10-Q

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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

☐	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,<br><br>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

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

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)


			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

All values are in US Dollars.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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

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 <br> 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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

(In thousands, except share data)th

Issuer Name	Acquisition	Maturity	Industry			Basis Point Spread Above Index (4)			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

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)			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

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)			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

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)			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

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)			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

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)
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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

(In thousands, except share data)th

Issuer Name	Acquisition	Industry			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

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					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

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			Basis Point Spread Above Index (4)					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		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

All values are in British Pounds.

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.
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).
Valued based on our accounting policy (See Note 2).
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.
The security was valued by using the pricing service which utilize broker-supplied prices.
Non-income producing securities.
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.
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%.
Investment is held through our Taxable Subsidiary (See Note 1).
Non-accrual security
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.
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%
All of our investments are not registered under the 1933 Act and have restrictions on resale.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025

(In thousands, except share data)th

Issuer Name	Acquisition	Maturity	Industry			Basis Point Spread Above Index (4)			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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

Issuer Name	Acquisition	Maturity	Industry			Basis Point Spread Above Index (4)			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

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)			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

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)			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

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)			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

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)			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

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)			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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

Issuer Name	Acquisition	Industry			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

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)				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		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

All values are in British Pounds.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

(In thousands, except share data)th

Issuer Name	Acquisition	Maturity	Industry			Basis Point Spread Above Index (4)			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

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.
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).
Valued based on our accounting policy (See Note 2).
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.
The security was valued by using the pricing service which utilize broker-supplied prices.
Non-income producing securities.
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.
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%.
Investment is held through our Taxable Subsidiary (See Note 1).
Non-accrual security
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.
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%
Partial non-accrual PIK security.
All of our investments are not registered under the 1933 Act and have restrictions on resale.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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:

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;
Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser;
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;
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
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.

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.

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

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

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.

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.

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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

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

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.

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.

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS

(a) Investment Management Agreement

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

Base Management Fee

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

Incentive Fee

The incentive fee has two parts, as follows:

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

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

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

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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

(b) Administration Agreement

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

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

(c) Other Related Party Transactions

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

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

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

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

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

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	%

Excludes investments in PSLF.

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%.

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<br> Coupon	Basis Point<br>Spread Above<br>Index (1)		Cost		Fair Value (2)
First Lien Secured Debt - 1,258.% of Net Assets
ACP Avenu Buyer, LLC	04/23/24	10/02/29	Business Services	8.74%	SOFR+475	23,450	$	23,183	$	23,391
ACP Falcon Buyer, Inc.	10/06/23	08/01/29	Business Services	9.49%	SOFR+550	15,157		14,937		15,309
AFC-Dell Holding Corp.	02/23/24	04/09/27	Distribution	8.84%	SOFR+500	16,171		16,079		16,171
APT OPCO, LLC	12/24/25	09/30/31	Health Care Providers and Services	8.67%	SOFR+500	2,868		2,852		2,832
Ad.Net Acquisition, LLC	03/02/22	05/07/26	Media	9.93%	SOFR+626	5,425		5,421		5,425
Aechelon Technology, Inc.	12/23/24	08/16/29	Aerospace and Defense	9.47%		16,270		16,192		16,270
Alpine Acquisition Corp II (4), (6)	10/12/22	11/30/26	Containers, Packaging and Glass			15,157		15,028		6,972
Amsive Holdings Corporation	03/02/22	12/10/26	Media	9.92%	SOFR+625	13,768		13,717		13,631
Anteriad, LLC (f/k/a MeritDirect, LLC)	03/02/22	06/30/26	Media	9.57%	SOFR+590	13,618		13,591		13,618
Arcfield Acquisition Corp.	07/26/22	10/28/31	Aerospace and Defense	8.84%	SOFR+500	14,850		14,829		14,776
Archer Lewis, LLC	12/20/24	08/28/29	Healthcare, Education and Childcare	9.42%	SOFR+575	15,542		15,389		15,542
Argano, LLC	12/16/24	09/13/29	Business Services	9.22%	SOFR+550	20,305		20,111		20,508
BLC Holding Company, INC.	02/24/25	11/20/30	Environmental Services	8.17%	SOFR+450	11,983		11,913		11,983
Beacon Behavioral Support Services, LLC	09/16/24	06/21/29	Healthcare, Education and Childcare	9.17%	SOFR+550	24,545		24,262		24,545
Best Practice Associates, LLC	01/21/25	11/08/29	Aerospace and Defense	10.47%	SOFR+675	19,800		19,560		19,651
Beta Plus Technologies, Inc.	08/11/22	07/02/29	Business Services	9.42%	SOFR+575	14,513		14,345		14,367
Big Top Holdings, LLC	06/26/24	02/28/30	Manufacturing / Basic Industries	8.92%	SOFR+525	6,608		6,518		6,608
Bioderm, Inc.	06/26/24	01/31/28	Healthcare, Education and Childcare	10.36%	SOFR+650	8,775		8,708		8,665
Blackhawk Industrial Distribution, Inc.	07/24/23	09/17/26	Distribution	9.07%	SOFR+540	25,179		25,036		24,675
Blue Cloud Pediatric Surgery Centers LLC	10/09/25	01/21/31	Health Care Providers and Services	8.72%	SOFR+500	2,494		2,469		2,469
Boss Industries, LLC	07/21/25	12/27/30	Conglomerate Manufacturing	8.67%	SOFR+500	5,940		5,903		5,940
Burgess Point Purchaser Corporation	10/03/22	07/25/29	Auto Sector	9.19%	SOFR+535	6,170		5,925		5,209
C5MI Acquisition, LLC	10/09/24	07/31/29	Business Services	9.67%	SOFR+600	9,863		9,775		9,863
CF512, Inc.	12/29/21	08/20/26	Media	9.98%	SOFR+619	9,019		8,972		8,929
Carisk Buyer, Inc.	02/09/24	12/01/29	Healthcare, Education and Childcare	8.67%	SOFR+500	11,341		11,254		11,426
Carnegie Dartlet, LLC	06/26/24	02/07/30	Education	9.22%	SOFR+550	22,598		22,312		22,372
Cartessa Aesthetics, LLC	09/09/22	06/14/28	Distribution	9.67%	SOFR+600	21,824		21,670		21,824
Case Works, LLC	11/26/24	10/01/29	Business Services	8.92%	SOFR+525	10,409		10,342		10,232
Commercial Fire Protection Holdings, LLC	12/16/24	09/23/30	Business Services	8.17%	SOFR+450	20,778		20,682		20,778
Confluent Health, LLC	12/23/24	11/30/28	Healthcare, Education and Childcare	11.22%	SOFR+750	1,945		1,945		1,926
Cornerstone Advisors of Arizona, LLC	10/09/25	05/13/32	Professional Services	8.42%	SOFR+475	5,955		5,925		5,925
CJX Borrower, LLC	08/12/22	07/13/27	Media	9.70%	SOFR+576	8,601		8,591		8,601
Crane 1 Services, Inc.	07/24/23	08/16/27	Personal, Food and Miscellaneous Services	9.08%	SOFR+536	5,258		5,232		5,218
DRI Holding Inc.	08/04/22	12/21/28	Media	9.07%	SOFR+535	5,755		5,450		5,640
DRS Holdings III, Inc.	03/02/22	11/03/25	Consumer Products	8.97%	SOFR+525	4,411		4,399		4,455
DX Electric Company, LLC	12/25/25	10/01/31	Electronic Equipment, Instruments and Components	8.92%	SOFR+525	7,046		6,999		6,994
Duggal Acquisition, LLC	12/23/24	09/30/30	Marketing Services	8.42%	SOFR+475	4,938		4,899		4,938
Dynata, LLC - First Out Term Loan	07/15/24	07/17/28	Business Services	9.14%	SOFR+576	1,568		1,489		1,553
Dynata, LLC - Last Out Term Loan	07/15/24	10/16/28	Business Services	9.64%	SOFR+576	9,646		9,646		5,848
EDS Buyer, LLC	07/24/23	01/10/29	Aerospace and Defense	8.17%	SOFR+450	23,124		22,885		23,182
ETE Intermediate II, LLC	07/24/23	05/29/29	Personal, Food and Miscellaneous Services	8.72%	SOFR+500	12,093		11,941		12,093
Emergency Care Partners, LLC	12/23/24	10/18/27	Healthcare, Education and Childcare	8.67%	SOFR+500	6,913		6,880		6,913
EvAL Home Care Solutions Intermediate, LLC	07/23/24	05/10/30	Healthcare, Education and Childcare	9.47%	SOFR+575	6,881		6,801		6,881
Exigo Intermediate II, LLC	07/24/23	03/15/27	Business Services	10.07%	SOFR+635	9,551		9,499		9,503
Five Star Buyer, Inc.	07/24/23	02/23/28	Hotels, Motels, Inns and Gaming	12.98%	SOFR+925	4,128		4,089		4,025
GGG Midco, LLC	12/16/24	09/27/30	Home and Office Furnishings, Housewares and Durable Consumer Products	8.67%	SOFR+500	15,096		14,992		15,096
Global Holdings InterCo, LLC	03/02/22	03/16/26	Banking, Finance, Insurance & Real Estate	9.33%		6,290		6,287		6,290

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

Issuer Name	Acquisition	Maturity	Industry	Current<br> Coupon	Basis Point<br>Spread Above<br>Index (1)
Graffiti Buyer, Inc.	03/02/22	08/10/27	Distribution	9.42%	SOFR+560	3,951	3,923	3,862
HEC Purchaser Corp.	09/16/24	06/17/29	Healthcare, Education and Childcare	8.87%	SOFR+500	12,599	12,530	12,599
HV Watterson Holdings, LLC (4)	09/09/22	12/17/26	Business Services			15,523	15,449	4,936
HW Holdco, LLC	03/02/22	05/10/26	Media	9.80%	SOFR+590	23,121	23,082	23,121
Hancock Roofing And Construction, LLC	03/02/22	12/31/26	Insurance	9.27%	SOFR+560	6,029	6,029	5,727
Harris & Co, LLC	12/20/24	08/09/30	Financial Services	8.72%	SOFR+500	19,134	18,950	18,990
Hills Distribution, Inc.	02/13/24	11/08/29	Distribution	9.19%	SOFR+550	14,409	14,347	14,264
IG Investments Holdings, LLC	03/02/22	09/22/28	Business Services	8.84%	SOFR+500	4,339	4,298	4,317
Imagine Acquisitionco, Inc.	07/24/23	11/15/27	Business Services	8.98%	SOFR+510	5,438	5,393	5,438
Impact Advisors, LLC	12/10/25	03/19/32	Health Care Technology	8.17%	SOFR+450	7,940	7,940	7,940
Infinity Home Services Holdco, Inc.	02/07/23	12/28/28	Personal, Food and Miscellaneous Services	9.67%	SOFR+600	13,714	13,598	13,714
Infolinks Media Buyco, LLC	07/24/23	11/01/26	Media	9.42%	SOFR+575	13,043	13,011	12,651
Inovex Information Systems Incorporated	03/04/25	12/17/30	Business Services	8.92%	SOFR+525	5,940	5,903	5,940
Inventus Power, Inc.	10/10/23	01/15/26	Consumer Products	11.33%	SOFR+761	12,935	12,932	12,935
Kinetic Purchaser, LLC	07/24/23	11/10/27	Consumer Products	9.82%	SOFR+615	13,701	13,599	11,132
LAV Gear Holdings, Inc. - Takeback TL	07/31/25	07/31/29	Leisure, Amusement, Motion Pictures, Entertainment	9.65%	SOFR+594	2,310	2,310	2,310
LAV Gear Holdings, Inc. - Priority TL	07/31/25	07/31/29	Leisure, Amusement, Motion Pictures, Entertainment	9.65%	SOFR+594	733	725	891
Lash OpCo, LLC	03/02/22	02/18/27	Consumer Products	10.94%	SOFR+710	21,806	21,754	21,260
Lightspeed Buyer, Inc.	03/02/22	02/03/27	Healthcare, Education and Childcare	8.42%	SOFR+475	20,065	19,982	20,065
LJ Avalon Holdings, LLC	07/24/23	02/01/30	Environmental Services	8.46%	SOFR+450	12,251	12,167	12,251
MAG DS Corp.	03/02/22	04/01/27	Aerospace and Defense	9.27%	SOFR+560	8,153	7,952	8,109
MDI Buyer, Inc.	12/20/24	07/25/28	Chemicals, Plastics and Rubber	8.57%	SOFR+475	19,677	19,529	19,677
Marketplace Events Acquisition, LLC	03/04/25	12/19/30	Media	9.12%	SOFR+525	19,850	19,684	19,850
MBS Holdings, Inc.	03/02/22	04/16/27	Telecommunications	8.92%	SOFR+510	8,223	8,182	8,223
Meadowlark Acquirer, LLC	04/01/22	12/10/27	Business Services	9.32%	SOFR+565	2,885	2,861	2,885
Medina Health, LLC	01/18/24	10/20/28	Healthcare, Education and Childcare	9.92%	SOFR+625	19,423	19,317	19,423
Megawatt Acquisitionco, Inc.	07/17/24	03/01/30	Business Services	9.17%	SOFR+550	7,860	7,774	7,860
MOREgroup Holdings, Inc.	08/29/24	01/16/30	Business Services	8.92%	SOFR+525	19,650	19,433	19,650
Municipal Emergency Services, Inc.	03/02/22	10/01/27	Distribution	8.42%	SOFR+475	9,550	9,496	9,550
NBH Group, LLC	03/02/22	08/19/26	Healthcare, Education and Childcare	9.71%	SOFR+585	7,162	7,145	7,162
NORA Acquisition, LLC	11/21/23	08/31/29	Healthcare, Education and Childcare	10.02%	SOFR+635	20,039	19,822	19,438
North American Rail Solutions	12/25/25	08/29/31	Road and Rail	8.42%		10,000	9,958	9,950
OSP Embedded Purchaser, LLC	01/17/25	12/17/29	Aerospace and Defense	9.42%	SOFR+575	18,879	18,753	17,897
Omnia Exterior Solutions, LLC	07/25/24	12/29/29	Diversified Conglomerate Service	8.92%	SOFR+525	17,945	17,743	17,721
One Stop Mailing, LLC	06/07/23	05/07/27	Transportation	10.08%	SOFR+636	8,227	8,161	8,227
PCS Midco, Inc.	08/29/24	03/01/30	Financial Services	9.42%	SOFR+575	5,739	5,678	5,767
PN Buyer, Inc.	10/09/25	07/31/31	Financial Services	8.17%	SOFR+450	3,556	3,538	3,538
Pacific Purchaser, LLC	03/21/24	10/02/28	Business Services	9.85%	SOFR+625	12,773	12,613	12,466
PAR Excellence Holdings, Inc.	11/26/24	09/03/30	Healthcare, Education and Childcare	8.77%	SOFR+500	9,900	9,823	9,727
PD Tri-State Holdco, LLC	12/25/25	10/14/30	Diversified Conglomerate Service	8.92%	SOFR+525	2,970	2,946	2,952
Paving Lessor Corp. First Lien -Term Loan	10/24/25	07/01/31	Commercial Services and Supplies	8.94%	SOFR+525	6,914	6,862	6,879
Pink Lily Holdco, LLC (4)	04/01/22	11/09/27	Retail	4.27%		8,913	8,699	1,114
Project Granite Buyer, Inc.	07/21/25	12/31/30	Business Services	9.42%	SOFR+575	5,940	5,889	5,999
Puget Collision, LLC	12/24/25	10/02/31	Auto Sector	8.42%	SOFR+475	10,000	9,945	9,938
RRA Corporate, LLC	12/23/24	08/15/29	Business Services	8.92%	SOFR+525	3,960	3,930	3,837
RTIC Subsidiary Holdings, LLC	07/23/24	05/03/29	Consumer Products	9.42%	SOFR+575	24,637	24,318	24,391
Radius Aerospace, Inc.	11/06/19	03/29/27	Aerospace and Defense	9.82%	SOFR+615	11,780	11,717	11,545
Rancho Health MSO, Inc.	03/02/22	06/20/29	Healthcare, Education and Childcare	8.99%	SOFR+500	22,629	22,561	22,629
Recteq, LLC	06/26/24	01/29/26	Consumer Products	10.07%	SOFR+640	9,525	9,521	9,525
Riverpoint Medical, LLC	03/02/22	06/21/27	Healthcare, Education and Childcare	8.17%	SOFR+450	3,711	3,683	3,711
Ro Health, LLC	04/03/25	01/17/31	Healthcare Providers & Services	8.17%		9,308	9,250	9,308
Rosco Parent, LLC	12/24/25	09/12/31	Auto Sector	8.42%	SOFR+475	5,154	5,119	5,115
Rural Sourcing Holdings, Inc.	07/24/23	06/16/29	Professional Services	9.85%	SOFR+625	5,493	5,431	4,944
Sabel Systems Technology Solutions, LLC	01/07/25	10/31/30	Business Services	9.72%	SOFR+600	11,880	11,784	11,880
Sales Benchmark Index, LLC	03/02/22	07/07/26	Business Services	9.87%	SOFR+620	6,597	6,582	6,597
Sath Industries, LLC	12/10/25	12/17/29	Building Products	9.17%	SOFR+550	11,360	11,360	11,360
Seacoast Service Partners NA, LLC	07/21/25	12/20/29	Diversified Conglomerate Service	8.92%	SOFR+525	4,950	4,916	4,722
Seaway Buyer, LLC	09/14/22	06/13/29	Chemicals, Plastics and Rubber	9.82%	SOFR+615	14,513	14,369	13,859
Sigma Defense Systems, LLC	12/01/23	12/20/27	Telecommunications	10.62%	SOFR+690	26,831	26,686	26,563
SpendMend Holdings, LLC	07/24/23	03/01/28	Business Services	9.15%	SOFR+515	10,578	10,442	10,578
STG Distribution, LLC - First Out New Money Term Loans (4)	10/03/24	10/03/29	Transportation			1,998	1,907	1,698

