded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name Acquisition 07/026/2022 Maturity 07/28/2030 Industry Current Coupon 12.94% Basis Point Spread Above Index 3M SOFR+9102025-10-012025-12-310001383414AKW Holdings Limited2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TMII Enterprises, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name First Medical Holdings, LLC Acquisition 06/13/2025 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Acquisition 03/02/22 Maturity 05/10/26 Industry Media Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902025-09-300001383414pnnt:BusinessServicesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+5152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Term Loan Acquisition 08/29/2025 Maturity 08/29/2027 Industry Manufacturing/Basic Industry2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Term Loan Acquisition 03/21/2025 Maturity 03/21/2027 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Term Loan Acquisition 9/27/2021 Maturity 6/30/2026 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Northwinds Topco, Inc. Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services Current Coupon PIK 15.00%2025-12-310001383414pnnt:InvestmentsCostMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TCG 3.0 Jogger Co-Invest, LP Acquisition 01/22/2024 Industry Media2025-10-012025-12-310001383414pnnt:LongTermCreditFacilityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan 2 Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name GGG Midco, LLC Acquisition 12/16/24 Maturity 09/27/30 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Acquisition 07/15/24 Maturity 10/16/28 Industry Business Services Current Coupon 9.64% Basis Point Spread Above Index SOFR+5762025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Funded Revolver Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Recteq, LLC Acquisition 06/26/24 Maturity 01/29/26 Industry Consumer Products Current Coupon 10.07% Basis Point Spread Above Index SOFR+6402025-12-310001383414First Lien Secured Debt Issuer Name Inventus Power, Inc. Acquisition 10/10/23 Maturity 01/15/26 Industry Consumer Products Current Coupon 11.78% Basis Point Spread Above Index SOFR+7612024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SP DXE Holdings, LLC Acquisition 10/01/2025 Industry Electronics2025-12-310001383414pnnt:TotalInvestmentsAndCashEquivalentsOneThousandThreeHundredEightPontNineMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Unfunded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare Current Coupon 8.47% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 03/02/22 Maturity 08/31/28 Industry Business Services Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.32% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 07/02/2019 Maturity 01/08/2026 Industry Business Services Current Coupon 12.92% Basis Point Spread Above Index 3M SOFR+8602025-12-310001383414us-gaap:SubordinatedDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seaway Topco, LP Acquisition 06/08/2022 Industry Chemicals, Plastics and Rubber2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ITC Infusion Co-invest, LP Acquisition 02/16/2022 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Revolver Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Unfunded Revolver Acquisition 07/24/2023 Maturity 02/07/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class AA Acquisition 11/08/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Meadowlark Title, LLC Acquisition 12/09/2021 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2025-10-012025-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Unfunded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services2025-10-012025-12-310001383414pnnt:InvestmentsFairValueMemberus-gaap:EquityMember2025-12-310001383414us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Funded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Berwick Industrial Park Acquisition 04/26/2022 Maturity 05/02/2026 Industry Buildings and Real Estate Current Coupon 13.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Insight Holdings, Inc. Acquisition 07/15/2024 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Unfunded Revolver Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NP Riverhead Industrial, LLC Acquisition 05/24/2024 Maturity 12/10/2025 Industry Buildings and Real Estate Current Coupon 15.50%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 12/10/25 Maturity 12/17/29 Industry Building Products Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Unfunded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Ro Health, LLC Acquisition 04/03/25 Maturity 01/17/31 Industry Healthcare Providers & Services Current Coupon 8.17%2025-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MaximumMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SSC Dominion Holdings, LLC Acquisition 07/11/2018 Industry Electronics2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class D Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class B Acquisition 04/19/2024 Industry Financial Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Acquisition 09/23/2024 Maturity 09/23/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan Acquisition 08/12/2025 Maturity 07/30/2027 Industry Healthcare Providers & Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class B Acquisition 04/19/2024 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NBH Group, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/19/2026 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Term Loan Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media2025-12-310001383414First Lien First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 07/24/23 Maturity 12/22/28 Industry Personal, Food and Miscellaneous Services Current Coupon 8.66% Basis Point Spread Above Index SOFR+4502025-09-300001383414pnnt:EquityInterestsInPSLFMember2024-10-012025-09-300001383414pnnt:ConsumerProductsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NFS - CFP Holdings, LLC Acquisition 09/13/2024 Industry Business Services2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 01/17/25 Maturity 12/17/29 Industry Aerospace and Defense Current Coupon 9.76% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name Flock Financial, LLC Acquisition 04/19/2024 Maturity 10/19/2027 Industry Financial Services Current Coupon 12.50%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Urology Partners Co, LP Acquisition 01/20/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name BioDerm Holdings, LP Acquisition 01/30/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Term Loan Acquisition 10/18/2024 Maturity 10/19/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Term Loan Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 04/01/22 Maturity 12/10/27 Industry Business Services Current Coupon 9.32% Basis Point Spread Above Index SOFR+5652025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Funded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Machinery2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class A-1 Acquisition 05/03/2024 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Revolver Acquisition 12/31/2024 Maturity 12/31/2030 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Unfunded Revolver Acquisition 11/14/2022 Maturity 3/29/2027 Industry Aerospace and Defense2025-12-310001383414pnnt:PennantParkCloViiMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpnnt:ClassCC-RMember2025-07-210001383414First Lien Secured Debt Issuer Name SpendMend Holdings, LLC Acquisition 07/24/23 Maturity 03/01/28 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Funded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+7612024-10-012025-09-300001383414First Lien Secured Debt Issuer Name SpendMend Holdings, LLC Acquisition 07/24/23 Maturity 03/01/28 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152025-10-012025-12-310001383414First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Acquisition 10/06/23 Maturity 8/01/29 Industry Business Services Current Coupon 9.49% Basis Point Spread Above Index SOFR+5502025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distribution2025-12-310001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Priority TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 9.65% Basis Point Spread Above Index SOFR+5942025-12-310001383414First Lien Secured Debt Issuer Name CF512, Inc. Acquisition 12/29/21 Maturity 08/20/26 Industry Media Current Coupon 9.98% Basis Point Spread Above Index SOFR+6192025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC - Unfunded Revolver Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Materials2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Funded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.44% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Funded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services Current Coupon 8.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Term Loan Acquisition 03/21/2025 Maturity 03/21/2027 Industry Business Services2024-10-012025-09-300001383414pnnt:DebtInvestmentsMember2025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name novex Information Systems Incorporated - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Northwinds Topco, Inc. Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services Current Coupon PIK 15.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name ORL Holdco, Inc. - Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services Current Coupon 18.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PennantPark-TSO Senior Loan Fund II, LP Acquisition 01/07/2022 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Funded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+3752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Term Loan Acquisition 10/12/2021 Maturity 6/12/2027 Industry Aerospace and Defense2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 03/21/24 Maturity 10/02/28 Industry Business Services Current Coupon 10.42% Basis Point Spread Above Index SOFR+6252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Term Loan Acquisition 12/29/2023 Maturity 09/30/2026 Industry Diversified Conglomerate Service2025-09-300001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 07/24/23 Maturity 05/29/29 Industry Personal, Food and Miscellaneous Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carisk Parent, LP Acquisition 11/27/2023 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Revolver Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 12/16/24 Maturity 09/23/30 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DX Electric Company, LLC - Unfunded Revolver Acquisition 10/01/2025 Maturity 10/01/2031 Industry Electronics2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Funded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+7612025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GMP Hills, LP Acquisition 11/02/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP Acquisition 10/31/2024 Industry Government Services2025-12-310001383414First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 12/20/24 Maturity 08/09/30 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Funded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo II, LP Acquisition 05/01/2020 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ironclad Holdco, LLC (Applied Technical Services, LLC) Acquisition 12/23/2020 Industry Environmental Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMembersrt:MinimumMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:TruistCreditFacilityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/2024 Maturity 10/03/2029 Industry Transportation Current Coupon 12.57% (PIK 7.25%) Basis Point Spread Above Index 3M SOFR+8352025-09-300001383414First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 07/24/23 Maturity 02/01/30 Industry Environmental Services Current Coupon 8.46% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Funded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 10.16% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP PAR Holdings, LP Acquisition 09/03/2024 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:ElectronicsMember2025-12-310001383414First Lien Secured Debt Issuer Name Confluent Health, LLC Acquisition 12/23/24 Maturity 11/30/28 Industry Healthcare, Education and Childcare Current Coupon 11.22% Basis Point Spread Above Index SOFR+7502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MES Intermediate, Inc. - Funded Revolver Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+4002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Unfunded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Revolver Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-09-300001383414First Lien First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 03/02/22 Maturity 04/16/27 Industry Telecommunications Current Coupon 9.30% Basis Point Spread Above Index SOFR+5102024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Northwinds Topco, Inc. Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services Current Coupon PIK 15.00%2024-10-012025-09-300001383414pnnt:TruistCreditFacilityMember2025-12-310001383414First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 10/09/24 Maturity 07/31/29 Industry Business Services Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Funded Revolver Acquisition 11/05/2021 Maturity 11/09/2027 Industry Retail Current Coupon 4.27%2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Imagine Topco, LP Acquisition 11/04/2021 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - New Money DIP Acquisition 03/01/2023 Maturity 03/01/2029 Industry Home and Office Furnishings Current Coupon 10.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Term Loan Acquisition 07/31/2025 Maturity 07/31/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Term Loan Acquisition 09/29/2025 Maturity 09/30/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP Embedded Aggregator, LP Acquisition 12/11/2023 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Funded Revolver Acquisition 11/14/2022 Maturity 3/29/2027 Industry Aerospace and Defense Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 09/09/22 Maturity 06/14/28 Industry Distribution Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 9/3/2024 Maturity 9/3/2030 Industry Healthcare, Education and Childcare Current Coupon 8.74% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment Acquisition 6/21/2024 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Funded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+6902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 8/25/2021 Maturity 8/31/2028 Industry Business Services Current Coupon 8.84% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OES Co-Invest, LP - Class A Acquisition 05/31/2024 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Unfunded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ro Health Holdings, Inc. Acquisition 01/16/2025 Industry Healthcare Providers & Services2025-09-300001383414Cascade Environmental Holdings, LLC2024-09-300001383414First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 03/02/22 Maturity 11/03/25 Industry Consumer Products Current Coupon 9.41% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Funded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products Current Coupon 8.94% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+5102025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMember2022-03-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (I-2 Series) Acquisition 12/07/2023 Industry Distribution2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel1Memberpnnt:USGovernmentSecuritiesMember2025-09-300001383414pnnt:SubordinateDebtCorporateNotesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Crane 1 Services, Inc. - Unfunded Revolver Acquisition 06/10/2024 Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 09/09/22 Maturity 06/14/28 Industry Distribution Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001383414pnnt:LongTermCreditFacilityMember2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 07/26/2022 Maturity 07/28/2030 Industry Auto Sector Current Coupon 13.41% Basis Point Spread Above Index 3M SOFR+9102025-09-300001383414First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 02/09/24 Maturity 12/01/29 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:InvestmentsAndCashEquivalentsMember2025-09-300001383414pnnt:TruistCreditFacilityMember2024-10-012024-12-310001383414pnnt:InvestmentsFairValueMemberpnnt:EquityInPSLFMember2025-12-310001383414us-gaap:SubordinatedDebtMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. - Unfunded Revolver Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 10/03/22 Maturity 07/25/29 Industry Auto Sector Current Coupon 9.19% Basis Point Spread Above Index SOFR+5352025-10-012025-12-310001383414us-gaap:CashMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Revolver Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Funded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Unfunded Revolver Acquisition 11/14/2022 Maturity 03/29/2027 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Term Loan Acquisition 09/29/2025 Maturity 09/30/2027 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name EvAL Home Care Solutions Intermediate, LLC Acquisition 07/23/24 Maturity 05/10/30 Industry Healthcare, Education and Childcare Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Revolver Acquisition 09/23/2024 Maturity 09/23/2030 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name PL Acquisitionco, LLC Acquisition 05/31/2023 Industry Retail2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. - Unfunded Revolver Acquisition 07/26/2023 Maturity 08/01/2029 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 03/02/22 Maturity 08/16/27 Industry Aerospace and Defense Current Coupon 8.92% Basis Point Spread Above Index SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Term Loan Acquisition 3/1/2024 Maturity 3/2/2026 Industry Financial Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+6352025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare Current Coupon 9.43% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnnt:DebtInvestmentsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Unfunded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TMII Enterprises, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5402024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Funded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seacoast Service Partners, LLC Acquisition 12/20/2024 Industry Diversified Conglomerate Service2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 12.98 (PIK 1.00%)% Basis Point Spread Above Index 3M SOFR+9252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Funded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Member2025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SecondLienMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Term Loan Acquisition 01/09/2024 Maturity 01/16/2026 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name APT OPCO, LLC Acquisition 12/24/25 Maturity 09/30/31 Industry Health Care Providers and Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan C Acquisition 08/09/2024 Maturity 08/18/2027 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare, Education and Childcare Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP - Unfunded Acquisition 12/20/2021 Industry Business Services2024-10-012025-09-300001383414pnnt:LongTermCreditFacilityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name LJ Avalon, LP Acquisition 01/18/2023 Industry Environmental Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC - Unfunded Revolver (7) Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Podean Intermediate II, LLC Acquisition 08/04/2025 Industry Marketing Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Term Loan Acquisition 10/18/2024 Maturity 10/19/2026 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Unfunded Revolver Acquisition 05/03/2024 Maturity 05/03/2029 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Term Loan Acquisition 01/18/2023 Maturity 02/08/2027 Industry Environmental Services2025-09-300001383414JF Intermediate, LLC (JF Holdings Corp.)2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP Acquisition 12/16/2020 Industry Telecommunications2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Team Services Group, LLC Acquisition 07/24/23 Maturity 12/20/27 Industry Healthcare, Education and Childcare Current Coupon 9.56% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NBH Group, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/19/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414pnnt:Non-MoneyMarketCashMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Funded Revolver Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+5152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Revolver Acquisition 03/21/2025 Maturity 03/19/2032 Industry Business Services2024-10-012025-09-300001383414pnnt:InvestmentsCostMemberpnnt:EquityInPSLFMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Revolver Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414country:USpnnt:NetAssetsMember2025-12-310001383414srt:MaximumMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name EDS Topco, LP Acquisition 12/19/2022 Industry Aerospace and Defense2025-12-3100013834142024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PD Tri-State Holdco, LLC - Unfunded Term Loan Acquisition 10/14/2025 Maturity 10/14/2027 Industry Diversified Consumer Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 03/02/22 Maturity 10/01/27 Industry Distribution Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001383414Subordinated Debt Issuer Name Wash & Wax Systems, LLC - Subordinate Debt Acquisition 04/30/25 Maturity 07/30/28 Industry Business Services Current Coupon 12.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carnegie Holdco, LLC Acquisition 02/07/2024 Industry Education2024-10-012025-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Acquisition 09/23/2024 Maturity 09/23/2026 Industry Business Services2025-12-310001383414pnnt:PennantParkCloViiMember2025-09-300001383414First Lien Secured Debt Issuer Name Paving Lessor Corp. First Lien -Term Loan Acquisition 10/24/25 Maturity 07/01/31 Industry Commercial Services and Supplies Current Coupon 8.94% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Unfunded Revolver Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP Acquisition 05/01/2020 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 09/09/2025 Maturity 09/12/2031 Industry Business Services Current Coupon 8.81% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Acquisition 8/15/2024 Maturity 8/15/2029 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414PennantPark Senior Loan Fund, LLC2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.46% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Term Loan Acquisition 06/13/2025 Maturity 06/13/2027 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media2025-09-300001383414country:USpnnt:NetAssetsMember2025-09-300001383414pnnt:ChemicalsPlasticsAndRubberMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. - Unfunded Revolver Acquisition 11/01/2019 Maturity 11/01/2028 Industry Consumer Products2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 07/21/25 Maturity 12/31/30 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Revolver Acquisition 2/25/2022 Maturity 3/1/2028 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Term Loan Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/2024 Maturity 10/03/2029 Industry Transportation Current Coupon 5.32%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name IHS Parent Holdings, LP Acquisition 12/21/2022 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class B Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC - Unfunded Revolver Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:FirstLienMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueMarketComparableMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Unfunded Revolver Acquisition 01/16/2025 Maturity 01/17/2031 Industry Healthcare Providers & Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 11/01/2019 Maturity 11/03/2025 Industry Consumer Products Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 07/24/23 Maturity 02/01/30 Industry Environmental Services Current Coupon 8.77% Basis Point Spread Above Index SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Acquisition 07/15/24 Maturity 10/16/28 Industry Business Services Current Coupon 9.96% Basis Point Spread Above Index SOFR+5762024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Unfunded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services2025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2021-10-302021-10-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Unfunded Revolver Acquisition 6/8/2023 Maturity 6/15/2029 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan - 2nd Amendment Acquisition 05/25/2023 Maturity 12/31/2026 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Machinery2025-09-300001383414First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 3/02/22 Maturity 06/30/26 Industry Media Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Athletico Holdings, LLC Acquisition 02/04/2022 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/08/2022 Maturity 11/10/2027 Industry Consumer Products Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2025 Industry Environmental Services2025-10-012025-12-310001383414PennantPark Senior Loan Fund, LLC2025-09-300001383414First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 02/07/23 Maturity 12/28/28 Industry Personal, Food and Miscellaneous Services Current Coupon 10.16% Basis Point Spread Above Index SOFR+6002025-09-300001383414First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 09/16/24 Maturity 06/17/29 Industry Healthcare, Education and Childcare Current Coupon 8.87% Basis Point Spread Above Index SOFR+5002025-12-310001383414First Lien Secured Debt Issuer Name Inventus Power, Inc. Acquisition 10/10/23 Maturity 01/15/26 Industry Consumer Products Current Coupon 11.33% Basis Point Spread Above Index SOFR+7612025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Funded Revolver Acquisition 1/16/2025 Maturity 1/17/2031 Industry Healthcare Providers & Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Acquisition 7/2/2019 Maturity 3/31/2027 Industry Business Services Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6102025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A-1 Acquisition 07/25/2023 Industry Auto Sector2025-12-3100013834142024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Imagine Topco, LP Acquisition 11/04/2021 Industry Business Services2025-09-300001383414Pragmatic Institute, LLC2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Unfunded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Unfunded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 12/16/24 Maturity 09/23/30 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Industry Personal, Food and Miscellaneous Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Funded Revolver Acquisition 01/27/2021 Maturity 01/29/2026 Industry Consumer Products Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+6252025-09-300001383414First Lien Secured Debt Issuer Name Paving Lessor Corp. First Lien -Term Loan Acquisition 10/24/25 Maturity 07/01/31 Industry Commercial Services and Supplies Current Coupon 8.94% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Funded Revolver Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2025-12-310001383414First Lien First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation Current Coupon 12.57% Basis Point Spread Above Index SOFR+8352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 8/15/2024 Maturity 8/15/2029 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Cascade Environmental Holdings, LLC2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMember2025-12-310001383414First Lien Secured Debt Issuer Name NBH Group, LLC Acquisition 03/02/22 Maturity 08/19/26 Industry Healthcare, Education and Childcare Current Coupon 9.71% Basis Point Spread Above Index SOFR+5852025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Riverpoint Medical, LLC - Unfunded Revolver Acquisition 6/19/2019 Maturity 6/21/2027 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Municipal Emergency Services, Inc. Acquisition 09/28/2021 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2025-12-310001383414pnnt:BlackRockFederalFDInstitutionalEightyOneMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2024-10-012025-09-300001383414AKW Holdings Limited2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Term Loan Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Funded Revolver Acquisition 8/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Funded Revolver Acquisition 06/08/2022 Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414First Lien Secured Debt Issuer Name One Stop Mailing, LLC Acquisition 06/07/23 Maturity 05/07/27 Industry Transportation Current Coupon 10.08% Basis Point Spread Above Index SOFR+6362025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 01/18/24 Maturity 10/20/28 Industry Healthcare, Education and Childcare Current Coupon 9.92% Basis Point Spread Above Index SOFR+6252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Revolver Acquisition 09/13/2024 Maturity 09/13/2029 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Funded Revolver Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name One Stop Mailing, LLC Acquisition 06/07/23 Maturity 05/07/27 Industry Transportation Current Coupon 10.53% Basis Point Spread Above Index SOFR+6362024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carnegie Holdco, LLC Acquisition 02/07/2024 Industry Education2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name TEAM Services Group, LLC Acquisition 04/26/2024 Maturity 12/18/2028 Industry Healthcare, Education and Childcare Current Coupon 13.10% Basis Point Spread Above Index 3M SOFR+9262025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414pnnt:DistributionMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP Acquisition 11/05/2018 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC- Unfunded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services2025-12-310001383414pnnt:ConsumerServicesMember2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Acquisition 07/24/23 Maturity 06/15/27 Industry Healthcare, Education and Childcare Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5152025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class A Acquisition 04/19/2024 Industry Financial Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 07/25/24 Maturity 12/29/29 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Acquisition 07/24/23 Maturity 06/16/29 Industry Professional Services Current Coupon 9.92% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Fourth Out Acquisition 03/28/2024 Maturity 05/06/2028 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Revolver Acquisition 02/07/2024 Maturity 02/07/2030 Industry Education2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan Acquisition 08/12/2025 Maturity 07/30/2027 Industry Healthcare Providers & Services2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/24/23 Maturity 11/10/27 Industry Consumer Products Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152024-10-012025-09-3000013834142024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP Acquisition 10/27/2021 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Project Granite Holdings, LLC Acquisition 12/31/2024 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Project Granite Holdings, LLC Acquisition 12/31/2024 Industry Business Services2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Medina Health, LLC - Unfunded Revolver Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:USGovernmentSecuritiesMember2025-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassA1BMemberus-gaap:PrivatePlacementMember2023-07-262023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Five Star Parent Holdings, LLC Acquisition 02/21/2023 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Term Loan Acquisition 6/26/2024 Maturity 11/26/2027 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Financial Services2024-10-012025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedNotesInPSLFMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name ORL Holdco, Inc. - Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services Current Coupon 18.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC Acquisition 07/12/2024 Maturity 12/23/2026 Industry Environmental Services Current Coupon PIK 14.75%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP Acquisition 07/28/2022 Industry Auto Sector2025-09-300001383414First Lien Secured Debt Issuer Name Ad.Net Acquisition, LLC Acquisition 03/02/22 Maturity 05/07/26 Industry Media Current Coupon 10.26% Basis Point Spread Above Index SOFR+6262024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC - Funded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5652025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Hancock Roofing And Construction, LLC Acquisition 03/02/22 Maturity 12/31/26 Industry Insurance Current Coupon 9.60% Basis Point Spread Above Index SOFR+5502025-09-300001383414First Lien First Lien Secured Debt Issuer Name Radius Aerospace, Inc. Acquisition 11/06/19 Maturity 03/29/27 Industry Aerospace and Defense Current Coupon 10.45% Basis Point Spread Above Index SOFR+6152025-09-300001383414srt:OtherCurrencyMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Unfunded Revolver Acquisition 5/29/2020 Maturity 7/7/2026 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Term Loan Acquisition 08/29/2025 Maturity 08/29/2027 Industry Manufacturing/Basic Industry2025-12-310001383414pnnt:DebtInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnnt:TruistCreditFacilityMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 03/02/22 Maturity 04/01/28 Industry Aerospace and Defense Current Coupon 8.88% Basis Point Spread Above Index SOFR+4902025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Events Buyer, LLC Acquisition 12/17/2024 Industry Event Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Loving Tan, LP Acquisition 05/25/2023 Industry Consumer Products2025-09-300001383414First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 09/09/22 Maturity 06/14/28 Industry Distribution Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name novex Information Systems Incorporated - Unfunded Term Loan Acquisition 12/17/2024 Maturity 12/17/2026 Industry Business Services2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name PCS Midco, Inc. Acquisition 08/29/24 Maturity 03/01/30 Industry Financial Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001383414First Lien First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 03/02/22 Maturity 10/01/27 Industry Distribution Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Term Loan Acquisition 03/21/2025 Maturity 03/21/2027 Industry Business Services2025-09-300001383414pnnt:SubordinateDebtCorporateNotesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers LLC Acquisition 10/09/25 Maturity 01/21/31 Industry Health Care Providers and Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Crane 1 Services, Inc. - Unfunded Revolver Acquisition 06/10/2024 Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services2025-09-300001383414First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aftermarket Drivetrain Products Holdings, LLC Acquisition 12/29/2023 Industry Machinery2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Crane 1 Acquisition Parent Holdings, LP Acquisition 08/11/2021 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SP DXE Holdings, LLC Acquisition 10/01/2025 Industry Electronics2025-10-012025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassCMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Unfunded Revolver Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution2025-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment Acquisition 08/15/2025 Maturity 08/22/2032 Industry Gaming Current Coupon 9.02% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414First Lien First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 01/18/24 Maturity 10/20/28 Industry Healthcare, Education and Childcare Current Coupon 10.25% Basis Point Spread Above Index SOFR+6252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652024-10-012025-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:DebtInvestmentsMember2025-12-310001383414First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 03/02/22 Maturity 09/22/28 Industry Business Services Current Coupon 8.84% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Paving Parent, LLC Acquisition 07/01/2025 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 12.98 (PIK 1.00%)% Basis Point Spread Above Index 3M SOFR+9252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Quad (U.S.) Co-Invest, LP Acquisition 10/03/2022 Industry Business Services2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Acquisition 09/19/24 Maturity 12/01/29 Industry Consumer Products Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002025-09-300001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Acquisition 03/02/22 Maturity 05/10/26 Industry Media Current Coupon 9.80% Basis Point Spread Above Index SOFR+5902025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name APT Holdings, LLC Acquisition 09/29/2025 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Revolver Acquisition 3/1/2024 Maturity 3/1/2030 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. - Unfunded Revolver Acquisition 11/04/2021 Maturity 11/16/2027 Industry Business Services2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 03/04/25 Maturity 12/19/30 Industry Media Current Coupon 9.12% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Machinery2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 12/23/24 Maturity 08/15/29 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class B Acquisition 04/19/2024 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Financial Services2025-09-300001383414pnnt:JPMorganUSGovernmentMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GMP Hills, LP Acquisition 11/02/2023 Industry Distribution2025-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 02/13/24 Maturity 11/08/29 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index SOFR+6002025-09-300001383414pnnt:InvestmentsAndCashEquivalentsMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 03/04/25 Maturity 12/19/30 Industry Media Current Coupon 9.12% Basis Point Spread Above Index SOFR+5252025-09-300001383414pnnt:PennantParkCLOXMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2024-10-012025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 12/24/25 Maturity 09/12/31 Industry Auto Sector Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Unfunded Revolver Acquisition 1/27/2021 Maturity 1/29/2026 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Term Loan Acquisition 10/02/2023 Maturity 04/21/2027 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name AFC-Dell Holding Corp. Acquisition 02/23/24 Maturity 04/09/27 Industry Distribution Current Coupon 9.83% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 02/13/24 Maturity 11/08/29 Industry Distribution Current Coupon 9.19% Basis Point Spread Above Index SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. - Unfunded Revolver Acquisition 08/04/2025 Maturity 08/04/2031 Industry Marketing Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 06/26/24 Maturity 02/07/30 Industry Education Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Shiftkey, LLC Acquisition 06/17/2022 Maturity 06/21/2027 Industry Business Services Current Coupon 10.01% Basis Point Spread Above Index 3M SOFR+6012025-09-300001383414First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Acquisition 03/04/25 Maturity 12/17/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Term Loan Acquisition 12/19/2024 Maturity 06/19/2026 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Machinery2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC - Funded Revolver Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Materials Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Infogroup Parent Holdings, Inc. Acquisition 05/31/2023 Industry Other Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 09/23/2024 Maturity 09/23/2030 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name White Tiger Newco, LLC Acquisition 07/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:MaximumMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel2Member2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class D Acquisition 05/03/2024 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Unfunded Revolver Acquisition 05/29/2020 Maturity 07/07/2026 Industry Business Services2025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name APT INTERMEDIATE, LLC Acquisition 09/29/2025 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 09/14/22 Maturity 06/13/29 Industry Chemicals, Plastics and Rubber Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Acquisition 05/23/2024 Maturity 05/23/2029 Industry Building Materials Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Term Loan Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-12-310001383414Flock Financial, LLC2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Term Loan Acquisition 09/30/2024 Maturity 09/30/2026 Industry Marketing Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Unfunded Revolver Acquisition 06/08/2022 Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP - Unfunded Acquisition 11/05/2018 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Term Loan Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Safe Haven Defense MidCo, LLC Acquisition 05/23/2024 Industry Building Materials2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SBI Holdings Investments, LLC Acquisition 12/23/2019 Industry Business Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name Pragmatic Institute, LLC Acquisition 03/28/2025 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Term Loan Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name CF512, Inc. Acquisition 12/29/21 Maturity 08/20/26 Industry Media Current Coupon 9.98% Basis Point Spread Above Index SOFR+6192025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Funded Revolver Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Term Loan Acquisition 09/29/2025 Maturity 09/30/2027 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.09% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Podean Intermediate II, LLC Acquisition 08/04/2025 Industry Marketing Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - FOTL Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 10.10% Basis Point Spread Above Index 3M SOFR+5952024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Acquisition 10/09/25 Maturity 05/13/32 Industry Professional Services Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OceanSound Discovery Equity, LP Acquisition 03/28/2024 Industry Aerospace and Defense2025-12-310001383414pnnt:USGovernmentSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001383414pnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Watchtower Holdings, LLC Acquisition 11/29/2023 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Funded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 12/20/24 Maturity 08/28/29 Industry Healthcare, Education and Childcare Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Beacon Behavioral Holdings, LLC Acquisition 06/21/2024 Maturity 06/21/2030 Industry Healthcare, Education and Childcare Current Coupon PIK 15.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services2025-09-300001383414First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 11/26/24 Maturity 10/01/29 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:FirstLienMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Revolver Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver Acquisition 05/10/2024 Maturity 05/10/2030 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Crane 1 Services, Inc. - Unfunded Revolver Acquisition 06/10/2024 Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Consello Pacific Aggregator, LLC Acquisition 10/02/2023 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ironclad Holdco, LLC (Applied Technical Services, LLC) Acquisition 12/23/2020 Industry Environmental Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics2025-09-300001383414First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 12/23/24 Maturity 10/18/27 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Quad (U.S.) Co-Invest, LP Acquisition 10/03/2022 Industry Business Services2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 02/27/24 Maturity 01/23/29 Industry Media Current Coupon 10.52% Basis Point Spread Above Index SOFR+6502024-10-012025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SecondLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Revolver Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge APHIX Blocker, LLC Acquisition 07/16/2025 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2015 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC - Unfunded Term Loan Acquisition 05/31/2024 Maturity 11/30/2025 Industry Printing and Publishing2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Revolver Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 07/24/23 Maturity 02/23/28 Industry Hotels, Motels, Inns and Gaming Current Coupon 12.98% Basis Point Spread Above Index SOFR+9252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NEPRT Parent Holdings, LLC Acquisition 01/27/2021 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name First Medical Holdings, LLC Acquisition 06/13/2025 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name MDI Buyer, Inc. Acquisition 12/20/24 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 8.57% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AKW Holdings Limited Acquisition 03/07/2018 Maturity 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 11.19% Basis Point Spread Above Index 3M SOFR+7002025-09-300001383414First Lien First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Priority TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Buyer, LLC. - Funded Revolver Acquisition 11/29/2023 Maturity 12/3/2029 Industry Electronics Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Funded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5762025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+5652025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Five Star Parent Holdings, LLC - Class P Acquisition 07/09/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-12-310001383414pnnt:AerospaceAndDefenseMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name BioDerm Holdings, LP Acquisition 01/30/2023 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. - Unfunded Revolver Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Funded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.06% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge APHIX Blocker, LLC Acquisition 07/16/2025 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name IHS Parent Holdings, LP Acquisition 12/21/2022 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (G-2 Series) Acquisition 12/07/2023 Industry Distribution2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Ro Health, LLC Acquisition 04/03/25 Maturity 01/17/31 Industry Healthcare Providers & Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan Acquisition 6/21/2024 Maturity 12/13/2026 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Accounting Platform Blocker, Inc. Acquisition 08/09/2024 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name First Medical Holdings, LLC Acquisition 06/13/2025 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien Secured Debt Issuer Name NORA Acquisition, LLC Acquisition 11/21/23 Maturity 08/31/29 Industry Healthcare, Education and Childcare Current Coupon 10.02% Basis Point Spread Above Index SOFR+6352025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Term Loan Acquisition 08/28/2024 Maturity 08/28/2026 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Conglomerate Manufacturing2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Amsive Holdings Corporation Acquisition 03/02/22 Maturity 12/10/26 Industry Media Current Coupon 9.92% Basis Point Spread Above Index SOFR+6252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name North Haven Saints Equity Holdings, LP Acquisition 02/25/2022 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Maturity 06/21/2029 Industry Healthcare, Education and Childcare Current Coupon 9.92% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name EvAL Home Health Solutions, LLC Acquisition 05/10/2024 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2025-10-012025-12-310001383414Flock Financial, LLC2025-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Revolver Acquisition 01/18/2023 Maturity 02/01/2029 Industry Environmental Services2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:TruistCreditFacilityMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Northwinds Topco, Inc. - Unfunded Term Loan Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Acquisition 05/23/2024 Maturity 05/23/2029 Industry Building Materials Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/08/2022 Maturity 11/10/2027 Industry Consumer Products Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-10-012025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassCC-RMember2025-07-210001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Revolver Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Safe Haven Defense MidCo, LLC Acquisition 05/23/2024 Industry Building Materials2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCOM InvestCo, LP Acquisition 05/11/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Revolver Acquisition 7/31/2025 Maturity 7/31/2031 Industry Business Services2025-12-310001383414srt:OtherCurrencyMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carisk Parent, LP Acquisition 11/27/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Unfunded Revolver Acquisition 01/16/2025 Maturity 01/17/2031 Industry Healthcare Providers & Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Funded Revolver Acquisition 10/1/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 8.94% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services Current Coupon 10.51% Basis Point Spread Above Index 3M SOFR+6352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2025-12-310001383414Equity Securities Issuer Name White Tiger Newco, LLC - Common Equity Acquisition 07/31/25 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 07/02/2019 Maturity 01/08/2026 Industry Business Services Current Coupon 12.92% Basis Point Spread Above Index 3M SOFR+8602025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Accounting Platform Blocker, Inc. Acquisition 08/09/2024 Industry Financial Services2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 07/24/23 Maturity 12/22/28 Industry Personal, Food and Miscellaneous Services Current Coupon 8.66% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name North Haven Saints Equity Holdings, LP Acquisition 02/25/2022 Industry Business Services2025-09-300001383414srt:MaximumMemberpnnt:IncentiveFeePaymentConditionOneMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare, Education and Childcare Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-12-310001383414First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 04/01/22 Maturity 12/10/27 Industry Business Services Current Coupon 9.32% Basis Point Spread Above Index SOFR+5652025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Funded Revolver Acquisition 10/1/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 8.94% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Term Loan Acquisition 09/27/2024 Maturity 09/27/2026 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2024-10-012025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:FirstLienMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Term Loan Acquisition 09/27/2024 Maturity 09/27/2026 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/2024 Maturity 10/03/2029 Industry Transportation Current Coupon 5.32%2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Acquisition 07/26/22 Maturity 10/28/31 Industry Aerospace and Defense Current Coupon 8.84% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Funded Revolver Acquisition 8/25/2021 Maturity 8/31/2028 Industry Business Services Current Coupon 8.87% Basis Point Spread Above Index 3M SOFR+5102025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. - Unfunded Revolver Acquisition 09/03/2024 Maturity 09/03/2030 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name TPC US Parent, LLC Acquisition 03/02/22 Maturity 11/24/25 Industry Food Current Coupon 9.89% Basis Point Spread Above Index SOFR+5902025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Term Loan Acquisition 02/07/2024 Maturity 02/09/2026 Industry Education2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 9/12/2025 Maturity 9/12/2031 Industry Business Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Funded Revolver Acquisition 1/30/2023 Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 10.36% Basis Point Spread Above Index 3M SOFR+6502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC - Unfunded Revolver (7) Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services2025-09-300001383414pnnt:CommonEquityPartnershipInterestsWarrantsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP Acquisition 08/16/2024 Industry Aerospace and Defense2025-12-310001383414First Lien First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 03/02/22 Maturity 07/28/26 Industry Business Services Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OES Co-Invest, LP - Class A Acquisition 05/31/2024 Industry Diversified Conglomerate Service2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Medina Health, LLC - Unfunded Revolver Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Unfunded Revolver Acquisition 1/27/2021 Maturity 1/29/2026 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Unfunded Revolver Acquisition 10/1/2024 Maturity 10/01/2029 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carnegie Holdco, LLC Acquisition 02/07/2024 Industry Education2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5102025-12-310001383414First Lien Secured Debt Issuer Name Bioderm, Inc. Acquisition 06/26/24 Maturity 01/31/28 Industry Healthcare, Education and Childcare Current Coupon 10.36% Basis Point Spread Above Index SOFR+6502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Funded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name novex Information Systems Incorporated - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kentucky Racing Holdco, LLC (Warrants) Acquisition 04/16/2019 Industry Hotels, Motels, Inns and Gaming2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 04/22/2020 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Funded Revolver Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+4852024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Funded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.25% Basis Point Spread Above Index 3M SOFR+3202025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Unfunded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cascade Environmental Holdings, LLC - Series B Acquisition 02/19/2025 Industry Environmental Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Insight Holdings, Inc. Acquisition 07/15/2024 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Acquisition 07/24/23 Maturity 06/15/27 Industry Healthcare, Education and Childcare Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Revolver Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5102025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Acquisition 07/15/24 Maturity 07/17/28 Industry Business Services Current Coupon 9.14% Basis Point Spread Above Index SOFR+5762025-10-012025-12-310001383414pnnt:TwoThousandThirtyFiveAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMembersrt:MaximumMember2025-12-310001383414First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 07/21/25 Maturity 12/27/30 Industry Conglomerate Manufacturing Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 01/10/2029 Industry Aerospace and Defense2025-12-310001383414First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 07/24/23 Maturity 08/16/27 Industry Personal, Food and Miscellaneous Services Current Coupon 9.08% Basis Point Spread Above Index SOFR+5362025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 09/14/22 Maturity 06/13/29 Industry Chemicals, Plastics and Rubber Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 06/17/2024 Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Funded Revolver Acquisition 01/16/2025 Maturity 01/17/2031 Industry Healthcare Providers & Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Unfunded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Term Loan Acquisition 10/18/2024 Maturity 10/19/2026 Industry Healthcare, Education and Childcare2025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC - Unfunded Term Loan Acquisition 05/31/2024 Maturity 11/30/2025 Industry Printing and Publishing2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SBI Holdings Investments, LLC Acquisition 12/23/2019 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-09-300001383414First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 03/02/22 Maturity 06/20/29 Industry Healthcare, Education and Childcare Current Coupon 8.99% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Big Top Holdings, LLC - Unfunded Revolver Acquisition 02/29/2024 Maturity 02/28/2030 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414Flock Financial, LLC2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Northwinds Topco, Inc. - Unfunded Term Loan Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services2025-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2024-10-012025-09-300001383414pnnt:ClassBMemberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC - Unfunded Acquisition 11/04/2021 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Funded Revolver Acquisition 2/25/2022 Maturity 3/1/2028 Industry Business Services Current Coupon 8.82% Basis Point Spread Above Index 3M SOFR+5152025-12-310001383414JF Intermediate, LLC (JF Holdings Corp.)2025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SecondLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Beacon Behavioral Holdings, LLC Acquisition 06/21/2024 Maturity 06/21/2030 Industry Healthcare, Education and Childcare Current Coupon PIK 15.00%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Unfunded Revolver Acquisition 6/8/2022 Maturity 6/13/2028 Industry Chemicals, Plastics and Rubber2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name EvAL Home Health Solutions, LLC Acquisition 05/10/2024 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NP Riverhead Industrial, LLC Acquisition 05/24/2024 Maturity 01/31/2026 Industry Buildings and Real Estate Current Coupon 15.50%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Safe Haven Defense MidCo, LLC Acquisition 05/23/2024 Industry Building Materials2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-09-300001383414us-gaap:CashAndCashEquivalentsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Funded Revolver Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+3752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Term Loan Acquisition 01/09/2024 Maturity 01/16/2026 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Funded Revolver Acquisition 8/17/2021 Maturity 08/20/2026 Industry Media Current Coupon 9.74% Basis Point Spread Above Index 3M SOFR+6022025-12-310001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 07/24/23 Maturity 05/29/29 Industry Personal, Food and Miscellaneous Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP Acquisition 07/28/2022 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP Acquisition 12/13/2021 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Unfunded Revolver Acquisition 6/8/2023 Maturity 6/15/2029 Industry Business Services2025-12-310001383414First Lien First Lien Secured Debt Issuer Name MAG DS Corp. Acquisition 03/02/22 Maturity 04/01/27 Industry Aerospace and Defense Current Coupon 9.60% Basis Point Spread Above Index SOFR+5602024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Unfunded Revolver Acquisition 10/2/2023 Maturity 10/2/2028 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Revolver Acquisition 07/01/2025 Maturity 07/01/2031 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Acquisition 03/02/22 Maturity 05/10/26 Industry Media Current Coupon 9.80% Basis Point Spread Above Index SOFR+5902025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Acquisition 10/09/25 Maturity 05/13/32 Industry Professional Services Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414Subordinated Debt Issuer Name Wash & Wax Systems, LLC - Subordinate Debt Acquisition 04/30/25 Maturity 07/30/28 Industry Business Services Current Coupon 12.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name A1 Garage Equity, LLC Acquisition 12/19/2022 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Northwinds Services Group, LLC Acquisition 08/16/2024 Industry Consumer Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Funded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852024-10-012025-09-300001383414pnnt:HealthcareEducationAndChildcareMember2025-12-310001383414First Lien Secured Debt Issuer Name Puget Collision, LLC Acquisition 12/24/25 Maturity 10/02/31 Industry Auto Sector Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Beacon Behavioral Holdings, LLC Acquisition 06/21/2024 Maturity 06/21/2030 Industry Healthcare, Education and Childcare Current Coupon PIK 15.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Mineola 212, LLC Acquisition 06/24/2024 Maturity 01/31/2026 Industry Buildings and Real Estate Current Coupon 14.