Company: PNNT
Filing Date: 2025-11-24
Form Type: 10-K
Source: 0001193125-25-293703
Chunk: 23

Company: PENNANTPARK INVESTMENT CORP
Filing Date: 2025-11-24
Form: 10-K
Item: Item 1C
Chunk 23
---
 with performing due diligence and reviews of prospective investments or complementary businesses;expenses incurred by the Investment Adviser in performing due diligence and reviews of investments;  including expenses incurred by the Investment Adviser payable to third parties (including agents and consultants) in monitoring financial and legal affairs for the Company and in monitoring the Company's investments;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;

46

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, the 1958 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 Compliance Officer, Chief Financial Officer, Corporate Counsel 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 ACTIVITYAs 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