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

Issuer Name	Acquisition	Maturity		Industry	Current<br> Coupon		Basis Point<br>Spread Above<br>Index (1)			Cost		Fair Value (2)
STG Distribution, LLC - Second Out Term Loans (4)	10/03/24	10/03/29		Transportation					4,617		2,593		346
SV-Aero Holdings, LLC	10/31/24	11/01/30		Aerospace and Defense	8.67%		SOFR+500		14,625		14,563		14,625
Systems Planning And Analysis, Inc.	03/02/22	08/16/27		Aerospace and Defense	8.42%		SOFR+475		16,878		16,785		16,827
TCG 3.0 Jogger Acquisitionco, Inc.	02/27/24	01/23/29		Media	10.17%		SOFR+650		9,825		9,713		9,678
TMII Enterprises, LLC	07/24/23	12/22/28		Personal, Food and Miscellaneous Services	8.22%		SOFR+450		19,827		19,654		19,827
TPC US Parent, LLC	03/02/22	11/24/25		Food	9.89%		SOFR+590		11,246		11,240		11,235
Team Services Group, LLC	07/24/23	12/20/27		Healthcare, Education and Childcare	9.09%		SOFR+525		9,563		9,427		9,523
The Bluebird Group, LLC	03/02/22	07/28/26		Business Services	9.57%		SOFR+590		14,769		14,741		14,769
The Vertex Companies, LLC	03/02/22	08/31/28		Business Services	8.75%		SOFR+475		14,443		14,364		14,356
Transgo, LLC	06/07/24	12/29/28		Auto Sector	9.47%		SOFR+575		16,312		16,174		16,312
Tyto Athene, LLC	03/02/22	04/01/28		Aerospace and Defense	8.88%		SOFR+490		11,342		11,280		10,888
Watchtower Buyer, LLC	09/19/24	12/01/29		Consumer Products	9.67%		SOFR+600		23,055		22,867		23,058
Wash & Wax Systems, LLC	04/30/25	04/30/28		Business Services	9.34%		SOFR+550		6,577		6,676		6,708
Total First Lien Secured Debt											1,382,302		1,347,821
Subordinated Debt - 4.1% of Net Assets
Wash & Wax Systems, LLC - Subordinate Debt	04/30/25	07/30/28		Business Services	12.00%				4,406		4,406		4,406
Total Subordinated Debt									4,406		4,406		4,406
Equity Securities - 4.8% of Net Assets
New Insight Holdings, Inc. - Common Equity	07/15/24		—	Business Services		—		—	134,330		2,351		1,530
48Forty Intermediate Holdings, Inc. - Common Equity	11/05/24		—	Containers, Packaging and Glass		—		—	1,988		—		—
Wash & Wax Group, LP - Common Equity	04/30/25		—	Business Services		—		—	2,803		5,002		3,505
White Tiger Newco, LLC - Common Equity	07/31/25		—	Business Services		—		—	10,805		824		80
Total Equity Securities											8,177		5,115
Total Investments - 1,267.0% of Net Assets(3)(5)											1,394,885		1,357,342
Cash Equivalents - 19.51% of Net Assets
JPMorgan U.S. Government (Money Market Fund)					3.61%						6,054		6,054
Goldman Sachs Financial Square Government Fund (Money Market Fund)					3.71%						12,264		12,264
BlackRock Federal FD Institutional 81 (Money Market Fund)					3.69%						2,586		2,586
Total Cash Equivalents											20,904		20,904
Cash - 22.54% of Net Assets
Cash											24,148		24,148
Total Cash											24,148		24,148
Total Investments, Cash Equivalents and Cash -										$	1,439,937	$	1,402,394
Liabilities in Excess of Other Assets — (1208.9)% of Net Assets													(1,295,254	)
Members' Equity—100.0%												$	107,140

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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

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

Issuer Name	Acquisition	Maturity	Industry	Current<br> Coupon	Basis Point<br>Spread Above<br>Index (1)		Cost		Fair Value (2)
First Lien Secured Debt - 1,035.8% of Net Assets
ACP Avenu Buyer, LLC	04/23/24	10/02/29	Business Services	9.04%	SOFR+475	7,590	$	7,474	$	7,514
Acp Falcon Buyer, Inc.	10/06/23	08/01/29	Business Services	9.79%	SOFR+550	15,196		14,963		15,348
AFC-Dell Holding Corp.	02/23/24	04/09/27	Distribution	9.83%	SOFR+550	16,181		16,072		16,100
Ad.Net Acquisition, LLC	03/02/22	05/07/26	Media	10.26%	SOFR+626	4,788		4,788		4,788
Aechelon Technology, Inc.	12/23/24	08/16/29	Aerospace and Defense	9.91%	SOFR+575	4,800		4,718		4,800
Alpine Acquisition Corp II (4), (7)	10/12/22	11/30/26	Containers, Packaging and Glass			15,185		15,056		7,896
Amsive Holdings Corporation	03/02/22	12/10/26	Media	10.35%	SOFR+635	13,805		13,745		13,667
Anteriad, LLC (f/k/a MeritDirect, LLC)	03/02/22	06/30/26	Media	9.90%	SOFR+590	13,837		13,803		13,837
Arcfield Acquisition Corp.	07/26/22	10/28/31	Aerospace and Defense	9.31%	SOFR+500	14,888		14,867		14,813
Archer Lewis, LLC	12/20/24	08/28/29	Healthcare, Education and Childcare	9.75%	SOFR+575	15,581		15,426		15,581
Argano, LLC	12/16/24	09/13/29	Business Services	9.89%	SOFR+575	14,850		14,730		14,628
BLC Holding Company, INC.	02/24/25	11/20/30	Environmental Services	8.50%	SOFR+450	12,013		11,942		12,013
Beacon Behavioral Support Services, LLC	09/16/24	06/21/29	Healthcare, Education and Childcare	9.50%	SOFR+550	24,607		24,305		24,607
Best Practice Associates, LLC	01/21/25	11/08/29	Aerospace and Defense	10.91%	SOFR+675	19,850		19,606		19,701
Beta Plus Technologies, Inc.	08/11/22	07/02/29	Business Services	9.75%	SOFR+575	14,550		14,375		14,405
Big Top Holdings, LLC	06/26/24	02/28/30	Manufacturing / Basic Industries	9.25%	SOFR+525	6,626		6,531		6,626
Bioderm, Inc.	06/26/24	01/31/28	Healthcare, Education and Childcare	10.77%	SOFR+650	8,798		8,726		8,688
Blackhawk Industrial Distribution, Inc.	07/24/23	09/17/26	Distribution	9.40%	SOFR+540	25,244		25,052		24,802
Boss Industries, LLC	07/21/25	12/27/30	Conglomerate Manufacturing	9.00%	SOFR+500	5,955		5,916		5,955
Burgess Point Purchaser Corporation	10/03/22	07/25/29	Auto Sector	9.51%	SOFR+535	6,186		5,926		5,348
C5MI Acquisition, LLC	10/09/24	07/31/29	Business Services	10.00%	SOFR+600	7,425		7,334		7,425
CF512, Inc.	12/29/21	08/20/26	Media	10.36%	SOFR+619	9,042		8,983		8,952
Carisk Buyer, Inc.	02/09/24	12/01/29	Healthcare, Education and Childcare	9.00%	SOFR+500	11,370		11,276		11,370
Carnegie Dartlet, LLC	06/26/24	02/07/30	Education	9.66%	SOFR+550	22,655		22,360		22,428
Cartessa Aesthetics, LLC	09/09/22	06/14/28	Distribution	10.00%	SOFR+600	21,880		21,708		21,880
Case Works, LLC	11/26/24	10/01/29	Business Services	9.25%	SOFR+525	10,436		10,366		9,966
Commercial Fire Protection Holdings, LLC	12/16/24	09/23/30	Business Services	8.50%	SOFR+450	20,831		20,730		20,831
Compex Legal Services, Inc.	12/23/24	02/09/26	Business Services	9.55%	SOFR+555	931		931		931
Confluent Health, LLC	12/23/24	11/30/28	Healthcare, Education and Childcare	11.66%	SOFR+750	1,950		1,950		1,940
CJX Borrower, LLC	08/12/22	07/13/27	Media	10.08%	SOFR+576	8,624		8,614		8,624
Crane 1 Services, Inc.	07/24/23	08/16/27	Personal, Food and Miscellaneous Services	10.03%	SOFR+586	5,271		5,243		5,232
DRI Holding Inc.	08/04/22	12/21/28	Media	9.51%	SOFR+535	5,770		5,442		5,655
DRS Holdings III, Inc.	03/02/22	11/03/25	Consumer Products	9.41%	SOFR+525	4,478		4,478		4,523
Duggal Acquisition, LLC	12/23/24	09/30/30	Marketing Services	8.75%	SOFR+475	4,950		4,910		4,950
Dynata, LLC - First Out Term Loan	07/15/24	07/17/28	Business Services	9.46%	SOFR+526	1,572		1,486		1,565
Dynata, LLC - Last Out Term Loan	07/15/24	10/16/28	Business Services	9.96%	SOFR+576	9,670		9,670		7,873
EDS Buyer, LLC	07/24/23	01/10/29	Aerospace and Defense	8.75%	SOFR+475	23,169		22,915		23,227
ETE Intermediate II, LLC	07/24/23	05/29/29	Personal, Food and Miscellaneous Services	9.16%	SOFR+500	12,124		11,963		12,124
Emergency Care Partners, LLC	12/23/24	10/18/27	Healthcare, Education and Childcare	9.00%	SOFR+500	6,930		6,895		6,930
EvAL Home Care Solutions Intermediate, LLC	07/23/24	05/10/30	Healthcare, Education and Childcare	9.91%	SOFR+575	7,040		6,955		7,040
Exigo Intermediate II, LLC	07/24/23	03/15/27	Business Services	10.51%	SOFR+635	9,551		9,491		9,551
Five Star Buyer, Inc.	07/24/23	02/23/28	Hotels, Motels, Inns and Gaming	13.35%	SOFR+915	4,140		4,096		4,057
GGG Midco, LLC	12/16/24	09/27/30	Home and Office Furnishings, Housewares and Durable Consumer Products	9.00%	SOFR+500	12,485		12,377		12,485
Global Holdings InterCo, LLC	03/02/22	03/16/26	Banking, Finance, Insurance & Real Estate	9.74%	SOFR+560	6,593		6,589		6,593
Graffiti Buyer, Inc.	03/02/22	08/10/27	Distribution	9.80%	SOFR+560	3,959		3,928		3,880
HEC Purchaser Corp.	09/16/24	06/17/29	Healthcare, Education and Childcare	8.87%	SOFR+500	7,798		7,723		7,798
HV Watterson Holdings, LLC (4)	09/09/22	12/17/26	Business Services	8.00%		15,570		15,496		8,548
HW Holdco, LLC	03/02/22	05/10/26	Media	9.90%	SOFR+590	23,593		23,537		23,593
Hancock Roofing And Construction, LLC	03/02/22	12/31/26	Insurance	9.60%	SOFR+550	6,029		6,029		5,968
Harris & Co, LLC	12/20/24	08/09/30	Financial Services	9.16%	SOFR+500	19,182		18,995		19,015
Hills Distribution, Inc.	02/13/24	11/08/29	Distribution	10.32%	SOFR+600	14,148		13,992		14,148
IG Investments Holdings, LLC	03/02/22	09/22/28	Business Services	9.31%	SOFR+500	4,350		4,305		4,328
Imagine Acquisitionco, Inc.	07/24/23	11/15/27	Business Services	9.29%	SOFR+510	5,452		5,402		5,452
Infinity Home Services Holdco, Inc.	02/07/23	12/28/28	Personal, Food and Miscellaneous Services	10.16%	SOFR+600	13,749		13,622		13,749
Infolinks Media Buyco, LLC	07/24/23	11/01/26	Media	9.50%	SOFR+550	13,046		13,007		12,981
Inovex Information Systems Incorporated	03/04/25	12/17/30	Business Services	9.25%	SOFR+525	5,955		5,918		5,955
Inventus Power, Inc.	10/10/23	01/15/26	Consumer Products	11.78%	SOFR+761	12,968		12,934		12,968
Kinetic Purchaser, LLC	07/24/23	11/10/27	Consumer Products	10.15%	SOFR+615	13,701		13,590		11,646