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC - Unfunded Term Loan Acquisition 10/3/2025 Maturity 10/3/2027 Industry Auto Sector2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2025-12-310001383414us-gaap:SubsequentEventMember2026-01-302026-01-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Burgess Point Holdings, LP Acquisition 07/21/2022 Industry Auto Sector2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414pnnt:TruistCreditFacilityMember2025-10-012025-12-310001383414pnnt:BuildingsAndRealEstateMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Revolver Acquisition 07/01/2025 Maturity 07/01/2031 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TCG 3.0 Jogger Co-Invest, LP Acquisition 01/22/2024 Industry Media2025-09-300001383414First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC Acquisition 03/02/22 Maturity 07/07/26 Industry Business Services Current Coupon 9.87% Basis Point Spread Above Index SOFR+6202025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Acquisition 07/05/2022 Maturity 03/28/2030 Industry Business Services Current Coupon PIK 9.50% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 12/23/24 Maturity 8/16/29 Industry Aerospace and Defense Current Coupon 9.47%2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (F-2 Series) Acquisition 12/07/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Crane 1 Acquisition Parent Holdings, LP Acquisition 08/11/2021 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name PCS Midco, Inc. Acquisition 08/29/24 Maturity 03/01/30 Industry Financial Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001383414First Lien Secured Debt Issuer Name BLC Holding Company, INC. Acquisition 02/24/25 Maturity 11/20/30 Industry Environmental Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502025-09-300001383414First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 09/16/24 Maturity 06/17/29 Industry Healthcare, Education and Childcare Current Coupon 8.87% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC - Series B Acquisition 02/19/2025 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Funded Revolver Acquisition 06/08/2022 Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Acquisition 10/12/22 Maturity 11/30/26 Industry Containers, Packaging and Glass2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Municipal Emergency Services, Inc. Acquisition 09/28/2021 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Five Star Parent Holdings, LLC - Class P Acquisition 07/09/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Pink Lily Holdco, LLC Acquisition 11/05/2021 Industry Retail2025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 12/16/24 Maturity 09/23/30 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP Acquisition 05/01/2020 Industry Aerospace and Defense2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 03/02/22 Maturity 11/03/25 Industry Consumer Products Current Coupon 9.41% Basis Point Spread Above Index SOFR+5252025-09-300001383414First Lien First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC (5) Acquisition 04/01/22 Maturity 11/09/27 Industry Retail Current Coupon 4.27%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Funded Revolver Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. (CAD) Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 03/02/22 Maturity 06/20/29 Industry Healthcare, Education and Childcare Current Coupon 8.99% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Funded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+6352025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. - Unfunded Revolver Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service2025-12-310001383414PennantPark Senior Loan Fund, LLC2024-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2022-01-012022-01-310001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan Acquisition 8/12/2025 Maturity 07/30/2027 Industry Healthcare Providers & Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Berwick Industrial Park Acquisition 4/26/2022 Maturity 05/02/2026 Industry Buildings and Real Estate Current Coupon 13.00%2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Acquisition 07/23/24 Maturity 05/03/29 Industry Consumer Products Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001383414us-gaap:InvestmentUnaffiliatedIssuerMember2024-10-012024-12-310001383414First Lien First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 04/01/22 Maturity 12/10/27 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index SOFR+5652024-10-012025-09-300001383414pnnt:Non-MoneyMarketCashMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2024-10-012025-09-300001383414pnnt:FirstLienSecuredDebtMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Revolver Acquisition 09/27/2021 Maturity 06/20/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Funded Revolver Acquisition 09/27/2021 Maturity 06/20/2029 Industry Healthcare, Education and Childcare Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414pnnt:PennantParkCloViiMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpnnt:ClassDD-RMember2025-07-210001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2025 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. - Unfunded Revolver Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 7/15/2025 Maturity 07/15/2031 Industry Business Services Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aftermarket Drivetrain Products Holdings, LLC Acquisition 12/29/2023 Industry Machinery2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Compex Legal Services, Inc. Acquisition 12/23/24 Maturity 02/09/26 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+5552024-10-012025-09-300001383414pnnt:BlackRockFederalFDInstitutionalEightyOneMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP Acquisition 10/27/2021 Industry Media2025-10-012025-12-3100013834142018-01-012018-01-010001383414First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 07/24/23 Maturity 08/16/27 Industry Personal, Food and Miscellaneous Services Current Coupon 9.08% Basis Point Spread Above Index SOFR+5362025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Route 66 Development Acquisition 1/28/2025 Maturity 1/24/2031 Industry Gaming Current Coupon 12.72% Basis Point Spread Above Index 3M SOFR+9002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. - Unfunded Revolver Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name RFMG Parent, LP Acquisition 12/16/2020 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+5652024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Term Loan Acquisition 12/29/2023 Maturity 09/30/2026 Industry Diversified Conglomerate Service2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab Coinvestment, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:TotalCashMember2025-09-300001383414First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 07/24/23 Maturity 09/17/26 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index SOFR+5402025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PennantPark-TSO Senior Loan Fund II, LP Acquisition 01/07/2022 Industry Financial Services2024-10-012025-09-300001383414pnnt:ClassA-1Memberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name Pragmatic Institute, LLC Acquisition 03/28/2025 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP - Unfunded Acquisition 07/28/2022 Industry Auto Sector2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 03/02/22 Maturity 07/28/26 Industry Business Services Current Coupon 9.57% Basis Point Spread Above Index SOFR+5902025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Five Star Parent Holdings, LLC Acquisition 02/21/2023 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-12-310001383414First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. Acquisition 07/24/23 Maturity 11/15/27 Industry Business Services Current Coupon 8.98% Basis Point Spread Above Index SOFR+5102025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Revolver Acquisition 03/21/2025 Maturity 03/19/2032 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Unfunded Revolver Acquisition 01/27/2021 Maturity 01/29/2026 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Unfunded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Funded Revolver Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+3752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Funded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414First Lien Secured Debt Issuer Name Amsive Holdings Corporation Acquisition 03/02/22 Maturity 12/10/26 Industry Media Current Coupon 9.92% Basis Point Spread Above Index SOFR+6252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name ORL Holdco, Inc. - Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services Current Coupon 18.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP Acquisition 12/16/2020 Industry Telecommunications2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 12/01/23 Maturity 12/20/27 Industry Telecommunications Current Coupon 10.31% Basis Point Spread Above Index SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 7/15/2025 Maturity 07/15/2031 Industry Business Services2025-12-310001383414us-gaap:FinancingReceivables30To59DaysPastDueMember2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 07/24/23 Maturity 03/15/27 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index SOFR+6352025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. - Unfunded Revolver Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP Acquisition 08/26/2021 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - New Money DIP Acquisition 3/1/2023 Maturity 3/1/2029 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 10.00%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. - Unfunded Revolver Acquisition 8/4/2025 Maturity 8/4/2031 Industry Marketing Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Term Loan Acquisition 12/20/2024 Maturity 12/21/2026 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 07/21/25 Maturity 12/31/30 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001383414Flock Financial, LLC2024-10-012024-12-310001383414First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 08/12/22 Maturity 07/13/27 Industry Media Current Coupon 9.70% Basis Point Spread Above Index SOFR+5762025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name EDS Topco, LP Acquisition 12/19/2022 Industry Aerospace and Defense2024-10-012025-09-300001383414Walker Edison Furniture Company LLC2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Funded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media Current Coupon 10.18% Basis Point Spread Above Index 3M SOFR+6022025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Unfunded Revolver Acquisition 6/1/2022 Maturity 06/14/2028 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Urology Partners Co, LP Acquisition 01/20/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Cowboy Parent LLC Acquisition 09/12/2018 Industry Distribution2025-09-300001383414pnnt:FirstLienSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Unfunded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Funded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class A Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2025-10-012025-12-310001383414pnnt:SeniorSecuritiesMember2019-02-052019-02-050001383414pnnt:TotalIndustryMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC - Class A Acquisition 04/30/2024 Industry Insurance2025-12-310001383414First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Acquisition 07/24/23 Maturity 06/16/29 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+6252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC Acquisition 07/12/2024 Maturity 12/23/2026 Industry Environmental Services Current Coupon PIK 14.75%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Funded Revolver Acquisition 7/2/2019 Maturity 3/31/2027 Industry Business Services Current Coupon 982.00% Basis Point Spread Above Index 3M SOFR+6102025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 01/10/2029 Industry Aerospace and Defense2025-10-012025-12-310001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Term Loan Acquisition 09/23/2021 Maturity 01/15/2026 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Funded Revolver Acquisition 8/17/2021 Maturity 08/20/2026 Industry Media Current Coupon 9.74% Basis Point Spread Above Index 3M SOFR+6022025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Wash & Wax Systems. LLC Acquisition 04/30/2025 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 02/07/2024 Maturity 02/07/2030 Industry Education Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414pnnt:TotalInvestmentMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Revolver Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 01/07/25 Maturity 10/31/30 Industry Business Services Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414us-gaap:FairValueInputsLevel2Memberpnnt:TruistCreditFacilityMember2025-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 02/13/24 Maturity 11/08/29 Industry Distribution Current Coupon 9.19% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Funded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.47% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OceanSound Discovery Equity, LP Acquisition 03/28/2024 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP - Unfunded Acquisition 10/27/2021 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector Current Coupon 10.18% Basis Point Spread Above Index 3M SOFR+6252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Accounting Platform Blocker, Inc. Acquisition 08/09/2024 Industry Financial Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Funded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan Acquisition 07/12/2024 Maturity 01/12/2026 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP - Unfunded Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414pnnt:IncentiveFeePaymentConditionThreeMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name UniVista Insurance Acquisition 06/14/2021 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dynata, LLC - Last-Out Term Loan Acquisition 07/15/2024 Maturity 10/16/2028 Industry Business Services Current Coupon 9.64% Basis Point Spread Above Index 3M SOFR+5762025-12-310001383414First Lien Secured Debt Issuer Name Compex Legal Services, Inc. Acquisition 12/23/24 Maturity 02/09/26 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+5552025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Buyer, LLC. - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/3/2029 Industry Electronics2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Funded Revolver Acquisition 01/30/2023 Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 10.77% Basis Point Spread Above Index 3M SOFR+6502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lorient Peregrine Investments, LP Acquisition 11/18/2022 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. 3rd Amendment Unfunded Term Loan Acquisition 12/21/2022 Maturity 10/30/2026 Industry Personal, Food and Miscellaneous Services2025-12-310001383414First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Acquisition 07/24/23 Maturity 11/01/26 Industry Media Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Riverpoint Medical, LLC - Unfunded Revolver Acquisition 6/19/2019 Maturity 6/21/2027 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 03/21/24 Maturity 10/02/28 Industry Business Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+6252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Revolver Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 9.47% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name EvAL Home Health Solutions, LLC Acquisition 05/10/2024 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Unfunded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 07/24/23 Maturity 12/22/28 Industry Personal, Food and Miscellaneous Services Current Coupon 8.22% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5402024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Unfunded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2025-09-300001383414Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 11/05/24 Industry Containers, Packaging and Glass2025-09-300001383414First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 03/02/22 Maturity 09/22/28 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Revolver Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service2025-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP Acquisition 11/05/2018 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Funded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Business Services Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+4252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name BioDerm Holdings, LP Acquisition 01/30/2023 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 06/07/24 Maturity 12/29/28 Industry Auto Sector Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. - Unfunded Revolver Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Acquisition 07/23/24 Maturity 05/03/29 Industry Consumer Products Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2025-09-300001383414First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Acquisition 10/12/22 Maturity 11/30/26 Industry Containers, Packaging and Glass Current2025-09-300001383414First Lien Secured Debt Issuer Name PD Tri-State Holdco, LLC Acquisition 12/25/25 Maturity 10/14/30 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Co-Invest, LLC Acquisition 10/29/2024 Industry Aerospace and Defense2024-10-012025-09-300001383414pnnt:SubordinatedNotesMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services Current Coupon 13.07% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Term Loan Acquisition 07/17/2025 Maturity 07/16/2027 Industry Business Services2025-12-310001383414pnnt:MembersEquityMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Unfunded Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Funded Revolver Acquisition 05/03/2024 Maturity 05/03/2029 Industry Consumer Products Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Revolver Acquisition 12/31/2024 Maturity 12/31/2030 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC - Unfunded Revolver Acquisition 10/3/2025 Maturity 10/3/2031 Industry Auto Sector2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Route 66 Development Acquisition 01/28/2025 Maturity 01/24/2031 Industry Gaming Current Coupon 13.16.% Basis Point Spread Above Index 3M SOFR+9002025-09-300001383414First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 08/11/22 Maturity 07/02/29 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name Flock Financial, LLC Acquisition 04/19/2024 Maturity 10/19/2027 Industry Financial Services Current Coupon 12.50%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Funded Revolver Acquisition 11/14/2022 Maturity 3/29/2027 Industry Aerospace and Defense Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name TEAM Services Group, LLC Acquisition 04/26/2024 Maturity 12/18/2028 Industry Healthcare, Education and Childcare Current Coupon 13.57% Basis Point Spread Above Index 3M SOFR+9262024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name EvAL Home Health Solutions, LLC Acquisition 05/10/2024 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. - Unfunded Revolver Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Unfunded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name White Tiger Newco, LLC Acquisition 07/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP - Unfunded Acquisition 11/05/2018 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 04/30/25 Maturity 04/30/28 Industry Business Services Current Coupon 9.34% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414pnnt:AerospaceAndDefenseMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Funded Revolver Acquisition 07/24/2023 Maturity 02/07/2026 Industry Business Services Current Coupon 9.78% Basis Point Spread Above Index 3M SOFR+5552024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TAC LifePort Holdings, LLC Acquisition 02/24/2021 Industry Aerospace and Defense2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 03/02/22 Maturity 02/03/27 Industry Healthcare, Education and Childcare Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lorient Peregrine Investments, LP Acquisition 11/18/2022 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name White Tiger Newco, LLC Acquisition 07/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Paving Parent, LLC Acquisition 07/01/2025 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Funded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+6262024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 04/22/2020 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 03/02/22 Maturity 10/01/27 Industry Distribution Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. - Unfunded Revolver Acquisition 8/4/2025 Maturity 8/4/2031 Industry Marketing Services2025-12-310001383414pnnt:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. - Unfunded Revolver Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 11/26/24 Maturity 10/01/29 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Term Loan Acquisition 3/1/2024 Maturity 3/2/2026 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC Acquisition 12/23/2020 Industry Insurance2025-09-300001383414pnnt:ConsumerProductsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. Acquisition 8/4/2025 Maturity 8/4/2031 Industry Marketing Services Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Funded Revolver Acquisition 1/27/2021 Maturity 1/29/2026 Industry Consumer Products Current Coupon 9.84% Basis Point Spread Above Index 3M SOFR+6252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Acquisition 07/05/2022 Maturity 03/28/2030 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class D Acquisition 05/03/2024 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Funded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Acquisition 09/19/24 Maturity 12/01/29 Industry Consumer Products Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-12-310001383414First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Acquisition 12/23/24 Maturity 09/30/30 Industry Marketing Services Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassDD-RMember2025-07-210001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC Acquisition 08/12/2025 Maturity 01/21/2031 Industry Healthcare Providers & Services Current Coupon 9.48% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Funded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5762025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Fourth Out Acquisition 03/28/2024 Maturity 05/06/2028 Industry Telecommunications2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC Acquisition 05/31/2024 Maturity 05/30/2027 Industry Printing and Publishing Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+7002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Term Loan Acquisition 10/12/2021 Maturity 06/12/2027 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Funded Revolver Acquisition 6/8/2022 Maturity 6/13/2028 Industry Chemicals, Plastics and Rubber Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-12-310001383414First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 07/24/23 Maturity 03/15/27 Industry Business Services Current Coupon 10.51% Basis Point Spread Above Index SOFR+6352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Unfunded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. Acquisition 08/28/2024 Maturity 08/28/2030 Industry Manufacturing/Basic Industry Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare Current Coupon 12.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 07/15/2025 Maturity 07/15/2031 Industry Business Services Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NEPRT Parent Holdings, LLC Acquisition 01/27/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (G-2 Series) Acquisition 12/07/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP Acquisition 10/31/2024 Industry Government Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP - Unfunded Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2024-10-012024-12-310001383414us-gaap:FairValueInputsLevel2Memberpnnt:TruistCreditFacilityMember2025-12-310001383414pnnt:HoldingsIIMember2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Acquisition 10/07/2024 Maturity 10/11/2031 Industry Healthcare, Education and Childcare Current Coupon 8.81% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414pnnt:NonMoneyMarketMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Funded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 03/01/2024 Maturity 03/01/2030 Industry Financial Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - New Money DIP Acquisition 03/01/2023 Maturity 03/01/2029 Industry Home and Office Furnishings Current Coupon 10.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Term Loan Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 03/02/22 Maturity 02/03/27 Industry Healthcare, Education and Childcare Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414pnnt:TruistCreditFacilityMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan B Acquisition 08/09/2024 Maturity 02/09/2026 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP Acquisition 12/20/2021 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Acquisition 10/06/23 Maturity 8/01/29 Industry Business Services Current Coupon 9.49% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services Current Coupon 8.84% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/3/2024 Maturity 10/3/2029 Industry Transportation2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Ad.Net Acquisition, LLC Acquisition 03/02/22 Maturity 05/07/26 Industry Media Current Coupon 9.93% Basis Point Spread Above Index SOFR+6262025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Funded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Business Services Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+4252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Unfunded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP Acquisition 08/26/2021 Industry Aerospace and Defense2025-09-300001383414Equity Securities Issuer Name Wash & Wax Group, LP - Common Equity Acquisition 04/30/25 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 10/03/22 Maturity 07/25/29 Industry Auto Sector Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMemberpnnt:SeniorSecuredRevolvingCreditFacilityMember2024-08-280001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name BioDerm, Inc. Acquisition 09/09/2024 Industry Healthcare, Education and Childcare2025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414pnnt:TwoThousandTwentySixTwoNotesPayableMember2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 01/07/25 Maturity 10/31/30 Industry Business Services Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Watchtower Holdings, LLC Acquisition 11/29/2023 Industry Electronics2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services Current Coupon 13.07% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402025-12-310001383414AKW Holdings Limited2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP - Unfunded Acquisition 10/27/2021 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Unfunded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services2024-10-012025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMemberpnnt:CommonEquityPartnershipInterestsWarrantsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name MOREgroup Holdings, Inc. Acquisition 08/29/24 Maturity 01/16/30 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Funded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Funded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414pnnt:InvestmentsFairValueMemberpnnt:USGovernmentSecuritiesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Funded Revolver Acquisition 1/27/2021 Maturity 1/29/2026 Industry Consumer Products Current Coupon 9.84% Basis Point Spread Above Index 3M SOFR+6252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Unfunded Revolver Acquisition 05/03/2024 Maturity 05/03/2029 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name North Haven Saints Equity Holdings, LP Acquisition 02/25/2022 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Funded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 10.66% Basis Point Spread Above Index 3M SOFR+6502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Funded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-12-310001383414First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 07/21/25 Maturity 12/20/29 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (J-2 Series) Acquisition 12/07/2023 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Funded Revolver Acquisition 1/16/2025 Maturity 1/17/2031 Industry Healthcare Providers & Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name Pragmatic Institute, LLC Acquisition 03/28/2025 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PCS Parent, LP Acquisition 03/01/2024 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Term Loan Acquisition 2/25/2022 Maturity 11/25/2026 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Funded Revolver Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC - Funded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name White Tiger Newco, LLC Acquisition 07/31/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 03/02/22 Maturity 02/18/27 Industry Consumer Products Current Coupon 12.16% Basis Point Spread Above Index SOFR+7852025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC Acquisition 08/12/2025 Maturity 01/21/2031 Industry Healthcare Providers & Services Current Coupon 9.48% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carisk Parent, LP Acquisition 11/27/2023 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Revolver Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. - Unfunded Term Loan Acquisition 03/01/2024 Maturity 03/02/2026 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Funded Revolver Acquisition 2/25/2022 Maturity 3/1/2028 Industry Business Services Current Coupon 8.82% Basis Point Spread Above Index 3M SOFR+5152025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 02/27/24 Maturity 01/23/29 Industry Media Current Coupon 10.52% Basis Point Spread Above Index SOFR+6502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP PAR Holdings, LP Acquisition 09/03/2024 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan 2 Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name RFMG Parent, LP Acquisition 12/16/2020 Industry Healthcare, Education and Childcare2025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2025-09-300001383414srt:MinimumMember2025-10-012025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMemberpnnt:SeniorSecuredRevolvingCreditFacilityMember2025-10-012025-12-310001383414Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 11/05/24 Industry Containers, Packaging and Glass2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414pnnt:InvestmentAdministratorMember2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 11/26/24 Maturity 09/03/30 Industry Healthcare, Education and Childcare Current Coupon 8.77% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry2025-12-310001383414First Lien First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 03/02/22 Maturity 08/31/28 Industry Business Services Current Coupon 8.93% Basis Point Spread Above Index SOFR+4752025-09-300001383414First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Maturity 06/21/2029 Industry Healthcare, Education and Childcare Current Coupon 9.92% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (J-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. Acquisition 09/13/2024 Maturity 09/13/2029 Industry Business Services Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Unfunded Revolver Acquisition 11/05/2021 Maturity 11/09/2027 Industry Retail2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Term Loan Acquisition 07/01/2025 Maturity 07/01/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5762025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP Acquisition 10/27/2021 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan Acquisition 06/21/2024 Maturity 12/22/2025 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Funded Revolver Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2025-10-012025-12-310001383414country:IM2025-12-310001383414First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 10/09/24 Maturity 07/31/29 Industry Business Services Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. - Unfunded Revolver Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare2025-12-310001383414pnnt:PantheonMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare Current Coupon 12.00%2025-10-012025-12-310001383414pnnt:InvestmentsCostMemberpnnt:USGovernmentSecuritiesMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name MDI Buyer, Inc. Acquisition 12/20/24 Maturity 07/25/28 Industry Chemicals, Plastics and Rubber Current Coupon 8.95% Basis Point Spread Above Index SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name KL Stockton Co-Invest, LP Acquisition 07/16/2021 Industry Personal, Food and Miscellaneous Services2025-12-310001383414First Lien First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942025-09-300001383414pnnt:TotalCashEquivalentsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Funded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5762024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Unfunded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media2025-12-310001383414pnnt:InvestmentsFairValueMemberus-gaap:EquityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Term Loan Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name PD Tri-State Holdco, LLC Acquisition 12/25/25 Maturity 10/14/30 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Materials Current Coupon 9.19% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Unfunded Revolver Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name GGG Midco, LLC Acquisition 12/16/24 Maturity 09/27/30 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare Current Coupon 8.47% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414srt:MaximumMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Unfunded Revolver Acquisition 11/14/2022 Maturity 03/29/2027 Industry Aerospace and Defense2025-09-300001383414First Lien Secured Debt Issuer Name EvAL Home Care Solutions Intermediate, LLC Acquisition 07/23/24 Maturity 05/10/30 Industry Healthcare, Education and Childcare Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Meadowlark Title, LLC Acquisition 12/09/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Unfunded Revolver Acquisition 1/16/2025 Maturity 1/17/2031 Industry Healthcare Providers & Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Industry Media2025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMemberpnnt:USGovernmentSecuritiesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP Acquisition 12/13/2021 Industry Distribution2025-12-310001383414First Lien First Lien Secured Debt Issuer Name PCS Midco, Inc. Acquisition 08/29/24 Maturity 03/01/30 Industry Financial Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies US Government Securities of Net Assets Issuer Name U.S. Treasury Bill Acquisition 01/02/2026 Maturity 01/27/2026 Industry Short-Term U.S. Government Securities Current Coupon 3.98%2025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassBB-RMember2025-07-210001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Funded Revolver Acquisition 8/25/2021 Maturity 8/31/2028 Industry Business Services Current Coupon 8.87% Basis Point Spread Above Index 3M SOFR+5102025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Five Star Parent Holdings, LLC - Class P Acquisition 07/09/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Revolver Acquisition 09/29/2025 Maturity 09/30/2031 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services Current Coupon 9.54% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Watchtower Holdings, LLC Acquisition 11/29/2023 Industry Electronics2025-12-310001383414First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 03/02/22 Maturity 04/01/28 Industry Aerospace and Defense Current Coupon 8.88% Basis Point Spread Above Index SOFR+4902025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Term Loan Acquisition 2/25/2022 Maturity 11/25/2026 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC - Series B Acquisition 02/19/2025 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Unfunded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC - Unfunded Revolver Acquisition 10/3/2025 Maturity 10/3/2031 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 03/01/2024 Maturity 03/01/2030 Industry Financial Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. Acquisition 07/01/2025 Maturity 07/01/2031 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Unfunded Revolver Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TAC LifePort Holdings, LLC Acquisition 02/24/2021 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2028 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Funded Revolver Acquisition 11/5/2021 Maturity 11/9/2027 Industry Retail2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5102025-09-300001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 9.65% Basis Point Spread Above Index SOFR+5942025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/3/2024 Maturity 10/3/2029 Industry Transportation2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (F-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TAC LifePort Holdings, LLC Acquisition 02/24/2021 Industry Aerospace and Defense2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Acquisition 07/23/24 Maturity 05/03/29 Industry Consumer Products Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP - Unfunded Acquisition 12/16/2020 Industry Telecommunications2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP Acquisition 12/20/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. - Unfunded Revolver Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Industry Business Services2024-10-012025-09-300001383414us-gaap:DomesticCountryMember2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 08/12/22 Maturity 07/13/27 Industry Media Current Coupon 10.08% Basis Point Spread Above Index SOFR+5762024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Imagine Topco, LP Preferred Acquisition 11/04/2021 Industry Business Services Current Coupon 8.00%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP - Unfunded Acquisition 05/01/2020 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name NBH Group, LLC Acquisition 03/02/22 Maturity 08/19/26 Industry Healthcare, Education and Childcare Current Coupon 10.12% Basis Point Spread Above Index SOFR+5852025-09-300001383414First Lien First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 04/01/22 Maturity 12/10/27 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index SOFR+5652025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCOM InvestCo, LP Acquisition 05/11/2021 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kentucky Racing Holdco, LLC (Warrants) Acquisition 04/16/2019 Industry Hotels, Motels, Inns and Gaming2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Athletico Holdings, LLC Acquisition 02/04/2022 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:ClassCMemberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Revolver Acquisition 09/30/2024 Maturity 09/30/2030 Industry Marketing Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 9/12/2025 Maturity 9/12/2031 Industry Business Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602024-10-012025-09-300001383414srt:MinimumMember2025-12-310001383414pnnt:InvestmentsCostMember2025-09-300001383414pnnt:ConsumerServicesMember2025-09-300001383414First Lien Secured Debt Issuer Name Argano, LLC Acquisition 12/16/24 Maturity 09/13/29 Industry Business Services Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-12-310001383414pnnt:TwoThousandThirtyFiveAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414pnnt:OtherMember2025-09-300001383414Equity Securities Issuer Name White Tiger Newco, LLC - Common Equity Acquisition 07/31/25 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC - Unfunded Revolver Acquisition 05/23/2024 Maturity 05/23/2029 Industry Building Materials2025-09-300001383414First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Acquisition 09/16/24 Maturity 06/21/29 Industry Healthcare, Education and Childcare Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PCS Parent, LP Acquisition 03/01/2024 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP - Unfunded Acquisition 07/28/2022 Industry Auto Sector2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 07/15/2025 Maturity 07/15/2031 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services Current Coupon 13.70% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402024-10-012025-09-300001383414Equity Securities Issuer Name Wash & Wax Group, LP - Common Equity Acquisition 04/30/25 Industry Business Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class B Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:PennantParkTSOSeniorLoanFundIILPMember2025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 11.46% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 11/02/2023 Maturity 11/08/2029 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies US Government Securities of Net Assets Issuer Name U.S. Treasury Bill Acquisition 01/02/2026 Maturity 01/27/2026 Industry Short-Term U.S. Government Securities Current Coupon 3.98%2025-10-012025-12-310001383414srt:OtherCurrencyMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Funded Revolver Acquisition 7/2/2019 Maturity 3/31/2027 Industry Business Services Current Coupon 982.00% Basis Point Spread Above Index 3M SOFR+6102025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC Acquisition 05/31/2024 Maturity 05/30/2027 Industry Printing and Publishing Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+7002025-12-310001383414First Lien First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC Acquisition 03/02/22 Maturity 07/07/26 Industry Business Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+6202024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ro Health Holdings, Inc. Acquisition 01/16/2025 Industry Healthcare Providers & Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class A-1 Acquisition 05/03/2024 Industry Consumer Products2025-09-300001383414First Lien Secured Debt Issuer Name MAG DS Corp. Acquisition 03/02/22 Maturity 04/01/27 Industry Aerospace and Defense Current Coupon 9.27% Basis Point Spread Above Index SOFR+5602025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassA1BMemberus-gaap:PrivatePlacementMember2023-07-260001383414JF Intermediate, LLC (MidOcean JF Holdings Corp.)2024-10-012024-12-310001383414First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 03/04/25 Maturity 12/19/30 Industry Media Current Coupon 9.12% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class E Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver Acquisition 05/10/2024 Maturity 05/10/2030 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 12/20/24 Maturity 08/28/29 Industry Healthcare, Education and Childcare Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 4/30/2028 Industry Auto Sector Current Coupon PIK 9.34% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Amsive Holdings Corporation Acquisition 03/02/22 Maturity 12/10/26 Industry Media Current Coupon 10.35% Basis Point Spread Above Index SOFR+6352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Unfunded Revolver Acquisition 06/08/2023 Maturity 06/15/2029 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Funded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+6902025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Funded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Acquisition 03/04/25 Maturity 12/17/30 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC Acquisition 6/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 9.89% Basis Point Spread Above Index 3M SOFR+5902025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Unfunded Revolver Acquisition 6/1/2022 Maturity 06/14/2028 Industry Distribution2025-10-012025-12-310001383414pnnt:InvestmentsFairValueMember2025-12-310001383414First Lien Secured Debt Issuer Name Bioderm, Inc. Acquisition 06/26/24 Maturity 01/31/28 Industry Healthcare, Education and Childcare Current Coupon 10.36% Basis Point Spread Above Index SOFR+6502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Funded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products Current Coupon 8.94% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+5102025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Revolver Acquisition 09/23/2024 Maturity 09/23/2030 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 05/24/2023 Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 09/09/22 Maturity 12/17/26 Industry Business Service Basis Point Spread Above Index SOFR2025-12-310001383414pnnt:ClassA-1WMemberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Best Practice Associates, LLC - Unfunded Revolver Acquisition 11/07/2024 Maturity 11/08/2029 Industry Aerospace and Defense2024-10-012025-09-300001383414srt:MaximumMemberpnnt:IncentiveFeePaymentConditionTwoMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 04/22/2020 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 6/1/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name MOREgroup Holdings, Inc. Acquisition 08/29/24 Maturity 01/16/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Member2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2024-10-012025-09-300001383414pnnt:USGovernmentSecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Revolver Acquisition 09/30/2024 Maturity 09/30/2030 Industry Marketing Services2025-12-310001383414us-gaap:MoneyMarketFundsMemberpnnt:CashAndCashEquivalentsFortyTwoPercentageMember2025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC - Unfunded Term Loan Acquisition 10/31/2024 Maturity 11/2/2026 Industry Aerospace and Defense2025-10-012025-12-310001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-012021-10-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Funded Revolver Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Unfunded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name PL Acquisitionco, LLC Acquisition 05/31/2023 Industry Retail2025-09-300001383414First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Acquisition 07/26/22 Maturity 10/28/31 Industry Aerospace and Defense Current Coupon 8.84% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. - Unfunded Revolver Acquisition 11/01/2019 Maturity 11/01/2028 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5762025-12-310001383414First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 07/24/23 Maturity 01/10/29 Industry Aerospace and Defense Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001383414pnnt:ControlledAndNonControlledAffiliatesMember2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Accounting Platform Blocker, Inc. Acquisition 08/09/2024 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Term Loan Acquisition 09/30/2024 Maturity 09/30/2026 Industry Marketing Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Pink Lily Holdco, LLC Acquisition 11/05/2021 Industry Retail2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Beacon Behavioral Holdings, LLC Acquisition 06/21/2024 Maturity 06/21/2030 Industry Healthcare, Education and Childcare Current Coupon PIK 15.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5402025-09-300001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 03/02/22 Maturity 08/10/27 Industry Distribution Current Coupon 9.42% Basis Point Spread Above Index SOFR+5602025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 02/07/23 Maturity 12/28/28 Industry Personal, Food and Miscellaneous Services Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 6/8/2022 Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name A1 Garage Equity, LLC Acquisition 12/19/2022 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. 3rd Amendment Unfunded Term Loan Acquisition 12/21/2022 Maturity 10/30/2026 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel2Member2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Azureon, LLC Acquisition 06/26/2024 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Revolver Acquisition 09/30/2024 Maturity 09/30/2030 Industry Marketing Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services Current Coupon 9.23% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC - Unfunded Revolver Acquisition 9/12/2025 Maturity 9/12/2031 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Unfunded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. Acquisition 07/01/2025 Maturity 07/01/2031 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name TPC US Parent, LLC Acquisition 03/02/22 Maturity 11/24/25 Industry Food Current Coupon 10.19% Basis Point Spread Above Index SOFR+5902024-10-012025-09-300001383414First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 03/02/22 Maturity 09/22/28 Industry Business Services Current Coupon 8.84% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Term Loan Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2025-12-310001383414First Lien Secured Debt Issuer Name CF512, Inc. Acquisition 12/29/21 Maturity 08/20/26 Industry Media Current Coupon 10.36% Basis Point Spread Above Index SOFR+6192025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP Acquisition 08/16/2024 Industry Aerospace and Defense2025-10-012025-12-310001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC - Funded Revolver Acquisition 10/3/2025 Maturity 9/12/2031 Industry Business Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 03/02/22 Maturity 08/31/28 Industry Business Services Current Coupon 8.93% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Unfunded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Term Loan Acquisition 7/31/2025 Maturity 7/31/2027 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Bluebird Group, LLC - Unfunded Revolver Acquisition 7/22/2021 Maturity 7/28/2026 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry2025-09-300001383414First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 01/07/25 Maturity 10/31/30 Industry Business Services Current Coupon 9.72% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Member2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Funded Revolver Acquisition 11/5/2021 Maturity 11/9/2027 Industry Retail2025-10-012025-12-310001383414Equity Securities Issuer Name White Tiger Newco, LLC - Common Equity Acquisition 07/31/25 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Term Loan Acquisition 12/20/2024 Maturity 12/21/2026 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Funded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 06/17/2024 Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414pnnt:ConsultingServicesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment - Unfunded Term Loan Acquisition 8/15/2025 Maturity 8/25/2027 Industry Gaming2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name GGG Midco, LLC Acquisition 12/16/24 Maturity 09/27/30 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. (CAD) Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC Acquisition 6/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 9.89% Basis Point Spread Above Index 3M SOFR+5902025-10-012025-12-310001383414pnnt:TruistCreditFacilityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Infogroup Parent Holdings, Inc. Acquisition 05/31/2023 Industry Other Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector Current Coupon 10.18% Basis Point Spread Above Index 3M SOFR+6252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. (CAD) Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:TruistCreditFacilityMember2025-12-310001383414First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 07/24/23 Maturity 01/10/29 Industry Aerospace and Defense Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP - Unfunded Acquisition 10/31/2024 Industry Government Services2025-09-300001383414pnnt:LiabilitiesInExcessOfOtherAssetsMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC - Unfunded Revolver Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OceanSound Discovery Equity, LP Acquisition 03/28/2024 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo II, LP Acquisition 05/01/2020 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Industry Business Services2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2024-10-012024-12-310001383414First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 10/03/22 Maturity 07/25/29 Industry Auto Sector Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Term Loan Acquisition 2/7/2024 Maturity 02/09/2026 Industry Education2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Term Loan Acquisition 8/28/2024 Maturity 08/28/2026 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/24/23 Maturity 11/10/27 Industry Consumer Products Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152025-09-300001383414First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 09/09/22 Maturity 12/17/26 Industry Business Services Current Coupon 8.00%2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class C Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Conglomerate Manufacturing2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name PL Acquisitionco, LLC Acquisition 05/31/2023 Industry Retail2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. Acquisition 07/24/23 Maturity 11/15/27 Industry Business Services Current Coupon 8.98% Basis Point Spread Above Index SOFR+5102025-12-310001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Acquisition 08/04/22 Maturity 12/21/28 Industry Media Current Coupon 9.07% Basis Point Spread Above Index SOFR+5352025-12-310001383414pnnt:SeniorSecuritiesMember2019-02-062019-02-060001383414First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 12/23/24 Maturity 08/15/29 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414pnnt:InvestmentAdministratorMember2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Unfunded Revolver Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 04/23/24 Maturity 10/02/29 Industry Business Services Current Coupon 9.04% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 07/15/2025 Maturity 07/15/2031 Industry Business Services Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Revolver Acquisition 7/31/2025 Maturity 7/31/2031 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5402025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedNotesInPSLFMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Incremental Term Loan Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 10.10% Basis Point Spread Above Index 3M SOFR+5942025-09-300001383414First Lien Secured Debt Issuer Name Team Services Group, LLC Acquisition 07/24/23 Maturity 12/20/27 Industry Healthcare, Education and Childcare Current Coupon 9.09% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Unfunded Revolver Acquisition 11/14/2022 Maturity 3/29/2027 Industry Aerospace and Defense2025-10-012025-12-310001383414Equity Securities Issuer Name White Tiger Newco, LLC - Common Equity Acquisition 07/31/25 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Riverpoint Medical, LLC - Unfunded Revolver Acquisition 06/19/2019 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2025-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Funded Revolver Acquisition 09/27/2021 Maturity 06/20/2029 Industry Healthcare, Education and Childcare Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. - Unfunded Revolver Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC - Unfunded Term Loan Acquisition 10/31/2024 Maturity 11/02/2026 Industry Aerospace and Defense2025-09-300001383414us-gaap:FairValueInputsLevel3Member2024-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:USGovernmentSecuritiesMember2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 07/21/25 Maturity 12/20/29 Industry Diversified Conglomerate Service Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC - Unfunded Term Loan Acquisition 05/31/2024 Maturity 11/30/2025 Industry Printing and Publishing2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. - Unfunded Revolver Acquisition 7/2/2019 Maturity 3/31/2027 Industry Business Services2025-12-310001383414pnnt:ClassBMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - New Money DIP Acquisition 3/1/2023 Maturity 3/1/2029 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 10.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seacoast Service Partners, LLC Acquisition 12/20/2024 Industry Diversified Conglomerate Service2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 06/07/24 Maturity 12/29/28 Industry Auto Sector Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP – Unfunded Acquisition 12/20/2021 Industry Business Services2025-10-012025-12-310001383414Walker Edison Furniture Company LLC2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 11/02/2023 Maturity 11/08/2029 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP - Unfunded Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Revolver Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:TwoThousandAndTwentySixNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP - Unfunded Acquisition 12/16/2020 Industry Telecommunications2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dynata, LLC - Last-Out Term Loan Acquisition 07/15/2024 Maturity 10/16/2028 Industry Business Services Current Coupon 9.64% Basis Point Spread Above Index 3M SOFR+5762025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Lash Coinvest, LLC Acquisition 12/04/2019 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Funded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Revolver Acquisition 01/09/2024 Maturity 01/16/2030 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Term Loan Acquisition 03/21/2025 Maturity 03/21/2027 Industry Business Services2025-12-310001383414pnnt:ControlledAndNonControlledAffiliatesMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Term Loan Acquisition 07/31/2025 Maturity 07/31/2027 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (I-2 Series) Acquisition 12/07/2023 Industry Distribution2025-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2024-10-012024-12-310001383414First Lien Secured Debt Issuer Name Best Practice Associates, LLC Acquisition 01/21/25 Maturity 11/08/29 Industry Aerospace and Defense Current Coupon 10.91% Basis Point Spread Above Index SOFR+6752025-09-300001383414us-gaap:MoneyMarketFundsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC - Unfunded Revolver Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Materials2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Funded Revolver Acquisition 6/8/2023 Maturity 6/15/2029 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Funded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 8.69% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414First Lien First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Acquisition 07/17/24 Maturity 03/01/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 07/21/25 Maturity 12/31/30 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MES Intermediate, Inc. Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution Current Coupon 8.62% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. - Unfunded Revolver Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class A Acquisition 04/19/2024 Industry Financial Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. - Unfunded Revolver Acquisition 07/26/2023 Maturity 08/01/2029 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Term Loan Acquisition 02/25/2022 Maturity 11/25/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Unfunded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Exigo, LLC Acquisition 03/10/2022 Industry Business Services2024-10-012025-09-300001383414pnnt:PreferredEquityPartnershipInterestMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414First Lien Secured Debt Issuer Name Ad.Net Acquisition, LLC Acquisition 03/02/22 Maturity 05/07/26 Industry Media Current Coupon 10.26% Basis Point Spread Above Index SOFR+6262025-09-300001383414pnnt:MembersEquityMemberpnnt:PennantParkSeniorLoanFundLLCMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC Acquisition 10/03/2025 Maturity 10/03/2031 Industry Auto Sector Current Coupon 8.43% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2025-10-012025-12-310001383414Cascade Environmental Holdings, LLC2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP - Unfunded Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Connatix Parent, LLC Acquisition 07/08/2021 Industry Media2025-09-300001383414pnnt:CashAndCashEquivalentsFortyTwoPercentageMemberpnnt:BlackRockFederalFDInstitutionalEightyOneMember2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/24/23 Maturity 11/10/27 Industry Consumer Products Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name ENC Parent Corporation Acquisition 08/06/2021 Maturity 08/19/2029 Industry Business Services Current Coupon 11.43% Basis Point Spread Above Index 3M SOFR+7762025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP - Unfunded Acquisition 07/28/2022 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MES Intermediate, Inc. - Unfunded Revolver Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Funded Revolver Acquisition 05/29/2020 Maturity 07/07/2026 Industry Business Services Current Coupon 9.20% Basis Point Spread Above Index 3M SOFR+5202024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dynata, LLC - Last-Out Term Loan Acquisition 07/15/2024 Maturity 10/16/2028 Industry Business Services Current Coupon 9.96% Basis Point Spread Above Index 3M SOFR+5762024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Funded Revolver Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.32% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-12-310001383414First Lien Secured Debt Issuer Name Team Services Group, LLC Acquisition 07/24/23 Maturity 12/20/27 Industry Healthcare, Education and Childcare Current Coupon 9.09% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC Acquisition 05/31/2024 Maturity 05/30/2027 Industry Printing and Publishing Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+7002024-10-012025-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Rosco Topco, LLC Acquisition 09/09/2025 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Unfunded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Unfunded Revolver Acquisition 5/29/2020 Maturity 7/7/2026 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 06/26/24 Maturity 02/28/30 Industry Manufacturing / Basic Industries Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan C Acquisition 08/09/2024 Maturity 08/18/2027 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Funded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5602024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-310001383414First Lien First Lien Secured Debt Issuer Name NBH Group, LLC Acquisition 03/02/22 Maturity 08/19/26 Industry Healthcare, Education and Childcare Current Coupon 10.12% Basis Point Spread Above Index SOFR+5852024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Atlas Investment Aggregator, LLC Acquisition 05/03/2021 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Term Loan Acquisition 02/25/2022 Maturity 11/25/2026 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 02/09/24 Maturity 12/01/29 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TMII Enterprises, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 03/02/22 Maturity 06/30/26 Industry Media Current Coupon 9.57% Basis Point Spread Above Index SOFR+5902025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name BioDerm, Inc. Acquisition 09/09/2024 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 03/02/22 Maturity 04/16/27 Industry Telecommunications Current Coupon 9.30% Basis Point Spread Above Index SOFR+5102025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Unfunded Revolver Acquisition 10/1/2024 Maturity 10/01/2029 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. Acquisition 08/04/2025 Maturity 08/04/2031 Industry Marketing Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-09-300001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Acquisition 08/04/22 Maturity 12/21/28 Industry Media Current Coupon 9.07% Basis Point Spread Above Index SOFR+5352025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OES Co-Invest, LP - Class A Acquisition 05/31/2024 Industry Diversified Conglomerate Service2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class C Acquisition 05/03/2024 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP - Unfunded Acquisition 12/16/2020 Industry Telecommunications2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Buyer, LLC. - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/3/2029 Industry Electronics2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP - Unfunded Acquisition 08/16/2024 Industry Aerospace and Defense2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name North American Rail Solutions Acquisition 12/25/25 Maturity 08/29/31 Industry Road and Rail Current Coupon 8.42%2025-12-310001383414First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 12/23/24 Maturity 08/15/29 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Unfunded Revolver Acquisition 06/08/2023 Maturity 06/15/2029 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services2025-09-300001383414pnnt:OtherMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Funded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products Current Coupon 10.15% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Acquisition 03/04/25 Maturity 12/17/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Lash Coinvest, LLC Acquisition 12/04/2019 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab Coinvestment, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414us-gaap:InvestmentsMember2025-09-300001383414First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 09/09/22 Maturity 12/17/26 Industry Business Services Current Coupon 8.