Company: PNNT
Filing Date: 2025-12-17
Form Type: 40-APP
Source: 0001193125-25-322955
Chunk: 13

Company: PENNANTPARK INVESTMENT CORP
Filing Date: 2025-12-17
Form: 40-APP
Chunk 13
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 (and each Affiliated Entity that is not advised by an Adviser) will provide its Co-InvestmentPolicies to the Regulated Funds and will notify the Regulated Funds of any material changes thereto. 17

| 13 | Section 57(o) defines the term “required majority,” in relevant part, with respect to the                                                                                                                                                         
 approval of a proposed transaction, as both a majority of a BDC’s directors who have no financial interest in the transaction and a majority of such directors who are not interested persons of the BDC. In the case of a Regulated Fund that is 
 not a BDC, the Board members that constitute the Required Majority will be determined as if such Regulated Fund were a BDC subject to Section 57(o) of the 1940 Act.                                                                              |

| 14 | Section 57(f) provides for the approval by a Required Majority of certain transactions on the basis that,                                                                                                                                        
 in relevant part: (i) the terms of the transaction, including the consideration to be paid or received, are reasonable and fair to the shareholders of the BDC and do not involve overreaching of the BDC or its shareholders on the part of any 
 person concerned; (ii) the proposed transaction is consistent with the interests of the BDC’s shareholders and the BDC’s policy as recited in filings made by the BDC with the Commission and the BDC’s reports to shareholders;                 
 and (iii) the BDC’s directors record in their minutes and preserve in their records a description of the transaction, their findings, the information or materials upon which their findings were based, and the basis for their findings.       |

| 15 | Expenses of an individual Participant that are incurred solely by the Participant due to its unique 
 circumstances (such as legal and compliance expenses) will be borne by such Participant.            |

| 16 | Applicants are not requesting and the Commission is not providing any relief for transaction fees received in 
 connection with any Co-Investment Transaction.                                                                |

| 17 | The Affiliated Entities may adopt shared Co-Investment Allocation 
 Policies.                                                         |

8

6. Dispositions: (a) Prior to any Disposition 18by an Affiliated Entity of a security acquired in a Co-InvestmentTransaction, the Adviser to each Regulated Fund that participated in the Co-InvestmentTransaction will be notified and each such Regulated Fund given the opportunity to participate pro rata based on the proportion of its holdings relative to the other Affiliated Entities participating