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

Issuer Name	Acquisition	Maturity	Industry	Current<br> Coupon	Basis Point<br>Spread Above<br>Index (1)
LAV Gear Holdings, Inc. - Takeback TL	07/31/25	07/31/29	Leisure, Amusement, Motion Pictures, Entertainment	10.10%	SOFR+594	2,295	2,295	2,295
LAV Gear Holdings, Inc. - Priority TL	07/31/25	07/31/29	Leisure, Amusement, Motion Pictures, Entertainment	10.10%	SOFR+594	729	720	898
Lash OpCo, LLC	03/02/22	02/18/27	Consumer Products	12.16%	SOFR+785	21,525	21,466	20,987
Lightspeed Buyer, Inc.	03/02/22	02/03/27	Healthcare, Education and Childcare	8.75%	SOFR+475	20,115	20,017	20,115
LJ Avalon Holdings, LLC	07/24/23	02/01/30	Environmental Services	8.77%	SOFR+450	7,636	7,550	7,636
MAG DS Corp.	03/02/22	04/01/27	Aerospace and Defense	9.60%	SOFR+560	8,175	7,939	8,142
MDI Buyer, Inc.	12/20/24	07/25/28	Chemicals, Plastics and Rubber	8.95%	SOFR+475	19,728	19,568	19,728
Marketplace Events Acquisition, LLC	03/04/25	12/19/30	Media	9.12%	SOFR+525	19,900	19,727	19,900
MBS Holdings, Inc.	03/02/22	04/16/27	Telecommunications	9.30%	SOFR+510	8,244	8,197	8,244
Meadowlark Acquirer, LLC	04/01/22	12/10/27	Business Services	9.65%	SOFR+565	2,893	2,865	2,893
Medina Health, LLC	01/18/24	10/20/28	Healthcare, Education and Childcare	10.25%	SOFR+625	19,423	19,311	19,520
Megawatt Acquisitionco, Inc.	07/17/24	03/01/30	Business Services	9.25%	SOFR+525	7,880	7,788	7,502
MOREgroup Holdings, Inc.	08/29/24	01/16/30	Business Services	9.25%	SOFR+525	19,700	19,472	19,700
Municipal Emergency Services, Inc.	03/02/22	10/01/27	Distribution	9.15%	SOFR+515	9,575	9,512	9,575
NBH Group, LLC	03/02/22	08/19/26	Healthcare, Education and Childcare	10.12%	SOFR+585	7,180	7,159	7,180
NORA Acquisition, LLC	11/21/23	08/31/29	Healthcare, Education and Childcare	10.35%	SOFR+635	20,090	19,860	19,939
OSP Embedded Purchaser, LLC	01/17/25	12/17/29	Aerospace and Defense	9.76%	SOFR+575	18,926	18,793	18,661
Omnia Exterior Solutions, LLC	07/25/24	12/29/29	Diversified Conglomerate Service	9.26%	SOFR+525	17,982	17,766	17,622
One Stop Mailing, LLC	06/07/23	05/07/27	Transportation	10.53%	SOFR+636	8,274	8,199	8,274
PCS Midco, Inc.	08/29/24	03/01/30	Financial Services	9.75%	SOFR+575	5,753	5,688	5,753
Pink Lily Holdco, LLC (5)	04/01/22	11/09/27	Retail	4.27%		8,761	8,699	3,504
Pacific Purchaser, LLC	03/21/24	10/02/28	Business Services	10.42%	SOFR+625	12,773	12,602	12,721
PAR Excellence Holdings, Inc.	11/26/24	09/03/30	Healthcare, Education and Childcare	9.17%	SOFR+500	9,925	9,842	9,751
Project Granite Buyer, Inc.	07/21/25	12/31/30	Business Services	9.75%	SOFR+575	5,955	5,903	6,015
RRA Corporate, LLC	12/23/24	08/15/29	Business Services	9.25%	SOFR+525	3,960	3,930	3,936
RTIC Subsidiary Holdings, LLC	07/23/24	05/03/29	Consumer Products	9.75%	SOFR+575	24,700	24,365	24,453
Radius Aerospace, Inc.	11/06/19	03/29/27	Aerospace and Defense	10.45%	SOFR+615	11,780	11,714	11,515
Rancho Health MSO, Inc.	03/02/22	06/20/29	Healthcare, Education and Childcare	9.29%	SOFR+500	22,704	22,631	22,704
Recteq, LLC	06/26/24	01/29/26	Consumer Products	10.40%	SOFR+640	9,550	9,537	9,526
Riverpoint Medical, LLC	03/02/22	06/21/27	Healthcare, Education and Childcare	8.75%	SOFR+475	3,891	3,861	3,891
Ro Health, LLC	04/03/25	01/17/31	Healthcare Providers & Services	8.50%	SOFR+450	9,308	9,249	9,308
Rural Sourcing Holdings, Inc.	07/24/23	06/16/29	Professional Services	9.92%	SOFR+575	5,435	5,367	4,891
Sabel Systems Technology Solutions, LLC	01/07/25	10/31/30	Business Services	9.91%	SOFR+575	11,910	11,813	11,910
Sales Benchmark Index, LLC	03/02/22	07/07/26	Business Services	10.20%	SOFR+620	6,617	6,597	6,617
Seacoast Service Partners NA, LLC	07/21/25	12/20/29	Diversified Conglomerate Service	9.00%	SOFR+500	4,963	4,926	4,759
Seaway Buyer, LLC	09/14/22	06/13/29	Chemicals, Plastics and Rubber	10.15%	SOFR+615	14,550	14,394	13,568
Sigma Defense Systems, LLC	12/01/23	12/20/27	Telecommunications	10.31%	SOFR+615	23,904	23,741	23,904
SpendMend Holdings, LLC	07/24/23	03/01/28	Business Services	9.15%	SOFR+515	9,412	9,261	9,412
STG Distribution, LLC - First Out New Money Term Loans	10/03/24	10/03/29	Transportation	12.57%	SOFR+835	1,986	1,895	1,768
STG Distribution, LLC - Second Out Term Loans (5)	10/03/24	10/03/29	Transportation	5.32%		4,566	2,594	365
SV-Aero Holdings, LLC	10/31/24	11/01/30	Aerospace and Defense	9.00%	SOFR+500	14,719	14,656	14,719
Systems Planning And Analysis, Inc.	03/02/22	08/16/27	Aerospace and Defense	8.92%	SOFR+475	16,919	16,816	16,784
TCG 3.0 Jogger Acquisitionco, Inc.	02/27/24	01/23/29	Media	10.52%	SOFR+650	9,850	9,732	9,801
TMII Enterprises, LLC	07/24/23	12/22/28	Personal, Food and Miscellaneous Services	8.66%	SOFR+450	19,878	19,692	19,878
TPC US Parent, LLC	03/02/22	11/24/25	Food	10.19%	SOFR+590	11,275	11,269	11,185
Team Services Group, LLC	07/24/23	12/20/27	Healthcare, Education and Childcare	9.56%	SOFR+525	9,588	9,434	9,548
The Bluebird Group, LLC	03/02/22	07/28/26	Business Services	9.90%	SOFR+590	16,348	16,306	16,348
The Vertex Companies, LLC	03/02/22	08/31/28	Business Services	8.93%	SOFR+475	14,480	14,393	14,408
Transgo, LLC	06/07/24	12/29/28	Auto Sector	9.91%	SOFR+575	16,363	16,215	16,486
Tyto Athene, LLC	03/02/22	04/01/28	Aerospace and Defense	9.19%	SOFR+490	11,342	11,271	11,058
Urology Management Holdings, Inc.	07/24/23	06/15/27	Healthcare, Education and Childcare	9.66%	SOFR+550	12,380	12,333	12,380
US Fertility Enterprises, LLC	09/03/25	10/11/31	Healthcare, Education and Childcare	8.67%	SOFR+450	4,975	4,931	4,975
Watchtower Buyer, LLC	09/19/24	12/01/29	Consumer Products	10.00%	SOFR+600	23,114	22,912	22,885
Wash & Wax Systems, LLC	04/30/25	04/30/28	Business Services	9.81%	SOFR+550	6,577	6,686	6,708
Total First Lien Secured Debt							1,276,720	1,253,543
Subordinated Debt - 3.7% of Net Assets
Wash & Wax Systems, LLC - Subordinate Debt	04/30/25	07/30/28	Business Services	12.00%		4,422	4,422	4,422
Total Subordinated Debt						4,422	4,422	4,422
Equity Securities - 6.6% of Net Assets

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

Issuer Name	Acquisition		Industry	Current<br> Coupon				Cost		Fair Value (2)
New Insight Holdings, Inc. - Common Equity	07/15/24	—	Business Services		—	—	134,330		2,351		2,014
48Forty Intermediate Holdings, Inc. - Common Equity	11/05/24	—	Containers, Packaging and Glass		—	—	1,988		—		—
Wash & Wax Group, LP - Common Equity	04/30/25	—	Business Services		—	—	2,803		5,002		5,165
White Tiger Newco, LLC - Common Equity	07/31/25	—	Business Services		—	—	10,805		824		757
Total Equity Securities									8,177		7,936
Total Investments - 1,046.0% of Net Assets(3)(6)									1,289,319		1,265,901
Cash Equivalents - 13.9% of Net Assets
JPMorgan U.S. Government (Money Market Fund)				4.09%					7,972		7,972
Goldman Sachs Financial Square Government Fund (Money Market Fund)				4.18%					6,946		6,946
BlackRock Federal FD Institutional 81 (Money Market Fund)				4.19%					1,920		1,920
Total Cash Equivalents									16,838		16,838
Cash - 19.9% of Net Assets
Cash									24,147		24,147
Total Cash									24,147		24,147
Total Investments, Cash Equivalents and Cash - 1,079.8% of Net Assets								$	1,330,304	$	1,306,886
Liabilities in Excess of Other Assets — (979.8)% of Net Assets											(1,185,860	)
Members' Equity—100.0%										$	121,026

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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

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

		September 30, 2025
Assets
Investments at fair value (amortized cost—1,394,885 and 1,289,319, respectively)	1,357,342	$	1,265,901
Cash equivalents (cost—20,904 and 16,838, respectively)	20,904		16,838
Cash (cost—24,148 and 24,147 respectively)	24,148		24,147
Interest receivable	4,884		5,271
Receivable for investments sold	—		1,055
Prepaid expenses and other assets	1,916		2,148
Due from affiliate	131		87
Total assets	1,409,325		1,315,447
Liabilities
2037 Asset-backed debt, net (par—328,000, unamortized deferred financing cost of 1,797 and 1,887, respectively)	326,203		326,113
2034 Asset-backed debt, net (par—246,000, unamortized deferred financing cost of 843 and 940, respectively)	245,157		245,060
2035 Asset-backed debt, net (par—246,000, unamortized deferred financing cost of 1,340 and 1,434, respectively)	244,660		244,566
Credit facility payable	189,600		99,600
Subordinated notes payable to members	250,808		250,808
Payable for investments purchased	18,816		—
Interest payable on credit facility and asset backed debt	13,072		13,730
Distribution payable to members	7,500		8,000
Interest payable on subordinated notes to members	5,114		5,305
Accounts payable and accrued expenses	1,205		1,189
Due to affiliate	50		50
Total liabilities	1,302,185		1,194,421
Members' equity	107,140		121,026
Total liabilities and members' equity	1,409,325	$	1,315,447

All values are in US Dollars.

———————————

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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

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

	Three Months Ended December 31,
	2025			2024
Investment income:
Interest	$	32,440		$	32,953
Other income		404			523
Total investment income		32,844			33,476
Expenses:
Interest expense on credit facility and asset-backed debt		16,209			15,643
Interest expense on subordinated notes to members		7,698			7,343
Administration services expense		850			778
General and administrative expenses		342			396
Total expenses		25,099			24,160
Net investment income		7,745			9,316
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments		—			(2,126	)
Net change in unrealized appreciation (depreciation) on investments		(14,131	)		(1,918	)
Net realized and unrealized gain (loss) on investments		(14,131	)		(4,044	)
Net increase (decrease) in members' equity resulting from operations	$	(6,386	)	$	5,272

———————————

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

5. FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

Level 1:	Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date.
Level 2:	Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument.
Level 3:	Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability.