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class AA Acquisition 11/08/2021 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Unfunded Term Loan Acquisition 12/20/2024 Maturity 12/21/2026 Industry Diversified Conglomerate Service2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kentucky Racing Holdco, LLC (Warrants) Acquisition 04/16/2019 Industry Hotels, Motels, Inns and Gaming2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Lash Coinvest, LLC Acquisition 12/04/2019 Industry Consumer Products2024-10-012025-09-300001383414pnnt:ClassDMemberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Term Loan Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Ro Health, LLC Acquisition 04/03/25 Maturity 01/17/31 Industry Healthcare Providers & Services Current Coupon 8.17%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BioDerm, Inc. - Funded Revolver Acquisition 01/30/2023 Maturity 01/31/2028 Industry Healthcare, Education and Childcare Current Coupon 10.77% Basis Point Spread Above Index 3M SOFR+6502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP - Unfunded Acquisition 08/16/2024 Industry Aerospace and Defense2025-12-310001383414First Lien Secured Debt Issuer Name APT OPCO, LLC Acquisition 12/24/25 Maturity 09/30/31 Industry Health Care Providers and Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2025-10-012025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Industry Financial Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Infogroup Parent Holdings, Inc. Acquisition 05/31/2023 Industry Other Media2024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembercountry:US2025-09-300001383414First Lien Secured Debt Issuer Name Acp Falcon Buyer, Inc. Acquisition 10/06/23 Maturity 08/01/29 Industry Business Services Current Coupon 9.79% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Acquisition 07/24/23 Maturity 11/01/26 Industry Media Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Acquisition 10/31/24 Maturity 11/01/30 Industry Aerospace and Defense Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Term Loan Acquisition 12/29/2023 Maturity 09/30/2026 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Unfunded Revolver Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Funded Revolver Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+4852025-09-300001383414us-gaap:PrivatePlacementMemberpnnt:ClassA-2WMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2025-10-012025-12-310001383414pnnt:InvestmentsCostMemberpnnt:USGovernmentSecuritiesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 3/1/2023 Maturity 3/1/2029 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo II, LP Acquisition 12/23/2021 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Pink Lily Holdco, LLC Acquisition 11/05/2021 Industry Retail2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414First Lien First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Acquisition 09/03/25 Maturity 10/11/31 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests/Warrants of Net Assets Issuer Name Podean Intermediate II, LLC Acquisition 08/04/2025 Industry Marketing Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name RFMG Parent, LP Acquisition 12/16/2020 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:TwoThousandThirtyFourAssetBackedDebtMember2025-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:TruistCreditFacilityMember2025-09-300001383414First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 07/24/23 Maturity 02/23/28 Industry Hotels, Motels, Inns and Gaming Current Coupon 13.35% Basis Point Spread Above Index SOFR+9152025-09-300001383414First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 07/21/25 Maturity 12/20/29 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name OSP Embedded Aggregator, LP - Convertible Note Acquisition 11/06/2024 Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class D Acquisition 05/03/2024 Industry Consumer Products2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Five Star Buyer, Inc. Acquisition 07/24/23 Maturity 02/23/28 Industry Hotels, Motels, Inns and Gaming Current Coupon 12.98% Basis Point Spread Above Index SOFR+9252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services Current Coupon 8.84% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name OSP Embedded Aggregator, LP - Convertible Note Acquisition 11/06/2024 Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP Acquisition 05/01/2020 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2024-10-012024-12-310001383414First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 03/02/22 Maturity 04/16/27 Industry Telecommunications Current Coupon 8.92% Basis Point Spread Above Index SOFR+5102025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name BioDerm Holdings, LP Acquisition 01/30/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name APT OPCO, LLC - Unfunded Term Loan Acquisition 09/29/2025 Maturity 09/30/2027 Industry Healthcare, Education and Childcare2025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:PantheonFundingOneMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 2/7/2024 Maturity 02/07/2030 Industry Education Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Unfunded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 03/21/24 Maturity 10/02/28 Industry Business Services Current Coupon 10.42% Basis Point Spread Above Index SOFR+6252025-09-300001383414us-gaap:SubordinatedDebtMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Burgess Point Holdings, LP Acquisition 07/21/2022 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan C Acquisition 08/09/2024 Maturity 08/18/2027 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name United Land Services Holdings, LLC Acquisition 07/12/2024 Industry Environmental Services2025-09-300001383414First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 01/07/25 Maturity 10/31/30 Industry Business Services Current Coupon 9.72% Basis Point Spread Above Index SOFR+6002025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMemberpnnt:GoldmanSachsFinancialSquareGovernmentFundMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Meadowlark Title, LLC Acquisition 12/09/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 9.650% Basis Point Spread Above Index 3M SOFR+5942025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name EDS Topco, LP Acquisition 12/19/2022 Industry Aerospace and Defense2025-10-012025-12-310001383414Cascade Environmental Holdings, LLC2025-10-012025-12-310001383414Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 11/05/24 Industry Containers, Packaging and Glass2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aftermarket Drivetrain Products Holdings, LLC Acquisition 12/29/2023 Industry Machinery2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 07/30/2028 Industry Auto Sector Current Coupon PIK 12.00%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP - Unfunded Acquisition 12/20/2021 Industry Business Services2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class A Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassA1AMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 08/16/2021 Maturity 02/18/2027 Industry Consumer Products Current Coupon 8.94% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+5102025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment Acquisition 08/15/2025 Maturity 08/22/2032 Industry Gaming Current Coupon 9.02% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Member2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carisk Parent, LP Acquisition 11/27/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Watchtower Holdings, LLC Acquisition 11/29/2023 Industry Electronics2025-09-300001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpnnt:TruistCreditFacilityMember2025-09-300001383414pnnt:IncentiveFeePaymentConditionTwoMember2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name NBH Group, LLC Acquisition 03/02/22 Maturity 08/19/26 Industry Healthcare, Education and Childcare Current Coupon 9.71% Basis Point Spread Above Index SOFR+5852025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414pnnt:PersonalFoodAndMiscellaneousServicesMember2025-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Unfunded Revolver Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Global Holdings InterCo, LLC Acquisition 03/02/22 Maturity 03/16/26 Industry Banking, Finance, Insurance & Real Estate Current Coupon 9.33%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Incremental Term Loan Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 9.650% Basis Point Spread Above Index 3M SOFR+5952025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name StellPen Holdings, LLC Acquisition 08/17/2021 Industry Media2025-10-012025-12-3100013834142025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC - Class A Acquisition 04/30/2024 Industry Insurance2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Holdings, LLC Acquisition 12/06/2023 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCP Boss Holdco, LLC Acquisition 12/27/2024 Industry Conglomerate Manufacturing2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Five Star Parent Holdings, LLC - Class P Acquisition 07/09/2025 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-09-300001383414pnnt:MediaMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Shiftkey, LLC Acquisition 6/17/2022 Maturity 6/21/2027 Industry Business Services Current Coupon 9.68% Basis Point Spread Above Index 3M SOFR+6012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 03/02/22 Maturity 04/01/28 Industry Aerospace and Defense Current Coupon 9.19% Basis Point Spread Above Index SOFR+4902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Consello Pacific Aggregator, LLC Acquisition 10/02/2023 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Funded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+3752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. - Funded Revolver Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.32% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Funded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 8.97% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services Current Coupon 8.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Maturity 05/21/2029 Industry Personal, Food and Miscellaneous Services Current Coupon PIK 12.56%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+6502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. - Unfunded Revolver Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Bluebird Group, LLC - Unfunded Revolver Acquisition 7/22/2021 Maturity 7/28/2026 Industry Business Services2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class B Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class C Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC - Unfunded Revolver Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMemberus-gaap:CashMember2025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TCG 3.0 Jogger Co-Invest, LP Acquisition 01/22/2024 Industry Media2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 09/09/22 Maturity 12/17/26 Industry Business Service Basis Point Spread Above Index SOFR2025-10-012025-12-310001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC - Unfunded Revolver Acquisition 10/11/2019 Maturity 05/11/2026 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NORA Parent Holdings, LLC Acquisition 08/22/2023 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Revolver Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Term Loan Acquisition 01/09/2024 Maturity 01/16/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC - Class A Acquisition 04/30/2024 Industry Insurance2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 08/16/2021 Maturity 02/18/2027 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC - Unfunded Term Loan A Acquisition 06/30/2025 Maturity 12/30/2025 Industry Consumer Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Unfunded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:DebtInvestmentsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 09/23/2024 Maturity 09/23/2030 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name StellPen Holdings, LLC Acquisition 08/17/2021 Industry Media2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name NORA Acquisition, LLC Acquisition 11/21/23 Maturity 08/31/29 Industry Healthcare, Education and Childcare Current Coupon 10.02% Basis Point Spread Above Index SOFR+6352025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC - Class A-2 Acquisition 05/24/2023 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Funded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media Current Coupon 10.18% Basis Point Spread Above Index 3M SOFR+6022024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Term Loan Acquisition 9/27/2021 Maturity 6/30/2026 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TPC Holding Company, LP Acquisition 12/04/2019 Industry Food2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Funded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.02% Basis Point Spread Above Index 3M SOFR+6352025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Funded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+6352024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC - Unfunded Revolver Acquisition 03/21/2025 Maturity 03/19/2032 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.09% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Pragmatic Institute, LLC2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name StoicLane, Inc. - Convertible Notes Acquisition 08/15/2024 Maturity 08/16/2027 Industry Healthcare, Education and Childcare Current Coupon 12.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Term Loan Acquisition 12/31/2024 Maturity 12/31/2026 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Consello Pacific Aggregator, LLC Acquisition 10/02/2023 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC - Funded Revolver Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Materials Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Term Loan Acquisition 07/01/2025 Maturity 07/01/2027 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC - Class A-2 Acquisition 05/24/2023 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Unfunded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services2025-12-310001383414First Lien Secured Debt Issuer Name Inventus Power, Inc. Acquisition 10/10/23 Maturity 01/15/26 Industry Consumer Products Current Coupon 11.33% Basis Point Spread Above Index SOFR+7612025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCOM InvestCo, LP Acquisition 05/11/2021 Industry Business Services2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-012021-10-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Medina Health, LLC Acquisition 10/16/2023 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Funded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 10.16% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ACP Big Top Holdings, LP Acquisition 02/29/2024 Industry Manufacturing/Basic Industry2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Revolver Acquisition 7/1/2025 Maturity 7/1/2031 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan B Acquisition 08/09/2024 Maturity 02/09/2026 Industry Financial Services2025-12-310001383414First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 12/20/24 Maturity 08/09/30 Industry Financial Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002025-09-300001383414First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Acquisition 10/12/22 Maturity 11/30/26 Industry Containers, Packaging and Glass2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services Current Coupon 9.54% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 03/02/22 Maturity 04/16/27 Industry Telecommunications Current Coupon 8.92% Basis Point Spread Above Index SOFR+5102025-10-012025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Unfunded Revolver Acquisition 10/20/2021 Maturity 4/30/2028 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Conglomerate Manufacturing2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name Flock Financial, LLC Acquisition 04/19/2024 Maturity 10/19/2027 Industry Financial Services Current Coupon 12.50%2025-09-300001383414First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 03/02/22 Maturity 06/30/26 Industry Media Current Coupon 9.57% Basis Point Spread Above Index SOFR+5902025-12-310001383414First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 09/16/24 Maturity 06/17/29 Industry Healthcare, Education and Childcare Current Coupon 8.87% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge APHIX Blocker, LLC Acquisition 07/16/2025 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 10/09/24 Maturity 07/31/29 Industry Business Services Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name EDS Topco, LP Acquisition 12/19/2022 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Berwick Industrial Park Acquisition 04/26/2022 Maturity 05/02/2026 Industry Buildings and Real Estate Current Coupon 13.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC - Funded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+5652025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Funded Revolver Acquisition 11/14/2022 Maturity 03/29/2027 Industry Aerospace and Defense Current Coupon 10.29% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction, LLC Acquisition 05/05/2022 Maturity 12/31/2026 Industry Insurance Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5602025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Term Loan Acquisition 09/13/2024 Maturity 10/02/2026 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Riverpoint Medical, LLC Acquisition 03/02/22 Maturity 06/21/27 Industry Healthcare, Education and Childcare Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCP Boss Holdco, LLC Acquisition 12/27/2024 Industry Conglomerate Manufacturing2025-10-012025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class E Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo II, LP Acquisition 05/01/2020 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 4/30/2028 Industry Auto Sector Current Coupon PIK 9.34% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414pnnt:ClassCMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414First Lien Secured Debt Issuer Name DX Electric Company, LLC Acquisition 12/25/25 Maturity 10/01/31 Industry Electronic Equipment, Instruments and Components Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name TEAM Services Group, LLC Acquisition 04/26/2024 Maturity 12/18/2028 Industry Healthcare, Education and Childcare Current Coupon 13.57% Basis Point Spread Above Index 3M SOFR+9262025-09-300001383414First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 07/24/23 Maturity 08/16/27 Industry Personal, Food and Miscellaneous Services Current Coupon 10.03% Basis Point Spread Above Index SOFR+5862024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Maturity 05/21/2029 Industry Personal, Food and Miscellaneous Services Current Coupon PIK 12.56%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Term Loan Acquisition 09/27/2021 Maturity 06/30/2026 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name EvAL Home Care Solutions Intermediate, LLC Acquisition 07/23/24 Maturity 05/10/30 Industry Healthcare, Education and Childcare Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Five Star Buyer, Inc. - Unfunded Revolver Acquisition 02/21/2023 Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 05/24/2023 Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 08/12/22 Maturity 07/13/27 Industry Media Current Coupon 9.70% Basis Point Spread Above Index SOFR+5762025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC Acquisition 07/21/25 Maturity 12/20/29 Industry Diversified Conglomerate Service Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+6502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Azureon, LLC Acquisition 06/26/2024 Industry Diversified Conglomerate Service2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 07/25/24 Maturity 12/29/29 Industry Diversified Conglomerate Service Current Coupon 9.26% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Acquisition 07/15/24 Maturity 07/17/28 Industry Business Services Current Coupon 9.14% Basis Point Spread Above Index SOFR+5762025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC - Unfunded Revolver Acquisition 10/11/2019 Maturity 05/11/2026 Industry Media2025-09-300001383414First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 01/17/25 Maturity 12/17/29 Industry Aerospace and Defense Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-10-012024-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001383414First Lien Secured Debt Issuer Name Inventus Power, Inc. Acquisition 10/10/23 Maturity 01/15/26 Industry Consumer Products Current Coupon 11.78% Basis Point Spread Above Index SOFR+7612025-09-300001383414us-gaap:FairValueInputsLevel2Member2025-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:DebtInvestmentsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Northwinds Services Group, LLC Acquisition 08/16/2024 Industry Consumer Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TMII Enterprises, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 12/22/2028 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 07/02/2019 Maturity 01/08/2026 Industry Business Services Current Coupon 12.92% Basis Point Spread Above Index 3M SOFR+8602024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 08/11/22 Maturity 07/02/29 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414pnnt:ControlledAndNonControlledAffiliatesMember2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Meadowlark Title, LLC Acquisition 12/09/2021 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC - Class A-2 Acquisition 05/24/2023 Industry Business Services2025-10-012025-12-310001383414pnnt:EquitySecurityMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ironclad Holdco, LLC (Applied Technical Services, LLC) Acquisition 12/23/2020 Industry Environmental Services2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC - Unfunded Revolver Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AKW Holdings Limited Acquisition 03/07/2018 Maturity 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 11.19% Basis Point Spread Above Index 3M SOFR+7002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+5152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+6502025-09-300001383414First Lien Secured Debt Issuer Name Global Holdings InterCo, LLC Acquisition 03/02/22 Maturity 03/16/26 Industry Banking, Finance, Insurance & Real Estate Current Coupon 9.74% Basis Point Spread Above Index SOFR+5602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo II, LP Acquisition 12/23/2021 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 04/14/2021 Maturity 04/16/2027 Industry Telecommunications Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5102024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Ad.Net Acquisition, LLC Acquisition 03/02/22 Maturity 05/07/26 Industry Media Current Coupon 9.93% Basis Point Spread Above Index SOFR+6262025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name NORA Acquisition, LLC Acquisition 11/21/23 Maturity 08/31/29 Industry Healthcare, Education and Childcare Current Coupon 10.35% Basis Point Spread Above Index SOFR+6352024-10-012025-09-3000013834142019-02-052019-02-050001383414First Lien Secured Debt Issuer Name PCS Midco, Inc. Acquisition 08/29/24 Maturity 03/01/30 Industry Financial Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. - Unfunded Revolver Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services2025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 03/02/22 Maturity 10/01/27 Industry Distribution Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152024-10-012025-09-300001383414us-gaap:EquityFundsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GCOM InvestCo, LP Acquisition 05/11/2021 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 05/24/2023 Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PCS Parent, LP Acquisition 03/01/2024 Industry Financial Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Impact Advisors, LLC Acquisition 03/21/2025 Maturity 03/19/2032 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 12/01/23 Maturity 12/20/27 Industry Telecommunications Current Coupon 10.62% Basis Point Spread Above Index SOFR+6902025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.62% Basis Point Spread Above Index 3M SOFR+6902025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Unfunded Term Loan Acquisition 08/29/2025 Maturity 08/29/2027 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Impact Advisors, LLC Acquisition 12/10/25 Maturity 03/19/32 Industry Health Care Technology Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP - Unfunded Acquisition 08/16/2024 Industry Aerospace and Defense2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Recteq, LLC Acquisition 06/26/24 Maturity 01/29/26 Industry Consumer Products Current Coupon 10.40% Basis Point Spread Above Index SOFR+6402025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. - Unfunded Revolver Acquisition 08/28/2024 Maturity 08/28/2030 Industry Manufacturing/Basic Industry2025-09-300001383414pnnt:SubordinatedNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A-1 Acquisition 07/25/2023 Industry Auto Sector2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo II, LP Acquisition 05/01/2020 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Exigo, LLC Acquisition 03/10/2022 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests/Warrants of Net Assets Issuer Name Podean Intermediate II, LLC Acquisition 08/04/2025 Industry Marketing Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Athletico Holdings, LLC Acquisition 02/04/2022 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Duggal Acquisition, LLC Acquisition 09/30/2024 Industry Marketing Services2024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMember2025-10-012025-12-310001383414Flock Financial, LLC2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Revolver Acquisition 8/15/2024 Maturity 8/15/2029 Industry Business Services2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Maturity 07/31/2027 Industry Financial Services Current Coupon 12.29% Basis Point Spread Above Index 3M SOFR+ 8002025-09-300001383414First Lien Secured Debt Issuer Name Global Holdings InterCo, LLC Acquisition 03/02/22 Maturity 03/16/26 Industry Banking, Finance, Insurance & Real Estate Current Coupon 9.74% Basis Point Spread Above Index SOFR+5602024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class A Acquisition 11/08/2021 Industry Consumer Products2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Acquisition 07/15/24 Maturity 10/16/28 Industry Business Services Current Coupon 9.64% Basis Point Spread Above Index SOFR+5762025-12-310001383414First Lien First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 11/26/24 Maturity 09/03/30 Industry Healthcare, Education and Childcare Current Coupon 9.17% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (J-2 Series) Acquisition 12/07/2023 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Maturity 05/21/2029 Industry Personal, Food and Miscellaneous Services Current Coupon PIK 12.56%2025-10-012025-12-310001383414pnnt:BlackRockFederalFDInstitutionalEightyOneMember2025-09-300001383414pnnt:CashAndCashEquivalentsFortyTwoPercentageMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC - Unfunded Revolver Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services2025-09-300001383414us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Acquisition 07/24/23 Maturity 11/01/26 Industry Media Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC- Unfunded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Funded Revolver Acquisition 11/05/2021 Maturity 11/09/2027 Industry Retail Current Coupon 4.27%2024-10-012025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMembersrt:SubsidiariesMemberpnnt:SeniorSecuredRevolvingCreditFacilityMember2025-12-310001383414pnnt:DistributionMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Revolver Acquisition 01/18/2023 Maturity 02/01/2029 Industry Environmental Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class A Acquisition 11/08/2021 Industry Consumer Products2025-12-310001383414pnnt:PSLFAndPantheonAmendementMembersrt:MinimumMemberpnnt:PennantParkSeniorLoanFundLLCMemberpnnt:LLCAgreementMember2024-08-280001383414First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 02/27/24 Maturity 01/23/29 Industry Media Current Coupon 10.17% Basis Point Spread Above Index SOFR+6502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Adweek Purchaser, LLC - Unfunded Term Loan Acquisition 05/31/2024 Maturity 11/30/2025 Industry Printing and Publishing2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan - 2nd Amendment Acquisition 05/25/2023 Maturity 12/31/2026 Industry Consumer Products2025-12-310001383414First Lien Secured Debt Issuer Name DRI Holding Inc. Acquisition 08/04/22 Maturity 12/21/28 Industry Media Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352025-09-300001383414First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 06/07/24 Maturity 12/29/28 Industry Auto Sector Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc. - Unfunded Revolver Acquisition 08/28/2024 Maturity 08/28/2030 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP Acquisition 07/28/2022 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+6502024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 06/26/24 Maturity 02/07/30 Industry Education Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class A Acquisition 04/19/2024 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 7/15/2025 Maturity 07/15/2031 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Funded Revolver Acquisition 7/31/2025 Maturity 7/31/2031 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment - Unfunded Term Loan Acquisition 08/15/2025 Maturity 08/25/2027 Industry Gaming2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Incremental Term Loan Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 10.10% Basis Point Spread Above Index 3M SOFR+5942024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Unfunded Revolver Acquisition 11/5/2021 Maturity 11/9/2027 Industry Retail2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC - Funded Revolver Acquisition 05/03/2024 Maturity 05/03/2029 Industry Consumer Products Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414pnnt:InvestmentsCostMemberus-gaap:EquityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Funded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (H-2 Series) Acquisition 12/07/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NFS - CFP Holdings, LLC Acquisition 09/13/2024 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP Acquisition 05/01/2020 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Duggal Acquisition, LLC Acquisition 09/30/2024 Industry Marketing Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seaway Topco, LP Acquisition 06/08/2022 Industry Chemicals, Plastics and Rubber2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies US Government Securities Issuer Name U.S. Treasury Bill Acquisition 10/02/2025 Maturity 10/31/2025 Industry Short-Term U.S. Government Securities Current Coupon 3.98%2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name EvAL Home Care Solutions Intermediate, LLC Acquisition 07/23/24 Maturity 05/10/30 Industry Healthcare, Education and Childcare Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NFS - CFP Holdings, LLC Acquisition 09/13/2024 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Term Loan Acquisition 01/09/2024 Maturity 01/16/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414pnnt:NonMoneyMarketCashMemberpnnt:TotalInvestmentsAndCashEquivalentsNineHundredFiftyOnePontOneMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC - Unfunded Revolver Acquisition 09/09/2025 Maturity 09/12/2031 Industry Business Services2025-09-300001383414Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Acquisition 07/15/24 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NP Riverhead Industrial, LLC Acquisition 05/24/2024 Maturity 12/10/2025 Industry Buildings and Real Estate Current Coupon 15.50%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class D Acquisition 05/03/2024 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. - Unfunded Revolver Acquisition 11/01/2019 Maturity 11/03/2025 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 9.650% Basis Point Spread Above Index 3M SOFR+5942025-12-310001383414First Lien Secured Debt Issuer Name Hancock Roofing And Construction, LLC Acquisition 03/02/22 Maturity 12/31/26 Industry Insurance Current Coupon 9.27% Basis Point Spread Above Index SOFR+5602025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Unfunded Term Loan Acquisition 6/26/2024 Maturity 11/26/2027 Industry Diversified Conglomerate Service2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Paving Parent, LLC Acquisition 07/01/2025 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 08/16/2021 Maturity 02/18/2027 Industry Consumer Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852024-10-012025-09-300001383414us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MaximumMemberpnnt:TruistCreditFacilityMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Funded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.25% Basis Point Spread Above Index 3M SOFR+3202025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MES Intermediate, Inc. - Unfunded Revolver Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 03/02/22 Maturity 02/03/27 Industry Healthcare, Education and Childcare Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 03/02/22 Maturity 02/18/27 Industry Consumer Products Current Coupon 10.94% Basis Point Spread Above Index SOFR+7102025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP Acquisition 12/16/2020 Industry Telecommunications2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cornerstone Advisors of Arizona, LLC Acquisition 05/13/2025 Maturity 05/13/2032 Industry Consulting Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Acquisition 07/26/22 Maturity 10/28/31 Industry Aerospace and Defense Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002025-09-300001383414First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 03/02/22 Maturity 08/16/27 Industry Aerospace and Defense Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (F-2 Series) Acquisition 12/07/2023 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Delta InvestCo, LP - Unfunded Acquisition 12/16/2020 Industry Telecommunications2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lorient Peregrine Investments, LP Acquisition 11/18/2022 Industry Business Services2025-10-012025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class A Acquisition 04/19/2024 Industry Financial Services2025-09-300001383414First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 06/26/24 Maturity 02/07/30 Industry Education Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC - Unfunded Term Loan Acquisition 09/13/2024 Maturity 10/02/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Maturity 07/31/2027 Industry Financial Services Current Coupon 11.84% Basis Point Spread Above Index 3M SOFR+ 8002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NORA Parent Holdings, LLC Acquisition 08/22/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Recteq, LLC - Funded Revolver Acquisition 01/27/2021 Maturity 01/29/2026 Industry Consumer Products Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+6252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan Acquisition 05/25/2023 Maturity 07/12/2026 Industry Consumer Products2025-09-300001383414First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 07/21/25 Maturity 12/27/30 Industry Conglomerate Manufacturing Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:EquityInPSLFMember2025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:FirstLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 09/03/2024 Maturity 09/03/2030 Industry Healthcare, Education and Childcare Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Shiftkey, LLC Acquisition 6/17/2022 Maturity 6/21/2027 Industry Business Services Current Coupon 9.68% Basis Point Spread Above Index 3M SOFR+6012025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (H-2 Series) Acquisition 12/07/2023 Industry Distribution2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name One Stop Mailing, LLC Acquisition 06/07/23 Maturity 05/07/27 Industry Transportation Current Coupon 10.08% Basis Point Spread Above Index SOFR+6362025-12-310001383414First Lien First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation Current Coupon 5.32% Basis Point Spread Above Index2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Imagine Topco, LP Acquisition 11/04/2021 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 02/07/23 Maturity 12/28/28 Industry Personal, Food and Miscellaneous Services Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Unfunded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name United Land Services Holdings, LLC Acquisition 07/12/2024 Industry Environmental Services2025-10-012025-12-310001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. - Unfunded Term Loan Acquisition 09/03/2024 Maturity 09/03/2026 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC - Funded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 11.40% Basis Point Spread Above Index 3M SOFR+4652025-12-310001383414us-gaap:FairValueInputsLevel3Member2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. Acquisition 09/13/2024 Maturity 09/13/2029 Industry Business Services Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2021-11-012021-11-010001383414First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 03/02/22 Maturity 11/03/25 Industry Consumer Products Current Coupon 8.97% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP Acquisition 10/31/2024 Industry Government Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP - Unfunded Acquisition 11/05/2018 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-12-310001383414AKW Holdings Limited2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Revolver Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414pnnt:HealthcareEducationAndChildcareMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PD Tri-State Holdco, LLC - Unfunded Revolver Acquisition 10/14/2025 Maturity 10/14/2030 Industry Diversified Consumer Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 07/30/2028 Industry Auto Sector Current Coupon PIK 12.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/3/2024 Maturity 10/3/2029 Industry Transportation2025-12-310001383414First Lien Secured Debt Issuer Name Confluent Health, LLC Acquisition 12/23/24 Maturity 11/30/28 Industry Healthcare, Education and Childcare Current Coupon 11.22% Basis Point Spread Above Index SOFR+7502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Revolver Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Term Loan Acquisition 08/15/2024 Maturity 08/17/2026 Industry Business Services2024-10-012025-09-300001383414pnnt:PennantParkCloViiMemberpnnt:ClassBMemberus-gaap:PrivatePlacementMember2023-07-260001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Acquisition 10/07/2024 Maturity 10/11/2031 Industry Healthcare, Education and Childcare Current Coupon 8.81% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414JF Intermediate, LLC (JF Holdings Corp.)2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Funded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class C Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC - Unfunded Revolver Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Insight Holdings, Inc. Acquisition 07/15/2024 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Insight Holdings, Inc. Acquisition 07/15/2024 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 2/7/2024 Maturity 02/07/2030 Industry Education Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GMP Hills, LP Acquisition 11/02/2023 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC Acquisition 06/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Altamira Intermediate Company II, Inc. Acquisition 07/23/2019 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name First Medical Holdings, LLC Acquisition 06/13/2025 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name A1 Garage Equity, LLC Acquisition 12/19/2022 Industry Personal, Food and Miscellaneous Services2025-12-310001383414First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 03/02/22 Maturity 02/18/27 Industry Consumer Products Current Coupon 10.94% Basis Point Spread Above Index SOFR+7102025-12-310001383414First Lien First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 04/30/25 Maturity 04/30/28 Industry Business Services Current Coupon 9.81% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001383414us-gaap:FinancingReceivables30To59DaysPastDueMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Marketplace Events Holdings, LP Acquisition 12/19/2024 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP Embedded Aggregator, LP Acquisition 12/11/2023 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Revolver Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+5902025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC Acquisition 12/23/2020 Industry Insurance2024-10-012025-09-300001383414pnnt:BuildingsAndRealEstateMember2025-09-300001383414srt:AffiliatedEntityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Acquisition 09/01/2021 Maturity 09/03/2027 Industry Business Services Current Coupon 13.70% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Buyer, LLC. - Funded Revolver Acquisition 11/29/2023 Maturity 12/3/2029 Industry Electronics Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMember2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Holdings, LLC Acquisition 12/06/2023 Industry Aerospace and Defense2025-09-300001383414pnnt:ElectronicsMember2025-09-300001383414pnnt:TelecommunicationsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. - Unfunded Term Loan Acquisition 11/02/2023 Maturity 11/07/2025 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ENC Parent Corporation Acquisition 07/11/2024 Maturity 08/20/2029 Industry Business Services Current Coupon 8.18% Basis Point Spread Above Index 3M SOFR+4512025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NEPRT Parent Holdings, LLC Acquisition 01/27/2021 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 08/16/2021 Maturity 02/18/2027 Industry Consumer Products Current Coupon 8.94% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+5102025-10-012025-12-310001383414pnnt:ClassDMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 03/02/22 Maturity 08/31/28 Industry Business Services Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414AKW Holdings Limited2025-09-300001383414pnnt:NetAssetsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC - Unfunded Revolver Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Third Out Acquisition 03/28/2024 Maturity 05/06/2028 Industry Telecommunications2025-09-300001383414Subordinated Debt Issuer Name Wash & Wax Systems, LLC - Subordinate Debt Acquisition 04/30/25 Maturity 07/30/28 Industry Business Services Current Coupon 12.00%2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Bioderm, Inc. Acquisition 06/26/24 Maturity 01/31/28 Industry Healthcare, Education and Childcare Current Coupon 10.77% Basis Point Spread Above Index SOFR+6502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Revolver Acquisition 01/18/2023 Maturity 02/01/2029 Industry Environmental Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 03/21/24 Maturity 10/02/28 Industry Business Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+6252025-10-012025-12-310001383414us-gaap:CashAndCashEquivalentsMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Podean Intermediate II, LLC Acquisition 08/04/2025 Industry Marketing Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 06/27/2022 Maturity 09/17/2026 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 03/02/22 Maturity 07/28/26 Industry Business Services Current Coupon 9.57% Basis Point Spread Above Index SOFR+5902025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Radius Aerospace, Inc. - Funded Revolver Acquisition 11/14/2022 Maturity 03/29/2027 Industry Aerospace and Defense Current Coupon 10.29% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Acquisition 09/19/24 Maturity 12/01/29 Industry Consumer Products Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Radius Aerospace, Inc. Acquisition 11/06/19 Maturity 03/29/27 Industry Aerospace and Defense Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Pink Lily Holdco, LLC Acquisition 11/05/2021 Industry Retail2024-10-012025-09-300001383414PennantPark Senior Loan Fund, LLC2024-10-012024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC - Unfunded Revolver Acquisition 05/23/2024 Maturity 05/23/2029 Industry Building Materials2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Atlas Investment Aggregator, LLC Acquisition 05/03/2021 Industry Telecommunications2024-10-012025-09-300001383414pnnt:ClassA-1Memberpnnt:SOFRMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.44% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. 3rd Amendment Unfunded Term Loan Acquisition 12/21/2022 Maturity 10/30/2026 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC - Unfunded Term Loan Acquisition 02/07/2024 Maturity 02/09/2026 Industry Education2025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Unfunded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name OSP Embedded Aggregator, LP - Convertible Note Acquisition 11/06/2024 Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Altamira Intermediate Company II, Inc. Acquisition 07/23/2019 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc Acquisition 07/17/2025 Maturity 07/17/2031 Industry Business Services Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Wash & Wax Systems. LLC Acquisition 04/30/2025 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Revolver Acquisition 01/09/2024 Maturity 01/16/2030 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ENC Parent Corporation Acquisition 07/11/2024 Maturity 08/20/2029 Industry Business Services Current Coupon 8.18% Basis Point Spread Above Index 3M SOFR+4512025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (H-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP Acquisition 12/20/2021 Industry Business Services2025-12-310001383414us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Member2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class C Acquisition 05/03/2024 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Funded Revolver Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment Acquisition 06/21/2024 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Funded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 8.99% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Acquisition 07/24/23 Maturity 06/16/29 Industry Professional Services Current Coupon 9.92% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Events Buyer, LLC Acquisition 12/17/2024 Industry Event Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC - Funded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5652025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PCS Parent, LP Acquisition 03/01/2024 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name United Land Services Holdings, LLC Acquisition 07/12/2024 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name SP L2 Holdings, LLC - Unfunded Acquisition 11/04/2021 Industry Consumer Products2025-09-300001383414First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 4/23/24 Maturity 10/02/29 Industry Business Services Current Coupon 8.74% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name HPA SPQ Aggregator, LP Acquisition 06/08/2023 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name UniVista Insurance Acquisition 06/14/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Argano, LLC. Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services Current Coupon 9.23% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414pnnt:InvestmentsCostMemberpnnt:FirstLienMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414us-gaap:EquityFundsMember2025-12-310001383414pnnt:PersonalFoodAndMiscellaneousServicesMember2025-09-300001383414pnnt:GamingMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Term Loan Acquisition 07/17/2025 Maturity 07/16/2027 Industry Business Services2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AKW Holdings Limited Acquisition 03/07/2018 Maturity 03/15/2027 Industry Healthcare, Education and Childcare Current Coupon 11.05% Basis Point Spread Above Index 3M SOFR+7002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Big Top Holdings, LLC - Unfunded Revolver Acquisition 2/29/2024 Maturity 02/28/2030 Industry Manufacturing/Basic Industry2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Acquisition 07/17/24 Maturity 03/01/30 Industry Business Services Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AH Holdings, LLC Acquisition 03/23/2011 Industry Healthcare, Education and Childcare Current Coupon 6.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 01/18/2023 Maturity 02/01/2030 Industry Environmental Services Current Coupon 8.78% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Funded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ACP Big Top Holdings, LP Acquisition 02/29/2024 Industry Manufacturing/Basic Industry2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Municipal Emergency Services, Inc. Acquisition 09/28/2021 Industry Distribution2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 03/02/22 Maturity 08/16/27 Industry Aerospace and Defense Current Coupon 8.92% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Priority TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942024-10-012025-09-300001383414us-gaap:FairValueInputsLevel1Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-12-3100013834142024-06-042024-06-040001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. - Unfunded Term Loan Acquisition 09/23/2021 Maturity 01/15/2026 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan Acquisition 05/25/2023 Maturity 12/31/2026 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 04/23/24 Maturity 10/02/29 Industry Business Services Current Coupon 9.04% Basis Point Spread Above Index SOFR+4752025-09-300001383414pnnt:TwoThousandTwentySixNotesPayableMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Imagine Topco, LP Preferred Acquisition 11/04/2021 Industry Business Services Current Coupon 8.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. - Unfunded Revolver Acquisition 11/04/2021 Maturity 11/16/2027 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 07/21/25 Maturity 12/27/30 Industry Conglomerate Manufacturing Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP - Unfunded Acquisition 12/13/2021 Industry Distribution2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMembersrt:MaximumMember2025-09-300001383414pnnt:MediaMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC- Unfunded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 07/15/2025 Maturity 07/15/2031 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Route 66 Development Acquisition 1/28/2025 Maturity 1/24/2031 Industry Gaming Current Coupon 12.72% Basis Point Spread Above Index 3M SOFR+9002025-12-310001383414pnnt:TotalInvestmentMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-09-300001383414First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC Acquisition 04/01/22 Maturity 11/09/27 Industry Retail Current Coupon 4.27%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Term Loan Acquisition 01/18/2023 Maturity 02/08/2027 Industry Environmental Services2025-10-012025-12-310001383414pnnt:InvestmentsCostMemberpnnt:EquityInPSLFMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Project Granite Holdings, LLC Acquisition 12/31/2024 Industry Business Services2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab Coinvestment, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien Secured Debt Issuer Name AFC-Dell Holding Corp. Acquisition 02/23/24 Maturity 04/09/27 Industry Distribution Current Coupon 8.84% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Medina Health, LLC Acquisition 10/16/2023 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Cowboy Parent LLC Acquisition 09/12/2018 Industry Distribution2024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-10-3100013834142018-01-012019-02-040001383414Investments in Non-Controlled, Affiliated Portfolio Companies Preferred Equity/Partnership Interests Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2025 Industry Environmental Services2024-10-012025-09-300001383414pnnt:TwoThousandThirtySevenAssetBackedDebtMemberpnnt:PennantParkSeniorLoanFundLLCMember2025-12-310001383414First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. Acquisition 07/24/23 Maturity 11/15/27 Industry Business Services Current Coupon 9.29% Basis Point Spread Above Index SOFR+5102025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sath Industries, LLC - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Term Loan Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC - Unfunded Revolver Acquisition 10/01/2024 Maturity 10/01/2029 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan Acquisition 07/12/2024 Maturity 01/12/2026 Industry Environmental Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 04/22/2020 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 08/12/22 Maturity 07/13/27 Industry Media Current Coupon 10.08% Basis Point Spread Above Index SOFR+5762025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Carnegie Holdco, LLC Acquisition 02/07/2024 Industry Education2025-09-300001383414pnnt:AKWHoldingsLimitedMember2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Bioderm, Inc. Acquisition 06/26/24 Maturity 01/31/28 Industry Healthcare, Education and Childcare Current Coupon 10.77% Basis Point Spread Above Index SOFR+6502024-10-012025-09-300001383414us-gaap:FairValueInputsLevel1Member2025-09-300001383414JF Intermediate, LLC (MidOcean JF Holdings Corp.)2024-09-300001383414First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 03/02/22 Maturity 08/16/27 Industry Aerospace and Defense Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 03/02/22 Maturity 04/01/28 Industry Aerospace and Defense Current Coupon 9.19% Basis Point Spread Above Index SOFR+4902025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Burgess Point Holdings, LP Acquisition 07/21/2022 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Funded Revolver Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+5152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Unfunded Term Loan Acquisition 05/25/2023 Maturity 12/31/2026 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC - Funded Revolver Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+6262025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SecondLienMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver Acquisition 05/10/2024 Maturity 05/10/2030 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414pnnt:InvestmentsCostMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-12-310001383414First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 11/26/24 Maturity 10/01/29 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Preferred Equity Issuer Name Flock Financial Class B Acquisition 04/19/2024 Industry Financial Services2024-10-012025-09-300001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Term Loan Acquisition 09/30/2024 Maturity 09/30/2026 Industry Marketing Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC - Unfunded Revolver Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services2025-10-012025-12-310001383414pnnt:InvestmentsFairValueMember2025-09-300001383414pnnt:EquitySecurityMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 07/26/2022 Maturity 07/28/2030 Industry Auto Sector Current Coupon 13.41% Basis Point Spread Above Index 3M SOFR+9102024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP Acquisition 08/16/2024 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan B Acquisition 08/09/2024 Maturity 02/09/2026 Industry Financial Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Unfunded Revolver Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services2025-09-300001383414us-gaap:FairValueInputsLevel2Memberus-gaap:EquityFundsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Issuer Name ENC Parent Corporation Acquisition 08/06/2021 Maturity 08/19/2029 Industry Business Services Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+7762025-09-300001383414First Lien First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC (5) Acquisition 04/01/22 Maturity 11/09/27 Industry Retail Current Coupon 4.27%2025-09-300001383414pnnt:SeniorSecuritiesMember2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Funded Revolver Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP - Unfunded Acquisition 08/16/2024 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seaway Topco, LP Acquisition 06/08/2022 Industry Chemicals, Plastics and Rubber2025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Exigo, LLC Acquisition 03/10/2022 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP Acquisition 11/05/2018 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Bluebird Group, LLC - Unfunded Revolver Acquisition 07/22/2021 Maturity 07/28/2026 Industry Business Services2024-10-012025-09-300001383414Related Party PSLF Cash and Cash Equivalents - 44.8% Issuer Name Goldman Sachs Financial Square Government Fund2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment - Unfunded Term Loan Acquisition 8/15/2025 Maturity 8/25/2027 Industry Gaming2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC - Funded Revolver Acquisition 10/3/2025 Maturity 9/12/2031 Industry Business Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414First Lien Secured Debt Issuer Name Riverpoint Medical, LLC Acquisition 03/02/22 Maturity 06/21/27 Industry Healthcare, Education and Childcare Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414pnnt:EventServicesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name UniVista Insurance Acquisition 06/14/2021 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (G-2 Series) Acquisition 12/07/2023 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Medina Health, LLC Acquisition 10/16/2023 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Priority TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 9.65% Basis Point Spread Above Index SOFR+5942025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Revolver Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC Acquisition 10/03/2025 Maturity 10/03/2031 Industry Auto Sector Current Coupon 8.43% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC- Unfunded Revolver Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP Acquisition 07/28/2022 Industry Auto Sector2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Acquisition 12/23/24 Maturity 09/30/30 Industry Marketing Services Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Unfunded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Funded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service Current Coupon 8.97% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HW Holdco, LLC - Unfunded Revolver Acquisition 10/11/2019 Maturity 05/11/2026 Industry Media2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 07/24/23 Maturity 01/10/29 Industry Aerospace and Defense Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001383414First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 12/23/24 Maturity 10/18/27 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Revolver Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP - Unfunded Acquisition 08/26/2021 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rosco Parent, LLC - Unfunded Revolver Acquisition 9/12/2025 Maturity 9/12/2031 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 07/24/23 Maturity 08/16/27 Industry Personal, Food and Miscellaneous Services Current Coupon 10.03% Basis Point Spread Above Index SOFR+5862025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Revolver Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction, LLC Acquisition 05/05/2022 Maturity 12/31/2026 Industry Insurance Current Coupon 9.76% Basis Point Spread Above Index 3M SOFR+5602024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ENC Parent Corporation Acquisition 07/11/2024 Maturity 08/20/2029 Industry Business Services Current Coupon 8.51% Basis Point Spread Above Index 3M SOFR+4512024-10-012025-09-300001383414pnnt:TotalCashMember2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Term Loan Acquisition 12/31/2024 Maturity 12/31/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 11/01/2019 Maturity 11/01/2028 Industry Consumer Products Current Coupon 8.97% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414pnnt:TruistCreditFacilityMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Unfunded Revolver Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP - Unfunded Acquisition 05/01/2020 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP Acquisition 12/13/2021 Industry Distribution2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 4/23/24 Maturity 10/02/29 Industry Business Services Current Coupon 8.74% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 09/14/22 Maturity 06/13/29 Industry Chemicals, Plastics and Rubber Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152024-10-012025-09-300001383414First Lien Secured Debt Issuer Name GGG Midco, LLC Acquisition 12/16/24 Maturity 09/27/30 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment Acquisition 06/21/2024 Maturity 06/21/2027 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien Secured Debt Issuer Name Puget Collision, LLC Acquisition 12/24/25 Maturity 10/02/31 Industry Auto Sector Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers LLC Acquisition 10/09/25 Maturity 01/21/31 Industry Health Care Providers and Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A-1 Acquisition 07/25/2023 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TCG 3.0 Jogger Co-Invest, LP Acquisition 01/22/2024 Industry Media2025-12-310001383414First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 07/24/23 Maturity 03/15/27 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index SOFR+6352025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 3/1/2023 Maturity 3/1/2029 Industry Home and Office Furnishings, Housewares and Durable Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC Acquisition 12/23/2020 Industry Insurance2025-10-012025-12-310001383414pnnt:TelecommunicationsMember2025-12-310001383414pnnt:DiversifiedConglomerateServiceMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Penta Group Holdings, Inc. Acquisition 07/31/2025 Industry Business Services2025-12-310001383414pnnt:AutoSectorMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Berwick Industrial Park Acquisition 4/26/2022 Maturity 05/02/2026 Industry Buildings and Real Estate Current Coupon 13.00%2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class A Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-09-300001383414First Lien First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation Current Coupon 5.32% Basis Point Spread Above Index2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. - Unfunded Term Loan Acquisition 11/02/2023 Maturity 11/07/2025 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SBI Holdings Investments, LLC Acquisition 12/23/2019 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Conglomerate Service2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:TwoThousandAndTwentySixNotesTwoMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 05/24/2023 Maturity 05/29/2029 Industry Personal, Food and Miscellaneous Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC Acquisition 8/12/2025 Maturity 01/31/2030 Industry Healthcare Providers & Services Current Coupon 8.95% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class A-1 Acquisition 05/03/2024 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AH Holdings, LLC Acquisition 03/23/2011 Industry Healthcare, Education and Childcare Current Coupon 6.