# EDGAR Filing Document

**Accession Number:** 0001383414
**File Stem:** 0001193125-26-042780
**Filing Date:** 2026-2
**Character Count:** 458329
**Document Hash:** 62186e6bf52a09007b15ee6c882c886b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-042780.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001193125-26-042780

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 80

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PENNANTPARK INVESTMENT CORP
- **CENTRAL INDEX KEY:** 0001383414

**ORGANIZATION NAME:**
- **EIN:** 208250744
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00736
- **FILM NUMBER:** 26611496

**BUSINESS ADDRESS:**
- **STREET 1:** 590 MADISON AVENUE
- **STREET 2:** 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-905-1000

**MAIL ADDRESS:**
- **STREET 1:** 590 MADISON AVENUE
- **STREET 2:** 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pennant Investment CORP
- **DATE OF NAME CHANGE:** 20061229

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Peninsula Private Capital CORP
- **DATE OF NAME CHANGE:** 20061212

?xml version='1.0' encoding='ASCII'? 10-Q

• ]`

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM** 10-Q

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**(Mark One)**

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

**FOR THE QUARTERLY PERIOD ENDED** **DECEMBER 31,** 2025

**OR**

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

**FOR THE TRANSITION PERIOD FROM TO** 

**COMMISSION FILE NUMBER:** 814-00736

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PENNANTPARK INVESTMENT CORPORATION

**(Exact name of registrant as specified in its charter)**

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---

| | |
|:---|:---|
| MARYLAND | 20-8250744 |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |
| 1691 Michigan Avenue**,** <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 ☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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**PENNANTPARK INVESTMENT CORPORATION**

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**<u>PART I. CONSOLIDATED FINANCIAL INFORMATION</u>**](#part_i) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 1. Consolidated Financial Statements</u>**](#item_1_consolidated_financial_statements) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Assets and Liabilities as of December 31, 2025 (unaudited) and September 30, 2025</u>](#consolidated_statements_assets_liabiliti) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the three months ended December 31, 2025 and 2024 (unaudited)</u>](#consolidated_statements_operations) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2025 and 2024 (unaudited)</u>](#consolidated_statements_changes_in_net_a) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows for the three months ended December 31, 2025 and 2024 (unaudited)</u>](#consolidated_statements_cash_flows) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Schedules of Investments as of December 31, 2025 (unaudited) and September 30, 2025</u>](#consolidated_schedules_of_investments) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (unaudited)</u>](#notes_to_consolidated_financial) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Report of Independent Registered Public Accounting Firm (PCAOB ID 49)</u>](#report_independent_registered_public_acc) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations</u>**](#item_2_managements_discussion_analysis_f) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 3. Quantitative and Qualitative Disclosures About Market Risk</u>**](#item_3_quantitative_qualitative_disclosu) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 4. Controls and Procedures</u>**](#item_4_controls_procedures) | 67 |
| [**<u>PART II. OTHER INFORMATION</u>**](#part_ii_or_information) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 1. Legal Proceedings</u>**](#item_1_legal_proceedings) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 1A. Risk Factors</u>**](#item_1a_risk_factors) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</u>**](#item_2_unregistered_sales_equity_securit) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 3. Defaults Upon Senior Securities</u>**](#item_3_defaults_upon_senior_securities) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 4. Mine Safety Disclosures</u>**](#item_4_mine_safety_disclosures) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 5. Other Information</u>**](#item_5_or_information) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 6. Exhibits</u>**](#item_6_exhibits) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>SIGNATURES</u>**](#signatures) | 70 |

---

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**PART I—CONSOLIDATED F** **INANCIAL INFORMATION**

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

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**Item 1. Consolidated Financial Statements**

**PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

**(In thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** |  |
|  | **(unaudited)** | **September 30, 2025** |
| **Assets** |  |  |
| Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments (amortized cost—$846,496 and $853,416, respectively) | $852085 | $857415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments (amortized cost—$36,561 and $36,561, respectively) | 1751 | 4891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled, affiliated investments (amortized cost—$342,149 and $346,911, respectively) | 364638 | 424967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments (amortized cost—$1,225,206 and $1,236,888, respectively) | 1218474 | 1287273 |
| Cash equivalents (cost—$17,660 and $30,711, respectively) | 17660 | 30711 |
| Cash (cost—$28,091 and $21,028, respectively) | 28200 | 21072 |
| Interest receivable | 5182 | 5261 |
| Receivable for investments sold | 18915 |  |
| Distribution receivable | 4645 | 4694 |
| Due from affiliates | 81 | 168 |
| Prepaid expenses and other assets | 360 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 1293517 | 1349554 |
| **Liabilities** |  |  |
| Truist Credit Facility payable, at fair value (cost—$296,456 and $426,456, respectively) | 295464 | 425477 |
| 2026 Notes payable (par— $150,000, unamortized deferred financing cost of $302 and $527, respectively) | 149698 | 149473 |
| 2026 Notes-2 payable (par— $165,000, unamortized deferred financing cost of $853 and $1,067, respectively) | 164147 | 163933 |
| Payable for investment purchased | 209555 | 130007 |
| Interest payable on debt | 2986 | 6281 |
| Distributions payable | 5224 |  |
| Accounts payable and accrued expenses | 5294 | 4342 |
| Base management fee payable | 3915 | 4005 |
| Incentive fee payable |  | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 836283 | 885604 |
| Commitments and contingencies (See Note 11) |  |  |
| **Net assets** |  |  |
| Common stock, 65,296,094 and 65,296,094 shares issued and outstanding, respectively<br> Par value $0.001 per share and 200,000,000 shares authorized | 65 | 65 |
| Paid-in capital in excess of par value | 740506 | 740506 |
| Accumulated deficit | (283337) | (276621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | $457234 | $463950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and net assets** | $1293517 | $1349554 |
| **Net asset value per share** | $7.00 | $7.11 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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**PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)**

**(In thousands, except per share data)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
|  | **2025** | **2024** |
| **Investment income:** |  |  |
| From non-controlled, non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $13939 | $18767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 2324 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 234 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 301 | 582 |
| From controlled, affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 6271 | 7255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind |  | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 4184 | 4851 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 27253 | 34207 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee | 3915 | 4268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fee |  | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and expenses on debt | 10501 | 11741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services expenses | 450 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 850 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Expenses before provision for taxes and financing costs** | 15716 | 20515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for taxes on net investment income | 660 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit facility amendment and debt issuance costs | 3885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 20261 | 21215 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 6992 | 12992 |
| **Realized and unrealized gain (loss) on investments and debt:** |  |  |
| Net realized gain (loss) on investments and debt: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (3860) | (2560) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled and controlled, affiliated investments | 62875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for taxes on realized gain on investments | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss) on investments and debt** | 59002 | (2560) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 1653 | (4777) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled and controlled, affiliated investments | (58705) | 7138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for taxes on unrealized appreciation (depreciation) on investments |  | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt appreciation (depreciation) | 13 | 3328 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) on investments and debt** | (57039) | 5652 |
| **Net realized and unrealized gain (loss) from investments and debt** | 1963 | 3092 |
| **Net increase (decrease) in net assets resulting from operations** | $8955 | $16084 |
| **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 |

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SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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**PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)**

**(In thousands, except share data)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
|  | **2025** | **2024** |
| **Net increase (decrease) in net assets resulting from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $6992 | $12992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and debt | 59015 | (2560) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (57052) | 2361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in provision for taxes on realized gain (loss) on investments | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in provision for taxes on change in unrealized appreciation (depreciation) on investments |  | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on debt | 13 | 3328 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 8955 | 16084 |
| **Distributions to stockholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution of net investment income | (15671) | (15671) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to stockholders** | (15671) | (15671) |
| **Net increase (decrease) in net assets** | (6716) | 413 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 463950 | 493908 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $457234 | $494321 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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**PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)**

**(In thousands)**

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| | | |
|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $8955 | $16084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from <br> operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in net unrealized (appreciation) depreciation on investments | 57052 | (2361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on debt | (13) | (3328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | (59015) | 2560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium | (145) | (724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (324700) | (394229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind income | (2324) | (2244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from dispositions of investments | 397951 | 427065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 440 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) or Decrease in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 79 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from investments sold | (18916) | (47230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution receivable | 49 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from affiliate | 87 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 14 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase or (Decrease) in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates |  | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 79548 | 24954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable on debt | (3295) | (3556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fee payable, net | (90) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fee payable | (2086) | (301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 952 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 134543 | 18745 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to stockholders | (10447) | (15671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under Truist Credit Facility | 30000 | 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments under Truist Credit Facility | (160000) | (52000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (140447) | (12671) |
| **Net increase (decrease) in cash and cash equivalents** | (5904) | 6074 |
| Effect of exchange rate changes on cash | (19) | (84) |
| **Cash and cash equivalents, beginning of period** | 51783 | 49861 |
| **Cash and cash equivalents, end of period** | $45860 | $55851 |
| **Supplemental disclosures:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $13357 | $14858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes paid | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash exchanges and conversions | $— | $5963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash purchases and disposition of investments | $— | $26250 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

(In thousands, except share data)th

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.4% <sup>(1), (2)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Secured Debt - 93.9% of Net Assets** |  |  |  |  |  |  |  |  |
| ACP Avenu Buyer, LLC - Unfunded Term Loan <sup>(7)</sup> | 10/02/2023 | 04/21/2027 | Business Services |  |  | 3479 | $- | $9 |
| ACP Avenu Buyer, LLC - Unfunded Revolver <sup>(7)</sup> | 10/02/2023 | 10/02/2029 | Business Services |  |  | 2436 | - | (6) |
| ACP Falcon Buyer, Inc. - Unfunded Revolver <sup>(7)</sup> | 07/26/2023 | 08/01/2029 | Business Services |  |  | 2533 | - | - |
| 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 <sup>(7)</sup> | 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 | 2100 | 2078 | 2100 |
| Adweek Purchaser, LLC - Unfunded Term Loan <sup>(7)</sup> | 05/31/2024 | 05/31/2027 | Printing and Publishing |  |  | 300 | - | 5 |
| Aechelon Technology, Inc. - Unfunded Revolver <sup>(7)</sup> | 08/16/2024 | 08/16/2029 | Aerospace and Defense |  |  | 2724 | - | - |
| 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 <sup>(7)</sup> | 12/12/2023 | 04/09/2027 | Distribution |  |  | 4281 | - | - |
| AFC Dell Holding Corp. - Unfunded Revolver <sup>(7)</sup> | 12/12/2023 | 10/09/2028 | Distribution |  |  | 1243 | - | - |
| Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver <sup>(7)</sup> | 05/21/2019 | 06/30/2026 | Media |  |  | 1612 | - | - |
| Aphix Buyer, Inc | 07/17/2025 | 07/17/2031 | Business Services | 8.48% | 3M SOFR+475 | 6129 | 6091 | 6129 |
| Aphix Buyer, Inc - Unfunded Term Loan <sup>(7)</sup> | 07/17/2025 | 07/16/2027 | Business Services |  |  | 9172 | - | 57 |
| Aphix Buyer, Inc - Unfunded Revolver <sup>(7)</sup> | 07/17/2025 | 07/17/2031 | Business Services |  |  | 2389 | - | - |
| APT OPCO, LLC - Unfunded Term Loan <sup>(7)</sup> | 09/29/2025 | 09/30/2027 | Healthcare, Education and Childcare |  |  | 1228 | - | (8) |
| APT OPCO, LLC - Unfunded Revolver <sup>(7)</sup> | 09/29/2025 | 09/30/2031 | Healthcare, Education and Childcare |  |  | 1228 | - | (15) |
| Arcfield Acquisition Corp. - Unfunded Revolver <sup>(7)</sup> | 10/28/2024 | 10/28/2031 | Aerospace and Defense |  |  | 2085 | - | (10) |
| Archer Lewis, LLC | 08/28/2024 | 08/28/2029 | Healthcare, Education and Childcare | 9.42% | 3M SOFR+575 | 1485 | 1471 | 1485 |
| Archer Lewis, LLC - Unfunded Term Loan <sup>(7)</sup> | 08/28/2024 | 08/28/2026 | Healthcare, Education and Childcare |  |  | 5329 | - | 53 |
| Archer Lewis, LLC - Funded Revolver | 08/28/2024 | 08/28/2029 | Healthcare, Education and Childcare | 9.42% | 3M SOFR+575 | 1304 | 1304 | 1304 |
| Argano, LLC. | 09/13/2024 | 09/13/2029 | Business Services | 9.23% | 3M SOFR+550 | 7426 | 7357 | 7501 |
| Argano, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 12303 | 12189 | 11811 |
| Azureon, LLC - Unfunded Term Loan <sup>(7)</sup> | 06/26/2024 | 11/26/2027 | Diversified Conglomerate Service |  |  | 6067 | - | (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 <sup>(7)</sup> | 06/26/2024 | 06/26/2029 | Diversified Conglomerate Service |  |  | 1212 | - | (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 <sup>(7)</sup> | 06/21/2024 | 12/13/2026 | Healthcare, Education and Childcare |  |  | 2945 | - | 29 |
| Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment <sup>(7)</sup> | 06/21/2024 | 06/21/2027 | Healthcare, Education and Childcare |  |  | 12627 | - | 126 |
| Beacon Behavioral Support Service, LLC - Unfunded Revolver <sup>(7)</sup> | 06/21/2024 | 06/21/2029 | Healthcare, Education and Childcare |  |  | 1042 | - | - |
| Berwick Industrial Park | 04/26/2022 | 05/02/2026 | Buildings and Real Estate | 13.00% |  | 4000 | 4016 | 3980 |
| Best Practice Associates, LLC - Unfunded Revolver <sup>(7)</sup> | 11/07/2024 | 11/08/2029 | Aerospace and Defense |  |  | 1929 | - | (14) |
| Beta Plus Technologies, Inc. | 06/28/2022 | 07/02/2029 | Business Services | 9.42% | 3M SOFR+575 | 10616 | 10488 | 10510 |
| Big Top Holdings, LLC - Unfunded Revolver <sup>(7)</sup> | 02/29/2024 | 02/28/2030 | Manufacturing/Basic Industry |  |  | 1155 | - | - |
| BioDerm, Inc. - Funded Revolver | 01/30/2023 | 01/31/2028 | Healthcare, Education and Childcare | 10.36% | 3M SOFR+650 | 1071 | 1071 | 1058 |
| Blackhawk Industrial Distribution, Inc. | 06/27/2022 | 09/17/2026 | Distribution | 9.07% | 3M SOFR+540 | 1264 | 1261 | 1239 |
| Blackhawk Industrial Distribution, Inc. - Funded Revolver | 06/27/2022 | 09/17/2026 | Distribution | 9.07% | 3M SOFR+540 | 2428 | 2428 | 2380 |
| Blackhawk Industrial Distribution, Inc. - Unfunded Revolver <sup>(7)</sup> | 06/27/2022 | 09/17/2026 | Distribution |  |  | 2428 | - | (49) |
| BLC Holding Company, Inc. | 11/20/2024 | 11/20/2030 | Business Services | 8.17% | 3M SOFR+450 | 2243 | 2227 | 2243 |
| BLC Holding Company, Inc. - Unfunded Term Loan <sup>(7)</sup> | 11/20/2024 | 11/20/2026 | Business Services |  |  | 7514 | - | 56 |
| BLC Holding Company, Inc. - Unfunded Revolver <sup>(7)</sup> | 11/20/2024 | 11/20/2030 | Business Services |  |  | 3005 | - | - |
| 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 <sup>(7)</sup> | 08/12/2025 | 07/30/2027 | Healthcare Providers & Services |  |  | 2234 | - | - |
| Boss Industries, LLC - Unfunded Revolver <sup>(7)</sup> | 12/27/2024 | 12/27/2030 | Conglomerate Manufacturing |  |  | 1306 | - | - |
| By Light Professional IT Services, LLC | 07/15/2025 | 07/15/2031 | Business Services | 9.22% | 3M SOFR+550 | 2500 | 2481 | 2475 |
| By Light Professional IT Services, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 5599 | 5571 | 5529 |
| Carisk Buyer, Inc. - Unfunded Term Loan <sup>(7)</sup> | 11/27/2023 | 12/03/2029 | Healthcare, Education and Childcare |  |  | 4813 | - | 84 |
| Carisk Buyer, Inc. - Unfunded Term Loan 2 <sup>(7)</sup> | 11/27/2023 | 12/03/2029 | Healthcare, Education and Childcare |  |  | 1528 | - | 23 |
| Carisk Buyer, Inc. - Unfunded Revolver <sup>(7)</sup> | 11/27/2023 | 12/03/2029 | Healthcare, Education and Childcare |  |  | 1750 | - | 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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| Carnegie Dartlet, LLC | 02/07/2024 | 02/07/2030 | Education | 9.22% | 3M SOFR+550 | 2320 | 2299 | 2297 |
| Carnegie Dartlet, LLC - Unfunded Term Loan <sup>(7)</sup> | 02/07/2024 | 02/09/2026 | Education |  |  | 7680 | - | - |
| Carnegie Dartlet, LLC - Unfunded Revolver <sup>(7)</sup> | 02/07/2024 | 02/07/2030 | Education |  |  | 3339 | - | (33) |
| Cartessa Aesthetics, LLC | 06/01/2022 | 06/14/2028 | Distribution | 9.67% | 3M SOFR+600 | 23433 | 23209 | 23433 |
| Cartessa Aesthetics, LLC - Unfunded Revolver <sup>(7)</sup> | 06/01/2022 | 06/14/2028 | Distribution |  |  | 3563 | - | - |
| 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 | 1095 | 1095 | 1076 |
| Case Works, LLC - Unfunded Revolver <sup>(7)</sup> | 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 <sup>(7)</sup> | 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 <sup>(7)</sup> | 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 <sup>(7)</sup> | 07/08/2021 | 07/13/2027 | Media |  |  | 1057 | - | - |
| 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 <sup>(7)</sup> | 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 | 1873 | 1860 | 1873 |
| Commercial Fire Protection Holdings, LLC - Unfunded Term Loan <sup>(7)</sup> | 09/23/2024 | 09/23/2026 | Business Services |  |  | 4756 | - | 36 |
| Commercial Fire Protection Holdings, LLC - Unfunded Revolver <sup>(7)</sup> | 09/23/2024 | 09/23/2030 | Business Services |  |  | 2486 | - | - |
| Crane 1 Services, Inc. - Unfunded Revolver <sup>(7)</sup> | 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 | 1653 | 1653 | 1653 |
| C5MI Acquisition, LLC - Unfunded Revolver <sup>(7)</sup> | 07/31/2024 | 07/31/2029 | Business Services |  |  | 2480 | - | - |
| 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 <sup>(7)</sup> | 11/01/2019 | 11/01/2028 | Consumer Products |  |  | 608 | - | - |
| Duggal Acquisition, LLC - Unfunded Term Loan <sup>(7)</sup> | 09/30/2024 | 09/30/2026 | Marketing Services |  |  | 2042 | - | 20 |
| Duggal Acquisition, LLC - Unfunded Revolver <sup>(7)</sup> | 09/30/2024 | 09/30/2030 | Marketing Services |  |  | 2561 | - | - |
| DX Electric Company, LLC - Unfunded Revolver <sup>(7)</sup> | 10/01/2025 | 10/01/2031 | Electronics |  |  | 1257 | - | (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 <sup>(7)</sup> | 12/19/2022 | 01/10/2029 | Aerospace and Defense |  |  | 1915 | - | 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 <sup>(7)</sup> | 10/18/2024 | 10/19/2026 | Healthcare, Education and Childcare |  |  | 1530 | - | - |
| Emergency Care Partners, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 3391 | 3073 | 2871 |
| 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 <sup>(7)</sup> | 05/24/2023 | 05/25/2029 | Personal, Food and Miscellaneous Services |  |  | 2429 | - | - |
| Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 23815 | 23701 | 23696 |
| Exigo Intermediate II, LLC - Unfunded Revolver <sup>(7)</sup> | 03/10/2022 | 03/15/2027 | Business Services |  |  | 1856 | - | (9) |
| Express Wash Intermediate, LLC | 07/14/2022 | 04/10/2031 | Auto Sector | 10.18% | 3M SOFR+625 | 9950 | 9903 | 9502 |
| Express Wash Intermediate, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 4658 | 4613 | 4611 |
| First Medical MSO, LLC - Unfunded Term Loan <sup>(7)</sup> | 06/13/2025 | 06/13/2027 | Healthcare, Education and Childcare |  |  | 2820 | - | - |
| First Medical MSO, LLC - Unfunded Revolver <sup>(7)</sup> | 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 <sup>(7)</sup> | 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 <sup>(7)</sup> | 09/27/2024 | 09/27/2030 | Home and Office Furnishings, Housewares and Durable Consumer Products |  |  | 6272 | - | 63 |
| GGG MIDCO, LLC - Unfunded Revolver <sup>(7)</sup> | 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 <sup>(7)</sup> | 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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| Graffiti Buyer, Inc. - Unfunded Revolver <sup>(7)</sup> | 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 | 16873 | 16721 | 16873 |
| 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 <sup>(7)</sup> | 07/18/2018 | 08/07/2029 | Consumer Products |  |  | 1731 | - | - |
| 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 | 14123 | 14002 | 14017 |
| Harris & Co, LLC - Unfunded Term Loan B <sup>(7)</sup> | 08/09/2024 | 02/09/2026 | Financial Services |  |  | 511 | - | 1 |
| Harris & Co, LLC - Unfunded Term Loan C <sup>(7)</sup> | 08/09/2024 | 08/18/2027 | Financial Services |  |  | 10226 | - | 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 <sup>(7)</sup> | 08/09/2024 | 08/09/2030 | Financial Services |  |  | 2404 | - | (18) |
| Hills Distribution, Inc. - Unfunded Term Loan <sup>(7)</sup> | 11/02/2023 | 12/05/2027 | Distribution |  |  | 9314 | - | (47) |
| HV Watterson Holdings, LLC <sup>(10)</sup> | 06/13/2022 | 12/17/2026 | Business Services |  |  | 286 | 285 | 91 |
| HV Watterson Holdings, LLC - Funded Revolver <sup>(10)</sup> | 06/13/2022 | 12/17/2026 | Business Services |  |  | 1250 | 1250 | 397 |
| HV Watterson Holdings, LLC - Unfunded Revolver <sup>(7), (10)</sup> | 06/13/2022 | 12/17/2026 | Business Services |  |  |  | - | - |
| HW Holdco, LLC - Unfunded Revolver <sup>(7)</sup> | 10/11/2019 | 05/11/2026 | Media |  |  | 3387 | - | - |
| 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 <sup>(7)</sup> | 07/11/2022 | 09/22/2028 | Business Services |  |  | 722 | - | (4) |
| Imagine Acquisitionco, Inc. - Unfunded Revolver <sup>(7)</sup> | 11/04/2021 | 11/16/2027 | Business Services |  |  | 1685 | - | - |
| Impact Advisors, LLC - Unfunded Term Loan <sup>(7)</sup> | 03/21/2025 | 03/21/2027 | Business Services |  |  | 4686 | - | 23 |
| Impact Advisors, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 8952 | 8868 | 8952 |
| 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 | 1884 | 1901 |
| Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan <sup>(7)</sup> | 12/21/2022 | 10/30/2026 | Personal, Food and Miscellaneous Services |  |  | 9091 | - | 45 |
| Infinity Home Services Holdco, Inc. - Unfunded Revolver <sup>(7)</sup> | 12/21/2022 | 12/28/2028 | Personal, Food and Miscellaneous Services |  |  | 1292 | $- | $- |
| Inovex Information Systems Incorporated - Unfunded Term Loan <sup>(7)</sup> | 12/17/2024 | 12/17/2026 | Business Services |  |  | 1900 | - | - |
| Inovex Information Systems Incorporated - Funded Revolver | 12/17/2024 | 12/17/2030 | Business Services | 11.25% | 3M SOFR+425 | 1829 | 1829 | 1829 |
| Inovex Information Systems Incorporated - Unfunded Revolver <sup>(7)</sup> | 12/17/2024 | 12/17/2030 | Business Services |  |  | 546 | - | - |
| Inventus Power, Inc. - Unfunded Revolver <sup>(7)</sup> | 03/24/2021 | 01/15/2026 | Electronics |  |  | 1729 | - | - |
| Kinetic Purchaser, LLC | 07/08/2022 | 11/10/2027 | Consumer Products | 9.82% | 3M SOFR+615 | 3099 | 3049 | 2518 |
| Kinetic Purchaser, LLC - Funded Revolver | 07/08/2022 | 11/10/2026 | Consumer Products | 9.82% | 3M SOFR+615 | 3070 | 3070 | 2494 |
| Kinetic Purchaser, LLC - Unfunded Revolver <sup>(7)</sup> | 07/08/2022 | 11/10/2026 | Consumer Products |  |  | 1784 | - | (334) |
| Lash OpCo, LLC | 08/16/2021 | 02/18/2027 | Consumer Products | 8.94% | 3M SOFR+510 | 3095 | 3081 | 3018 |
|  |  |  |  | (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 <sup>(7)</sup> | 08/16/2021 | 08/16/2026 | Consumer Products |  |  | 2898 | - | (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 | 1033 | 1033 | 1033 |
| LAV Gear Holdings, Inc. - Unfunded Revolver <sup>(7)</sup> | 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 | 9548 | 9509 | 7686 |
|  |  |  |  | (PIK 1.00%) |  |  |  |  |
| Ledge Lounger, Inc. - Funded Revolver | 11/04/2021 | 11/09/2026 | Consumer Products | 11.32% | 3M SOFR+765 | 1720 | 1720 | 1384 |
|  |  |  |  | (PIK 1.00%) |  |  |  |  |
| Lightspeed Buyer, Inc. | 02/03/2020 | 02/03/2027 | Healthcare, Education and Childcare | 8.47% | 3M SOFR+475 | 2006 | 2006 | 2006 |
| Lightspeed Buyer, Inc. - Unfunded Revolver <sup>(7)</sup> | 02/03/2020 | 02/03/2027 | Healthcare, Education and Childcare |  |  | 1166 | - | - |
| 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 <sup>(7)</sup> | 01/18/2023 | 02/08/2027 | Environmental Services |  |  | 2624 | - | 13 |
| LJ Avalon Holdings, LLC - Unfunded Revolver <sup>(7)</sup> | 01/18/2023 | 02/01/2029 | Environmental Services |  |  | 1498 | - | - |
| Loving Tan Intermediate II, Inc. | 05/25/2023 | 05/31/2028 | Consumer Products | 8.67% | 3M SOFR+500 | 7849 | 7777 | 7810 |
| Loving Tan Intermediate II, Inc. - Unfunded Term Loan <sup>(7)</sup> | 05/25/2023 | 12/31/2026 | Consumer Products |  |  | 1187 | - | 6 |
| Loving Tan Intermediate II, Inc. - Unfunded Term Loan - 2nd Amendment <sup>(7)</sup> | 05/25/2023 | 12/31/2026 | Consumer Products |  |  | 1711 | - | - |
| 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 <sup>(7)</sup> | 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 | 4349 | 4307 | 4349 |
| 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 <sup>(7)</sup> | 12/19/2024 | 12/19/2030 | Media |  |  | 1485 | - | - |