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

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

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

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

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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

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

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

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

Asset Category ( in thousands)		Valuation Technique	Unobservable Input	Range of Input<br>(Weighted Average) (1)
First lien	29,807	Market Comparable	Broker/Dealer bids or quotes	N/A
First lien	455,972	Market Comparable	Market yield	4.0% - 27.3% (10.3%)
First lien	2,121	Enterprise Market Value	EBITDA multiple	7.9x - 8.3x (8.0x)
Second lien	14,825	Market Comparable	Market yield	13.2% - 15.3% (14.2%)
Second lien	3,411	Market Comparable	Broker/Dealer bids or quotes	N/A
Subordinated debt / corporate notes	205,654	Market Comparable	Market yield	8.5% - 25.0% (12.9%)
Equity	231,163	Enterprise Market Value	EBITDA multiple	1.1x - 18.0x (9.5x)
Total Level 3 investments	942,953
Debt Category ( in thousands)
Truist Credit Facility	295,464	Market Comparable	Market yield	5.5%

All values are in US Dollars.

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

Asset Category ( in thousands)		Valuation Technique	Unobservable Input	Range of Input<br>(Weighted Average) (1)
First lien	31,018	Market Comparable	Broker/Dealer bids or quotes	N/A
First lien	550,259	Market Comparable	Market yield	4.0% – 24.5% (10.1%)
First lien	1,096	Enterprise Market Value	EBITDA multiple	7.5x - 8.3x (8.1x)
Second lien	14,750	Market Comparable	Market yield	13.2% - 15.5% (14.3%)
Second lien	3,411	Market Comparable	Broker/Dealer bids or quotes	N/A
Subordinated debt / corporate notes	201,220	Market Comparable	Market yield	7.0% - 25.4% (13.2%)
Equity	286,210	Enterprise Market Value	EBITDA multiple	1.5x - 28.3x (9.4x)
Total Level 3 investments	1,087,964
Debt Category ( in thousands)
Truist Credit Facility	425,477	Market Comparable	Market yield	4.9%

All values are in US Dollars.

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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

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

	Fair value at <br>December 31, 2025
Description ($ in thousands)	Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value (1)
Debt investments	$	711,790	$	—	$	—	$	711,790	$	—
U.S. Government Securities(3)		209,485		—		209,485		—		—
Equity investments		297,199		—		—		231,163		66,036
Total investments		1,218,474		—		209,485		942,953		66,036
Cash equivalents		17,660		17,660		—		—		—
Total investments and cash equivalents	$	1,236,134	$	17,660	$	209,485	$	942,953	$	66,036
Truist Credit Facility	$	295,464	$	—	$	—	$	295,464	$	—
2026 Notes(2)		149,698		—		149,698		—		—
2026 Notes-2(2)		164,147		—		164,147		—		—
Total debt	$	609,309	$	—	$	313,845	$	295,464	$	—

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

	Fair Value at September 30, 2025
Description ($ in thousands)	Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value (1)
Debt investments	$	801,754	$	—	$	—	$	801,754	$	—
U.S. Government Securities(3)		124,788		—		124,788		—		—
Equity investments		360,731		—		—		286,210		74,521
Total investments		1,287,273		—		124,788		1,087,964		74,521
Cash equivalents		30,711		30,711		—		—		—
Total investments and cash equivalents	$	1,317,984	$	30,711	$	124,788	$	1,087,964	$	74,521
Truist Credit Facility	$	425,477	$	—	$	—	$	425,477	$	—
2026 Notes(2)		149,473		—		149,473		—		—
2026 Notes-2(2)		163,933		—		163,933		—		—
Total debt	$	738,883	$	—	$	313,406	$	425,477	$	—

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

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

	December 31, 2025
Description ($ in thousands)	Debt<br> investments			Equity<br> investments			Totals
Beginning balance	$	801,754		$	286,210		$	1,087,964
Net realized gain (loss)		(7,878	)		66,776			58,898
Net change in unrealized appreciation (depreciation)		3,791			(52,323	)		(48,532	)
Purchases, PIK interest, net discount accretion and non-cash exchanges		112,390			5,223			117,613
Sales, repayments and non-cash exchanges		(198,267	)		(74,723	)		(272,990	)
Transfers in/out of Level 3		—		—				—
Ending balance	$	711,790		$	231,163		$	942,953
Net change in unrealized appreciation reported within the net change in<br> unrealized appreciation on investments in our consolidated statements of operations<br> attributable to our Level 3 assets still held at the reporting date	$	(3,913	)	$	13,287		$	9,374

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

	December 31, 2024
Description ($ in thousands)	Debt<br> investments			Equity<br> investments			Totals
Beginning balance	$	916,796		$	235,573		$	1,152,369
Net realized gain (loss)		(3,075	)		563			(2,512	)
Net change in unrealized appreciation (depreciation)		(12,502	)		17,114			4,612
Purchases, PIK interest, net discount accretion and non-cash exchanges		281,958			6,713			288,671
Sales, repayments and non-cash exchanges		(352,059	)		(1,612	)		(353,671	)
Transfers in/out of Level 3		—		—				—
Ending balance	$	831,118		$	258,351		$	1,089,469
Net change in unrealized appreciation reported within the net change in<br> unrealized appreciation on investments in our consolidated statements of operations<br> attributable to our Level 3 assets still held at the reporting date	$	(13,385	)	$	17,999		$	4,614

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

	Three months ended December 31,
Long-Term Credit Facility	2025			2024
Beginning balance (cost – $426,456 and $461,456, respectively)	$	425,477		$	460,361
Net change in unrealized appreciation (depreciation) included in earnings		(13	)		(3,328	)
Borrowings (1)		30,000			55,000
Repayments (1)		(160,000	)		(52,000	)
Transfers in and/or out of Level 3		—			—
Ending balance (cost – $296,456 and $464,456, respectively)	$	295,464		$	460,033
Temporary draws outstanding, at cost		—			—
Ending balance (cost – $296,456 and $464,456, respectively)	$	295,464		$	460,033

Excludes temporary draws.

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

Foreign Currency	Amount Borrowed		Borrowing Cost		Current Value		Reset Date	Unrealized appreciation/<br>(depreciation)
British Pound	£	36,000	$	49,420	$	48,422	March 31, 2026	$	998
Canadian dollar		CAD 2,800	$	2,036	$	2,043	January 31, 2026	$	(6	)

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

Foreign Currency	Amount Borrowed		Borrowing Cost		Current Value		Reset Date	Unrealized appreciation/<br>(depreciation)
British Pound	£	36,000	$	49,420	$	48,465	December 31, 2025	$	955
Canadian dollar		CAD 2,800	$	2,036	$	2,012	October 29, 2025	$	24

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

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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

6. TRANSACTIONS WITH AFFILIATED COMPANIES

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

Name of Investment	Fair Value at September 30, 2025		Gross<br>Additions(1)		Gross<br>Reductions			Net Realized<br>Gains<br>(Losses)			Net Change in<br>Appreciation /<br>(Depreciation)			Fair Value at December 31, 2025		Interest<br>Income		PIK<br>Income		Dividend <br>Income
Controlled Affiliates
AKW Holdings Limited	$	88,646	$	4,547	$	(4,604	)	$	(184	)	$	13,016		$	101,421	$	1,235	$	—	$	—
Flock Financial, LLC		49,314		—		—			—			4,537		$	53,851		736		—		—
JF Intermediate, LLC<br> (JF Holdings Corp.)		68,332		—		(67,546	)		63,059			(63,845	)	$	—		—		—		—
Pragmatic Institute, LLC		10,875		—		(36	)		—			(1,527	)		9,312		—		—		—
PennantPark Senior Loan Fund, LLC (2)		207,800		—		—			—			(7,746	)		200,054		4,300		—		4,184
Total Controlled Affiliates	$	424,967	$	4,547	$	(72,186	)	$	62,875		$	(55,565	)	$	364,638	$	6,271	$	—	$	4,184
Non-Controlled Affiliates
Cascade Environmental Holdings, LLC	$	4,891	$	—	$	—		$	—		$	(3,140	)	$	1,751	$	—	$	—	$	—
Total Non-Controlled Affiliates	$	4,891	$	—	$	—		$	—		$	(3,140	)	$	1,751	$	—	$	—	$	—
Total Controlled and<br> Non-Controlled Affiliates	$	429,858	$	4,547	$	(72,186	)	$	62,875		$	(58,705	)	$	366,389	$	6,271	$	—	$	4,184

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

Name of Investment	Fair Value at September 30, 2024		Gross<br>Additions(1)		Gross<br>Reductions			Net Realized<br>Gains<br>(Losses)		Net Change in<br>Appreciation /<br>(Depreciation)			Fair Value at December 31, 2024		Interest<br>Income		PIK<br>Income		Dividend Income
Controlled Affiliates
AKW Holdings Limited	$	60,798	$	—	$	—		$	—	$	(3,755	)	$	57,043	$	1,592	$	—	$	—
Flock Financial, LLC		48,839		823		—			—		—			49,662		—		823		—
JF Intermediate, LLC<br> (JF Holdings Corp.)		90,858		49		(125	)		—		35,502			126,284		1,428		—		—
PennantPark Senior Loan Fund, LLC (2)		183,809		26,250		—			—		(1,843	)		208,216		4,235		—		4,851
Total Controlled Affiliates	$	384,304	$	27,122	$	(125	)	$	—	$	29,904		$	441,205	$	7,255	$	823	$	4,851
Non-Controlled Affiliates
Cascade Environmental Holdings, LLC	$	29,262	$	—	$	—		$	—	$	(19,945	)	$	9,317	$	—	$	—	$	—
Walker Edison Furniture Company LLC (4)		4,161		375		—			—		(2,821	)		1,715		—		—		—
Total Non-Controlled Affiliates	$	33,423	$	375	$	—		$	—	$	(22,766	)	$	11,032	$	—	$	—	$	—
Total Controlled and<br> Non-Controlled Affiliates	$	417,727	$	27,497	$	(125	)	$	—	$	7,138		$	452,237	$	7,255	$	823	$	4,851

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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

7. CHANGE IN NET ASSETS FROM OPERATIONS PER COMMON SHARE

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

	Three Months Ended December 31,
	2025		2024
Numerator for net increase (decrease) in net assets resulting from operations	$	8,955	$	16,084
Denominator for basic and diluted weighted average shares		65,296,094		65,296,094
Basic and diluted net increase (decrease) in net assets per share resulting from operations	$	0.14	$	0.25

8. CASH AND CASH EQUIVALENTS

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

9. FINANCIAL HIGHLIGHTS

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

	Three Months Ended December 31,
	2025			2024
Per Share Data:
Net asset value, beginning of period	$	7.11		$	7.56
Net investment income (1)		0.11			0.20
Net change in realized and unrealized gain (loss) (1)		0.03			0.05
Net increase (decrease) in net assets resulting from operations (1)		0.14			0.25
Distributions to stockholders (1), (2)		(0.24	)		(0.24	)
Net asset value, end of period (8)	$	7.00		$	7.57
Per share market value, end of period	$	5.96		$	7.08
Total return* (3)		(7.65	)%		4.86	%
Shares outstanding at end of period		65,296,094			65,296,094
Ratios** / Supplemental Data:
Ratio of operating expenses to average net assets (4)		5.10	%		7.69	%
Ratio of debt related expenses to average net assets (5)		9.95	%		9.53	%
Ratio of total expenses to average net assets (5)		15.05	%		17.22	%
Ratio of net investment income to average net assets (5)		8.59	%		10.55	%
Net assets at end of period	$	457,234		$	494,321
Weighted average debt outstanding	$	722,974		$	753,927
Weighted average debt per share (1)	$	11.07		$	11.55
Asset coverage per unit (6)	$	1,749		$	1,638
Portfolio turnover ratio* (7)		10.30	%		24.90	%

* Not annualized for periods less than one year.

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

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

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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

10. DEBT

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

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

Truist Credit Facility

As of December 31, 2025, we increased the availability under the multi-currency Truist Credit Facility for up to $535 million (increased from $500 million in December 2025), which may be further increased up to $750.0 million in borrowings with certain lenders and Truist Bank, acting as administrative agent, Regions Bank, acting as an additional multicurrency lender, and JPMorgan Chase Bank, N.A., acting as syndication agent for the lenders. As of December 31, 2025 and September 30, 2025, we had $296.5 million and $426.5 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 5.8% and 6.5%, respectively, exclusive of the fee on undrawn commitment, as of December 31, 2025 and September 30, 2025. The Truist Credit Facility was amended in December 2025. This amended revolving facility has a stated maturity date of December 11, 2030 and decreased pricing to SOFR plus

210

basis points from SOFR plus

235

basis points (or an alternative risk-free floating interest rate index). As of December 31, 2025 and September 30, 2025, we had $238.5 million and $73.5 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions. The Truist Credit Facility is secured by substantially all of our assets. As of December 31, 2025, we were in compliance with the terms of the Truist Credit Facility.

2026 Notes

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

2026 Notes-2

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

11. COMMITMENTS AND CONTINGENCIES

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

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

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued

DECEMBER 31, 2025

12. UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES

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

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

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

AKW Holdings Limited:

	Three Months Ended December 31,
Income Statement	2025		2024
Total revenue	$	24,171	$	21,020
Total expenses		23,741		22,292
Net income (loss)	$	430	$	(1,272	)

13. SEGMENT REPORTING

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

14. SUBSEQUENT EVENTS

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

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of

PennantPark Investment Corporation and its Subsidiaries

Results of Review of Interim Financial Statements

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

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

Basis for Review Results

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

/s/ RSM US LLP

New York, New York

February 9, 2026

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

FORWARD-LOOKING STATEMENTS

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

our future operating results;
our business prospects and the prospects of our prospective portfolio companies;
changes in political, economic or industry conditions, such as impact of the ongoing invasion of Ukraine by Russia and other world economic and political issues, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets;
U.S. trade policy developments, tariffs and other trade restrictions;
the dependence of our future success on the general economy and its impact on the industries in which we invest;
the impact of a protracted decline in the liquidity of credit markets on our business;
the impact of investments that we expect to make;
the impact of fluctuations in interest rates and foreign exchange rates on our business and our portfolio companies;
our contractual arrangements and relationships with third parties;
the valuation of our investments in portfolio companies, particularly those having no liquid trading market;
the ability of our prospective portfolio companies to achieve their objectives;
our expected financings and investments;
the adequacy of our cash resources and working capital;
the timing of cash flows, if any, from the operations of our prospective portfolio companies;
the impact of price and volume fluctuations in the stock market;
increasing levels of inflation, and its impact on us and our portfolio companies;
the ability of our Investment Adviser to locate suitable investments for us and to monitor and administer our investments;
the impact of future legislation and regulation on our business and our portfolio companies; and
the inability to develop and maintain effective internal control over financial reporting.