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. - Unfunded Term Loan Acquisition 11/02/2023 Maturity 12/05/2027 Industry Distribution2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Term Loan Acquisition 10/18/2024 Maturity 10/19/2026 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 8/25/2021 Maturity 8/31/2028 Industry Business Services Current Coupon 8.84% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Revolver Acquisition 8/15/2024 Maturity 8/15/2029 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Best Practice Associates, LLC Acquisition 01/21/25 Maturity 11/08/29 Industry Aerospace and Defense Current Coupon 10.91% Basis Point Spread Above Index SOFR+6752024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 03/02/22 Maturity 06/20/29 Industry Healthcare, Education and Childcare Current Coupon 9.29% Basis Point Spread Above Index SOFR+5002025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:CommonStockMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC - Unfunded Revolver Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Funded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMembersrt:MaximumMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Azureon, LLC Acquisition 06/26/2024 Industry Diversified Conglomerate Service2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Big Top Holdings, LLC - Unfunded Revolver Acquisition 02/29/2024 Maturity 02/28/2030 Industry Manufacturing/Basic Industry2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment - Unfunded Term Loan Acquisition 08/15/2025 Maturity 08/25/2027 Industry Gaming2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 01/18/24 Maturity 10/20/28 Industry Healthcare, Education and Childcare Current Coupon 9.92% Basis Point Spread Above Index SOFR+6252025-12-310001383414pnnt:InvestmentsAndCashEquivalentsMember2025-12-3100013834142025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Unfunded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP - Unfunded Acquisition 08/26/2021 Industry Aerospace and Defense2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Revolver Acquisition 02/25/2022 Maturity 03/01/2028 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Acquisition 09/23/2024 Maturity 09/23/2026 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 09/14/22 Maturity 06/13/29 Industry Chemicals, Plastics and Rubber Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-12-310001383414First Lien First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 04/30/25 Maturity 04/30/28 Industry Business Services Current Coupon 9.81% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.33% Basis Point Spread Above Index 3M SOFR+5602025-12-310001383414srt:OtherCurrencyMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 03/02/22 Maturity 02/18/27 Industry Consumer Products Current Coupon 12.16% Basis Point Spread Above Index SOFR+7852024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Recteq, LLC Acquisition 06/26/24 Maturity 01/29/26 Industry Consumer Products Current Coupon 10.07% Basis Point Spread Above Index SOFR+6402025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Mineola 212, LLC Acquisition 06/24/2024 Maturity 12/24/2025 Industry Buildings and Real Estate Current Coupon 14.00%2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 9/3/2024 Maturity 9/3/2030 Industry Healthcare, Education and Childcare Current Coupon 8.74% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 6/1/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+6002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Revolver Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services2025-09-300001383414pnnt:TwoThousandAndTwentySixNotesTwoMember2021-11-012021-11-010001383414us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name A1 Garage Equity, LLC Acquisition 12/19/2022 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Term Loan Acquisition 06/13/2025 Maturity 06/13/2027 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414pnnt:ClassA-1WMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aphix Buyer, Inc - Unfunded Term Loan Acquisition 07/17/2025 Maturity 07/16/2027 Industry Business Services2025-10-012025-12-310001383414Cascade Environmental Holdings, LLC2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Funded Revolver Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Walker Edison Furniture Company LLC2024-10-012024-12-310001383414First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 06/26/24 Maturity 02/28/30 Industry Manufacturing / Basic Industries Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. - Unfunded Revolver Acquisition 03/01/2024 Maturity 03/01/2030 Industry Electronics2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. - Unfunded Revolver Acquisition 02/03/2020 Maturity 02/03/2027 Industry Healthcare, Education and Childcare2025-09-300001383414pnnt:FirstLienSecuredDebtMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class AA Acquisition 11/08/2021 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name KL Stockton Co-Invest, LP Acquisition 07/16/2021 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NEPRT Parent Holdings, LLC Acquisition 01/27/2021 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class C Acquisition 05/03/2024 Industry Consumer Products2025-12-310001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 03/02/22 Maturity 08/10/27 Industry Distribution Current Coupon 9.80% Basis Point Spread Above Index SOFR+5602024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name PennantPark-TSO Senior Loan Fund II, LP Acquisition 01/07/2022 Industry Financial Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name APT INTERMEDIATE, LLC Acquisition 09/29/2025 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name RFMG Parent, LP Acquisition 12/16/2020 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name Flock Financial, LLC Acquisition 04/19/2024 Maturity 10/19/2027 Industry Financial Services Current Coupon 12.50%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ACP Big Top Holdings, LP Acquisition 02/29/2024 Industry Manufacturing/Basic Industry2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 07/24/23 Maturity 01/10/29 Industry Aerospace and Defense Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414First Lien Secured Debt Issuer Name IG Investments Holdings, LLC Acquisition 03/02/22 Maturity 09/22/28 Industry Business Services Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name LJ Avalon, LP Acquisition 01/18/2023 Industry Environmental Services2025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Infogroup Parent Holdings, Inc. Acquisition 05/31/2023 Industry Other Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. - Unfunded Term Loan Acquisition 09/03/2024 Maturity 09/03/2026 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Consello Pacific Aggregator, LLC Acquisition 10/02/2023 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name HV Watterson Holdings, LLC Acquisition 06/13/2022 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC - Funded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.44% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. - Unfunded Term Loan Acquisition 12/31/2024 Maturity 12/31/2026 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP Embedded Aggregator, LP Acquisition 12/11/2023 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name BioDerm, Inc. Acquisition 09/09/2024 Industry Healthcare, Education and Childcare2025-12-310001383414pnnt:InvestmentsCostMemberus-gaap:EquityMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC Acquisition 07/12/2024 Maturity 12/23/2026 Industry Environmental Services Current Coupon PIK 14.75%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Unfunded Revolver Acquisition 10/20/2021 Maturity 4/30/2028 Industry Auto Sector2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aftermarket Drivetrain Products Holdings, LLC Acquisition 12/29/2023 Industry Machinery2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AG Investco, LP Acquisition 11/05/2018 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 01/10/2029 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Acquisition 05/21/2019 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Dynata, LLC - Last-Out Term Loan Acquisition 07/15/2024 Maturity 10/16/2028 Industry Business Services Current Coupon 9.96% Basis Point Spread Above Index 3M SOFR+5762025-09-3000013834142017-12-312017-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 6/28/2022 Maturity 07/02/2029 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name PL Acquisitionco, LLC Acquisition 05/31/2023 Industry Retail2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name LJ Avalon, LP Acquisition 01/18/2023 Industry Environmental Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP Acquisition 10/27/2021 Industry Media2024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Radius Aerospace, Inc. Acquisition 11/06/19 Maturity 03/29/27 Industry Aerospace and Defense Current Coupon 10.45% Basis Point Spread Above Index SOFR+6152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC Acquisition 12/23/2020 Industry Insurance2025-12-310001383414pnnt:AutoSectorMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Events Buyer, LLC Acquisition 12/17/2024 Industry Event Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name BLC Holding Company, Inc. Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 06/28/2022 Maturity 07/02/2029 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Northwinds Topco, Inc. - Unfunded Term Loan Acquisition 08/16/2024 Maturity 10/30/2029 Industry Consumer Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Revolver Acquisition 9/27/2021 Maturity 6/20/2029 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 11/26/24 Maturity 09/03/30 Industry Healthcare, Education and Childcare Current Coupon 9.17% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+6262025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (I-2 Series) Acquisition 12/07/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Funded Revolver Acquisition 5/29/2020 Maturity 7/7/2026 Industry Business Services Current Coupon 9.87% Basis Point Spread Above Index 3M SOFR+6202025-10-012025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name ORL Holdco, Inc. - Convertible Notes Acquisition 08/02/2024 Maturity 03/08/2028 Industry Business Services Current Coupon 18.00%2025-10-012025-12-310001383414pnnt:ConsultingServicesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo II, LP Acquisition 12/23/2021 Industry Aerospace and Defense2025-12-310001383414pnnt:LongTermCreditFacilityMember2025-12-310001383414pnnt:NonMoneyMarketMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Northwinds Services Group, LLC Acquisition 08/16/2024 Industry Consumer Services2025-09-300001383414First Lien Secured Debt Issuer Name MAG DS Corp. Acquisition 03/02/22 Maturity 04/01/27 Industry Aerospace and Defense Current Coupon 9.27% Basis Point Spread Above Index SOFR+5602025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Megawatt Acquisition Partners, LLC - Class A Acquisition 06/28/2024 Industry Electronics2025-10-012025-12-310001383414pnnt:PreferredEquityPartnershipInterestMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001383414First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Acquisition 07/17/24 Maturity 03/01/30 Industry Business Services Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Term Loan Acquisition 01/18/2023 Maturity 02/08/2027 Industry Environmental Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP - Unfunded Acquisition 10/27/2021 Industry Media2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tower Arch Infolinks Media, LP - Unfunded Acquisition 10/27/2021 Industry Media2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMemberpnnt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 07/24/23 Maturity 02/01/30 Industry Environmental Services Current Coupon 8.77% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC - Funded Revolver Acquisition 06/01/2022 Maturity 06/14/2028 Industry Distribution Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction, LLC Acquisition 05/05/2022 Maturity 12/31/2026 Industry Insurance Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5602025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 07/31/2024 Maturity 07/31/2029 Industry Business Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC - Funded Revolver Acquisition 10/20/2021 Maturity 4/30/2028 Industry Auto Sector Current Coupon PIK 9.19% Basis Point Spread Above Index 3M SOFR+5502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (I-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414pnnt:PennantParkSeniorLoanFundLLCMemberus-gaap:CashMember2025-09-300001383414First Lien Secured Debt Issuer Name Argano, LLC Acquisition 12/16/24 Maturity 09/13/29 Industry Business Services Current Coupon 9.89% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 3/1/2024 Maturity 3/1/2030 Industry Financial Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Five Star Parent Holdings, LLC Acquisition 02/21/2023 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 03/02/22 Maturity 08/10/27 Industry Distribution Current Coupon 9.42% Basis Point Spread Above Index SOFR+5602025-12-310001383414First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 11/26/24 Maturity 09/03/30 Industry Healthcare, Education and Childcare Current Coupon 8.77% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Revolver Acquisition 7/1/2025 Maturity 7/1/2031 Industry Business Services2025-10-012025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Unfunded Revolver Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Unfunded Revolver Acquisition 10/2/2023 Maturity 10/2/2028 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 3/1/2024 Maturity 3/1/2030 Industry Financial Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 12/24/25 Maturity 09/12/31 Industry Auto Sector Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services Current Coupon 10.51% Basis Point Spread Above Index 3M SOFR+6352025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Compex Legal Services, Inc. - Unfunded Revolver Acquisition 07/24/2023 Maturity 02/07/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Maturity 05/21/2029 Industry Personal, Food and Miscellaneous Services Current Coupon PIK 12.56%2025-12-310001383414First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 12/20/24 Maturity 08/09/30 Industry Financial Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Funded Revolver Acquisition 06/08/2023 Maturity 06/15/2029 Industry Business Services Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/03/2024 Maturity 10/03/2029 Industry Transportation Current Coupon 12.57% (PIK 7.25%) Basis Point Spread Above Index 3M SOFR+8352024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Acquisition 10/31/24 Maturity 11/01/30 Industry Aerospace and Defense Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:FirstLienMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 01/18/2023 Maturity 02/01/2030 Industry Environmental Services Current Coupon 8.29% Basis Point Spread Above Index 3M SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Revolver Acquisition 09/23/2024 Maturity 09/23/2030 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Icon Partners V C, LP – Unfunded Acquisition 12/20/2021 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name PN Buyer, Inc. Acquisition 10/09/25 Maturity 07/31/31 Industry Financial Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Revolver Acquisition 06/21/2024 Maturity 06/21/2029 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. - Unfunded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassDMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name AFC Dell Holding Corp. - Unfunded Term Loan Acquisition 12/12/2023 Maturity 04/09/2027 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Co-Invest, LLC Acquisition 10/29/2024 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Ad.net Holdings, Inc. Acquisition 05/04/2021 Industry Media2025-09-300001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:FirstLienMemberus-gaap:MeasurementInputEbitdaMultipleMemberpnnt:ValuationTechniqueMarketComparableMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name GGG MIDCO, LLC Acquisition 09/27/2024 Maturity 09/27/2030 Industry Home and Office Furnishings, Housewares and Durable Consumer Products Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ITC Infusion Co-invest, LP Acquisition 02/16/2022 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lightspeed Investment Holdco, LLC Acquisition 01/21/2020 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Hancock Claims Consultants Investors, LLC - Class A Acquisition 04/30/2024 Industry Insurance2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Imagine Topco, LP Preferred Acquisition 11/04/2021 Industry Business Services Current Coupon 8.00%2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name CF512, Inc. Acquisition 12/29/21 Maturity 08/20/26 Industry Media Current Coupon 10.36% Basis Point Spread Above Index SOFR+6192024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 07/30/2028 Industry Auto Sector Current Coupon PIK 12.00%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Funded Revolver Acquisition 7/31/2025 Maturity 7/31/2031 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+4502025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Paving Lessor Corp. - Unfunded Term Loan Acquisition 7/1/2025 Maturity 7/1/2027 Industry Business Services2025-12-310001383414First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Acquisition 07/15/24 Maturity 07/17/28 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+5262024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/08/2022 Maturity 11/10/2027 Industry Consumer Products Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ledge Lounger, Inc. Acquisition 11/04/2021 Maturity 11/09/2026 Industry Consumer Products Current Coupon 11.32% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Crane 1 Services, Inc. - Unfunded Revolver Acquisition 06/10/2024 Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Acquisition 07/05/2022 Maturity 03/28/2030 Industry Business Services Current Coupon PIK 9.50% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001383414First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 12/23/24 Maturity 10/18/27 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. - Unfunded Revolver Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 06/26/24 Maturity 02/28/30 Industry Manufacturing / Basic Industries Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+5602024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Funded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Financial Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. Acquisition 08/04/2025 Maturity 08/04/2031 Industry Marketing Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414First Lien Secured Debt Issuer Name BLC Holding Company, INC. Acquisition 02/24/25 Maturity 11/20/30 Industry Environmental Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001383414First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Acquisition 07/15/24 Maturity 10/16/28 Industry Business Services Current Coupon 9.96% Basis Point Spread Above Index SOFR+5762025-09-300001383414First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 07/21/25 Maturity 12/27/30 Industry Conglomerate Manufacturing Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414srt:MaximumMemberpnnt:TruistCreditFacilityMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name KL Stockton Co-Invest, LP Acquisition 07/16/2021 Industry Personal, Food and Miscellaneous Services2024-10-012025-09-300001383414pnnt:NetAssetsMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media2025-09-300001383414pnnt:TotalCashEquivalentsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name APT Holdings, LLC Acquisition 09/29/2025 Industry Healthcare, Education and Childcare2025-12-310001383414First Lien Secured Debt Issuer Name HW Holdco, LLC Acquisition 03/02/22 Maturity 05/10/26 Industry Media Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name BioDerm, Inc. Acquisition 09/09/2024 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cartessa Aesthetics, LLC Acquisition 06/01/2022 Industry Distribution2024-10-012025-09-300001383414Subordinated Debt Issuer Name Wash & Wax Systems, LLC - Subordinate Debt Acquisition 04/30/25 Maturity 07/30/28 Industry Business Services Current Coupon 12.00%2025-09-300001383414First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 3/02/22 Maturity 06/30/26 Industry Media Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902024-10-012025-09-3000013834142025-10-012025-12-3100013834142026-02-090001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab QP CF Feeder, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name IHS Parent Holdings, LP Acquisition 12/21/2022 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Unfunded Term Loan Acquisition 7/31/2025 Maturity 7/31/2027 Industry Business Services2025-12-310001383414pnnt:GamingMember2025-12-310001383414Cascade Environmental Holdings, LLC2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC - Funded Revolver Acquisition 10/3/2025 Maturity 10/3/2031 Industry Auto Sector Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ITC Infusion Co-invest, LP Acquisition 02/16/2022 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Term Loan Acquisition 06/21/2024 Maturity 12/22/2025 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name United Land Services Holdings, LLC Acquisition 07/12/2024 Industry Environmental Services2025-12-310001383414First Lien Secured Debt Issuer Name Amsive Holdings Corporation Acquisition 03/02/22 Maturity 12/10/26 Industry Media Current Coupon 10.35% Basis Point Spread Above Index SOFR+6352025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Five Star Parent Holdings, LLC Acquisition 02/21/2023 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-10-012025-12-310001383414pnnt:EquityInterestsInPSLFMemberpnnt:PantheonFundingOneMember2025-09-300001383414pnnt:EnvironmentalServicesMember2025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SubordinatedDebtOrCorporateNotesMember2025-12-310001383414First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 07/21/25 Maturity 12/31/30 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services Current Coupon 8.88% Basis Point Spread Above Index 3M SOFR+4852025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name HV Watterson Holdings, LLC - Funded Revolver Acquisition 06/13/2022 Maturity 12/17/2026 Industry Business Services Current Coupon 8.00%2025-09-300001383414pnnt:TwoThousandTwentySixTwoNotesPayableMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name WCP Ivyrehab Coinvestment, LP Acquisition 06/27/2022 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+5402025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lightspeed Investment Holdco, LLC Acquisition 01/21/2020 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Global Holdings InterCo, LLC Acquisition 03/02/22 Maturity 03/16/26 Industry Banking, Finance, Insurance & Real Estate Current Coupon 9.33%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Unfunded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CF512, Inc. - Unfunded Revolver Acquisition 08/17/2021 Maturity 08/20/2026 Industry Media2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class D Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution Current Coupon 9.33% Basis Point Spread Above Index 3M SOFR+5602025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:TwoThousandAndTwentySixNotesMember2025-12-310001383414Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Acquisition 07/05/2022 Maturity 03/28/2030 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge ETE Blocker, LLC Acquisition 05/24/2023 Industry Personal, Food and Miscellaneous Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver Acquisition 05/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+5902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Revolver Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Wash & Wax Systems. LLC Acquisition 04/30/2025 Industry Auto Sector2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP PAR Holdings, LP Acquisition 09/03/2024 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 07/24/23 Maturity 02/01/30 Industry Environmental Services Current Coupon 8.46% Basis Point Spread Above Index SOFR+4502025-12-310001383414First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 12/23/24 Maturity 08/16/29 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+5002025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Unfunded Revolver Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Burgess Point Holdings, LP Acquisition 07/21/2022 Industry Auto Sector2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Unfunded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Term Loan Acquisition 10/12/2021 Maturity 6/12/2027 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 01/18/2023 Maturity 02/01/2030 Industry Environmental Services Current Coupon 8.78% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Unfunded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC Acquisition 2/25/2022 Maturity 3/1/2028 Industry Business Services Current Coupon 8.82% Basis Point Spread Above Index 3M SOFR+5152025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Funded Revolver Acquisition 06/08/2023 Maturity 06/15/2029 Industry Business Services Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Acquisition 05/04/2021 Maturity 05/07/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+6262025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 10.16% Basis Point Spread Above Index 3M SOFR+6002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Funded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 8.99% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+5002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Podean Intermediate II, LLC Acquisition 08/04/2025 Industry Marketing Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Confluent Health, LLC Acquisition 12/23/24 Maturity 11/30/28 Industry Healthcare, Education and Childcare Current Coupon 11.66% Basis Point Spread Above Index SOFR+7502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PD Tri-State Holdco, LLC - Unfunded Term Loan Acquisition 10/14/2025 Maturity 10/14/2027 Industry Diversified Consumer Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. - Funded Revolver Acquisition 07/31/2025 Maturity 07/31/2031 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-012021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Revolver Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SP L2 Holdings, LLC Acquisition 11/04/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name First Medical MSO, LLC - Unfunded Term Loan Acquisition 06/13/2025 Maturity 06/13/2027 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414pnnt:PennantParkCloViiMember2025-12-310001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMemberpnnt:ValuationTechniqueMarketComparableMemberpnnt:SecondLienMembersrt:MaximumMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. - Unfunded Revolver Acquisition 9/3/2024 Maturity 9/3/2030 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Conglomerate Manufacturing2025-10-012025-12-310001383414us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpnnt:MeasurementInputMarketYieldMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name IG Investments Holdings, LLC - Unfunded Revolver Acquisition 07/11/2022 Maturity 09/22/2028 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Lightspeed Investment Holdco, LLC Acquisition 01/21/2020 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Shiftkey, LLC Acquisition 06/17/2022 Maturity 06/21/2027 Industry Business Services Current Coupon 10.01% Basis Point Spread Above Index 3M SOFR+6012024-10-012025-09-300001383414First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Acquisition 10/31/24 Maturity 11/01/30 Industry Aerospace and Defense Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414pnnt:PennantParkSeniorLoanFundLLCMembercountry:US2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class A Acquisition 11/08/2021 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc. - Unfunded Revolver Acquisition 01/09/2024 Maturity 01/16/2030 Industry Business Services2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name AKW Holdings Limited - Class C Acquisition 03/07/2018 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Recteq, LLC Acquisition 06/26/24 Maturity 01/29/26 Industry Consumer Products Current Coupon 10.40% Basis Point Spread Above Index SOFR+6402024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Duggal Acquisition, LLC - Unfunded Term Loan Acquisition 09/30/2024 Maturity 09/30/2026 Industry Marketing Services2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name AFC-Dell Holding Corp. Acquisition 02/23/24 Maturity 04/09/27 Industry Distribution Current Coupon 8.84% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Acquisition 12/23/24 Maturity 09/30/30 Industry Marketing Services Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001383414First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. Acquisition 07/24/23 Maturity 11/15/27 Industry Business Services Current Coupon 9.29% Basis Point Spread Above Index SOFR+5102024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Acquisition 07/26/22 Maturity 10/28/31 Industry Aerospace and Defense Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name LJ Avalon, LP Acquisition 01/18/2023 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. - Unfunded Revolver Acquisition 9/3/2024 Maturity 9/3/2030 Industry Healthcare, Education and Childcare2025-12-310001383414us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MinimumMemberpnnt:TruistCreditFacilityMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 08/28/2024 Maturity 08/28/2029 Industry Healthcare, Education and Childcare Current Coupon 9.47% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 12/23/24 Maturity 08/16/29 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001383414pnnt:TwoThousandTwentySixNotesPayableMember2025-12-310001383414First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 06/26/24 Maturity 02/07/30 Industry Education Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Azureon, LLC Acquisition 06/26/2024 Industry Diversified Conglomerate Service2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hills Distribution, Inc. - Unfunded Term Loan Acquisition 11/02/2023 Maturity 12/05/2027 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Acquisition 07/02/2019 Maturity 11/12/2025 Industry Business Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name GMP Hills, LP Acquisition 11/02/2023 Industry Distribution2025-10-012025-12-310001383414us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:CommonStockMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Sabel InvestCo, LP - Unfunded Acquisition 10/31/2024 Industry Government Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC - Unfunded Revolver Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/24/23 Maturity 11/10/27 Industry Consumer Products Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-10-012025-12-310001383414pnnt:ClassA1AMemberus-gaap:PrivatePlacementMemberpnnt:PennantParkCLOXMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. - Unfunded Revolver Acquisition 10/25/2022 Maturity 08/10/2027 Industry Distribution2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 01/18/24 Maturity 10/20/28 Industry Healthcare, Education and Childcare Current Coupon 10.25% Basis Point Spread Above Index SOFR+6252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Magnolia Topco, LP - Class A Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+5402025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP Acquisition 08/26/2021 Industry Aerospace and Defense2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 12/21/2022 Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Unfunded Revolver Acquisition 8/25/2021 Maturity 8/31/2028 Industry Business Services2025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name Team Services Group, LLC Acquisition 07/24/23 Maturity 12/20/27 Industry Healthcare, Education and Childcare Current Coupon 9.56% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name MDI Aggregator, LP Acquisition 07/19/2022 Industry Chemicals, Plastics and Rubber2025-09-300001383414pnnt:InvestmentsFairValueMemberpnnt:USGovernmentSecuritiesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Exigo, LLC Acquisition 03/10/2022 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. - Unfunded Revolver Acquisition 08/04/2025 Maturity 08/04/2031 Industry Marketing Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Unfunded Revolver Acquisition 6/8/2022 Maturity 6/13/2028 Industry Chemicals, Plastics and Rubber2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. - Unfunded Revolver Acquisition 11/04/2021 Maturity 11/16/2027 Industry Business Services2024-10-012025-09-300001383414pnnt:SecondLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001383414First Lien Secured Debt Issuer Name BLC Holding Company, INC. Acquisition 02/24/25 Maturity 11/20/30 Industry Environmental Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Acquisition 07/24/23 Maturity 06/16/29 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+6252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC - Unfunded Revolver Acquisition 06/08/2022 Maturity 06/13/2028 Industry Chemicals, Plastics and Rubber2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Peninsula Pacific Entertainment Acquisition 8/15/2025 Maturity 8/22/2032 Industry Gaming Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 06/07/24 Maturity 12/29/28 Industry Auto Sector Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-12-310001383414pnnt:ManufacturingBasicIndustriesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Hancock Roofing and Construction, LLC Acquisition 05/05/2022 Maturity 12/31/2026 Industry Insurance Current Coupon 9.76% Basis Point Spread Above Index 3M SOFR+5602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NORA Acquisition, LLC - Funded Revolver Acquisition 08/22/2023 Maturity 08/31/2029 Industry Healthcare, Education and Childcare Current Coupon 10.02% Basis Point Spread Above Index 3M SOFR+6352025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP - Unfunded Acquisition 08/26/2021 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Lash Coinvest, LLC Acquisition 12/04/2019 Industry Consumer Products2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 09/03/2024 Maturity 09/03/2030 Industry Healthcare, Education and Childcare Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC - Funded Revolver Acquisition 07/08/2022 Maturity 11/10/2026 Industry Consumer Products Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6152025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.44% Basis Point Spread Above Index 3M SOFR+5752025-12-310001383414pnnt:CommonEquityPartnershipInterestsWarrantsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Vertex Companies, LLC - Unfunded Revolver Acquisition 08/25/2021 Maturity 08/31/2028 Industry Business Services2025-09-300001383414First Lien Secured Debt Issuer Name Acp Falcon Buyer, Inc. Acquisition 10/06/23 Maturity 08/01/29 Industry Business Services Current Coupon 9.79% Basis Point Spread Above Index SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP - Unfunded Acquisition 05/01/2020 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Best Practice Associates, LLC - Unfunded Revolver Acquisition 11/7/2024 Maturity 11/08/2029 Industry Aerospace and Defense2025-12-310001383414pnnt:TotalIndustryMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 03/01/2023 Maturity 03/01/2029 Industry Home and Office Furnishings2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Gauge Loving Tan, LP Acquisition 05/25/2023 Industry Consumer Products2025-10-012025-12-310001383414srt:MaximumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-10-012025-12-310001383414PennantPark Senior Loan Fund, LLC2024-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Spendmend Holdings, LLC - Unfunded Revolver Acquisition 2/25/2022 Maturity 3/1/2028 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC - Unfunded Revolver Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 08/11/22 Maturity 07/02/29 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001383414First Lien First Lien Secured Debt Issuer Name SpendMend Holdings, LLC Acquisition 07/24/23 Maturity 03/01/28 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name TEAM Services Group, LLC Acquisition 04/26/2024 Maturity 12/18/2028 Industry Healthcare, Education and Childcare Current Coupon 13.10% Basis Point Spread Above Index 3M SOFR+9262025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inventus Power, Inc. - Unfunded Revolver Acquisition 03/24/2021 Maturity 01/15/2026 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Carisk Buyer, Inc. - Unfunded Revolver Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name StellPen Holdings, LLC Acquisition 08/17/2021 Industry Media2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:MeasurementInputMarketYieldMembersrt:MinimumMemberpnnt:FirstLienMemberpnnt:ValuationTechniqueMarketComparableMember2025-12-310001383414First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 02/07/23 Maturity 12/28/28 Industry Personal, Food and Miscellaneous Services Current Coupon 10.16% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Best Practice Associates, LLC Acquisition 01/21/25 Maturity 11/08/29 Industry Aerospace and Defense Current Coupon 10.47% Basis Point Spread Above Index SOFR+6752025-12-310001383414First Lien First Lien Secured Debt Issuer Name US Fertility Enterprises, LLC Acquisition 09/03/25 Maturity 10/11/31 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 02/13/24 Maturity 11/08/29 Industry Distribution Current Coupon 10.32% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name IHS Parent Holdings, LP Acquisition 12/21/2022 Industry Personal, Food and Miscellaneous Services2025-12-310001383414Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Acquisition 07/15/24 Industry Business Services2024-10-012025-09-300001383414pnnt:PennantParkCloViiMembersrt:SubsidiariesMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Ro Health, LLC - Funded Revolver Acquisition 01/16/2025 Maturity 01/17/2031 Industry Healthcare Providers & Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+4502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414srt:MinimumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC - Unfunded Term Loan Acquisition 01/18/2023 Maturity 02/08/2027 Industry Environmental Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2029 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Express Wash Intermediate, LLC Acquisition 07/14/2022 Maturity 04/10/2031 Industry Auto Sector Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+6252024-10-012025-09-300001383414Equity Securities Issuer Name Wash & Wax Group, LP - Common Equity - Common Equity Acquisition 07/31/25 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seaway Topco, LP Acquisition 06/08/2022 Industry Chemicals, Plastics and Rubber2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 10/20/2021 Maturity 04/30/2028 Industry Auto Sector Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414pnnt:PreferredEquityPartnershipInterestMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Puget Collision, LLC - Funded Revolver Acquisition 10/3/2025 Maturity 10/3/2031 Industry Auto Sector Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Big Top Holdings, LLC - Unfunded Revolver Acquisition 2/29/2024 Maturity 02/28/2030 Industry Manufacturing/Basic Industry2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ITC Infusion Co-invest, LP Acquisition 02/16/2022 Industry Healthcare, Education and Childcare2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class B Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414First Lien First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 12/23/24 Maturity 08/15/29 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seacoast Service Partners NA, LLC - Funded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Conglomerate Service Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan B Acquisition 08/09/2024 Maturity 02/09/2026 Industry Financial Services2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Magnolia Topco, LP - Class A-1 Acquisition 07/25/2023 Industry Auto Sector2025-09-300001383414pnnt:USGovernmentSecuritiesMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name TWD Parent Holdings, LLC Acquisition 08/25/2021 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Acquisition 7/2/2019 Maturity 3/31/2027 Industry Business Services Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+6102025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Funded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.06% Basis Point Spread Above Index 3M SOFR+4752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name SSC Dominion Holdings, LLC Acquisition 07/11/2018 Industry Electronics2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Acquisition 09/16/24 Maturity 06/21/29 Industry Healthcare, Education and Childcare Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (J-2 Series) Acquisition 12/07/2023 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5502025-10-012025-12-310001383414First Lien First Lien Secured Debt Issuer Name SpendMend Holdings, LLC Acquisition 07/24/23 Maturity 03/01/28 Industry Business Services Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (H-2 Series) Acquisition 12/07/2023 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 12/09/2021 Maturity 12/10/2027 Industry Business Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5652025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Impact Advisors, LLC Acquisition 12/10/25 Maturity 03/19/32 Industry Health Care Technology Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001383414First Lien First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 12/01/23 Maturity 12/20/27 Industry Telecommunications Current Coupon 10.31% Basis Point Spread Above Index SOFR+6152024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ACP Big Top Holdings, LP Acquisition 02/29/2024 Industry Manufacturing/Basic Industry2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name AMCSI Crash Co-Invest, LP - Unfunded Acquisition 07/28/2022 Industry Auto Sector2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP - Unfumded Acquisition 12/13/2021 Industry Distribution2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Best Practice Associates, LLC - Unfunded Revolver Acquisition 11/07/2024 Maturity 11/08/2029 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Lash OpCo, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/16/2026 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP Embedded Aggregator, LP Acquisition 12/11/2023 Industry Aerospace and Defense2024-10-012025-09-300001383414pnnt:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMember2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name JF Intermediate, LLC Acquisition 08/31/2022 Industry Distribution2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Mineola 212, LLC Acquisition 06/24/2024 Maturity 01/31/2026 Industry Buildings and Real Estate Current Coupon 14.00%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NBH Group, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/19/2026 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 10/09/24 Maturity 07/31/29 Industry Business Services Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002025-09-300001383414pnnt:EventServicesMember2025-12-310001383414pnnt:SecondLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Subordinated Debt Issuer Name PennantPark Senior Loan Fund, LLC Acquisition 07/31/2020 Maturity 07/31/2027 Industry Financial Services Current Coupon 11.84% Basis Point Spread Above Index 3M SOFR+ 8002025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 07/24/23 Maturity 09/17/26 Industry Distribution Current Coupon 9.07% Basis Point Spread Above Index SOFR+5402025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 06/28/2022 Maturity 07/02/2029 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. - Unfunded Revolver Acquisition 07/26/2023 Maturity 08/01/2029 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Revolver Acquisition 9/27/2021 Maturity 6/20/2029 Industry Healthcare, Education and Childcare2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Unfunded Term Loan Acquisition 12/17/2024 Maturity 12/17/2026 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Azureon, LLC Acquisition 06/26/2024 Maturity 06/26/2029 Industry Diversified Conglomerate Service Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Funded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name NBH Group, LLC - Unfunded Revolver Acquisition 08/16/2021 Maturity 08/19/2026 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 11/01/2019 Maturity 11/03/2025 Industry Consumer Products Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 08/15/2024 Maturity 08/15/2029 Industry Business Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Best Practice Associates, LLC - Unfunded Revolver Acquisition 11/7/2024 Maturity 11/08/2029 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name RTIC Parent Holdings, LLC - Class C Acquisition 05/03/2024 Industry Consumer Products2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC - Unfunded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blue Cloud Pediatric Surgery Centers, LLC Acquisition 8/12/2025 Maturity 01/31/2030 Industry Healthcare Providers & Services Current Coupon 8.95% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 03/02/22 Maturity 02/03/27 Industry Healthcare, Education and Childcare Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 03/01/2023 Maturity 03/01/2029 Industry Home and Office Furnishings2025-09-300001383414us-gaap:PreferredStockMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001383414us-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 6/28/2022 Maturity 07/02/2029 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414pnnt:ManufacturingBasicIndustriesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. - Funded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Ro Health Holdings, Inc. Acquisition 01/16/2025 Industry Healthcare Providers & Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 06/08/2022 Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+6152025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5762025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC - Unfunded Revolver Acquisition 05/29/2020 Maturity 07/07/2026 Industry Business Services2024-10-012025-09-300001383414pnnt:DiversifiedConglomerateServiceMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Capital Construction, LLC Acquisition 06/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC - Unfunded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 10/1/2024 Maturity 10/01/2029 Industry Business Services Current Coupon 9.09% Basis Point Spread Above Index 3M SOFR+5252025-12-310001383414First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC Acquisition 04/01/22 Maturity 11/09/27 Industry Retail Current Coupon 4.27%2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Watchtower Buyer, LLC. - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronics2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Rosco Topco, LLC Acquisition 09/09/2025 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 02/09/24 Maturity 12/01/29 Industry Healthcare, Education and Childcare Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media2025-10-012025-12-310001383414pnnt:TruistCreditFacilityMember2025-09-300001383414pnnt:TotalSubordinatedDebtMember2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Term Loan Acquisition 10/02/2023 Maturity 04/21/2027 Industry Business Services2025-10-012025-12-310001383414pnnt:BusinessServicesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Atlas Purchaser, Inc. - Third Out Acquisition 03/28/2024 Maturity 05/06/2028 Industry Telecommunications2024-10-012025-09-300001383414First Lien First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Acquisition 07/17/24 Maturity 03/01/30 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001383414First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 10/03/24 Maturity 10/03/29 Industry Transportation2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Imagine Topco, LP Acquisition 11/04/2021 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 12/23/24 Maturity 8/16/29 Industry Aerospace and Defense Current Coupon 9.47%2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distribution Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+5402025-10-012025-12-310001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-302021-04-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Tinicum Space Coast Co-Invest, LLC Acquisition 10/29/2024 Industry Aerospace and Defense2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 07/24/23 Maturity 05/29/29 Industry Personal, Food and Miscellaneous Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OSP PAR Holdings, LP Acquisition 09/03/2024 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name Cascade Environmental Holdings, LLC Acquisition 02/19/2025 Industry Environmental Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Halo Buyer, Inc. Acquisition 07/18/2018 Maturity 08/07/2029 Industry Consumer Products Current Coupon 10.16% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name QuantiTech InvestCo, LP - Unfunded Acquisition 05/01/2020 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name FedHC InvestCo, LP - Unfunded Acquisition 08/26/2021 Industry Aerospace and Defense2024-10-012025-09-300001383414First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 03/04/25 Maturity 12/19/30 Industry Media Current Coupon 9.12% Basis Point Spread Above Index SOFR+5252025-12-310001383414First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 07/24/23 Maturity 05/29/29 Industry Personal, Food and Miscellaneous Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002025-09-300001383414First Lien Secured Debt Issuer Name DX Electric Company, LLC Acquisition 12/25/25 Maturity 10/01/31 Industry Electronic Equipment, Instruments and Components Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Infolinks Media Buyco, LLC Acquisition 07/24/23 Maturity 11/01/26 Industry Media Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Kinetic Purchaser, LLC - Class A Acquisition 11/08/2021 Industry Consumer Products2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC - Unfunded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry Telecommunications2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name NXOF Holdings, Inc. Acquisition 02/26/2019 Industry Aerospace and Defense2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name The Bluebird Group, LLC - Unfunded Revolver Acquisition 07/22/2021 Maturity 07/28/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC - Unfunded Revolver Acquisition 03/10/2022 Maturity 03/15/2027 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Events Buyer, LLC Acquisition 12/17/2024 Industry Event Services2025-09-300001383414First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 10/03/22 Maturity 07/25/29 Industry Auto Sector Current Coupon 9.19% Basis Point Spread Above Index SOFR+5352025-12-310001383414us-gaap:PreferredStockMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Riverpoint Medical, LLC Acquisition 03/02/22 Maturity 06/21/27 Industry Healthcare, Education and Childcare Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. - Unfunded Term Loan Acquisition 10/12/2021 Maturity 06/12/2027 Industry Aerospace and Defense2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Quad (U.S.) Co-Invest, LP Acquisition 10/03/2022 Industry Business Services2025-10-012025-12-310001383414First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 06/26/24 Maturity 02/28/30 Industry Manufacturing / Basic Industries Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Acquisition 01/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+5502025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Harris & Co, LLC - Unfunded Term Loan C Acquisition 08/09/2024 Maturity 08/18/2027 Industry Financial Services2025-12-310001383414pnnt:EquityInterestsInPSLFMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name TPC US Parent, LLC Acquisition 03/02/22 Maturity 11/24/25 Industry Food Current Coupon 10.19% Basis Point Spread Above Index SOFR+5902025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Podean Buyer, Inc. Acquisition 8/4/2025 Maturity 8/4/2031 Industry Marketing Services Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+6002025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Business Services2025-10-012025-12-310001383414pnnt:PennantParkCLOXMembersrt:SubsidiariesMember2024-12-230001383414pnnt:PSLFAndPantheonAmendementMemberpnnt:PennantParkSeniorLoanFundLLCMemberpnnt:LLCAgreementMembersrt:MaximumMember2024-08-280001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Unfunded Term Loan Acquisition 12/29/2023 Maturity 09/30/2026 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414pnnt:PennantParkCloViiMemberpnnt:ClassDMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:PrivatePlacementMember2023-07-260001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Pacific Purchaser, LLC - Unfunded Revolver Acquisition 10/02/2023 Maturity 10/02/2028 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Unfunded Revolver Acquisition 07/19/2022 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ORL Holdco, Inc. Acquisition 09/01/2021 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. - Unfunded Revolver Acquisition 09/27/2021 Maturity 06/20/2029 Industry Healthcare, Education and Childcare2025-09-300001383414Investments in Controlled, Affiliated Portfolio Companies Common Equity Issuer Name JF Intermediate, LLC Acquisition 08/31/2022 Industry Distribution2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Wash & Wax Systems. LLC Acquisition 04/30/2025 Industry Auto Sector2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Seacoast Service Partners, LLC Acquisition 12/20/2024 Industry Diversified Conglomerate Service2025-10-012025-12-310001383414pnnt:DebtInvestmentsMember2025-09-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:DebtInvestmentsMember2024-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC - Unfunded Term Loan Acquisition 10/02/2023 Maturity 04/21/2027 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC - Unfunded Revolver Acquisition 09/23/2024 Maturity 09/23/2030 Industry Business Services2025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Aechelon Technology, Inc. - Unfunded Revolver Acquisition 08/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense2025-12-310001383414First Lien First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 07/31/25 Maturity 07/31/29 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name EDS Buyer, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 01/10/2029 Industry Aerospace and Defense2024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. - Funded Revolver Acquisition 6/8/2023 Maturity 6/15/2029 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+5752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Duggal Acquisition, LLC Acquisition 09/30/2024 Industry Marketing Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Beacon Behavioral Support Service, LLC - Unfunded Revolver Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare, Education and Childcare2025-12-310001383414us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 07/08/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5762024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name MES Intermediate, Inc. Acquisition 09/23/2021 Maturity 10/01/2027 Industry Distribution Current Coupon 8.62% Basis Point Spread Above Index 3M SOFR+4752025-12-310001383414First Lien Secured Debt Issuer Name Wash & Wax Systems, LLC Acquisition 04/30/25 Maturity 04/30/28 Industry Business Services Current Coupon 9.34% Basis Point Spread Above Index SOFR+5502025-12-310001383414First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 12/20/24 Maturity 08/28/29 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name C5MI Holdco, LLC Acquisition 07/31/2024 Industry Business Services2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name North American Rail Solutions, LLC - Funded Revolver Acquisition 08/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.47% Basis Point Spread Above Index 3M SOFR+4752025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name novex Information Systems Incorporated - Unfunded Term Loan Acquisition 12/17/2024 Maturity 12/17/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PL Acquisitionco, LLC - Unfunded Revolver Acquisition 11/5/2021 Maturity 11/9/2027 Industry Retail2025-12-310001383414First Lien First Lien Secured Debt Issuer Name MAG DS Corp. Acquisition 03/02/22 Maturity 04/01/27 Industry Aerospace and Defense Current Coupon 9.60% Basis Point Spread Above Index SOFR+5602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name New Medina Health, LLC Acquisition 10/16/2023 Industry Healthcare, Education and Childcare2025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity/Partnership Interests of Net Assets Issuer Name AFC Acquisitions, Inc. (G-2 Series) Acquisition 12/07/2023 Industry Distribution2025-09-300001383414First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Acquisition 03/04/25 Maturity 12/17/30 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt of Net Assets Issuer Name ENC Parent Corporation Acquisition 08/06/2021 Maturity 08/19/2029 Industry Business Services Current Coupon 11.43% Basis Point Spread Above Index 3M SOFR+7762025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Crane 1 Acquisition Parent Holdings, LP Acquisition 08/11/2021 Industry Personal, Food and Miscellaneous Services2025-12-310001383414First Lien First Lien Secured Debt Issuer Name Riverpoint Medical, LLC Acquisition 03/02/22 Maturity 06/21/27 Industry Healthcare, Education and Childcare Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001383414us-gaap:EquityFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001383414First Lien First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 03/02/22 Maturity 06/20/29 Industry Healthcare, Education and Childcare Current Coupon 9.29% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Aechelon InvestCo, LP Acquisition 08/16/2024 Industry Aerospace and Defense2025-09-300001383414us-gaap:FairValueInputsLevel2Memberpnnt:USGovernmentSecuritiesMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 07/08/2022 Maturity 11/10/2027 Industry Consumer Products Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-09-300001383414us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpnnt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes Issuer Name Gauge Schlesinger Coinvest, LLC Acquisition 07/02/2019 Maturity 01/08/2026 Industry Business Services Current Coupon 12.92% Basis Point Spread Above Index 3M SOFR+8602025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name RRA Corporate, LLC - Unfunded Term Loan Acquisition 08/15/2024 Maturity 08/17/2026 Industry Business Services2025-09-300001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Incremental Term Loan Acquisition 02/26/2020 Maturity 07/31/2029 Industry Leisure, Amusement, Motion Pictures, Entertainment Current Coupon PIK 9.650% Basis Point Spread Above Index 3M SOFR+5952025-10-012025-12-310001383414Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name OHCP V BC COI, LP - Unfunded Acquisition 12/13/2021 Industry Distribution2024-10-012025-09-300001383414pnnt:TwoThousandAndTwentySixNotesMember2021-04-012021-04-300001383414us-gaap:FairValueInputsLevel3Memberpnnt:LongTermCreditFacilityMember2025-12-31xbrli:pureiso4217:USDxbrli:sharesxbrli:sharesiso4217:CADpnnt:Segmentiso4217:GBPpnnt:Portfolioiso4217:USD