---

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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| MBS Holdings, Inc. | 04/14/2021 | 04/16/2027 | Telecommunications | 8.92% | 3M SOFR+510 | 267 | 266 | 267 |
| MBS Holdings, Inc. - Unfunded Revolver <sup>(7)</sup> | 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 | 1550 | 1550 | 1550 |
| MDI Buyer, Inc. - Unfunded Revolver <sup>(7)</sup> | 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 | 1898 | 1889 | 1898 |
| 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 <sup>(7)</sup> | 12/09/2021 | 12/10/2027 | Business Services |  |  | 1348 | - | - |
| Medina Health, LLC - Unfunded Revolver <sup>(7)</sup> | 10/16/2023 | 10/20/2028 | Healthcare, Education and Childcare |  |  | 2774 | - | - |
| Megawatt Acquisitionco, Inc. - Unfunded Revolver <sup>(7)</sup> | 03/01/2024 | 03/01/2030 | Electronics |  |  | 1857 | - | - |
| MES Intermediate, Inc. | 09/23/2021 | 10/01/2027 | Distribution | 8.62% | 3M SOFR+475 | 2327 | 2316 | 2327 |
| 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 <sup>(7)</sup> | 09/23/2021 | 10/01/2027 | Distribution |  |  | 1447 | - | - |
| Mineola 212, LLC | 06/24/2024 | 01/31/2026 | Buildings and Real Estate | 14.00% |  | 3500 | 3503 | 3528 |
| MOREGroup Holdings, Inc. - Unfunded Term Loan <sup>(7)</sup> | 01/09/2024 | 01/16/2026 | Business Services |  |  | 6124 | - | 61 |
| MOREGroup Holdings, Inc. - Unfunded Revolver <sup>(7)</sup> | 01/09/2024 | 01/16/2030 | Business Services |  |  | 3675 | - | - |
| NBH Group, LLC - Unfunded Revolver <sup>(7)</sup> | 08/16/2021 | 08/19/2026 | Healthcare, Education and Childcare |  |  | 1163 | - | - |
| NORA Acquisition, LLC - Funded Revolver | 08/22/2023 | 08/31/2029 | Healthcare, Education and Childcare | 10.02% | 3M SOFR+635 | 1218 | 1218 | 1182 |
| NORA Acquisition, LLC - Unfunded Revolver <sup>(7)</sup> | 08/22/2023 | 08/31/2029 | Healthcare, Education and Childcare |  |  | 1489 | - | (45) |
| North American Rail Solutions, LLC | 08/29/2025 | 08/29/2031 | Manufacturing/Basic Industry | 8.42% | 3M SOFR+475 | 14380 | 14308 | 14308 |
| North American Rail Solutions, LLC - Unfunded Term Loan <sup>(7)</sup> | 08/29/2025 | 08/29/2027 | Manufacturing/Basic Industry |  |  | 2263 | - | - |
| 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 <sup>(7)</sup> | 08/29/2025 | 08/29/2031 | Manufacturing/Basic Industry |  |  | 2625 | - | (13) |
| NP Riverhead Industrial, LLC | 05/24/2024 | 01/31/2026 | Buildings and Real Estate | 15.50% |  | 5000 | 5004 | 5038 |
| Omnia Exterior Solutions, LLC | 12/29/2023 | 12/31/2029 | Diversified Conglomerate Service | 8.92% | 3M SOFR+525 | 1783 | 1767 | 1760 |
| Omnia Exterior Solutions, LLC - Unfunded Term Loan <sup>(7)</sup> | 12/29/2023 | 09/30/2026 | Diversified Conglomerate Service |  |  | 3807 | - | (14) |
| Omnia Exterior Solutions, LLC - Funded Revolver | 12/29/2023 | 12/31/2029 | Diversified Conglomerate Service | 8.97% | 3M SOFR+525 | 1120 | 1120 | 1106 |
| Omnia Exterior Solutions, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 4530 | 4504 | 3534 |
|  |  |  |  | (PIK 7.50%) |  |  |  |  |
| ORL Acquisition, Inc. - Unfunded Revolver <sup>(7)</sup> | 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 | 6370 | 6288 | 6039 |
| 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 <sup>(7)</sup> | 12/11/2023 | 12/17/2029 | Aerospace and Defense |  |  | 1330 | $- | $(69) |
| Pacific Purchaser, LLC - Unfunded Revolver <sup>(7)</sup> | 10/02/2023 | 10/02/2028 | Business Services |  |  | 1373 | - | (33) |
| PAR Excellence Holdings, Inc. | 09/03/2024 | 09/03/2030 | Healthcare, Education and Childcare | 8.74% | 3M SOFR+500 | 11910 | 11804 | 11702 |
| PAR Excellence Holdings, Inc. - Unfunded Revolver <sup>(7)</sup> | 09/03/2024 | 09/03/2030 | Healthcare, Education and Childcare |  |  | 2681 | - | (47) |
| Paving Lessor Corp. - Unfunded Term Loan <sup>(7)</sup> | 07/01/2025 | 07/01/2027 | Business Services |  |  | 3291 | - | 8 |
| Paving Lessor Corp. - Unfunded Revolver <sup>(7)</sup> | 07/01/2025 | 07/01/2031 | Business Services |  |  | 2194 | - | (11) |
| PCS MIDCO, Inc. | 03/01/2024 | 03/01/2030 | Financial Services | 9.42% | 3M SOFR+575 | 2316 | 2298 | 2328 |
| PCS MIDCO, Inc. - Unfunded Term Loan <sup>(7)</sup> | 03/01/2024 | 03/02/2026 | Financial Services |  |  | 2078 | - | 31 |
| PCS MIDCO, Inc. - Unfunded Revolver <sup>(7)</sup> | 03/01/2024 | 03/01/2030 | Financial Services |  |  | 1762 | - | 9 |
| PD Tri-State Holdco, LLC - Unfunded Term Loan <sup>(7)</sup> | 10/14/2025 | 10/14/2027 | Diversified Consumer Services |  |  | 4140 | - | 11 |
| PD Tri-State Holdco, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 5251 | 5199 | 5264 |
| Peninsula Pacific Entertainment - Unfunded Term Loan <sup>(7)</sup> | 08/15/2025 | 08/25/2027 | Gaming |  |  | 1231 | - | 9 |
| Pink Lily Holdco, LLC - Funded Revolver <sup>(10)</sup> | 11/05/2021 | 11/09/2027 | Retail |  |  | 863 | 863 | 108 |
| Pink Lily Holdco, LLC - Unfunded Revolver <sup>(7), (10)</sup> | 11/05/2021 | 11/09/2027 | Retail |  |  | 755 | - | (661) |
| PN Buyer, Inc. - Unfunded Term Loan <sup>(7)</sup> | 07/31/2025 | 07/31/2027 | Business Services |  |  | 2591 | - | - |
| 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 <sup>(7)</sup> | 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 | 4020 | 3980 | 3980 |
| Podean Buyer, Inc. - Unfunded Revolver <sup>(7)</sup> | 08/04/2025 | 08/04/2031 | Marketing Services |  |  | 796 | - | (8) |
| Project Granite Buyer, Inc. - Unfunded Term Loan <sup>(7)</sup> | 12/31/2024 | 12/31/2026 | Business Services |  |  | 554 | - | 11 |
| Project Granite Buyer, Inc. - Unfunded Revolver <sup>(7)</sup> | 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 | 18144 | 18031 | 18031 |
| Puget Collision, LLC - Unfunded Term Loan <sup>(7)</sup> | 10/03/2025 | 10/03/2027 | Auto Sector |  |  | 24766 | - | - |
| 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 <sup>(7)</sup> | 10/03/2025 | 10/03/2031 | Auto Sector |  |  | 3451 | - | (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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| Radius Aerospace, Inc. - Unfunded Revolver <sup>(7)</sup> | 11/14/2022 | 03/29/2027 | Aerospace and Defense |  |  | 1448 | - | (29) |
| Rancho Health MSO, Inc. - Unfunded Term Loan <sup>(7)</sup> | 09/27/2021 | 06/30/2026 | Healthcare, Education and Childcare |  |  | 1954 | - | 8 |
| Rancho Health MSO, Inc. - Unfunded Revolver <sup>(7)</sup> | 09/27/2021 | 06/20/2029 | Healthcare, Education and Childcare |  |  | 2675 | - | - |
| Recteq, LLC - Funded Revolver | 01/27/2021 | 01/29/2026 | Consumer Products | 9.84% | 3M SOFR+625 | 507 | 507 | 507 |
| Recteq, LLC - Unfunded Revolver <sup>(7)</sup> | 01/27/2021 | 01/29/2026 | Consumer Products |  |  | 620 | - | - |
| Riverpoint Medical, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 1258 | 1258 | 1258 |
| Ro Health, LLC - Unfunded Revolver <sup>(7)</sup> | 01/16/2025 | 01/17/2031 | Healthcare Providers & Services |  |  | 2935 | - | - |
| Rosco Parent, LLC | 09/12/2025 | 09/12/2031 | Business Services | 8.42% | 3M SOFR+475 | 4987 | 4952 | 4950 |
| 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 <sup>(7)</sup> | 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 | 18000 | 17659 | 17910 |
| RRA Corporate, LLC | 08/15/2024 | 08/15/2029 | Business Services | 8.92% | 3M SOFR+525 | 6819 | 6754 | 6608 |
| RRA Corporate, LLC - Unfunded Term Loan <sup>(7)</sup> | 08/15/2024 | 08/17/2026 | Business Services |  |  | 3337 | - | (70) |
| RRA Corporate, LLC - Funded Revolver | 08/15/2024 | 08/15/2029 | Business Services | 8.92% | 3M SOFR+525 | 1999 | 1999 | 1937 |
| RRA Corporate, LLC - Unfunded Revolver <sup>(7)</sup> | 08/15/2024 | 08/15/2029 | Business Services |  |  | 1149 | - | (36) |
| RTIC Subsidiary Holdings, LLC - Unfunded Revolver <sup>(7)</sup> | 05/03/2024 | 05/03/2029 | Consumer Products |  |  | 5422 | - | (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 <sup>(7)</sup> | 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 | 10302 | 10199 | 10302 |
| Sabel Systems Technology Solutions, LLC - Unfunded Revolver <sup>(7)</sup> | 10/31/2024 | 10/31/2030 | Government Services |  |  | 1684 | - | - |
| Safe Haven Defense US, LLC | 05/23/2024 | 05/23/2029 | Building Materials | 9.19% | 3M SOFR+550 | 3908 | 3863 | 3810 |
| 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 <sup>(7)</sup> | 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 <sup>(7)</sup> | 05/29/2020 | 07/07/2026 | Business Services |  |  | 366 | - | - |
| Sath Industries, LLC - Unfunded Revolver <sup>(7)</sup> | 12/17/2024 | 12/17/2029 | Event Services |  |  | 1300 | - | - |
| Schlesinger Global, Inc. | 07/02/2019 | 03/31/2027 | Business Services | 9.82% | 3M SOFR+610 | 2638 | 2632 | 2506 |
|  |  |  |  | (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 <sup>(7)</sup> | 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 | 2787 | 2764 | 2659 |
| Seacoast Service Partners NA, LLC - Unfunded Term Loan <sup>(7)</sup> | 12/20/2024 | 12/21/2026 | Diversified Conglomerate Service |  |  | 2615 | - | (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 <sup>(7)</sup> | 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 | 4644 | 4603 | 4435 |
| Seaway Buyer, LLC - Funded Revolver | 06/08/2022 | 06/13/2028 | Chemicals, Plastics and Rubber | 9.82% | 3M SOFR+615 | 2918 | 2918 | 2787 |
| Seaway Buyer, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 16570 | 16507 | 15932 |
| Sigma Defense Systems, LLC | 11/30/2021 | 12/20/2027 | Telecommunications | 10.62% | 3M SOFR+690 | 11599 | 11387 | 11483 |
| Sigma Defense Systems, LLC - Unfunded Term Loan <sup>(7)</sup> | 11/30/2021 | 12/20/2027 | Telecommunications |  |  | 4250 | - | - |
| Sigma Defense Systems, LLC - Unfunded Revolver <sup>(7)</sup> | 11/30/2021 | 12/20/2027 | Telecommunications |  |  | 3685 | - | (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 <sup>(7)</sup> | 02/25/2022 | 11/25/2026 | Business Services |  |  | 1050 | - | 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 <sup>(7)</sup> | 02/25/2022 | 03/01/2028 | Business Services |  |  | 1168 | - | - |
| STG Distribution, LLC - First Out New Money Term Loans <sup>(10)</sup> | 10/03/2024 | 10/03/2029 | Transportation |  |  | 4356 | 4157 | 3703 |
| STG Distribution, LLC - Second Out Term Loans <sup>(10)</sup> | 10/03/2024 | 10/03/2029 | Transportation |  |  | 10066 | 5654 | 755 |
| SV-Aero Holdings, LLC - Unfunded Term Loan <sup>(7)</sup> | 10/31/2024 | 11/02/2026 | Aerospace and Defense |  |  | 3562 | - | 18 |
| System Planning and Analysis, Inc. | 10/12/2021 | 08/16/2027 | Aerospace and Defense | 8.42% | 3M SOFR+475 | 9465 | $9417 | $9437 |
| System Planning and Analysis, Inc. - Unfunded Term Loan <sup>(7)</sup> | 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 | 1747 | 1747 | 1741 |
| System Planning and Analysis, Inc. - Unfunded Revolver <sup>(7)</sup> | 10/12/2021 | 08/16/2027 | Aerospace and Defense |  |  | 2969 | - | (9) |
| TCG 3.0 Jogger Acquisitionco, Inc. | 01/23/2024 | 01/23/2029 | Media | 10.17% | 3M SOFR+650 | 8843 | 8738 | 8710 |
| 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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver <sup>(7)</sup> | 01/23/2024 | 01/23/2029 | Media |  |  | 897 | - | (13) |
| The Bluebird Group, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 6622 | 6577 | 6586 |
| The Vertex Companies, LLC - Funded Revolver | 08/25/2021 | 08/31/2028 | Business Services | 8.87% | 3M SOFR+510 | 1191 | 1191 | 1183 |
| The Vertex Companies, LLC - Unfunded Revolver <sup>(7)</sup> | 08/25/2021 | 08/31/2028 | Business Services |  |  | 2778 | - | (17) |
| TMII Enterprises, LLC - Unfunded Revolver <sup>(7)</sup> | 12/19/2022 | 12/22/2028 | Personal, Food and Miscellaneous Services |  |  | 2532 | - | - |
| TransGo, LLC - Unfunded Revolver <sup>(7)</sup> | 12/29/2023 | 12/29/2028 | Machinery |  |  | 2775 | - | - |
| 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 <sup>(7)</sup> | 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 | 1204 | 1222 | 1228 |
| 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 <sup>(7)</sup> | 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 | 1050 | 1051 | 1050 |
| Watchtower Buyer, LLC. - Unfunded Revolver <sup>(7)</sup> | 11/29/2023 | 12/03/2029 | Electronics |  |  | 5250 | - | - |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | 444112 | 429494 |
| **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 | 8000 | 7758 | 8000 |
| ENC Parent Corporation | 08/06/2021 | 08/19/2029 | Business Services | 11.43% | 3M SOFR+776 | 7500 | 7455 | 6825 |
| TEAM Services Group, LLC | 04/26/2024 | 12/18/2028 | Healthcare, Education and Childcare | 13.10% | 3M SOFR+926 | 3429 | 3426 | 3411 |
| **Total Second Lien Secured Debt** |  |  |  |  |  |  | 18639 | 18236 |
| **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% |  | 6176 | 6116 | 6176 |
| 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% |  | 12358 | 12272 | 12296 |
| Northwinds Topco, Inc. - Unfunded Term Loan <sup>(7)</sup> | 08/16/2024 | 10/30/2029 | Consumer Services |  |  | 3500 | - | (18) |
| ORL Holdco, Inc. - Convertible Notes | 08/02/2024 | 03/08/2028 | Business Services |  |  | 6 | 6 | - |
| ORL Holdco, Inc. - Unfunded Convertible Notes <sup>(7)</sup> | 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% |  | 1223 | 1223 | 1437 |
| United Land Services Intermediate Parent Holdings, LLC | 07/12/2024 | 12/23/2026 | Environmental Services | PIK 14.75% |  | 21339 | 21074 | 21339 |
| Wash & Wax Systems, LLC | 10/20/2021 | 07/30/2028 | Auto Sector | PIK 12.00% |  | 836 | 837 | 837 |
| **Total Subordinate Debt** |  |  |  |  |  |  | 41766 | 42336 |
| **Preferred Equity/Partnership Interests - 4.6% of Net Assets** <sup>(6)</sup> |  |  |  |  |  |  |  |  |
| Accounting Platform Blocker, Inc. | 08/09/2024 |  | Financial Services |  |  | 356200 | 356 | 356 |
| Ad.net Holdings, Inc. | 05/04/2021 |  | Media |  |  | 2662 | 266 | 178 |
| AFC Acquisitions, Inc. (F-2 Series) <sup>(9)</sup> | 12/07/2023 |  | Distribution |  |  | 490 | 749 | 686 |
| AFC Acquisitions, Inc. (G-2 Series) <sup>(9)</sup> | 12/07/2023 |  | Distribution |  |  | 11 | 18 | 16 |
| AFC Acquisitions, Inc. (H-2 Series) <sup>(9)</sup> | 12/07/2023 |  | Distribution |  |  | 6 | 12 | 11 |
| AFC Acquisitions, Inc. (I-2 Series) <sup>(9)</sup> | 12/07/2023 |  | Distribution |  |  | 6 | 12 | 9 |
| AFC Acquisitions, Inc. (J-2 Series) <sup>(9)</sup> | 12/07/2023 |  | Distribution |  |  | 10 | 20 | 16 |
| Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) <sup>(9)</sup> | 05/21/2019 |  | Media |  |  | 1135 | 1135 | 1237 |
| BioDerm Holdings, LP | 01/30/2023 |  | Healthcare, Education and Childcare |  |  | 1312 | 1312 | 1313 |
| Cartessa Aesthetics, LLC <sup>(9)</sup> | 06/01/2022 |  | Distribution |  |  | 3562500 | 3563 | 10688 |
| Connatix Parent, LLC | 07/08/2021 |  | Media |  |  | 7967 | 8 | 10 |
| Consello Pacific Aggregator, LLC <sup>(9)</sup> | 10/02/2023 |  | Business Services |  |  | 782891 | 743 | 540 |
| C5MI Holdco, LLC <sup>(9)</sup> | 07/31/2024 |  | Business Services |  |  | 104000 | 104 | 108 |
| Gauge Schlesinger Coinvest, LLC - Class A-2 | 05/24/2023 |  | Business Services |  |  | 1 | 1 | - |
| EvAL Home Health Solutions, LLC <sup>(9)</sup> | 05/10/2024 |  | Healthcare, Education and Childcare |  |  | 272771 | 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 <sup>(9)</sup> | 04/30/2024 |  | Insurance |  |  | 116588 | 76 | - |
| HPA SPQ Aggregator, LP | 06/08/2023 |  | Business Services |  |  | 52353 | 52 | 52 |
| Imagine Topco, LP Preferred | 11/04/2021 |  | Business Services | 8.00% |  | 743826 | 744 | 1044 |
| Magnolia Topco, LP - Class A <sup>(9)</sup> | 07/25/2023 |  | Auto Sector |  |  | 1545 | 1544 | 193 |
| Magnolia Topco, LP - Class A-1 <sup>(9)</sup> | 07/25/2023 |  | Auto Sector |  |  | 530 | 530 | 1060 |
| Magnolia Topco, LP - Class B <sup>(9)</sup> | 07/25/2023 |  | Auto Sector |  |  | 1018 | 643 | - |
| Megawatt Acquisition Partners, LLC - Class A | 06/28/2024 |  | Electronics |  |  | 5349 | 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 <sup>(9)</sup> | 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 <sup>(9)</sup> | 05/03/2024 |  | Consumer Products |  |  | 5 | 5 | - |
| RTIC Parent Holdings, LLC - Class C <sup>(9)</sup> | 05/03/2024 |  | Consumer Products |  |  | 10624 | 700 | 1497 |
| RTIC Parent Holdings, LLC - Class D <sup>(9)</sup> | 05/03/2024 |  | Consumer Products |  |  | 11276 | 113 | 160 |
| SP L2 Holdings, LLC | 11/04/2021 |  | Consumer Products |  |  | 331229 | 81 | - |
| SP L2 Holdings, LLC - Unfunded <sup>(7)</sup> | 11/04/2021 |  | Consumer Products |  |  | 189274 | - | (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** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| 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** |  |  |  |  |  |  | 14904 | 21131 |
| **Common Equity/Partnership Interests/Warrants - 28.7% of Net Assets** <sup>(6)</sup> |  |  |  |  |  |  |  |  |
| A1 Garage Equity, LLC <sup>(9)</sup> | 12/19/2022 |  | Personal, Food and Miscellaneous Services |  |  | 2193038 | 2193 | 4953 |
| ACP Big Top Holdings, LP | 02/29/2024 |  | Manufacturing/Basic Industry |  |  | 773800 | 744 | 1356 |
| Ad.net Holdings, Inc. | 05/04/2021 |  | Media |  |  | 2958 | 30 | - |
| Aechelon InvestCo, LP | 08/16/2024 |  | Aerospace and Defense |  |  | 10684 | 1068 | 2930 |
| Aechelon InvestCo, LP - Unfunded <sup>(7)</sup> | 08/16/2024 |  | Aerospace and Defense |  |  | 11940 | - | - |
| Aftermarket Drivetrain Products Holdings, LLC | 12/29/2023 |  | Machinery |  |  | 1645 | 1645 | 2824 |
| AG Investco, LP <sup>(9)</sup> | 11/05/2018 |  | Business Services |  |  | 8052 | 805 | 64 |
| AG Investco, LP - Unfunded <sup>(7), (9)</sup> | 11/05/2018 |  | Business Services |  |  | 1948 | - | (179) |
| Altamira Intermediate Company II, Inc. | 07/23/2019 |  | Aerospace and Defense |  |  | 125000 | 125 | 115 |
| AMCSI Crash Co-Invest, LP | 07/28/2022 |  | Auto Sector |  |  | 24898 | 2490 | 3325 |
| AMCSI Crash Co-Invest, LP - Unfunded <sup>(7)</sup> | 07/28/2022 |  | Auto Sector |  |  | 5102 | - | - |
| Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) <sup>(9)</sup> | 05/21/2019 |  | Media |  |  | 1135 | - | - |
| APT Holdings, LLC <sup>(9)</sup> | 09/29/2025 |  | Healthcare, Education and Childcare |  |  | 384799 | 519 | 567 |
| Athletico Holdings, LLC <sup>(9)</sup> | 02/04/2022 |  | Healthcare, Education and Childcare |  |  | 9357 | 10000 | 7093 |
| Azureon, LLC <sup>(9)</sup> | 06/26/2024 |  | Diversified Conglomerate Service |  |  | 508238 | 508 | 371 |
| BioDerm, Inc. | 09/09/2024 |  | Healthcare, Education and Childcare |  |  | 1312 | - | - |
| Burgess Point Holdings, LP | 07/21/2022 |  | Auto Sector |  |  | 764 | 777 | 824 |
| Carnegie Holdco, LLC <sup>(9)</sup> | 02/07/2024 |  | Education |  |  | 1680300 | 1603 | 1210 |
| Carisk Parent, LP | 11/27/2023 |  | Healthcare, Education and Childcare |  |  | 204455 | 204 | 251 |
| Connatix Parent, LLC | 07/08/2021 |  | Media |  |  | 273207 | 632 | 278 |
| Cowboy Parent LLC | 09/12/2018 |  | Distribution |  |  | 27778 | 3015 | 2421 |
| Crane 1 Acquisition Parent Holdings, LP | 08/11/2021 |  | Personal, Food and Miscellaneous Services |  |  | 113 | 104 | 212 |
| C5MI Holdco, LLC <sup>(9)</sup> | 07/31/2024 |  | Business Services |  |  | 754200 | 754 | 1048 |
| Delta InvestCo, LP <sup>(9)</sup> | 12/16/2020 |  | Telecommunications |  |  | 913649 | 866 | 1944 |
| Delta InvestCo, LP - Unfunded <sup>(7), (9)</sup> | 12/16/2020 |  | Telecommunications |  |  | 227395 | - | - |
| Duggal Acquisition, LLC | 09/30/2024 |  | Marketing Services |  |  | 314 | 314 | 292 |
| EDS Topco, LP | 12/19/2022 |  | Aerospace and Defense |  |  | 937500 | 938 | 1827 |
| Events Buyer, LLC | 12/17/2024 |  | Event Services |  |  | 536267 | 536 | 643 |
| Exigo, LLC | 03/10/2022 |  | Business Services |  |  | 1458333 | 1458 | 609 |
| FedHC InvestCo, LP <sup>(9)</sup> | 08/26/2021 |  | Aerospace and Defense |  |  | 15255 | 545 | 2111 |
| FedHC InvestCo, LP - Unfunded <sup>(7), (9)</sup> | 08/26/2021 |  | Aerospace and Defense |  |  | 2466 | - | - |
| FedHC InvestCo II, LP <sup>(9)</sup> | 12/23/2021 |  | Aerospace and Defense |  |  | 21817 | 2303 | 3128 |
| First Medical Holdings, LLC <sup>(9)</sup> | 06/13/2025 |  | Healthcare, Education and Childcare |  |  | 45000 | 450 | 462 |
| Five Star Parent Holdings, LLC | 02/21/2023 |  | Leisure, Amusement, Motion Pictures, Entertainment |  |  | 655714 | 656 | - |
| Gauge APHIX Blocker, LLC | 07/16/2025 |  | Business Services |  |  | 489789 | 490 | 470 |
| Gauge ETE Blocker, LLC | 05/24/2023 |  | Personal, Food and Miscellaneous Services |  |  | 374444 | 374 | 374 |
| Gauge Lash Coinvest, LLC | 12/04/2019 |  | Consumer Products |  |  | 1231392 | 951 | 1882 |
| Gauge Loving Tan, LP | 05/25/2023 |  | Consumer Products |  |  | 543562 | 544 | 645 |
| Gauge Schlesinger Coinvest, LLC | 04/22/2020 |  | Business Services |  |  | 9 | 10 | 4 |
| GCOM InvestCo, LP | 05/11/2021 |  | Business Services |  |  | 2434 | 1003 | 650 |
| GCP Boss Holdco, LLC | 12/27/2024 |  | Conglomerate Manufacturing |  |  | 1045100 | 1045 | 1568 |
| GGG MIDCO, LLC <sup>(9)</sup> | 09/27/2024 |  | Home and Office Furnishings, Housewares and Durable Consumer Products |  |  | 1222700 | 1223 | 1623 |
| GMP Hills, LP | 11/02/2023 |  | Distribution |  |  | 3747470 | 3747 | 4759 |
| Hancock Claims Consultants Investors, LLC <sup>(9)</sup> | 12/23/2020 |  | Insurance |  |  | 450000 | 450 | - |
| HPA SPQ Aggregator, LP | 06/08/2023 |  | Business Services |  |  | 750399 | 750 | 19 |
| HV Watterson Holdings, LLC | 06/13/2022 |  | Business Services |  |  | 1600000 | 1600 | - |
| Icon Partners V C, LP | 12/20/2021 |  | Business Services |  |  | 1201283 | 1201 | 894 |
| Icon Partners V C, LP - Unfunded <sup>(7)</sup> | 12/20/2021 |  | Business Services |  |  | 298717 | - | (76) |
| IHS Parent Holdings, LP | 12/21/2022 |  | Personal, Food and Miscellaneous Services |  |  | 1218045 | 1218 | 1608 |
| Imagine Topco, LP | 11/04/2021 |  | Business Services |  |  | 743826 | - | 52 |
| Infogroup Parent Holdings, Inc. | 05/31/2023 |  | Other Media |  |  | 181495 | 2040 | 2419 |
| Ironclad Holdco, LLC (Applied Technical Services, LLC) | 12/23/2020 |  | Environmental Services |  |  | 4993 | 525 | 1303 |
| ITC Infusion Co-invest, LP <sup>(9)</sup> | 02/16/2022 |  | Healthcare, Education and Childcare |  |  | 162445 | 1720 | 4189 |
| Kinetic Purchaser, LLC - Class A | 11/08/2021 |  | Consumer Products |  |  | 1308814 | 1309 | - |
| Kinetic Purchaser, LLC - Class AA | 11/08/2021 |  | Consumer Products |  |  | 115688 | 135 | - |
| KL Stockton Co-Invest, LP <sup>(9)</sup> | 07/16/2021 |  | Personal, Food and Miscellaneous Services |  |  | 382353 | 386 | 539 |
| Lightspeed Investment Holdco, LLC | 01/21/2020 |  | Healthcare, Education and Childcare |  |  | 273143 | 273 | 1150 |
| LJ Avalon, LP | 01/18/2023 |  | Environmental Services |  |  | 851087 | 851 | 1430 |
| Lorient Peregrine Investments, LP | 11/18/2022 |  | Business Services |  |  | 335590 | 4530 | 2480 |
| Magnolia Topco, LP - Class A <sup>(9)</sup> | 07/25/2023 |  | Auto Sector |  |  | 1545460 | - | - |
| Magnolia Topco, LP - Class B <sup>(9)</sup> | 07/25/2023 |  | Auto Sector |  |  | 1017840 | - | - |
| Marketplace Events Holdings, LP | 12/19/2024 |  | Media |  |  | 14640 | 1464 | 1900 |
| MDI Aggregator, LP | 07/19/2022 |  | Chemicals, Plastics and Rubber |  |  | 31904 | 3232 | 3121 |
| Meadowlark Title, LLC <sup>(9)</sup> | 12/09/2021 |  | Business Services |  |  | 815385 | 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** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| Megawatt Acquisition Partners, LLC - Class A | 06/28/2024 |  | Electronics |  |  | 594 | 59 | - |
| Municipal Emergency Services, Inc. | 09/28/2021 |  | Distribution |  |  | 3920145 | $3984 | $9016 |
| NEPRT Parent Holdings, LLC <sup>(9)</sup> | 01/27/2021 |  | Consumer Products |  |  | 1299 | 1250 | 339 |
| New Insight Holdings, Inc. | 07/15/2024 |  | Business Services |  |  | 1157 | 20 | 13 |
| New Medina Health, LLC <sup>(9)</sup> | 10/16/2023 |  | Healthcare, Education and Childcare |  |  | 1429480 | 1429 | 2815 |
| NFS - CFP Holdings, LLC | 09/13/2024 |  | Business Services |  |  | 662983 | 663 | 1008 |
| NORA Parent Holdings, LLC <sup>(9)</sup> | 08/22/2023 |  | Healthcare, Education and Childcare |  |  | 1257 | 1248 | 293 |
| North Haven Saints Equity Holdings, LP <sup>(9)</sup> | 02/25/2022 |  | Business Services |  |  | 351553 | 352 | 415 |
| Northwinds Services Group, LLC | 08/16/2024 |  | Consumer Services |  |  | 840000 | 1680 | 1891 |
| NXOF Holdings, Inc. | 02/26/2019 |  | Aerospace and Defense |  |  | 8188 | 108 | - |
| OceanSound Discovery Equity, LP <sup>(9)</sup> | 03/28/2024 |  | Aerospace and Defense |  |  | 119966 | 1200 | 1616 |
| OES Co-Invest, LP - Class A | 05/31/2024 |  | Diversified Conglomerate Service |  |  | 840 | 851 | 1016 |
| OHCP V BC COI, LP | 12/13/2021 |  | Distribution |  |  | 707209 | 707 | 438 |
| OHCP V BC COI, LP - Unfunded <sup>(7)</sup> | 12/13/2021 |  | Distribution |  |  | 42791 | - | (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 |  |  | 1806 | 1812 | 1566 |
| Paving Parent, LLC <sup>(9)</sup> | 07/01/2025 |  | Business Services |  |  | 1166 | 1166 | 1309 |
| PCS Parent, LP | 03/01/2024 |  | Financial Services |  |  | 421304 | 421 | 463 |
| PennantPark-TSO Senior Loan Fund II, LP <sup>(11)</sup> | 01/07/2022 |  | Financial Services |  |  | 8115794 | 8116 | 6269 |
| PN Buyer, Inc. | 07/31/2025 |  | Business Services |  |  | 813376 | 813 | 789 |
| Pink Lily Holdco, LLC <sup>(9)</sup> | 11/05/2021 |  | Retail |  |  | 1044 | 1044 | - |
| 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 |  |  | 2607587 | 2608 | 4155 |
| QuantiTech InvestCo, LP <sup>(9)</sup> | 05/01/2020 |  | Aerospace and Defense |  |  | 700 | - | 97 |
| QuantiTech InvestCo, LP - Unfunded <sup>(7), (9)</sup> | 05/01/2020 |  | Aerospace and Defense |  |  | 955 | - | - |
| QuantiTech InvestCo II, LP <sup>(9)</sup> | 05/01/2020 |  | Aerospace and Defense |  |  | 40 | 12 | 7 |
| RFMG Parent, LP | 12/16/2020 |  | Healthcare, Education and Childcare |  |  | 1050000 | 1050 | 1230 |
| Ro Health Holdings, Inc. | 01/16/2025 |  | Healthcare Providers & Services |  |  | 289700 | 290 | 405 |
| Rosco Topco, LLC | 09/09/2025 |  | Business Services |  |  | 701149 | 701 | 694 |
| Sabel InvestCo, LP <sup>(9)</sup> | 10/31/2024 |  | Government Services |  |  | 32771 | 830 | 1003 |
| Sabel InvestCo, LP - Unfunded <sup>(7), (9)</sup> | 10/31/2024 |  | Government Services |  |  | 47957 | - | - |
| Safe Haven Defense MidCo, LLC <sup>(9)</sup> | 05/23/2024 |  | Building Materials |  |  | 245 | 245 | 2 |
| SBI Holdings Investments, LLC | 12/23/2019 |  | Business Services |  |  | 36585 | 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 |  |  | 2981 | 2981 | 899 |
| SP DXE Holdings, LLC <sup>(9)</sup> | 10/01/2025 |  | Electronics |  |  | 553592 | 554 | 581 |
| SP L2 Holdings, LLC | 11/04/2021 |  | Consumer Products |  |  | 129370318 | 917 | - |
| SSC Dominion Holdings, LLC | 07/11/2018 |  | Electronics |  |  | 36 | - | 2421 |
| StellPen Holdings, LLC | 08/17/2021 |  | Media |  |  | 153846 | 154 | 112 |
| TAC LifePort Holdings, LLC <sup>(9)</sup> | 02/24/2021 |  | Aerospace and Defense |  |  | 254206 | 239 | 493 |
| TCG 3.0 Jogger Co-Invest, LP | 01/22/2024 |  | Media |  |  | 6475 | 1252 | 727 |
| Tinicum Space Coast Co-Invest, LLC <sup>(9)</sup> | 10/29/2024 |  | Aerospace and Defense |  |  | 216 | 2127 | 2279 |
| Tinicum Space Coast Holdings, LLC <sup>(9)</sup> | 12/06/2023 |  | Aerospace and Defense |  |  | 25 | 199 | 596 |
| Tower Arch Infolinks Media, LP <sup>(9)</sup> | 10/27/2021 |  | Media |  |  | 550332 | 116 | 348 |
| Tower Arch Infolinks Media, LP - Unfunded <sup>(7), (9)</sup> | 10/27/2021 |  | Media |  |  | 345113 | - | (127) |
| TPC Holding Company, LP | 12/04/2019 |  | Food |  |  | 11527 | 12 | - |
| TWD Parent Holdings, LLC | 08/25/2021 |  | Business Services |  |  | 670 | 3 | 13 |
| United Land Services Holdings, LLC | 07/12/2024 |  | Environmental Services |  |  | 184049 | 600 | 750 |
| UniVista Insurance <sup>(9)</sup> | 06/14/2021 |  | Business Services |  |  | 400 | - | 113 |
| Wash & Wax Systems. LLC <sup>(9)</sup> | 04/30/2025 |  | Auto Sector |  |  | 514 | 917 | 643 |
| Watchtower Holdings, LLC <sup>(9)</sup> | 11/29/2023 |  | Electronics |  |  | 12419 | 1242 | 1404 |
| WCP Ivyrehab Coinvestment, LP <sup>(9)</sup> | 06/27/2022 |  | Healthcare, Education and Childcare |  |  | 208 | 208 | 293 |
| WCP Ivyrehab QP CF Feeder, LP <sup>(9)</sup> | 06/27/2022 |  | Healthcare, Education and Childcare |  |  | 3754 | 3853 | 5299 |
| WCP Ivyrehab QP CF Feeder, LP - Unfunded <sup>(7), (9)</sup> | 06/27/2022 |  | Healthcare, Education and Childcare |  |  | 246 | - | - |
| White Tiger Newco, LLC | 07/31/2025 |  | Leisure, Amusement, Motion Pictures, Entertainment |  |  | 4833 | 369 | 36 |
| Kentucky Racing Holdco, LLC (Warrants) <sup>(9)</sup> | 04/16/2019 |  | Hotels, Motels, Inns and Gaming |  |  | 161252 | - | 1752 |
| **Total Common Equity/Partnership Interests/Warrants** |  |  |  |  |  |  | 117520 | 131403 |
| **US Government Securities - 45.8% of Net Assets** |  |  |  |  |  |  |  |  |
| U.S. Treasury Bill <sup>(5)</sup> | 01/02/2026 | 01/27/2026 | Short-Term U.S. Government Securities | 3.98% |  | 210000 | 209555 | 209485 |
| **Total US Government Securities** |  |  |  |  |  |  | 209555 | 209485 |
| **Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies** |  |  |  |  |  |  | 846496 | 852085 |
| Investments in Non-Controlled, Affiliated Portfolio Companies - 0.4% of Net Assets <sup>(1), (2)</sup> |  |  |  |  |  |  |  |  |
| **Preferred Equity/Partnership Interests - 0.4% of Net Assets** <sup>(6)</sup> |  |  |  |  |  |  |  |  |
| Cascade Environmental Holdings, LLC | 02/19/2025 |  | Environmental Services |  |  | 918 | 918 | 1751 |
| Cascade Environmental Holdings, LLC - Series B | 02/19/2025 |  | Environmental Services |  |  | 5887236 | 32791 | - |
| **Total Preferred Equity/Partnership Interests** |  |  |  |  |  |  | 33709 | 1751 |
| **Common Equity/Partnership Interests/Warrants - 0.0% of Net Assets** <sup>(6)</sup> |  |  |  |  |  |  |  |  |
| Cascade Environmental Holdings, LLC | 02/19/2015 |  | Environmental Services |  |  | 7444347 | 2852 |  |
| **Total Common Equity/Partnership Interests/Warrants** |  |  |  |  |  |  | 2852 |  |

---

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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| **Total Investments in Non-Controlled, Affiliated Portfolio Companies** |  |  |  |  |  |  | $36561 | $1751 |
| Investments in Controlled, Affiliated Portfolio Companies - 79.7% <sup>(1), (2)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Secured Debt - 12.8% of Net Assets** |  |  |  |  |  |  |  |  |
| AKW Holdings Limited <sup>(8), (11)</sup> | 03/07/2018 | 03/15/2027 | Healthcare, Education and Childcare | 11.05% | 3M SOFR+700 | GBP 36,500 | 49926 | 49094 |
| Pragmatic Institute, LLC <sup>(10)</sup> | 07/05/2022 | 03/28/2030 | Business Services |  |  | 15328 | 14966 | 9312 |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | 64892 | 58406 |
| **Subordinated Debt - 35.7% of Net Assets** |  |  |  |  |  |  |  |  |
| Flock Financial, LLC <sup>(11)</sup> | 04/19/2024 | 10/19/2027 | Financial Services | 12.50% |  | 23031 | 23031 | 23031 |
| PennantPark Senior Loan Fund, LLC <sup>(11)</sup> | 07/31/2020 | 07/31/2027 | Financial Services | 11.84% | 3M SOFR+800 | 140287 | 140287 | 140287 |
| **Total Subordinated Debt** |  |  |  |  |  |  | 163318 | 163318 |
| Preferred Equity - 6.7% of Net Assets <sup>(6)</sup> |  |  |  |  |  |  |  |  |
| Flock Financial Class A <sup>(11)</sup> | 04/19/2024 |  | Financial Services |  |  | 2047727 | 7313 | 19113 |
| Flock Financial Class B <sup>(9), (11)</sup> | 04/19/2024 |  | Financial Services |  |  | 5409091 | 19318 | 11707 |
| **Total Preferred Equity** |  |  |  |  |  |  | 26631 | 30820 |
| **Common Equity - 24.5% of Net Assets** <sup>(6)</sup> |  |  |  |  |  |  |  |  |
| AKW Holdings Limited - Class A <sup>(8), (11)</sup> | 03/07/2018 |  | Healthcare, Education and Childcare |  |  | 939 | 132 | 44736 |
| AKW Holdings Limited - Class B <sup>(8), (11)</sup> | 03/07/2018 |  | Healthcare, Education and Childcare |  |  | 13 | 124 | 640 |
| AKW Holdings Limited - Class C <sup>(8), (11)</sup> | 03/07/2018 |  | Healthcare, Education and Childcare |  |  | 13 | 146 | 757 |
| AKW Holdings Limited - Class D <sup>(8), (11)</sup> | 03/07/2018 |  | Healthcare, Education and Childcare |  |  | 88 | 3351 | 4564 |
| AKW Holdings Limited - Class E <sup>(8), (11)</sup> | 03/07/2018 |  | Healthcare, Education and Childcare |  |  | 82 | 1197 | 1630 |
| PennantPark Senior Loan Fund, LLC <sup>(11)</sup> | 07/31/2020 |  | Financial Services |  |  | 82176579 | 82358 | 59767 |
| Pragmatic Institute, LLC | 03/28/2025 |  | Business Services |  |  | 480 | - | - |
| **Total Common Equity** |  |  |  |  |  |  | 87308 | 112094 |
| **Total Investments in Controlled, Affiliated Portfolio Companies** |  |  |  |  |  |  | 342149 | 364638 |
| **Total Investments - 266.5% of Net Assets** <sup>(12), (13)</sup> |  |  |  |  |  |  | 1225206 | 1218474 |
| **Cash Equivalents - 3.9% of Net Assets** |  |  |  |  |  |  |  |  |
| BlackRock Federal FD Institutional 81 (Money Market Fund) |  |  |  | 4.11% |  |  | 17660 | 17660 |
| **Total Cash Equivalents** |  |  |  |  |  |  | 17660 | 17660 |
| **Cash - 6.2% of Net Assets** |  |  |  |  |  |  |  |  |
| Non-Money Market Cash |  |  |  |  |  |  | 28091 | 28200 |
| **Total Cash** |  |  |  |  |  |  | 28091 | 28200 |
| **Total Investments Cash Equivalents, and Cash - 276.5%** |  |  |  |  |  |  | $1270957 | $1264334 |
| **Liabilities in Excess of Other Assets - (176.5)%** |  |  |  |  |  |  |  | (807100) |
| **Net Assets - 100%** |  |  |  |  |  |  |  | $457234 |

---

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

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

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

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

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

(6)Non-income producing securities.

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

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

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

(10)Non-accrual security

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

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

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025**

**(In thousands, except share data)th**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 184.8% <sup>(1), (2)</sup> |  |  |  |  |  |  |  |  |
| **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 | 15920 | $15827 | $15760 |
| ACP Avenu Buyer, LLC - Unfunded Term Loan <sup>(7)</sup> | 10/02/2023 | 04/21/2027 | Business Services |  |  | 3479 | - | (17) |
| ACP Avenu Buyer, LLC - Unfunded Revolver <sup>(7)</sup> | 10/02/2023 | 10/02/2029 | Business Services |  |  | 2436 | - | (24) |
| ACP Falcon Buyer, Inc. - Unfunded Revolver <sup>(7)</sup> | 07/26/2023 | 08/01/2029 | Business Services |  |  | 2533 | - | - |
| 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 <sup>(7)</sup> | 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 | 2100 | 2074 | 2100 |
| Adweek Purchaser, LLC - Unfunded Term Loan <sup>(7)</sup> | 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 | 11640 | 11537 | 11640 |
| 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 <sup>(7)</sup> | 08/16/2024 | 08/16/2029 | Aerospace and Defense |  |  | 1763 | - | - |
| 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 <sup>(7)</sup> | 12/12/2023 | 04/09/2027 | Distribution |  |  | 4428 | - | (22) |
| Atlas Purchaser, Inc. - Third Out <sup>(10)</sup> | 03/28/2024 | 05/06/2028 | Telecommunications |  |  | 8840 | 7707 | 265 |
| Atlas Purchaser, Inc. - Fourth Out <sup>(10)</sup> | 03/28/2024 | 05/06/2028 | Telecommunications |  |  | 4760 | 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 <sup>(7)</sup> | 05/21/2019 | 06/30/2026 | Media |  |  | 1382 | - | - |
| Aphix Buyer, Inc | 07/17/2025 | 07/17/2031 | Business Services | 8.91% | 3M SOFR+475 | 6144 | 6106 | 6114 |
| Aphix Buyer, Inc - Unfunded Term Loan <sup>(7)</sup> | 07/17/2025 | 07/16/2027 | Business Services |  |  | 9172 | - | 11 |
| Aphix Buyer, Inc - Unfunded Revolver <sup>(7)</sup> | 07/17/2025 | 07/17/2031 | Business Services |  |  | 2389 | - | (12) |
| APT OPCO, LLC | 09/29/2025 | 09/30/2031 | Healthcare, Education and Childcare | 9.00% | 3M SOFR+500 | 7875 | 7826 | 7826 |
| APT OPCO, LLC - Unfunded Term Loan <sup>(7)</sup> | 09/29/2025 | 09/30/2027 | Healthcare, Education and Childcare |  |  | 1228 | - | - |
| APT OPCO, LLC - Unfunded Revolver <sup>(7)</sup> | 09/29/2025 | 09/30/2031 | Healthcare, Education and Childcare |  |  | 1228 | - | - |
| Arcfield Acquisition Corp. - Unfunded Revolver <sup>(7)</sup> | 10/28/2024 | 10/28/2031 | Aerospace and Defense |  |  | 1688 | - | (8) |
| Archer Lewis, LLC | 08/28/2024 | 08/28/2029 | Healthcare, Education and Childcare | 9.77% | 3M SOFR+575 | 1488 | 1474 | 1488 |
| Archer Lewis, LLC - Unfunded Term Loan <sup>(7)</sup> | 08/28/2024 | 08/28/2026 | Healthcare, Education and Childcare |  |  | 5329 | - | 53 |
| Archer Lewis, LLC - Unfunded Revolver <sup>(7)</sup> | 08/28/2024 | 08/28/2029 | Healthcare, Education and Childcare |  |  | 1304 | - | - |
| Argano, LLC. | 09/13/2024 | 09/13/2029 | Business Services | 9.90% | 3M SOFR+575 | 10448 | 10349 | 10291 |
| Argano, LLC - Unfunded Term Loan <sup>(7)</sup> | 09/13/2024 | 10/02/2026 | Business Services |  |  | 2483 | - | (12) |
| Argano, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 9811 | 9708 | 9526 |
| 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 <sup>(7)</sup> | 06/26/2024 | 06/26/2029 | Diversified Conglomerate Service |  |  | 696 | - | (20) |
| Beacon Behavioral Support Service, LLC - Unfunded Term Loan <sup>(7)</sup> | 06/21/2024 | 12/22/2025 | Healthcare, Education and Childcare |  |  | 3838 | - | 38 |
| Beacon Behavioral Support Service, LLC - Unfunded Term Loan - 3rd Amendment <sup>(7)</sup> | 06/21/2024 | 06/21/2027 | Healthcare, Education and Childcare |  |  | 12627 | - | 126 |
| Beacon Behavioral Support Service, LLC - Unfunded Revolver <sup>(7)</sup> | 06/21/2024 | 06/21/2029 | Healthcare, Education and Childcare |  |  | 1042 | - | - |
| Berwick Industrial Park | 04/26/2022 | 05/02/2026 | Buildings and Real Estate | 13.00% |  | 4000 | 4016 | 3988 |
| Best Practice Associates, LLC - Unfunded Revolver <sup>(7)</sup> | 11/07/2024 | 11/08/2029 | Aerospace and Defense |  |  | 1929 | - | (14) |
| Beta Plus Technologies, Inc. | 06/28/2022 | 07/02/2029 | Business Services | 9.75% | 3M SOFR+575 | 10644 | 10509 | 10537 |
| Big Top Holdings, LLC - Unfunded Revolver <sup>(7)</sup> | 02/29/2024 | 02/28/2030 | Manufacturing/Basic Industry |  |  | 1155 | - | - |
| BioDerm, Inc. - Funded Revolver | 01/30/2023 | 01/31/2028 | Healthcare, Education and Childcare | 10.77% | 3M SOFR+650 | 1071 | 1071 | 1058 |
| Blackhawk Industrial Distribution, Inc. | 06/27/2022 | 09/17/2026 | Distribution | 9.40% | 3M SOFR+540 | 1267 | 1263 | 1245 |
| Blackhawk Industrial Distribution, Inc. - Funded Revolver | 06/27/2022 | 09/17/2026 | Distribution | 9.40% | 3M SOFR+540 | 2186 | 2186 | 2147 |
| Blackhawk Industrial Distribution, Inc. - Unfunded Revolver <sup>(7)</sup> | 06/27/2022 | 09/17/2026 | Distribution |  |  | 2671 | - | (47) |
| BLC Holding Company, Inc. | 11/20/2024 | 11/20/2030 | Business Services | 8.50% | 3M SOFR+450 | 2248 | 2232 | 2248 |
| BLC Holding Company, Inc. - Unfunded Term Loan <sup>(7)</sup> | 11/20/2024 | 11/20/2026 | Business Services |  |  | 7514 | - | 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 <sup>(7)</sup> | 11/20/2024 | 11/20/2030 | Business Services |  |  | 2675 | - | - |
| Blue Cloud Pediatric Surgery Centers, LLC | 08/12/2025 | 01/21/2031 | Healthcare Providers & Services | 9.48% | 3M SOFR+525 | 2494 | 2469 | 2469 |
| Blue Cloud Pediatric Surgery Centers, LLC - Unfunded Term Loan <sup>(7)</sup> | 08/12/2025 | 07/30/2027 | Healthcare Providers & Services |  |  | 2759 | - | - |
| Boss Industries, LLC - Unfunded Revolver <sup>(7)</sup> | 12/27/2024 | 12/27/2030 | Conglomerate Manufacturing |  |  | 1306 | - | - |

---

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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| By Light Professional IT Services, LLC | 07/15/2025 | 07/15/2031 | Business Services | 9.66% | 3M SOFR+550 | 2500 | 2481 | 2481 |
| By Light Professional IT Services, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 5608 | 5573 | 5552 |
| Capital Construction, LLC - Unfunded Term Loan A <sup>(7)</sup> | 06/30/2025 | 12/30/2025 | Consumer Services |  |  | 6613 | - | (17) |
| Carisk Buyer, Inc. - Unfunded Term Loan <sup>(7)</sup> | 11/27/2023 | 12/03/2029 | Healthcare, Education and Childcare |  |  | 4813 | - | 48 |
| Carisk Buyer, Inc. - Unfunded Term Loan 2 <sup>(7)</sup> | 11/27/2023 | 12/03/2029 | Healthcare, Education and Childcare |  |  | 1528 | - | 11 |
| Carisk Buyer, Inc. - Unfunded Revolver <sup>(7)</sup> | 11/27/2023 | 12/03/2029 | Healthcare, Education and Childcare |  |  | 1750 | - | - |
| Carnegie Dartlet, LLC | 02/07/2024 | 02/07/2030 | Education | 9.66% | 3M SOFR+550 | 2326 | 2304 | 2302 |
| Carnegie Dartlet, LLC - Unfunded Term Loan <sup>(7)</sup> | 02/07/2024 | 02/09/2026 | Education |  |  | 7680 | - | - |
| Carnegie Dartlet, LLC - Unfunded Revolver <sup>(7)</sup> | 02/07/2024 | 02/07/2030 | Education |  |  | 3339 | - | (33) |
| Cartessa Aesthetics, LLC | 06/01/2022 | 06/14/2028 | Distribution | 10.30% | 3M SOFR+600 | 23494 | 23242 | 23494 |
| Cartessa Aesthetics, LLC - Funded Revolver | 06/01/2022 | 06/14/2028 | Distribution | 10.30% | 3M SOFR+600 | 1265 | 1265 | 1265 |
| Cartessa Aesthetics, LLC - Unfunded Revolver <sup>(7)</sup> | 06/01/2022 | 06/14/2028 | Distribution |  |  | 2297 | - | - |
| 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 | 1793 | 1793 | 1712 |
| Case Works, LLC - Unfunded Revolver <sup>(7)</sup> | 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 <sup>(7)</sup> | 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 <sup>(7)</sup> | 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 <sup>(7)</sup> | 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 <sup>(7)</sup> | 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 | 6000 | 5970 | 5970 |
| Cornerstone Advisors of Arizona, LLC - Unfunded Revolver <sup>(7)</sup> | 05/13/2025 | 05/13/2032 | Consulting Services |  |  | 797 | - | (4) |
| Commercial Fire Protection Holdings, LLC - Unfunded Term Loan <sup>(7)</sup> | 09/23/2024 | 09/23/2026 | Business Services |  |  | 6630 | - | 50 |
| Commercial Fire Protection Holdings, LLC - Unfunded Revolver <sup>(7)</sup> | 09/23/2024 | 09/23/2030 | Business Services |  |  | 2486 | - | - |
| Crane 1 Services, Inc. - Unfunded Revolver <sup>(7)</sup> | 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 | 2463 | 2432 | 2463 |
| C5MI Acquisition, LLC - Unfunded Revolver <sup>(7)</sup> | 07/31/2024 | 07/31/2029 | Business Services |  |  | 4133 | - | - |
| 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 <sup>(7)</sup> | 11/01/2019 | 11/03/2025 | Consumer Products |  |  | 608 | - | - |
| Duggal Acquisition, LLC - Unfunded Term Loan <sup>(7)</sup> | 09/30/2024 | 09/30/2026 | Marketing Services |  |  | 2042 | - | 20 |
| Duggal Acquisition, LLC - Unfunded Revolver <sup>(7)</sup> | 09/30/2024 | 09/30/2030 | Marketing Services |  |  | 2561 | - | - |
| 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 <sup>(7)</sup> | 12/19/2022 | 01/10/2029 | Aerospace and Defense |  |  | 1915 | - | 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 <sup>(7)</sup> | 10/18/2024 | 10/19/2026 | Healthcare, Education and Childcare |  |  | 1530 | - | - |
| Emergency Care Partners, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 3391 | 3057 | 2882 |
| 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 <sup>(7)</sup> | 05/24/2023 | 05/25/2029 | Personal, Food and Miscellaneous Services |  |  | 2264 | - | - |
| Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 23878 | 23740 | 23878 |
| Exigo Intermediate II, LLC - Unfunded Revolver <sup>(7)</sup> | 03/10/2022 | 03/15/2027 | Business Services |  |  | 1856 | - | - |
| Express Wash Intermediate, LLC | 07/14/2022 | 04/10/2031 | Auto Sector | 10.58% | 3M SOFR+625 | 9975 | 9926 | 9736 |
| Express Wash Intermediate, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 4489 | 4445 | 4444 |
| First Medical MSO, LLC - Unfunded Term Loan <sup>(7)</sup> | 06/13/2025 | 06/13/2027 | Healthcare, Education and Childcare |  |  | 3000 | - | - |

---

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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| First Medical MSO, LLC - Unfunded Revolver <sup>(7)</sup> | 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 <sup>(7)</sup> | 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 | 8112 | 8035 | 8112 |
| GGG MIDCO, LLC - Unfunded Term Loan <sup>(7)</sup> | 09/27/2024 | 09/27/2026 | Home and Office Furnishings, Housewares and Durable Consumer Products |  |  | 2154 | - | 22 |
| GGG MIDCO, LLC - Unfunded Revolver <sup>(7)</sup> | 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 <sup>(7)</sup> | 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 <sup>(7)</sup> | 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 | 16915 | 16760 | 16915 |
| 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 <sup>(7)</sup> | 07/18/2018 | 08/07/2029 | Consumer Products |  |  | 2181 | - | - |
| 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 | 9097 | 9019 | 9018 |
| Harris & Co, LLC - Unfunded Term Loan B <sup>(7)</sup> | 08/09/2024 | 02/09/2026 | Financial Services |  |  | 5574 | - | - |
| Harris & Co, LLC - Unfunded Term Loan C <sup>(7)</sup> | 08/09/2024 | 08/18/2027 | Financial Services |  |  | 10226 | - | - |
| 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 <sup>(7)</sup> | 08/09/2024 | 08/09/2030 | Financial Services |  |  | 2479 | - | (22) |
| HEC Purchaser Corp. | 06/17/2024 | 06/17/2029 | Healthcare, Education and Childcare | 9.22% | 3M SOFR+500 | 4801 | 4778 | 4801 |
| Hills Distribution, Inc. | 11/02/2023 | 11/08/2029 | Distribution | 10.32% | 3M SOFR+600 | 7786 | 7721 | 7786 |
| Hills Distribution, Inc. - Unfunded Term Loan <sup>(7)</sup> | 11/02/2023 | 11/07/2025 | Distribution |  |  | 1280 | - | 13 |
| HV Watterson Holdings, LLC <sup>(10)</sup> | 06/13/2022 | 12/17/2026 | Business Services | 8.00% |  | 287 | 286 | 158 |
| HV Watterson Holdings, LLC - Funded Revolver <sup>(10)</sup> | 06/13/2022 | 12/17/2026 | Business Services | 8.00% |  | 1250 | 1250 | 686 |
| HV Watterson Holdings, LLC - Unfunded Revolver <sup>(7), (10)</sup> | 06/13/2022 | 12/17/2026 | Business Services |  |  |  | - | - |
| HW Holdco, LLC - Unfunded Revolver <sup>(7)</sup> | 10/11/2019 | 05/11/2026 | Media |  |  | 3387 | - | - |
| 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 <sup>(7)</sup> | 07/11/2022 | 09/22/2028 | Business Services |  |  | 722 | - | (4) |
| Imagine Acquisitionco, Inc. - Unfunded Revolver <sup>(7)</sup> | 11/04/2021 | 11/16/2027 | Business Services |  |  | 1685 | - | - |
| Impact Advisors, LLC | 03/21/2025 | 03/19/2032 | Business Services | 8.50% | 3M SOFR+450 | 7960 | 7921 | 7960 |
| Impact Advisors, LLC - Unfunded Term Loan <sup>(7)</sup> | 03/21/2025 | 03/21/2027 | Business Services |  |  | 4686 | - | 23 |
| Impact Advisors, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 8974 | 8885 | 8974 |
| 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 | 1887 | 1877 |
| Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan <sup>(7)</sup> | 12/21/2022 | 10/30/2026 | Personal, Food and Miscellaneous Services |  |  | 9091 | - | - |
| 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 <sup>(7)</sup> | 12/21/2022 | 12/28/2028 | Personal, Food and Miscellaneous Services |  |  | 1130 | - | - |
| Inovex Information Systems Incorporated - Unfunded Term Loan <sup>(7)</sup> | 12/17/2024 | 12/17/2026 | Business Services |  |  | 1900 | - | - |
| Inovex Information Systems Incorporated - Unfunded Revolver <sup>(7)</sup> | 12/17/2024 | 12/17/2030 | Business Services |  |  | 2375 | - | - |
| 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 <sup>(7)</sup> | 03/24/2021 | 01/15/2026 | Electronics |  |  | 1325 | - | - |
| Kinetic Purchaser, LLC | 07/08/2022 | 11/10/2027 | Consumer Products | 10.19% | 3M SOFR+615 | 3099 | 3044 | 2634 |
| Kinetic Purchaser, LLC - Funded Revolver | 07/08/2022 | 11/10/2026 | Consumer Products | 10.15% | 3M SOFR+615 | 3070 | 3070 | 2609 |
| Kinetic Purchaser, LLC - Unfunded Revolver <sup>(7)</sup> | 07/08/2022 | 11/10/2026 | Consumer Products |  |  | 1784 | - | (268) |
| Lash OpCo, LLC | 08/16/2021 | 02/18/2027 | Consumer Products | 12.14% | 3M SOFR+785 | 3055 | 3038 | 2979 |
|  |  |  |  | (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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
|  |  |  |  | (PIK 5.10%) |  |  |  |  |
| Lash OpCo, LLC - Unfunded Revolver <sup>(7)</sup> | 08/16/2021 | 08/16/2026 | Consumer Products |  |  | 2223 | - | (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 | 1218 | 1226 | 1263 |
| 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 <sup>(7)</sup> | 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 | 8998 | 8949 | 7018 |
|  |  |  |  | (PIK 1.00%) |  |  |  |  |
| Ledge Lounger, Inc. - Funded Revolver | 11/04/2021 | 11/09/2026 | Consumer Products | 11.65% | 3M SOFR+765 | 1621 | 1621 | 1264 |
|  |  |  |  | (PIK 1.00%) |  |  |  |  |
| Lightspeed Buyer, Inc. | 02/03/2020 | 02/03/2027 | Healthcare, Education and Childcare | 8.91% | 3M SOFR+475 | 2011 | 2011 | 2011 |
| Lightspeed Buyer, Inc. - Unfunded Revolver <sup>(7)</sup> | 02/03/2020 | 02/03/2027 | Healthcare, Education and Childcare |  |  | 1166 | - | - |
| LJ Avalon Holdings, LLC | 01/18/2023 | 02/01/2030 | Environmental Services | 8.78% | 3M SOFR+450 | 5194 | 5179 | 5194 |
| LJ Avalon Holdings, LLC - Unfunded Term Loan <sup>(7)</sup> | 01/18/2023 | 02/08/2027 | Environmental Services |  |  | 2624 | - | 13 |
| LJ Avalon Holdings, LLC - Unfunded Revolver <sup>(7)</sup> | 01/18/2023 | 02/01/2029 | Environmental Services |  |  | 1498 | - | - |
| Loving Tan Intermediate II, Inc. | 05/25/2023 | 05/31/2028 | Consumer Products | 9.00% | 3M SOFR+500 | 7054 | 6982 | 7054 |
| 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 <sup>(7)</sup> | 05/25/2023 | 05/31/2028 | Consumer Products |  |  | 332 | - | - |
| Loving Tan Intermediate II, Inc. - Unfunded Term Loan <sup>(7)</sup> | 05/25/2023 | 07/12/2026 | Consumer Products |  |  | 2018 | - | 20 |
| Marketplace Events Acquisition, LLC | 12/19/2024 | 12/19/2030 | Media | 9.25% | 3M SOFR+525 | 1237 | 1225 | 1237 |
| Marketplace Events Acquisition, LLC - Unfunded Term Loan <sup>(7)</sup> | 12/19/2024 | 06/19/2026 | Media |  |  | 3113 | - | 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 <sup>(7)</sup> | 12/19/2024 | 12/19/2030 | Media |  |  | 1959 | - | - |
| MBS Holdings, Inc. | 04/14/2021 | 04/16/2027 | Telecommunications | 9.30% | 3M SOFR+510 | 267 | 266 | 267 |
| MBS Holdings, Inc. - Unfunded Revolver <sup>(7)</sup> | 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 | 1808 | 1808 | 1808 |
| MDI Buyer, Inc. - Unfunded Revolver <sup>(7)</sup> | 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 | 1903 | 1892 | 1903 |
| 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 <sup>(7)</sup> | 12/09/2021 | 12/10/2027 | Business Services |  |  | 1348 | - | - |
| Medina Health, LLC - Unfunded Revolver <sup>(7)</sup> | 10/16/2023 | 10/20/2028 | Healthcare, Education and Childcare |  |  | 2774 | - | 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 <sup>(7)</sup> | 03/01/2024 | 03/01/2030 | Electronics |  |  | 1625 | - | (78) |
| Mineola 212, LLC | 06/24/2024 | 12/24/2025 | Buildings and Real Estate | 14.00% |  | 3500 | 3515 | 3507 |
| MOREGroup Holdings, Inc. - Unfunded Term Loan <sup>(7)</sup> | 01/09/2024 | 01/16/2026 | Business Services |  |  | 6124 | - | 61 |
| MOREGroup Holdings, Inc. - Unfunded Revolver <sup>(7)</sup> | 01/09/2024 | 01/16/2030 | Business Services |  |  | 3675 | - | - |
| Municipal Emergency Services, Inc. | 09/23/2021 | 10/01/2027 | Distribution | 9.17% | 3M SOFR+515 | 1031 | 1024 | 1031 |
| Municipal Emergency Services, Inc. - Unfunded Term Loan <sup>(7)</sup> | 09/23/2021 | 01/15/2026 | Distribution |  |  | 568 | - | 3 |
| Municipal Emergency Services, Inc. - Unfunded Revolver <sup>(7)</sup> | 09/23/2021 | 10/01/2027 | Distribution |  |  | 1880 | - | - |
| NBH Group, LLC - Unfunded Revolver <sup>(7)</sup> | 08/16/2021 | 08/19/2026 | Healthcare, Education and Childcare |  |  | 1163 | - | - |
| NORA Acquisition, LLC - Funded Revolver | 08/22/2023 | 08/31/2029 | Healthcare, Education and Childcare | 10.35% | 3M SOFR+635 | 1218 | 1218 | 1209 |
| NORA Acquisition, LLC - Unfunded Revolver <sup>(7)</sup> | 08/22/2023 | 08/31/2029 | Healthcare, Education and Childcare |  |  | 1489 | - | (11) |
| North American Rail Solutions, LLC | 08/29/2025 | 08/29/2031 | Manufacturing/Basic Industry | 8.75% | 3M SOFR+475 | 29416 | 29269 | 29269 |
| North American Rail Solutions, LLC - Unfunded Term Loan <sup>(7)</sup> | 08/29/2025 | 08/29/2027 | Manufacturing/Basic Industry |  |  | 2263 | - | - |
| 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 <sup>(7)</sup> | 08/29/2025 | 08/29/2031 | Manufacturing/Basic Industry |  |  | 2383 | - | - |
| NP Riverhead Industrial, LLC | 05/24/2024 | 12/10/2025 | Buildings and Real Estate | 15.50% |  | 5000 | 5015 | 5000 |
| Omnia Exterior Solutions, LLC | 12/29/2023 | 12/31/2029 | Diversified Conglomerate Service | 9.25% | 3M SOFR+525 | 1787 | 1771 | 1751 |
| Omnia Exterior Solutions, LLC - Unfunded Term Loan <sup>(7)</sup> | 12/29/2023 | 09/30/2026 | Diversified Conglomerate Service |  |  | 3807 | - | (43) |
| Omnia Exterior Solutions, LLC - Funded Revolver | 12/29/2023 | 12/31/2029 | Diversified Conglomerate Service | 9.25% | 3M SOFR+525 | 1260 | 1260 | 1235 |
| Omnia Exterior Solutions, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 4426 | 4395 | 3917 |

---

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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
|  |  |  |  | (PIK 7.50%) |  |  |  |  |
| ORL Acquisition, Inc. - Unfunded Revolver <sup>(7)</sup> | 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 | 6386 | 6298 | 6297 |
| OSP Embedded Purchaser, LLC - Unfunded Revolver <sup>(7)</sup> | 12/11/2023 | 12/17/2029 | Aerospace and Defense |  |  | 1477 | - | (21) |
| Pacific Purchaser, LLC - Unfunded Revolver <sup>(7)</sup> | 10/02/2023 | 10/02/2028 | Business Services |  |  | 1373 | - | (5) |
| PAR Excellence Holdings, Inc. | 09/03/2024 | 09/03/2030 | Healthcare, Education and Childcare | 9.32% | 3M SOFR+500 | 11940 | $11827 | $11731 |
| PAR Excellence Holdings, Inc. - Unfunded Revolver <sup>(7)</sup> | 09/03/2024 | 09/03/2030 | Healthcare, Education and Childcare |  |  | 2681 | - | (47) |
| Paving Lessor Corp. | 07/01/2025 | 07/01/2031 | Business Services | 9.25% | 3M SOFR+525 | 6974 | 6922 | 6921 |
| Paving Lessor Corp. - Unfunded Term Loan <sup>(7)</sup> | 07/01/2025 | 07/01/2027 | Business Services |  |  | 3291 | - | - |
| Paving Lessor Corp. - Unfunded Revolver <sup>(7)</sup> | 07/01/2025 | 07/01/2031 | Business Services |  |  | 2194 | - | (16) |
| PCS MIDCO, Inc. | 03/01/2024 | 03/01/2030 | Financial Services | 9.75% | 3M SOFR+575 | 2322 | 2303 | 2322 |
| PCS MIDCO, Inc. - Unfunded Term Loan <sup>(7)</sup> | 03/01/2024 | 03/02/2026 | Financial Services |  |  | 2078 | - | 21 |
| PCS MIDCO, Inc. - Unfunded Revolver <sup>(7)</sup> | 03/01/2024 | 03/01/2030 | Financial Services |  |  | 1762 | - | - |
| Peninsula Pacific Entertainment | 08/15/2025 | 08/22/2032 | Gaming | 9.02% | 3M SOFR+475 | 5251 | 5198 | 5238 |
| Peninsula Pacific Entertainment - Unfunded Term Loan <sup>(7)</sup> | 08/15/2025 | 08/25/2027 | Gaming |  |  | 1231 | - | 3 |
| Penta Group Holdings, Inc. | 07/31/2025 | 07/31/2031 | Business Services | 8.50% | 3M SOFR+450 | 3556 | 3538 | 3538 |
| Penta Group Holdings, Inc. - Unfunded Term Loan <sup>(7)</sup> | 07/31/2025 | 07/31/2027 | Business Services |  |  | 2591 | - | - |
| 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 <sup>(7)</sup> | 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 | 11880 | 11804 | 11880 |
| PlayPower, Inc. - Unfunded Revolver <sup>(7)</sup> | 08/28/2024 | 08/28/2030 | Manufacturing/Basic Industry |  |  | 2570 | - | - |
| Podean Buyer, Inc. | 08/04/2025 | 08/04/2031 | Marketing Services | 10.00% | 3M SOFR+600 | 4030 | 3990 | 3990 |
| Podean Buyer, Inc. - Unfunded Revolver <sup>(7)</sup> | 08/04/2025 | 08/04/2031 | Marketing Services |  |  | 796 | - | (8) |
| PL Acquisitionco, LLC - Funded Revolver <sup>(13)</sup> | 11/05/2021 | 11/09/2027 | Retail | 4.27% |  | 863 | 863 | 345 |
| PL Acquisitionco, LLC - Unfunded Revolver <sup>(7), (13)</sup> | 11/05/2021 | 11/09/2027 | Retail |  |  | 755 | - | (453) |
| Project Granite Buyer, Inc. - Unfunded Term Loan <sup>(7)</sup> | 12/31/2024 | 12/31/2026 | Business Services |  |  | 554 | - | 11 |
| Project Granite Buyer, Inc. - Unfunded Revolver <sup>(7)</sup> | 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 <sup>(7)</sup> | 11/14/2022 | 03/29/2027 | Aerospace and Defense |  |  | 1819 | - | (41) |
| Rancho Health MSO, Inc. - Unfunded Term Loan <sup>(7)</sup> | 09/27/2021 | 06/30/2026 | Healthcare, Education and Childcare |  |  | 1954 | - | 8 |
| Rancho Health MSO, Inc. - Funded Revolver | 09/27/2021 | 06/20/2029 | Healthcare, Education and Childcare | 9.29% | 3M SOFR+500 | 1962 | 1962 | 1962 |
| Rancho Health MSO, Inc. - Unfunded Revolver <sup>(7)</sup> | 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 <sup>(7)</sup> | 01/27/2021 | 01/29/2026 | Consumer Products |  |  | 814 | - | (2) |
| Riverpoint Medical, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 1258 | 1258 | 1258 |
| Ro Health, LLC - Unfunded Revolver <sup>(7)</sup> | 01/16/2025 | 01/17/2031 | Healthcare Providers & Services |  |  | 2935 | - | - |
| Rosco Parent, LLC | 09/09/2025 | 09/12/2031 | Business Services | 8.81% | 3M SOFR+475 | 10167 | 10090 | 10090 |
| Rosco Parent, LLC - Unfunded Revolver <sup>(7)</sup> | 09/09/2025 | 09/12/2031 | Business Services |  |  | 1332 | - | - |
| Route 66 Development | 01/28/2025 | 01/24/2031 | Gaming | 13.16% | 3M SOFR+900 | 18000 | 17655 | 17910 |
| RRA Corporate, LLC | 08/15/2024 | 08/15/2029 | Business Services | 9.00% | 3M SOFR+500 | 2996 | 2967 | 2978 |
| RRA Corporate, LLC - Unfunded Term Loan <sup>(7)</sup> | 08/15/2024 | 08/17/2026 | Business Services |  |  | 7178 | - | 29 |
| RRA Corporate, LLC - Funded Revolver | 08/15/2024 | 08/15/2029 | Business Services | 9.25% | 3M SOFR+525 | 1448 | 1448 | 1440 |
| RRA Corporate, LLC - Unfunded Revolver <sup>(7)</sup> | 08/15/2024 | 08/15/2029 | Business Services |  |  | 1700 | - | (10) |
| RTIC Subsidiary Holdings, LLC - Funded Revolver | 05/03/2024 | 05/03/2029 | Consumer Products | 9.75% | 3M SOFR+575 | 1898 | 1898 | 1879 |
| RTIC Subsidiary Holdings, LLC - Unfunded Revolver <sup>(7)</sup> | 05/03/2024 | 05/03/2029 | Consumer Products |  |  | 3524 | - | (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 <sup>(7)</sup> | 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 <sup>(7)</sup> | 10/31/2024 | 10/31/2030 | Government Services |  |  | 1261 | - | - |
| Safe Haven Defense US, LLC | 05/23/2024 | 05/23/2029 | Building Materials | 9.50% | 3M SOFR+525 | 3919 | 3871 | 3899 |
| Safe Haven Defense US, LLC - Unfunded Revolver <sup>(7)</sup> | 05/23/2024 | 05/23/2029 | Building Materials |  |  | 1114 | - | (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 <sup>(7)</sup> | 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 | 11389 | 11287 | 11389 |

---

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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| Sath Industries, LLC - Unfunded Revolver <sup>(7)</sup> | 12/17/2024 | 12/17/2029 | Event Services |  |  | 1300 | - | - |
| Schlesinger Global, Inc. | 07/02/2019 | 11/12/2025 | Business Services | 12.92% | 3M SOFR+860 | 2613 | 2605 | 2482 |
|  |  |  |  | (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 <sup>(7)</sup> | 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 | 1801 | 1786 | 1727 |
| Seacoast Service Partners NA, LLC - Unfunded Term Loan <sup>(7)</sup> | 12/20/2024 | 12/21/2026 | Diversified Conglomerate Service |  |  | 3608 | - | (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 <sup>(7)</sup> | 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 | 4656 | 4611 | 4342 |
| Seaway Buyer, LLC - Funded Revolver | 06/08/2022 | 06/13/2028 | Chemicals, Plastics and Rubber | 10.19% | 3M SOFR+615 | 2605 | 2605 | 2429 |
| Seaway Buyer, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 16593 | 16515 | 15913 |
| Sigma Defense Systems, LLC | 11/30/2021 | 12/20/2027 | Telecommunications | 10.31% | 3M SOFR+615 | 10450 | 10209 | 10450 |
| 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 <sup>(7)</sup> | 11/30/2021 | 12/20/2027 | Telecommunications |  |  | 2835 | - | - |
| Spendmend Holdings, LLC | 02/25/2022 | 03/01/2028 | Business Services | 9.15% | 3M SOFR+515 | 1192 | 1186 | 1192 |
| Spendmend Holdings, LLC - Unfunded Term Loan <sup>(7)</sup> | 02/25/2022 | 11/25/2026 | Business Services |  |  | 1434 | - | 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 <sup>(7)</sup> | 02/25/2022 | 03/01/2028 | Business Services |  |  | 1168 | - | - |
| STG Distribution, LLC - First Out New Money Term Loans | 10/03/2024 | 10/03/2029 | Transportation | 12.57% | 3M SOFR+835 | 4330 | 4131 | 3854 |
|  |  |  |  | (PIK 7.25%) |  |  |  |  |
| STG Distribution, LLC - Second Out Term Loans <sup>(13)</sup> | 10/03/2024 | 10/03/2029 | Transportation | 5.32% |  | 10012 | 5656 | 801 |
| SV-Aero Holdings, LLC - Unfunded Term Loan <sup>(7)</sup> | 10/31/2024 | 11/02/2026 | Aerospace and Defense |  |  | 3562 | - | 18 |
| System Planning and Analysis, Inc. | 10/12/2021 | 08/16/2027 | Aerospace and Defense | 9.05% | 3M SOFR+475 | 9468 | 9415 | 9392 |
| System Planning and Analysis, Inc. - Unfunded Term Loan <sup>(7)</sup> | 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 <sup>(7)</sup> | 10/12/2021 | 08/16/2027 | Aerospace and Defense |  |  | 4279 | - | (34) |
| TCG 3.0 Jogger Acquisitionco, Inc. | 01/23/2024 | 01/23/2029 | Media | 10.52% | 3M SOFR+650 | 8865 | 8753 | 8821 |
| 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 <sup>(7)</sup> | 01/23/2024 | 01/23/2029 | Media |  |  | 1414 | - | (7) |
| The Bluebird Group, LLC - Unfunded Revolver <sup>(7)</sup> | 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 | 6638 | 6587 | 6608 |
| The Vertex Companies, LLC - Funded Revolver | 08/25/2021 | 08/31/2028 | Business Services | 9.01% | 3M SOFR+485 | 1455 | 1455 | 1448 |
| The Vertex Companies, LLC - Unfunded Revolver <sup>(7)</sup> | 08/25/2021 | 08/31/2028 | Business Services |  |  | 2513 | - | (13) |
| TMII Enterprises, LLC - Unfunded Revolver <sup>(7)</sup> | 12/19/2022 | 12/22/2028 | Personal, Food and Miscellaneous Services |  |  | 2532 | - | - |
| TransGo, LLC - Unfunded Revolver <sup>(7)</sup> | 12/29/2023 | 12/29/2028 | Machinery |  |  | 2775 | - | 21 |
| Urology Management Holdings, Inc. - Unfunded Term Loan <sup>(7)</sup> | 09/03/2024 | 09/03/2026 | Healthcare, Education and Childcare |  |  | 1000 | - | 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 <sup>(7)</sup> | 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 | 1206 | 1227 | 1231 |
| 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 <sup>(7)</sup> | 10/20/2021 | 04/30/2028 | Auto Sector |  |  | 617 | - | - |
| Watchtower Buyer, LLC. - Unfunded Revolver <sup>(7)</sup> | 11/29/2023 | 12/03/2029 | Electronics |  |  | 6300 | - | (63) |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | 537235 | 517648 |
| **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 | 8000 | 7741 | 8000 |
| ENC Parent Corporation | 08/06/2021 | 08/19/2029 | Business Services | 11.76% | 3M SOFR+776 | 7500 | 7453 | 6750 |
| TEAM Services Group, LLC | 04/26/2024 | 12/18/2028 | Healthcare, Education and Childcare | 13.57% | 3M SOFR+926 | 3429 | 3425 | 3411 |
| **Total Second Lien Secured Debt** |  |  |  |  |  |  | 18619 | 18161 |
| **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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| Beacon Behavioral Holdings, LLC | 06/21/2024 | 06/21/2030 | Healthcare, Education and Childcare | PIK 15.00% |  | 5948 | 5885 | 5948 |
| 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% |  | 11902 | 11814 | 11842 |
| Northwinds Topco, Inc. - Unfunded Term Loan <sup>(7)</sup> | 08/16/2024 | 10/30/2029 | Consumer Services |  |  | 3500 | - | (18) |
| ORL Holdco, Inc. - Convertible Notes | 08/02/2024 | 03/08/2028 | Business Services | 18.00% |  | 6 | 6 | - |
| ORL Holdco, Inc. - Unfunded Convertible Notes <sup>(7)</sup> | 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 | 1055 |
| StoicLane, Inc. - Unfunded Convertible Notes <sup>(7)</sup> | 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% |  | 18112 | 17872 | 17931 |
| United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan <sup>(7)</sup> | 07/12/2024 | 01/12/2026 | Environmental Services |  |  | 2541 | - | 13 |
| Wash & Wax Systems, LLC | 10/20/2021 | 07/30/2028 | Auto Sector | PIK 12.00% |  | 811 | 812 | 811 |
| **Total Subordinate Debt** |  |  |  |  |  |  | 37544 | 37902 |
| **Preferred Equity/Partnership Interests - 4.3% of Net Assets** <sup>(6)</sup> |  |  |  |  |  |  |  |  |
| Accounting Platform Blocker, Inc. | 08/09/2024 |  | Financial Services |  |  | 356200 | 356 | 356 |
| Ad.net Holdings, Inc. | 05/04/2021 |  | Media |  |  | 2400 | 240 | 215 |
| AFC Acquisitions, Inc. (F-2 Series) <sup>(9)</sup> | 12/07/2023 |  | Distribution |  |  | 490 | 749 | 819 |
| AFC Acquisitions, Inc. (G-2 Series) <sup>(9)</sup> | 12/07/2023 |  | Distribution |  |  | 11 | 18 | 19 |
| AFC Acquisitions, Inc. (H-2 Series) <sup>(9)</sup> | 12/07/2023 |  | Distribution |  |  | 6 | 12 | 13 |
| AFC Acquisitions, Inc. (I-2 Series) <sup>(9)</sup> | 12/07/2023 |  | Distribution |  |  | 6 | 12 | 11 |
| AFC Acquisitions, Inc. (J-2 Series) <sup>(9)</sup> | 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) <sup>(9)</sup> | 05/21/2019 |  | Media |  |  | 1135 | 1135 | 1120 |
| BioDerm Holdings, LP | 01/30/2023 |  | Healthcare, Education and Childcare |  |  | 1312 | 1312 | 1307 |
| Cartessa Aesthetics, LLC <sup>(9)</sup> | 06/01/2022 |  | Distribution |  |  | 3562500 | 3563 | 8088 |
| Connatix Parent, LLC | 07/08/2021 |  | Media |  |  | 7967 | 8 | 8 |
| Consello Pacific Aggregator, LLC <sup>(9)</sup> | 10/02/2023 |  | Business Services |  |  | 782891 | 743 | 603 |
| C5MI Holdco, LLC <sup>(9)</sup> | 07/31/2024 |  | Business Services |  |  | 104000 | 104 | 108 |
| Gauge Schlesinger Coinvest, LLC - Class A-2 | 05/24/2023 |  | Business Services |  |  | 1 | 1 | - |
| EvAL Home Health Solutions, LLC <sup>(9)</sup> | 05/10/2024 |  | Healthcare, Education and Childcare |  |  | 272771 | 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 <sup>(9)</sup> | 04/30/2024 |  | Insurance |  |  | 116588 | 76 | 134 |
| HPA SPQ Aggregator, LP | 06/08/2023 |  | Business Services |  |  | 52353 | 52 | 52 |
| Imagine Topco, LP Preferred | 11/04/2021 |  | Business Services | 8.00% |  | 743826 | 744 | 1017 |
| Magnolia Topco, LP - Class A <sup>(9)</sup> | 07/25/2023 |  | Auto Sector |  |  | 1545 | 1545 | 1424 |
| Magnolia Topco, LP - Class A-1 <sup>(9)</sup> | 07/25/2023 |  | Auto Sector |  |  | 530 | 530 | 1060 |
| Magnolia Topco, LP - Class B <sup>(9)</sup> | 07/25/2023 |  | Auto Sector |  |  | 1018 | 643 | - |
| Megawatt Acquisition Partners, LLC - Class A | 06/28/2024 |  | Electronics |  |  | 5349 | 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 - <sup>(9)</sup> | 05/31/2023 |  | Retail |  |  | 73 | 73 | - |
| RTIC Parent Holdings, LLC - Class A-1 <sup>(9)</sup> | 05/03/2024 |  | Consumer Products |  |  | 5 | 5 | - |
| RTIC Parent Holdings, LLC - Class C <sup>(9)</sup> | 05/03/2024 |  | Consumer Products |  |  | 10624 | 700 | 1290 |
| RTIC Parent Holdings, LLC - Class D <sup>(9)</sup> | 05/03/2024 |  | Consumer Products |  |  | 11276 | 113 | 152 |
| SP L2 Holdings, LLC | 11/04/2021 |  | Consumer Products |  |  | 331229 | 81 | - |
| SP L2 Holdings, LLC - Unfunded <sup>(7)</sup> | 11/04/2021 |  | Consumer Products |  |  | 189274 | - | (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** |  |  |  |  |  |  | 15092 | 19819 |
| **Common Equity/Partnership Interests/Warrants - 30.0% of Net Assets** <sup>(6)</sup> |  |  |  |  |  |  |  |  |
| A1 Garage Equity, LLC <sup>(9)</sup> | 12/19/2022 |  | Personal, Food and Miscellaneous Services |  |  | 2193038 | 2193 | 3893 |
| ACP Big Top Holdings, LP | 02/29/2024 |  | Manufacturing/Basic Industry |  |  | 773800 | 744 | 1134 |
| Ad.net Holdings, Inc. | 05/04/2021 |  | Media |  |  | 2667 | 27 | - |
| Aechelon InvestCo, LP | 08/16/2024 |  | Aerospace and Defense |  |  | 10684 | 1068 | 4064 |
| Aechelon InvestCo, LP - Unfunded <sup>(7)</sup> | 08/16/2024 |  | Aerospace and Defense |  |  | 11940 | - | - |
| Aftermarket Drivetrain Products Holdings, LLC | 12/29/2023 |  | Machinery |  |  | 1645 | 1645 | 3062 |
| AG Investco, LP <sup>(9)</sup> | 11/05/2018 |  | Business Services |  |  | 8052 | 805 | 75 |
| AG Investco, LP - Unfunded <sup>(7), (9)</sup> | 11/05/2018 |  | Business Services |  |  | 1948 | - | (177) |
| Altamira Intermediate Company II, Inc. | 07/23/2019 |  | Aerospace and Defense |  |  | 125000 | 125 | 116 |
| AMCSI Crash Co-Invest, LP | 07/28/2022 |  | Auto Sector |  |  | 24898 | 2490 | 3794 |
| AMCSI Crash Co-Invest, LP - Unfunded <sup>(7)</sup> | 07/28/2022 |  | Auto Sector |  |  | 5102 | - | - |
| Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) <sup>(9)</sup> | 05/21/2019 |  | Media |  |  | 1135 | - | - |
| APT INTERMEDIATE, LLC <sup>(9)</sup> | 09/29/2025 |  | Healthcare, Education and Childcare |  |  | 384799 | 519 | 519 |
| Athletico Holdings, LLC <sup>(9)</sup> | 02/04/2022 |  | Healthcare, Education and Childcare |  |  | 9357 | 10000 | 6897 |
| Atlas Investment Aggregator, LLC | 05/03/2021 |  | Telecommunications |  |  | 1700000 | 1613 | - |

---

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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| Azureon, LLC <sup>(9)</sup> | 06/26/2024 |  | Diversified Conglomerate Service |  |  | 508238 | 508 | 432 |
| BioDerm, Inc. | 09/09/2024 |  | Healthcare, Education and Childcare |  |  | 1312 | - | - |
| Burgess Point Holdings, LP | 07/21/2022 |  | Auto Sector |  |  | 764 | 777 | 825 |
| Carnegie Holdco, LLC <sup>(9)</sup> | 02/07/2024 |  | Education |  |  | 1680300 | 1603 | 1260 |
| Carisk Parent, LP | 11/27/2023 |  | Healthcare, Education and Childcare |  |  | 204455 | 204 | 236 |
| Connatix Parent, LLC | 07/08/2021 |  | Media |  |  | 273207 | 632 | 315 |
| Cowboy Parent LLC | 09/12/2018 |  | Distribution |  |  | 27778 | 3015 | 3157 |
| Crane 1 Acquisition Parent Holdings, LP | 08/11/2021 |  | Personal, Food and Miscellaneous Services |  |  | 113 | $104 | $220 |
| C5MI Holdco, LLC <sup>(9)</sup> | 07/31/2024 |  | Business Services |  |  | 754200 | 754 | 694 |
| Delta InvestCo, LP <sup>(9)</sup> | 12/16/2020 |  | Telecommunications |  |  | 913649 | 866 | 1768 |
| Delta InvestCo, LP - Unfunded <sup>(7), (9)</sup> | 12/16/2020 |  | Telecommunications |  |  | 227395 | - | - |
| Duggal Acquisition, LLC | 09/30/2024 |  | Marketing Services |  |  | 314 | 314 | 287 |
| EDS Topco, LP | 12/19/2022 |  | Aerospace and Defense |  |  | 937500 | 938 | 1935 |
| Events Buyer, LLC | 12/17/2024 |  | Event Services |  |  | 536267 | 536 | 684 |
| Exigo, LLC | 03/10/2022 |  | Business Services |  |  | 1458333 | 1458 | 1547 |
| FedHC InvestCo, LP <sup>(9)</sup> | 08/26/2021 |  | Aerospace and Defense |  |  | 15255 | 545 | 2023 |
| FedHC InvestCo, LP - Unfunded <sup>(7), (9)</sup> | 08/26/2021 |  | Aerospace and Defense |  |  | 2563 | - | - |
| FedHC InvestCo II, LP <sup>(9)</sup> | 12/23/2021 |  | Aerospace and Defense |  |  | 21817 | 2303 | 3002 |
| First Medical Holdings, LLC | 06/13/2025 |  | Healthcare, Education and Childcare |  |  | 45000 | 450 | 464 |
| Five Star Parent Holdings, LLC | 02/21/2023 |  | Leisure, Amusement, Motion Pictures, Entertainment |  |  | 655714 | 656 | - |
| Gauge APHIX Blocker, LLC | 07/16/2025 |  | Business Services |  |  | 489789 | 490 | 519 |
| Gauge ETE Blocker, LLC | 05/24/2023 |  | Personal, Food and Miscellaneous Services |  |  | 374444 | 374 | 288 |
| Gauge Lash Coinvest, LLC | 12/04/2019 |  | Consumer Products |  |  | 1231392 | 951 | 2430 |
| Gauge Loving Tan, LP | 05/25/2023 |  | Consumer Products |  |  | 543562 | 544 | 700 |
| Gauge Schlesinger Coinvest, LLC | 04/22/2020 |  | Business Services |  |  | 9 | 10 | - |
| GCOM InvestCo, LP | 05/11/2021 |  | Business Services |  |  | 2434 | 1003 | 649 |
| GCP Boss Holdco, LLC | 12/27/2024 |  | Conglomerate Manufacturing |  |  | 1045100 | 1045 | 1515 |
| GGG MIDCO, LLC <sup>(9)</sup> | 09/27/2024 |  | Home and Office Furnishings, Housewares and Durable Consumer Products |  |  | 1222700 | 1223 | 1589 |
| GMP Hills, LP | 11/02/2023 |  | Distribution |  |  | 3747470 | 3747 | 4647 |
| Hancock Claims Consultants Investors, LLC <sup>(9)</sup> | 12/23/2020 |  | Insurance |  |  | 450000 | 450 | 194 |
| HPA SPQ Aggregator, LP | 06/08/2023 |  | Business Services |  |  | 750399 | 750 | 46 |
| HV Watterson Holdings, LLC | 06/13/2022 |  | Business Services |  |  | 1600000 | 1600 | - |
| Icon Partners V C, LP | 12/20/2021 |  | Business Services |  |  | 1201283 | 1201 | 1184 |
| Icon Partners V C, LP - Unfunded <sup>(7)</sup> | 12/20/2021 |  | Business Services |  |  | 298717 | - | (4) |
| IHS Parent Holdings, LP | 12/21/2022 |  | Personal, Food and Miscellaneous Services |  |  | 1218045 | 1218 | 1717 |
| Imagine Topco, LP | 11/04/2021 |  | Business Services |  |  | 743826 | - | 69 |
| Infogroup Parent Holdings, Inc. | 05/31/2023 |  | Other Media |  |  | 181495 | 2040 | 2735 |
| Ironclad Holdco, LLC (Applied Technical Services, LLC) | 12/23/2020 |  | Environmental Services |  |  | 4993 | 525 | 1139 |
| ITC Infusion Co-invest, LP <sup>(9)</sup> | 02/16/2022 |  | Healthcare, Education and Childcare |  |  | 162445 | 1673 | 4419 |
| Kinetic Purchaser, LLC - Class A | 11/08/2021 |  | Consumer Products |  |  | 1308814 | 1309 | 11 |
| Kinetic Purchaser, LLC - Class AA | 11/08/2021 |  | Consumer Products |  |  | 115688 | 135 | 271 |
| KL Stockton Co-Invest, LP <sup>(9)</sup> | 07/16/2021 |  | Personal, Food and Miscellaneous Services |  |  | 382353 | 385 | 639 |
| Lightspeed Investment Holdco, LLC | 01/21/2020 |  | Healthcare, Education and Childcare |  |  | 273143 | 273 | 993 |
| LJ Avalon, LP | 01/18/2023 |  | Environmental Services |  |  | 851087 | 851 | 1362 |
| Lorient Peregrine Investments, LP | 11/18/2022 |  | Business Services |  |  | 335590 | 4530 | 2339 |
| Magnolia Topco, LP - Class A <sup>(9)</sup> | 07/25/2023 |  | Auto Sector |  |  | 1545460 | - | - |
| Magnolia Topco, LP - Class B <sup>(9)</sup> | 07/25/2023 |  | Auto Sector |  |  | 1017840 | - | - |
| Marketplace Events Acquisition, LLC | 12/19/2024 |  | Media |  |  | 14640 | 1464 | 1731 |
| MDI Aggregator, LP | 07/19/2022 |  | Chemicals, Plastics and Rubber |  |  | 31904 | 3232 | 3035 |
| Meadowlark Title, LLC <sup>(9)</sup> | 12/09/2021 |  | Business Services |  |  | 815385 | 802 | 383 |
| Megawatt Acquisition Partners, LLC - Class A | 06/28/2024 |  | Electronics |  |  | 594 | 59 | - |
| Municipal Emergency Services, Inc. | 09/28/2021 |  | Distribution |  |  | 3920145 | 3984 | 8154 |
| NEPRT Parent Holdings, LLC <sup>(9)</sup> | 01/27/2021 |  | Consumer Products |  |  | 1299 | 1250 | 205 |
| New Insight Holdings, Inc. | 07/15/2024 |  | Business Services |  |  | 1157 | 20 | 17 |
| New Medina Health, LLC <sup>(9)</sup> | 10/16/2023 |  | Healthcare, Education and Childcare |  |  | 1429480 | 1429 | 2225 |
| NFS - CFP Holdings, LLC | 09/13/2024 |  | Business Services |  |  | 662983 | 663 | 804 |
| NORA Parent Holdings, LLC <sup>(9)</sup> | 08/22/2023 |  | Healthcare, Education and Childcare |  |  | 1257 | 1248 | 612 |
| North Haven Saints Equity Holdings, LP <sup>(9)</sup> | 02/25/2022 |  | Business Services |  |  | 351553 | 352 | 355 |
| Northwinds Services Group, LLC | 08/16/2024 |  | Consumer Services |  |  | 840000 | 1680 | 1960 |
| NXOF Holdings, Inc. | 02/26/2019 |  | Aerospace and Defense |  |  | 8188 | 108 | - |
| OceanSound Discovery Equity, LP <sup>(9)</sup> | 03/28/2024 |  | Aerospace and Defense |  |  | 119966 | 1200 | 1496 |
| OES Co-Invest, LP - Class A | 05/31/2024 |  | Diversified Conglomerate Service |  |  | 840 | 851 | 714 |
| OHCP V BC COI, LP | 12/13/2021 |  | Distribution |  |  | 699844 | 700 | 385 |
| OHCP V BC COI, LP - Unfunded <sup>(7)</sup> | 12/13/2021 |  | Distribution |  |  | 50156 | - | (23) |
| ORL Holdco, Inc. | 09/01/2021 |  | Business Services |  |  | 638 | 6 | - |
| OSP Embedded Aggregator, LP | 12/11/2023 |  | Aerospace and Defense |  |  | 871 | 871 | 1011 |

---

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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| OSP PAR Holdings, LP | 09/03/2024 |  | Healthcare, Education and Childcare |  |  | 1806 | 1812 | 1735 |
| Paving Parent, LLC | 07/01/2025 |  | Business Services |  |  | 1166 | 1166 | 1092 |
| PCS Parent, LP | 03/01/2024 |  | Financial Services |  |  | 421304 | 421 | 421 |
| PennantPark-TSO Senior Loan Fund II, LP <sup>(11)</sup> | 01/07/2022 |  | Financial Services |  |  | 8115794 | 8116 | 7008 |
| Penta Group Holdings, Inc. | 07/31/2025 |  | Business Services |  |  | 813376 | 813 | 813 |
| Pink Lily Holdco, LLC <sup>(9)</sup> | 11/05/2021 |  | Retail |  |  | 1044 | 1044 | - |
| 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 |  |  | 2607587 | 2608 | 4036 |
| QuantiTech InvestCo, LP <sup>(9)</sup> | 05/01/2020 |  | Aerospace and Defense |  |  | 700 | - | 96 |
| QuantiTech InvestCo, LP - Unfunded <sup>(7), (9)</sup> | 05/01/2020 |  | Aerospace and Defense |  |  | 955 | - | - |
| QuantiTech InvestCo II, LP <sup>(9)</sup> | 05/01/2020 |  | Aerospace and Defense |  |  | 40 | $12 | $7 |
| RFMG Parent, LP | 12/16/2020 |  | Healthcare, Education and Childcare |  |  | 1050000 | 1050 | 1292 |
| Ro Health Holdings, Inc. | 01/16/2025 |  | Healthcare Providers & Services |  |  | 289700 | 290 | 436 |
| Rosco Topco, LLC | 09/09/2025 |  | Business Services |  |  | 701149 | 701 | 701 |
| Sabel InvestCo, LP <sup>(9)</sup> | 10/31/2024 |  | Government Services |  |  | 32771 | 830 | 1098 |
| Sabel InvestCo, LP - Unfunded <sup>(7), (9)</sup> | 10/31/2024 |  | Government Services |  |  | 47957 | - | - |
| Safe Haven Defense MidCo, LLC <sup>(9)</sup> | 05/23/2024 |  | Building Materials |  |  | 245 | 245 | 89 |
| SBI Holdings Investments, LLC | 12/23/2019 |  | Business Services |  |  | 36585 | 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 |  |  | 2981 | 2981 | 661 |
| SP L2 Holdings, LLC | 11/04/2021 |  | Consumer Products |  |  | 881966 | 882 | - |
| SSC Dominion Holdings, LLC | 07/11/2018 |  | Electronics |  |  | 36 | 36 | 3478 |
| StellPen Holdings, LLC | 08/17/2021 |  | Media |  |  | 153846 | 154 | 114 |
| TAC LifePort Holdings, LLC <sup>(9)</sup> | 02/24/2021 |  | Aerospace and Defense |  |  | 254206 | 239 | 600 |
| TCG 3.0 Jogger Co-Invest, LP | 01/22/2024 |  | Media |  |  | 6475 | 1252 | 841 |
| Tinicum Space Coast Co-Invest, LLC <sup>(9)</sup> | 10/29/2024 |  | Aerospace and Defense |  |  | 216 | 2177 | 2406 |
| Tinicum Space Coast Holdings, LLC <sup>(9)</sup> | 12/06/2023 |  | Aerospace and Defense |  |  | 25 | 210 | 614 |
| Tower Arch Infolinks Media, LP <sup>(9)</sup> | 10/27/2021 |  | Media |  |  | 548251 | 253 | 644 |
| Tower Arch Infolinks Media, LP - Unfunded <sup>(7), (9)</sup> | 10/27/2021 |  | Media |  |  | 347194 | - | - |
| TPC Holding Company, LP | 12/04/2019 |  | Food |  |  | 11527 | 12 | - |
| TWD Parent Holdings, LLC | 08/25/2021 |  | Business Services |  |  | 670 | 3 | 17 |
| United Land Services Holdings, LLC | 07/12/2024 |  | Environmental Services |  |  | 184049 | 600 | 695 |
| UniVista Insurance <sup>(9)</sup> | 06/14/2021 |  | Business Services |  |  | 400 | - | 113 |
| Urology Partners Co, LP | 01/20/2023 |  | Healthcare, Education and Childcare |  |  | 1111111 | 1111 | 4656 |
| Wash & Wax Systems. LLC <sup>(9)</sup> | 04/30/2025 |  | Auto Sector |  |  | 514 | 917 | 947 |
| Watchtower Holdings, LLC <sup>(9)</sup> | 11/29/2023 |  | Electronics |  |  | 12419 | 1242 | 1107 |
| WCP Ivyrehab Coinvestment, LP <sup>(9)</sup> | 06/27/2022 |  | Healthcare, Education and Childcare |  |  | 208 | 208 | 268 |
| WCP Ivyrehab QP CF Feeder, LP <sup>(9)</sup> | 06/27/2022 |  | Healthcare, Education and Childcare |  |  | 3754 | 3853 | 4839 |
| WCP Ivyrehab QP CF Feeder, LP - Unfunded <sup>(7), (9)</sup> | 06/27/2022 |  | Healthcare, Education and Childcare |  |  | 246 | - | - |
| White Tiger Newco, LLC | 07/31/2025 |  | Leisure, Amusement, Motion Pictures, Entertainment |  |  | 4833 | 368 | 338 |
| Kentucky Racing Holdco, LLC (Warrants) <sup>(9)</sup> | 04/16/2019 |  | Hotels, Motels, Inns and Gaming |  |  | 161252 | - | 1848 |
| **Total Common Equity/Partnership Interests/Warrants** |  |  |  |  |  |  | 120117 | 139097 |
| **US Government Securities - 26.9% of Net Assets** |  |  |  |  |  |  |  |  |
| U.S. Treasury Bill <sup>(5)</sup> | 10/02/2025 | 10/31/2025 | Short-Term U.S. Government Securities | 3.98% |  | 125000 | 124809 | 124788 |
| **Total US Government Securities** |  |  |  |  |  |  | 124809 | 124788 |
| **Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies** |  |  |  |  |  |  | 853416 | 857415 |
| Investments in Non-Controlled, Affiliated Portfolio Companies - 1.1% of Net Assets <sup>(1), (2)</sup> |  |  |  |  |  |  |  |  |
| **Preferred Equity/Partnership Interests - 1.1% of Net Assets** <sup>(6)</sup> |  |  |  |  |  |  |  |  |
| Cascade Environmental Holdings, LLC | 02/19/2025 |  | Environmental Services |  |  | 918 | 918 | 1657 |
| Cascade Environmental Holdings, LLC - Series B | 02/19/2025 |  | Environmental Services |  |  | 5887236 | 32791 | 3234 |
| **Total Preferred Equity/Partnership Interests** |  |  |  |  |  |  | 33709 | 4891 |
| **Common Equity/Partnership Interests/Warrants - 0.0% of Net Assets** <sup>(6)</sup> |  |  |  |  |  |  |  |  |
| Cascade Environmental Holdings, LLC | 02/19/2015 |  | Environmental Services |  |  | 7444347 | 2852 |  |
| **Total Common Equity/Partnership Interests/Warrants** |  |  |  |  |  |  | 2852 |  |
| **Total Investments in Non-Controlled, Affiliated Portfolio Companies** |  |  |  |  |  |  | 36561 | 4891 |
| Investments in Controlled, Affiliated Portfolio Companies - 91.6% <sup>(1), (2)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Secured Debt - 14.0% of Net Assets** |  |  |  |  |  |  |  |  |
| AKW Holdings Limited <sup>(8), (11)</sup> | 03/07/2018 | 03/15/2027 | Healthcare, Education and Childcare | 11.19% | 3M SOFR+700 | GBP 40,000 | 54714 | 53850 |
| Pragmatic Institute, LLC | 07/05/2022 | 03/28/2030 | Business Services | PIK 9.50% | 3M SOFR+550 | 15000 | 15000 | 10875 |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | 69714 | 64725 |
| **Subordinated Debt - 35.2% of Net Assets** |  |  |  |  |  |  |  |  |
| Flock Financial, LLC <sup>(11)</sup> | 04/19/2024 | 10/19/2027 | Financial Services | 12.50% |  | 23031 | 23031 | 23031 |

---

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** <sup>(4)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(3)</sup> |
| PennantPark Senior Loan Fund, LLC <sup>(11)</sup> | 07/31/2020 | 07/31/2027 | Financial Services | 12.29% | 3M SOFR+800 | 140287 | 140287 | 140287 |
| **Total Subordinated Debt** |  |  |  |  |  |  | 163318 | 163318 |
| Preferred Equity - 5.7% of Net Assets <sup>(6)</sup> |  |  |  |  |  |  |  |  |
| Flock Financial Class A <sup>(11)</sup> | 04/19/2024 |  | Financial Services |  |  | 2047727 | 7313 | 17868 |
| Flock Financial Class B <sup>(9), (11)</sup> | 04/19/2024 |  | Financial Services |  |  | 5409091 | 19318 | 8415 |
| **Total Preferred Equity** |  |  |  |  |  |  | 26631 | 26283 |
| **Common Equity - 36.8% of Net Assets** <sup>(6)</sup> |  |  |  |  |  |  |  |  |
| AKW Holdings Limited - Class A <sup>(8), (11)</sup> | 03/07/2018 |  | Healthcare, Education and Childcare |  |  | 950 | 132 | 33742 |
| AKW Holdings Limited - Class B <sup>(8), (11)</sup> | 03/07/2018 |  | Healthcare, Education and Childcare |  |  | 13 | 124 | 483 |
| AKW Holdings Limited - Class C <sup>(8), (11)</sup> | 03/07/2018 |  | Healthcare, Education and Childcare |  |  | 13 | 146 | 571 |
| JF Intermediate, LLC | 08/31/2022 |  | Distribution |  |  | 43918 | 4488 | 68332 |
| PennantPark Senior Loan Fund, LLC <sup>(11)</sup> | 07/31/2020 |  | Financial Services |  |  | 82176579 | $82358 | $67513 |
| Pragmatic Institute, LLC | 03/28/2025 |  | Business Services |  |  | 480 | - | - |
| **Total Common Equity** |  |  |  |  |  |  | 87248 | 170641 |
| **Total Investments in Controlled, Affiliated Portfolio Companies** |  |  |  |  |  |  | 346911 | 424967 |
| **Total Investments - 277.5% of Net Assets** <sup>(12), (14)</sup> |  |  |  |  |  |  | 1236888 | 1287273 |
| **Cash Equivalents - 6.6% of Net Assets** |  |  |  |  |  |  |  |  |
| BlackRock Federal FD Institutional 81 (Money Market Fund) |  |  |  | 4.11% |  |  | 30711 | 30711 |
| **Total Cash Equivalents** |  |  |  |  |  |  | 30711 | 30711 |
| **Cash - 4.5% of Net Assets** |  |  |  |  |  |  |  |  |
| Non-Money Market Cash |  |  |  |  |  |  | 21028 | 21072 |
| **Total Cash** |  |  |  |  |  |  | 21028 | 21072 |
| **Total Investments Cash Equivalents, and Cash - 288.6%** |  |  |  |  |  |  | $1288627 | $1339056 |
| **Liabilities in Excess of Other Assets - (188.6)%** |  |  |  |  |  |  |  | (875106) |
| **Net Assets - 100%** |  |  |  |  |  |  |  | $463950 |

---

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

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

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

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

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

(6)Non-income producing securities.

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

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

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

(10)Non-accrual security

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

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

(13)Partial non-accrual PIK security.

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**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.

&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Investment Valuations***

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Security Transactions, Revenue Recognition, and Realized/Unrealized Gains or Losses***

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

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

------

**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.

&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***Income Taxes***

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;***(d)*** ***Distributions and Capital Transactions***

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;***(e)*** ***Foreign Currency Translation***

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

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**PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued**

**DECEMBER 31, 2025**

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

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

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

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

***(f)*** ***Consolidation***

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

&nbsp;&nbsp;&nbsp;&nbsp;***(g)*** ***Asset Transfers and Servicing***

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

&nbsp;&nbsp;&nbsp;&nbsp;***(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.

&nbsp;&nbsp;&nbsp;&nbsp;***(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**

&nbsp;&nbsp;&nbsp;&nbsp;***(a) Investment Management Agreement***

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

***Base Management Fee***

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

***Incentive Fee***

The incentive fee has two parts, as follows:

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

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

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

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

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**PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued**

**DECEMBER 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;***(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.

&nbsp;&nbsp;&nbsp;&nbsp;***(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.

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**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** | **December 31, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Investment Classification** ($ in thousands) | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
| First lien | $509004 | 487900 | $606949 | $582373 |
| U.S. Government Securities | 209555 | 209485 | 124809 | 124788 |
| Second lien | 18639 | 18236 | 18619 | 18161 |
| Subordinated debt / corporate notes | 64797 | 65367 | 60575 | 60933 |
| Subordinated notes in PSLF | 140287 | 140287 | 140287 | 140287 |
| Equity | 200566 | 237432 | 203291 | 293218 |
| Equity in PSLF | 82358 | 59767 | 82358 | 67513 |
| Total investments | 1225206 | 1218474 | 1236888 | 1287273 |
| Cash and cash equivalents | 45751 | 45860 | 51739 | 51783 |
| Total investments and cash and cash equivalents | $1270957 | $1264334 | $1288627 | $1339056 |

---

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** <sup>(1)</sup> | **December 31, 2025** <sup>(1)</sup> | **December 31, 2025** <sup>(1)</sup> | **December 31, 2025** <sup>(1)</sup> | **September 30, 2025** <sup>(1)</sup> | **September 30, 2025** <sup>(1)</sup> | **September 30, 2025** <sup>(1)</sup> | **September 30, 2025** <sup>(1)</sup> |
| <br>**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 | $209555 | $209485 | 21% | 46% | $124809 | $124788 | 12% | 27% |
| Healthcare, Education and Childcare | 115196 | 164480 | 16% | 36% | 128969 | 168000 | 16% | 36% |
| Business Services | 158524 | 144342 | 14% | 32% | 195614 | 184452 | 17% | 40% |
| Financial Services | 75456 | 77916 | 8% | 17% | 70403 | 68959 | 6% | 15% |
| Distribution | 45968 | 58221 | 6% | 13% | 57352 | 130850 | 12% | 28% |
| Consumer Products | 53072 | 47932 | 5% | 10% | 53746 | 49414 | 5% | 11% |
| Auto Sector | 45680 | 44618 | 4% | 10% | 26621 | 27826 | 2% | 6% |
| Aerospace and Defense | 28775 | 34791 | 3% | 8% | 39513 | 47113 | 4% | 10% |
| Environmental Services | 60167 | 27144 | 3% | 6% | 61588 | 31238 | 3% | 7% |
| Gaming | 22858 | 23183 | 2% | 5% | 22853 | 23151 | 2% | 5% |
| Media | 20958 | 20583 | 2% | 5% | 17477 | 17434 | 2% | 4% |
| Diversified Conglomerate Service | 20753 | 19734 | 2% | 4% | 17268 | 16416 | 1% | 4% |
| Consumer Services | 19523 | 19698 | 2% | 4% | 19067 | 19319 | 2% | 4% |
| Personal, Food and Miscellaneous Services | 15859 | 19416 | 2% | 4% | 16207 | 18769 | 2% | 4% |
| Manufacturing/Basic Industry | 15595 | 16191 | 2% | 4% | 42601 | 43067 | 4% | 9% |
| Telecommunications | 12519 | 13657 | 1% | 3% | 22305 | 13695 | 1% | 3% |
| Chemicals, Plastics and Rubber | 15284 | 12783 | 1% | 3% | 15237 | 12240 | 1% | 3% |
| Buildings and Real Estate | 12523 | 12546 | 1% | 3% | 12546 | 12495 | 1% | 3% |
| Electronics | 3441 | 6048 | 1% | 1% | 2507 | 5485 | 1% | 1% |
| Event Services | 536 | 643 | 0% | 0% | 11823 | 12073 | 1% | 3% |
| Home and Office Furnishings, Housewares and Durable Consumer Products | 1547 | 2037 | 0% | 0% | 9258 | 9723 | 1% | 2% |
| Consulting Services | 30 | 26 | 0% | 0% | 5970 | 5966 | 1% | 1% |
| All Other | 48742 | 42946 | 4% | 9% | 40509 | 37000 | 3% | 8% |
| **Total** | $1002561 | $1018420 | 100% | 223% | $1014243 | $1079473 | 100% | 234% |

---

------

<sup>(1)</sup> Excludes investments in PSLF.

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**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:

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| | | |
|:---|:---|:---|
| ($ in thousands) | **December 31, 2025 (Unaudited)** | **September 30, 2025** |
| Total investments | $1357342 | $1265901 |
| 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 | $26563 | $24802 |
| Total of five largest portfolio company investments at fair value | $123565 | $121360 |

---

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par** | **Cost** | **Fair Value** <sup>(2)</sup> |
| **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 | 23450 | $23183 | $23391 |
| ACP Falcon Buyer, Inc. | 10/06/23 | 08/01/29 | Business Services | 9.49% | SOFR+550 | 15157 | 14937 | 15309 |
| AFC-Dell Holding Corp. | 02/23/24 | 04/09/27 | Distribution | 8.84% | SOFR+500 | 16171 | 16079 | 16171 |
| APT OPCO, LLC | 12/24/25 | 09/30/31 | Health Care Providers and Services | 8.67% | SOFR+500 | 2868 | 2852 | 2832 |
| Ad.Net Acquisition, LLC | 03/02/22 | 05/07/26 | Media | 9.93% | SOFR+626 | 5425 | 5421 | 5425 |
| Aechelon Technology, Inc. | 12/23/24 | 08/16/29 | Aerospace and Defense | 9.47% |  | 16270 | 16192 | 16270 |
| Alpine Acquisition Corp II <sup>(4), (6)</sup> | 10/12/22 | 11/30/26 | Containers, Packaging and Glass |  |  | 15157 | 15028 | 6972 |
| Amsive Holdings Corporation | 03/02/22 | 12/10/26 | Media | 9.92% | SOFR+625 | 13768 | 13717 | 13631 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) | 03/02/22 | 06/30/26 | Media | 9.57% | SOFR+590 | 13618 | 13591 | 13618 |
| Arcfield Acquisition Corp. | 07/26/22 | 10/28/31 | Aerospace and Defense | 8.84% | SOFR+500 | 14850 | 14829 | 14776 |
| Archer Lewis, LLC | 12/20/24 | 08/28/29 | Healthcare, Education and Childcare | 9.42% | SOFR+575 | 15542 | 15389 | 15542 |
| Argano, LLC | 12/16/24 | 09/13/29 | Business Services | 9.22% | SOFR+550 | 20305 | 20111 | 20508 |
| BLC Holding Company, INC. | 02/24/25 | 11/20/30 | Environmental Services | 8.17% | SOFR+450 | 11983 | 11913 | 11983 |
| Beacon Behavioral Support Services, LLC | 09/16/24 | 06/21/29 | Healthcare, Education and Childcare | 9.17% | SOFR+550 | 24545 | 24262 | 24545 |
| Best Practice Associates, LLC | 01/21/25 | 11/08/29 | Aerospace and Defense | 10.47% | SOFR+675 | 19800 | 19560 | 19651 |
| Beta Plus Technologies, Inc. | 08/11/22 | 07/02/29 | Business Services | 9.42% | SOFR+575 | 14513 | 14345 | 14367 |
| Big Top Holdings, LLC | 06/26/24 | 02/28/30 | Manufacturing / Basic Industries | 8.92% | SOFR+525 | 6608 | 6518 | 6608 |
| Bioderm, Inc. | 06/26/24 | 01/31/28 | Healthcare, Education and Childcare | 10.36% | SOFR+650 | 8775 | 8708 | 8665 |
| Blackhawk Industrial Distribution, Inc. | 07/24/23 | 09/17/26 | Distribution | 9.07% | SOFR+540 | 25179 | 25036 | 24675 |
| Blue Cloud Pediatric Surgery Centers LLC | 10/09/25 | 01/21/31 | Health Care Providers and Services | 8.72% | SOFR+500 | 2494 | 2469 | 2469 |
| Boss Industries, LLC | 07/21/25 | 12/27/30 | Conglomerate Manufacturing | 8.67% | SOFR+500 | 5940 | 5903 | 5940 |
| Burgess Point Purchaser Corporation | 10/03/22 | 07/25/29 | Auto Sector | 9.19% | SOFR+535 | 6170 | 5925 | 5209 |
| C5MI Acquisition, LLC | 10/09/24 | 07/31/29 | Business Services | 9.67% | SOFR+600 | 9863 | 9775 | 9863 |
| CF512, Inc. | 12/29/21 | 08/20/26 | Media | 9.98% | SOFR+619 | 9019 | 8972 | 8929 |
| Carisk Buyer, Inc. | 02/09/24 | 12/01/29 | Healthcare, Education and Childcare | 8.67% | SOFR+500 | 11341 | 11254 | 11426 |
| Carnegie Dartlet, LLC | 06/26/24 | 02/07/30 | Education | 9.22% | SOFR+550 | 22598 | 22312 | 22372 |
| Cartessa Aesthetics, LLC | 09/09/22 | 06/14/28 | Distribution | 9.67% | SOFR+600 | 21824 | 21670 | 21824 |
| Case Works, LLC | 11/26/24 | 10/01/29 | Business Services | 8.92% | SOFR+525 | 10409 | 10342 | 10232 |
| Commercial Fire Protection Holdings, LLC | 12/16/24 | 09/23/30 | Business Services | 8.17% | SOFR+450 | 20778 | 20682 | 20778 |
| Confluent Health, LLC | 12/23/24 | 11/30/28 | Healthcare, Education and Childcare | 11.22% | SOFR+750 | 1945 | 1945 | 1926 |
| Cornerstone Advisors of Arizona, LLC | 10/09/25 | 05/13/32 | Professional Services | 8.42% | SOFR+475 | 5955 | 5925 | 5925 |
| CJX Borrower, LLC | 08/12/22 | 07/13/27 | Media | 9.70% | SOFR+576 | 8601 | 8591 | 8601 |
| Crane 1 Services, Inc. | 07/24/23 | 08/16/27 | Personal, Food and Miscellaneous Services | 9.08% | SOFR+536 | 5258 | 5232 | 5218 |
| DRI Holding Inc. | 08/04/22 | 12/21/28 | Media | 9.07% | SOFR+535 | 5755 | 5450 | 5640 |
| DRS Holdings III, Inc. | 03/02/22 | 11/03/25 | Consumer Products | 8.97% | SOFR+525 | 4411 | 4399 | 4455 |
| DX Electric Company, LLC | 12/25/25 | 10/01/31 | Electronic Equipment, Instruments and Components | 8.92% | SOFR+525 | 7046 | 6999 | 6994 |
| Duggal Acquisition, LLC | 12/23/24 | 09/30/30 | Marketing Services | 8.42% | SOFR+475 | 4938 | 4899 | 4938 |
| Dynata, LLC - First Out Term Loan | 07/15/24 | 07/17/28 | Business Services | 9.14% | SOFR+576 | 1568 | 1489 | 1553 |
| Dynata, LLC - Last Out Term Loan | 07/15/24 | 10/16/28 | Business Services | 9.64% | SOFR+576 | 9646 | 9646 | 5848 |
| EDS Buyer, LLC | 07/24/23 | 01/10/29 | Aerospace and Defense | 8.17% | SOFR+450 | 23124 | 22885 | 23182 |
| ETE Intermediate II, LLC | 07/24/23 | 05/29/29 | Personal, Food and Miscellaneous Services | 8.72% | SOFR+500 | 12093 | 11941 | 12093 |
| Emergency Care Partners, LLC | 12/23/24 | 10/18/27 | Healthcare, Education and Childcare | 8.67% | SOFR+500 | 6913 | 6880 | 6913 |
| EvAL Home Care Solutions Intermediate, LLC | 07/23/24 | 05/10/30 | Healthcare, Education and Childcare | 9.47% | SOFR+575 | 6881 | 6801 | 6881 |
| Exigo Intermediate II, LLC | 07/24/23 | 03/15/27 | Business Services | 10.07% | SOFR+635 | 9551 | 9499 | 9503 |
| Five Star Buyer, Inc. | 07/24/23 | 02/23/28 | Hotels, Motels, Inns and Gaming | 12.98% | SOFR+925 | 4128 | 4089 | 4025 |
| GGG Midco, LLC | 12/16/24 | 09/27/30 | Home and Office Furnishings, Housewares and Durable Consumer Products | 8.67% | SOFR+500 | 15096 | 14992 | 15096 |
| Global Holdings InterCo, LLC | 03/02/22 | 03/16/26 | Banking, Finance, Insurance & Real Estate | 9.33% |  | 6290 | 6287 | 6290 |

---

------

**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** <sup>(1)</sup> | **Par** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Graffiti Buyer, Inc. | 03/02/22 | 08/10/27 | Distribution | 9.42% | SOFR+560 | 3951 | 3923 | 3862 |
| HEC Purchaser Corp. | 09/16/24 | 06/17/29 | Healthcare, Education and Childcare | 8.87% | SOFR+500 | 12599 | 12530 | 12599 |
| HV Watterson Holdings, LLC <sup>(4)</sup> | 09/09/22 | 12/17/26 | Business Services |  |  | 15523 | 15449 | 4936 |
| HW Holdco, LLC | 03/02/22 | 05/10/26 | Media | 9.80% | SOFR+590 | 23121 | 23082 | 23121 |
| Hancock Roofing And Construction, LLC | 03/02/22 | 12/31/26 | Insurance | 9.27% | SOFR+560 | 6029 | 6029 | 5727 |
| Harris & Co, LLC | 12/20/24 | 08/09/30 | Financial Services | 8.72% | SOFR+500 | 19134 | 18950 | 18990 |
| Hills Distribution, Inc. | 02/13/24 | 11/08/29 | Distribution | 9.19% | SOFR+550 | 14409 | 14347 | 14264 |
| IG Investments Holdings, LLC | 03/02/22 | 09/22/28 | Business Services | 8.84% | SOFR+500 | 4339 | 4298 | 4317 |
| Imagine Acquisitionco, Inc. | 07/24/23 | 11/15/27 | Business Services | 8.98% | SOFR+510 | 5438 | 5393 | 5438 |
| Impact Advisors, LLC | 12/10/25 | 03/19/32 | Health Care Technology | 8.17% | SOFR+450 | 7940 | 7940 | 7940 |
| Infinity Home Services Holdco, Inc. | 02/07/23 | 12/28/28 | Personal, Food and Miscellaneous Services | 9.67% | SOFR+600 | 13714 | 13598 | 13714 |
| Infolinks Media Buyco, LLC | 07/24/23 | 11/01/26 | Media | 9.42% | SOFR+575 | 13043 | 13011 | 12651 |
| Inovex Information Systems Incorporated | 03/04/25 | 12/17/30 | Business Services | 8.92% | SOFR+525 | 5940 | 5903 | 5940 |
| Inventus Power, Inc. | 10/10/23 | 01/15/26 | Consumer Products | 11.33% | SOFR+761 | 12935 | 12932 | 12935 |
| Kinetic Purchaser, LLC | 07/24/23 | 11/10/27 | Consumer Products | 9.82% | SOFR+615 | 13701 | 13599 | 11132 |
| LAV Gear Holdings, Inc. - Takeback TL | 07/31/25 | 07/31/29 | Leisure, Amusement, Motion Pictures, Entertainment | 9.65% | SOFR+594 | 2310 | 2310 | 2310 |
| 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 | 21806 | 21754 | 21260 |
| Lightspeed Buyer, Inc. | 03/02/22 | 02/03/27 | Healthcare, Education and Childcare | 8.42% | SOFR+475 | 20065 | 19982 | 20065 |
| LJ Avalon Holdings, LLC | 07/24/23 | 02/01/30 | Environmental Services | 8.46% | SOFR+450 | 12251 | 12167 | 12251 |
| MAG DS Corp. | 03/02/22 | 04/01/27 | Aerospace and Defense | 9.27% | SOFR+560 | 8153 | 7952 | 8109 |
| MDI Buyer, Inc. | 12/20/24 | 07/25/28 | Chemicals, Plastics and Rubber | 8.57% | SOFR+475 | 19677 | 19529 | 19677 |
| Marketplace Events Acquisition, LLC | 03/04/25 | 12/19/30 | Media | 9.12% | SOFR+525 | 19850 | 19684 | 19850 |
| MBS Holdings, Inc. | 03/02/22 | 04/16/27 | Telecommunications | 8.92% | SOFR+510 | 8223 | 8182 | 8223 |
| Meadowlark Acquirer, LLC | 04/01/22 | 12/10/27 | Business Services | 9.32% | SOFR+565 | 2885 | 2861 | 2885 |
| Medina Health, LLC | 01/18/24 | 10/20/28 | Healthcare, Education and Childcare | 9.92% | SOFR+625 | 19423 | 19317 | 19423 |
| Megawatt Acquisitionco, Inc. | 07/17/24 | 03/01/30 | Business Services | 9.17% | SOFR+550 | 7860 | 7774 | 7860 |
| MOREgroup Holdings, Inc. | 08/29/24 | 01/16/30 | Business Services | 8.92% | SOFR+525 | 19650 | 19433 | 19650 |
| Municipal Emergency Services, Inc. | 03/02/22 | 10/01/27 | Distribution | 8.42% | SOFR+475 | 9550 | 9496 | 9550 |
| NBH Group, LLC | 03/02/22 | 08/19/26 | Healthcare, Education and Childcare | 9.71% | SOFR+585 | 7162 | 7145 | 7162 |
| NORA Acquisition, LLC | 11/21/23 | 08/31/29 | Healthcare, Education and Childcare | 10.02% | SOFR+635 | 20039 | 19822 | 19438 |
| North American Rail Solutions | 12/25/25 | 08/29/31 | Road and Rail | 8.42% |  | 10000 | 9958 | 9950 |
| OSP Embedded Purchaser, LLC | 01/17/25 | 12/17/29 | Aerospace and Defense | 9.42% | SOFR+575 | 18879 | 18753 | 17897 |
| Omnia Exterior Solutions, LLC | 07/25/24 | 12/29/29 | Diversified Conglomerate Service | 8.92% | SOFR+525 | 17945 | 17743 | 17721 |
| One Stop Mailing, LLC | 06/07/23 | 05/07/27 | Transportation | 10.08% | SOFR+636 | 8227 | 8161 | 8227 |
| PCS Midco, Inc. | 08/29/24 | 03/01/30 | Financial Services | 9.42% | SOFR+575 | 5739 | 5678 | 5767 |
| PN Buyer, Inc. | 10/09/25 | 07/31/31 | Financial Services | 8.17% | SOFR+450 | 3556 | 3538 | 3538 |
| Pacific Purchaser, LLC | 03/21/24 | 10/02/28 | Business Services | 9.85% | SOFR+625 | 12773 | 12613 | 12466 |
| PAR Excellence Holdings, Inc. | 11/26/24 | 09/03/30 | Healthcare, Education and Childcare | 8.77% | SOFR+500 | 9900 | 9823 | 9727 |
| PD Tri-State Holdco, LLC | 12/25/25 | 10/14/30 | Diversified Conglomerate Service | 8.92% | SOFR+525 | 2970 | 2946 | 2952 |
| Paving Lessor Corp. First Lien - Term Loan | 10/24/25 | 07/01/31 | Commercial Services and Supplies | 8.94% | SOFR+525 | 6914 | 6862 | 6879 |
| Pink Lily Holdco, LLC <sup>(4)</sup> | 04/01/22 | 11/09/27 | Retail | 4.27% |  | 8913 | 8699 | 1114 |
| Project Granite Buyer, Inc. | 07/21/25 | 12/31/30 | Business Services | 9.42% | SOFR+575 | 5940 | 5889 | 5999 |
| Puget Collision, LLC | 12/24/25 | 10/02/31 | Auto Sector | 8.42% | SOFR+475 | 10000 | 9945 | 9938 |
| RRA Corporate, LLC | 12/23/24 | 08/15/29 | Business Services | 8.92% | SOFR+525 | 3960 | 3930 | 3837 |
| RTIC Subsidiary Holdings, LLC | 07/23/24 | 05/03/29 | Consumer Products | 9.42% | SOFR+575 | 24637 | 24318 | 24391 |
| Radius Aerospace, Inc. | 11/06/19 | 03/29/27 | Aerospace and Defense | 9.82% | SOFR+615 | 11780 | 11717 | 11545 |
| Rancho Health MSO, Inc. | 03/02/22 | 06/20/29 | Healthcare, Education and Childcare | 8.99% | SOFR+500 | 22629 | 22561 | 22629 |
| Recteq, LLC | 06/26/24 | 01/29/26 | Consumer Products | 10.07% | SOFR+640 | 9525 | 9521 | 9525 |
| Riverpoint Medical, LLC | 03/02/22 | 06/21/27 | Healthcare, Education and Childcare | 8.17% | SOFR+450 | 3711 | 3683 | 3711 |
| Ro Health, LLC | 04/03/25 | 01/17/31 | Healthcare Providers & Services | 8.17% |  | 9308 | 9250 | 9308 |
| Rosco Parent, LLC | 12/24/25 | 09/12/31 | Auto Sector | 8.42% | SOFR+475 | 5154 | 5119 | 5115 |
| Rural Sourcing Holdings, Inc. | 07/24/23 | 06/16/29 | Professional Services | 9.85% | SOFR+625 | 5493 | 5431 | 4944 |
| Sabel Systems Technology Solutions, LLC | 01/07/25 | 10/31/30 | Business Services | 9.72% | SOFR+600 | 11880 | 11784 | 11880 |
| Sales Benchmark Index, LLC | 03/02/22 | 07/07/26 | Business Services | 9.87% | SOFR+620 | 6597 | 6582 | 6597 |
| Sath Industries, LLC | 12/10/25 | 12/17/29 | Building Products | 9.17% | SOFR+550 | 11360 | 11360 | 11360 |
| Seacoast Service Partners NA, LLC | 07/21/25 | 12/20/29 | Diversified Conglomerate Service | 8.92% | SOFR+525 | 4950 | 4916 | 4722 |
| Seaway Buyer, LLC | 09/14/22 | 06/13/29 | Chemicals, Plastics and Rubber | 9.82% | SOFR+615 | 14513 | 14369 | 13859 |
| Sigma Defense Systems, LLC | 12/01/23 | 12/20/27 | Telecommunications | 10.62% | SOFR+690 | 26831 | 26686 | 26563 |
| SpendMend Holdings, LLC | 07/24/23 | 03/01/28 | Business Services | 9.15% | SOFR+515 | 10578 | 10442 | 10578 |
| STG Distribution, LLC - First Out New Money Term Loans <sup>(4)</sup> | 10/03/24 | 10/03/29 | Transportation |  |  | 1998 | 1907 | 1698 |

---

------

**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** <sup>(1)</sup> | **Par** | **Cost** | **Fair Value** <sup>(2)</sup> |
| STG Distribution, LLC - Second Out Term Loans <sup>(4)</sup> | 10/03/24 | 10/03/29 | Transportation |  |  | 4617 | 2593 | 346 |
| SV-Aero Holdings, LLC | 10/31/24 | 11/01/30 | Aerospace and Defense | 8.67% | SOFR+500 | 14625 | 14563 | 14625 |
| Systems Planning And Analysis, Inc. | 03/02/22 | 08/16/27 | Aerospace and Defense | 8.42% | SOFR+475 | 16878 | 16785 | 16827 |
| TCG 3.0 Jogger Acquisitionco, Inc. | 02/27/24 | 01/23/29 | Media | 10.17% | SOFR+650 | 9825 | 9713 | 9678 |
| TMII Enterprises, LLC | 07/24/23 | 12/22/28 | Personal, Food and Miscellaneous Services | 8.22% | SOFR+450 | 19827 | 19654 | 19827 |
| TPC US Parent, LLC | 03/02/22 | 11/24/25 | Food | 9.89% | SOFR+590 | 11246 | 11240 | 11235 |
| Team Services Group, LLC | 07/24/23 | 12/20/27 | Healthcare, Education and Childcare | 9.09% | SOFR+525 | 9563 | 9427 | 9523 |
| The Bluebird Group, LLC | 03/02/22 | 07/28/26 | Business Services | 9.57% | SOFR+590 | 14769 | 14741 | 14769 |
| The Vertex Companies, LLC | 03/02/22 | 08/31/28 | Business Services | 8.75% | SOFR+475 | 14443 | 14364 | 14356 |
| Transgo, LLC | 06/07/24 | 12/29/28 | Auto Sector | 9.47% | SOFR+575 | 16312 | 16174 | 16312 |
| Tyto Athene, LLC | 03/02/22 | 04/01/28 | Aerospace and Defense | 8.88% | SOFR+490 | 11342 | 11280 | 10888 |
| Watchtower Buyer, LLC | 09/19/24 | 12/01/29 | Consumer Products | 9.67% | SOFR+600 | 23055 | 22867 | 23058 |
| Wash & Wax Systems, LLC | 04/30/25 | 04/30/28 | Business Services | 9.34% | SOFR+550 | 6577 | 6676 | 6708 |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | 1382302 | 1347821 |
| **Subordinated Debt - 4.1% of Net Assets** |  |  |  |  |  |  |  |  |
| Wash & Wax Systems, LLC - Subordinate Debt | 04/30/25 | 07/30/28 | Business Services | 12.00% |  | 4406 | 4406 | 4406 |
| **Total Subordinated Debt** |  |  |  |  |  | 4406 | 4406 | 4406 |
| **Equity Securities - 4.8% of Net Assets** |  |  |  |  |  |  |  |  |
| New Insight Holdings, Inc. - Common Equity | 07/15/24 |  | Business Services |  |  | 134330 | 2351 | 1530 |
| 48Forty Intermediate Holdings, Inc. - Common Equity | 11/05/24 |  | Containers, Packaging and Glass |  |  | 1988 |  |  |
| Wash & Wax Group, LP - Common Equity | 04/30/25 |  | Business Services |  |  | 2803 | 5002 | 3505 |
| White Tiger Newco, LLC - Common Equity | 07/31/25 |  | Business Services |  |  | 10805 | 824 | 80 |
| **Total Equity Securities** |  |  |  |  |  |  | 8177 | 5115 |
| **Total Investments - 1,267.0% of Net Assets**<sup>(3)(5)</sup> |  |  |  |  |  |  | 1394885 | 1357342 |
| **Cash Equivalents - 19.51% of Net Assets** |  |  |  |  |  |  |  |  |
| JPMorgan U.S. Government (Money Market Fund) |  |  |  | 3.61% |  |  | 6054 | 6054 |
| Goldman Sachs Financial Square Government Fund (Money Market Fund) |  |  |  | 3.71% |  |  | 12264 | 12264 |
| BlackRock Federal FD Institutional 81 (Money Market Fund) |  |  |  | 3.69% |  |  | 2586 | 2586 |
| **Total Cash Equivalents** |  |  |  |  |  |  | 20904 | 20904 |
| **Cash - 22.54% of Net Assets** |  |  |  |  |  |  |  |  |
| Cash |  |  |  |  |  |  | 24148 | 24148 |
| **Total Cash** |  |  |  |  |  |  | 24148 | 24148 |
| **Total Investments, Cash Equivalents and Cash -** |  |  |  |  |  |  | $1439937 | $1402394 |
| **Liabilities in Excess of Other Assets — (1208.9)% of Net Assets** |  |  |  |  |  |  |  | (1295254) |
| **Members' Equity—100.0%** |  |  |  |  |  |  |  | $107140 |

---

(1)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.

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

(3)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%.

(4)Non-accrual security

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

(6)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)** | **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 | 7590 | $7474 | $7514 |
| Acp Falcon Buyer, Inc. | 10/06/23 | 08/01/29 | Business Services | 9.79% | SOFR+550 | 15196 | 14963 | 15348 |
| AFC-Dell Holding Corp. | 02/23/24 | 04/09/27 | Distribution | 9.83% | SOFR+550 | 16181 | 16072 | 16100 |
| Ad.Net Acquisition, LLC | 03/02/22 | 05/07/26 | Media | 10.26% | SOFR+626 | 4788 | 4788 | 4788 |
| Aechelon Technology, Inc. | 12/23/24 | 08/16/29 | Aerospace and Defense | 9.91% | SOFR+575 | 4800 | 4718 | 4800 |
| Alpine Acquisition Corp II (4), (7) | 10/12/22 | 11/30/26 | Containers, Packaging and Glass |  |  | 15185 | 15056 | 7896 |
| Amsive Holdings Corporation | 03/02/22 | 12/10/26 | Media | 10.35% | SOFR+635 | 13805 | 13745 | 13667 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) | 03/02/22 | 06/30/26 | Media | 9.90% | SOFR+590 | 13837 | 13803 | 13837 |
| Arcfield Acquisition Corp. | 07/26/22 | 10/28/31 | Aerospace and Defense | 9.31% | SOFR+500 | 14888 | 14867 | 14813 |
| Archer Lewis, LLC | 12/20/24 | 08/28/29 | Healthcare, Education and Childcare | 9.75% | SOFR+575 | 15581 | 15426 | 15581 |
| Argano, LLC | 12/16/24 | 09/13/29 | Business Services | 9.89% | SOFR+575 | 14850 | 14730 | 14628 |
| BLC Holding Company, INC. | 02/24/25 | 11/20/30 | Environmental Services | 8.50% | SOFR+450 | 12013 | 11942 | 12013 |
| Beacon Behavioral Support Services, LLC | 09/16/24 | 06/21/29 | Healthcare, Education and Childcare | 9.50% | SOFR+550 | 24607 | 24305 | 24607 |
| Best Practice Associates, LLC | 01/21/25 | 11/08/29 | Aerospace and Defense | 10.91% | SOFR+675 | 19850 | 19606 | 19701 |
| Beta Plus Technologies, Inc. | 08/11/22 | 07/02/29 | Business Services | 9.75% | SOFR+575 | 14550 | 14375 | 14405 |
| Big Top Holdings, LLC | 06/26/24 | 02/28/30 | Manufacturing / Basic Industries | 9.25% | SOFR+525 | 6626 | 6531 | 6626 |
| Bioderm, Inc. | 06/26/24 | 01/31/28 | Healthcare, Education and Childcare | 10.77% | SOFR+650 | 8798 | 8726 | 8688 |
| Blackhawk Industrial Distribution, Inc. | 07/24/23 | 09/17/26 | Distribution | 9.40% | SOFR+540 | 25244 | 25052 | 24802 |
| Boss Industries, LLC | 07/21/25 | 12/27/30 | Conglomerate Manufacturing | 9.00% | SOFR+500 | 5955 | 5916 | 5955 |
| Burgess Point Purchaser Corporation | 10/03/22 | 07/25/29 | Auto Sector | 9.51% | SOFR+535 | 6186 | 5926 | 5348 |
| C5MI Acquisition, LLC | 10/09/24 | 07/31/29 | Business Services | 10.00% | SOFR+600 | 7425 | 7334 | 7425 |
| CF512, Inc. | 12/29/21 | 08/20/26 | Media | 10.36% | SOFR+619 | 9042 | 8983 | 8952 |
| Carisk Buyer, Inc. | 02/09/24 | 12/01/29 | Healthcare, Education and Childcare | 9.00% | SOFR+500 | 11370 | 11276 | 11370 |
| Carnegie Dartlet, LLC | 06/26/24 | 02/07/30 | Education | 9.66% | SOFR+550 | 22655 | 22360 | 22428 |
| Cartessa Aesthetics, LLC | 09/09/22 | 06/14/28 | Distribution | 10.00% | SOFR+600 | 21880 | 21708 | 21880 |
| Case Works, LLC | 11/26/24 | 10/01/29 | Business Services | 9.25% | SOFR+525 | 10436 | 10366 | 9966 |
| Commercial Fire Protection Holdings, LLC | 12/16/24 | 09/23/30 | Business Services | 8.50% | SOFR+450 | 20831 | 20730 | 20831 |
| 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 | 1950 | 1950 | 1940 |
| CJX Borrower, LLC | 08/12/22 | 07/13/27 | Media | 10.08% | SOFR+576 | 8624 | 8614 | 8624 |
| Crane 1 Services, Inc. | 07/24/23 | 08/16/27 | Personal, Food and Miscellaneous Services | 10.03% | SOFR+586 | 5271 | 5243 | 5232 |
| DRI Holding Inc. | 08/04/22 | 12/21/28 | Media | 9.51% | SOFR+535 | 5770 | 5442 | 5655 |
| DRS Holdings III, Inc. | 03/02/22 | 11/03/25 | Consumer Products | 9.41% | SOFR+525 | 4478 | 4478 | 4523 |
| Duggal Acquisition, LLC | 12/23/24 | 09/30/30 | Marketing Services | 8.75% | SOFR+475 | 4950 | 4910 | 4950 |
| Dynata, LLC - First Out Term Loan | 07/15/24 | 07/17/28 | Business Services | 9.46% | SOFR+526 | 1572 | 1486 | 1565 |
| Dynata, LLC - Last Out Term Loan | 07/15/24 | 10/16/28 | Business Services | 9.96% | SOFR+576 | 9670 | 9670 | 7873 |
| EDS Buyer, LLC | 07/24/23 | 01/10/29 | Aerospace and Defense | 8.75% | SOFR+475 | 23169 | 22915 | 23227 |
| ETE Intermediate II, LLC | 07/24/23 | 05/29/29 | Personal, Food and Miscellaneous Services | 9.16% | SOFR+500 | 12124 | 11963 | 12124 |
| Emergency Care Partners, LLC | 12/23/24 | 10/18/27 | Healthcare, Education and Childcare | 9.00% | SOFR+500 | 6930 | 6895 | 6930 |
| EvAL Home Care Solutions Intermediate, LLC | 07/23/24 | 05/10/30 | Healthcare, Education and Childcare | 9.91% | SOFR+575 | 7040 | 6955 | 7040 |
| Exigo Intermediate II, LLC | 07/24/23 | 03/15/27 | Business Services | 10.51% | SOFR+635 | 9551 | 9491 | 9551 |
| Five Star Buyer, Inc. | 07/24/23 | 02/23/28 | Hotels, Motels, Inns and Gaming | 13.35% | SOFR+915 | 4140 | 4096 | 4057 |
| GGG Midco, LLC | 12/16/24 | 09/27/30 | Home and Office Furnishings, Housewares and Durable Consumer Products | 9.00% | SOFR+500 | 12485 | 12377 | 12485 |
| Global Holdings InterCo, LLC | 03/02/22 | 03/16/26 | Banking, Finance, Insurance & Real Estate | 9.74% | SOFR+560 | 6593 | 6589 | 6593 |
| Graffiti Buyer, Inc. | 03/02/22 | 08/10/27 | Distribution | 9.80% | SOFR+560 | 3959 | 3928 | 3880 |
| HEC Purchaser Corp. | 09/16/24 | 06/17/29 | Healthcare, Education and Childcare | 8.87% | SOFR+500 | 7798 | 7723 | 7798 |
| HV Watterson Holdings, LLC (4) | 09/09/22 | 12/17/26 | Business Services | 8.00% |  | 15570 | 15496 | 8548 |
| HW Holdco, LLC | 03/02/22 | 05/10/26 | Media | 9.90% | SOFR+590 | 23593 | 23537 | 23593 |
| Hancock Roofing And Construction, LLC | 03/02/22 | 12/31/26 | Insurance | 9.60% | SOFR+550 | 6029 | 6029 | 5968 |
| Harris & Co, LLC | 12/20/24 | 08/09/30 | Financial Services | 9.16% | SOFR+500 | 19182 | 18995 | 19015 |
| Hills Distribution, Inc. | 02/13/24 | 11/08/29 | Distribution | 10.32% | SOFR+600 | 14148 | 13992 | 14148 |
| IG Investments Holdings, LLC | 03/02/22 | 09/22/28 | Business Services | 9.31% | SOFR+500 | 4350 | 4305 | 4328 |
| Imagine Acquisitionco, Inc. | 07/24/23 | 11/15/27 | Business Services | 9.29% | SOFR+510 | 5452 | 5402 | 5452 |
| Infinity Home Services Holdco, Inc. | 02/07/23 | 12/28/28 | Personal, Food and Miscellaneous Services | 10.16% | SOFR+600 | 13749 | 13622 | 13749 |
| Infolinks Media Buyco, LLC | 07/24/23 | 11/01/26 | Media | 9.50% | SOFR+550 | 13046 | 13007 | 12981 |
| Inovex Information Systems Incorporated | 03/04/25 | 12/17/30 | Business Services | 9.25% | SOFR+525 | 5955 | 5918 | 5955 |
| Inventus Power, Inc. | 10/10/23 | 01/15/26 | Consumer Products | 11.78% | SOFR+761 | 12968 | 12934 | 12968 |
| Kinetic Purchaser, LLC | 07/24/23 | 11/10/27 | Consumer Products | 10.15% | SOFR+615 | 13701 | 13590 | 11646 |

---

------

**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)** | **Par** | **Cost** | **Fair Value (2)** |
| LAV Gear Holdings, Inc. - Takeback TL | 07/31/25 | 07/31/29 | Leisure, Amusement, Motion Pictures, Entertainment | 10.10% | SOFR+594 | 2295 | 2295 | 2295 |
| 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 | 21525 | 21466 | 20987 |
| Lightspeed Buyer, Inc. | 03/02/22 | 02/03/27 | Healthcare, Education and Childcare | 8.75% | SOFR+475 | 20115 | 20017 | 20115 |
| LJ Avalon Holdings, LLC | 07/24/23 | 02/01/30 | Environmental Services | 8.77% | SOFR+450 | 7636 | 7550 | 7636 |
| MAG DS Corp. | 03/02/22 | 04/01/27 | Aerospace and Defense | 9.60% | SOFR+560 | 8175 | 7939 | 8142 |
| MDI Buyer, Inc. | 12/20/24 | 07/25/28 | Chemicals, Plastics and Rubber | 8.95% | SOFR+475 | 19728 | 19568 | 19728 |
| Marketplace Events Acquisition, LLC | 03/04/25 | 12/19/30 | Media | 9.12% | SOFR+525 | 19900 | 19727 | 19900 |
| MBS Holdings, Inc. | 03/02/22 | 04/16/27 | Telecommunications | 9.30% | SOFR+510 | 8244 | 8197 | 8244 |
| Meadowlark Acquirer, LLC | 04/01/22 | 12/10/27 | Business Services | 9.65% | SOFR+565 | 2893 | 2865 | 2893 |
| Medina Health, LLC | 01/18/24 | 10/20/28 | Healthcare, Education and Childcare | 10.25% | SOFR+625 | 19423 | 19311 | 19520 |
| Megawatt Acquisitionco, Inc. | 07/17/24 | 03/01/30 | Business Services | 9.25% | SOFR+525 | 7880 | 7788 | 7502 |
| MOREgroup Holdings, Inc. | 08/29/24 | 01/16/30 | Business Services | 9.25% | SOFR+525 | 19700 | 19472 | 19700 |
| Municipal Emergency Services, Inc. | 03/02/22 | 10/01/27 | Distribution | 9.15% | SOFR+515 | 9575 | 9512 | 9575 |
| NBH Group, LLC | 03/02/22 | 08/19/26 | Healthcare, Education and Childcare | 10.12% | SOFR+585 | 7180 | 7159 | 7180 |
| NORA Acquisition, LLC | 11/21/23 | 08/31/29 | Healthcare, Education and Childcare | 10.35% | SOFR+635 | 20090 | 19860 | 19939 |
| OSP Embedded Purchaser, LLC | 01/17/25 | 12/17/29 | Aerospace and Defense | 9.76% | SOFR+575 | 18926 | 18793 | 18661 |
| Omnia Exterior Solutions, LLC | 07/25/24 | 12/29/29 | Diversified Conglomerate Service | 9.26% | SOFR+525 | 17982 | 17766 | 17622 |
| One Stop Mailing, LLC | 06/07/23 | 05/07/27 | Transportation | 10.53% | SOFR+636 | 8274 | 8199 | 8274 |
| PCS Midco, Inc. | 08/29/24 | 03/01/30 | Financial Services | 9.75% | SOFR+575 | 5753 | 5688 | 5753 |
| Pink Lily Holdco, LLC (5) | 04/01/22 | 11/09/27 | Retail | 4.27% |  | 8761 | 8699 | 3504 |
| Pacific Purchaser, LLC | 03/21/24 | 10/02/28 | Business Services | 10.42% | SOFR+625 | 12773 | 12602 | 12721 |
| PAR Excellence Holdings, Inc. | 11/26/24 | 09/03/30 | Healthcare, Education and Childcare | 9.17% | SOFR+500 | 9925 | 9842 | 9751 |
| Project Granite Buyer, Inc. | 07/21/25 | 12/31/30 | Business Services | 9.75% | SOFR+575 | 5955 | 5903 | 6015 |
| RRA Corporate, LLC | 12/23/24 | 08/15/29 | Business Services | 9.25% | SOFR+525 | 3960 | 3930 | 3936 |
| RTIC Subsidiary Holdings, LLC | 07/23/24 | 05/03/29 | Consumer Products | 9.75% | SOFR+575 | 24700 | 24365 | 24453 |
| Radius Aerospace, Inc. | 11/06/19 | 03/29/27 | Aerospace and Defense | 10.45% | SOFR+615 | 11780 | 11714 | 11515 |
| Rancho Health MSO, Inc. | 03/02/22 | 06/20/29 | Healthcare, Education and Childcare | 9.29% | SOFR+500 | 22704 | 22631 | 22704 |
| Recteq, LLC | 06/26/24 | 01/29/26 | Consumer Products | 10.40% | SOFR+640 | 9550 | 9537 | 9526 |
| Riverpoint Medical, LLC | 03/02/22 | 06/21/27 | Healthcare, Education and Childcare | 8.75% | SOFR+475 | 3891 | 3861 | 3891 |
| Ro Health, LLC | 04/03/25 | 01/17/31 | Healthcare Providers & Services | 8.50% | SOFR+450 | 9308 | 9249 | 9308 |
| Rural Sourcing Holdings, Inc. | 07/24/23 | 06/16/29 | Professional Services | 9.92% | SOFR+575 | 5435 | 5367 | 4891 |
| Sabel Systems Technology Solutions, LLC | 01/07/25 | 10/31/30 | Business Services | 9.91% | SOFR+575 | 11910 | 11813 | 11910 |
| Sales Benchmark Index, LLC | 03/02/22 | 07/07/26 | Business Services | 10.20% | SOFR+620 | 6617 | 6597 | 6617 |
| Seacoast Service Partners NA, LLC | 07/21/25 | 12/20/29 | Diversified Conglomerate Service | 9.00% | SOFR+500 | 4963 | 4926 | 4759 |
| Seaway Buyer, LLC | 09/14/22 | 06/13/29 | Chemicals, Plastics and Rubber | 10.15% | SOFR+615 | 14550 | 14394 | 13568 |
| Sigma Defense Systems, LLC | 12/01/23 | 12/20/27 | Telecommunications | 10.31% | SOFR+615 | 23904 | 23741 | 23904 |
| SpendMend Holdings, LLC | 07/24/23 | 03/01/28 | Business Services | 9.15% | SOFR+515 | 9412 | 9261 | 9412 |
| STG Distribution, LLC - First Out New Money Term Loans | 10/03/24 | 10/03/29 | Transportation | 12.57% | SOFR+835 | 1986 | 1895 | 1768 |
| STG Distribution, LLC - Second Out Term Loans (5) | 10/03/24 | 10/03/29 | Transportation | 5.32% |  | 4566 | 2594 | 365 |
| SV-Aero Holdings, LLC | 10/31/24 | 11/01/30 | Aerospace and Defense | 9.00% | SOFR+500 | 14719 | 14656 | 14719 |
| Systems Planning And Analysis, Inc. | 03/02/22 | 08/16/27 | Aerospace and Defense | 8.92% | SOFR+475 | 16919 | 16816 | 16784 |
| TCG 3.0 Jogger Acquisitionco, Inc. | 02/27/24 | 01/23/29 | Media | 10.52% | SOFR+650 | 9850 | 9732 | 9801 |
| TMII Enterprises, LLC | 07/24/23 | 12/22/28 | Personal, Food and Miscellaneous Services | 8.66% | SOFR+450 | 19878 | 19692 | 19878 |
| TPC US Parent, LLC | 03/02/22 | 11/24/25 | Food | 10.19% | SOFR+590 | 11275 | 11269 | 11185 |
| Team Services Group, LLC | 07/24/23 | 12/20/27 | Healthcare, Education and Childcare | 9.56% | SOFR+525 | 9588 | 9434 | 9548 |
| The Bluebird Group, LLC | 03/02/22 | 07/28/26 | Business Services | 9.90% | SOFR+590 | 16348 | 16306 | 16348 |
| The Vertex Companies, LLC | 03/02/22 | 08/31/28 | Business Services | 8.93% | SOFR+475 | 14480 | 14393 | 14408 |
| Transgo, LLC | 06/07/24 | 12/29/28 | Auto Sector | 9.91% | SOFR+575 | 16363 | 16215 | 16486 |
| Tyto Athene, LLC | 03/02/22 | 04/01/28 | Aerospace and Defense | 9.19% | SOFR+490 | 11342 | 11271 | 11058 |
| Urology Management Holdings, Inc. | 07/24/23 | 06/15/27 | Healthcare, Education and Childcare | 9.66% | SOFR+550 | 12380 | 12333 | 12380 |
| US Fertility Enterprises, LLC | 09/03/25 | 10/11/31 | Healthcare, Education and Childcare | 8.67% | SOFR+450 | 4975 | 4931 | 4975 |
| Watchtower Buyer, LLC | 09/19/24 | 12/01/29 | Consumer Products | 10.00% | SOFR+600 | 23114 | 22912 | 22885 |
| Wash & Wax Systems, LLC | 04/30/25 | 04/30/28 | Business Services | 9.81% | SOFR+550 | 6577 | 6686 | 6708 |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | 1276720 | 1253543 |
| **Subordinated Debt - 3.7% of Net Assets** |  |  |  |  |  |  |  |  |
| Wash & Wax Systems, LLC - Subordinate Debt | 04/30/25 | 07/30/28 | Business Services | 12.00% |  | 4422 | 4422 | 4422 |
| **Total Subordinated Debt** |  |  |  |  |  | 4422 | 4422 | 4422 |
| **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** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index (1)** | **Par** | **Cost** | **Fair Value (2)** |
| New Insight Holdings, Inc. - Common Equity | 07/15/24 |  | Business Services |  |  | 134330 | 2351 | 2014 |
| 48Forty Intermediate Holdings, Inc. - Common Equity | 11/05/24 |  | Containers, Packaging and Glass |  |  | 1988 |  |  |
| Wash & Wax Group, LP - Common Equity | 04/30/25 |  | Business Services |  |  | 2803 | 5002 | 5165 |
| White Tiger Newco, LLC - Common Equity | 07/31/25 |  | Business Services |  |  | 10805 | 824 | 757 |
| **Total Equity Securities** |  |  |  |  |  |  | 8177 | 7936 |
| **Total Investments - 1,046.0% of Net Assets(3)(6)** |  |  |  |  |  |  | 1289319 | 1265901 |
| **Cash Equivalents - 13.9% of Net Assets** |  |  |  |  |  |  |  |  |
| JPMorgan U.S. Government (Money Market Fund) |  |  |  | 4.09% |  |  | 7972 | 7972 |
| Goldman Sachs Financial Square Government Fund (Money Market Fund) |  |  |  | 4.18% |  |  | 6946 | 6946 |
| BlackRock Federal FD Institutional 81 (Money Market Fund) |  |  |  | 4.19% |  |  | 1920 | 1920 |
| **Total Cash Equivalents** |  |  |  |  |  |  | 16838 | 16838 |
| **Cash - 19.9% of Net Assets** |  |  |  |  |  |  |  |  |
| Cash |  |  |  |  |  |  | 24147 | 24147 |
| **Total Cash** |  |  |  |  |  |  | 24147 | 24147 |
| **Total Investments, Cash Equivalents and Cash - 1,079.8% of Net Assets** |  |  |  |  |  |  | $1330304 | $1306886 |
| **Liabilities in Excess of Other Assets — (979.8)% of Net Assets** |  |  |  |  |  |  |  | (1185860) |
| **Members' Equity—100.0%** |  |  |  |  |  |  |  | $121026 |

---

(1)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.

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

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

(4)Non-accrual security

(5)Partial non-accrual PIK security

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

(7)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):

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025 (Unaudited)** | **September 30, 2025** |
| **Assets** |  |  |
| Investments at fair value (amortized cost—$1,394,885 and $1,289,319, respectively) | $1357342 | $1265901 |
| Cash equivalents (cost—$20,904 and $16,838, respectively) | 20904 | 16838 |
| Cash (cost—$24,148 and $24,147 respectively) | 24148 | 24147 |
| Interest receivable | 4884 | 5271 |
| Receivable for investments sold |  | 1055 |
| Prepaid expenses and other assets | 1916 | 2148 |
| Due from affiliate | 131 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 1409325 | 1315447 |
| **Liabilities** |  |  |
| 2037 Asset-backed debt, net (par—$328,000, unamortized deferred financing cost of $1,797 and $1,887, respectively) | 326203 | 326113 |
| 2034 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $843 and $940, respectively) | 245157 | 245060 |
| 2035 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $1,340 and $1,434, respectively) | 244660 | 244566 |
| Credit facility payable | 189600 | 99600 |
| Subordinated notes payable to members | 250808 | 250808 |
| Payable for investments purchased | 18816 |  |
| Interest payable on credit facility and asset backed debt | 13072 | 13730 |
| Distribution payable to members | 7500 | 8000 |
| Interest payable on subordinated notes to members | 5114 | 5305 |
| Accounts payable and accrued expenses | 1205 | 1189 |
| Due to affiliate | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1302185 | 1194421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Members' equity** | 107140 | 121026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and members' equity** | $1409325 | $1315447 |

---

———————————

\* 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,** | **Three Months Ended December 31,** |
|  | **2025** | **2024** |
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $32440 | $32953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 404 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 32844 | 33476 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on credit facility and asset-backed debt | 16209 | 15643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on subordinated notes to members | 7698 | 7343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration services expense | 850 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 342 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 25099 | 24160 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 7745 | 9316 |
| **Realized and unrealized gain (loss) on investments and debt:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments |  | (2126) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (14131) | (1918) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments** | (14131) | (4044) |
| **Net increase (decrease) in members' equity resulting from operations** | $(6386) | $5272 |

---

———————————

<sup>(1)</sup> 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.<br>|
| 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.<br>|
| 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.<br>|

---

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)** | **Fair value at <br>December 31, 2025** | **Valuation Technique** | **Unobservable Input** | **Range of Input<br>(Weighted Average)** <sup>(1)</sup> |
| First lien | $29807 | Market Comparable | Broker/Dealer bids or quotes | N/A |
| First lien | 455972 | Market Comparable | Market yield | 4.0% - 27.3% (10.3%) |
| First lien | 2121 | Enterprise Market Value | EBITDA multiple | 7.9x - 8.3x (8.0x) |
| Second lien | 14825 | Market Comparable | Market yield | 13.2% - 15.3% (14.2%) |
| Second lien | 3411 | Market Comparable | Broker/Dealer bids or quotes | N/A |
| Subordinated debt / corporate notes | 205654 | Market Comparable | Market yield | 8.5% - 25.0% (12.9%) |
| Equity | 231163 | Enterprise Market Value | EBITDA multiple | 1.1x - 18.0x (9.5x) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Level 3 investments | $942953 |  |  |  |
| **Debt Category** ($ in thousands) |  |  |  |  |
| Truist Credit Facility | $295464 | Market Comparable | Market yield | 5.5% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The weighted averages disclosed in the table above were weighted by their relative fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Category** ($ in thousands) | **Fair value at <br>September 30, 2025** | **Valuation Technique** | **Unobservable Input** | **Range of Input<br>(Weighted Average)** <sup>(1)</sup> |
| First lien | $31018 | Market Comparable | Broker/Dealer bids or quotes | N/A |
| First lien | 550259 | Market Comparable | Market yield | 4.0% – 24.5% (10.1%) |
| First lien | 1096 | Enterprise Market Value | EBITDA multiple | 7.5x - 8.3x (8.1x) |
| Second lien | 14750 | Market Comparable | Market yield | 13.2% - 15.5% (14.3%) |
| Second lien | 3411 | Market Comparable | Broker/Dealer bids or quotes | N/A |
| Subordinated debt / corporate notes | 201220 | Market Comparable | Market yield | 7.0% - 25.4% (13.2%) |
| Equity | 286210 | Enterprise Market Value | EBITDA multiple | 1.5x - 28.3x (9.4x) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Level 3 investments | $1087964 |  |  |  |
| **Debt Category** ($ in thousands) |  |  |  |  |
| Truist Credit Facility | $425477 | Market Comparable | Market yield | 4.9% |

---

1. 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** | **Fair value at <br>December 31, 2025** | **Fair value at <br>December 31, 2025** | **Fair value at <br>December 31, 2025** | **Fair value at <br>December 31, 2025** |
| **Description** ($ in thousands) | **Fair Value** | **Level 1** | **Level 2** | **Level 3** | **Measured at Net Asset Value** <sup>(1)</sup> |
| Debt investments | $711790 | $— | $— | $711790 | $— |
| U.S. Government Securities<sup>(3)</sup> | 209485 |  | 209485 |  |  |
| Equity investments | 297199 |  |  | 231163 | 66036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 1218474 |  | 209485 | 942953 | 66036 |
| Cash equivalents | 17660 | 17660 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments and cash equivalents | $1236134 | $17660 | $209485 | $942953 | $66036 |
| Truist Credit Facility | $295464 | $— | $— | $295464 | $— |
| 2026 Notes<sup>(2)</sup> | 149698 |  | 149698 |  |  |
| 2026 Notes-2<sup>(2)</sup> | 164147 |  | 164147 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt | $609309 | $— | $313845 | $295464 | $— |

---

------

(1)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.

(2)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.

(3) 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** | **Fair Value at September 30, 2025** | **Fair Value at September 30, 2025** | **Fair Value at September 30, 2025** | **Fair Value at September 30, 2025** |
| **Description** ($ in thousands) | **Fair Value** | **Level 1** | **Level 2** | **Level 3** | **Measured at Net Asset Value** <sup>(1)</sup> |
| Debt investments | $801754 | $— | $— | $801754 | $— |
| U.S. Government Securities<sup>(3)</sup> | 124788 |  | 124788 |  |  |
| Equity investments | 360731 |  |  | 286210 | 74521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 1287273 |  | 124788 | 1087964 | 74521 |
| Cash equivalents | 30711 | 30711 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments and cash equivalents | $1317984 | $30711 | $124788 | $1087964 | $74521 |
| Truist Credit Facility | $425477 | $— | $— | $425477 | $— |
| 2026 Notes<sup>(2)</sup> | 149473 |  | 149473 |  |  |
| 2026 Notes-2<sup>(2)</sup> | 163933 |  | 163933 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt | $738883 | $— | $313406 | $425477 | $— |

---

------

(1)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.

(2)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.

(3)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** | **December 31, 2025** | **December 31, 2025** |
| **Description** ($ in thousands) | **Debt<br> investments** | **Equity<br> investments** | **Totals** |
| Beginning balance | $801754 | $286210 | $1087964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (7878) | 66776 | 58898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3791 | (52323) | (48532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases, PIK interest, net discount accretion and non-cash exchanges | 112390 | 5223 | 117613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales, repayments and non-cash exchanges | (198267) | (74723) | (272990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers in/out of Level 3 |  |  |  |
| Ending balance | $711790 | $231163 | $942953 |
| 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 | $(3913) | $13287 | $9374 |

---

------

**PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - continued**

**DECEMBER 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Description** ($ in thousands) | **Debt<br> investments** | **Equity<br> investments** | **Totals** |
| Beginning balance | $916796 | $235573 | $1152369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (3075) | 563 | (2512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (12502) | 17114 | 4612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases, PIK interest, net discount accretion and non-cash exchanges | 281958 | 6713 | 288671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales, repayments and non-cash exchanges | (352059) | (1612) | (353671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers in/out of Level 3 |  |  |  |
| Ending balance | $831118 | $258351 | $1089469 |
| 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 | $(13385) | $17999 | $4614 |

---

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,** | **Three months ended December 31,** |
| **Long-Term Credit Facility** | **2025** | **2024** |
| Beginning balance (cost – $426,456 and $461,456, respectively) | $425477 | $460361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) included in earnings | (13) | (3328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings <sup>(1)</sup> | 30000 | 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments <sup>(1)</sup> | (160000) | (52000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers in and/or out of Level 3 |  |  |
| Ending balance (cost – $296,456 and $464,456, respectively) | $295464 | $460033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary draws outstanding, at cost |  |  |
| Ending balance (cost – $296,456 and $464,456, respectively) | $295464 | $460033 |

---

<sup>(1)</sup> 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 | £36000 | $49420 | $48422 | March 31, 2026 | $998 |
| Canadian dollar | CAD 2,800 | $2036 | $2043 | 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 | £36000 | $49420 | $48465 | December 31, 2025 | $955 |
| Canadian dollar | CAD 2,800 | $2036 | $2012 | 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**<sup>(1)</sup> | **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 | $88646 | $4547 | $(4604) | $(184) | $13016 | $101421 | $1235 | $— | $— |
| Flock Financial, LLC | 49314 |  |  |  | 4537 | $53851 | 736 |  |  |
| JF Intermediate, LLC<br> (JF Holdings Corp.) | 68332 |  | (67546) | 63059 | (63845) | $— |  |  |  |
| Pragmatic Institute, LLC | 10875 |  | (36) |  | (1527) | 9312 |  |  |  |
| PennantPark Senior Loan Fund, LLC <sup>(2)</sup> | 207800 |  |  |  | (7746) | 200054 | 4300 |  | 4184 |
| &nbsp;&nbsp;&nbsp;Total Controlled Affiliates | $424967 | $4547 | $(72186) | $62875 | $(55565) | $364638 | $6271 | $— | $4184 |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |  |  |
| Cascade Environmental Holdings, LLC | $4891 | $— | $— | $— | $(3140) | $1751 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; Total Non-Controlled Affiliates | $4891 | $— | $— | $— | $(3140) | $1751 | $— | $— | $— |
| **Total Controlled and<br> Non-Controlled Affiliates** | $429858 | $4547 | $(72186) | $62875 | $(58705) | $366389 | $6271 | $— | $4184 |

---

------

<sup>(1)</sup> Includes PIK.

<sup>(2)</sup> 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.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Investment** | **Fair Value at September 30, 2024** | **Gross<br>Additions**<sup>(1)</sup> | **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 | $60798 | $— | $— | $— | $(3755) | $57043 | $1592 | $— | $— |
| Flock Financial, LLC | 48839 | 823 |  |  |  | 49662 |  | 823 |  |
| JF Intermediate, LLC<br> (JF Holdings Corp.) | 90858 | 49 | (125) |  | 35502 | 126284 | 1428 |  |  |
| PennantPark Senior Loan Fund, LLC <sup>(2)</sup> | 183809 | 26250 |  |  | (1843) | 208216 | 4235 |  | 4851 |
| &nbsp;&nbsp;&nbsp;Total Controlled Affiliates | $384304 | $27122 | $(125) | $— | $29904 | $441205 | $7255 | $823 | $4851 |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |  |  |
| Cascade Environmental Holdings, LLC | $29262 | $— | $— | $— | $(19945) | $9317 | $— | $— | $— |
| Walker Edison Furniture Company LLC <sup>(4)</sup> | 4161 | 375 |  |  | (2821) | 1715 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Non-Controlled Affiliates | $33423 | $375 | $— | $— | $(22766) | $11032 | $— | $— | $— |
| **Total Controlled and<br> Non-Controlled Affiliates** | $417727 | $27497 | $(125) | $— | $7138 | $452237 | $7255 | $823 | $4851 |

---

1. Includes PIK.

2. 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,** | **Three Months Ended December 31,** |
|  | **2025** | **2024** |
| Numerator for net increase (decrease) in net assets resulting from operations | $8955 | $16084 |
| Denominator for basic and diluted weighted average shares | 65296094 | 65296094 |
| 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,** | **Three Months Ended December 31,** |
|  | **2025** | **2024** |
| **Per Share Data:** |  |  |
| Net asset value, beginning of period | $7.11 | $7.56 |
| Net investment income <sup>(1)</sup> | 0.11 | 0.20 |
| Net change in realized and unrealized gain (loss) <sup>(1)</sup> | 0.03 | 0.05 |
| Net increase (decrease) in net assets resulting from operations <sup>(1)</sup> | 0.14 | 0.25 |
| Distributions to stockholders <sup>(1), (2)</sup> | (0.24) | (0.24) |
| Net asset value, end of period <sup>(8)</sup> | $7.00 | $7.57 |
| Per share market value, end of period | $5.96 | $7.08 |
| Total return<sup>\* (3)</sup> | (7.65)% | 4.86% |
| Shares outstanding at end of period | 65296094 | 65296094 |
| **Ratios\*\* / Supplemental Data:** |  |  |
| Ratio of operating expenses to average net assets <sup>(4)</sup> | 5.10% | 7.69% |
| Ratio of debt related expenses to average net assets <sup>(5)</sup> | 9.95% | 9.53% |
| Ratio of total expenses to average net assets <sup>(5)</sup> | 15.05% | 17.22% |
| Ratio of net investment income to average net assets <sup>(5)</sup> | 8.59% | 10.55% |
| Net assets at end of period | $457234 | $494321 |
| Weighted average debt outstanding | $722974 | $753927 |
| Weighted average debt per share <sup>(1)</sup> | $11.07 | $11.55 |
| Asset coverage per unit <sup>(6)</sup> | $1749 | $1638 |
| Portfolio turnover ratio<sup>\* (7)</sup> | 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.

<sup>(1)</sup> Based on the weighted average shares outstanding for the respective periods.

<sup>(2)</sup> 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.

<sup>(3)</sup> Based on the change in market price per share during the periods and assumes distributions, if any, are reinvested.

<sup>(4)</sup> Total expenses excluding debt-related costs.

<sup>(5)</sup> 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).

<sup>(6)</sup> 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.

<sup>(7)</sup> Excludes short-term U.S. Government Securities

<sup>(8)</sup> 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,** | **Three Months Ended December 31,** |
| **Income Statement** | **2025** | **2024** |
| Total revenue | $24171 | $21020 |
| Total expenses | 23741 | 22292 |
| Net income (loss) | $430 | $(1272) |

---

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our prospective portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. trade policy developments, tariffs and other trade restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of a protracted decline in the liquidity of credit markets on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of fluctuations in interest rates and foreign exchange rates on our business and our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our prospective portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our cash resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of cash flows, if any, from the operations of our prospective portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of price and volume fluctuations in the stock market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increasing levels of inflation, and its impact on us and our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our Investment Adviser to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of future legislation and regulation on our business and our portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of calculating our net asset value, including the cost of any third-party valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of effecting sales and repurchases of shares of our common stock and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transfer agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal and state registration fees and any exchange listing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal, state, local and foreign taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•independent directors' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•brokerage commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fidelity bond, directors and officers, errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct costs such as printing, mailing, long distance telephone and staff;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with independent audits and outside legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with our reporting and compliance obligations under the 1940 Act, and applicable federal and state securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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**

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.

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**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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)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;

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

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

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

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

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

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:

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| | |
|:---|:---|
| Level 1: | Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date.<br>|
| 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.<br>|
| 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. |

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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.

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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.

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.

***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:

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

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

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

***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.

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***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.

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.

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.

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***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.

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.

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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**

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)

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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%.

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

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| | | |
|:---|:---|:---|
| ($ in thousands) | **December 31, 2025 (Unaudited)** | **September 30, 2025** |
| Total investments | $1357342 | $1265901 |
| 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 | $26563 | $24802 |
| Total of five largest portfolio company investments at fair value | $123565 | $121360 |

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par** | **Cost** | **Fair Value** <sup>(2)</sup> |
| **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 | 23450 | $23183 | $23391 |
| ACP Falcon Buyer, Inc. | 10/06/23 | 08/01/29 | Business Services | 9.49% | SOFR+550 | 15157 | 14937 | 15309 |
| AFC-Dell Holding Corp. | 02/23/24 | 04/09/27 | Distribution | 8.84% | SOFR+500 | 16171 | 16079 | 16171 |
| APT OPCO, LLC | 12/24/25 | 09/30/31 | Health Care Providers and Services | 8.67% | SOFR+500 | 2868 | 2852 | 2832 |
| Ad.Net Acquisition, LLC | 03/02/22 | 05/07/26 | Media | 9.93% | SOFR+626 | 5425 | 5421 | 5425 |
| Aechelon Technology, Inc. | 12/23/24 | 08/16/29 | Aerospace and Defense | 9.47% |  | 16270 | 16192 | 16270 |
| Alpine Acquisition Corp II <sup>(4), (6)</sup> | 10/12/22 | 11/30/26 | Containers, Packaging and Glass |  |  | 15157 | 15028 | 6972 |
| Amsive Holdings Corporation | 03/02/22 | 12/10/26 | Media | 9.92% | SOFR+625 | 13768 | 13717 | 13631 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) | 03/02/22 | 06/30/26 | Media | 9.57% | SOFR+590 | 13618 | 13591 | 13618 |
| Arcfield Acquisition Corp. | 07/26/22 | 10/28/31 | Aerospace and Defense | 8.84% | SOFR+500 | 14850 | 14829 | 14776 |
| Archer Lewis, LLC | 12/20/24 | 08/28/29 | Healthcare, Education and Childcare | 9.42% | SOFR+575 | 15542 | 15389 | 15542 |
| Argano, LLC | 12/16/24 | 09/13/29 | Business Services | 9.22% | SOFR+550 | 20305 | 20111 | 20508 |
| BLC Holding Company, INC. | 02/24/25 | 11/20/30 | Environmental Services | 8.17% | SOFR+450 | 11983 | 11913 | 11983 |
| Beacon Behavioral Support Services, LLC | 09/16/24 | 06/21/29 | Healthcare, Education and Childcare | 9.17% | SOFR+550 | 24545 | 24262 | 24545 |
| Best Practice Associates, LLC | 01/21/25 | 11/08/29 | Aerospace and Defense | 10.47% | SOFR+675 | 19800 | 19560 | 19651 |
| Beta Plus Technologies, Inc. | 08/11/22 | 07/02/29 | Business Services | 9.42% | SOFR+575 | 14513 | 14345 | 14367 |
| Big Top Holdings, LLC | 06/26/24 | 02/28/30 | Manufacturing / Basic Industries | 8.92% | SOFR+525 | 6608 | 6518 | 6608 |
| Bioderm, Inc. | 06/26/24 | 01/31/28 | Healthcare, Education and Childcare | 10.36% | SOFR+650 | 8775 | 8708 | 8665 |
| Blackhawk Industrial Distribution, Inc. | 07/24/23 | 09/17/26 | Distribution | 9.07% | SOFR+540 | 25179 | 25036 | 24675 |
| Blue Cloud Pediatric Surgery Centers LLC | 10/09/25 | 01/21/31 | Health Care Providers and Services | 8.72% | SOFR+500 | 2494 | 2469 | 2469 |
| Boss Industries, LLC | 07/21/25 | 12/27/30 | Conglomerate Manufacturing | 8.67% | SOFR+500 | 5940 | 5903 | 5940 |
| Burgess Point Purchaser Corporation | 10/03/22 | 07/25/29 | Auto Sector | 9.19% | SOFR+535 | 6170 | 5925 | 5209 |
| C5MI Acquisition, LLC | 10/09/24 | 07/31/29 | Business Services | 9.67% | SOFR+600 | 9863 | 9775 | 9863 |
| CF512, Inc. | 12/29/21 | 08/20/26 | Media | 9.98% | SOFR+619 | 9019 | 8972 | 8929 |
| Carisk Buyer, Inc. | 02/09/24 | 12/01/29 | Healthcare, Education and Childcare | 8.67% | SOFR+500 | 11341 | 11254 | 11426 |
| Carnegie Dartlet, LLC | 06/26/24 | 02/07/30 | Education | 9.22% | SOFR+550 | 22598 | 22312 | 22372 |
| Cartessa Aesthetics, LLC | 09/09/22 | 06/14/28 | Distribution | 9.67% | SOFR+600 | 21824 | 21670 | 21824 |
| Case Works, LLC | 11/26/24 | 10/01/29 | Business Services | 8.92% | SOFR+525 | 10409 | 10342 | 10232 |
| Commercial Fire Protection Holdings, LLC | 12/16/24 | 09/23/30 | Business Services | 8.17% | SOFR+450 | 20778 | 20682 | 20778 |
| Confluent Health, LLC | 12/23/24 | 11/30/28 | Healthcare, Education and Childcare | 11.22% | SOFR+750 | 1945 | 1945 | 1926 |
| Cornerstone Advisors of Arizona, LLC | 10/09/25 | 05/13/32 | Professional Services | 8.42% | SOFR+475 | 5955 | 5925 | 5925 |
| CJX Borrower, LLC | 08/12/22 | 07/13/27 | Media | 9.70% | SOFR+576 | 8601 | 8591 | 8601 |
| Crane 1 Services, Inc. | 07/24/23 | 08/16/27 | Personal, Food and Miscellaneous Services | 9.08% | SOFR+536 | 5258 | 5232 | 5218 |
| DRI Holding Inc. | 08/04/22 | 12/21/28 | Media | 9.07% | SOFR+535 | 5755 | 5450 | 5640 |
| DRS Holdings III, Inc. | 03/02/22 | 11/03/25 | Consumer Products | 8.97% | SOFR+525 | 4411 | 4399 | 4455 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par** | **Cost** | **Fair Value** <sup>(2)</sup> |
| DX Electric Company, LLC | 12/25/25 | 10/01/31 | Electronic Equipment, Instruments and Components | 8.92% | SOFR+525 | 7046 | 6999 | 6994 |
| Duggal Acquisition, LLC | 12/23/24 | 09/30/30 | Marketing Services | 8.42% | SOFR+475 | 4938 | 4899 | 4938 |
| Dynata, LLC - First Out Term Loan | 07/15/24 | 07/17/28 | Business Services | 9.14% | SOFR+576 | 1568 | 1489 | 1553 |
| Dynata, LLC - Last Out Term Loan | 07/15/24 | 10/16/28 | Business Services | 9.64% | SOFR+576 | 9646 | 9646 | 5848 |
| EDS Buyer, LLC | 07/24/23 | 01/10/29 | Aerospace and Defense | 8.17% | SOFR+450 | 23124 | 22885 | 23182 |
| ETE Intermediate II, LLC | 07/24/23 | 05/29/29 | Personal, Food and Miscellaneous Services | 8.72% | SOFR+500 | 12093 | 11941 | 12093 |
| Emergency Care Partners, LLC | 12/23/24 | 10/18/27 | Healthcare, Education and Childcare | 8.67% | SOFR+500 | 6913 | 6880 | 6913 |
| EvAL Home Care Solutions Intermediate, LLC | 07/23/24 | 05/10/30 | Healthcare, Education and Childcare | 9.47% | SOFR+575 | 6881 | 6801 | 6881 |
| Exigo Intermediate II, LLC | 07/24/23 | 03/15/27 | Business Services | 10.07% | SOFR+635 | 9551 | 9499 | 9503 |
| Five Star Buyer, Inc. | 07/24/23 | 02/23/28 | Hotels, Motels, Inns and Gaming | 12.98% | SOFR+925 | 4128 | 4089 | 4025 |
| GGG Midco, LLC | 12/16/24 | 09/27/30 | Home and Office Furnishings, Housewares and Durable Consumer Products | 8.67% | SOFR+500 | 15096 | 14992 | 15096 |
| Global Holdings InterCo, LLC | 03/02/22 | 03/16/26 | Banking, Finance, Insurance & Real Estate | 9.33% |  | 6290 | 6287 | 6290 |
| Graffiti Buyer, Inc. | 03/02/22 | 08/10/27 | Distribution | 9.42% | SOFR+560 | 3951 | 3923 | 3862 |
| HEC Purchaser Corp. | 09/16/24 | 06/17/29 | Healthcare, Education and Childcare | 8.87% | SOFR+500 | 12599 | 12530 | 12599 |
| HV Watterson Holdings, LLC <sup>(4)</sup> | 09/09/22 | 12/17/26 | Business Services |  |  | 15523 | 15449 | 4936 |
| HW Holdco, LLC | 03/02/22 | 05/10/26 | Media | 9.80% | SOFR+590 | 23121 | 23082 | 23121 |
| Hancock Roofing And Construction, LLC | 03/02/22 | 12/31/26 | Insurance | 9.27% | SOFR+560 | 6029 | 6029 | 5727 |
| Harris & Co, LLC | 12/20/24 | 08/09/30 | Financial Services | 8.72% | SOFR+500 | 19134 | 18950 | 18990 |
| Hills Distribution, Inc. | 02/13/24 | 11/08/29 | Distribution | 9.19% | SOFR+550 | 14409 | 14347 | 14264 |
| IG Investments Holdings, LLC | 03/02/22 | 09/22/28 | Business Services | 8.84% | SOFR+500 | 4339 | 4298 | 4317 |
| Imagine Acquisitionco, Inc. | 07/24/23 | 11/15/27 | Business Services | 8.98% | SOFR+510 | 5438 | 5393 | 5438 |
| Impact Advisors, LLC | 12/10/25 | 03/19/32 | Health Care Technology | 8.17% | SOFR+450 | 7940 | 7940 | 7940 |
| Infinity Home Services Holdco, Inc. | 02/07/23 | 12/28/28 | Personal, Food and Miscellaneous Services | 9.67% | SOFR+600 | 13714 | 13598 | 13714 |
| Infolinks Media Buyco, LLC | 07/24/23 | 11/01/26 | Media | 9.42% | SOFR+575 | 13043 | 13011 | 12651 |
| Inovex Information Systems Incorporated | 03/04/25 | 12/17/30 | Business Services | 8.92% | SOFR+525 | 5940 | 5903 | 5940 |
| Inventus Power, Inc. | 10/10/23 | 01/15/26 | Consumer Products | 11.33% | SOFR+761 | 12935 | 12932 | 12935 |
| Kinetic Purchaser, LLC | 07/24/23 | 11/10/27 | Consumer Products | 9.82% | SOFR+615 | 13701 | 13599 | 11132 |
| LAV Gear Holdings, Inc. - Takeback TL | 07/31/25 | 07/31/29 | Leisure, Amusement, Motion Pictures, Entertainment | 9.65% | SOFR+594 | 2310 | 2310 | 2310 |
| 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 | 21806 | 21754 | 21260 |
| Lightspeed Buyer, Inc. | 03/02/22 | 02/03/27 | Healthcare, Education and Childcare | 8.42% | SOFR+475 | 20065 | 19982 | 20065 |
| LJ Avalon Holdings, LLC | 07/24/23 | 02/01/30 | Environmental Services | 8.46% | SOFR+450 | 12251 | 12167 | 12251 |
| MAG DS Corp. | 03/02/22 | 04/01/27 | Aerospace and Defense | 9.27% | SOFR+560 | 8153 | 7952 | 8109 |
| MDI Buyer, Inc. | 12/20/24 | 07/25/28 | Chemicals, Plastics and Rubber | 8.57% | SOFR+475 | 19677 | 19529 | 19677 |
| Marketplace Events Acquisition, LLC | 03/04/25 | 12/19/30 | Media | 9.12% | SOFR+525 | 19850 | 19684 | 19850 |
| MBS Holdings, Inc. | 03/02/22 | 04/16/27 | Telecommunications | 8.92% | SOFR+510 | 8223 | 8182 | 8223 |
| Meadowlark Acquirer, LLC | 04/01/22 | 12/10/27 | Business Services | 9.32% | SOFR+565 | 2885 | 2861 | 2885 |
| Medina Health, LLC | 01/18/24 | 10/20/28 | Healthcare, Education and Childcare | 9.92% | SOFR+625 | 19423 | 19317 | 19423 |
| Megawatt Acquisitionco, Inc. | 07/17/24 | 03/01/30 | Business Services | 9.17% | SOFR+550 | 7860 | 7774 | 7860 |
| MOREgroup Holdings, Inc. | 08/29/24 | 01/16/30 | Business Services | 8.92% | SOFR+525 | 19650 | 19433 | 19650 |
| Municipal Emergency Services, Inc. | 03/02/22 | 10/01/27 | Distribution | 8.42% | SOFR+475 | 9550 | 9496 | 9550 |
| NBH Group, LLC | 03/02/22 | 08/19/26 | Healthcare, Education and Childcare | 9.71% | SOFR+585 | 7162 | 7145 | 7162 |
| NORA Acquisition, LLC | 11/21/23 | 08/31/29 | Healthcare, Education and Childcare | 10.02% | SOFR+635 | 20039 | 19822 | 19438 |
| North American Rail Solutions | 12/25/25 | 08/29/31 | Road and Rail | 8.42% |  | 10000 | 9958 | 9950 |
| OSP Embedded Purchaser, LLC | 01/17/25 | 12/17/29 | Aerospace and Defense | 9.42% | SOFR+575 | 18879 | 18753 | 17897 |
| Omnia Exterior Solutions, LLC | 07/25/24 | 12/29/29 | Diversified Conglomerate Service | 8.92% | SOFR+525 | 17945 | 17743 | 17721 |
| One Stop Mailing, LLC | 06/07/23 | 05/07/27 | Transportation | 10.08% | SOFR+636 | 8227 | 8161 | 8227 |
| PCS Midco, Inc. | 08/29/24 | 03/01/30 | Financial Services | 9.42% | SOFR+575 | 5739 | 5678 | 5767 |
| PN Buyer, Inc. | 10/09/25 | 07/31/31 | Financial Services | 8.17% | SOFR+450 | 3556 | 3538 | 3538 |
| Pacific Purchaser, LLC | 03/21/24 | 10/02/28 | Business Services | 9.85% | SOFR+625 | 12773 | 12613 | 12466 |
| PAR Excellence Holdings, Inc. | 11/26/24 | 09/03/30 | Healthcare, Education and Childcare | 8.77% | SOFR+500 | 9900 | 9823 | 9727 |
| PD Tri-State Holdco, LLC | 12/25/25 | 10/14/30 | Diversified Conglomerate Service | 8.92% | SOFR+525 | 2970 | 2946 | 2952 |
| Paving Lessor Corp. First Lien - Term Loan | 10/24/25 | 07/01/31 | Commercial Services and Supplies | 8.94% | SOFR+525 | 6914 | 6862 | 6879 |
| Pink Lily Holdco, LLC <sup>(4)</sup> | 04/01/22 | 11/09/27 | Retail | 4.27% |  | 8913 | 8699 | 1114 |
| Project Granite Buyer, Inc. | 07/21/25 | 12/31/30 | Business Services | 9.42% | SOFR+575 | 5940 | 5889 | 5999 |
| Puget Collision, LLC | 12/24/25 | 10/02/31 | Auto Sector | 8.42% | SOFR+475 | 10000 | 9945 | 9938 |
| RRA Corporate, LLC | 12/23/24 | 08/15/29 | Business Services | 8.92% | SOFR+525 | 3960 | 3930 | 3837 |
| RTIC Subsidiary Holdings, LLC | 07/23/24 | 05/03/29 | Consumer Products | 9.42% | SOFR+575 | 24637 | 24318 | 24391 |
| Radius Aerospace, Inc. | 11/06/19 | 03/29/27 | Aerospace and Defense | 9.82% | SOFR+615 | 11780 | 11717 | 11545 |
| Rancho Health MSO, Inc. | 03/02/22 | 06/20/29 | Healthcare, Education and Childcare | 8.99% | SOFR+500 | 22629 | 22561 | 22629 |
| Recteq, LLC | 06/26/24 | 01/29/26 | Consumer Products | 10.07% | SOFR+640 | 9525 | 9521 | 9525 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Riverpoint Medical, LLC | 03/02/22 | 06/21/27 | Healthcare, Education and Childcare | 8.17% | SOFR+450 | 3711 | 3683 | 3711 |
| Ro Health, LLC | 04/03/25 | 01/17/31 | Healthcare Providers & Services | 8.17% |  | 9308 | 9250 | 9308 |
| Rosco Parent, LLC | 12/24/25 | 09/12/31 | Auto Sector | 8.42% | SOFR+475 | 5154 | 5119 | 5115 |
| Rural Sourcing Holdings, Inc. | 07/24/23 | 06/16/29 | Professional Services | 9.85% | SOFR+625 | 5493 | 5431 | 4944 |
| Sabel Systems Technology Solutions, LLC | 01/07/25 | 10/31/30 | Business Services | 9.72% | SOFR+600 | 11880 | 11784 | 11880 |
| Sales Benchmark Index, LLC | 03/02/22 | 07/07/26 | Business Services | 9.87% | SOFR+620 | 6597 | 6582 | 6597 |
| Sath Industries, LLC | 12/10/25 | 12/17/29 | Building Products | 9.17% | SOFR+550 | 11360 | 11360 | 11360 |
| Seacoast Service Partners NA, LLC | 07/21/25 | 12/20/29 | Diversified Conglomerate Service | 8.92% | SOFR+525 | 4950 | 4916 | 4722 |
| Seaway Buyer, LLC | 09/14/22 | 06/13/29 | Chemicals, Plastics and Rubber | 9.82% | SOFR+615 | 14513 | 14369 | 13859 |
| Sigma Defense Systems, LLC | 12/01/23 | 12/20/27 | Telecommunications | 10.62% | SOFR+690 | 26831 | 26686 | 26563 |
| SpendMend Holdings, LLC | 07/24/23 | 03/01/28 | Business Services | 9.15% | SOFR+515 | 10578 | 10442 | 10578 |
| STG Distribution, LLC - First Out New Money Term Loans <sup>(4)</sup> | 10/03/24 | 10/03/29 | Transportation |  |  | 1998 | 1907 | 1698 |
| STG Distribution, LLC - Second Out Term Loans <sup>(4)</sup> | 10/03/24 | 10/03/29 | Transportation |  |  | 4617 | 2593 | 346 |
| SV-Aero Holdings, LLC | 10/31/24 | 11/01/30 | Aerospace and Defense | 8.67% | SOFR+500 | 14625 | 14563 | 14625 |
| Systems Planning And Analysis, Inc. | 03/02/22 | 08/16/27 | Aerospace and Defense | 8.42% | SOFR+475 | 16878 | 16785 | 16827 |
| TCG 3.0 Jogger Acquisitionco, Inc. | 02/27/24 | 01/23/29 | Media | 10.17% | SOFR+650 | 9825 | 9713 | 9678 |
| TMII Enterprises, LLC | 07/24/23 | 12/22/28 | Personal, Food and Miscellaneous Services | 8.22% | SOFR+450 | 19827 | 19654 | 19827 |
| TPC US Parent, LLC | 03/02/22 | 11/24/25 | Food | 9.89% | SOFR+590 | 11246 | 11240 | 11235 |
| Team Services Group, LLC | 07/24/23 | 12/20/27 | Healthcare, Education and Childcare | 9.09% | SOFR+525 | 9563 | 9427 | 9523 |
| The Bluebird Group, LLC | 03/02/22 | 07/28/26 | Business Services | 9.57% | SOFR+590 | 14769 | 14741 | 14769 |
| The Vertex Companies, LLC | 03/02/22 | 08/31/28 | Business Services | 8.75% | SOFR+475 | 14443 | 14364 | 14356 |
| Transgo, LLC | 06/07/24 | 12/29/28 | Auto Sector | 9.47% | SOFR+575 | 16312 | 16174 | 16312 |
| Tyto Athene, LLC | 03/02/22 | 04/01/28 | Aerospace and Defense | 8.88% | SOFR+490 | 11342 | 11280 | 10888 |
| Watchtower Buyer, LLC | 09/19/24 | 12/01/29 | Consumer Products | 9.67% | SOFR+600 | 23055 | 22867 | 23058 |
| Wash & Wax Systems, LLC | 04/30/25 | 04/30/28 | Business Services | 9.34% | SOFR+550 | 6577 | 6676 | 6708 |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | 1382302 | 1347821 |
| **Subordinated Debt - 4.1% of Net Assets** |  |  |  |  |  |  |  |  |
| Wash & Wax Systems, LLC - Subordinate Debt | 04/30/25 | 07/30/28 | Business Services | 12.00% |  | 4406 | 4406 | 4406 |
| **Total Subordinated Debt** |  |  |  |  |  | 4406 | 4406 | 4406 |
| **Equity Securities - 4.8% of Net Assets** |  |  |  |  |  |  |  |  |
| New Insight Holdings, Inc. - Common Equity | 07/15/24 |  | Business Services |  |  | 134330 | 2351 | 1530 |
| 48Forty Intermediate Holdings, Inc. - Common Equity | 11/05/24 |  | Containers, Packaging and Glass |  |  | 1988 |  |  |
| Wash & Wax Group, LP - Common Equity | 04/30/25 |  | Business Services |  |  | 2803 | 5002 | 3505 |
| White Tiger Newco, LLC - Common Equity | 07/31/25 |  | Business Services |  |  | 10805 | 824 | 80 |
| **Total Equity Securities** |  |  |  |  |  |  | 8177 | 5115 |
| **Total Investments - 1,267.0% of Net Assets**<sup>(3)(5)</sup> |  |  |  |  |  |  | 1394885 | 1357342 |
| **Cash Equivalents - 19.51% of Net Assets** |  |  |  |  |  |  |  |  |
| JPMorgan U.S. Government (Money Market Fund) |  |  |  | 3.61% |  |  | 6054 | 6054 |
| Goldman Sachs Financial Square Government Fund (Money Market Fund) |  |  |  | 3.71% |  |  | 12264 | 12264 |
| BlackRock Federal FD Institutional 81 (Money Market Fund) |  |  |  | 3.69% |  |  | 2586 | 2586 |
| **Total Cash Equivalents** |  |  |  |  |  |  | 20904 | 20904 |
| **Cash - 22.54% of Net Assets** |  |  |  |  |  |  |  |  |
| Cash |  |  |  |  |  |  | 24148 | 24148 |
| **Total Cash** |  |  |  |  |  |  | 24148 | 24148 |
| **Total Investments, Cash Equivalents and Cash -** |  |  |  |  |  |  | $1439937 | $1402394 |
| **Liabilities in Excess of Other Assets — (1208.9)% of Net Assets** |  |  |  |  |  |  |  | (1295254) |
| **Members' Equity—100.0%** |  |  |  |  |  |  |  | $107140 |

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(1)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.

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

(3)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%.

(4)Non-accrual security

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

(6)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):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 7590 | $7474 | $7514 |
| Acp Falcon Buyer, Inc. | 10/06/23 | 08/01/29 | Business Services | 9.79% | SOFR+550 | 15196 | 14963 | 15348 |
| AFC-Dell Holding Corp. | 02/23/24 | 04/09/27 | Distribution | 9.83% | SOFR+550 | 16181 | 16072 | 16100 |
| Ad.Net Acquisition, LLC | 03/02/22 | 05/07/26 | Media | 10.26% | SOFR+626 | 4788 | 4788 | 4788 |
| Aechelon Technology, Inc. | 12/23/24 | 08/16/29 | Aerospace and Defense | 9.91% | SOFR+575 | 4800 | 4718 | 4800 |
| Alpine Acquisition Corp II (4), (7) | 10/12/22 | 11/30/26 | Containers, Packaging and Glass |  |  | 15185 | 15056 | 7896 |
| Amsive Holdings Corporation | 03/02/22 | 12/10/26 | Media | 10.35% | SOFR+635 | 13805 | 13745 | 13667 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) | 03/02/22 | 06/30/26 | Media | 9.90% | SOFR+590 | 13837 | 13803 | 13837 |
| Arcfield Acquisition Corp. | 07/26/22 | 10/28/31 | Aerospace and Defense | 9.31% | SOFR+500 | 14888 | 14867 | 14813 |
| Archer Lewis, LLC | 12/20/24 | 08/28/29 | Healthcare, Education and Childcare | 9.75% | SOFR+575 | 15581 | 15426 | 15581 |
| Argano, LLC | 12/16/24 | 09/13/29 | Business Services | 9.89% | SOFR+575 | 14850 | 14730 | 14628 |
| BLC Holding Company, INC. | 02/24/25 | 11/20/30 | Environmental Services | 8.50% | SOFR+450 | 12013 | 11942 | 12013 |
| Beacon Behavioral Support Services, LLC | 09/16/24 | 06/21/29 | Healthcare, Education and Childcare | 9.50% | SOFR+550 | 24607 | 24305 | 24607 |
| Best Practice Associates, LLC | 01/21/25 | 11/08/29 | Aerospace and Defense | 10.91% | SOFR+675 | 19850 | 19606 | 19701 |
| Beta Plus Technologies, Inc. | 08/11/22 | 07/02/29 | Business Services | 9.75% | SOFR+575 | 14550 | 14375 | 14405 |
| Big Top Holdings, LLC | 06/26/24 | 02/28/30 | Manufacturing / Basic Industries | 9.25% | SOFR+525 | 6626 | 6531 | 6626 |
| Bioderm, Inc. | 06/26/24 | 01/31/28 | Healthcare, Education and Childcare | 10.77% | SOFR+650 | 8798 | 8726 | 8688 |
| Blackhawk Industrial Distribution, Inc. | 07/24/23 | 09/17/26 | Distribution | 9.40% | SOFR+540 | 25244 | 25052 | 24802 |
| Boss Industries, LLC | 07/21/25 | 12/27/30 | Conglomerate Manufacturing | 9.00% | SOFR+500 | 5955 | 5916 | 5955 |
| Burgess Point Purchaser Corporation | 10/03/22 | 07/25/29 | Auto Sector | 9.51% | SOFR+535 | 6186 | 5926 | 5348 |
| C5MI Acquisition, LLC | 10/09/24 | 07/31/29 | Business Services | 10.00% | SOFR+600 | 7425 | 7334 | 7425 |
| CF512, Inc. | 12/29/21 | 08/20/26 | Media | 10.36% | SOFR+619 | 9042 | 8983 | 8952 |
| Carisk Buyer, Inc. | 02/09/24 | 12/01/29 | Healthcare, Education and Childcare | 9.00% | SOFR+500 | 11370 | 11276 | 11370 |
| Carnegie Dartlet, LLC | 06/26/24 | 02/07/30 | Education | 9.66% | SOFR+550 | 22655 | 22360 | 22428 |
| Cartessa Aesthetics, LLC | 09/09/22 | 06/14/28 | Distribution | 10.00% | SOFR+600 | 21880 | 21708 | 21880 |
| Case Works, LLC | 11/26/24 | 10/01/29 | Business Services | 9.25% | SOFR+525 | 10436 | 10366 | 9966 |
| Commercial Fire Protection Holdings, LLC | 12/16/24 | 09/23/30 | Business Services | 8.50% | SOFR+450 | 20831 | 20730 | 20831 |
| 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 | 1950 | 1950 | 1940 |
| CJX Borrower, LLC | 08/12/22 | 07/13/27 | Media | 10.08% | SOFR+576 | 8624 | 8614 | 8624 |
| Crane 1 Services, Inc. | 07/24/23 | 08/16/27 | Personal, Food and Miscellaneous Services | 10.03% | SOFR+586 | 5271 | 5243 | 5232 |
| DRI Holding Inc. | 08/04/22 | 12/21/28 | Media | 9.51% | SOFR+535 | 5770 | 5442 | 5655 |
| DRS Holdings III, Inc. | 03/02/22 | 11/03/25 | Consumer Products | 9.41% | SOFR+525 | 4478 | 4478 | 4523 |
| Duggal Acquisition, LLC | 12/23/24 | 09/30/30 | Marketing Services | 8.75% | SOFR+475 | 4950 | 4910 | 4950 |
| Dynata, LLC - First Out Term Loan | 07/15/24 | 07/17/28 | Business Services | 9.46% | SOFR+526 | 1572 | 1486 | 1565 |
| Dynata, LLC - Last Out Term Loan | 07/15/24 | 10/16/28 | Business Services | 9.96% | SOFR+576 | 9670 | 9670 | 7873 |
| EDS Buyer, LLC | 07/24/23 | 01/10/29 | Aerospace and Defense | 8.75% | SOFR+475 | 23169 | 22915 | 23227 |
| ETE Intermediate II, LLC | 07/24/23 | 05/29/29 | Personal, Food and Miscellaneous Services | 9.16% | SOFR+500 | 12124 | 11963 | 12124 |
| Emergency Care Partners, LLC | 12/23/24 | 10/18/27 | Healthcare, Education and Childcare | 9.00% | SOFR+500 | 6930 | 6895 | 6930 |
| EvAL Home Care Solutions Intermediate, LLC | 07/23/24 | 05/10/30 | Healthcare, Education and Childcare | 9.91% | SOFR+575 | 7040 | 6955 | 7040 |
| Exigo Intermediate II, LLC | 07/24/23 | 03/15/27 | Business Services | 10.51% | SOFR+635 | 9551 | 9491 | 9551 |
| Five Star Buyer, Inc. | 07/24/23 | 02/23/28 | Hotels, Motels, Inns and Gaming | 13.35% | SOFR+915 | 4140 | 4096 | 4057 |
| GGG Midco, LLC | 12/16/24 | 09/27/30 | Home and Office Furnishings, Housewares and Durable Consumer Products | 9.00% | SOFR+500 | 12485 | 12377 | 12485 |
| Global Holdings InterCo, LLC | 03/02/22 | 03/16/26 | Banking, Finance, Insurance & Real Estate | 9.74% | SOFR+560 | 6593 | 6589 | 6593 |
| Graffiti Buyer, Inc. | 03/02/22 | 08/10/27 | Distribution | 9.80% | SOFR+560 | 3959 | 3928 | 3880 |
| HEC Purchaser Corp. | 09/16/24 | 06/17/29 | Healthcare, Education and Childcare | 8.87% | SOFR+500 | 7798 | 7723 | 7798 |
| HV Watterson Holdings, LLC (4) | 09/09/22 | 12/17/26 | Business Services | 8.00% |  | 15570 | 15496 | 8548 |
| HW Holdco, LLC | 03/02/22 | 05/10/26 | Media | 9.90% | SOFR+590 | 23593 | 23537 | 23593 |
| Hancock Roofing And Construction, LLC | 03/02/22 | 12/31/26 | Insurance | 9.60% | SOFR+550 | 6029 | 6029 | 5968 |
| Harris & Co, LLC | 12/20/24 | 08/09/30 | Financial Services | 9.16% | SOFR+500 | 19182 | 18995 | 19015 |
| Hills Distribution, Inc. | 02/13/24 | 11/08/29 | Distribution | 10.32% | SOFR+600 | 14148 | 13992 | 14148 |
| IG Investments Holdings, LLC | 03/02/22 | 09/22/28 | Business Services | 9.31% | SOFR+500 | 4350 | 4305 | 4328 |
| Imagine Acquisitionco, Inc. | 07/24/23 | 11/15/27 | Business Services | 9.29% | SOFR+510 | 5452 | 5402 | 5452 |
| Infinity Home Services Holdco, Inc. | 02/07/23 | 12/28/28 | Personal, Food and Miscellaneous Services | 10.16% | SOFR+600 | 13749 | 13622 | 13749 |
| Infolinks Media Buyco, LLC | 07/24/23 | 11/01/26 | Media | 9.50% | SOFR+550 | 13046 | 13007 | 12981 |
| Inovex Information Systems Incorporated | 03/04/25 | 12/17/30 | Business Services | 9.25% | SOFR+525 | 5955 | 5918 | 5955 |
| Inventus Power, Inc. | 10/10/23 | 01/15/26 | Consumer Products | 11.78% | SOFR+761 | 12968 | 12934 | 12968 |
| Kinetic Purchaser, LLC | 07/24/23 | 11/10/27 | Consumer Products | 10.15% | SOFR+615 | 13701 | 13590 | 11646 |
| LAV Gear Holdings, Inc. - Takeback TL | 07/31/25 | 07/31/29 | Leisure, Amusement, Motion Pictures, Entertainment | 10.10% | SOFR+594 | 2295 | 2295 | 2295 |

---

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 21525 | 21466 | 20987 |
| Lightspeed Buyer, Inc. | 03/02/22 | 02/03/27 | Healthcare, Education and Childcare | 8.75% | SOFR+475 | 20115 | 20017 | 20115 |
| LJ Avalon Holdings, LLC | 07/24/23 | 02/01/30 | Environmental Services | 8.77% | SOFR+450 | 7636 | 7550 | 7636 |
| MAG DS Corp. | 03/02/22 | 04/01/27 | Aerospace and Defense | 9.60% | SOFR+560 | 8175 | 7939 | 8142 |
| MDI Buyer, Inc. | 12/20/24 | 07/25/28 | Chemicals, Plastics and Rubber | 8.95% | SOFR+475 | 19728 | 19568 | 19728 |
| Marketplace Events Acquisition, LLC | 03/04/25 | 12/19/30 | Media | 9.12% | SOFR+525 | 19900 | 19727 | 19900 |
| MBS Holdings, Inc. | 03/02/22 | 04/16/27 | Telecommunications | 9.30% | SOFR+510 | 8244 | 8197 | 8244 |
| Meadowlark Acquirer, LLC | 04/01/22 | 12/10/27 | Business Services | 9.65% | SOFR+565 | 2893 | 2865 | 2893 |
| Medina Health, LLC | 01/18/24 | 10/20/28 | Healthcare, Education and Childcare | 10.25% | SOFR+625 | 19423 | 19311 | 19520 |
| Megawatt Acquisitionco, Inc. | 07/17/24 | 03/01/30 | Business Services | 9.25% | SOFR+525 | 7880 | 7788 | 7502 |
| MOREgroup Holdings, Inc. | 08/29/24 | 01/16/30 | Business Services | 9.25% | SOFR+525 | 19700 | 19472 | 19700 |
| Municipal Emergency Services, Inc. | 03/02/22 | 10/01/27 | Distribution | 9.15% | SOFR+515 | 9575 | 9512 | 9575 |
| NBH Group, LLC | 03/02/22 | 08/19/26 | Healthcare, Education and Childcare | 10.12% | SOFR+585 | 7180 | 7159 | 7180 |
| NORA Acquisition, LLC | 11/21/23 | 08/31/29 | Healthcare, Education and Childcare | 10.35% | SOFR+635 | 20090 | 19860 | 19939 |
| OSP Embedded Purchaser, LLC | 01/17/25 | 12/17/29 | Aerospace and Defense | 9.76% | SOFR+575 | 18926 | 18793 | 18661 |
| Omnia Exterior Solutions, LLC | 07/25/24 | 12/29/29 | Diversified Conglomerate Service | 9.26% | SOFR+525 | 17982 | 17766 | 17622 |
| One Stop Mailing, LLC | 06/07/23 | 05/07/27 | Transportation | 10.53% | SOFR+636 | 8274 | 8199 | 8274 |
| PCS Midco, Inc. | 08/29/24 | 03/01/30 | Financial Services | 9.75% | SOFR+575 | 5753 | 5688 | 5753 |
| Pink Lily Holdco, LLC (5) | 04/01/22 | 11/09/27 | Retail | 4.27% |  | 8761 | 8699 | 3504 |
| Pacific Purchaser, LLC | 03/21/24 | 10/02/28 | Business Services | 10.42% | SOFR+625 | 12773 | 12602 | 12721 |
| PAR Excellence Holdings, Inc. | 11/26/24 | 09/03/30 | Healthcare, Education and Childcare | 9.17% | SOFR+500 | 9925 | 9842 | 9751 |
| Project Granite Buyer, Inc. | 07/21/25 | 12/31/30 | Business Services | 9.75% | SOFR+575 | 5955 | 5903 | 6015 |
| RRA Corporate, LLC | 12/23/24 | 08/15/29 | Business Services | 9.25% | SOFR+525 | 3960 | 3930 | 3936 |
| RTIC Subsidiary Holdings, LLC | 07/23/24 | 05/03/29 | Consumer Products | 9.75% | SOFR+575 | 24700 | 24365 | 24453 |
| Radius Aerospace, Inc. | 11/06/19 | 03/29/27 | Aerospace and Defense | 10.45% | SOFR+615 | 11780 | 11714 | 11515 |
| Rancho Health MSO, Inc. | 03/02/22 | 06/20/29 | Healthcare, Education and Childcare | 9.29% | SOFR+500 | 22704 | 22631 | 22704 |
| Recteq, LLC | 06/26/24 | 01/29/26 | Consumer Products | 10.40% | SOFR+640 | 9550 | 9537 | 9526 |
| Riverpoint Medical, LLC | 03/02/22 | 06/21/27 | Healthcare, Education and Childcare | 8.75% | SOFR+475 | 3891 | 3861 | 3891 |
| Ro Health, LLC | 04/03/25 | 01/17/31 | Healthcare Providers & Services | 8.50% | SOFR+450 | 9308 | 9249 | 9308 |
| Rural Sourcing Holdings, Inc. | 07/24/23 | 06/16/29 | Professional Services | 9.92% | SOFR+575 | 5435 | 5367 | 4891 |
| Sabel Systems Technology Solutions, LLC | 01/07/25 | 10/31/30 | Business Services | 9.91% | SOFR+575 | 11910 | 11813 | 11910 |
| Sales Benchmark Index, LLC | 03/02/22 | 07/07/26 | Business Services | 10.20% | SOFR+620 | 6617 | 6597 | 6617 |
| Seacoast Service Partners NA, LLC | 07/21/25 | 12/20/29 | Diversified Conglomerate Service | 9.00% | SOFR+500 | 4963 | 4926 | 4759 |
| Seaway Buyer, LLC | 09/14/22 | 06/13/29 | Chemicals, Plastics and Rubber | 10.15% | SOFR+615 | 14550 | 14394 | 13568 |
| Sigma Defense Systems, LLC | 12/01/23 | 12/20/27 | Telecommunications | 10.31% | SOFR+615 | 23904 | 23741 | 23904 |
| SpendMend Holdings, LLC | 07/24/23 | 03/01/28 | Business Services | 9.15% | SOFR+515 | 9412 | 9261 | 9412 |
| STG Distribution, LLC - First Out New Money Term Loans | 10/03/24 | 10/03/29 | Transportation | 12.57% | SOFR+835 | 1986 | 1895 | 1768 |
| STG Distribution, LLC - Second Out Term Loans (5) | 10/03/24 | 10/03/29 | Transportation | 5.32% |  | 4566 | 2594 | 365 |
| SV-Aero Holdings, LLC | 10/31/24 | 11/01/30 | Aerospace and Defense | 9.00% | SOFR+500 | 14719 | 14656 | 14719 |
| Systems Planning And Analysis, Inc. | 03/02/22 | 08/16/27 | Aerospace and Defense | 8.92% | SOFR+475 | 16919 | 16816 | 16784 |
| TCG 3.0 Jogger Acquisitionco, Inc. | 02/27/24 | 01/23/29 | Media | 10.52% | SOFR+650 | 9850 | 9732 | 9801 |
| TMII Enterprises, LLC | 07/24/23 | 12/22/28 | Personal, Food and Miscellaneous Services | 8.66% | SOFR+450 | 19878 | 19692 | 19878 |
| TPC US Parent, LLC | 03/02/22 | 11/24/25 | Food | 10.19% | SOFR+590 | 11275 | 11269 | 11185 |
| Team Services Group, LLC | 07/24/23 | 12/20/27 | Healthcare, Education and Childcare | 9.56% | SOFR+525 | 9588 | 9434 | 9548 |
| The Bluebird Group, LLC | 03/02/22 | 07/28/26 | Business Services | 9.90% | SOFR+590 | 16348 | 16306 | 16348 |
| The Vertex Companies, LLC | 03/02/22 | 08/31/28 | Business Services | 8.93% | SOFR+475 | 14480 | 14393 | 14408 |
| Transgo, LLC | 06/07/24 | 12/29/28 | Auto Sector | 9.91% | SOFR+575 | 16363 | 16215 | 16486 |
| Tyto Athene, LLC | 03/02/22 | 04/01/28 | Aerospace and Defense | 9.19% | SOFR+490 | 11342 | 11271 | 11058 |
| Urology Management Holdings, Inc. | 07/24/23 | 06/15/27 | Healthcare, Education and Childcare | 9.66% | SOFR+550 | 12380 | 12333 | 12380 |
| US Fertility Enterprises, LLC | 09/03/25 | 10/11/31 | Healthcare, Education and Childcare | 8.67% | SOFR+450 | 4975 | 4931 | 4975 |
| Watchtower Buyer, LLC | 09/19/24 | 12/01/29 | Consumer Products | 10.00% | SOFR+600 | 23114 | 22912 | 22885 |
| Wash & Wax Systems, LLC | 04/30/25 | 04/30/28 | Business Services | 9.81% | SOFR+550 | 6577 | 6686 | 6708 |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | 1276720 | 1253543 |
| **Subordinated Debt - 3.7% of Net Assets** |  |  |  |  |  |  |  |  |
| Wash & Wax Systems, LLC - Subordinate Debt | 04/30/25 | 07/30/28 | Business Services | 12.00% |  | 4422 | 4422 | 4422 |
| **Total Subordinated Debt** |  |  |  |  |  | 4422 | 4422 | 4422 |
| **Equity Securities - 6.6% of Net Assets** |  |  |  |  |  |  |  |  |
| New Insight Holdings, Inc. - Common Equity | 07/15/24 |  | Business Services |  |  | 134330 | 2351 | 2014 |
| 48Forty Intermediate Holdings, Inc. - Common Equity | 11/05/24 |  | Containers, Packaging and Glass |  |  | 1988 |  |  |
| Wash & Wax Group, LP - Common Equity | 04/30/25 |  | Business Services |  |  | 2803 | 5002 | 5165 |
| White Tiger Newco, LLC - Common Equity | 07/31/25 |  | Business Services |  |  | 10805 | 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** |  |  |  |  |  |  | 8177 | 7936 |
| **Total Investments - 1,046.0% of Net Assets(3)(6)** |  |  |  |  |  |  | 1289319 | 1265901 |
| **Cash Equivalents - 13.9% of Net Assets** |  |  |  |  |  |  |  |  |
| JPMorgan U.S. Government (Money Market Fund) |  |  |  | 4.09% |  |  | 7972 | 7972 |
| Goldman Sachs Financial Square Government Fund (Money Market Fund) |  |  |  | 4.18% |  |  | 6946 | 6946 |
| BlackRock Federal FD Institutional 81 (Money Market Fund) |  |  |  | 4.19% |  |  | 1920 | 1920 |
| **Total Cash Equivalents** |  |  |  |  |  |  | 16838 | 16838 |
| **Cash - 19.9% of Net Assets** |  |  |  |  |  |  |  |  |
| Cash |  |  |  |  |  |  | 24147 | 24147 |
| **Total Cash** |  |  |  |  |  |  | 24147 | 24147 |
| **Total Investments, Cash Equivalents and Cash - 1,079.8% of Net Assets** |  |  |  |  |  |  | $1330304 | $1306886 |
| **Liabilities in Excess of Other Assets — (979.8)% of Net Assets** |  |  |  |  |  |  |  | (1185860) |
| **Members' Equity—100.0%** |  |  |  |  |  |  |  | $121026 |

---

(1)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.

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

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

(4)Non-accrual security

(5)Partial non-accrual PIK security

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

(7)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):

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025 (Unaudited)** | **September 30, 2025** |
| **Assets** |  |  |
| Investments at fair value (amortized cost—$1,394,885 and $1,289,319, respectively) | $1357342 | $1265901 |
| Cash equivalents (cost—$20,904 and $16,838, respectively) | 20904 | 16838 |
| Cash (cost—$24,148 and $24,147 respectively) | 24148 | 24147 |
| Interest receivable | 4884 | 5271 |
| Receivable for investments sold |  | 1055 |
| Prepaid expenses and other assets | 1916 | 2148 |
| Due from affiliate | 131 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 1409325 | 1315447 |
| **Liabilities** |  |  |
| 2037 Asset-backed debt, net (par—$328,000, unamortized deferred financing cost of $1,797 and $1,887, respectively) | 326203 | 326113 |
| 2034 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $843 and $940, respectively) | 245157 | 245060 |
| 2035 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $1,340 and $1,434, respectively) | 244660 | 244566 |
| Credit facility payable | 189600 | 99600 |
| Subordinated notes payable to members | 250808 | 250808 |
| Payable for investments purchased | 18816 |  |
| Interest payable on credit facility and asset backed debt | 13072 | 13730 |
| Distribution payable to members | 7500 | 8000 |
| Interest payable on subordinated notes to members | 5114 | 5305 |
| Accounts payable and accrued expenses | 1205 | 1189 |
| Due to affiliate | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1302185 | 1194421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Members' equity** | 107140 | 121026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and members' equity** | $1409325 | $1315447 |

---

<sup>(1)</sup> 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,** | **Three Months Ended December 31,** |
|  | **2025** | **2024** |
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $32440 | $32953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 404 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 32844 | 33476 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on credit facility and asset-backed debt | 16209 | 15643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on subordinated notes to members | 7698 | 7343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration services expense | 850 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 342 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 25099 | 24160 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 7745 | 9316 |
| **Realized and unrealized gain (loss) on investments and debt:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments |  | (2126) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (14131) | (1918) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments** | (14131) | (4044) |
| **Net increase (decrease) in members' equity resulting from operations** | $(6386) | $5272 |

---

------

<sup>(1)</sup> 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***

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.

**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% | $(8657) | $(0.13) |
| Down 2% | $(6565) | $(0.10) |
| Down 1% | $(3282) | $(0.05) |
| Up 1% | $3282 | $0.05 |
| Up 2% | $6564 | $0.10 |
| Up 3% | $9847 | $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.

------

**PART II – OTHER INFORMATION** 

**Item 1. Legal Proceedings**

None of us, our Investment Adviser or our Administrator, is currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, or against our Investment Adviser or Administrator. From time to time, we, our Investment Adviser or Administrator may be a party to certain 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.

**Item 1A. Risk Factors**

In addition to the other information set forth in this Report, you should consider carefully the factors discussed below, as well as in Part I "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed on November 24, 2025, which could materially affect our business, financial condition and/or operating results. The risks as in our Annual Report on Form 10-K, are not the only risks facing PennantPark Investment Corp. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

None

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

None.

**10b5-1 Disclosure**

None of the officers or directors of the Company has adopted or terminated any Rule 10b5-1 trading arrangements applicable to them (if any) or the Company.

------

**Item 6. Exhibits** 

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

---

| | |
|:---|:---|
| 3.1 | [<u>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).</u>](https://www.sec.gov/Archives/edgar/data/1383414/000119312507075646/dex99a.htm) |
| 3.2 | [<u>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).</u>](https://www.sec.gov/Archives/edgar/data/1383414/000095017024092751/pnnt-ex3_2.htm) |
| 3.3 | [<u>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).</u>](https://www.sec.gov/Archives/edgar/data/1383414/000156459020024172/pnnt-ex32_163.htm) |
| 10.1 | [<u>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).</u>](https://www.sec.gov/Archives/edgar/data/1383414/000119312525318545/pnnt-ex10_1.htm) |
| 10.2\* | [<u>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.</u>](pnnt-ex10_2.htm) |
| 31.1\* | [<u>Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.</u>](pnnt-ex31_1.htm) |
| 31.2\* | [<u>Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.</u>](pnnt-ex31_2.htm) |
| 32.1\* | [<u>Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](pnnt-ex32_1.htm) |
| 32.2\* | [<u>Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](pnnt-ex32_2.htm) |
| 99.1 | [<u>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).</u>](https://www.sec.gov/Archives/edgar/data/1383414/000138341411000013/pnntprivacypolicy092011.htm) |
| 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 | 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>**(Principal Executive Officer)** |
| Date: February 9, 2026 | By: | /s/ Richard T. Allorto, Jr. |
|  |  | **Richard T. Allorto, Jr.** |
|  |  | **Chief Financial Officer and Treasurer**<br>**(Principal Financial and Accounting Officer)** |

---

------

## Exhibit 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 "<u>Amendment</u>"), to the Existing Credit Agreement (capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in <u>Article 1</u>) is among PENNANTPARK INVESTMENT CORPORATION, a Maryland corporation (the "<u>Borrower</u>"), the LENDERS party hereto, the issuing banks and swingline lenders party hereto, TRUIST BANK, as Administrative Agent (in such capacity, the "<u>Administrative Agent</u>") and, solely with respect to <u>Section 5.10</u> herein, PNNT INVESTMENT HOLDINGS, LLC, a Delaware limited liability company ("<u>PNNT Investment Holdings</u>").

<u>W I T N E S S E T H</u>:

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 "<u>Existing Credit Agreement</u>", 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 "<u>Credit Agreement</u>"); 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:

ARTICLE I<br>DEFINITIONS

SECTION 1.1. <u>Certain Definitions</u>. 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):

------

"<u>Administrative Agent</u>" is defined in the <u>preamble</u>.

"<u>Amendment</u>" is defined in the <u>preamble</u>.

"<u>Borrower</u>" is defined in the <u>preamble</u>.

"<u>Credit Agreement</u>" is defined in the <u>first recital</u>.

"<u>Existing Credit Agreement</u>" is defined in the <u>first recital</u>.

"<u>Eighth Amendment Effective Date</u>" is defined in <u>Section 4.1</u>.

SECTION 1.2. <u>Other Definitions</u>. 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.

ARTICLE II

AMENDMENT TO EXISTING CREDIT AGREEMENT

SECTION 2.1. <u>Amendment to Existing Credit Agreement</u>. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The definition of "<u>Covered Debt Amount</u>" in <u>Section 1.01</u> of the Existing Credit Agreement (*Definitions – Defined Terms*) is hereby deleted in its entirety and replaced with the following in lieu thereof:

""<u>Covered Debt Amount</u>" means, on any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such date <u>plus</u> (y) the aggregate amount of Other Covered Indebtedness on such date <u>minus</u> (z) the LC Exposures fully Cash Collateralized on such date pursuant to <u>Section 2.05(k)</u> and the last paragraph of <u>Section 2.09(a)</u>; <u>provided</u> 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); <u>provided further</u> 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."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The definition of "<u>Unsecured Longer-Term Indebtedness</u>" in <u>Section 1.01</u> of the Existing Credit Agreement (*Definitions – Defined Terms*) is hereby deleted in its entirety and replaced with the following in lieu thereof:

"<u>Unsecured Longer-Term Indebtedness</u>" 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

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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 <u>Section 6.12(a)</u>, 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.

ARTICLE III

[RESERVED]

ARTICLE IV<br>CONDITIONS TO EFFECTIVENESS

SECTION 4.1. <u>Effective Date</u>. This Amendment shall become effective on the date (the "<u>Eighth Amendment Effective Date</u>") that each of the following conditions have been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)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.

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ARTICLE V<br>MISCELLANEOUS

SECTION 5.1. <u>Representations and Warranties</u>. 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).

SECTION 5.2. <u>References to Credit Agreement</u>. 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.

SECTION 5.3. <u>Effect on Existing Agreements</u>. 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.

SECTION 5.4. <u>No Waiver</u>. 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.

SECTION 5.5. <u>Governing Law</u>. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

SECTION 5.6. <u>Successors and Assigns</u>. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

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SECTION 5.7. <u>Headings</u>. 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.

SECTION 5.8. <u>Counterparts</u>. 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.

SECTION 5.9. [<u>Reserved</u>].

SECTION 5.10. <u>Reaffirmation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)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.

SECTION 5.11. [<u>Reserved</u>].

[*SIGNATURES FOLLOW*]

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**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**, <br>as Borrower<br>

By: <u>/s/ Jeffrey S. Sion</u> <br> Name: Jeffrey S. Sion<br> Title: Authorized Signatory

[*SIGNATURES CONTINUE ON FOLLOWING PAGE*]

*Signature Page to Eighth Amendment*

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Agreed and acknowledged solely with respect to <u>Section 5.10</u>:

**PNNT INVESTMENT HOLDINGS, LLC**

By:<u>/s/ Jeffrey S. Sion</u> <br>Name: Jeffrey S. Sion <br>Title: Authorized Signatory

*Signature Page to Eighth Amendment*

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**TRUIST BANK**, <br>as the Administrative Agent, Swingline Lender, Issuing Bank and a Lender<br>

By: <u>/s/ Hays Wood</u> <br> Name: Hays Wood<br> Title: Managing Director

*Signature Page to Eighth Amendment*

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**ING CAPITAL LLC**, <br>as a Lender<br>

By: <u>/s/ Grace Fu</u> <br> Name: Grace Fu<br> Title: Managing Director

By: <u>/s/ Richard Troxel</u> <br> Name: Richard Troxel <br> Title: Director

*Signature Page to Eighth Amendment*

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**REGIONS BANK**, <br>as a Lender<br>

By: <u>/s/ Brian Sandler</u> <br> Name: Brian Sandler<br> Title: Managing Director

*Signature Page to Eighth Amendment*

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**CIBC BANK USA**, <br>as a Lender<br>

By: <u>/s/ Nick Koziak</u> <br> Name: Nick Koziak <br> Title: Managing Director

*Signature Page to Eighth Amendment*

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**CITIZENS BANK, N.A.**, <br>as a Lender<br>

By: <u>/s/ Bryan Rizzardi</u> <br> Name: Bryan Rizzardi<br> Title: Director

*Signature Page to Eighth Amendment*

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**WESTERN ALLIANCE BANK**, <br>as a Lender<br>

By: <u>/s/ Tyler Peterson</u> <br> Name: Tyler Peterson<br> Title: Director

*Signature Page to Eighth Amendment*

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**GOLDMAN SACHS BANK USA**, <br>as a Lender<br>

By: <u>/s/ Roopa Chandra</u> <br> Name: Roopa Chandra<br> Title: Authorized Signatory

*Signature Page to Eighth Amendment*

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**CITY NATIONAL BANK**, <br>as a Lender<br>

By: <u>/s/ Matthew L. Diehl</u> <br> Name: Matthew L. Diehl <br> Title: Senior Vice President

*Signature Page to Eighth Amendment*

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**RAYMOND JAMES BANK**, <br>as a Lender<br>

By: <u>/s/ Camilo Rincon</u> <br> Name: Camilo Rincon <br> Title: Vice President

 *Signature Page to Eighth Amendment* 

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## Exhibit 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Report on Form 10-Q of PennantPark Investment Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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

---

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## Exhibit 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Report on Form 10-Q of PennantPark Investment Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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

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## Exhibit 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

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

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## Exhibit 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. | /s/ Richard T. Allorto, Jr. |
| Name: | Richard T. Allorto, Jr. |
| Title: | Chief Financial Officer |
| Date: | February 9, 2026 |

---

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