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

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

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

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

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

Overview

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

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

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

Organization and Structure of PennantPark Investment Corporation

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

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

Revenues

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

Expenses

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

the cost of calculating our net asset value, including the cost of any third-party valuation services;
the cost of effecting sales and repurchases of shares of our common stock and other securities;
fees payable to third parties relating to, or associated with, making investments, including fees and expenses associated with performing due diligence and reviews of prospective investments or complementary businesses;
expenses incurred by the Investment Adviser payable to third parties, including agents, consultants or other advisors, in monitoring our financial and legal affairs for the Company and in monitoring the Company's investments; and performing due diligence (including related legal expenses) on its prospective portfolio companies and expenses related to unsuccessful portfolio acquisition efforts;
transfer agent and custodial fees;
fees and expenses associated with marketing efforts;
federal and state registration fees and any exchange listing fees;
federal, state, local and foreign taxes;
independent directors’ fees and expenses;
brokerage commissions;
fidelity bond, directors and officers, errors and omissions liability insurance and other insurance premiums;
direct costs such as printing, mailing, long distance telephone and staff;
fees and expenses associated with independent audits and outside legal costs;
costs associated with our reporting and compliance obligations under the 1940 Act, and applicable federal and state securities laws; and
all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under our Administration Agreement that will be based upon our allocable portion of overhead, and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, and their respective staffs.

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

PORTFOLIO AND INVESTMENT ACTIVITY

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

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

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

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

PennantPark Senior Loan Fund, LLC

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

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

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

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

At-the-Market Offering

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

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

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

Investment Valuations

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

Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Investment Adviser responsible for the portfolio investment;
Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser;
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;
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
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.

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

Level 1:	Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date.
Level 2:	Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument.
Level 3:	Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability.

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

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

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

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

Revenue Recognition

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

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

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

Foreign Currency Translation

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

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

Payment-in-Kind, or PIK Interest

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

Federal Income Taxes

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

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

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

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

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

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

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

RESULTS OF OPERATIONS

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

Investment Income

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

Expenses

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

Net Investment Income

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

Net Realized Gains or Losses

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

Unrealized Appreciation or Depreciation on Investments and Debt

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

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

Net Change in Net Assets Resulting from Operations

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

LIQUIDITY AND CAPITAL RESOURCES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

PennantPark Senior Loan Fund, LLC

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.

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<br> Coupon	Basis Point<br>Spread Above<br>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
Issuer Name	Acquisition	Maturity	Industry	Current<br> Coupon	Basis Point<br>Spread Above<br>Index (1)	Par		Cost		Fair Value (2)
---	---	---	---	---	---	---	---	---	---	---	---
DX Electric Company, LLC	12/25/25	10/01/31	Electronic Equipment, Instruments and Components	8.92%	SOFR+525		7,046		6,999		6,994
Duggal Acquisition, LLC	12/23/24	09/30/30	Marketing Services	8.42%	SOFR+475		4,938		4,899		4,938
Dynata, LLC - First Out Term Loan	07/15/24	07/17/28	Business Services	9.14%	SOFR+576		1,568		1,489		1,553
Dynata, LLC - Last Out Term Loan	07/15/24	10/16/28	Business Services	9.64%	SOFR+576		9,646		9,646		5,848
EDS Buyer, LLC	07/24/23	01/10/29	Aerospace and Defense	8.17%	SOFR+450		23,124		22,885		23,182
ETE Intermediate II, LLC	07/24/23	05/29/29	Personal, Food and Miscellaneous Services	8.72%	SOFR+500		12,093		11,941		12,093
Emergency Care Partners, LLC	12/23/24	10/18/27	Healthcare, Education and Childcare	8.67%	SOFR+500		6,913		6,880		6,913
EvAL Home Care Solutions Intermediate, LLC	07/23/24	05/10/30	Healthcare, Education and Childcare	9.47%	SOFR+575		6,881		6,801		6,881
Exigo Intermediate II, LLC	07/24/23	03/15/27	Business Services	10.07%	SOFR+635		9,551		9,499		9,503
Five Star Buyer, Inc.	07/24/23	02/23/28	Hotels, Motels, Inns and Gaming	12.98%	SOFR+925		4,128		4,089		4,025
GGG Midco, LLC	12/16/24	09/27/30	Home and Office Furnishings, Housewares and Durable Consumer Products	8.67%	SOFR+500		15,096		14,992		15,096
Global Holdings InterCo, LLC	03/02/22	03/16/26	Banking, Finance, Insurance & Real Estate	9.33%			6,290		6,287		6,290
Graffiti Buyer, Inc.	03/02/22	08/10/27	Distribution	9.42%	SOFR+560		3,951		3,923		3,862
HEC Purchaser Corp.	09/16/24	06/17/29	Healthcare, Education and Childcare	8.87%	SOFR+500		12,599		12,530		12,599
HV Watterson Holdings, LLC (4)	09/09/22	12/17/26	Business Services				15,523		15,449		4,936
HW Holdco, LLC	03/02/22	05/10/26	Media	9.80%	SOFR+590		23,121		23,082		23,121
Hancock Roofing And Construction, LLC	03/02/22	12/31/26	Insurance	9.27%	SOFR+560		6,029		6,029		5,727
Harris & Co, LLC	12/20/24	08/09/30	Financial Services	8.72%	SOFR+500		19,134		18,950		18,990
Hills Distribution, Inc.	02/13/24	11/08/29	Distribution	9.19%	SOFR+550		14,409		14,347		14,264
IG Investments Holdings, LLC	03/02/22	09/22/28	Business Services	8.84%	SOFR+500		4,339		4,298		4,317
Imagine Acquisitionco, Inc.	07/24/23	11/15/27	Business Services	8.98%	SOFR+510		5,438		5,393		5,438
Impact Advisors, LLC	12/10/25	03/19/32	Health Care Technology	8.17%	SOFR+450		7,940		7,940		7,940
Infinity Home Services Holdco, Inc.	02/07/23	12/28/28	Personal, Food and Miscellaneous Services	9.67%	SOFR+600		13,714		13,598		13,714
Infolinks Media Buyco, LLC	07/24/23	11/01/26	Media	9.42%	SOFR+575		13,043		13,011		12,651
Inovex Information Systems Incorporated	03/04/25	12/17/30	Business Services	8.92%	SOFR+525		5,940		5,903		5,940
Inventus Power, Inc.	10/10/23	01/15/26	Consumer Products	11.33%	SOFR+761		12,935		12,932		12,935
Kinetic Purchaser, LLC	07/24/23	11/10/27	Consumer Products	9.82%	SOFR+615		13,701		13,599		11,132
LAV Gear Holdings, Inc. - Takeback TL	07/31/25	07/31/29	Leisure, Amusement, Motion Pictures, Entertainment	9.65%	SOFR+594		2,310		2,310		2,310
LAV Gear Holdings, Inc. - Priority TL	07/31/25	07/31/29	Leisure, Amusement, Motion Pictures, Entertainment	9.65%	SOFR+594		733		725		891
Lash OpCo, LLC	03/02/22	02/18/27	Consumer Products	10.94%	SOFR+710		21,806		21,754		21,260
Lightspeed Buyer, Inc.	03/02/22	02/03/27	Healthcare, Education and Childcare	8.42%	SOFR+475		20,065		19,982		20,065
LJ Avalon Holdings, LLC	07/24/23	02/01/30	Environmental Services	8.46%	SOFR+450		12,251		12,167		12,251
MAG DS Corp.	03/02/22	04/01/27	Aerospace and Defense	9.27%	SOFR+560		8,153		7,952		8,109
MDI Buyer, Inc.	12/20/24	07/25/28	Chemicals, Plastics and Rubber	8.57%	SOFR+475		19,677		19,529		19,677
Marketplace Events Acquisition, LLC	03/04/25	12/19/30	Media	9.12%	SOFR+525		19,850		19,684		19,850
MBS Holdings, Inc.	03/02/22	04/16/27	Telecommunications	8.92%	SOFR+510		8,223		8,182		8,223
Meadowlark Acquirer, LLC	04/01/22	12/10/27	Business Services	9.32%	SOFR+565		2,885		2,861		2,885
Medina Health, LLC	01/18/24	10/20/28	Healthcare, Education and Childcare	9.92%	SOFR+625		19,423		19,317		19,423
Megawatt Acquisitionco, Inc.	07/17/24	03/01/30	Business Services	9.17%	SOFR+550		7,860		7,774		7,860
MOREgroup Holdings, Inc.	08/29/24	01/16/30	Business Services	8.92%	SOFR+525		19,650		19,433		19,650
Municipal Emergency Services, Inc.	03/02/22	10/01/27	Distribution	8.42%	SOFR+475		9,550		9,496		9,550
NBH Group, LLC	03/02/22	08/19/26	Healthcare, Education and Childcare	9.71%	SOFR+585		7,162		7,145		7,162
NORA Acquisition, LLC	11/21/23	08/31/29	Healthcare, Education and Childcare	10.02%	SOFR+635		20,039		19,822		19,438
North American Rail Solutions	12/25/25	08/29/31	Road and Rail	8.42%			10,000		9,958		9,950
OSP Embedded Purchaser, LLC	01/17/25	12/17/29	Aerospace and Defense	9.42%	SOFR+575		18,879		18,753		17,897
Omnia Exterior Solutions, LLC	07/25/24	12/29/29	Diversified Conglomerate Service	8.92%	SOFR+525		17,945		17,743		17,721
One Stop Mailing, LLC	06/07/23	05/07/27	Transportation	10.08%	SOFR+636		8,227		8,161		8,227
PCS Midco, Inc.	08/29/24	03/01/30	Financial Services	9.42%	SOFR+575		5,739		5,678		5,767
PN Buyer, Inc.	10/09/25	07/31/31	Financial Services	8.17%	SOFR+450		3,556		3,538		3,538
Pacific Purchaser, LLC	03/21/24	10/02/28	Business Services	9.85%	SOFR+625		12,773		12,613		12,466
PAR Excellence Holdings, Inc.	11/26/24	09/03/30	Healthcare, Education and Childcare	8.77%	SOFR+500		9,900		9,823		9,727
PD Tri-State Holdco, LLC	12/25/25	10/14/30	Diversified Conglomerate Service	8.92%	SOFR+525		2,970		2,946		2,952
Paving Lessor Corp. First Lien -Term Loan	10/24/25	07/01/31	Commercial Services and Supplies	8.94%	SOFR+525		6,914		6,862		6,879
Pink Lily Holdco, LLC (4)	04/01/22	11/09/27	Retail	4.27%			8,913		8,699		1,114
Project Granite Buyer, Inc.	07/21/25	12/31/30	Business Services	9.42%	SOFR+575		5,940		5,889		5,999
Puget Collision, LLC	12/24/25	10/02/31	Auto Sector	8.42%	SOFR+475		10,000		9,945		9,938
RRA Corporate, LLC	12/23/24	08/15/29	Business Services	8.92%	SOFR+525		3,960		3,930		3,837
RTIC Subsidiary Holdings, LLC	07/23/24	05/03/29	Consumer Products	9.42%	SOFR+575		24,637		24,318		24,391
Radius Aerospace, Inc.	11/06/19	03/29/27	Aerospace and Defense	9.82%	SOFR+615		11,780		11,717		11,545
Rancho Health MSO, Inc.	03/02/22	06/20/29	Healthcare, Education and Childcare	8.99%	SOFR+500		22,629		22,561		22,629
Recteq, LLC	06/26/24	01/29/26	Consumer Products	10.07%	SOFR+640		9,525		9,521		9,525
Issuer Name	Acquisition	Maturity		Industry	Current<br> Coupon		Basis Point<br>Spread Above<br>Index (1)		Par		Cost		Fair Value (2)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Riverpoint Medical, LLC	03/02/22	06/21/27		Healthcare, Education and Childcare	8.17%		SOFR+450			3,711		3,683		3,711
Ro Health, LLC	04/03/25	01/17/31		Healthcare Providers & Services	8.17%					9,308		9,250		9,308
Rosco Parent, LLC	12/24/25	09/12/31		Auto Sector	8.42%		SOFR+475			5,154		5,119		5,115
Rural Sourcing Holdings, Inc.	07/24/23	06/16/29		Professional Services	9.85%		SOFR+625			5,493		5,431		4,944
Sabel Systems Technology Solutions, LLC	01/07/25	10/31/30		Business Services	9.72%		SOFR+600			11,880		11,784		11,880
Sales Benchmark Index, LLC	03/02/22	07/07/26		Business Services	9.87%		SOFR+620			6,597		6,582		6,597
Sath Industries, LLC	12/10/25	12/17/29		Building Products	9.17%		SOFR+550			11,360		11,360		11,360
Seacoast Service Partners NA, LLC	07/21/25	12/20/29		Diversified Conglomerate Service	8.92%		SOFR+525			4,950		4,916		4,722
Seaway Buyer, LLC	09/14/22	06/13/29		Chemicals, Plastics and Rubber	9.82%		SOFR+615			14,513		14,369		13,859
Sigma Defense Systems, LLC	12/01/23	12/20/27		Telecommunications	10.62%		SOFR+690			26,831		26,686		26,563
SpendMend Holdings, LLC	07/24/23	03/01/28		Business Services	9.15%		SOFR+515			10,578		10,442		10,578
STG Distribution, LLC - First Out New Money Term Loans (4)	10/03/24	10/03/29		Transportation						1,998		1,907		1,698
STG Distribution, LLC - Second Out Term Loans (4)	10/03/24	10/03/29		Transportation						4,617		2,593		346
SV-Aero Holdings, LLC	10/31/24	11/01/30		Aerospace and Defense	8.67%		SOFR+500			14,625		14,563		14,625
Systems Planning And Analysis, Inc.	03/02/22	08/16/27		Aerospace and Defense	8.42%		SOFR+475			16,878		16,785		16,827
TCG 3.0 Jogger Acquisitionco, Inc.	02/27/24	01/23/29		Media	10.17%		SOFR+650			9,825		9,713		9,678
TMII Enterprises, LLC	07/24/23	12/22/28		Personal, Food and Miscellaneous Services	8.22%		SOFR+450			19,827		19,654		19,827
TPC US Parent, LLC	03/02/22	11/24/25		Food	9.89%		SOFR+590			11,246		11,240		11,235
Team Services Group, LLC	07/24/23	12/20/27		Healthcare, Education and Childcare	9.09%		SOFR+525			9,563		9,427		9,523
The Bluebird Group, LLC	03/02/22	07/28/26		Business Services	9.57%		SOFR+590			14,769		14,741		14,769
The Vertex Companies, LLC	03/02/22	08/31/28		Business Services	8.75%		SOFR+475			14,443		14,364		14,356
Transgo, LLC	06/07/24	12/29/28		Auto Sector	9.47%		SOFR+575			16,312		16,174		16,312
Tyto Athene, LLC	03/02/22	04/01/28		Aerospace and Defense	8.88%		SOFR+490			11,342		11,280		10,888
Watchtower Buyer, LLC	09/19/24	12/01/29		Consumer Products	9.67%		SOFR+600			23,055		22,867		23,058
Wash & Wax Systems, LLC	04/30/25	04/30/28		Business Services	9.34%		SOFR+550			6,577		6,676		6,708
Total First Lien Secured Debt												1,382,302		1,347,821
Subordinated Debt - 4.1% of Net Assets
Wash & Wax Systems, LLC - Subordinate Debt	04/30/25	07/30/28		Business Services	12.00%					4,406		4,406		4,406
Total Subordinated Debt										4,406		4,406		4,406
Equity Securities - 4.8% of Net Assets
New Insight Holdings, Inc. - Common Equity	07/15/24		—	Business Services		—		—		134,330		2,351		1,530
48Forty Intermediate Holdings, Inc. - Common Equity	11/05/24		—	Containers, Packaging and Glass		—		—		1,988		—		—
Wash & Wax Group, LP - Common Equity	04/30/25		—	Business Services		—		—		2,803		5,002		3,505
White Tiger Newco, LLC - Common Equity	07/31/25		—	Business Services		—		—		10,805		824		80
Total Equity Securities												8,177		5,115
Total Investments - 1,267.0% of Net Assets(3)(5)												1,394,885		1,357,342
Cash Equivalents - 19.51% of Net Assets
JPMorgan U.S. Government (Money Market Fund)					3.61%							6,054		6,054
Goldman Sachs Financial Square Government Fund (Money Market Fund)					3.71%							12,264		12,264
BlackRock Federal FD Institutional 81 (Money Market Fund)					3.69%							2,586		2,586
Total Cash Equivalents												20,904		20,904
Cash - 22.54% of Net Assets
Cash												24,148		24,148
Total Cash												24,148		24,148
Total Investments, Cash Equivalents and Cash -											$	1,439,937	$	1,402,394
Liabilities in Excess of Other Assets — (1208.9)% of Net Assets														(1,295,254	)
Members' Equity—100.0%													$	107,140