•]`

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2025

OR

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

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-00736

PENNANTPARK INVESTMENT CORPORATION

(Exact name of registrant as specified in its charter)

MARYLAND		20-8250744
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1691 Michigan Avenue, Miami Beach, Florida		33139
(Address of principal executive offices)		(Zip Code)

(786) 297-9500

(Registrant’s Telephone Number, Including Area Code)

None

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

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

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share	PNNT	The New York Stock Exchange

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

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

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

Large accelerated filer		☐		Accelerated filer		☑
Non-accelerated filer		☐		Smaller reporting company		☐
Emerging growth company		☐

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

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

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

PENNANTPARK INVESTMENT CORPORATION

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

TABLE OF CONTENTS

PART I. CONSOLIDATED FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities as of December 31, 2025 (unaudited) and September 30, 2025		4
Consolidated Statements of Operations for the three months ended December 31, 2025 and 2024 (unaudited)		5
Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2025 and 2024 (unaudited)		6
Consolidated Statements of Cash Flows for the three months ended December 31, 2025 and 2024 (unaudited)		7
Consolidated Schedules of Investments as of December 31, 2025 (unaudited) and September 30, 2025		8
Notes to Consolidated Financial Statements (unaudited)		27
Report of Independent Registered Public Accounting Firm (PCAOB ID 49)		50
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		51
Item 3. Quantitative and Qualitative Disclosures About Market Risk		66
Item 4. Controls and Procedures		67
PART II. OTHER INFORMATION
Item 1. Legal Proceedings		68
Item 1A. Risk Factors		68
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		68
Item 3. Defaults Upon Senior Securities		68
Item 4. Mine Safety Disclosures		68
Item 5. Other Information		68
Item 6. Exhibits		69
SIGNATURES		70

2

PART I—CONSOLIDATED FINANCIAL INFORMATION

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

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sands, except share data)

Item 1. Consolidated Financial Statements

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

		December 31, 2025
		(unaudited)				September 30, 2025
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost—$846,496 and $853,416, respectively)		$	852,085			$	857,415
Non-controlled, affiliated investments (amortized cost—$36,561 and $36,561, respectively)			1,751				4,891
Controlled, affiliated investments (amortized cost—$342,149 and $346,911, respectively)			364,638				424,967
Total investments (amortized cost—$1,225,206 and $1,236,888, respectively)			1,218,474				1,287,273
Cash equivalents (cost—$17,660 and $30,711, respectively)			17,660				30,711
Cash (cost—$28,091 and $21,028, respectively)			28,200				21,072
Interest receivable			5,182				5,261
Receivable for investments sold			18,915				—
Distribution receivable			4,645				4,694
Due from affiliates			81				168
Prepaid expenses and other assets			360				375
Total assets			1,293,517				1,349,554
Liabilities
Truist Credit Facility payable, at fair value (cost—$296,456 and $426,456, respectively)			295,464				425,477
2026 Notes payable (par— $150,000, unamortized deferred financing cost of $302 and $527, respectively)			149,698				149,473
2026 Notes-2 payable (par— $165,000, unamortized deferred financing cost of $853 and $1,067, respectively)			164,147				163,933
Payable for investment purchased			209,555				130,007
Interest payable on debt			2,986				6,281
Distributions payable			5,224				—
Accounts payable and accrued expenses			5,294				4,342
Base management fee payable			3,915				4,005
Incentive fee payable			—				2,086
Total liabilities			836,283				885,604
Commitments and contingencies (See Note 11)
Net assets
Common stock, 65,296,094 and 65,296,094 shares issued and outstanding, respectively    Par value $0.001 per share and 200,000,000 shares authorized			65				65
Paid-in capital in excess of par value			740,506				740,506
Accumulated deficit			(283,337	)			(276,621	)
Total net assets		$	457,234			$	463,950
Total liabilities and net assets		$	1,293,517			$	1,349,554
Net asset value per share		$	7.00			$	7.11

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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sands, except share data)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5

ou

sands, except share data)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)

		Three Months Ended December 31,
		2025				2024
Net increase (decrease) in net assets resulting from operations:
Net investment income		$	6,992			$	12,992
Net realized gain (loss) on investments and debt			59,015				(2,560	)
Net change in unrealized appreciation (depreciation) on investments			(57,052	)			2,361
Net change in provision for taxes on realized gain (loss) on investments			(13	)			—
Net change in provision for taxes on change in unrealized appreciation (depreciation) on investments			—				(37	)
Net change in unrealized appreciation (depreciation) on debt			13				3,328
Net increase (decrease) in net assets resulting from operations			8,955				16,084
Distributions to stockholders:
Distribution of net investment income			(15,671	)			(15,671	)
Total distributions to stockholders			(15,671	)			(15,671	)
Net increase (decrease) in net assets			(6,716	)			413
Net assets:
Beginning of period			463,950				493,908
End of period		$	457,234			$	494,321

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6

ou

sands, except share data)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

		Three Months Ended December 31,
		2025				2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations		$	8,955			$	16,084
Adjustments to reconcile net increase (decrease) in net assets resulting from    operations to net cash provided by (used in) operating activities:
Net change in net unrealized (appreciation) depreciation on investments			57,052				(2,361	)
Net change in unrealized appreciation (depreciation) on debt			(13	)			(3,328	)
Net realized (gain) loss on investments			(59,015	)			2,560
Net accretion of discount and amortization of premium			(145	)			(724	)
Purchases of investments			(324,700	)			(394,229	)
Payment-in-kind income			(2,324	)			(2,244	)
Proceeds from dispositions of investments			397,951				427,065
Amortization of deferred financing costs			440				439
(Increase) or Decrease in:
Interest receivable			79				34
Receivables from investments sold			(18,916	)			(47,230	)
Distribution receivable			49				58
Due from affiliate			87				84
Prepaid expenses and other assets			14				55
Increase or (Decrease) in:
Due to affiliates			—				(33	)
Payable for investments purchased			79,548				24,954
Interest payable on debt			(3,295	)			(3,556	)
Base management fee payable, net			(90	)			(29	)
Incentive fee payable			(2,086	)			(301	)
Accounts payable and accrued expenses			952				1,447
Net cash provided by (used in) operating activities			134,543				18,745
Cash flows from financing activities:
Distributions paid to stockholders			(10,447	)			(15,671	)
Borrowings under Truist Credit Facility			30,000				55,000
Repayments under Truist Credit Facility			(160,000	)			(52,000	)
Net cash provided by (used in) financing activities			(140,447	)			(12,671	)
Net increase (decrease) in cash and cash equivalents			(5,904	)			6,074
Effect of exchange rate changes on cash			(19	)			(84	)
Cash and cash equivalents, beginning of period			51,783				49,861
Cash and cash equivalents, end of period		$	45,860			$	55,851
Supplemental disclosures:
Interest paid		$	13,357			$	14,858
Taxes paid		$	—			$	—
Non-cash exchanges and conversions		$	—			$	5,963
Non-cash purchases and disposition of investments		$	—			$	26,250

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.4% (1), (2)
First Lien Secured Debt - 93.9% of Net Assets
ACP Avenu Buyer, LLC - Unfunded Term Loan (7)		10/02/2023		04/21/2027		Business Services			—				—				3,479			$	-			$	9
ACP Avenu Buyer, LLC - Unfunded Revolver (7)		10/02/2023		10/02/2029		Business Services			—				—				2,436				-				(6	)
ACP Falcon Buyer, Inc. - Unfunded Revolver (7)		07/26/2023		08/01/2029		Business Services			—				—				2,533				-				-
Ad.net Acquisition, LLC		05/04/2021		05/07/2026		Media			9.93	%		3M SOFR+626					96				96				96
Ad.net Acquisition, LLC - Unfunded Revolver (7)		05/04/2021		05/07/2026		Media			—				—				444				-				-
Adweek Purchaser, LLC		05/31/2024		05/31/2027		Printing and Publishing			10.67	%		3M SOFR+700					2,100				2,078				2,100
Adweek Purchaser, LLC - Unfunded Term Loan (7)		05/31/2024		05/31/2027		Printing and Publishing			—				—				300				-				5
Aechelon Technology, Inc. - Unfunded Revolver (7)		08/16/2024		08/16/2029		Aerospace and Defense			—				—				2,724				-				-
AFC Dell Holding Corp.		12/12/2023		04/09/2027		Distribution			8.84	%		3M SOFR+500					214				214				214
AFC Dell Holding Corp. - Unfunded Term Loan (7)		12/12/2023		04/09/2027		Distribution			—				—				4,281				-				-
AFC Dell Holding Corp. - Unfunded Revolver (7)		12/12/2023		10/09/2028		Distribution			—				—				1,243				-				-
Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver (7)		05/21/2019		06/30/2026		Media			—				—				1,612				-				-
Aphix Buyer, Inc		07/17/2025		07/17/2031		Business Services			8.48	%		3M SOFR+475					6,129				6,091				6,129
Aphix Buyer, Inc - Unfunded Term Loan (7)		07/17/2025		07/16/2027		Business Services			—				—				9,172				-				57
Aphix Buyer, Inc - Unfunded Revolver (7)		07/17/2025		07/17/2031		Business Services			—				—				2,389				-				-
APT OPCO, LLC - Unfunded Term Loan (7)		09/29/2025		09/30/2027		Healthcare, Education and Childcare			—				—				1,228				-				(8	)
APT OPCO, LLC - Unfunded Revolver (7)		09/29/2025		09/30/2031		Healthcare, Education and Childcare			—				—				1,228				-				(15	)
Arcfield Acquisition Corp. - Unfunded Revolver (7)		10/28/2024		10/28/2031		Aerospace and Defense			—				—				2,085				-				(10	)
Archer Lewis, LLC		08/28/2024		08/28/2029		Healthcare, Education and Childcare			9.42	%		3M SOFR+575					1,485				1,471				1,485
Archer Lewis, LLC - Unfunded Term Loan (7)		08/28/2024		08/28/2026		Healthcare, Education and Childcare			—				—				5,329				-				53
Archer Lewis, LLC - Funded Revolver		08/28/2024		08/28/2029		Healthcare, Education and Childcare			9.42	%		3M SOFR+575					1,304				1,304				1,304
Argano, LLC.		09/13/2024		09/13/2029		Business Services			9.23	%		3M SOFR+550					7,426				7,357				7,501
Argano, LLC - Unfunded Revolver (7)		09/13/2024		09/13/2029		Business Services			—				—				794				-				-
Azureon, LLC		06/26/2024		06/26/2029		Diversified Conglomerate Service			9.44	%		3M SOFR+575					12,303				12,189				11,811
Azureon, LLC - Unfunded Term Loan (7)		06/26/2024		11/26/2027		Diversified Conglomerate Service			—				—				6,067				-				(197	)
Azureon, LLC - Funded Revolver		06/26/2024		06/26/2029		Diversified Conglomerate Service			9.44	%		3M SOFR+575					485				485				465
Azureon, LLC - Unfunded Revolver (7)		06/26/2024		06/26/2029		Diversified Conglomerate Service			—				—				1,212				-				(48	)
Beacon Behavioral Support Service, LLC		06/21/2024		06/21/2029		Healthcare, Education and Childcare			9.17	%		3M SOFR+550					891				883				891
Beacon Behavioral Support Service, LLC - Unfunded Term Loan (7)		06/21/2024		12/13/2026		Healthcare, Education and Childcare			—				—				2,945				-				29
Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment (7)		06/21/2024		06/21/2027		Healthcare, Education and Childcare			—				—				12,627				-				126
Beacon Behavioral Support Service, LLC - Unfunded Revolver (7)		06/21/2024		06/21/2029		Healthcare, Education and Childcare			—				—				1,042				-				-
Berwick Industrial Park		04/26/2022		05/02/2026		Buildings and Real Estate			13.00	%			—				4,000				4,016				3,980
Best Practice Associates, LLC - Unfunded Revolver (7)		11/07/2024		11/08/2029		Aerospace and Defense			—				—				1,929				-				(14	)
Beta Plus Technologies, Inc.		06/28/2022		07/02/2029		Business Services			9.42	%		3M SOFR+575					10,616				10,488				10,510
Big Top Holdings, LLC - Unfunded Revolver (7)		02/29/2024		02/28/2030		Manufacturing/Basic Industry			—				—				1,155				-				-
BioDerm, Inc. - Funded Revolver		01/30/2023		01/31/2028		Healthcare, Education and Childcare			10.36	%		3M SOFR+650					1,071				1,071				1,058
Blackhawk Industrial Distribution, Inc.		06/27/2022		09/17/2026		Distribution			9.07	%		3M SOFR+540					1,264				1,261				1,239
Blackhawk Industrial Distribution, Inc. - Funded Revolver		06/27/2022		09/17/2026		Distribution			9.07	%		3M SOFR+540					2,428				2,428				2,380
Blackhawk Industrial Distribution, Inc. - Unfunded Revolver (7)		06/27/2022		09/17/2026		Distribution			—				—				2,428				-				(49	)
BLC Holding Company, Inc.		11/20/2024		11/20/2030		Business Services			8.17	%		3M SOFR+450					2,243				2,227				2,243
BLC Holding Company, Inc. - Unfunded Term Loan (7)		11/20/2024		11/20/2026		Business Services			—				—				7,514				-				56
BLC Holding Company, Inc. - Unfunded Revolver (7)		11/20/2024		11/20/2030		Business Services			—				—				3,005				-				-
Blue Cloud Pediatric Surgery Centers, LLC		08/12/2025		01/21/2031		Healthcare Providers & Services			8.72	%		3M SOFR+500					524				518				518
Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan (7)		08/12/2025		07/30/2027		Healthcare Providers & Services			—				—				2,234				-				-
Boss Industries, LLC - Unfunded Revolver (7)		12/27/2024		12/27/2030		Conglomerate Manufacturing			—				—				1,306				-				-
By Light Professional IT Services, LLC		07/15/2025		07/15/2031		Business Services			9.22	%		3M SOFR+550					2,500				2,481				2,475
By Light Professional IT Services, LLC - Unfunded Revolver (7)		07/15/2025		07/15/2031		Business Services			—				—				988				-				(10	)
Capital Construction, LLC		06/30/2025		10/22/2026		Consumer Services			9.89	%		3M SOFR+590					5,599				5,571				5,529
Carisk Buyer, Inc. - Unfunded Term Loan (7)		11/27/2023		12/03/2029		Healthcare, Education and Childcare			—				—				4,813				-				84
Carisk Buyer, Inc. - Unfunded Term Loan 2 (7)		11/27/2023		12/03/2029		Healthcare, Education and Childcare			—				—				1,528				-				23
Carisk Buyer, Inc. - Unfunded Revolver (7)		11/27/2023		12/03/2029		Healthcare, Education and Childcare			—				—				1,750				-				13