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

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

Issuer Name	Acquisition	Maturity	Industry	Current<br> Coupon	Basis Point<br>Spread Above<br>Index (1)	Par		Cost		Fair Value (2)
First Lien Secured Debt - 1,035.8% of Net Assets
ACP Avenu Buyer, LLC	04/23/24	10/02/29	Business Services	9.04%	SOFR+475		7,590	$	7,474	$	7,514
Acp Falcon Buyer, Inc.	10/06/23	08/01/29	Business Services	9.79%	SOFR+550		15,196		14,963		15,348
AFC-Dell Holding Corp.	02/23/24	04/09/27	Distribution	9.83%	SOFR+550		16,181		16,072		16,100
Ad.Net Acquisition, LLC	03/02/22	05/07/26	Media	10.26%	SOFR+626		4,788		4,788		4,788
Aechelon Technology, Inc.	12/23/24	08/16/29	Aerospace and Defense	9.91%	SOFR+575		4,800		4,718		4,800
Alpine Acquisition Corp II (4), (7)	10/12/22	11/30/26	Containers, Packaging and Glass				15,185		15,056		7,896
Amsive Holdings Corporation	03/02/22	12/10/26	Media	10.35%	SOFR+635		13,805		13,745		13,667
Anteriad, LLC (f/k/a MeritDirect, LLC)	03/02/22	06/30/26	Media	9.90%	SOFR+590		13,837		13,803		13,837
Arcfield Acquisition Corp.	07/26/22	10/28/31	Aerospace and Defense	9.31%	SOFR+500		14,888		14,867		14,813
Archer Lewis, LLC	12/20/24	08/28/29	Healthcare, Education and Childcare	9.75%	SOFR+575		15,581		15,426		15,581
Argano, LLC	12/16/24	09/13/29	Business Services	9.89%	SOFR+575		14,850		14,730		14,628
BLC Holding Company, INC.	02/24/25	11/20/30	Environmental Services	8.50%	SOFR+450		12,013		11,942		12,013
Beacon Behavioral Support Services, LLC	09/16/24	06/21/29	Healthcare, Education and Childcare	9.50%	SOFR+550		24,607		24,305		24,607
Best Practice Associates, LLC	01/21/25	11/08/29	Aerospace and Defense	10.91%	SOFR+675		19,850		19,606		19,701
Beta Plus Technologies, Inc.	08/11/22	07/02/29	Business Services	9.75%	SOFR+575		14,550		14,375		14,405
Big Top Holdings, LLC	06/26/24	02/28/30	Manufacturing / Basic Industries	9.25%	SOFR+525		6,626		6,531		6,626
Bioderm, Inc.	06/26/24	01/31/28	Healthcare, Education and Childcare	10.77%	SOFR+650		8,798		8,726		8,688
Blackhawk Industrial Distribution, Inc.	07/24/23	09/17/26	Distribution	9.40%	SOFR+540		25,244		25,052		24,802
Boss Industries, LLC	07/21/25	12/27/30	Conglomerate Manufacturing	9.00%	SOFR+500		5,955		5,916		5,955
Burgess Point Purchaser Corporation	10/03/22	07/25/29	Auto Sector	9.51%	SOFR+535		6,186		5,926		5,348
C5MI Acquisition, LLC	10/09/24	07/31/29	Business Services	10.00%	SOFR+600		7,425		7,334		7,425
CF512, Inc.	12/29/21	08/20/26	Media	10.36%	SOFR+619		9,042		8,983		8,952
Carisk Buyer, Inc.	02/09/24	12/01/29	Healthcare, Education and Childcare	9.00%	SOFR+500		11,370		11,276		11,370
Carnegie Dartlet, LLC	06/26/24	02/07/30	Education	9.66%	SOFR+550		22,655		22,360		22,428
Cartessa Aesthetics, LLC	09/09/22	06/14/28	Distribution	10.00%	SOFR+600		21,880		21,708		21,880
Case Works, LLC	11/26/24	10/01/29	Business Services	9.25%	SOFR+525		10,436		10,366		9,966
Commercial Fire Protection Holdings, LLC	12/16/24	09/23/30	Business Services	8.50%	SOFR+450		20,831		20,730		20,831
Compex Legal Services, Inc.	12/23/24	02/09/26	Business Services	9.55%	SOFR+555		931		931		931
Confluent Health, LLC	12/23/24	11/30/28	Healthcare, Education and Childcare	11.66%	SOFR+750		1,950		1,950		1,940
CJX Borrower, LLC	08/12/22	07/13/27	Media	10.08%	SOFR+576		8,624		8,614		8,624
Crane 1 Services, Inc.	07/24/23	08/16/27	Personal, Food and Miscellaneous Services	10.03%	SOFR+586		5,271		5,243		5,232
DRI Holding Inc.	08/04/22	12/21/28	Media	9.51%	SOFR+535		5,770		5,442		5,655
DRS Holdings III, Inc.	03/02/22	11/03/25	Consumer Products	9.41%	SOFR+525		4,478		4,478		4,523
Duggal Acquisition, LLC	12/23/24	09/30/30	Marketing Services	8.75%	SOFR+475		4,950		4,910		4,950
Dynata, LLC - First Out Term Loan	07/15/24	07/17/28	Business Services	9.46%	SOFR+526		1,572		1,486		1,565
Dynata, LLC - Last Out Term Loan	07/15/24	10/16/28	Business Services	9.96%	SOFR+576		9,670		9,670		7,873
EDS Buyer, LLC	07/24/23	01/10/29	Aerospace and Defense	8.75%	SOFR+475		23,169		22,915		23,227
ETE Intermediate II, LLC	07/24/23	05/29/29	Personal, Food and Miscellaneous Services	9.16%	SOFR+500		12,124		11,963		12,124
Emergency Care Partners, LLC	12/23/24	10/18/27	Healthcare, Education and Childcare	9.00%	SOFR+500		6,930		6,895		6,930
EvAL Home Care Solutions Intermediate, LLC	07/23/24	05/10/30	Healthcare, Education and Childcare	9.91%	SOFR+575		7,040		6,955		7,040
Exigo Intermediate II, LLC	07/24/23	03/15/27	Business Services	10.51%	SOFR+635		9,551		9,491		9,551
Five Star Buyer, Inc.	07/24/23	02/23/28	Hotels, Motels, Inns and Gaming	13.35%	SOFR+915		4,140		4,096		4,057
GGG Midco, LLC	12/16/24	09/27/30	Home and Office Furnishings, Housewares and Durable Consumer Products	9.00%	SOFR+500		12,485		12,377		12,485
Global Holdings InterCo, LLC	03/02/22	03/16/26	Banking, Finance, Insurance & Real Estate	9.74%	SOFR+560		6,593		6,589		6,593
Graffiti Buyer, Inc.	03/02/22	08/10/27	Distribution	9.80%	SOFR+560		3,959		3,928		3,880
HEC Purchaser Corp.	09/16/24	06/17/29	Healthcare, Education and Childcare	8.87%	SOFR+500		7,798		7,723		7,798
HV Watterson Holdings, LLC (4)	09/09/22	12/17/26	Business Services	8.00%			15,570		15,496		8,548
HW Holdco, LLC	03/02/22	05/10/26	Media	9.90%	SOFR+590		23,593		23,537		23,593
Hancock Roofing And Construction, LLC	03/02/22	12/31/26	Insurance	9.60%	SOFR+550		6,029		6,029		5,968
Harris & Co, LLC	12/20/24	08/09/30	Financial Services	9.16%	SOFR+500		19,182		18,995		19,015
Hills Distribution, Inc.	02/13/24	11/08/29	Distribution	10.32%	SOFR+600		14,148		13,992		14,148
IG Investments Holdings, LLC	03/02/22	09/22/28	Business Services	9.31%	SOFR+500		4,350		4,305		4,328
Imagine Acquisitionco, Inc.	07/24/23	11/15/27	Business Services	9.29%	SOFR+510		5,452		5,402		5,452
Infinity Home Services Holdco, Inc.	02/07/23	12/28/28	Personal, Food and Miscellaneous Services	10.16%	SOFR+600		13,749		13,622		13,749
Infolinks Media Buyco, LLC	07/24/23	11/01/26	Media	9.50%	SOFR+550		13,046		13,007		12,981
Inovex Information Systems Incorporated	03/04/25	12/17/30	Business Services	9.25%	SOFR+525		5,955		5,918		5,955
Inventus Power, Inc.	10/10/23	01/15/26	Consumer Products	11.78%	SOFR+761		12,968		12,934		12,968
Kinetic Purchaser, LLC	07/24/23	11/10/27	Consumer Products	10.15%	SOFR+615		13,701		13,590		11,646
LAV Gear Holdings, Inc. - Takeback TL	07/31/25	07/31/29	Leisure, Amusement, Motion Pictures, Entertainment	10.10%	SOFR+594		2,295		2,295		2,295
Issuer Name	Acquisition	Maturity		Industry	Current<br> Coupon		Basis Point<br>Spread Above<br>Index (1)		Par		Cost		Fair Value (2)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
LAV Gear Holdings, Inc. - Priority TL	07/31/25	07/31/29		Leisure, Amusement, Motion Pictures, Entertainment	10.10%		SOFR+594			729		720		898
Lash OpCo, LLC	03/02/22	02/18/27		Consumer Products	12.16%		SOFR+785			21,525		21,466		20,987
Lightspeed Buyer, Inc.	03/02/22	02/03/27		Healthcare, Education and Childcare	8.75%		SOFR+475			20,115		20,017		20,115
LJ Avalon Holdings, LLC	07/24/23	02/01/30		Environmental Services	8.77%		SOFR+450			7,636		7,550		7,636
MAG DS Corp.	03/02/22	04/01/27		Aerospace and Defense	9.60%		SOFR+560			8,175		7,939		8,142
MDI Buyer, Inc.	12/20/24	07/25/28		Chemicals, Plastics and Rubber	8.95%		SOFR+475			19,728		19,568		19,728
Marketplace Events Acquisition, LLC	03/04/25	12/19/30		Media	9.12%		SOFR+525			19,900		19,727		19,900
MBS Holdings, Inc.	03/02/22	04/16/27		Telecommunications	9.30%		SOFR+510			8,244		8,197		8,244
Meadowlark Acquirer, LLC	04/01/22	12/10/27		Business Services	9.65%		SOFR+565			2,893		2,865		2,893
Medina Health, LLC	01/18/24	10/20/28		Healthcare, Education and Childcare	10.25%		SOFR+625			19,423		19,311		19,520
Megawatt Acquisitionco, Inc.	07/17/24	03/01/30		Business Services	9.25%		SOFR+525			7,880		7,788		7,502
MOREgroup Holdings, Inc.	08/29/24	01/16/30		Business Services	9.25%		SOFR+525			19,700		19,472		19,700
Municipal Emergency Services, Inc.	03/02/22	10/01/27		Distribution	9.15%		SOFR+515			9,575		9,512		9,575
NBH Group, LLC	03/02/22	08/19/26		Healthcare, Education and Childcare	10.12%		SOFR+585			7,180		7,159		7,180
NORA Acquisition, LLC	11/21/23	08/31/29		Healthcare, Education and Childcare	10.35%		SOFR+635			20,090		19,860		19,939
OSP Embedded Purchaser, LLC	01/17/25	12/17/29		Aerospace and Defense	9.76%		SOFR+575			18,926		18,793		18,661
Omnia Exterior Solutions, LLC	07/25/24	12/29/29		Diversified Conglomerate Service	9.26%		SOFR+525			17,982		17,766		17,622
One Stop Mailing, LLC	06/07/23	05/07/27		Transportation	10.53%		SOFR+636			8,274		8,199		8,274
PCS Midco, Inc.	08/29/24	03/01/30		Financial Services	9.75%		SOFR+575			5,753		5,688		5,753
Pink Lily Holdco, LLC (5)	04/01/22	11/09/27		Retail	4.27%					8,761		8,699		3,504
Pacific Purchaser, LLC	03/21/24	10/02/28		Business Services	10.42%		SOFR+625			12,773		12,602		12,721
PAR Excellence Holdings, Inc.	11/26/24	09/03/30		Healthcare, Education and Childcare	9.17%		SOFR+500			9,925		9,842		9,751
Project Granite Buyer, Inc.	07/21/25	12/31/30		Business Services	9.75%		SOFR+575			5,955		5,903		6,015
RRA Corporate, LLC	12/23/24	08/15/29		Business Services	9.25%		SOFR+525			3,960		3,930		3,936
RTIC Subsidiary Holdings, LLC	07/23/24	05/03/29		Consumer Products	9.75%		SOFR+575			24,700		24,365		24,453
Radius Aerospace, Inc.	11/06/19	03/29/27		Aerospace and Defense	10.45%		SOFR+615			11,780		11,714		11,515
Rancho Health MSO, Inc.	03/02/22	06/20/29		Healthcare, Education and Childcare	9.29%		SOFR+500			22,704		22,631		22,704
Recteq, LLC	06/26/24	01/29/26		Consumer Products	10.40%		SOFR+640			9,550		9,537		9,526
Riverpoint Medical, LLC	03/02/22	06/21/27		Healthcare, Education and Childcare	8.75%		SOFR+475			3,891		3,861		3,891
Ro Health, LLC	04/03/25	01/17/31		Healthcare Providers & Services	8.50%		SOFR+450			9,308		9,249		9,308
Rural Sourcing Holdings, Inc.	07/24/23	06/16/29		Professional Services	9.92%		SOFR+575			5,435		5,367		4,891
Sabel Systems Technology Solutions, LLC	01/07/25	10/31/30		Business Services	9.91%		SOFR+575			11,910		11,813		11,910
Sales Benchmark Index, LLC	03/02/22	07/07/26		Business Services	10.20%		SOFR+620			6,617		6,597		6,617
Seacoast Service Partners NA, LLC	07/21/25	12/20/29		Diversified Conglomerate Service	9.00%		SOFR+500			4,963		4,926		4,759
Seaway Buyer, LLC	09/14/22	06/13/29		Chemicals, Plastics and Rubber	10.15%		SOFR+615			14,550		14,394		13,568
Sigma Defense Systems, LLC	12/01/23	12/20/27		Telecommunications	10.31%		SOFR+615			23,904		23,741		23,904
SpendMend Holdings, LLC	07/24/23	03/01/28		Business Services	9.15%		SOFR+515			9,412		9,261		9,412
STG Distribution, LLC - First Out New Money Term Loans	10/03/24	10/03/29		Transportation	12.57%		SOFR+835			1,986		1,895		1,768
STG Distribution, LLC - Second Out Term Loans (5)	10/03/24	10/03/29		Transportation	5.32%					4,566		2,594		365
SV-Aero Holdings, LLC	10/31/24	11/01/30		Aerospace and Defense	9.00%		SOFR+500			14,719		14,656		14,719
Systems Planning And Analysis, Inc.	03/02/22	08/16/27		Aerospace and Defense	8.92%		SOFR+475			16,919		16,816		16,784
TCG 3.0 Jogger Acquisitionco, Inc.	02/27/24	01/23/29		Media	10.52%		SOFR+650			9,850		9,732		9,801
TMII Enterprises, LLC	07/24/23	12/22/28		Personal, Food and Miscellaneous Services	8.66%		SOFR+450			19,878		19,692		19,878
TPC US Parent, LLC	03/02/22	11/24/25		Food	10.19%		SOFR+590			11,275		11,269		11,185
Team Services Group, LLC	07/24/23	12/20/27		Healthcare, Education and Childcare	9.56%		SOFR+525			9,588		9,434		9,548
The Bluebird Group, LLC	03/02/22	07/28/26		Business Services	9.90%		SOFR+590			16,348		16,306		16,348
The Vertex Companies, LLC	03/02/22	08/31/28		Business Services	8.93%		SOFR+475			14,480		14,393		14,408
Transgo, LLC	06/07/24	12/29/28		Auto Sector	9.91%		SOFR+575			16,363		16,215		16,486
Tyto Athene, LLC	03/02/22	04/01/28		Aerospace and Defense	9.19%		SOFR+490			11,342		11,271		11,058
Urology Management Holdings, Inc.	07/24/23	06/15/27		Healthcare, Education and Childcare	9.66%		SOFR+550			12,380		12,333		12,380
US Fertility Enterprises, LLC	09/03/25	10/11/31		Healthcare, Education and Childcare	8.67%		SOFR+450			4,975		4,931		4,975
Watchtower Buyer, LLC	09/19/24	12/01/29		Consumer Products	10.00%		SOFR+600			23,114		22,912		22,885
Wash & Wax Systems, LLC	04/30/25	04/30/28		Business Services	9.81%		SOFR+550			6,577		6,686		6,708
Total First Lien Secured Debt												1,276,720		1,253,543
Subordinated Debt - 3.7% of Net Assets
Wash & Wax Systems, LLC - Subordinate Debt	04/30/25	07/30/28		Business Services	12.00%					4,422		4,422		4,422
Total Subordinated Debt										4,422		4,422		4,422
Equity Securities - 6.6% of Net Assets
New Insight Holdings, Inc. - Common Equity	07/15/24		—	Business Services		—		—		134,330		2,351		2,014
48Forty Intermediate Holdings, Inc. - Common Equity	11/05/24		—	Containers, Packaging and Glass		—		—		1,988		—		—
Wash & Wax Group, LP - Common Equity	04/30/25		—	Business Services		—		—		2,803		5,002		5,165
White Tiger Newco, LLC - Common Equity	07/31/25		—	Business Services		—		—		10,805		824		757
Issuer Name	Acquisition	Maturity	Industry	Current<br> Coupon	Basis Point<br>Spread Above<br>Index (1)	Par	Cost		Fair Value (2)
---	---	---	---	---	---	---	---	---	---	---	---
Total Equity Securities								8,177		7,936
Total Investments - 1,046.0% of Net Assets(3)(6)								1,289,319		1,265,901
Cash Equivalents - 13.9% of Net Assets
JPMorgan U.S. Government (Money Market Fund)				4.09%				7,972		7,972
Goldman Sachs Financial Square Government Fund (Money Market Fund)				4.18%				6,946		6,946
BlackRock Federal FD Institutional 81 (Money Market Fund)				4.19%				1,920		1,920
Total Cash Equivalents								16,838		16,838
Cash - 19.9% of Net Assets
Cash								24,147		24,147
Total Cash								24,147		24,147
Total Investments, Cash Equivalents and Cash - 1,079.8% of Net Assets							$	1,330,304	$	1,306,886
Liabilities in Excess of Other Assets — (979.8)% of Net Assets										(1,185,860	)
Members' Equity—100.0%									$	121,026

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

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

		September 30, 2025
Assets
Investments at fair value (amortized cost—1,394,885 and 1,289,319, respectively)	1,357,342	$	1,265,901
Cash equivalents (cost—20,904 and 16,838, respectively)	20,904		16,838
Cash (cost—24,148 and 24,147 respectively)	24,148		24,147
Interest receivable	4,884		5,271
Receivable for investments sold	—		1,055
Prepaid expenses and other assets	1,916		2,148
Due from affiliate	131		87
Total assets	1,409,325		1,315,447
Liabilities
2037 Asset-backed debt, net (par—328,000, unamortized deferred financing cost of 1,797 and 1,887, respectively)	326,203		326,113
2034 Asset-backed debt, net (par—246,000, unamortized deferred financing cost of 843 and 940, respectively)	245,157		245,060
2035 Asset-backed debt, net (par—246,000, unamortized deferred financing cost of 1,340 and 1,434, respectively)	244,660		244,566
Credit facility payable	189,600		99,600
Subordinated notes payable to members	250,808		250,808
Payable for investments purchased	18,816		—
Interest payable on credit facility and asset backed debt	13,072		13,730
Distribution payable to members	7,500		8,000
Interest payable on subordinated notes to members	5,114		5,305
Accounts payable and accrued expenses	1,205		1,189
Due to affiliate	50		50
Total liabilities	1,302,185		1,194,421
Members' equity	107,140		121,026
Total liabilities and members' equity	1,409,325	$	1,315,447

All values are in US Dollars.

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

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

	Three Months Ended December 31,
	2025			2024
Investment income:
Interest	$	32,440		$	32,953
Other income		404			523
Total investment income		32,844			33,476
Expenses:
Interest expense on credit facility and asset-backed debt		16,209			15,643
Interest expense on subordinated notes to members		7,698			7,343
Administration services expense		850			778
General and administrative expenses		342			396
Total expenses		25,099			24,160
Net investment income		7,745			9,316
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments		—			(2,126	)
Net change in unrealized appreciation (depreciation) on investments		(14,131	)		(1,918	)
Net realized and unrealized gain (loss) on investments		(14,131	)		(4,044	)
Net increase (decrease) in members' equity resulting from operations	$	(6,386	)	$	5,272

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

Distributions

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

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

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

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

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

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

Recent Accounting Pronouncements

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

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

Change in Interest Rates	Change in Interest Income, <br>Net of Interest Expense<br> (in thousands)			Change in Interest Income, <br>Net of Interest <br>Expense Per Share
Down 3%	$	(8,657	)	$	(0.13	)
Down 2%	$	(6,565	)	$	(0.10	)
Down 1%	$	(3,282	)	$	(0.05	)
Up 1%	$	3,282		$	0.05
Up 2%	$	6,564		$	0.10
Up 3%	$	9,847		$	0.15

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

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

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

Item 4. Controls and Procedures

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

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

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

Item 6. Exhibits

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

3.1	Articles of Incorporation (Incorporated by reference to Exhibit 99(a) to the Registrant’s Pre-Effective Amendment No. 3 to the Registration Statement on Form N-2/A (File No. 333-140092), filed on April 5, 2007).
3.2	Articles of Amendment to Articles of Incorporation of the Registrant (Incorporated by reference to Exhibit 3.2 to the Registrant’s Quarterly Report on Form 10-Q (File No. 814-00736), filed on August 7, 2024).
3.3	Second Amended and Restated Bylaws of the Registrant (Incorporated by reference to Exhibit 3.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 814-00736), filed on May 11, 2020).
10.1	Seventh Amendment to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 11, 2025, by and among the Registrant, the lenders party thereto, Truist Bank as administrative agent, and JPMorgan Chase Bank, N.A. as syndication agent (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-00736) filed on December 15, 2025).
10.2*	Eighth Amendment to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of January 30, 2026, by and among the Registrant, the lenders party thereto, Truist Bank as administrative agent and, solely with respect to Section 5.10 therein, PNNT Investment Holdings, LLC.
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1*	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.1	Privacy Policy of the Registrant (Incorporated by reference to Exhibit 99.1 to the Registrant’s Annual Report on Form 10-K (File No. 814-00736), filed on November 16, 2011).
101.INS*	Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH*	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page formatted as Inline XBRL and contained in Exhibit 101

* Filed herewith.

SIGNATURES

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

	PENNANTPARK INVESTMENT CORPORATION
Date: February 9, 2026	By:	/s/ Arthur H. Penn
		Arthur H. Penn
		Chief Executive Officer and Chairman of the Board of Directors<br><br>(Principal Executive Officer)
Date: February 9, 2026	By:	/s/ Richard T. Allorto, Jr.
		Richard T. Allorto, Jr.
		Chief Financial Officer and Treasurer<br><br>(Principal Financial and Accounting Officer)

EX-10.2

Exhibit 10.2

EXECUTION COPY

EIGHTH AMENDMENT TO SECOND AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT

This EIGHTH AMENDMENT TO SECOND AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as of January 30, 2026 (this “Amendment”), to the Existing Credit Agreement (capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in Article 1) is among PENNANTPARK INVESTMENT CORPORATION, a Maryland corporation (the “Borrower”), the LENDERS party hereto, the issuing banks and swingline lenders party hereto, TRUIST BANK, as Administrative Agent (in such capacity, the “Administrative Agent”) and, solely with respect to Section 5.10 herein, PNNT INVESTMENT HOLDINGS, LLC, a Delaware limited liability company (“PNNT Investment Holdings”).