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Carnegie Dartlet, LLC		02/07/2024		02/07/2030		Education			9.22	%		3M SOFR+550					2,320				2,299				2,297
Carnegie Dartlet, LLC - Unfunded Term Loan (7)		02/07/2024		02/09/2026		Education			—				—				7,680				-				-
Carnegie Dartlet, LLC - Unfunded Revolver (7)		02/07/2024		02/07/2030		Education			—				—				3,339				-				(33	)
Cartessa Aesthetics, LLC		06/01/2022		06/14/2028		Distribution			9.67	%		3M SOFR+600					23,433				23,209				23,433
Cartessa Aesthetics, LLC - Unfunded Revolver (7)		06/01/2022		06/14/2028		Distribution			—				—				3,563				-				-
Case Works, LLC		10/01/2024		10/01/2029		Business Services			9.09	%		3M SOFR+525					850				843				835
Case Works, LLC - Funded Revolver		10/01/2024		10/01/2029		Business Services			8.94	%		3M SOFR+525					1,095				1,095				1,076
Case Works, LLC - Unfunded Revolver (7)		10/01/2024		10/01/2029		Business Services			—				—				793				-				(13	)
CF512, Inc. - Funded Revolver		08/17/2021		08/20/2026		Media			9.74	%		3M SOFR+602					82				82				81
CF512, Inc. - Unfunded Revolver (7)		08/17/2021		08/20/2026		Media			—				—				827				-				(8	)
CJX Borrower, LLC		07/08/2021		07/13/2027		Media			9.70	%		3M SOFR+576					358				340				358
CJX Borrower, LLC - Unfunded Term Loan (7)		07/08/2021		07/13/2027		Media			—				—				112				-				21
CJX Borrower, LLC - Funded Revolver		07/08/2021		07/13/2027		Media			9.70	%		3M SOFR+576					818				818				818
CJX Borrower, LLC - Unfunded Revolver (7)		07/08/2021		07/13/2027		Media			—				—				1,057				-				-
Cornerstone Advisors of Arizona, LLC		05/13/2025		05/13/2032		Consulting Services			8.42	%		3M SOFR+475					30				30				30
Cornerstone Advisors of Arizona, LLC - Unfunded Revolver (7)		05/13/2025		05/13/2032		Consulting Services			—				—				797			$	-			$	(4	)
Commercial Fire Protection Holdings, LLC		09/23/2024		09/23/2030		Business Services			8.17	%		3M SOFR+450					1,873				1,860				1,873
Commercial Fire Protection Holdings, LLC - Unfunded Term Loan (7)		09/23/2024		09/23/2026		Business Services			—				—				4,756				-				36
Commercial Fire Protection Holdings, LLC - Unfunded Revolver (7)		09/23/2024		09/23/2030		Business Services			—				—				2,486				-				-
Crane 1 Services, Inc. - Unfunded Revolver (7)		06/10/2024		08/16/2027		Personal, Food and Miscellaneous Services			—				—				435				-				(3	)
C5MI Acquisition, LLC - Funded Revolver		07/31/2024		07/31/2029		Business Services			9.70	%		3M SOFR+600					1,653				1,653				1,653
C5MI Acquisition, LLC - Unfunded Revolver (7)		07/31/2024		07/31/2029		Business Services			—				—				2,480				-				-
DRS Holdings III, Inc.		11/01/2019		11/01/2028		Consumer Products			8.97	%		3M SOFR+525					2				2				2
DRS Holdings III, Inc. - Unfunded Revolver (7)		11/01/2019		11/01/2028		Consumer Products			—				—				608				-				-
Duggal Acquisition, LLC - Unfunded Term Loan (7)		09/30/2024		09/30/2026		Marketing Services			—				—				2,042				-				20
Duggal Acquisition, LLC - Unfunded Revolver (7)		09/30/2024		09/30/2030		Marketing Services			—				—				2,561				-				-
DX Electric Company, LLC - Unfunded Revolver (7)		10/01/2025		10/01/2031		Electronics			—				—				1,257				-				(9	)
Dynata, LLC - Last-Out Term Loan		07/15/2024		10/16/2028		Business Services			9.64	%		3M SOFR+576					83				83				50
EDS Buyer, LLC - Unfunded Revolver (7)		12/19/2022		01/10/2029		Aerospace and Defense			—				—				1,915				-				5
Emergency Care Partners, LLC		10/18/2024		10/18/2027		Healthcare, Education and Childcare			8.72	%		3M SOFR+500					654				654				654
Emergency Care Partners, LLC - Unfunded Term Loan (7)		10/18/2024		10/19/2026		Healthcare, Education and Childcare			—				—				1,530				-				-
Emergency Care Partners, LLC - Unfunded Revolver (7)		10/18/2024		10/18/2027		Healthcare, Education and Childcare			—				—				641				-				-
ENC Parent Corporation		07/11/2024		08/20/2029		Business Services			8.18	%		3M SOFR+451					3,391				3,073				2,871
ETE Intermediate II, LLC		05/24/2023		05/29/2029		Personal, Food and Miscellaneous Services			8.72	%		3M SOFR+500					550				547				550
ETE Intermediate II, LLC - Unfunded Revolver (7)		05/24/2023		05/25/2029		Personal, Food and Miscellaneous Services			—				—				2,429				-				-
Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver (7)		05/10/2024		05/10/2030		Healthcare, Education and Childcare			—				—				822				-				-
Exigo Intermediate II, LLC		03/10/2022		03/15/2027		Business Services			10.07	%		3M SOFR+635					23,815				23,701				23,696
Exigo Intermediate II, LLC - Unfunded Revolver (7)		03/10/2022		03/15/2027		Business Services			—				—				1,856				-				(9	)
Express Wash Intermediate, LLC		07/14/2022		04/10/2031		Auto Sector			10.18	%		3M SOFR+625					9,950				9,903				9,502
Express Wash Intermediate, LLC - Unfunded Revolver (7)		07/14/2022		04/10/2031		Auto Sector			—				—				609				-				(27	)
First Medical MSO, LLC		06/13/2025		06/13/2031		Healthcare, Education and Childcare			9.43	%		3M SOFR+575					4,658				4,613				4,611
First Medical MSO, LLC - Unfunded Term Loan (7)		06/13/2025		06/13/2027		Healthcare, Education and Childcare			—				—				2,820				-				-
First Medical MSO, LLC - Unfunded Revolver (7)		06/13/2025		06/13/2031		Healthcare, Education and Childcare			—				—				600				-				(6	)
Five Star Buyer, Inc.		02/21/2023		02/23/2028		Leisure, Amusement, Motion Pictures, Entertainment			12.98	%		3M SOFR+925					196				196				191
								(PIK 1.00%)
Five Star Buyer, Inc. - Unfunded Revolver (7)		02/21/2023		02/23/2028		Leisure, Amusement, Motion Pictures, Entertainment			—				—				370				-				(9	)
Gauge ETE Blocker, LLC		05/24/2023		05/21/2029		Personal, Food and Miscellaneous Services		PIK 12.56%					—				285				285				285
GGG MIDCO, LLC - Unfunded Term Loan (7)		09/27/2024		09/27/2030		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				6,272				-				63
GGG MIDCO, LLC - Unfunded Revolver (7)		09/27/2024		09/27/2030		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				581				-				-
Graffiti Buyer, Inc.		10/25/2022		08/10/2027		Distribution			9.33	%		3M SOFR+560					244				243				239
Graffiti Buyer, Inc. - Unfunded Term Loan (7)		10/25/2022		08/10/2027		Distribution			—				—				831				-				(12	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Graffiti Buyer, Inc. - Unfunded Revolver (7)		10/25/2022		08/10/2027		Distribution			—				—				769				-				(17	)
Halo Buyer, Inc.		07/18/2018		08/07/2029		Consumer Products			9.72	%		3M SOFR+600					16,873				16,721				16,873
Halo Buyer, Inc. - Funded Revolver		07/18/2018		08/07/2029		Consumer Products			9.72	%		3M SOFR+600					967				967				967
Halo Buyer, Inc. - Unfunded Revolver (7)		07/18/2018		08/07/2029		Consumer Products			—				—				1,731				-				-
Hancock Roofing and Construction, LLC		05/05/2022		12/31/2026		Insurance			9.32	%		3M SOFR+560					750				750				713
Harris & Co, LLC		08/09/2024		08/09/2030		Financial Services			8.72	%		3M SOFR+500					14,123				14,002				14,017
Harris & Co, LLC - Unfunded Term Loan B (7)		08/09/2024		02/09/2026		Financial Services			—				—				511				-				1
Harris & Co, LLC - Unfunded Term Loan C (7)		08/09/2024		08/18/2027		Financial Services			—				—				10,226				-				13
Harris & Co, LLC - Funded Revolver		08/09/2024		08/09/2030		Financial Services			8.72	%		3M SOFR+500					601				601				596
Harris & Co, LLC - Unfunded Revolver (7)		08/09/2024		08/09/2030		Financial Services			—				—				2,404				-				(18	)
Hills Distribution, Inc. - Unfunded Term Loan (7)		11/02/2023		12/05/2027		Distribution			—				—				9,314				-				(47	)
HV Watterson Holdings, LLC (10)		06/13/2022		12/17/2026		Business Services			—				—				286				285				91
HV Watterson Holdings, LLC - Funded Revolver (10)		06/13/2022		12/17/2026		Business Services			—				—				1,250				1,250				397
HV Watterson Holdings, LLC - Unfunded Revolver (7), (10)		06/13/2022		12/17/2026		Business Services			—				—				—				-				-
HW Holdco, LLC - Unfunded Revolver (7)		10/11/2019		05/11/2026		Media			—				—				3,387				-				-
IG Investments Holdings, LLC		07/11/2022		09/22/2028		Business Services			8.84	%		3M SOFR+500					104				103				103
IG Investments Holdings, LLC - Unfunded Revolver (7)		07/11/2022		09/22/2028		Business Services			—				—				722				-				(4	)
Imagine Acquisitionco, Inc. - Unfunded Revolver (7)		11/04/2021		11/16/2027		Business Services			—				—				1,685				-				-
Impact Advisors, LLC - Unfunded Term Loan (7)		03/21/2025		03/21/2027		Business Services			—				—				4,686				-				23
Impact Advisors, LLC - Unfunded Revolver (7)		03/21/2025		03/19/2032		Business Services			—				—				937				-				-
Infinity Home Services Holdco, Inc.		12/21/2022		12/28/2028		Personal, Food and Miscellaneous Services			9.67	%		3M SOFR+600					8,952				8,868				8,952
Infinity Home Services Holdco, Inc. (CAD)		12/21/2022		12/28/2028		Personal, Food and Miscellaneous Services			9.67	%		3M SOFR+600					CAD 2,605				1,884				1,901
Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan (7)		12/21/2022		10/30/2026		Personal, Food and Miscellaneous Services			—				—				9,091				-				45
Infinity Home Services Holdco, Inc. - Unfunded Revolver (7)		12/21/2022		12/28/2028		Personal, Food and Miscellaneous Services			—				—				1,292			$	-			$	-
Inovex Information Systems Incorporated - Unfunded Term Loan (7)		12/17/2024		12/17/2026		Business Services			—				—				1,900				-				-
Inovex Information Systems Incorporated - Funded Revolver		12/17/2024		12/17/2030		Business Services			11.25	%		3M SOFR+425					1,829				1,829				1,829
Inovex Information Systems Incorporated - Unfunded Revolver (7)		12/17/2024		12/17/2030		Business Services			—				—				546				-				-
Inventus Power, Inc. - Unfunded Revolver (7)		03/24/2021		01/15/2026		Electronics			—				—				1,729				-				-
Kinetic Purchaser, LLC		07/08/2022		11/10/2027		Consumer Products			9.82	%		3M SOFR+615					3,099				3,049				2,518
Kinetic Purchaser, LLC - Funded Revolver		07/08/2022		11/10/2026		Consumer Products			9.82	%		3M SOFR+615					3,070				3,070				2,494
Kinetic Purchaser, LLC - Unfunded Revolver (7)		07/08/2022		11/10/2026		Consumer Products			—				—				1,784				-				(334	)
Lash OpCo, LLC		08/16/2021		02/18/2027		Consumer Products			8.94	%		3M SOFR+510					3,095				3,081				3,018
								(PIK 5.10%)
Lash OpCo, LLC - Funded Revolver		08/16/2021		08/16/2026		Consumer Products			8.94	%		3M SOFR+510					251				251				244
								(PIK 5.10%)
Lash OpCo, LLC - Unfunded Revolver (7)		08/16/2021		08/16/2026		Consumer Products			—				—				2,898				-				(72	)
LAV Gear Holdings, Inc.		02/26/2020		07/31/2029		Leisure, Amusement, Motion Pictures, Entertainment		PIK 9.650%				3M SOFR+594					327				324				398
LAV Gear Holdings, Inc. - Incremental Term Loan		02/26/2020		07/31/2029		Leisure, Amusement, Motion Pictures, Entertainment		PIK 9.650%				3M SOFR+595					1,033				1,033				1,033
LAV Gear Holdings, Inc. - Unfunded Revolver (7)		02/26/2020		07/31/2029		Leisure, Amusement, Motion Pictures, Entertainment			—				—				149				-				-
Ledge Lounger, Inc.		11/04/2021		11/09/2026		Consumer Products			11.32	%		3M SOFR+765					9,548				9,509				7,686
								(PIK 1.00%)
Ledge Lounger, Inc. - Funded Revolver		11/04/2021		11/09/2026		Consumer Products			11.32	%		3M SOFR+765					1,720				1,720				1,384
								(PIK 1.00%)
Lightspeed Buyer, Inc.		02/03/2020		02/03/2027		Healthcare, Education and Childcare			8.47	%		3M SOFR+475					2,006				2,006				2,006
Lightspeed Buyer, Inc. - Unfunded Revolver (7)		02/03/2020		02/03/2027		Healthcare, Education and Childcare			—				—				1,166				-				-
LJ Avalon Holdings, LLC		01/18/2023		02/01/2030		Environmental Services			8.29	%		3M SOFR+450					558				556				558
LJ Avalon Holdings, LLC - Unfunded Term Loan (7)		01/18/2023		02/08/2027		Environmental Services			—				—				2,624				-				13
LJ Avalon Holdings, LLC - Unfunded Revolver (7)		01/18/2023		02/01/2029		Environmental Services			—				—				1,498				-				-
Loving Tan Intermediate II, Inc.		05/25/2023		05/31/2028		Consumer Products			8.67	%		3M SOFR+500					7,849				7,777				7,810
Loving Tan Intermediate II, Inc. - Unfunded Term Loan (7)		05/25/2023		12/31/2026		Consumer Products			—				—				1,187				-				6
Loving Tan Intermediate II, Inc. - Unfunded Term Loan - 2nd Amendment (7)		05/25/2023		12/31/2026		Consumer Products			—				—				1,711				-				-
Loving Tan Intermediate II, Inc. - Funded Revolver		05/25/2023		05/31/2028		Consumer Products			8.69	%		3M SOFR+500					413				413				411
Loving Tan Intermediate II, Inc. - Unfunded Revolver (7)		05/25/2023		05/31/2028		Consumer Products			—				—				965				-				(5	)
Marketplace Events Acquisition, LLC		12/19/2024		12/19/2030		Media			8.92	%		3M SOFR+525					4,349				4,307				4,349
Marketplace Events Acquisition, LLC - Funded Revolver		12/19/2024		12/19/2030		Media			8.99	%		3M SOFR+525					692				692				692
Marketplace Events Acquisition, LLC - Unfunded Revolver (7)		12/19/2024		12/19/2030		Media			—				—				1,485				-				-

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
MBS Holdings, Inc.		04/14/2021		04/16/2027		Telecommunications			8.92	%		3M SOFR+510					267				266				267
MBS Holdings, Inc. - Unfunded Revolver (7)		04/14/2021		04/16/2027		Telecommunications			—				—				694				-				-
MDI Buyer, Inc. - Funded Revolver		07/19/2022		07/25/2028		Chemicals, Plastics and Rubber			10.25	%		3M SOFR+350					1,550				1,550				1,550
MDI Buyer, Inc. - Unfunded Revolver (7)		07/19/2022		07/25/2028		Chemicals, Plastics and Rubber			—				—				677				-				-
Meadowlark Acquirer, LLC		12/09/2021		12/10/2027		Business Services			9.32	%		3M SOFR+565					1,898				1,889				1,898
Meadowlark Acquirer, LLC - Funded Revolver		12/09/2021		12/10/2027		Business Services			9.32	%		3M SOFR+565					337				337				337
Meadowlark Acquirer, LLC- Unfunded Revolver (7)		12/09/2021		12/10/2027		Business Services			—				—				1,348				-				-
Medina Health, LLC - Unfunded Revolver (7)		10/16/2023		10/20/2028		Healthcare, Education and Childcare			—				—				2,774				-				-
Megawatt Acquisitionco, Inc. - Unfunded Revolver (7)		03/01/2024		03/01/2030		Electronics			—				—				1,857				-				-
MES Intermediate, Inc.		09/23/2021		10/01/2027		Distribution			8.62	%		3M SOFR+475					2,327				2,316				2,327
MES Intermediate, Inc. - Funded Revolver		09/23/2021		10/01/2027		Distribution			11.50	%		3M SOFR+400					470				470				470
MES Intermediate, Inc. - Unfunded Revolver (7)		09/23/2021		10/01/2027		Distribution			—				—				1,447				-				-
Mineola 212, LLC		06/24/2024		01/31/2026		Buildings and Real Estate			14.00	%			—				3,500				3,503				3,528
MOREGroup Holdings, Inc. - Unfunded Term Loan (7)		01/09/2024		01/16/2026		Business Services			—				—				6,124				-				61
MOREGroup Holdings, Inc. - Unfunded Revolver (7)		01/09/2024		01/16/2030		Business Services			—				—				3,675				-				-
NBH Group, LLC - Unfunded Revolver (7)		08/16/2021		08/19/2026		Healthcare, Education and Childcare			—				—				1,163				-				-
NORA Acquisition, LLC - Funded Revolver		08/22/2023		08/31/2029		Healthcare, Education and Childcare			10.02	%		3M SOFR+635					1,218				1,218				1,182
NORA Acquisition, LLC - Unfunded Revolver (7)		08/22/2023		08/31/2029		Healthcare, Education and Childcare			—				—				1,489				-				(45	)
North American Rail Solutions, LLC		08/29/2025		08/29/2031		Manufacturing/Basic Industry			8.42	%		3M SOFR+475					14,380				14,308				14,308
North American Rail Solutions, LLC - Unfunded Term Loan (7)		08/29/2025		08/29/2027		Manufacturing/Basic Industry			—				—				2,263				-				-
North American Rail Solutions, LLC - Funded Revolver		08/29/2025		08/29/2031		Manufacturing/Basic Industry			8.47	%		3M SOFR+475					543				543				540
North American Rail Solutions, LLC - Unfunded Revolver (7)		08/29/2025		08/29/2031		Manufacturing/Basic Industry			—				—				2,625				-				(13	)
NP Riverhead Industrial, LLC		05/24/2024		01/31/2026		Buildings and Real Estate			15.50	%			—				5,000				5,004				5,038
Omnia Exterior Solutions, LLC		12/29/2023		12/31/2029		Diversified Conglomerate Service			8.92	%		3M SOFR+525					1,783				1,767				1,760
Omnia Exterior Solutions, LLC - Unfunded Term Loan (7)		12/29/2023		09/30/2026		Diversified Conglomerate Service			—				—				3,807				-				(14	)
Omnia Exterior Solutions, LLC - Funded Revolver		12/29/2023		12/31/2029		Diversified Conglomerate Service			8.97	%		3M SOFR+525					1,120				1,120				1,106
Omnia Exterior Solutions, LLC - Unfunded Revolver (7)		12/29/2023		12/31/2029		Diversified Conglomerate Service			—				—				980				-				(12	)
ORL Acquisition, Inc.		09/01/2021		09/03/2027		Business Services			13.07	%		3M SOFR+940					4,530				4,504				3,534
								(PIK 7.50%)
ORL Acquisition, Inc. - Unfunded Revolver (7)		09/01/2021		09/03/2027		Business Services			—				—				149				-				(33	)
OSP Embedded Purchaser, LLC		12/11/2023		12/17/2029		Aerospace and Defense			9.42	%		3M SOFR+575					6,370				6,288				6,039
OSP Embedded Purchaser, LLC - Funded Revolver		12/11/2023		12/17/2029		Aerospace and Defense			11.40	%		3M SOFR+465					148				148				140
OSP Embedded Purchaser, LLC - Unfunded Revolver (7)		12/11/2023		12/17/2029		Aerospace and Defense			—				—				1,330			$	-			$	(69	)
Pacific Purchaser, LLC - Unfunded Revolver (7)		10/02/2023		10/02/2028		Business Services			—				—				1,373				-				(33	)
PAR Excellence Holdings, Inc.		09/03/2024		09/03/2030		Healthcare, Education and Childcare			8.74	%		3M SOFR+500					11,910				11,804				11,702
PAR Excellence Holdings, Inc. - Unfunded Revolver (7)		09/03/2024		09/03/2030		Healthcare, Education and Childcare			—				—				2,681				-				(47	)
Paving Lessor Corp. - Unfunded Term Loan (7)		07/01/2025		07/01/2027		Business Services			—				—				3,291				-				8
Paving Lessor Corp. - Unfunded Revolver (7)		07/01/2025		07/01/2031		Business Services			—				—				2,194				-				(11	)
PCS MIDCO, Inc.		03/01/2024		03/01/2030		Financial Services			9.42	%		3M SOFR+575					2,316				2,298				2,328
PCS MIDCO, Inc. - Unfunded Term Loan (7)		03/01/2024		03/02/2026		Financial Services			—				—				2,078				-				31
PCS MIDCO, Inc. - Unfunded Revolver (7)		03/01/2024		03/01/2030		Financial Services			—				—				1,762				-				9
PD Tri-State Holdco, LLC - Unfunded Term Loan (7)		10/14/2025		10/14/2027		Diversified Consumer Services			—				—				4,140				-				11
PD Tri-State Holdco, LLC - Unfunded Revolver (7)		10/14/2025		10/14/2030		Diversified Consumer Services			—				—				276				-				(2	)
Peninsula Pacific Entertainment		08/15/2025		08/22/2032		Gaming			8.42	%		3M SOFR+475					5,251				5,199				5,264
Peninsula Pacific Entertainment - Unfunded Term Loan (7)		08/15/2025		08/25/2027		Gaming			—				—				1,231				-				9
Pink Lily Holdco, LLC - Funded Revolver (10)		11/05/2021		11/09/2027		Retail			—				—				863				863				108
Pink Lily Holdco, LLC - Unfunded Revolver (7), (10)		11/05/2021		11/09/2027		Retail			—				—				755				-				(661	)
PN Buyer, Inc. - Unfunded Term Loan (7)		07/31/2025		07/31/2027		Business Services			—				—				2,591				-				-
PN Buyer, Inc. - Funded Revolver		07/31/2025		07/31/2031		Business Services			8.17	%		3M SOFR+450					405				405				403
PN Buyer, Inc. - Unfunded Revolver (7)		07/31/2025		07/31/2031		Business Services			—				—				243				-				(1	)
Podean Buyer, Inc.		08/04/2025		08/04/2031		Marketing Services			9.66	%		3M SOFR+600					4,020				3,980				3,980
Podean Buyer, Inc. - Unfunded Revolver (7)		08/04/2025		08/04/2031		Marketing Services			—				—				796				-				(8	)
Project Granite Buyer, Inc. - Unfunded Term Loan (7)		12/31/2024		12/31/2026		Business Services			—				—				554				-				11
Project Granite Buyer, Inc. - Unfunded Revolver (7)		12/31/2024		12/31/2030		Business Services			—				—				923				-				9
Puget Collision, LLC		10/03/2025		10/03/2031		Auto Sector			8.43	%		3M SOFR+475					18,144				18,031				18,031
Puget Collision, LLC - Unfunded Term Loan (7)		10/03/2025		10/03/2027		Auto Sector			—				—				24,766				-				-
Puget Collision, LLC - Funded Revolver		10/03/2025		10/03/2031		Auto Sector			8.42	%		3M SOFR+475					609				609				605
Puget Collision, LLC - Unfunded Revolver (7)		10/03/2025		10/03/2031		Auto Sector			—				—				3,451				-				(22	)
Radius Aerospace, Inc. - Funded Revolver		11/14/2022		03/29/2027		Aerospace and Defense			9.82	%		3M SOFR+615					781				781				765

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Radius Aerospace, Inc. - Unfunded Revolver (7)		11/14/2022		03/29/2027		Aerospace and Defense			—				—				1,448				-				(29	)
Rancho Health MSO, Inc. - Unfunded Term Loan (7)		09/27/2021		06/30/2026		Healthcare, Education and Childcare			—				—				1,954				-				8
Rancho Health MSO, Inc. - Unfunded Revolver (7)		09/27/2021		06/20/2029		Healthcare, Education and Childcare			—				—				2,675				-				-
Recteq, LLC - Funded Revolver		01/27/2021		01/29/2026		Consumer Products			9.84	%		3M SOFR+625					507				507				507
Recteq, LLC - Unfunded Revolver (7)		01/27/2021		01/29/2026		Consumer Products			—				—				620				-				-
Riverpoint Medical, LLC - Unfunded Revolver (7)		06/19/2019		06/21/2027		Healthcare, Education and Childcare			—				—				364				-				-
Ro Health, LLC - Funded Revolver		01/16/2025		01/17/2031		Healthcare Providers & Services			8.17	%		3M SOFR+450					1,258				1,258				1,258
Ro Health, LLC - Unfunded Revolver (7)		01/16/2025		01/17/2031		Healthcare Providers & Services			—				—				2,935				-				-
Rosco Parent, LLC		09/12/2025		09/12/2031		Business Services			8.42	%		3M SOFR+475					4,987				4,952				4,950
Rosco Parent, LLC - Funded Revolver		10/03/2025		09/12/2031		Business Services			8.42	%		3M SOFR+475					346				346				344
Rosco Parent, LLC - Unfunded Revolver (7)		09/12/2025		09/12/2031		Business Services			—				—				986				-				(7	)
Route 66 Development		01/28/2025		01/24/2031		Gaming			12.72	%		3M SOFR+900					18,000				17,659				17,910
RRA Corporate, LLC		08/15/2024		08/15/2029		Business Services			8.92	%		3M SOFR+525					6,819				6,754				6,608
RRA Corporate, LLC - Unfunded Term Loan (7)		08/15/2024		08/17/2026		Business Services			—				—				3,337				-				(70	)
RRA Corporate, LLC - Funded Revolver		08/15/2024		08/15/2029		Business Services			8.92	%		3M SOFR+525					1,999				1,999				1,937
RRA Corporate, LLC - Unfunded Revolver (7)		08/15/2024		08/15/2029		Business Services			—				—				1,149				-				(36	)
RTIC Subsidiary Holdings, LLC - Unfunded Revolver (7)		05/03/2024		05/03/2029		Consumer Products			—				—				5,422				-				(54	)
Rural Sourcing Holdings, Inc. - Funded Revolver		06/08/2023		06/15/2029		Business Services			9.42	%		3M SOFR+575					487				487				438
Rural Sourcing Holdings, Inc. - Unfunded Revolver (7)		06/08/2023		06/15/2029		Business Services			—				—				373				-				(37	)
Sabel Systems Technology Solutions, LLC		10/31/2024		10/31/2030		Government Services			9.67	%		3M SOFR+600					10,302				10,199				10,302
Sabel Systems Technology Solutions, LLC - Unfunded Revolver (7)		10/31/2024		10/31/2030		Government Services			—				—				1,684				-				-
Safe Haven Defense US, LLC		05/23/2024		05/23/2029		Building Materials			9.19	%		3M SOFR+550					3,908				3,863				3,810
Safe Haven Defense US, LLC - Funded Revolver		05/23/2024		05/23/2029		Building Materials			11.25	%		3M SOFR+450					334				334				326
Safe Haven Defense US, LLC - Unfunded Revolver (7)		05/23/2024		05/23/2029		Building Materials			—				—				780				-				(19	)
Sales Benchmark Index, LLC - Funded Revolver		05/29/2020		07/07/2026		Business Services			9.87	%		3M SOFR+620					244				244				244
Sales Benchmark Index, LLC - Unfunded Revolver (7)		05/29/2020		07/07/2026		Business Services			—				—				366				-				-
Sath Industries, LLC - Unfunded Revolver (7)		12/17/2024		12/17/2029		Event Services			—				—				1,300				-				-
Schlesinger Global, Inc.		07/02/2019		03/31/2027		Business Services			9.82	%		3M SOFR+610					2,638				2,632				2,506
								(PIK 5.85%)
Schlesinger Global, Inc. - Funded Revolver		07/02/2019		03/31/2027		Business Services			9.82	%		3M SOFR+610					34				34				33
								(PIK 5.85%)
Schlesinger Global, Inc. - Unfunded Revolver (7)		07/02/2019		03/31/2027		Business Services			—				—				5				-				-
Seacoast Service Partners NA, LLC		12/20/2024		12/20/2029		Diversified Conglomerate Service			8.92	%		3M SOFR+525					2,787				2,764				2,659
Seacoast Service Partners NA, LLC - Unfunded Term Loan (7)		12/20/2024		12/21/2026		Diversified Conglomerate Service			—				—				2,615				-				(97	)
Seacoast Service Partners NA, LLC - Funded Revolver		12/20/2024		12/20/2029		Diversified Conglomerate Service			8.92	%		3M SOFR+525					718				718				685
Seacoast Service Partners NA, LLC - Unfunded Revolver (7)		12/20/2024		12/20/2029		Diversified Conglomerate Service			—				—				637				-				(29	)
Seaway Buyer, LLC		06/08/2022		06/13/2029		Chemicals, Plastics and Rubber			9.82	%		3M SOFR+615					4,644				4,603				4,435
Seaway Buyer, LLC - Funded Revolver		06/08/2022		06/13/2028		Chemicals, Plastics and Rubber			9.82	%		3M SOFR+615					2,918				2,918				2,787
Seaway Buyer, LLC - Unfunded Revolver (7)		06/08/2022		06/13/2028		Chemicals, Plastics and Rubber			—				—				208				-				(9	)
Shiftkey, LLC		06/17/2022		06/21/2027		Business Services			9.68	%		3M SOFR+601					16,570				16,507				15,932
Sigma Defense Systems, LLC		11/30/2021		12/20/2027		Telecommunications			10.62	%		3M SOFR+690					11,599				11,387				11,483
Sigma Defense Systems, LLC - Unfunded Term Loan (7)		11/30/2021		12/20/2027		Telecommunications			—				—				4,250				-				-
Sigma Defense Systems, LLC - Unfunded Revolver (7)		11/30/2021		12/20/2027		Telecommunications			—				—				3,685				-				(37	)
Spendmend Holdings, LLC		02/25/2022		03/01/2028		Business Services			8.82	%		3M SOFR+515					383				381				383
Spendmend Holdings, LLC - Unfunded Term Loan (7)		02/25/2022		11/25/2026		Business Services			—				—				1,050				-				5
Spendmend Holdings, LLC - Funded Revolver		02/25/2022		03/01/2028		Business Services			8.82	%		3M SOFR+515					234				234				234
Spendmend Holdings, LLC - Unfunded Revolver (7)		02/25/2022		03/01/2028		Business Services			—				—				1,168				-				-
STG Distribution, LLC - First Out New Money Term Loans (10)		10/03/2024		10/03/2029		Transportation			—				—				4,356				4,157				3,703
STG Distribution, LLC - Second Out Term Loans (10)		10/03/2024		10/03/2029		Transportation			—				—				10,066				5,654				755
SV-Aero Holdings, LLC - Unfunded Term Loan (7)		10/31/2024		11/02/2026		Aerospace and Defense			—				—				3,562				-				18
System Planning and Analysis, Inc.		10/12/2021		08/16/2027		Aerospace and Defense			8.42	%		3M SOFR+475					9,465			$	9,417			$	9,437
System Planning and Analysis, Inc. - Unfunded Term Loan (7)		10/12/2021		06/12/2027		Aerospace and Defense			—				—				589				-				1
System Planning and Analysis, Inc. - Funded Revolver		10/12/2021		08/16/2027		Aerospace and Defense			11.00	%		3M SOFR+375					1,747				1,747				1,741
System Planning and Analysis, Inc. - Unfunded Revolver (7)		10/12/2021		08/16/2027		Aerospace and Defense			—				—				2,969				-				(9	)
TCG 3.0 Jogger Acquisitionco, Inc.		01/23/2024		01/23/2029		Media			10.17	%		3M SOFR+650					8,843				8,738				8,710
TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver		01/23/2024		01/23/2029		Media			12.75	%		3M SOFR+550					828				828				816

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver (7)		01/23/2024		01/23/2029		Media			—				—				897				-				(13	)
The Bluebird Group, LLC - Unfunded Revolver (7)		07/22/2021		07/28/2026		Business Services			—				—				734				-				-
The Vertex Companies, LLC		08/25/2021		08/31/2028		Business Services			8.84	%		3M SOFR+500					6,622				6,577				6,586
The Vertex Companies, LLC - Funded Revolver		08/25/2021		08/31/2028		Business Services			8.87	%		3M SOFR+510					1,191				1,191				1,183
The Vertex Companies, LLC - Unfunded Revolver (7)		08/25/2021		08/31/2028		Business Services			—				—				2,778				-				(17	)
TMII Enterprises, LLC - Unfunded Revolver (7)		12/19/2022		12/22/2028		Personal, Food and Miscellaneous Services			—				—				2,532				-				-
TransGo, LLC - Unfunded Revolver (7)		12/29/2023		12/29/2028		Machinery			—				—				2,775				-				-
Walker Edison Furniture Company, LLC - New Money DIP		03/01/2023		03/01/2029		Home and Office Furnishings, Housewares and Durable Consumer Products			10.00	%			—				324				324				337
Walker Edison Furniture Company, LLC - Unfunded Term Loan (7)		03/01/2023		03/01/2029		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				462				-				14
Wash & Wax Systems, LLC		10/20/2021		04/30/2028		Auto Sector		PIK 9.34%				3M SOFR+550					1,204				1,222				1,228
Wash & Wax Systems, LLC - Funded Revolver		10/20/2021		04/30/2028		Auto Sector			9.19	%		3M SOFR+550					419				419				419
Wash & Wax Systems, LLC - Unfunded Revolver (7)		10/20/2021		04/30/2028		Auto Sector			—				—				210				-				-
Watchtower Buyer, LLC. - Funded Revolver		11/29/2023		12/03/2029		Electronics			9.69	%		3M SOFR+600					1,050				1,051				1,050
Watchtower Buyer, LLC. - Unfunded Revolver (7)		11/29/2023		12/03/2029		Electronics			—				—				5,250				-				-
Total First Lien Secured Debt																					444,112				429,494
Second Lien Secured Debt - 4.0% of Net Assets
Burgess Point Purchaser Corporation		07/26/2022		07/28/2030		Auto Sector			12.94	%		3M SOFR+910					8,000				7,758				8,000
ENC Parent Corporation		08/06/2021		08/19/2029		Business Services			11.43	%		3M SOFR+776					7,500				7,455				6,825
TEAM Services Group, LLC		04/26/2024		12/18/2028		Healthcare, Education and Childcare			13.10	%		3M SOFR+926					3,429				3,426				3,411
Total Second Lien Secured Debt																					18,639				18,236
Subordinate Debt/Corporate Notes - 9.3% of Net Assets
Beacon Behavioral Holdings, LLC		06/21/2024		06/21/2030		Healthcare, Education and Childcare		PIK 15.00%					—				6,176				6,116				6,176
Gauge Schlesinger Coinvest, LLC		07/02/2019		09/30/2027		Business Services			12.92	%		3M SOFR+860					1				1				3
Northwinds Topco, Inc.		08/16/2024		10/30/2029		Consumer Services		PIK 15.00%					—				12,358				12,272				12,296
Northwinds Topco, Inc. - Unfunded Term Loan (7)		08/16/2024		10/30/2029		Consumer Services			—				—				3,500				-				(18	)
ORL Holdco, Inc. - Convertible Notes		08/02/2024		03/08/2028		Business Services			—				—				6				6				-
ORL Holdco, Inc. - Unfunded Convertible Notes (7)		08/02/2024		03/08/2028		Business Services			—				—				6				-				(6	)
OSP Embedded Aggregator, LP - Convertible Note		11/06/2024		05/08/2030		Aerospace and Defense			12.00	%			—				24				237				272
StoicLane, Inc. - Convertible Notes		08/15/2024		08/16/2027		Healthcare, Education and Childcare			12.00	%			—				1,223				1,223				1,437
United Land Services Intermediate Parent Holdings, LLC		07/12/2024		12/23/2026		Environmental Services		PIK 14.75%					—				21,339				21,074				21,339
Wash & Wax Systems, LLC		10/20/2021		07/30/2028		Auto Sector		PIK 12.00%					—				836				837				837
Total Subordinate Debt																					41,766				42,336
Preferred Equity/Partnership Interests - 4.6% of Net Assets (6)
Accounting Platform Blocker, Inc.		08/09/2024				Financial Services							—				356,200				356				356
Ad.net Holdings, Inc.		05/04/2021				Media							—				2,662				266				178
AFC Acquisitions, Inc. (F-2 Series) (9)		12/07/2023				Distribution							—				490				749				686
AFC Acquisitions, Inc. (G-2 Series) (9)		12/07/2023				Distribution							—				11				18				16
AFC Acquisitions, Inc. (H-2 Series) (9)		12/07/2023				Distribution							—				6				12				11
AFC Acquisitions, Inc. (I-2 Series) (9)		12/07/2023				Distribution							—				6				12				9
AFC Acquisitions, Inc. (J-2 Series) (9)		12/07/2023				Distribution							—				10				20				16
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)		05/21/2019				Media							—				1,135				1,135				1,237
BioDerm Holdings, LP		01/30/2023				Healthcare, Education and Childcare							—				1,312				1,312				1,313
Cartessa Aesthetics, LLC (9)		06/01/2022				Distribution							—				3,562,500				3,563				10,688
Connatix Parent, LLC		07/08/2021				Media							—				7,967				8				10
Consello Pacific Aggregator, LLC (9)		10/02/2023				Business Services							—				782,891				743				540
C5MI Holdco, LLC (9)		07/31/2024				Business Services							—				104,000				104				108
Gauge Schlesinger Coinvest, LLC - Class A-2		05/24/2023				Business Services							—				1				1				-
EvAL Home Health Solutions, LLC (9)		05/10/2024				Healthcare, Education and Childcare							—				272,771				453				406
Five Star Parent Holdings, LLC - Class P		07/09/2025				Leisure, Amusement, Motion Pictures, Entertainment							—				384				38				107
Hancock Claims Consultants Investors, LLC - Class A (9)		04/30/2024				Insurance							—				116,588				76				-
HPA SPQ Aggregator, LP		06/08/2023				Business Services							—				52,353				52				52
Imagine Topco, LP Preferred		11/04/2021				Business Services			8.00	%			—				743,826				744				1,044
Magnolia Topco, LP - Class A (9)		07/25/2023				Auto Sector							—				1,545				1,544				193
Magnolia Topco, LP - Class A-1 (9)		07/25/2023				Auto Sector							—				530				530				1,060
Magnolia Topco, LP - Class B (9)		07/25/2023				Auto Sector							—				1,018				643				-
Megawatt Acquisition Partners, LLC - Class A		06/28/2024				Electronics							—				5,349				535				601
NXOF Holdings, Inc.		02/26/2019				Aerospace and Defense							—				422				422				308
ORL Holdco, Inc.		09/01/2021				Business Services							—				575				57				-
PL Acquisitionco, LLC (9)		05/31/2023				Retail							—				73				73				-
Podean Intermediate II, LLC		08/04/2025				Marketing Services							—				287				287				293
RTIC Parent Holdings, LLC - Class A-1 (9)		05/03/2024				Consumer Products							—				5				5				-
RTIC Parent Holdings, LLC - Class C (9)		05/03/2024				Consumer Products							—				10,624				700				1,497
RTIC Parent Holdings, LLC - Class D (9)		05/03/2024				Consumer Products							—				11,276				113				160
SP L2 Holdings, LLC		11/04/2021				Consumer Products							—				331,229				81				-
SP L2 Holdings, LLC - Unfunded (7)		11/04/2021				Consumer Products							—				189,274				-				(46	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon			Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
TPC Holding Company, LP		12/04/2019				Food						—				219				219				239
TWD Parent Holdings, LLC		08/25/2021				Business Services						—				33			$	33			$	49
Total Preferred Equity/Partnership Interests																				14,904				21,131
Common Equity/Partnership Interests/Warrants - 28.7% of Net Assets (6)
A1 Garage Equity, LLC (9)		12/19/2022				Personal, Food and Miscellaneous Services						—				2,193,038				2,193				4,953
ACP Big Top Holdings, LP		02/29/2024				Manufacturing/Basic Industry						—				773,800				744				1,356
Ad.net Holdings, Inc.		05/04/2021				Media						—				2,958				30				-
Aechelon InvestCo, LP		08/16/2024				Aerospace and Defense						—				10,684				1,068				2,930
Aechelon InvestCo, LP - Unfunded (7)		08/16/2024				Aerospace and Defense						—				11,940				-				-
Aftermarket Drivetrain Products Holdings, LLC		12/29/2023				Machinery						—				1,645				1,645				2,824
AG Investco, LP (9)		11/05/2018				Business Services						—				8,052				805				64
AG Investco, LP - Unfunded (7), (9)		11/05/2018				Business Services						—				1,948				-				(179	)
Altamira Intermediate Company II, Inc.		07/23/2019				Aerospace and Defense						—				125,000				125				115
AMCSI Crash Co-Invest, LP		07/28/2022				Auto Sector						—				24,898				2,490				3,325
AMCSI Crash Co-Invest, LP - Unfunded (7)		07/28/2022				Auto Sector						—				5,102				-				-
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)		05/21/2019				Media						—				1,135				-				-
APT Holdings, LLC (9)		09/29/2025				Healthcare, Education and Childcare						—				384,799				519				567
Athletico Holdings, LLC (9)		02/04/2022				Healthcare, Education and Childcare						—				9,357				10,000				7,093
Azureon, LLC (9)		06/26/2024				Diversified Conglomerate Service						—				508,238				508				371
BioDerm, Inc.		09/09/2024				Healthcare, Education and Childcare						—				1,312				-				-
Burgess Point Holdings, LP		07/21/2022				Auto Sector						—				764				777				824
Carnegie Holdco, LLC (9)		02/07/2024				Education						—				1,680,300				1,603				1,210
Carisk Parent, LP		11/27/2023				Healthcare, Education and Childcare						—				204,455				204				251
Connatix Parent, LLC		07/08/2021				Media						—				273,207				632				278
Cowboy Parent LLC		09/12/2018				Distribution						—				27,778				3,015				2,421
Crane 1 Acquisition Parent Holdings, LP		08/11/2021				Personal, Food and Miscellaneous Services						—				113				104				212
C5MI Holdco, LLC (9)		07/31/2024				Business Services						—				754,200				754				1,048
Delta InvestCo, LP (9)		12/16/2020				Telecommunications						—				913,649				866				1,944
Delta InvestCo, LP - Unfunded (7), (9)		12/16/2020				Telecommunications						—				227,395				-				-
Duggal Acquisition, LLC		09/30/2024				Marketing Services						—				314				314				292
EDS Topco, LP		12/19/2022				Aerospace and Defense						—				937,500				938				1,827
Events Buyer, LLC		12/17/2024				Event Services						—				536,267				536				643
Exigo, LLC		03/10/2022				Business Services						—				1,458,333				1,458				609
FedHC InvestCo, LP (9)		08/26/2021				Aerospace and Defense						—				15,255				545				2,111
FedHC InvestCo, LP - Unfunded (7), (9)		08/26/2021				Aerospace and Defense						—				2,466				-				-
FedHC InvestCo II, LP (9)		12/23/2021				Aerospace and Defense						—				21,817				2,303				3,128
First Medical Holdings, LLC (9)		06/13/2025				Healthcare, Education and Childcare						—				45,000				450				462
Five Star Parent Holdings, LLC		02/21/2023				Leisure, Amusement, Motion Pictures, Entertainment						—				655,714				656				-
Gauge APHIX Blocker, LLC		07/16/2025				Business Services						—				489,789				490				470
Gauge ETE Blocker, LLC		05/24/2023				Personal, Food and Miscellaneous Services						—				374,444				374				374
Gauge Lash Coinvest, LLC		12/04/2019				Consumer Products						—				1,231,392				951				1,882
Gauge Loving Tan, LP		05/25/2023				Consumer Products						—				543,562				544				645
Gauge Schlesinger Coinvest, LLC		04/22/2020				Business Services						—				9				10				4
GCOM InvestCo, LP		05/11/2021				Business Services						—				2,434				1,003				650
GCP Boss Holdco, LLC		12/27/2024				Conglomerate Manufacturing						—				1,045,100				1,045				1,568
GGG MIDCO, LLC (9)		09/27/2024				Home and Office Furnishings, Housewares and Durable Consumer Products						—				1,222,700				1,223				1,623
GMP Hills, LP		11/02/2023				Distribution						—				3,747,470				3,747				4,759
Hancock Claims Consultants Investors, LLC (9)		12/23/2020				Insurance						—				450,000				450				-
HPA SPQ Aggregator, LP		06/08/2023				Business Services						—				750,399				750				19
HV Watterson Holdings, LLC		06/13/2022				Business Services						—				1,600,000				1,600				-
Icon Partners V C, LP		12/20/2021				Business Services						—				1,201,283				1,201				894
Icon Partners V C, LP - Unfunded (7)		12/20/2021				Business Services						—				298,717				-				(76	)
IHS Parent Holdings, LP		12/21/2022				Personal, Food and Miscellaneous Services						—				1,218,045				1,218				1,608
Imagine Topco, LP		11/04/2021				Business Services						—				743,826				-				52
Infogroup Parent Holdings, Inc.		05/31/2023				Other Media						—				181,495				2,040				2,419
Ironclad Holdco, LLC (Applied Technical Services, LLC)		12/23/2020				Environmental Services						—				4,993				525				1,303
ITC Infusion Co-invest, LP (9)		02/16/2022				Healthcare, Education and Childcare						—				162,445				1,720				4,189
Kinetic Purchaser, LLC - Class A		11/08/2021				Consumer Products						—				1,308,814				1,309				-
Kinetic Purchaser, LLC - Class AA		11/08/2021				Consumer Products						—				115,688				135				-
KL Stockton Co-Invest, LP (9)		07/16/2021				Personal, Food and Miscellaneous Services						—				382,353				386				539
Lightspeed Investment Holdco, LLC		01/21/2020				Healthcare, Education and Childcare						—				273,143				273				1,150
LJ Avalon, LP		01/18/2023				Environmental Services						—				851,087				851				1,430
Lorient Peregrine Investments, LP		11/18/2022				Business Services						—				335,590				4,530				2,480
Magnolia Topco, LP - Class A (9)		07/25/2023				Auto Sector						—				1,545,460				-				-
Magnolia Topco, LP - Class B (9)		07/25/2023				Auto Sector						—				1,017,840				-				-
Marketplace Events Holdings, LP		12/19/2024				Media						—				14,640				1,464				1,900
MDI Aggregator, LP		07/19/2022				Chemicals, Plastics and Rubber						—				31,904				3,232				3,121
Meadowlark Title, LLC (9)		12/09/2021				Business Services						—				815,385				802				326

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

14

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Megawatt Acquisition Partners, LLC - Class A		06/28/2024				Electronics							—				594				59				-
Municipal Emergency Services, Inc.		09/28/2021				Distribution							—				3,920,145			$	3,984			$	9,016
NEPRT Parent Holdings, LLC (9)		01/27/2021				Consumer Products							—				1,299				1,250				339
New Insight Holdings, Inc.		07/15/2024				Business Services							—				1,157				20				13
New Medina Health, LLC (9)		10/16/2023				Healthcare, Education and Childcare							—				1,429,480				1,429				2,815
NFS - CFP Holdings, LLC		09/13/2024				Business Services							—				662,983				663				1,008
NORA Parent Holdings, LLC (9)		08/22/2023				Healthcare, Education and Childcare							—				1,257				1,248				293
North Haven Saints Equity Holdings, LP (9)		02/25/2022				Business Services							—				351,553				352				415
Northwinds Services Group, LLC		08/16/2024				Consumer Services							—				840,000				1,680				1,891
NXOF Holdings, Inc.		02/26/2019				Aerospace and Defense							—				8,188				108				-
OceanSound Discovery Equity, LP (9)		03/28/2024				Aerospace and Defense							—				119,966				1,200				1,616
OES Co-Invest, LP - Class A		05/31/2024				Diversified Conglomerate Service							—				840				851				1,016
OHCP V BC COI, LP		12/13/2021				Distribution							—				707,209				707				438
OHCP V BC COI, LP - Unfunded (7)		12/13/2021				Distribution							—				42,791				-				(16	)
ORL Holdco, Inc.		09/01/2021				Business Services							—				638				6				-
OSP Embedded Aggregator, LP		12/11/2023				Aerospace and Defense							—				871				871				997
OSP PAR Holdings, LP		09/03/2024				Healthcare, Education and Childcare							—				1,806				1,812				1,566
Paving Parent, LLC (9)		07/01/2025				Business Services							—				1,166				1,166				1,309
PCS Parent, LP		03/01/2024				Financial Services							—				421,304				421				463
PennantPark-TSO Senior Loan Fund II, LP (11)		01/07/2022				Financial Services							—				8,115,794				8,116				6,269
PN Buyer, Inc.		07/31/2025				Business Services							—				813,376				813				789
Pink Lily Holdco, LLC (9)		11/05/2021				Retail							—				1,044				1,044				-
Podean Intermediate II, LLC		08/04/2025				Marketing Services							—				287				-				-
Project Granite Holdings, LLC		12/31/2024				Business Services							—				369				369				392
Quad (U.S.) Co-Invest, LP		10/03/2022				Business Services							—				2,607,587				2,608				4,155
QuantiTech InvestCo, LP (9)		05/01/2020				Aerospace and Defense							—				700				-				97
QuantiTech InvestCo, LP - Unfunded (7), (9)		05/01/2020				Aerospace and Defense							—				955				-				-
QuantiTech InvestCo II, LP (9)		05/01/2020				Aerospace and Defense							—				40				12				7
RFMG Parent, LP		12/16/2020				Healthcare, Education and Childcare							—				1,050,000				1,050				1,230
Ro Health Holdings, Inc.		01/16/2025				Healthcare Providers & Services							—				289,700				290				405
Rosco Topco, LLC		09/09/2025				Business Services							—				701,149				701				694
Sabel InvestCo, LP (9)		10/31/2024				Government Services							—				32,771				830				1,003
Sabel InvestCo, LP - Unfunded (7), (9)		10/31/2024				Government Services							—				47,957				-				-
Safe Haven Defense MidCo, LLC (9)		05/23/2024				Building Materials							—				245				245				2
SBI Holdings Investments, LLC		12/23/2019				Business Services							—				36,585				366				283
Seacoast Service Partners NA, LLC		12/20/2024				Diversified Conglomerate Service							—				274				351				258
Seaway Topco, LP		06/08/2022				Chemicals, Plastics and Rubber							—				2,981				2,981				899
SP DXE Holdings, LLC (9)		10/01/2025				Electronics							—				553,592				554				581
SP L2 Holdings, LLC		11/04/2021				Consumer Products							—				129,370,318				917				-
SSC Dominion Holdings, LLC		07/11/2018				Electronics							—				36				-				2,421
StellPen Holdings, LLC		08/17/2021				Media							—				153,846				154				112
TAC LifePort Holdings, LLC (9)		02/24/2021				Aerospace and Defense							—				254,206				239				493
TCG 3.0 Jogger Co-Invest, LP		01/22/2024				Media							—				6,475				1,252				727
Tinicum Space Coast Co-Invest, LLC (9)		10/29/2024				Aerospace and Defense							—				216				2,127				2,279
Tinicum Space Coast Holdings, LLC (9)		12/06/2023				Aerospace and Defense							—				25				199				596
Tower Arch Infolinks Media, LP (9)		10/27/2021				Media							—				550,332				116				348
Tower Arch Infolinks Media, LP - Unfunded (7), (9)		10/27/2021				Media							—				345,113				-				(127	)
TPC Holding Company, LP		12/04/2019				Food							—				11,527				12				-
TWD Parent Holdings, LLC		08/25/2021				Business Services							—				670				3				13
United Land Services Holdings, LLC		07/12/2024				Environmental Services							—				184,049				600				750
UniVista Insurance (9)		06/14/2021				Business Services							—				400				-				113
Wash & Wax Systems. LLC (9)		04/30/2025				Auto Sector							—				514				917				643
Watchtower Holdings, LLC (9)		11/29/2023				Electronics							—				12,419				1,242				1,404
WCP Ivyrehab Coinvestment, LP (9)		06/27/2022				Healthcare, Education and Childcare							—				208				208				293
WCP Ivyrehab QP CF Feeder, LP (9)		06/27/2022				Healthcare, Education and Childcare							—				3,754				3,853				5,299
WCP Ivyrehab QP CF Feeder, LP - Unfunded (7), (9)		06/27/2022				Healthcare, Education and Childcare							—				246				-				-
White Tiger Newco, LLC		07/31/2025				Leisure, Amusement, Motion Pictures, Entertainment							—				4,833				369				36
Kentucky Racing Holdco, LLC (Warrants) (9)		04/16/2019				Hotels, Motels, Inns and Gaming							—				161,252				-				1,752
Total Common Equity/Partnership Interests/Warrants																					117,520				131,403
US Government Securities - 45.8% of Net Assets
U.S. Treasury Bill (5)		01/02/2026		01/27/2026		Short-Term U.S. Government Securities			3.98	%			—				210,000				209,555				209,485
Total US Government Securities																					209,555				209,485
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies																					846,496				852,085
Investments in Non-Controlled, Affiliated Portfolio Companies - 0.4% of Net Assets (1), (2)
Preferred Equity/Partnership Interests - 0.4% of Net Assets (6)
Cascade Environmental Holdings, LLC		02/19/2025				Environmental Services							—				918				918				1,751
Cascade Environmental Holdings, LLC - Series B		02/19/2025				Environmental Services							—				5,887,236				32,791				-
Total Preferred Equity/Partnership Interests																					33,709				1,751
Common Equity/Partnership Interests/Warrants - 0.0% of Net Assets (6)
Cascade Environmental Holdings, LLC		02/19/2015				Environmental Services							—				7,444,347				2,852				—
Total Common Equity/Partnership Interests/Warrants																					2,852				—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

15

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Total Investments in Non-Controlled, Affiliated Portfolio Companies																				$	36,561			$	1,751
Investments in Controlled, Affiliated Portfolio Companies - 79.7% (1), (2)
First Lien Secured Debt - 12.8% of Net Assets
AKW Holdings Limited (8), (11)		03/07/2018		03/15/2027		Healthcare, Education and Childcare			11.05	%		3M SOFR+700					GBP 36,500				49,926				49,094
Pragmatic Institute, LLC (10)		07/05/2022		03/28/2030		Business Services			—				—				15,328				14,966				9,312
Total First Lien Secured Debt																					64,892				58,406
Subordinated Debt - 35.7% of Net Assets
Flock Financial, LLC  (11)		04/19/2024		10/19/2027		Financial Services			12.50	%			—				23,031				23,031				23,031
PennantPark Senior Loan Fund, LLC (11)		07/31/2020		07/31/2027		Financial Services			11.84	%		3M SOFR+800					140,287				140,287				140,287
Total Subordinated Debt																					163,318				163,318
Preferred Equity - 6.7% of Net Assets (6)
Flock Financial Class A (11)		04/19/2024				Financial Services							—				2,047,727				7,313				19,113
Flock Financial Class B (9), (11)		04/19/2024				Financial Services							—				5,409,091				19,318				11,707
Total Preferred Equity																					26,631				30,820
Common Equity - 24.5% of Net Assets (6)
AKW Holdings Limited - Class A (8), (11)		03/07/2018				Healthcare, Education and Childcare							—				939				132				44,736
AKW Holdings Limited - Class B (8), (11)		03/07/2018				Healthcare, Education and Childcare							—				13				124				640
AKW Holdings Limited - Class C (8), (11)		03/07/2018				Healthcare, Education and Childcare							—				13				146				757
AKW Holdings Limited - Class D (8), (11)		03/07/2018				Healthcare, Education and Childcare							—				88				3,351				4,564
AKW Holdings Limited - Class E (8), (11)		03/07/2018				Healthcare, Education and Childcare							—				82				1,197				1,630
PennantPark Senior Loan Fund, LLC (11)		07/31/2020				Financial Services							—				82,176,579				82,358				59,767
Pragmatic Institute, LLC		03/28/2025				Business Services							—				480				-				-
Total Common Equity																					87,308				112,094
Total Investments in Controlled, Affiliated Portfolio Companies																					342,149				364,638
Total Investments - 266.5% of Net Assets (12), (13)																					1,225,206				1,218,474
Cash Equivalents - 3.9% of Net Assets
BlackRock Federal FD Institutional 81 (Money Market Fund)									4.11	%											17,660				17,660
Total Cash Equivalents																					17,660				17,660
Cash - 6.2% of Net Assets
Non-Money Market Cash																					28,091				28,200
Total Cash																					28,091				28,200
Total Investments Cash Equivalents, and Cash - 276.5%																				$	1,270,957			$	1,264,334
Liabilities in Excess of Other Assets - (176.5)%																							`		(807,100	)
Net Assets - 100%																								$	457,234

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

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

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

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

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

(6)Non-income producing securities.

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

(8)Non-U.S. company or principal place of business located in The Isle of Man. Total cost, fair value, and percentage of Net Assets for the Isle of Man was $54.9 million, $101.4 million, and 22.2%.

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

(10)Non-accrual security

(11)The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2025, qualifying assets represent 72% of the Company’s total assets and non-qualifying assets represent 28% of the Company’s total assets.

(12)All investments are in US Companies unless noted otherwise. Total cost, fair value, and percentage of Net Assets for the U.S. Companies were $1,170.3 million, $1,117.1 million, and 244.3%

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

16

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025

(In thousands, except share data)th

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

17

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

18

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
First Medical MSO, LLC - Unfunded Revolver (7)		06/13/2025		06/13/2031		Healthcare, Education and Childcare			—				—				600				-				(6	)
Five Star Buyer, Inc.		02/21/2023		02/23/2028		Leisure, Amusement, Motion Pictures, Entertainment			11.46	%		3M SOFR+715					197				197				193
								(PIK 1.00%)
Five Star Buyer, Inc. - Unfunded Revolver (7)		02/21/2023		02/23/2028		Leisure, Amusement, Motion Pictures, Entertainment			—				—				370			$	-			$	(7	)
Gauge ETE Blocker, LLC		05/24/2023		05/21/2029		Personal, Food and Miscellaneous Services		PIK 12.56%					—				285				285				285
GGG MIDCO, LLC		09/27/2024		09/27/2030		Home and Office Furnishings, Housewares and Durable Consumer Products			9.22	%		3M SOFR+500					8,112				8,035				8,112
GGG MIDCO, LLC - Unfunded Term Loan (7)		09/27/2024		09/27/2026		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				2,154				-				22
GGG MIDCO, LLC - Unfunded Revolver (7)		09/27/2024		09/27/2030		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				581				-				-
Graffiti Buyer, Inc.		10/25/2022		08/10/2027		Distribution			9.66	%		3M SOFR+560					245				244				240
Graffiti Buyer, Inc. - Unfunded Term Loan (7)		10/25/2022		08/10/2027		Distribution			—				—				831				-				(10	)
Graffiti Buyer, Inc. - Funded Revolver		10/25/2022		08/10/2027		Distribution			9.85	%		3M SOFR+560					32				32				31
Graffiti Buyer, Inc. - Unfunded Revolver (7)		10/25/2022		08/10/2027		Distribution			—				—				737				-				(15	)
Halo Buyer, Inc.		07/18/2018		08/07/2029		Consumer Products			10.16	%		3M SOFR+600					16,915				16,760				16,915
Halo Buyer, Inc. - Funded Revolver		07/18/2018		08/07/2029		Consumer Products			10.16	%		3M SOFR+600					517				517				517
Halo Buyer, Inc. - Unfunded Revolver (7)		07/18/2018		08/07/2029		Consumer Products			—				—				2,181				-				-
Hancock Roofing and Construction, LLC		05/05/2022		12/31/2026		Insurance			9.76	%		3M SOFR+560					750				750				743
Harris & Co, LLC		08/09/2024		08/09/2030		Financial Services			9.16	%		3M SOFR+500					9,097				9,019				9,018
Harris & Co, LLC - Unfunded Term Loan B (7)		08/09/2024		02/09/2026		Financial Services			—				—				5,574				-				-
Harris & Co, LLC - Unfunded Term Loan C (7)		08/09/2024		08/18/2027		Financial Services			—				—				10,226				-				-
Harris & Co, LLC - Funded Revolver		08/09/2024		08/09/2030		Financial Services			9.16	%		3M SOFR+500					526				526				521
Harris & Co, LLC - Unfunded Revolver (7)		08/09/2024		08/09/2030		Financial Services			—				—				2,479				-				(22	)
HEC Purchaser Corp.		06/17/2024		06/17/2029		Healthcare, Education and Childcare			9.22	%		3M SOFR+500					4,801				4,778				4,801
Hills Distribution, Inc.		11/02/2023		11/08/2029		Distribution			10.32	%		3M SOFR+600					7,786				7,721				7,786
Hills Distribution, Inc. - Unfunded Term Loan (7)		11/02/2023		11/07/2025		Distribution			—				—				1,280				-				13
HV Watterson Holdings, LLC (10)		06/13/2022		12/17/2026		Business Services			8.00	%			—				287				286				158
HV Watterson Holdings, LLC - Funded Revolver (10)		06/13/2022		12/17/2026		Business Services			8.00	%			—				1,250				1,250				686
HV Watterson Holdings, LLC - Unfunded Revolver (7), (10)		06/13/2022		12/17/2026		Business Services			—				—				—				-				-
HW Holdco, LLC - Unfunded Revolver (7)		10/11/2019		05/11/2026		Media			—				—				3,387				-				-
IG Investments Holdings, LLC		07/11/2022		09/22/2028		Business Services			9.31	%		3M SOFR+500					104				103				103
IG Investments Holdings, LLC - Unfunded Revolver (7)		07/11/2022		09/22/2028		Business Services			—				—				722				-				(4	)
Imagine Acquisitionco, Inc. - Unfunded Revolver (7)		11/04/2021		11/16/2027		Business Services			—				—				1,685				-				-
Impact Advisors, LLC		03/21/2025		03/19/2032		Business Services			8.50	%		3M SOFR+450					7,960				7,921				7,960
Impact Advisors, LLC - Unfunded Term Loan (7)		03/21/2025		03/21/2027		Business Services			—				—				4,686				-				23
Impact Advisors, LLC - Unfunded Revolver (7)		03/21/2025		03/19/2032		Business Services			—				—				937				-				-
Infinity Home Services Holdco, Inc.		12/21/2022		12/28/2028		Personal, Food and Miscellaneous Services			10.00	%		3M SOFR+600					8,974				8,885				8,974
Infinity Home Services Holdco, Inc. (CAD)		12/21/2022		12/28/2028		Personal, Food and Miscellaneous Services			10.00	%		3M SOFR+600					CAD 2,612				1,887				1,877
Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan (7)		12/21/2022		10/30/2026		Personal, Food and Miscellaneous Services			—				—				9,091				-				-
Infinity Home Services Holdco, Inc. - Funded Revolver		12/21/2022		12/28/2028		Personal, Food and Miscellaneous Services			12.25	%		3M SOFR+500					161				161				161
Infinity Home Services Holdco, Inc. - Unfunded Revolver (7)		12/21/2022		12/28/2028		Personal, Food and Miscellaneous Services			—				—				1,130				-				-
Inovex Information Systems Incorporated - Unfunded Term Loan (7)		12/17/2024		12/17/2026		Business Services			—				—				1,900				-				-
Inovex Information Systems Incorporated - Unfunded Revolver (7)		12/17/2024		12/17/2030		Business Services			—				—				2,375				-				-
Inventus Power, Inc. - Funded Revolver		03/24/2021		01/15/2026		Electronics			11.76	%		3M SOFR+761					403				403				403
Inventus Power, Inc. - Unfunded Revolver (7)		03/24/2021		01/15/2026		Electronics			—				—				1,325				-				-
Kinetic Purchaser, LLC		07/08/2022		11/10/2027		Consumer Products			10.19	%		3M SOFR+615					3,099				3,044				2,634
Kinetic Purchaser, LLC - Funded Revolver		07/08/2022		11/10/2026		Consumer Products			10.15	%		3M SOFR+615					3,070				3,070				2,609
Kinetic Purchaser, LLC - Unfunded Revolver (7)		07/08/2022		11/10/2026		Consumer Products			—				—				1,784				-				(268	)
Lash OpCo, LLC		08/16/2021		02/18/2027		Consumer Products			12.14	%		3M SOFR+785					3,055				3,038				2,979
								(PIK 5.10%)
Lash OpCo, LLC - Funded Revolver		08/16/2021		08/16/2026		Consumer Products			12.14	%		3M SOFR+785					918				918				895

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
								(PIK 5.10%)
Lash OpCo, LLC - Unfunded Revolver (7)		08/16/2021		08/16/2026		Consumer Products			—				—				2,223				-				(56	)
LAV Gear Holdings, Inc. - Incremental Term Loan		02/26/2020		07/31/2029		Leisure, Amusement, Motion Pictures, Entertainment		PIK 10.10%				3M SOFR+594					1,218				1,226				1,263
LAV Gear Holdings, Inc. - FOTL		02/26/2020		07/31/2029		Leisure, Amusement, Motion Pictures, Entertainment		PIK 10.10%				3M SOFR+595					134			$	122			$	165
LAV Gear Holdings, Inc. - Unfunded Revolver (7)		02/26/2020		07/31/2029		Leisure, Amusement, Motion Pictures, Entertainment			—				—				149				-				-
Ledge Lounger, Inc.		11/04/2021		11/09/2026		Consumer Products			11.65	%		3M SOFR+765					8,998				8,949				7,018
								(PIK 1.00%)
Ledge Lounger, Inc. - Funded Revolver		11/04/2021		11/09/2026		Consumer Products			11.65	%		3M SOFR+765					1,621				1,621				1,264
								(PIK 1.00%)
Lightspeed Buyer, Inc.		02/03/2020		02/03/2027		Healthcare, Education and Childcare			8.91	%		3M SOFR+475					2,011				2,011				2,011
Lightspeed Buyer, Inc. - Unfunded Revolver (7)		02/03/2020		02/03/2027		Healthcare, Education and Childcare			—				—				1,166				-				-
LJ Avalon Holdings, LLC		01/18/2023		02/01/2030		Environmental Services			8.78	%		3M SOFR+450					5,194				5,179				5,194
LJ Avalon Holdings, LLC - Unfunded Term Loan (7)		01/18/2023		02/08/2027		Environmental Services			—				—				2,624				-				13
LJ Avalon Holdings, LLC - Unfunded Revolver (7)		01/18/2023		02/01/2029		Environmental Services			—				—				1,498				-				-
Loving Tan Intermediate II, Inc.		05/25/2023		05/31/2028		Consumer Products			9.00	%		3M SOFR+500					7,054				6,982				7,054
Loving Tan Intermediate II, Inc. - Funded Revolver		05/25/2023		05/31/2028		Consumer Products			9.00	%		3M SOFR+500					664				664				664
Loving Tan Intermediate II, Inc. - Unfunded Revolver (7)		05/25/2023		05/31/2028		Consumer Products			—				—				332				-				-
Loving Tan Intermediate II, Inc. - Unfunded Term Loan (7)		05/25/2023		07/12/2026		Consumer Products			—				—				2,018				-				20
Marketplace Events Acquisition, LLC		12/19/2024		12/19/2030		Media			9.25	%		3M SOFR+525					1,237				1,225				1,237
Marketplace Events Acquisition, LLC - Unfunded Term Loan (7)		12/19/2024		06/19/2026		Media			—				—				3,113				-				31
Marketplace Events Acquisition, LLC - Funded Revolver		12/19/2024		12/19/2030		Media			9.25	%		3M SOFR+525					218				218				218
Marketplace Events Acquisition, LLC - Unfunded Revolver (7)		12/19/2024		12/19/2030		Media			—				—				1,959				-				-
MBS Holdings, Inc.		04/14/2021		04/16/2027		Telecommunications			9.30	%		3M SOFR+510					267				266				267
MBS Holdings, Inc. - Unfunded Revolver (7)		04/14/2021		04/16/2027		Telecommunications			—				—				694				-				-
MDI Buyer, Inc. - Funded Revolver		07/19/2022		07/25/2028		Chemicals, Plastics and Rubber			11.50	%		3M SOFR+375					1,808				1,808				1,808
MDI Buyer, Inc. - Unfunded Revolver (7)		07/19/2022		07/25/2028		Chemicals, Plastics and Rubber			—				—				419				-				-
Meadowlark Acquirer, LLC		12/09/2021		12/10/2027		Business Services			9.65	%		3M SOFR+565					1,903				1,892				1,903
Meadowlark Acquirer, LLC - Funded Revolver		12/09/2021		12/10/2027		Business Services			9.65	%		3M SOFR+565					337				337				337
Meadowlark Acquirer, LLC- Unfunded Revolver (7)		12/09/2021		12/10/2027		Business Services			—				—				1,348				-				-
Medina Health, LLC - Unfunded Revolver (7)		10/16/2023		10/20/2028		Healthcare, Education and Childcare			—				—				2,774				-				14
Megawatt Acquisitionco, Inc. - Funded Revolver		03/01/2024		03/01/2030		Electronics			9.67	%		3M SOFR+550					232				232				221
Megawatt Acquisitionco, Inc. - Unfunded Revolver (7)		03/01/2024		03/01/2030		Electronics			—				—				1,625				-				(78	)
Mineola 212, LLC		06/24/2024		12/24/2025		Buildings and Real Estate			14.00	%			—				3,500				3,515				3,507
MOREGroup Holdings, Inc. - Unfunded Term Loan (7)		01/09/2024		01/16/2026		Business Services			—				—				6,124				-				61
MOREGroup Holdings, Inc. - Unfunded Revolver (7)		01/09/2024		01/16/2030		Business Services			—				—				3,675				-				-
Municipal Emergency Services, Inc.		09/23/2021		10/01/2027		Distribution			9.17	%		3M SOFR+515					1,031				1,024				1,031
Municipal Emergency Services, Inc. - Unfunded Term Loan (7)		09/23/2021		01/15/2026		Distribution			—				—				568				-				3
Municipal Emergency Services, Inc. - Unfunded Revolver (7)		09/23/2021		10/01/2027		Distribution			—				—				1,880				-				-
NBH Group, LLC - Unfunded Revolver (7)		08/16/2021		08/19/2026		Healthcare, Education and Childcare			—				—				1,163				-				-
NORA Acquisition, LLC - Funded Revolver		08/22/2023		08/31/2029		Healthcare, Education and Childcare			10.35	%		3M SOFR+635					1,218				1,218				1,209
NORA Acquisition, LLC - Unfunded Revolver (7)		08/22/2023		08/31/2029		Healthcare, Education and Childcare			—				—				1,489				-				(11	)
North American Rail Solutions, LLC		08/29/2025		08/29/2031		Manufacturing/Basic Industry			8.75	%		3M SOFR+475					29,416				29,269				29,269
North American Rail Solutions, LLC - Unfunded Term Loan (7)		08/29/2025		08/29/2027		Manufacturing/Basic Industry			—				—				2,263				-				-
North American Rail Solutions, LLC - Funded Revolver		08/29/2025		08/29/2031		Manufacturing/Basic Industry			8.75	%		3M SOFR+475					784				784				784
North American Rail Solutions, LLC - Unfunded Revolver (7)		08/29/2025		08/29/2031		Manufacturing/Basic Industry			—				—				2,383				-				-
NP Riverhead Industrial, LLC		05/24/2024		12/10/2025		Buildings and Real Estate			15.50	%			—				5,000				5,015				5,000
Omnia Exterior Solutions, LLC		12/29/2023		12/31/2029		Diversified Conglomerate Service			9.25	%		3M SOFR+525					1,787				1,771				1,751
Omnia Exterior Solutions, LLC - Unfunded Term Loan (7)		12/29/2023		09/30/2026		Diversified Conglomerate Service			—				—				3,807				-				(43	)
Omnia Exterior Solutions, LLC - Funded Revolver		12/29/2023		12/31/2029		Diversified Conglomerate Service			9.25	%		3M SOFR+525					1,260				1,260				1,235
Omnia Exterior Solutions, LLC - Unfunded Revolver (7)		12/29/2023		12/31/2029		Diversified Conglomerate Service			—				—				840				-				(17	)
ORL Acquisition, Inc.		09/01/2021		09/03/2027		Business Services			13.70	%		3M SOFR+940					4,426				4,395				3,917

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

20

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

21

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Sath Industries, LLC - Unfunded Revolver (7)		12/17/2024		12/17/2029		Event Services			—				—				1,300				-				-
Schlesinger Global, Inc.		07/02/2019		11/12/2025		Business Services			12.92	%		3M SOFR+860					2,613				2,605				2,482
								(PIK 5.85%)
Schlesinger Global, Inc. - Funded Revolver		07/02/2019		11/12/2025		Business Services			12.92	%		3M SOFR+860					34				34				32
								(PIK 5.85%)
Schlesinger Global, Inc. - Unfunded Revolver (7)		07/02/2019		11/12/2025		Business Services			—				—				5			$	-			$	-
Seacoast Service Partners NA, LLC		12/20/2024		12/20/2029		Diversified Conglomerate Service			9.01	%		3M SOFR+500					1,801				1,786				1,727
Seacoast Service Partners NA, LLC - Unfunded Term Loan (7)		12/20/2024		12/21/2026		Diversified Conglomerate Service			—				—				3,608				-				(116	)
Seacoast Service Partners NA, LLC - Funded Revolver		12/20/2024		12/20/2029		Diversified Conglomerate Service			9.00	%		3M SOFR+500					569				569				546
Seacoast Service Partners NA, LLC - Unfunded Revolver (7)		12/20/2024		12/20/2029		Diversified Conglomerate Service			—				—				786				-				(32	)
Seaway Buyer, LLC		06/08/2022		06/13/2029		Chemicals, Plastics and Rubber			10.17	%		3M SOFR+615					4,656				4,611				4,342
Seaway Buyer, LLC - Funded Revolver		06/08/2022		06/13/2028		Chemicals, Plastics and Rubber			10.19	%		3M SOFR+615					2,605				2,605				2,429
Seaway Buyer, LLC - Unfunded Revolver (7)		06/08/2022		06/13/2028		Chemicals, Plastics and Rubber			—				—				521				-				(35	)
Shiftkey, LLC		06/17/2022		06/21/2027		Business Services			10.01	%		3M SOFR+601					16,593				16,515				15,913
Sigma Defense Systems, LLC		11/30/2021		12/20/2027		Telecommunications			10.31	%		3M SOFR+615					10,450				10,209				10,450
Sigma Defense Systems, LLC - Funded Revolver		11/30/2021		12/20/2027		Telecommunications			10.90	%		3M SOFR+690					850				850				850
Sigma Defense Systems, LLC - Unfunded Revolver (7)		11/30/2021		12/20/2027		Telecommunications			—				—				2,835				-				-
Spendmend Holdings, LLC		02/25/2022		03/01/2028		Business Services			9.15	%		3M SOFR+515					1,192				1,186				1,192
Spendmend Holdings, LLC - Unfunded Term Loan (7)		02/25/2022		11/25/2026		Business Services			—				—				1,434				-				7
Spendmend Holdings, LLC - Funded Revolver		02/25/2022		03/01/2028		Business Services			9.15	%		3M SOFR+515					234				234				234
Spendmend Holdings, LLC - Unfunded Revolver (7)		02/25/2022		03/01/2028		Business Services			—				—				1,168				-				-
STG Distribution, LLC - First Out New Money Term Loans		10/03/2024		10/03/2029		Transportation			12.57	%		3M SOFR+835					4,330				4,131				3,854
								(PIK 7.25%)
STG Distribution, LLC - Second Out Term Loans (13)		10/03/2024		10/03/2029		Transportation			5.32	%			—				10,012				5,656				801
SV-Aero Holdings, LLC - Unfunded Term Loan (7)		10/31/2024		11/02/2026		Aerospace and Defense			—				—				3,562				-				18
System Planning and Analysis, Inc.		10/12/2021		08/16/2027		Aerospace and Defense			9.05	%		3M SOFR+475					9,468				9,415				9,392
System Planning and Analysis, Inc. - Unfunded Term Loan (7)		10/12/2021		06/12/2027		Aerospace and Defense			—				—				589				-				(2	)
System Planning and Analysis, Inc. - Funded Revolver		10/12/2021		08/16/2027		Aerospace and Defense			9.06	%		3M SOFR+475					437				437				433
System Planning and Analysis, Inc. - Unfunded Revolver (7)		10/12/2021		08/16/2027		Aerospace and Defense			—				—				4,279				-				(34	)
TCG 3.0 Jogger Acquisitionco, Inc.		01/23/2024		01/23/2029		Media			10.52	%		3M SOFR+650					8,865				8,753				8,821
TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver		01/23/2024		01/23/2029		Media			12.75	%		3M SOFR+550					310				310				309
TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver (7)		01/23/2024		01/23/2029		Media			—				—				1,414				-				(7	)
The Bluebird Group, LLC - Unfunded Revolver (7)		07/22/2021		07/28/2026		Business Services			—				—				734				-				-
The Vertex Companies, LLC		08/25/2021		08/31/2028		Business Services			8.88	%		3M SOFR+485					6,638				6,587				6,608
The Vertex Companies, LLC - Funded Revolver		08/25/2021		08/31/2028		Business Services			9.01	%		3M SOFR+485					1,455				1,455				1,448
The Vertex Companies, LLC - Unfunded Revolver (7)		08/25/2021		08/31/2028		Business Services			—				—				2,513				-				(13	)
TMII Enterprises, LLC - Unfunded Revolver (7)		12/19/2022		12/22/2028		Personal, Food and Miscellaneous Services			—				—				2,532				-				-
TransGo, LLC - Unfunded Revolver (7)		12/29/2023		12/29/2028		Machinery			—				—				2,775				-				21
Urology Management Holdings, Inc. - Unfunded Term Loan (7)		09/03/2024		09/03/2026		Healthcare, Education and Childcare			—				—				1,000				-				5
US Fertility Enterprises, LLC		10/07/2024		10/11/2031		Healthcare, Education and Childcare			8.81	%		3M SOFR+450					263				263				263
Walker Edison Furniture Company, LLC - New Money DIP		03/01/2023		03/01/2029		Home and Office Furnishings			10.00	%			—				297				297				303
Walker Edison Furniture Company, LLC - Unfunded Term Loan (7)		03/01/2023		03/01/2029		Home and Office Furnishings			—				—				786				-				27
Wash & Wax Systems, LLC		10/20/2021		04/30/2028		Auto Sector		PIK 9.78%				3M SOFR+550					1,206				1,227				1,231
Wash & Wax Systems, LLC - Funded Revolver		10/20/2021		04/30/2028		Auto Sector		PIK 9.78%				3M SOFR+550					13				13				13
Wash & Wax Systems, LLC - Unfunded Revolver (7)		10/20/2021		04/30/2028		Auto Sector			—				—				617				-				-
Watchtower Buyer, LLC. - Unfunded Revolver (7)		11/29/2023		12/03/2029		Electronics			—				—				6,300				-				(63	)
Total First Lien Secured Debt																					537,235				517,648
Second Lien Secured Debt - 3.9% of Net Assets
Burgess Point Purchaser Corporation		07/26/2022		07/28/2030		Auto Sector			13.41	%		3M SOFR+910					8,000				7,741				8,000
ENC Parent Corporation		08/06/2021		08/19/2029		Business Services			11.76	%		3M SOFR+776					7,500				7,453				6,750
TEAM Services Group, LLC		04/26/2024		12/18/2028		Healthcare, Education and Childcare			13.57	%		3M SOFR+926					3,429				3,425				3,411
Total Second Lien Secured Debt																					18,619				18,161
Subordinate Debt/Corporate Notes - 8.2% of Net Assets

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

22

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Beacon Behavioral Holdings, LLC		06/21/2024		06/21/2030		Healthcare, Education and Childcare		PIK 15.00%					—				5,948				5,885				5,948
Gauge Schlesinger Coinvest, LLC		07/02/2019		01/08/2026		Business Services			12.92	%		3M SOFR+860					1				1				3
Northwinds Topco, Inc.		08/16/2024		10/30/2029		Consumer Services		PIK 15.00%					—				11,902				11,814				11,842
Northwinds Topco, Inc. - Unfunded Term Loan (7)		08/16/2024		10/30/2029		Consumer Services			—				—				3,500				-				(18	)
ORL Holdco, Inc. - Convertible Notes		08/02/2024		03/08/2028		Business Services			18.00	%			—				6				6				-
ORL Holdco, Inc. - Unfunded Convertible Notes (7)		08/02/2024		03/08/2028		Business Services			—				—				6				-				(5	)
OSP Embedded Aggregator, LP - Convertible Note		11/06/2024		05/08/2030		Aerospace and Defense			12.00	%			—				24			$	237			$	276
StoicLane, Inc. - Convertible Notes		08/15/2024		08/16/2027		Healthcare, Education and Childcare			12.00	%			—				917				917				1,055
StoicLane, Inc. - Unfunded Convertible Notes (7)		08/15/2024		08/16/2027		Healthcare, Education and Childcare			—				—				306				-				46
United Land Services Intermediate Parent Holdings, LLC		07/12/2024		12/23/2026		Environmental Services		PIK 14.75%					—				18,112				17,872				17,931
United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan (7)		07/12/2024		01/12/2026		Environmental Services			—				—				2,541				-				13
Wash & Wax Systems, LLC		10/20/2021		07/30/2028		Auto Sector		PIK 12.00%					—				811				812				811
Total Subordinate Debt																					37,544				37,902
Preferred Equity/Partnership Interests - 4.3% of Net Assets (6)
Accounting Platform Blocker, Inc.		08/09/2024				Financial Services							—				356,200				356				356
Ad.net Holdings, Inc.		05/04/2021				Media							—				2,400				240				215
AFC Acquisitions, Inc. (F-2 Series) (9)		12/07/2023				Distribution							—				490				749				819
AFC Acquisitions, Inc. (G-2 Series) (9)		12/07/2023				Distribution							—				11				18				19
AFC Acquisitions, Inc. (H-2 Series) (9)		12/07/2023				Distribution							—				6				12				13
AFC Acquisitions, Inc. (I-2 Series) (9)		12/07/2023				Distribution							—				6				12				11
AFC Acquisitions, Inc. (J-2 Series) (9)		12/07/2023				Distribution							—				10				20				20
AH Holdings, LLC		03/23/2011				Healthcare, Education and Childcare			6.00	%			—				211				500				335
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)		05/21/2019				Media							—				1,135				1,135				1,120
BioDerm Holdings, LP		01/30/2023				Healthcare, Education and Childcare							—				1,312				1,312				1,307
Cartessa Aesthetics, LLC (9)		06/01/2022				Distribution							—				3,562,500				3,563				8,088
Connatix Parent, LLC		07/08/2021				Media							—				7,967				8				8
Consello Pacific Aggregator, LLC (9)		10/02/2023				Business Services							—				782,891				743				603
C5MI Holdco, LLC (9)		07/31/2024				Business Services							—				104,000				104				108
Gauge Schlesinger Coinvest, LLC - Class A-2		05/24/2023				Business Services							—				1				1				-
EvAL Home Health Solutions, LLC (9)		05/10/2024				Healthcare, Education and Childcare							—				272,771				453				409
Five Star Parent Holdings, LLC - Class P		07/09/2025				Leisure, Amusement, Motion Pictures, Entertainment							—				384				38				164
Hancock Claims Consultants Investors, LLC - Class A (9)		04/30/2024				Insurance							—				116,588				76				134
HPA SPQ Aggregator, LP		06/08/2023				Business Services							—				52,353				52				52
Imagine Topco, LP Preferred		11/04/2021				Business Services			8.00	%			—				743,826				744				1,017
Magnolia Topco, LP - Class A (9)		07/25/2023				Auto Sector							—				1,545				1,545				1,424
Magnolia Topco, LP - Class A-1 (9)		07/25/2023				Auto Sector							—				530				530				1,060
Magnolia Topco, LP - Class B (9)		07/25/2023				Auto Sector							—				1,018				643				-
Megawatt Acquisition Partners, LLC - Class A		06/28/2024				Electronics							—				5,349				535				417
NXOF Holdings, Inc.		02/26/2019				Aerospace and Defense							—				422				422				441
ORL Holdco, Inc.		09/01/2021				Business Services							—				575				57				-
PL Acquisitionco, LLC - (9)		05/31/2023				Retail							—				73				73				-
RTIC Parent Holdings, LLC - Class A-1 (9)		05/03/2024				Consumer Products							—				5				5				-
RTIC Parent Holdings, LLC - Class C (9)		05/03/2024				Consumer Products							—				10,624				700				1,290
RTIC Parent Holdings, LLC - Class D (9)		05/03/2024				Consumer Products							—				11,276				113				152
SP L2 Holdings, LLC		11/04/2021				Consumer Products							—				331,229				81				-
SP L2 Holdings, LLC - Unfunded (7)		11/04/2021				Consumer Products							—				189,274				-				(46	)
TPC Holding Company, LP		12/04/2019				Food							—				219				219				236
TWD Parent Holdings, LLC		08/25/2021				Business Services							—				33				33				47
Total Preferred Equity/Partnership Interests																					15,092				19,819
Common Equity/Partnership Interests/Warrants - 30.0% of Net Assets (6)
A1 Garage Equity, LLC (9)		12/19/2022				Personal, Food and Miscellaneous Services							—				2,193,038				2,193				3,893
ACP Big Top Holdings, LP		02/29/2024				Manufacturing/Basic Industry							—				773,800				744				1,134
Ad.net Holdings, Inc.		05/04/2021				Media							—				2,667				27				-
Aechelon InvestCo, LP		08/16/2024				Aerospace and Defense							—				10,684				1,068				4,064
Aechelon InvestCo, LP - Unfunded (7)		08/16/2024				Aerospace and Defense							—				11,940				-				-
Aftermarket Drivetrain Products Holdings, LLC		12/29/2023				Machinery							—				1,645				1,645				3,062
AG Investco, LP (9)		11/05/2018				Business Services							—				8,052				805				75
AG Investco, LP - Unfunded (7), (9)		11/05/2018				Business Services							—				1,948				-				(177	)
Altamira Intermediate Company II, Inc.		07/23/2019				Aerospace and Defense							—				125,000				125				116
AMCSI Crash Co-Invest, LP		07/28/2022				Auto Sector							—				24,898				2,490				3,794
AMCSI Crash Co-Invest, LP - Unfunded (7)		07/28/2022				Auto Sector							—				5,102				-				-
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)		05/21/2019				Media							—				1,135				-				-
APT INTERMEDIATE, LLC (9)		09/29/2025				Healthcare, Education and Childcare							—				384,799				519				519
Athletico Holdings, LLC (9)		02/04/2022				Healthcare, Education and Childcare							—				9,357				10,000				6,897
Atlas Investment Aggregator, LLC		05/03/2021				Telecommunications							—				1,700,000				1,613				-

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

23

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon			Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Azureon, LLC (9)		06/26/2024				Diversified Conglomerate Service						—				508,238				508				432
BioDerm, Inc.		09/09/2024				Healthcare, Education and Childcare						—				1,312				-				-
Burgess Point Holdings, LP		07/21/2022				Auto Sector						—				764				777				825
Carnegie Holdco, LLC (9)		02/07/2024				Education						—				1,680,300				1,603				1,260
Carisk Parent, LP		11/27/2023				Healthcare, Education and Childcare						—				204,455				204				236
Connatix Parent, LLC		07/08/2021				Media						—				273,207				632				315
Cowboy Parent LLC		09/12/2018				Distribution						—				27,778				3,015				3,157
Crane 1 Acquisition Parent Holdings, LP		08/11/2021				Personal, Food and Miscellaneous Services						—				113			$	104			$	220
C5MI Holdco, LLC (9)		07/31/2024				Business Services						—				754,200				754				694
Delta InvestCo, LP (9)		12/16/2020				Telecommunications						—				913,649				866				1,768
Delta InvestCo, LP - Unfunded (7), (9)		12/16/2020				Telecommunications						—				227,395				-				-
Duggal Acquisition, LLC		09/30/2024				Marketing Services						—				314				314				287
EDS Topco, LP		12/19/2022				Aerospace and Defense						—				937,500				938				1,935
Events Buyer, LLC		12/17/2024				Event Services						—				536,267				536				684
Exigo, LLC		03/10/2022				Business Services						—				1,458,333				1,458				1,547
FedHC InvestCo, LP (9)		08/26/2021				Aerospace and Defense						—				15,255				545				2,023
FedHC InvestCo, LP - Unfunded (7), (9)		08/26/2021				Aerospace and Defense						—				2,563				-				-
FedHC InvestCo II, LP (9)		12/23/2021				Aerospace and Defense						—				21,817				2,303				3,002
First Medical Holdings, LLC		06/13/2025				Healthcare, Education and Childcare						—				45,000				450				464
Five Star Parent Holdings, LLC		02/21/2023				Leisure, Amusement, Motion Pictures, Entertainment						—				655,714				656				-
Gauge APHIX Blocker, LLC		07/16/2025				Business Services						—				489,789				490				519
Gauge ETE Blocker, LLC		05/24/2023				Personal, Food and Miscellaneous Services						—				374,444				374				288
Gauge Lash Coinvest, LLC		12/04/2019				Consumer Products						—				1,231,392				951				2,430
Gauge Loving Tan, LP		05/25/2023				Consumer Products						—				543,562				544				700
Gauge Schlesinger Coinvest, LLC		04/22/2020				Business Services						—				9				10				-
GCOM InvestCo, LP		05/11/2021				Business Services						—				2,434				1,003				649
GCP Boss Holdco, LLC		12/27/2024				Conglomerate Manufacturing						—				1,045,100				1,045				1,515
GGG MIDCO, LLC (9)		09/27/2024				Home and Office Furnishings, Housewares and Durable Consumer Products						—				1,222,700				1,223				1,589
GMP Hills, LP		11/02/2023				Distribution						—				3,747,470				3,747				4,647
Hancock Claims Consultants Investors, LLC (9)		12/23/2020				Insurance						—				450,000				450				194
HPA SPQ Aggregator, LP		06/08/2023				Business Services						—				750,399				750				46
HV Watterson Holdings, LLC		06/13/2022				Business Services						—				1,600,000				1,600				-
Icon Partners V C, LP		12/20/2021				Business Services						—				1,201,283				1,201				1,184
Icon Partners V C, LP - Unfunded (7)		12/20/2021				Business Services						—				298,717				-				(4	)
IHS Parent Holdings, LP		12/21/2022				Personal, Food and Miscellaneous Services						—				1,218,045				1,218				1,717
Imagine Topco, LP		11/04/2021				Business Services						—				743,826				-				69
Infogroup Parent Holdings, Inc.		05/31/2023				Other Media						—				181,495				2,040				2,735
Ironclad Holdco, LLC (Applied Technical Services, LLC)		12/23/2020				Environmental Services						—				4,993				525				1,139
ITC Infusion Co-invest, LP (9)		02/16/2022				Healthcare, Education and Childcare						—				162,445				1,673				4,419
Kinetic Purchaser, LLC - Class A		11/08/2021				Consumer Products						—				1,308,814				1,309				11
Kinetic Purchaser, LLC - Class AA		11/08/2021				Consumer Products						—				115,688				135				271
KL Stockton Co-Invest, LP (9)		07/16/2021				Personal, Food and Miscellaneous Services						—				382,353				385				639
Lightspeed Investment Holdco, LLC		01/21/2020				Healthcare, Education and Childcare						—				273,143				273				993
LJ Avalon, LP		01/18/2023				Environmental Services						—				851,087				851				1,362
Lorient Peregrine Investments, LP		11/18/2022				Business Services						—				335,590				4,530				2,339
Magnolia Topco, LP - Class A (9)		07/25/2023				Auto Sector						—				1,545,460				-				-
Magnolia Topco, LP - Class B (9)		07/25/2023				Auto Sector						—				1,017,840				-				-
Marketplace Events Acquisition, LLC		12/19/2024				Media						—				14,640				1,464				1,731
MDI Aggregator, LP		07/19/2022				Chemicals, Plastics and Rubber						—				31,904				3,232				3,035
Meadowlark Title, LLC (9)		12/09/2021				Business Services						—				815,385				802				383
Megawatt Acquisition Partners, LLC - Class A		06/28/2024				Electronics						—				594				59				-
Municipal Emergency Services, Inc.		09/28/2021				Distribution						—				3,920,145				3,984				8,154
NEPRT Parent Holdings, LLC (9)		01/27/2021				Consumer Products						—				1,299				1,250				205
New Insight Holdings, Inc.		07/15/2024				Business Services						—				1,157				20				17
New Medina Health, LLC (9)		10/16/2023				Healthcare, Education and Childcare						—				1,429,480				1,429				2,225
NFS - CFP Holdings, LLC		09/13/2024				Business Services						—				662,983				663				804
NORA Parent Holdings, LLC (9)		08/22/2023				Healthcare, Education and Childcare						—				1,257				1,248				612
North Haven Saints Equity Holdings, LP (9)		02/25/2022				Business Services						—				351,553				352				355
Northwinds Services Group, LLC		08/16/2024				Consumer Services						—				840,000				1,680				1,960
NXOF Holdings, Inc.		02/26/2019				Aerospace and Defense						—				8,188				108				-
OceanSound Discovery Equity, LP (9)		03/28/2024				Aerospace and Defense						—				119,966				1,200				1,496
OES Co-Invest, LP - Class A		05/31/2024				Diversified Conglomerate Service						—				840				851				714
OHCP V BC COI, LP		12/13/2021				Distribution						—				699,844				700				385
OHCP V BC COI, LP - Unfunded (7)		12/13/2021				Distribution						—				50,156				-				(23	)
ORL Holdco, Inc.		09/01/2021				Business Services						—				638				6				-
OSP Embedded Aggregator, LP		12/11/2023				Aerospace and Defense						—				871				871				1,011

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

24

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
OSP PAR Holdings, LP		09/03/2024				Healthcare, Education and Childcare							—				1,806				1,812				1,735
Paving Parent, LLC		07/01/2025				Business Services							—				1,166				1,166				1,092
PCS Parent, LP		03/01/2024				Financial Services							—				421,304				421				421
PennantPark-TSO Senior Loan Fund II, LP (11)		01/07/2022				Financial Services							—				8,115,794				8,116				7,008
Penta Group Holdings, Inc.		07/31/2025				Business Services							—				813,376				813				813
Pink Lily Holdco, LLC (9)		11/05/2021				Retail							—				1,044				1,044				-
Podean Intermediate II, LLC		08/04/2025				Marketing Services							—				287				287				287
Project Granite Holdings, LLC		12/31/2024				Business Services							—				369				369				386
Quad (U.S.) Co-Invest, LP		10/03/2022				Business Services							—				2,607,587				2,608				4,036
QuantiTech InvestCo, LP (9)		05/01/2020				Aerospace and Defense							—				700				-				96
QuantiTech InvestCo, LP - Unfunded (7), (9)		05/01/2020				Aerospace and Defense							—				955				-				-
QuantiTech InvestCo II, LP (9)		05/01/2020				Aerospace and Defense							—				40			$	12			$	7
RFMG Parent, LP		12/16/2020				Healthcare, Education and Childcare							—				1,050,000				1,050				1,292
Ro Health Holdings, Inc.		01/16/2025				Healthcare Providers & Services							—				289,700				290				436
Rosco Topco, LLC		09/09/2025				Business Services							—				701,149				701				701
Sabel InvestCo, LP (9)		10/31/2024				Government Services							—				32,771				830				1,098
Sabel InvestCo, LP - Unfunded (7), (9)		10/31/2024				Government Services							—				47,957				-				-
Safe Haven Defense MidCo, LLC (9)		05/23/2024				Building Materials							—				245				245				89
SBI Holdings Investments, LLC		12/23/2019				Business Services							—				36,585				366				410
Seacoast Service Partners, LLC		12/20/2024				Diversified Conglomerate Service							—				274				351				263
Seaway Topco, LP		06/08/2022				Chemicals, Plastics and Rubber							—				2,981				2,981				661
SP L2 Holdings, LLC		11/04/2021				Consumer Products							—				881,966				882				-
SSC Dominion Holdings, LLC		07/11/2018				Electronics							—				36				36				3,478
StellPen Holdings, LLC		08/17/2021				Media							—				153,846				154				114
TAC LifePort Holdings, LLC (9)		02/24/2021				Aerospace and Defense							—				254,206				239				600
TCG 3.0 Jogger Co-Invest, LP		01/22/2024				Media							—				6,475				1,252				841
Tinicum Space Coast Co-Invest, LLC (9)		10/29/2024				Aerospace and Defense							—				216				2,177				2,406
Tinicum Space Coast Holdings, LLC (9)		12/06/2023				Aerospace and Defense							—				25				210				614
Tower Arch Infolinks Media, LP (9)		10/27/2021				Media							—				548,251				253				644
Tower Arch Infolinks Media, LP - Unfunded (7), (9)		10/27/2021				Media							—				347,194				-				-
TPC Holding Company, LP		12/04/2019				Food							—				11,527				12				-
TWD Parent Holdings, LLC		08/25/2021				Business Services							—				670				3				17
United Land Services Holdings, LLC		07/12/2024				Environmental Services							—				184,049				600				695
UniVista Insurance (9)		06/14/2021				Business Services							—				400				-				113
Urology Partners Co, LP		01/20/2023				Healthcare, Education and Childcare							—				1,111,111				1,111				4,656
Wash & Wax Systems. LLC (9)		04/30/2025				Auto Sector							—				514				917				947
Watchtower Holdings, LLC (9)		11/29/2023				Electronics							—				12,419				1,242				1,107
WCP Ivyrehab Coinvestment, LP (9)		06/27/2022				Healthcare, Education and Childcare							—				208				208				268
WCP Ivyrehab QP CF Feeder, LP (9)		06/27/2022				Healthcare, Education and Childcare							—				3,754				3,853				4,839
WCP Ivyrehab QP CF Feeder, LP - Unfunded (7), (9)		06/27/2022				Healthcare, Education and Childcare							—				246				-				-
White Tiger Newco, LLC		07/31/2025				Leisure, Amusement, Motion Pictures, Entertainment							—				4,833				368				338
Kentucky Racing Holdco, LLC (Warrants) (9)		04/16/2019				Hotels, Motels, Inns and Gaming							—				161,252				-				1,848
Total Common Equity/Partnership Interests/Warrants																					120,117				139,097
US Government Securities - 26.9% of Net Assets
U.S. Treasury Bill (5)		10/02/2025		10/31/2025		Short-Term U.S. Government Securities			3.98	%			—				125,000				124,809				124,788
Total US Government Securities																					124,809				124,788
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies																					853,416				857,415
Investments in Non-Controlled, Affiliated Portfolio Companies - 1.1% of Net Assets (1), (2)
Preferred Equity/Partnership Interests - 1.1% of Net Assets (6)
Cascade Environmental Holdings, LLC		02/19/2025				Environmental Services							—				918				918				1,657
Cascade Environmental Holdings, LLC - Series B		02/19/2025				Environmental Services							—				5,887,236				32,791				3,234
Total Preferred Equity/Partnership Interests																					33,709				4,891
Common Equity/Partnership Interests/Warrants - 0.0% of Net Assets (6)
Cascade Environmental Holdings, LLC		02/19/2015				Environmental Services							—				7,444,347				2,852				—
Total Common Equity/Partnership Interests/Warrants																					2,852				—
Total Investments in Non-Controlled, Affiliated Portfolio Companies																					36,561				4,891
Investments in Controlled, Affiliated Portfolio Companies - 91.6% (1), (2)
First Lien Secured Debt - 14.0% of Net Assets
AKW Holdings Limited (8), (11)		03/07/2018		03/15/2027		Healthcare, Education and Childcare			11.19	%		3M SOFR+700					GBP 40,000				54,714				53,850
Pragmatic Institute, LLC		07/05/2022		03/28/2030		Business Services		PIK 9.50%				3M SOFR+550					15,000				15,000				10,875
Total First Lien Secured Debt																					69,714				64,725
Subordinated Debt - 35.2% of Net Assets
Flock Financial, LLC  (11)		04/19/2024		10/19/2027		Financial Services			12.50	%			—				23,031				23,031				23,031

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

25

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

Issuer Name		Acquisition		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
PennantPark Senior Loan Fund, LLC (11)		07/31/2020		07/31/2027		Financial Services			12.29	%		3M SOFR+800					140,287				140,287				140,287
Total Subordinated Debt																					163,318				163,318
Preferred Equity - 5.7% of Net Assets (6)
Flock Financial Class A (11)		04/19/2024				Financial Services							—				2,047,727				7,313				17,868
Flock Financial Class B (9), (11)		04/19/2024				Financial Services							—				5,409,091				19,318				8,415
Total Preferred Equity																					26,631				26,283
Common Equity - 36.8% of Net Assets (6)
AKW Holdings Limited - Class A (8), (11)		03/07/2018				Healthcare, Education and Childcare							—				950				132				33,742
AKW Holdings Limited - Class B (8), (11)		03/07/2018				Healthcare, Education and Childcare							—				13				124				483
AKW Holdings Limited - Class C (8), (11)		03/07/2018				Healthcare, Education and Childcare							—				13				146				571
JF Intermediate, LLC		08/31/2022				Distribution							—				43,918				4,488				68,332
PennantPark Senior Loan Fund, LLC (11)		07/31/2020				Financial Services							—				82,176,579			$	82,358			$	67,513
Pragmatic Institute, LLC		03/28/2025				Business Services							—				480				-				-
Total Common Equity																					87,248				170,641
Total Investments in Controlled, Affiliated Portfolio Companies																					346,911				424,967
Total Investments - 277.5% of Net Assets (12), (14)																					1,236,888				1,287,273
Cash Equivalents - 6.6% of Net Assets
BlackRock Federal FD Institutional 81 (Money Market Fund)									4.11	%											30,711				30,711
Total Cash Equivalents																					30,711				30,711
Cash - 4.5% of Net Assets
Non-Money Market Cash																					21,028				21,072
Total Cash																					21,028				21,072
Total Investments Cash Equivalents, and Cash - 288.6%																				$	1,288,627			$	1,339,056
Liabilities in Excess of Other Assets - (188.6)%																									(875,106	)
Net Assets - 100%																								$	463,950

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

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

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

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

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

(6)Non-income producing securities.

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

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

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

(10)Non-accrual security

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

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

(13)Partial non-accrual PIK security.

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

DECEMBER 31, 2025

1. ORGANIZATION

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

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

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

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

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

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

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

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

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

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

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

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2. SIGNIFICANT ACCOUNTING POLICIES

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

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

(a)Investment Valuations

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

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

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

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

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

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

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

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

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

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

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

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

(c)Income Taxes

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

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

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

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

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

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

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

(d)Distributions and Capital Transactions

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

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

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

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

(e)Foreign Currency Translation

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

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

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

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

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

(f)Consolidation

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

(g)Asset Transfers and Servicing

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

(h) Segment Reporting

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

(i) Recent Accounting Pronouncements

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

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

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

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

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3. AGREEMENTS AND RELATED PARTY TRANSACTIONS

(a) Investment Management Agreement

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

Base Management Fee

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

Incentive Fee

The incentive fee has two parts, as follows:

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

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

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

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

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DECEMBER 31, 2025

(b) Administration Agreement

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

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

(c) Other Related Party Transactions

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

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

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

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

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

32

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

4. INVESTMENTS

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

Investments and cash and cash equivalents consisted of the following:

		December 31, 2025								September 30, 2025
Investment Classification ($ in thousands)		Cost				Fair Value				Cost				Fair Value
First lien		$	509,004				487,900			$	606,949			$	582,373
U.S. Government Securities			209,555				209,485				124,809				124,788
Second lien			18,639				18,236				18,619				18,161
Subordinated debt / corporate notes			64,797				65,367				60,575				60,933
Subordinated notes in PSLF			140,287				140,287				140,287				140,287
Equity			200,566				237,432				203,291				293,218
Equity in PSLF			82,358				59,767				82,358				67,513
Total investments			1,225,206				1,218,474				1,236,888				1,287,273
Cash and cash equivalents			45,751				45,860				51,739				51,783
Total investments and cash and cash equivalents		$	1,270,957			$	1,264,334			$	1,288,627			$	1,339,056

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

		December 31, 2025 (1)													September 30, 2025 (1)
Industry Classification		Cost			Fair Value			Fair Value Percentage			Net Asset Value Percentage				Cost			Fair Value			Fair Value Percentage			Net Asset Value Percentage
Short-Term U.S. Government Securities		$	209,555		$	209,485			21	%		46	%		$	124,809		$	124,788			12	%		27	%
Healthcare, Education and Childcare			115,196			164,480			16	%		36	%			128,969			168,000			16	%		36	%
Business Services			158,524			144,342			14	%		32	%			195,614			184,452			17	%		40	%
Financial Services			75,456			77,916			8	%		17	%			70,403			68,959			6	%		15	%
Distribution			45,968			58,221			6	%		13	%			57,352			130,850			12	%		28	%
Consumer Products			53,072			47,932			5	%		10	%			53,746			49,414			5	%		11	%
Auto Sector			45,680			44,618			4	%		10	%			26,621			27,826			2	%		6	%
Aerospace and Defense			28,775			34,791			3	%		8	%			39,513			47,113			4	%		10	%
Environmental Services			60,167			27,144			3	%		6	%			61,588			31,238			3	%		7	%
Gaming			22,858			23,183			2	%		5	%			22,853			23,151			2	%		5	%
Media			20,958			20,583			2	%		5	%			17,477			17,434			2	%		4	%
Diversified Conglomerate Service			20,753			19,734			2	%		4	%			17,268			16,416			1	%		4	%
Consumer Services			19,523			19,698			2	%		4	%			19,067			19,319			2	%		4	%
Personal, Food and Miscellaneous Services			15,859			19,416			2	%		4	%			16,207			18,769			2	%		4	%
Manufacturing/Basic Industry			15,595			16,191			2	%		4	%			42,601			43,067			4	%		9	%
Telecommunications			12,519			13,657			1	%		3	%			22,305			13,695			1	%		3	%
Chemicals, Plastics and Rubber			15,284			12,783			1	%		3	%			15,237			12,240			1	%		3	%
Buildings and Real Estate			12,523			12,546			1	%		3	%			12,546			12,495			1	%		3	%
Electronics			3,441			6,048			1	%		1	%			2,507			5,485			1	%		1	%
Event Services			536			643			0	%		0	%			11,823			12,073			1	%		3	%
Home and Office Furnishings, Housewares and Durable Consumer Products			1,547			2,037			0	%		0	%			9,258			9,723			1	%		2	%
Consulting Services			30			26			0	%		0	%			5,970			5,966			1	%		1	%
All Other			48,742			42,946			4	%		9	%			40,509			37,000			3	%		8	%
Total		$	1,002,561		$	1,018,420			100	%		223	%		$	1,014,243		$	1,079,473			100	%		234	%

(1)Excludes investments in PSLF.

33

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

PennantPark Senior Loan Fund, LLC

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

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

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

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

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

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

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

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

34

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

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

($ in thousands)		December 31, 2025 (Unaudited)				September 30, 2025
Total investments		$	1,357,342			$	1,265,901
Weighted average cost yield on income producing investments			9.6	%			10.1	%
Number of portfolio companies in PSLF			118				109
Largest portfolio company investment at fair value		$	26,563			$	24,802
Total of five largest portfolio company investments at fair value		$	123,565			$	121,360

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

Issuer Name		Acquisition		Maturity			Industry		Current  Coupon			Basis Point Spread Above Index (1)			Par				Cost				Fair Value (2)
First Lien Secured Debt - 1,258.% of Net Assets
ACP Avenu Buyer, LLC		04/23/24		10/02/29			Business Services		8.74%			SOFR+475				23,450			$	23,183			$	23,391
ACP Falcon Buyer, Inc.		10/06/23		08/01/29			Business Services		9.49%			SOFR+550				15,157				14,937				15,309
AFC-Dell Holding Corp.		02/23/24		04/09/27			Distribution		8.84%			SOFR+500				16,171				16,079				16,171
APT OPCO, LLC		12/24/25		09/30/31			Health Care Providers and Services		8.67%			SOFR+500				2,868				2,852				2,832
Ad.Net Acquisition, LLC		03/02/22		05/07/26			Media		9.93%			SOFR+626				5,425				5,421				5,425
Aechelon Technology, Inc.		12/23/24		08/16/29			Aerospace and Defense		9.47%							16,270				16,192				16,270
Alpine Acquisition Corp II (4), (6)		10/12/22		11/30/26			Containers, Packaging and Glass									15,157				15,028				6,972
Amsive Holdings Corporation		03/02/22		12/10/26			Media		9.92%			SOFR+625				13,768				13,717				13,631
Anteriad, LLC (f/k/a MeritDirect, LLC)		03/02/22		06/30/26			Media		9.57%			SOFR+590				13,618				13,591				13,618
Arcfield Acquisition Corp.		07/26/22		10/28/31			Aerospace and Defense		8.84%			SOFR+500				14,850				14,829				14,776
Archer Lewis, LLC		12/20/24		08/28/29			Healthcare, Education and Childcare		9.42%			SOFR+575				15,542				15,389				15,542
Argano, LLC		12/16/24		09/13/29			Business Services		9.22%			SOFR+550				20,305				20,111				20,508
BLC Holding Company, INC.		02/24/25		11/20/30			Environmental Services		8.17%			SOFR+450				11,983				11,913				11,983
Beacon Behavioral Support Services, LLC		09/16/24		06/21/29			Healthcare, Education and Childcare		9.17%			SOFR+550				24,545				24,262				24,545
Best Practice Associates, LLC		01/21/25		11/08/29			Aerospace and Defense		10.47%			SOFR+675				19,800				19,560				19,651
Beta Plus Technologies, Inc.		08/11/22		07/02/29			Business Services		9.42%			SOFR+575				14,513				14,345				14,367
Big Top Holdings, LLC		06/26/24		02/28/30			Manufacturing / Basic Industries		8.92%			SOFR+525				6,608				6,518				6,608
Bioderm, Inc.		06/26/24		01/31/28			Healthcare, Education and Childcare		10.36%			SOFR+650				8,775				8,708				8,665
Blackhawk Industrial Distribution, Inc.		07/24/23		09/17/26			Distribution		9.07%			SOFR+540				25,179				25,036				24,675
Blue Cloud Pediatric Surgery Centers LLC		10/09/25		01/21/31			Health Care Providers and Services		8.72%			SOFR+500				2,494				2,469				2,469
Boss Industries, LLC		07/21/25		12/27/30			Conglomerate Manufacturing		8.67%			SOFR+500				5,940				5,903				5,940
Burgess Point Purchaser Corporation		10/03/22		07/25/29			Auto Sector		9.19%			SOFR+535				6,170				5,925				5,209
C5MI Acquisition, LLC		10/09/24		07/31/29			Business Services		9.67%			SOFR+600				9,863				9,775				9,863
CF512, Inc.		12/29/21		08/20/26			Media		9.98%			SOFR+619				9,019				8,972				8,929
Carisk Buyer, Inc.		02/09/24		12/01/29			Healthcare, Education and Childcare		8.67%			SOFR+500				11,341				11,254				11,426
Carnegie Dartlet, LLC		06/26/24		02/07/30			Education		9.22%			SOFR+550				22,598				22,312				22,372
Cartessa Aesthetics, LLC		09/09/22		06/14/28			Distribution		9.67%			SOFR+600				21,824				21,670				21,824
Case Works, LLC		11/26/24		10/01/29			Business Services		8.92%			SOFR+525				10,409				10,342				10,232
Commercial Fire Protection Holdings, LLC		12/16/24		09/23/30			Business Services		8.17%			SOFR+450				20,778				20,682				20,778
Confluent Health, LLC		12/23/24		11/30/28			Healthcare, Education and Childcare		11.22%			SOFR+750				1,945				1,945				1,926
Cornerstone Advisors of Arizona, LLC		10/09/25		05/13/32			Professional Services		8.42%			SOFR+475				5,955				5,925				5,925
CJX Borrower, LLC		08/12/22		07/13/27			Media		9.70%			SOFR+576				8,601				8,591				8,601
Crane 1 Services, Inc.		07/24/23		08/16/27			Personal, Food and Miscellaneous Services		9.08%			SOFR+536				5,258				5,232				5,218
DRI Holding Inc.		08/04/22		12/21/28			Media		9.07%			SOFR+535				5,755				5,450				5,640
DRS Holdings III, Inc.		03/02/22		11/03/25			Consumer Products		8.97%			SOFR+525				4,411				4,399				4,455
DX Electric Company, LLC		12/25/25		10/01/31			Electronic Equipment, Instruments and Components		8.92%			SOFR+525				7,046				6,999				6,994
Duggal Acquisition, LLC		12/23/24		09/30/30			Marketing Services		8.42%			SOFR+475				4,938				4,899				4,938
Dynata, LLC - First Out Term Loan		07/15/24		07/17/28			Business Services		9.14%			SOFR+576				1,568				1,489				1,553
Dynata, LLC - Last Out Term Loan		07/15/24		10/16/28			Business Services		9.64%			SOFR+576				9,646				9,646				5,848
EDS Buyer, LLC		07/24/23		01/10/29			Aerospace and Defense		8.17%			SOFR+450				23,124				22,885				23,182
ETE Intermediate II, LLC		07/24/23		05/29/29			Personal, Food and Miscellaneous Services		8.72%			SOFR+500				12,093				11,941				12,093
Emergency Care Partners, LLC		12/23/24		10/18/27			Healthcare, Education and Childcare		8.67%			SOFR+500				6,913				6,880				6,913
EvAL Home Care Solutions Intermediate, LLC		07/23/24		05/10/30			Healthcare, Education and Childcare		9.47%			SOFR+575				6,881				6,801				6,881
Exigo Intermediate II, LLC		07/24/23		03/15/27			Business Services		10.07%			SOFR+635				9,551				9,499				9,503
Five Star Buyer, Inc.		07/24/23		02/23/28			Hotels, Motels, Inns and Gaming		12.98%			⚠️ Filing Content Truncated This filing was too large to display in its entirety (original size: 21.41 MB). The content has been truncated to fit within database limits. To view the complete filing, please visit the original source: View Complete Filing on SEC Website Filing: 10-Q - PENNANTPARK INVESTMENT CORP (PNNT) Accession Number: 0001193125-26-042780

FAQ

What types of investments does PennantPark Investment Corporation (PNNT) hold in this 10-Q?

PennantPark holds a mix of first lien secured debt, second lien loans, subordinated/corporate notes, and preferred and common equity or partnership interests. These positions span funded and unfunded term loans and revolvers, plus warrants, across a wide range of portfolio companies.

Which industries dominate PNNT’s investment portfolio in this filing?

The portfolio is broadly diversified across business services, healthcare, education and childcare, consumer products, media, aerospace and defense, distribution, real estate, auto, gaming, environmental services, and various industrial and financial services segments, reducing reliance on any single sector for income.

What coupon levels are shown on PennantPark’s debt investments?

Many loans carry floating rates like 3M SOFR plus a stated spread, producing current coupons frequently in the high single to low double digits. Some subordinated or PIK notes show higher coupons, with examples up to 15.00% and 18.00% on certain corporate or convertible notes.

How much of PNNT’s cash and cash equivalents is in the JPMorgan U.S. Government Money Market Fund?

The schedule identifies the JPMorgan U.S. Government Money Market Fund as a related-party cash equivalent holding within PennantPark Senior Loan Fund, with an indicated allocation of 44.8%. This highlights a significant portion of liquid, short‑term, government-focused exposure alongside the loan portfolio.

Does PennantPark invest in both controlled and non-controlled portfolio companies?

Yes. The schedule distinguishes between investments in non-controlled, non-affiliated portfolio companies and controlled, affiliated portfolio companies. Both categories include first lien secured debt and equity interests, reflecting PennantPark’s role as a lender and, in some cases, an influential equity holder.

What role do unfunded revolvers and term loans play in PNNT’s portfolio?

Many entries are unfunded revolvers or term loans, which represent committed lending capacity that can be drawn by portfolio companies. These commitments span numerous sectors and maturities, potentially generating future interest income as borrowers utilize the available credit lines.