W I T N E S S E T H:

WHEREAS, the Borrower, the Lenders party thereto and the Administrative Agent are parties to the Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of June 25, 2014 (as amended by that certain First Omnibus Amendment to Second Amended and Restated Senior Secured Revolving Credit Agreement and Second Amended and Restated Guarantee and Security Agreement, dated as of May 25, 2017, that certain Second Amendment to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of September 4, 2019, that certain Third Amendment to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 10, 2021, that certain Fourth Amendment to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 23, 2022, that certain Fifth Amendment to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of July 29, 2022, that certain Sixth Amendment to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of June 25, 2024, and that certain Seventh Amendment to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 11, 2025, the “Existing Credit Agreement”, and as amended by this Amendment and as the same may be further amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”); and

WHEREAS, the Borrower and the other parties hereto desire to amend the Existing Credit Agreement to make certain changes, as set forth below;

NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and in the Existing Credit Agreement, the parties hereto agree as follows:

DEFINITIONS
Certain Definitions. The following terms when used in this Amendment shall have the following meanings (such meanings to be equally applicable to the singular and plural forms thereof):

“Administrative Agent” is defined in the preamble.

“Amendment” is defined in the preamble.

“Borrower” is defined in the preamble.

“Credit Agreement” is defined in the first recital.

“Existing Credit Agreement” is defined in the first recital.

“Eighth Amendment Effective Date” is defined in Section 4.1.

Other Definitions. Capitalized terms for which meanings are provided in the Credit Agreement are, unless otherwise defined herein or the context otherwise requires, used in this Amendment with such meanings.

AMENDMENT TO EXISTING CREDIT AGREEMENT

Amendment to Existing Credit Agreement. Subject to the occurrence of the Eighth Amendment Effective Date, the parties hereto hereby agree that the Existing Credit Agreement is hereby amended as follows:
The definition of “Covered Debt Amount” in Section 1.01 of the Existing Credit Agreement (Definitions – Defined Terms) is hereby deleted in its entirety and replaced with the following in lieu thereof:

““Covered Debt Amount” means, on any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such date plus (y) the aggregate amount of Other Covered Indebtedness on such date minus (z) the LC Exposures fully Cash Collateralized on such date pursuant to Section 2.05(k) and the last paragraph of Section 2.09(a); provided that, (a) the 2026 May Notes, the 2026 November Notes, Permitted Amortizing Unsecured Longer-Term Indebtedness and Special Permitted Indebtedness, and (b) after the date that is the earlier of (i) the repayment in full of the Maturing Notes and (ii) the original stated maturity date of the 2026 November Notes, 50% of all Permitted Refinancing Indebtedness, in each case, shall be excluded from the calculation of the Covered Debt Amount until the date that is nine (9) months prior to the scheduled maturity date of such Indebtedness (provided that to the extent, but only to the extent, any portion of any such Indebtedness (including any portion of any Permitted Amortizing Unsecured Longer-Term Indebtedness) is subject to a contractually scheduled amortization payment, other principal payment or redemption (other than any conversion into Permitted Equity Interests) earlier than the scheduled maturity date of such Indebtedness, such portion of such Indebtedness shall be included in the calculation of the Covered Debt Amount beginning upon the date that is the later of (i) 9 months prior to such scheduled amortization payment, other principal payment or redemption and (ii) the date the Borrower becomes aware that such Indebtedness is required to be paid

or redeemed); provided further that, beginning on February 1, 2026 and ending on March 31, 2026, 50% of the 2026 November Notes shall be excluded from the calculation of the Covered Debt Amount. For the avoidance of doubt, for purposes of calculating the Covered Debt Amount, any Indebtedness that is required to be part of the Covered Debt Amount will be included at the then outstanding principal balance thereof.”

The definition of “Unsecured Longer-Term Indebtedness” in Section 1.01 of the Existing Credit Agreement (Definitions – Defined Terms) is hereby deleted in its entirety and replaced with the following in lieu thereof:

“Unsecured Longer-Term Indebtedness” means Indebtedness of any Obligor (which may be Guaranteed by any other Obligor) that (a) has no amortization prior to, and a final maturity date not earlier than, six months after the Extended Final Maturity Date (it being understood that (A) none of: (w) the conversion features under convertible notes; (x) the triggering and/or settlement thereof; and (y) any cash payment made in respect thereof shall constitute “amortization” for the purposes of this definition); (B) any mandatory amortization that is contingent upon the happening of an event that is not certain to occur (including, without limitation, a change of control or bankruptcy) shall not in and of itself be deemed to disqualify such Indebtedness under this clause (a); and (C) any mandatory amortization under any Permitted Amortizing Unsecured Longer-Term Indebtedness shall not in and of itself be deemed to disqualify such Indebtedness under this clause (a); provided, with respect to clause (a)(B) and clause (a)(C), the Borrower acknowledges that any payment prior to the Extended Final Maturity Date in respect of any such obligation or right shall only be made to the extent permitted by this Agreement and immediately upon such contingent event occurring the amount of such mandatory amortization shall be included in the Covered Debt Amount), (b) is incurred pursuant to terms that are substantially comparable to market terms for substantially similar debt of other similarly situated borrowers as reasonably determined in good faith by the Borrower or, if such transaction is not one in which there are market terms for substantially similar debt of other similarly situated borrowers, on terms that are negotiated in good faith on an arm’s length basis (except, in each case, other than financial covenants and events of default (other than events of default customary in indentures or similar instruments that have no analogous provisions in this Agreement or credit agreements generally), which shall be no more restrictive upon the Borrower and its Subsidiaries, while any Loans or the Commitments are outstanding, than those set forth in the Loan Documents; provided that, upon the Borrower’s written request in connection with the incurrence of any Unsecured Longer-Term Indebtedness that otherwise would not meet the requirements set forth in this parenthetical of this clause (b), this Agreement will be deemed automatically amended (and, upon the request of the Administrative Agent or the Required Lenders, the Borrower shall promptly enter into a written amendment evidencing such amendment), mutatis mutandis, solely to the extent necessary such that the financial covenants and events of default, as applicable, in this Agreement shall be as restrictive as such provisions in the Unsecured Longer-Term Indebtedness) (it being understood that put rights or

repurchase or redemption obligations (x) in the case of convertible securities, in connection with the suspension or delisting of the capital stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect to its capital stock or (y) arising out of circumstances that would constitute a “fundamental change” (as such term is customarily defined in convertible note offerings) or be Events of Default under this Agreement shall not be deemed to be more restrictive for purposes of this definition) and (c) is not secured by any assets of any Obligor. For the avoidance of doubt, the conversion of all or any portion of any Permitted Convertible Indebtedness constituting Unsecured Longer-Term Indebtedness into Permitted Equity Interests in accordance with Section 6.12(a), shall not cause such Indebtedness to be designated as Unsecured Shorter-Term Indebtedness hereunder.

Notwithstanding the foregoing, each of the 2026 May Notes and the 2026 November Notes shall be deemed Unsecured Longer-Term Indebtedness in all respects despite the fact that the maturity dates of the 2026 May Notes and the 2026 November Notes are prior to the Final Maturity Date so long as the 2026 May Notes and the 2026 November Notes continue to comply with all other requirements of the above definition; provided that, except as provided in the definition of “Covered Debt Amount” (x) from and after the date that is 9 months prior to the scheduled maturity date of the 2026 May Notes, the 2026 May Notes shall be included in the Covered Debt Amount and (y) from and after the date that is 9 months prior to the scheduled maturity date of the 2026 November Notes, the 2026 November Notes shall be included in the Covered Debt Amount.

[RESERVED]

CONDITIONS TO EFFECTIVENESS
Effective Date. This Amendment shall become effective on the date (the “Eighth Amendment Effective Date”) that each of the following conditions have been satisfied:
The Administrative Agent shall have received from each party hereto (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic transmission of a signed signature page to this Amendment) that such party has signed a counterpart of this Amendment; and
The Administrative Agent shall have received evidence of the payment by the Borrower of any fees and expenses due and payable by the Borrower to the Lenders and the Administrative Agent on the Eighth Amendment Effective Date that the Borrower has agreed to pay in connection with this Amendment.
MISCELLANEOUS
Representations and Warranties. The Borrower hereby represents and warrants that (i) this Amendment and the Credit Agreement each constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms, (ii) immediately prior to the effectiveness of this Amendment, no Default or Event of Default shall exist and, upon the effectiveness of this Amendment, no Default or Event of Default shall exist and (iii) its representations and warranties as set forth in the Loan Documents, as applicable, are true and correct in all material respects (except those representations and warranties qualified by materiality or by reference to a material adverse effect, which are true and correct in all respects) on and as of the date hereof as though made on and as of the date hereof (unless such representations and warranties specifically refer to a previous day, in which case, they shall be complete and correct in all material respects (or, with respect to such representations or warranties qualified by materiality or by reference to a material adverse effect, complete and correct in all respects) on and as of such previous day).
References to Credit Agreement. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Existing Credit Agreement as amended hereby and each reference to the Existing Credit Agreement in the other Loan Documents and in any other document, instrument or agreement executed and/or delivered in connection with the Existing Credit Agreement shall mean and be a reference to the Existing Credit Agreement as amended hereby.
Effect on Existing Agreements. Except as specifically amended above, the Credit Agreement, the other Loan Documents and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed in all respects. This Amendment does not constitute a novation or termination of the Secured Obligations (as defined in the Guarantee and Security Agreement) under the Credit Agreement as in effect immediately prior to the effectiveness of this Amendment and which remain outstanding.
No Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent under the Existing Credit Agreement, the Credit Agreement, the other Loan Documents or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth herein. The parties hereto hereby agree that this Amendment is a Loan Document.
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.
Successors and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.
Headings. The Section headings in this Amendment are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Amendment or any provision hereof.
Counterparts. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or electronic communication (e.g. pdf) shall be effective as delivery of a manually executed counterpart of this Amendment.
[Reserved].
Reaffirmation.
The Borrower hereby reaffirms, ratifies and confirms that after giving effect to this Amendment and the transactions contemplated hereby, the Liens and other security interests granted by the Borrower pursuant to, and the terms and conditions of, the Guarantee and Security Agreement and the other Security Documents remain unaltered and in full force and effect and secure the Secured Obligations.
PNNT Investment Holdings (i) hereby consents to the terms of this Amendment and the Credit Agreement, (ii) hereby confirms that, after giving effect to this Amendment and the transactions contemplated hereby, its Guarantee under the Guarantee and Security Agreement remains unaltered and in full force and effect and (iii) hereby reaffirms, ratifies and confirms that, after giving effect to this Amendment and the transactions contemplated hereby, the Liens and other security interests granted by it pursuant to, and the terms and conditions of, the Guarantee and Security Agreement remain unaltered and in full force and effect.
[Reserved].

[SIGNATURES FOLLOW]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

PENNANTPARK INVESTMENT CORPORATION, as Borrower

By: /s/ Jeffrey S. Sion Name: Jeffrey S. Sion Title: Authorized Signatory

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

Signature Page to Eighth Amendment

Agreed and acknowledged solely with respect to Section 5.10:

PNNT INVESTMENT HOLDINGS, LLC

By:/s/ Jeffrey S. Sion Name: Jeffrey S. Sion Title: Authorized Signatory

Signature Page to Eighth Amendment

TRUIST BANK, as the Administrative Agent, Swingline Lender, Issuing Bank and a Lender

By: /s/ Hays Wood Name: Hays Wood Title: Managing Director

Signature Page to Eighth Amendment

ING CAPITAL LLC, as a Lender

By: /s/ Grace Fu Name: Grace Fu Title: Managing Director

By: /s/ Richard Troxel Name: Richard Troxel Title: Director

Signature Page to Eighth Amendment

REGIONS BANK, as a Lender

By: /s/ Brian Sandler Name: Brian Sandler Title: Managing Director

Signature Page to Eighth Amendment

CIBC BANK USA, as a Lender

By: /s/ Nick Koziak Name: Nick Koziak Title: Managing Director

Signature Page to Eighth Amendment

CITIZENS BANK, N.A., as a Lender

By: /s/ Bryan Rizzardi Name: Bryan Rizzardi Title: Director

Signature Page to Eighth Amendment

WESTERN ALLIANCE BANK, as a Lender

By: /s/ Tyler Peterson Name: Tyler Peterson Title: Director

Signature Page to Eighth Amendment

GOLDMAN SACHS BANK USA, as a Lender

By: /s/ Roopa Chandra Name: Roopa Chandra Title: Authorized Signatory

Signature Page to Eighth Amendment

CITY NATIONAL BANK, as a Lender

By: /s/ Matthew L. Diehl Name: Matthew L. Diehl Title: Senior Vice President

Signature Page to Eighth Amendment

RAYMOND JAMES BANK, as a Lender

By: /s/ Camilo Rincon Name: Camilo Rincon Title: Vice President

Signature Page to Eighth Amendment

EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO SECTION 302

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Arthur H. Penn, Chief Executive Officer of PennantPark Investment Corporation, certify that:

I have reviewed this Report on Form 10-Q of PennantPark Investment Corporation;
Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;
Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report;
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

d) Disclosed in this Report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 9, 2026

/s/ Arthur H. Penn
Name:	Arthur H. Penn
Title:	Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO SECTION 302

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Richard T. Allorto, Jr., Chief Financial Officer of PennantPark Investment Corporation, certify that:

I have reviewed this Report on Form 10-Q of PennantPark Investment Corporation;
Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;
Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report;
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 9, 2026

/s/ Richard T. Allorto, Jr.
Name:	Richard T. Allorto, Jr.
Title:	Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)

In connection with this Report on Form 10-Q for the three months ended December 31, 2025 (the “Report”) of PennantPark Investment Corporation (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Arthur H. Penn, Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Arthur H. Penn
Name:	Arthur H. Penn
Title:	Chief Executive Officer
Date:	February 9, 2026

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)

In connection with this Report on Form 10-Q for the three months ended December 31, 2025 (the “Report”) of PennantPark Investment Corporation (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Richard T. Allorto, Jr., Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Richard T. Allorto, Jr.
Name:	Richard T. Allorto, Jr.
Title:	Chief Financial Officer
Date:	February 9, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2025

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-00736

PENNANTPARK INVESTMENT CORPORATION

(786) 297-9500

None

PENNANTPARK INVESTMENT CORPORATION

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

TABLE OF CONTENTS

sands, except share data)

Item 1. Consolidated Financial Statements

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

sands, except share data)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

sands, except share data)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

sands, except share data)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - continued

December 31, 2025

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - continued

September 30, 2025

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES