Published: 2025-02-10 00:00:00 ET

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

 

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2024

OR

 

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

 

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-00736

PENNANTPARK INVESTMENT CORPORATION

(Exact name of registrant as specified in its charter)

 

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

 

(786) 297-9500

(Registrant’s Telephone Number, Including Area Code)

 

None

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

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

 

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

 

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

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

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

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

 

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

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

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of February 10, 2025 was 65,296,094.

 

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PENNANTPARK INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2024

TABLE OF CONTENTS

 

PART I. CONSOLIDATED FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities as of December 31, 2024 (unaudited) and September 30, 2024		4
Consolidated Statements of Operations for the three months ended December 31, 2024 and 2023 (unaudited)		5
Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2024 and 2023 (unaudited)		6
Consolidated Statements of Cash Flows for the three months ended December 31, 2024 and 2023 (unaudited)		7
Consolidated Schedules of Investments as of December 31, 2024 (unaudited) and September 30, 2024		8
Notes to Consolidated Financial Statements (unaudited)		28
Report of Independent Registered Public Accounting Firm (PCAOB ID 49)		48
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		50
Item 3. Quantitative and Qualitative Disclosures About Market Risk		66
Item 4. Controls and Procedures		67
PART II. OTHER INFORMATION
Item 1. Legal Proceedings		68
Item 1A. Risk Factors		68
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		68
Item 3. Defaults Upon Senior Securities		68
Item 4. Mine Safety Disclosures		68
Item 5. Other Information		68
Item 6. Exhibits		69
SIGNATURES		70

 

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PART I—CONSOLIDATED FINANCIAL INFORMATION

 

We are filing this Quarterly Report on Form 10-Q (the "Report"), in compliance with Rule 13a-13 as promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where context suggest otherwise, the terms “Company,” “we,” “our” or “us” refers to PennantPark Investment Corporation and its consolidated subsidiaries; “PennantPark Investment” refers to only PennantPark Investment Corporation; “our SBIC Fund” refers collectively to our consolidated subsidiaries, PennantPark SBIC II LP, or SBIC II, and its general partner, PennantPark SBIC GP II, LLC; “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; “SBA” refers to the Small Business Administration; “SBIC” refers to a small business investment company under the Small Business Investment Act of 1958, as amended; “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”; “SBCAA” refers to the Small Business Credit Availability 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, 2024				September 30, 2024
		(unaudited)
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost—$856,406 and $916,168, respectively)		$	845,829			$	910,323
Non-controlled, affiliated investments (amortized cost—$57,109 and $56,734, respectively)			11,032				33,423
Controlled, affiliated investments (amortized cost—$370,967 and $343,970, respectively)			441,205				384,304
Total investments (amortized cost—$1,284,482 and $1,316,872, respectively)			1,298,066				1,328,050
Cash and cash equivalents (cost—$55,868 and $49,833, respectively)			55,851				49,861
Interest receivable			5,227				5,261
Receivable for investments sold			47,230				—
Distribution receivable			5,359				5,417
Due from affiliates			144				228
Prepaid expenses and other assets			214				269
Total assets			1,412,091				1,389,086
Liabilities
Truist Credit Facility payable, at fair value (cost—$464,456 and $461,456, respectively)			460,033				460,361
2026 Notes payable, net (par— $150,000)			148,796				148,571
2026 Notes-2 payable, net (par— $165,000)			163,293				163,080
Payable for investment purchased			125,050				100,096
Distributions payable			5,224				5,224
Base management fee payable			4,268				4,297
Incentive fee payable			2,756				3,057
Accounts payable and accrued expenses			5,500				4,053
Interest payable on debt			2,850				6,406
Due to affiliates			—				33
Total liabilities			917,770				895,178
Commitments and contingencies (See Note 11)
Net assets
Common stock, 65,296,094 and 65,296,094 shares issued and outstanding, respectively    Par value $0.001 per share and 200,000,000 shares authorized			65				65
Paid-in capital in excess of par value			743,968				743,968
Accumulated deficit			(249,712	)			(250,125	)
Total net assets		$	494,321			$	493,908
Total liabilities and net assets		$	1,412,091			$	1,389,086
Net asset value per share		$	7.57			$	7.56

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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,
		2024				2023
Investment income:
From non-controlled, non-affiliated investments:
Interest		$	18,767			$	21,068
Payment-in-kind			1,421				2
Dividend income			508				692
Other income			582				1,425
From non-controlled, affiliated investments:
Payment-in-kind			—				347
From controlled, affiliated investments:
Interest			7,255				5,481
Payment-in-kind			823				632
Dividend income			4,851				4,689
Total investment income			34,207				34,336
Expenses:
Interest and expenses on debt			11,741				9,557
Base management fee			4,268				4,004
Incentive fee			2,756				3,321
General and administrative expenses			1,250				1,214
Administrative services expenses			500				189
Expenses before provision for taxes			20,515				18,285
Provision for taxes on net investment income			700				393
Net expenses			21,215				18,678
Net investment income			12,992				15,658
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments and debt:
Non-controlled, non-affiliated investments			(2,560	)			2,581
Non-controlled and controlled, affiliated investments			—				(750	)
Net realized gain (loss) on investments and debt			(2,560	)			1,831
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments			(4,777	)			(12,270	)
Non-controlled and controlled, affiliated investments			7,138				7,324
Provision for taxes on unrealized appreciation (depreciation) on investments			(37	)			150
Debt appreciation (depreciation)			3,328				(2,040	)
Net change in unrealized appreciation (depreciation) on investments and debt			5,652				(6,836	)
Net realized and unrealized gain (loss) from investments and debt			3,092				(5,005	)
Net increase (decrease) in net assets resulting from operations		$	16,084			$	10,653
Net increase (decrease) in net assets resulting from operations per common share		$	0.25			$	0.16
Net investment income per common share		$	0.20			$	0.24

 

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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,
		2024				2023
Net increase (decrease) in net assets resulting from operations:
Net investment income		$	12,992			$	15,658
Net realized gain (loss) on investments and debt			(2,560	)			1,831
Net change in unrealized appreciation (depreciation) on investments			2,361				(4,946	)
Net change in provision for taxes on unrealized appreciation (depreciation) on investments			(37	)			150
Net change in unrealized appreciation (depreciation) on debt			3,328				(2,040	)
Net increase (decrease) in net assets resulting from operations			16,084				10,653
Distributions to stockholders:
Distribution of net investment income			(15,671	)			(13,698	)
Total distributions to stockholders			(15,671	)			(13,698	)
Net increase (decrease) in net assets			413				(3,045	)
Net assets:
Beginning of period			493,908				502,187
End of period		$	494,321			$	499,142

 

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

 

		Three Months Ended December 31,
		2024				2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations		$	16,084			$	10,653
Adjustments to reconcile net increase (decrease) in net assets resulting from    operations to net cash provided by (used in) operating activities:
Net change in net unrealized (appreciation) depreciation on investments			(2,361	)			4,946
Net change in unrealized appreciation (depreciation) on debt			(3,328	)			2,040
Net realized (gain) loss on investments			2,560				(1,831	)
Net accretion of discount and amortization of premium			(724	)			(281	)
Purchases of investments			(394,229	)			(281,000	)
Payment-in-kind income			(2,244	)			(980	)
Proceeds from dispositions of investments			427,065				170,753
Amortization of deferred financing costs			439				439
(Increase) decrease in:
Interest receivable			34				(3,064	)
Receivables from investments sold			(47,230	)			—
Distribution receivable			58				(302	)
Due from affiliate			84				(181	)
Prepaid expenses and other assets			55				(235	)
Increase (decrease) in:
Due to affiliate			(33	)			(2,542	)
Payable for investments purchased			24,954				(48,099	)
Interest payable on debt			(3,556	)			(3,106	)
Base management fee payable, net			(29	)			89
Incentive fee payable			(301	)			11
Accounts payable and accrued expenses			1,447				(2,431	)
Net cash provided by (used in) operating activities			18,745				(155,121	)
Cash flows from financing activities:
Distributions paid to stockholders		$	(15,671	)		$	(22,828	)
Borrowings under Truist Credit Facility			55,000				228,036
Repayments under Truist Credit Facility			(52,000	)			(52,000	)
Net cash provided by (used in) financing activities			(12,671	)			153,208
Net increase (decrease) in cash equivalents			6,074				(1,913	)
Effect of exchange rate changes on cash			(84	)			31
Cash and cash equivalents, beginning of period			49,861				38,775
Cash and cash equivalents, end of period		$	55,851			$	36,893
Supplemental disclosure of cash flow information:
Interest paid		$	14,858			$	12,224
Taxes paid		$	—			$	3,357
Non-cash exchanges and conversions		$	5,963			$	—
Non-cash purchases and disposition of investments		$	26,250			$	—

 

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

DECEMBER 31, 2024

(In thousands, except share data)

 

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 171.1% (1), (2)
First Lien Secured Debt - 95.2% of Net Assets
A1 Garage Merger Sub, LLC - Unfunded Term Loan (7)		03/31/2025		Personal, Food and Miscellaneous Services			—				—				1,534			$	-			$	23
A1 Garage Merger Sub, LLC - Revolver (7)		12/22/2028		Personal, Food and Miscellaneous Services			—				—				2,532				—				—
ACP Avenu Buyer, LLC		10/02/2029		Business Services			9.84	%		3M SOFR+525					28				28				27
ACP Avenu Buyer, LLC - Unfunded Term Loan (7)		04/02/2025		Business Services			—				—				1,799				—				(25	)
ACP Avenu Buyer, LLC - Funded Revolver		10/02/2029		Business Services			9.84	%		3M SOFR+525					271				271				264
ACP Avenu Buyer, LLC - Revolver (7)		10/02/2029		Business Services			—				—				947				—				(26	)
ACP Falcon Buyer, Inc. - Revolver (7)		08/01/2029		Business Services			—				—				2,533				—				—
Ad.net Acquisition, LLC - Funded Revolver		05/06/2026		Media			10.59	%		3M SOFR+626					292				292				292
Ad.net Acquisition, LLC - Revolver (7)		05/06/2026		Media			—				—				152				—				—
Adweek Purchaser, LLC		05/30/2027		Printing and Publishing			11.33	%		3M SOFR+700					2,000				1,967				2,000
Adweek Purchaser, LLC - Unfunded Term Loan (7)		11/30/2025		Printing and Publishing			—				—				400				—				6
Aechelon Technology, Inc. - Unfunded Revolver (7)		08/16/2029		Aerospace and Defense			—				—				1,109				—				—
AFC Dell Holding Corp.		04/09/2027		Distribution			10.09	%		3M SOFR+550					67				67				67
AFC Dell Holding Corp. - Unfunded Term Loan (7)		04/09/2027		Distribution			—				—				4,428				—				—
Atlas Purchaser, Inc. - Third Out		05/06/2028		Telecommunications			11.46	%		3M SOFR+700					8,840				7,562				5,242
Atlas Purchaser, Inc. - Fourth Out		05/06/2028		Telecommunications			11.46	%		3M SOFR+700					4,760				702				305
Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver		06/30/2026		Media			10.19	%		3M SOFR+585					461				461				461
Anteriad, LLC (f/k/a MeritDirect, LLC) - Revolver (7)		06/30/2026		Media			—				—				1,152				—				—
Applied Technical Services, LLC		12/29/2026		Environmental Services			10.23	%		3M SOFR+590					3				3				3
Applied Technical Services, LLC - Unfunded Term Loan (7)		07/17/2025		Environmental Services			—				—				2,637				—				(7	)
Applied Technical Services, LLC - Revolver		12/29/2026		Environmental Services			13.25	%		3M SOFR+475					1,596				1,596				1,576
Applied Technical Services, LLC - Unfunded Revolver (7)		12/29/2026		Environmental Services			—				—				206				—				(3	)
Arcfield Acquisition Corp.		10/28/2031		Aerospace and Defense			9.17	%		3M SOFR+500					15,000				14,981				14,963
Arcfield Acquisition Corp. - Revolver (7)		10/28/2031		Aerospace and Defense			—				—				1,688				—				(4	)
Archer Lewis, LLC - Unfunded Term Loan A (7)		08/28/2025		Healthcare, Education and Childcare			—				—				1,863				—				—
Archer Lewis, LLC - Unfunded Term Loan B (7)		08/28/2026		Healthcare, Education and Childcare			—				—				8,527				—				—
Archer Lewis, LLC - Unfunded Revolver (7)		08/28/2029		Healthcare, Education and Childcare			—				—				1,304				—				(13	)
Argano, LLC. - Unfunded Term Loan (7)		03/13/2025		Business Services			—				—				4,981				—				—
Argano, LLC. - Unfunded Revolver (7)		09/13/2029		Business Services			—				—				794				—				(8	)
Azureon, LLC		06/26/2029		Diversified Conglomerate Service			10.08	%		3M SOFR+575					5,218				5,150				5,103
Azureon, LLC - Unfunded Term Loan (7)		06/26/2026		Diversified Conglomerate Service			—				—				4,656				—				(56	)
Azureon, LLC - Revolver (7)		06/26/2029		Diversified Conglomerate Service			—				—				1,160				—				(26	)
Beacon Behavioral Support Service, LLC		06/21/2029		Healthcare, Education and Childcare			9.85	%		3M SOFR+550					3,532				3,497				3,479
						(PIK 15.00%)
Beacon Behavioral Support Service, LLC - Unfunded Term Loan (7)		12/21/2025		Healthcare, Education and Childcare			—				—				6,150				—				(31	)
Beacon Behavioral Support Service, LLC - Revolver (7)		06/21/2029		Healthcare, Education and Childcare			—				—				1,042				—				(16	)
Berwick Industrial Park		05/02/2025		Buildings and Real Estate			13.00	%			—				4,000				4,031				3,996
Best Practice Associates, LLC		11/08/2029		Aerospace and Defense			11.08	%		3M SOFR+675					25,000				24,629				24,625
Best Practice Associates, LLC - Revolver (7)		11/08/2029		Aerospace and Defense			—				—				1,929				—				(29	)
Beta Plus Technologies, Inc.		07/01/2029		Business Services			10.08	%		3M SOFR+575					4,888				4,821				4,753
Big Top Holdings, LLC - Unfunded Revolver (7)		02/07/2030		Manufacturing/Basic Industry			—				—				1,155				—				—
BioDerm, Inc. - Revolver		01/31/2028		Healthcare, Education and Childcare			11.05	%		3M SOFR+650					1,071				1,071				1,058
Blackhawk Industrial Distribution, Inc.		09/17/2026		Distribution			9.73	%		3M SOFR+540					1,275				1,267				1,252
Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan (7)		09/17/2026		Distribution			—				—				2,368				—				(18	)
Blackhawk Industrial Distribution, Inc. - Funded Revolver		09/17/2026		Distribution			9.73	%		3M SOFR+540					850				850				835
Blackhawk Industrial Distribution, Inc. - Unfunded Revolver (7)		09/17/2026		Distribution			—				—				4,007				—				(69	)
BLC Holding Company, Inc.		11/20/2030		Business Services			9.25	%		3M SOFR+475					12,104				12,016				12,013
BLC Holding Company, Inc. - Unfunded Term Loan (7)		11/20/2026		Business Services			—				—				9,768				—				—
BLC Holding Company, Inc. - Revolver (7)		11/20/2030		Business Services			—				—				3,005				—				—

 

 

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PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2024

(In thousands, except share data)

 

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Boss Industries, LLC		12/27/2030		Conglomerate Manufacturing			9.33	%		3M SOFR+500					11,000			$	10,918			$	10,918
Boss Industries, LLC - Funded Revolver		12/27/2030		Conglomerate Manufacturing			9.33	%		3M SOFR+500					261				261				261
Boss Industries, LLC - Revolver (7)		12/27/2030		Conglomerate Manufacturing			—				—				1,045				—				—
BlueHalo Financing Holdings, LLC		10/31/2025		Aerospace and Defense			10.33	%		3M SOFR+600					14				14				14
Carisk Buyer, Inc. - Unfunded Term Loan (7)		12/01/2029		Healthcare, Education and Childcare			—				—				4,813				—				(24	)
Carisk Buyer, Inc. - Unfunded Term Loan 2 (7)		12/01/2029		Healthcare, Education and Childcare			—				—				1,528				—				(11	)
Carisk Buyer, Inc. - Revolver (7)		12/01/2029		Healthcare, Education and Childcare			—				—				1,750				—				(26	)
Carnegie Dartlet, LLC - Unfunded Term Loan (7)		02/07/2026		Education			—				—				10,017				—				(50	)
Carnegie Dartlet, LLC - Funded Revolver		02/07/2030		Education			10.05	%		3M SOFR+550					200				200				197
Carnegie Dartlet, LLC - Unfunded Revolver (7)		02/07/2030		Education			—				—				3,139				—				(47	)
Cartessa Aesthetics, LLC		06/14/2028		Distribution			10.08	%		3M SOFR+575					23,676				23,370				23,676
Cartessa Aesthetics, LLC - Revolver		06/14/2028		Distribution			10.08	%		3M SOFR+575					1,265				1,265				1,265
Cartessa Aesthetics, LLC - Unfunded Revolver (7)		06/14/2028		Distribution			—				—				2,297				—				—
Case Works, LLC - Unfunded Term Loan (7)		10/01/2025		Business Services			—				—				852				—				1
Case Works, LLC - Funded Revolver		10/01/2029		Business Services			9.65	%		3M SOFR+525					755				755				749
Case Works, LLC - Revolver (7)		10/01/2029		Business Services			—				—				1,132				—				(9	)
CF512, Inc. - Revolver (7)		08/20/2026		Media			—				—				909				—				(14	)
CJX Borrower, LLC		07/13/2027		Media			10.40	%		3M SOFR+576					250				248				250
CJX Borrower, LLC - Unfunded Term Loan (7)		07/13/2027		Media			—				—				222				—				1
CJX Borrower, LLC - Funded Revolver		07/13/2027		Media			10.12	%		3M SOFR+576					498				498				498
CJX Borrower, LLC - Revolver (7)		07/13/2027		Media			—				—				1,377				—				—
Compex Legal Services, Inc. - Revolver		02/07/2025		Business Services			10.14	%		3M SOFR+555					328				328				328
Compex Legal Services, Inc. - Unfunded Revolver (7)		02/07/2025		Business Services			—				—				328				—				—
Crane 1 Services, Inc. - Revolver (7)		08/16/2027		Personal, Food and Miscellaneous Services			—				—				435				—				(3	)
C5MI Acquisition, LLC		07/31/2030		Business Services			10.33	%		3M SOFR+600					7,481				7,373				7,369
C5MI Acquisition, LLC - Funded Revolver		07/31/2030		Business Services			10.33	%		3M SOFR+600					689				689				679
C5MI Acquisition, LLC - Unfunded Revolver (7)		07/31/2030		Business Services			—				—				3,444				—				(52	)
Dr. Squatch, LLC - Unfunded Revolver (7)		08/31/2027		Media			—				—				2,326				—				—
DRS Holdings III, Inc.		11/03/2025		Consumer Products			10.71	%		3M SOFR+635					6				6				6
DRS Holdings III, Inc. - Revolver (7)		11/03/2025		Consumer Products			—				—				1,783				—				(7	)
Duggal Acquisition, LLC - Unfunded Term Loan (7)		09/30/2026		Marketing Services			—				—				2,042				—				—
Duggal Acquisition, LLC - Funded Revolver		09/30/2030		Marketing Services			9.08	%		3M SOFR+475					512				512				507
Duggal Acquisition, LLC - Unfunded Revolver (7)		09/30/2030		Marketing Services			—				—				2,049				—				(20	)
Dynata, LLC - Last-Out Term Loan		07/15/2028		Business Services			10.29	%		3M SOFR+576					84				84				78
EDS Buyer, LLC - Revolver (7)		12/22/2028		Aerospace and Defense			—				—				1,915				—				(14	)
Emergency Care Partners, LLC		10/18/2027		Healthcare, Education and Childcare			10.13	%		3M SOFR+550					998				990				990
Emergency Care Partners, LLC - Unfunded Term Loan (7)		04/18/2026		Healthcare, Education and Childcare			—				—				2,185				—				(16	)
Emergency Care Partners, LLC - Revolver (7)		10/18/2027		Healthcare, Education and Childcare			—				—				641				—				(5	)
ENC Parent Corporation		08/20/2029		Business Services			8.84	%		3M SOFR+451					3,391				3,009				2,914
ETE Intermediate II, LLC - Funded Revolver		05/25/2029		Personal, Food and Miscellaneous Services			10.83	%		3M SOFR+650					1,436				1,436				1,436
ETE Intermediate II, LLC - Revolver (7)		05/25/2029		Personal, Food and Miscellaneous Services			—				—				994				—				—
Eval Home Health Solutions Intermediate, LLC - Revolver (7)		05/10/2030		Healthcare, Education and Childcare			—				—				822				—				(8	)

 

 

 

---

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)

DECEMBER 31, 2024

(In thousands, except share data)

 

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Events Buyer, LLC		12/17/2029		Event Services			10.10	%		3M SOFR+575					6,000			$	5,941			$	5,940
Events Buyer, LLC - Unfunded Term Loan A (7)		06/17/2025		Event Services			—				—				5,461				—				—
Events Buyer, LLC - Unfunded Term Loan B (7)		12/17/2026		Event Services			—				—				5,201				—				—
Events Buyer, LLC - Revolver (7)		12/17/2029		Event Services			—				—				1,300				—				—
Exigo Intermediate II, LLC		03/15/2027		Business Services			10.70	%		3M SOFR+635					24,065				23,862				24,065
Exigo Intermediate II, LLC - Revolver (7)		03/15/2027		Business Services			—				—				1,856				—				—
Five Star Buyer, Inc.		02/23/2028		Leisure, Amusement, Motion Pictures, Entertainment			11.67	%		3M SOFR+710					196				196				195
Five Star Buyer, Inc. - Revolver (7)		02/23/2028		Leisure, Amusement, Motion Pictures, Entertainment			—				—				741				—				(6	)
Gauge ETE Blocker, LLC - Promissory Note		05/19/2029		Personal, Food and Miscellaneous Services			12.56	%			—				215				215				215
GGG MIDCO, LLC		09/27/2030		Home and Office Furnishings, Housewares and Durable Consumer Products			9.41	%		3M SOFR+500					2,840				2,812				2,811
GGG MIDCO, LLC - Unfunded Term Loan (7)		03/27/2026		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				6,406				—				—
GGG MIDCO, LLC - Unfunded Revolver (7)		09/27/2030		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				581				—				(6	)
Graffiti Buyer, Inc.		08/10/2027		Distribution			9.93	%		3M SOFR+560					248				246				244
Graffiti Buyer, Inc. - Unfunded Term Loan (7)		08/10/2027		Distribution			—				—				831				—				(6	)
Graffiti Buyer, Inc. - Funded Revolver		08/10/2027		Distribution			9.97	%		3M SOFR+560					486				486				479
Graffiti Buyer, Inc. - Revolver (7)		08/10/2027		Distribution			—				—				282				—				(4	)
Halo Buyer, Inc.		06/30/2025		Consumer Products			8.96	%		3M SOFR+460					4,699				4,478				4,699
Hancock Roofing and Construction L.L.C.		12/31/2026		Insurance			9.96	%		1M SOFR+560					680				680				680
Hancock Roofing and Construction L.L.C. - Revolver (7)		12/31/2026		Insurance			—				—				70				—				—
Harris & Co. LLC - Unfunded Term Loan A (7)		02/09/2025		Financial Services			—				—				7,706				—				67
Harris & Co. LLC - Unfunded Term Loan B (7)		02/09/2026		Financial Services			—				—				16,654				—				146
Harris & Co. LLC - Funded Revolver		08/09/2030		Financial Services			9.36	%		3M SOFR+500					368				368				368
Harris & Co. LLC - Unfunded Revolver (7)		08/09/2030		Financial Services			—				—				2,083				—				—
Hills Distribution, Inc.		11/08/2029		Distribution			10.40	%		3M SOFR+600					7,864				7,787				7,786
Hills Distribution, Inc. - Unfunded Term Loan (7)		11/07/2025		Distribution			—				—				1,280				—				—
HV Watterson Holdings, LLC		12/17/2026		Business Services			12.00	%			—				282				281				258
						(PIK 4.00%)
HV Watterson Holdings, LLC - Revolver		12/17/2026		Business Services			12.00	%			—				1,225				1,225				1,121
						(PIK 4.00%)
HV Watterson Holdings, LLC - Unfunded Revolver (7)		12/17/2026		Business Services			—				—				25				—				(2	)
HW Holdco, LLC		05/10/2026		Media			10.23	%		3M SOFR+590					6,124				6,107				6,124
HW Holdco, LLC - Revolver (7)		05/10/2026		Media			—				—				3,387				—				—
IG Investment Holdings LLC		09/22/2028		Business Services			9.57	%		3M SOFR+500					105				104				104
IG Investments Holdings, LLC - Revolver (7)		09/22/2028		Business Services			—				—				722				—				(5	)
Imagine Acquisitionco, LLC - Funded Revolver		11/16/2027		Business Services			9.55	%		3M SOFR+510					84				84				84
Imagine Acquisitionco, LLC (7)		11/16/2027		Business Services			—				—				1,601				—				(4	)
Infinity Home Services Holdco, Inc.		12/28/2028		Personal, Food and Miscellaneous Services			9.83	%		3M SOFR+550					9,042				8,934				9,042
Infinity Home Services Holdco, Inc. (CAD)		12/28/2028		Personal, Food and Miscellaneous Services			8.80	%		3M SOFR+550				CAD 2,632					1,898				1,830
Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan (7)		12/28/2028		Personal, Food and Miscellaneous Services			—				—				9,091				—				—
Infinity Home Services Holdco, Inc. - Funded Revolver		12/28/2028		Personal, Food and Miscellaneous Services			12.00	%		3M SOFR+450					161				161				161
Infinity Home Services Holdco, Inc. - Revolver (7)		12/28/2028		Personal, Food and Miscellaneous Services			—				—				1,130				—				—
Inovex Information Systems Incorporated		12/17/2030		Business Services			9.63	%		3M SOFR+525					11,000				10,918				10,918
Inovex Information Systems Incorporated - Unfunded Term Loan (7)		12/17/2026		Business Services			—				—				1,900				—				—
Inovex Information Systems Incorporated - Funded Revolver		12/17/2030		Business Services			9.61	%		3M SOFR+525					665				665				665
Inovex Information Systems Incorporated - Revolver (7)		12/17/2030		Business Services			—				—				1,710				—				—
Inventus Power, Inc. - Revolver (7)		06/30/2025		Electronics			—				—				1,729				—				—
ITI Holdings, Inc.		03/03/2028		Business Services			10.05	%		3M SOFR+565					8,725				8,634				8,725
ITI Holdings, Inc. - Revolver		03/03/2028		Business Services			12.00	%		3M SOFR+450					1,061				1,061				1,061
ITI Holdings, Inc. - Unfunded Revolver (7)		03/03/2028		Business Services			—				—				429				—				—

 

 

 

---

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2024

(In thousands, except share data)

 

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Kinetic Purchaser, LLC		11/10/2027		Consumer Products			10.48	%		3M SOFR+615					3,099			$	3,028			$	3,099
Kinetic Purchaser, LLC - Funded Revolver		11/10/2026		Consumer Products			10.48	%		3M SOFR+610					2,427				2,427				2,427
Kinetic Purchaser, LLC - Revolver (7)		11/10/2026		Consumer Products			—				—				2,427				—				—
Lash OpCo, LLC		02/18/2027		Consumer Products			12.94	%		1M SOFR+785					2,940				2,912				2,896
						(PIK 5.10%)
Lash OpCo, LLC - Revolver		08/16/2026		Consumer Products			12.94	%		1M SOFR+785					2,720				2,720				2,679
						(PIK 5.10%)
Lash OpCo, LLC - Unfunded Revolver (7)		08/16/2026		Consumer Products			—				—				317				—				(5	)
LAV Gear Holdings, Inc.		10/31/2025		Leisure, Amusement, Motion Pictures, Entertainment			10.90	%		1M SOFR+640					2,068				2,068				1,967
						(PIK 10.98%)
Ledge Lounger, Inc.		11/09/2027		Consumer Products			11.98	%		3M SOFR+765					9,022				8,942				8,571
						(PIK 1.00%)
Ledge Lounger, Inc. - Revolver		11/09/2027		Consumer Products			11.98	%		3M SOFR+765					1,129				1,129				1,073
						(PIK 1.00%)
Ledge Lounger, Inc. - Unfunded Revolver (7)		11/09/2027		Consumer Products			—				—				483				—				(24	)
Lightspeed Buyer, Inc. - Unfunded Term Loan (7)		06/02/2025		Healthcare, Education and Childcare			—				—				3,216				—				(32	)
LJ Avalon Holdings, LLC - Unfunded Term Loan (7)		10/01/2025		Environmental Services			—				—				2,419				—				12
LJ Avalon Holdings, LLC - Revolver (7)		01/31/2030		Environmental Services			—				—				587				—				—
Loving Tan Intermediate II, Inc.		05/31/2028		Consumer Products			10.33	%		3M SOFR+600					9,760				9,622				9,687
Loving Tan Intermediate II, Inc. - Revolver		05/31/2028		Consumer Products			10.35	%		3M SOFR+600					332				332				329
Loving Tan Intermediate II, Inc. - Unfunded Revolver (7)		05/31/2028		Consumer Products			—				—				664				—				(5	)
Loving Tan Intermediate II, Inc. - Unfunded Term Loan (7)		07/12/2025		Consumer Products			—				—				4,376				—				11
Marketplace Events Acquisition, LLC		12/19/2030		Media			9.60	%		3M SOFR+525					25,000				24,753				24,750
Marketplace Events Acquisition, LLC - Unfunded Term Loan (7)		06/19/2026		Media			—				—				4,354				—				—
Marketplace Events Acquisition, LLC - Revolver (7)		12/19/2030		Media			—				—				2,177				—				—
MBS Holdings, Inc. - Funded Revolver		04/16/2027		Telecommunications			10.25	%		3M SOFR+585					83				83				83
MBS Holdings, Inc. - Revolver (7)		04/16/2027		Telecommunications			—				—				611				—				—
MDI Buyer, Inc. - Revolver		07/25/2028		Chemicals, Plastics and Rubber			12.50	%		3M SOFR+475					1,752				1,752				1,734
MDI Buyer, Inc. - Unfunded Revolver (7)		07/25/2028		Chemicals, Plastics and Rubber			—				—				475				—				—
Meadowlark Acquirer, LLC		12/10/2027		Business Services			9.98	%		3M SOFR+565					1,918				1,904				1,870
Meadowlark Acquirer, LLC- Unfunded Revolver (7)		12/10/2027		Business Services			—				—				1,685				—				(42	)
Medina Health, LLC - Revolver (7)		10/20/2028		Healthcare, Education and Childcare			—				—				2,774				—				—
Megawatt Acquisitionco, Inc. - Funded Revolver		03/01/2030		Electronics			9.86	%		3M SOFR+550					529				529				463
Megawatt Acquisitionco, Inc. - Unfunded Revolver (7)		03/01/2030		Electronics			—				—				1,328				—				(167	)
Mineola 212, LLC		06/24/2025		Buildings and Real Estate			13.00	%			—				3,500				3,494				3,507
MOREGroup Holdings, Inc. - Unfunded Term Loan (7)		01/16/2026		Business Services			—				—				6,124				—				61
MOREGroup Holdings, Inc. - Unfunded Revolver (7)		01/16/2030		Business Services			—				—				3,675				—				—
Municipal Emergency Services, Inc.		10/01/2027		Distribution			9.48	%		3M SOFR+515					172				171				172
Municipal Emergency Services, Inc. - Unfunded Term Loan 3rd Amendment (7)		09/28/2027		Distribution			—				—				328				—				3
Municipal Emergency Services, Inc. - Funded Revolver		10/01/2027		Distribution			11.00	%		3M SOFR+350					376				376				376
Municipal Emergency Services, Inc. - Revolver (7)		10/01/2027		Distribution			—				—				1,504				—				—
NBH Group LLC - Revolver (7)		08/19/2026		Healthcare, Education and Childcare			—				—				1,163				—				—
NFS - CFP Holdings LLC - Unfunded Term Loan (7)		09/13/2026		Business Services			—				—				6,630				—				—
NFS - CFP Holdings LLC - Unfunded Revolver (7)		09/13/2030		Business Services			—				—				2,486				—				(19	)
NORA Acquisition, LLC - Revolver (7)		08/31/2029		Healthcare, Education and Childcare			—				—				2,707				—				—
NP Riverhead Industrial, LLC		05/24/2025		Buildings and Real Estate			14.50	%			—				5,000				4,993				5,038
Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 (7)		09/30/2026		Diversified Conglomerate Service			—				—				5,598				—				7

 

 

 

---

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2024

(In thousands, except share data)

 

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Omnia Exterior Solutions, LLC - Revolver (7)		12/29/2029		Diversified Conglomerate Service			—				—				2,100				—			$	(16	)
ORL Acquisition, Inc.		09/03/2027		Business Services			13.73	%		3M SOFR+940					4,305				4,263				3,745
						(PIK 7.50%)
ORL Acquisition, Inc. - Revolver (7)		09/03/2027		Business Services			—				—				149				—				(19	)
OSP Embedded Purchaser, LLC		12/17/2029		Aerospace and Defense			10.08	%		3M SOFR+575					25,505				25,242				25,097
OSP Embedded Purchaser, LLC - Revolver (7)		12/17/2029		Aerospace and Defense			—				—				1,477				—				(24	)
Pacific Purchaser, LLC - Unfunded Term Loan (7)		09/30/2028		Business Services			—				—				2,747				—				16
Pacific Purchaser, LLC - Revolver (7)		09/30/2028		Business Services			—				—				1,373				—				(12	)
PAR Excellence Holdings, Inc. - Unfunded Revolver (7)		09/03/2030		Healthcare, Education and Childcare			—				—				2,681				—				(27	)
PCS MIDCO INC		03/01/2030		Financial Services			10.08	%		1M SOFR+575					2,178				2,157				2,178
PCS MIDCO INC - Unfunded Term Loan (7)		03/01/2026		Financial Services			—				—				2,239				—				22
PCS MIDCO INC - Funded Revolver		03/01/2030		Financial Services			10.08	%		1M SOFR+575					308				308				308
PCS MIDCO INC - Unfunded Revolver (7)		03/01/2030		Financial Services			—				—				1,454				—				—
PlayPower, Inc.		08/28/2030		Manufacturing/Basic Industry			9.58	%		3M SOFR+525					11,970				11,882				11,970
PlayPower, Inc. - Unfunded Revolver (7)		08/28/2030		Manufacturing/Basic Industry			—				—				2,570				—				—
PL Acquisitionco, LLC - Revolver (7)		11/09/2027		Retail			—				—				1,618				—				(437	)
Pragmatic Institute, LLC (10)		07/06/2028		Business Services			—				—				37,548				35,977				15,770
Pragmatic Institute, LLC - Revolver (10)		07/06/2028		Business Services			—				—				5,209				5,042				2,188
Project Granite Buyer, Inc.		12/31/2030		Business Services			10.08	%		3M SOFR+575					6,000				5,940				5,940
Project Granite Buyer, Inc. - Unfunded Term Loan (7)		12/31/2026		Business Services			—				—				923				—				—
Project Granite Buyer, Inc. - Revolver (7)		12/31/2030		Business Services			—				—				554				—				—
Quantic Electronics, LLC - Funded Revolver		11/19/2026		Aerospace and Defense			10.43	%		3M SOFR+610					282				282				282
Quantic Electronics, LLC - Unfunded Revolver (7)		11/19/2026		Aerospace and Defense			—				—				247				—				—
Radius Aerospace, Inc. - Revolver		03/31/2025		Aerospace and Defense			10.66	%		3M SOFR+615					1,262				1,262				1,230
Radius Aerospace, Inc. - Unfunded Revolver (7)		03/31/2025		Aerospace and Defense			—				—				965				—				(24	)
Rancho Health MSO, Inc.		06/20/2029		Healthcare, Education and Childcare			9.82	%		3M SOFR+525					769				767				763
Rancho Health MSO, Inc. - Unfunded Term Loan (7)		06/30/2026		Healthcare, Education and Childcare			—				—				3,524				—				(13	)
Rancho Health MSO, Inc. - Revolver		06/20/2029		Healthcare, Education and Childcare			9.60	%		3M SOFR+525					1,311				1,311				1,301
Rancho Health MSO, Inc. - Unfunded Revolver (7)		06/20/2029		Healthcare, Education and Childcare			—				—				1,364				—				(10	)
Recteq, LLC - Revolver (7)		01/29/2026		Consumer Products			—				—				1,127				—				(11	)
Riverpoint Medical, LLC - Revolver		06/20/2025		Healthcare, Education and Childcare			9.61	%		3M SOFR+525					73				73				73
Riverpoint Medical, LLC - Unfunded Revolver (7)		06/20/2025		Healthcare, Education and Childcare			—				—				291				—				—
RRA Corporate, LLC - Unfunded Term Loan 1 (7)		02/15/2025		Business Services			—				—				5,394				—				27
RRA Corporate, LLC - Unfunded Term Loan 2 (7)		08/15/2026		Business Services			—				—				10,181				—				51
RRA Corporate, LLC - Funded Revolver		08/15/2029		Business Services			9.33	%		3M SOFR+500					819				819				814
RRA Corporate, LLC - Unfunded Revolver (7)		08/15/2029		Business Services			—				—				2,330				—				(12	)
RTIC Subsidiary Holdings, LLC		05/03/2029		Consumer Products			10.08	%		3M SOFR+575					4,963				4,892				4,876
RTIC Subsidiary Holdings, LLC - Unfunded Revolver (7)		05/03/2029		Consumer Products			—				—				5,422				—				(95	)
Rural Sourcing Holdings, Inc. - Unfunded Term Loan (7)		06/27/2026		Business Services			—				—				1,146				—				(11	)
Rural Sourcing Holdings, Inc. - Funded Revolver		06/15/2029		Business Services			10.08	%		3M SOFR+575					86				86				85
Rural Sourcing Holdings, Inc. - Revolver (7)		06/15/2029		Business Services			—				—				774				—				(12	)
S101 Holdings, Inc. - Unfunded Term Loan 2 (7)		01/16/2025		Electronics			—				—				1,845				—				9
Sabel Systems Technology Solutions, LLC		10/31/2030		Government Services			10.84	%		3M SOFR+625					12,000				11,881				11,880
Sabel Systems Technology Solutions, LLC - Revolver (7)		10/31/2030		Government Services			—				—				1,328				—				(13	)
Safe Haven Defense US LLC - Term Loan		05/23/2029		Building Materials			9.36	%		3M SOFR+525					8,951				8,824				8,951
Safe Haven Defense US LLC - Unfunded Revolver (7)		05/23/2029		Building Materials			—				—				1,114				—				—
Sales Benchmark Index LLC - Revolver (7)		01/03/2025		Business Services			—				—				610				—				—
Schlesinger Global, Inc.		07/14/2025		Business Services			12.96	%		3M SOFR+860					4,943				4,929				4,708
						(PIK 5.85%)
Schlesinger Global, Inc. - Revolver		07/14/2025		Business Services			12.96	%		3M SOFR+860					33				33				31
						(PIK 5.85%)
Schlesinger Global, Inc. - Unfunded Revolver (7)		07/14/2025		Business Services			—				—				8				—				—

 

---

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2024

(In thousands, except share data)

 

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Seacoast Service Partners, LLC		12/20/2029		Diversified Conglomerate Service			9.35	%		3M SOFR+500					5,000			$	4,957			$	4,956
Seacoast Service Partners, LLC - Unfunded Term Loan (7)		12/20/2026		Diversified Conglomerate Service			—				—				5,421				—				—
Seacoast Service Partners, LLC - Revolver (7)		12/20/2029		Diversified Conglomerate Service			—				—				1,355				—				—
Seaway Buyer, LLC		06/13/2029		Chemicals, Plastics and Rubber			10.48	%		3M SOFR+615					4,692				4,641				4,504
Seaway Buyer, LLC - Revolver		06/13/2028		Chemicals, Plastics and Rubber			12.65	%		3M SOFR+750					1,980				1,980				1,901
Seaway Buyer, LLC - Unfunded Revolver (7)		06/13/2028		Chemicals, Plastics and Rubber			—				—				1,146				—				(46	)
Shiftkey, LLC		06/21/2027		Business Services			10.34	%		3M SOFR+601					17,550				17,449				16,708
Sigma Defense Systems, LLC		12/17/2027		Telecommunications			11.23	%		1M SOFR+690					15,715				15,416				15,636
Sigma Defense Systems, LLC - Unfunded Revolver (7)		12/17/2027		Telecommunications			—				—				3,685				—				(18	)
Smartronix, LLC - Unfunded Revolver (7)		11/23/2027		Aerospace and Defense			—				—				3,941				—				—
Solutionreach, Inc. - Funded Revolver		07/17/2025		Communications			13.75	%		3M SOFR+600					833				833				833
Spendmend Holdings LLC		03/01/2028		Business Services			9.48	%		3M SOFR+515					1,035				1,028				1,035
Spendmend Holdings LLC - Unfunded Term Loan 1 (7)		03/01/2025		Business Services			—				—				1,743				—				13
Spendmend Holdings LLC - Unfunded Term Loan 2 (7)		11/25/2026		Business Services			—				—				1,600				—				8
Spendmend Holdings LLC - Unfunded Revolver (7)		03/01/2028		Business Services			—				—				1,401				—				—
STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans		10/03/2029		Transportation			12.88	%		3M SOFR+835					4,095				3,869				4,054
						(PIK 7.25%)
STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans		10/03/2029		Transportation			11.93	%		3M SOFR+760					9,523				5,099				4,952
						(PIK 6.50%)
SV-Aero Holdings, LLC - Unfunded Term Loan (7)		11/01/2026		Aerospace and Defense			—				—				3,562				—				(18	)
System Planning and Analysis, Inc.		08/16/2027		Aerospace and Defense			9.28	%		3M SOFR+500					3				3				3
System Planning and Analysis, Inc. - Unfunded Term Loan (7)		08/16/2027		Aerospace and Defense			—				—				7,068				—				60
System Planning and Analysis, Inc. - Unfunded Revolver (7)		08/16/2027		Aerospace and Defense			—				—				4,716				—				—
TCG 3.0 Jogger Acquisitionco, Inc.		01/26/2029		Media			10.83	%		3M SOFR+650					8,933				8,798				8,843
TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver		01/26/2029		Media			13.00	%		3M SOFR+550					172				172				171
TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver (7)		01/26/2029		Media			—				—				1,552				—				(16	)
The Bluebird Group LLC - Revolver (7)		07/27/2026		Business Services			—				—				734				—				—
The Vertex Companies, LLC		08/30/2027		Business Services			10.69	%		3M SOFR+635					183				181				181
The Vertex Companies, LLC - Unfunded Term Loan (7)		11/04/2026		Business Services			—				—				6,457				—				(42	)
The Vertex Companies, LLC - Unfunded Revolver (7)		08/30/2027		Business Services			—				—				3,969				—				(56	)
TransGo, LLC - Revolver (7)		12/29/2028		Machinery			—				—				2,775				—				—
TWS Acquisition Corporation		06/16/2025		Education			10.80	%		3M SOFR+640					434				433				434
TWS Acquisition Corporation - Revolver (7)		06/16/2025		Education			—				—				1,644				—				—
Urology Management Holdings, Inc.		06/15/2027		Healthcare, Education and Childcare			9.83	%		3M SOFR+550					1,499				1,492				1,491
Urology Management Holdings, Inc. - Unfunded Term Loan A (7)		09/03/2026		Healthcare, Education and Childcare			—				—				1,000				—				—
US Fertility Enterprises, LLC - Unfunded Term Loan (7)		10/07/2026		Healthcare, Education and Childcare			—				—				264				—				2
VRS Buyer, Inc.		11/22/2030		Business Services			9.26	%		3M SOFR+475					9,000				8,933				8,933
VRS Buyer, Inc. - Unfunded Term Loan (7)		11/22/2026		Business Services			—				—				4,759				—				—
VRS Buyer, Inc. - Revolver (7)		11/22/2030		Business Services			—				—				2,380				—				—
Watchtower Intermediate, LLC. - Unfunded Term Loan  (7)		12/01/2025		Electronics			—				—				2,100				—				24
Watchtower Intermediate, LLC. - Revolver (7)		12/01/2029		Electronics			—				—				6,300				—				—
Zips Car Wash, LLC		01/16/2025		Auto Sector			12.46	%		3M SOFR+740					2,671				2,670				2,371
						(PIK 12.46%)
Total First Lien Secured Debt																			499,520				470,615
Second Lien Secured Debt - 10.1% of Net Assets
Burgess Point Purchaser Corporation		07/28/2030		Auto Sector			13.53	%		3M SOFR+910					8,000				7,706				8,000
ENC Parent Corporation - Second Lien		08/19/2029		Business Services			12.09	%		3M SOFR+776					7,500				7,446				6,375
Halo Buyer, Inc.		07/06/2026		Consumer Products			13.20	%		1M SOFR+835					32,500				32,315				32,256
Team Services Group, LLC		12/18/2028		Healthcare, Education and Childcare			13.47	%		3M SOFR+926					3,429				3,421				3,377
Total Second Lien Secured Debt																			50,888				50,008
Subordinate Debt/Corporate Notes - 10.3% of Net Assets
Beacon Behavioral Holdings LLC		06/21/2030		Healthcare, Education and Childcare			15.00	%			—				3,359				3,315				3,309

 

 

---

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2024

(In thousands, except share data)

 

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Express Wash Acquisition Company, LLC		01/15/2029		Auto Sector			16.37	%		3M SOFR+1226					24,284			$	23,736			$	23,701
Northwinds Topco, Inc.		10/30/2029		Consumer Services			15.00	%			—				7,396				7,294				7,322
						(PIK 15.00%)
Northwinds Topco, Inc. - Unfunded Term Loan (7)		10/30/2029		Consumer Services			—				—				7,000				—				(70	)
ORL Holdco, Inc. - Convertible Notes		03/08/2028		Business Services			18.00	%			—				6				6				4
ORL Holdco, Inc. - Unfunded Convertible Notes (7)		03/08/2028		Business Services			—				—				6				—				(1	)
OSP Embedded Aggregator, LP - Convertible Note		05/08/2030		Aerospace and Defense			12.00	%			—				24				237				307
Schlesinger Global, LLC - Promissory Note		01/08/2026		Business Services			12.33	%		3M SOFR+700					1				1				3
StoicLane, Inc. - Convertible Notes		08/15/2027		Healthcare, Education and Childcare			12.00	%			—				612				612				630
StoicLane, Inc. - Unfunded Convertible Notes (7)		08/15/2027		Healthcare, Education and Childcare			—				—				612				—				18
United Land Services Intermediate Parent Holdings, LLC		12/23/2026		Environmental Services			14.25	%			—				16,015				15,747				15,694
						(PIK 14.25%)
United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan (7)		07/12/2025		Environmental Services			—				—				2,760				—				(14	)
Total Subordinate Debt																			50,948				50,903
Preferred Equity/Partnership Interests - 3.4% of Net Assets (6)
Accounting Platform Blocker, Inc. - Preferred Equity				Financial Services			—				—				356,200				356				360
Ad.net Holdings, Inc.				Media			—				—				2,400				240				310
AFC Acquisitions, Inc. Preferred Equity (9)				Distribution			—				—				507				780				950
AH Newco Equityholdings, LLC				Healthcare, Education and Childcare			6.00	%			—				211				500				711
Anteriad Holdings, LP - Preferred (f/k/a MeritDirect Holdings, LP) (9)				Media			—				—				1,135				1,135				1,186
BioDerm Holdings, LP (Preferred)				Healthcare, Education and Childcare			—				—				1,312				1,312				1,128
Cartessa Aesthetics, LLC (9)				Distribution			—				—				3,562,500				3,563				6,740
Connatix Parent, LLC (Preferred)				Media			—				—				7,967				8				8
C5MI Holdco, LLC - Preferred Equity (9)				Business Services			—				—				104,000				104				110
Gauge Schlesinger Coinvest, LLC - Class A-2 Preferred Equity				Business Services			—				—				1				1				1
EvAL Home Health Solutions, LLC - Preferred Equity (9)				Healthcare, Education and Childcare			—				—				272,771				453				485
Hancock Claims Consultants Investors, LLC - Class A Preferred Equity (9)				Insurance			—				—				116,588				76				187
Imagine Topco, LP Preferred				Business Services			8.00	%			—				743,826				744				904
Magnolia Topco LP - Class A Preferred Equity (9)				Auto Sector			—				—				1,545				1,545				1,068
Magnolia Topco LP - Class B Preferred Equity (9)				Auto Sector			—				—				1,018				643				—
Megawatt Acquisition Partners, LLC - Preferred A				Electronics			—				—				5,349				535				261
NXOF Holdings, Inc. (Tyto Athene, LLC)				Aerospace and Defense			—				—				422				422				587
ORL Holdco, Inc.				Business Services			—				—				575				57				9
PL Acquisitionco, LLC - Preferred Equity				Retail			—				—				73				73				—
RTIC Parent Holdings, LLC - Class A Preferred Equity (9)				Consumer Products			—				—				5				5				—
RTIC Parent Holdings, LLC - Class C Preferred Equity (9)				Consumer Products			—				—				10,624				699				1,058
RTIC Parent Holdings, LLC - Class D Preferred Equity (9)				Consumer Products			—				—				11,276				113				132
SP L2 Holdings LLC (Preferred)				Consumer Products			—				—				331,229				81				81
SP L2 Holdings LLC (Preferred) - Unfunded (7)				Consumer Products			—				—				189,274				—				—
TPC Holding Company, LP				Food			—				—				219				219				346
TWD Parent Holdings, LLC Preferred				Business Services			—				—				30				30				39
Total Preferred Equity/Parnership Interests																			13,694				16,661
Common Equity/Partnership Interests/Warrants - 26.9% of Net Assets (6)
A1 Garage Equity, LLC (9)				Personal, Food and Miscellaneous Services			—				—				2,193,038				2,193				3,195
ACP Big Top Holdings, L.P. - Common Equity				Manufacturing/Basic Industry			—				—				773,800				774				966
Ad.net Holdings, Inc.				Media			—				—				2,667				27				8
Aechelon InvestCo, LP - Common Equity				Aerospace and Defense			—				—				10,684				1,068				2,104
Aechelon InvestCo, LP - Unfunded (7)				Aerospace and Defense			—				—				11,940				—				—
Aftermarket Drivetrain Products Holdings, LLC				Machinery			—				—				1,645				1,645				2,313
AG Investco LP (9)				Business Services			—				—				805,164				805				252
AG Investco LP - Unfunded (7), (9)				Business Services			—				—				194,836				—				(134	)
Altamira Intermediate Company II, Inc.				Aerospace and Defense			—				—				125,000				125				143
AMCSI Crash Co-Invest, LP				Auto Sector			—				—				24,898				2,490				3,630
AMCSI Crash Co-Invest, LP - Unfunded (7)				Auto Sector			—				—				5,102				—				—
Anteriad Holdings, LP - Common (f/k/a MeritDirect Holdings, LP) (9)				Media			—				—				1,135				—				—
Athletico Holdings, LLC (9)				Healthcare, Education and Childcare			—				—				9,357				10,000				6,737
Atlas Investment Aggregator, LLC				Telecommunications			—				—				1,700,000				1,613				—
Azureon, LLC (Common) (9)				Diversified Conglomerate Service			—				—				508,238				508				471
BioDerm, Inc.				Healthcare, Education and Childcare			—				—				1,312				—				—
Burgess Point Holdings, LP				Auto Sector			—				—				764				777				799
Carnegie Holdco, LLC - Common Equity (9)				Education			—				—				1,680,300				1,633				1,647
Carisk Parent, L.P. - Common Equity				Healthcare, Education and Childcare			—				—				204,455				204				201
Connatix Parent, LLC				Media			—				—				57,416				632				70
Consello Pacific Aggregator, LLC (9)				Business Services			—				—				782,891				743				634
Cowboy Parent LLC				Distribution			—				—				27,778				3,015				5,665

 

---

ENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2024

(In thousands, except share data)

 

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Crane 1 Acquisition Parent Holdings, L.P.				Personal, Food and Miscellaneous Services			—				—				113			$	104			$	204
C5MI Holdco, LLC - Common Equity (9)				Business Services			—				—				754,200				754				633
Delta InvestCo LP (9)				Telecommunications			—				—				913,649				866				1,544
Delta InvestCo LP (7), (9)				Telecommunications			—				—				227,395				—				—
Duggal Acquisition, LLC (Common)				Marketing Services			—				—				314				314				328
eCommission Holding Corporation (11)				Financial Services			—				—				80				905				2,475
EDS Topco, LP				Aerospace and Defense			—				—				937,500				938				1,308
Events Buyer, LLC (Common)				Event Services			—				—				201,100				201				201
Exigo, LLC				Business Services			—				—				1,458,333				1,458				1,738
FedHC InvestCo LP (9)				Aerospace and Defense			—				—				15,255				545				1,782
FedHC InvestCo LP - Unfunded (7), (9)				Aerospace and Defense			—				—				2,563				—				—
FedHC InvestCo II LP (9)				Aerospace and Defense			—				—				21,817				2,303				2,657
Five Star Parent Holdings, LLC				Leisure, Amusement, Motion Pictures, Entertainment			—				—				655,714				656				546
Gauge ETE Blocker, LLC - Common Equity				Personal, Food and Miscellaneous Services			—				—				374,444				374				258
Gauge Lash Coinvest LLC				Consumer Products			—				—				1,101,293				834				2,863
Gauge Loving Tan, LP - Common Equity				Consumer Products			—				—				543,562				544				554
Gauge Schlesinger Coinvest, LLC				Business Services			—				—				9				10				4
GCOM InvestCo LP				Business Services			—				—				2,434				1,003				582
GCP Boss Holdco, LLC (Common)				Conglomerate Manufacturing			—				—				1,045,100				1,045				1,045
GGG MIDCO, LLC (Common) (9)				Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				1,222,700				1,223				1,227
GMP Hills, LP - Common Equity				Distribution			—				—				3,747,470				3,747				3,710
Hancock Claims Consultants Investors, LLC (9)				Insurance			—				—				450,000				450				414
HPA SPQ Aggregator LP- Common Equity				Business Services			—				—				750,399				750				786
HV Watterson Holdings, LLC				Business Services			—				—				1,600,000				1,600				208
Icon Partners V C, L.P.				Business Services			—				—				1,131,398				1,131				1,107
Icon Partners V C, L.P. - Unfunded (7)				Business Services			—				—				368,602				—				(8	)
IHS Parent Holdngs, L.P.				Personal, Food and Miscellaneous Services			—				—				1,218,045				1,218				1,937
Imagine Topco, LP				Business Services			—				—				743,826				—				—
Infogroup Parent Holdings, Inc.				Other Media			—				—				181,495				2,040				3,016
Ironclad Holdco, LLC (Applied Technical Services, LLC)				Environmental Services			—				—				4,993				525				776
ITC Infusion Co-invest, LP (9)				Healthcare, Education and Childcare			—				—				162,445				1,673				3,394
Kinetic Purchaser, LLC				Consumer Products			—				—				1,308,814				1,309				1,316
KL Stockton Co-Invest LP (Any Hour Services) (9)				Personal, Food and Miscellaneous Services			—				—				382,353				385				781
Lightspeed Investment Holdco LLC				Healthcare, Education and Childcare			—				—				273,143				273				983
LJ Avalon, LP				Environmental Services			—				—				851,087				851				1,217
Lorient Peregrine Investments, LP				Business Services			—				—				335,590				4,530				4,453
Magnolia Topco LP - Class A (9)				Auto Sector			—				—				1,545,460				—				—
Magnolia Topco LP - Class B (9)				Auto Sector			—				—				1,017,840				—				—
Marketplace Events Acquisition, LLC (Common)				Media			—				—				1,464,000				1,464				1,464
MDI Aggregator, LP				Chemicals, Plastics and Rubber			—				—				30,993				3,103				3,385
Meadowlark Title, LLC (9)				Business Services			—				—				815,385				802				—
Megawatt Acquisition Partners, LLC - Common Equity A				Electronics			—				—				594				59				—
Municipal Emergency Services, Inc.				Distribution			—				—				3,920,145				3,984				7,174
NEPRT Parent Holdings, LLC (Recteq, LLC) (9)				Consumer Products			—				—				1,299				1,250				90
New Insight Holdings, Inc. - Common Equity				Business Services			—				—				1,157				20				22
New Medina Health, LLC (9)				Healthcare, Education and Childcare			—				—				1,429,480				1,429				1,994
NFS - CFP Holdings LLC - Common Equity				Business Services			—				—				662,983				663				663
NORA Parent Holdings, LLC (9)				Healthcare, Education and Childcare			—				—				1,257				1,248				1,007
North Haven Saints Equity Holdings, LP (9)				Business Services			—				—				351,553				352				394
Northwinds Services Group, LLC - Common Equity				Consumer Services			—				—				840,000				1,680				1,738
NXOF Holdings, Inc.				Aerospace and Defense			—				—				8,188				108				—
OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (9)				Aerospace and Defense			—				—				98,286				983				1,022
OES Co-Invest, LP Class A Common Equity				Diversified Conglomerate Service			—				—				840				847				1,071
OHCP V BC COI, L.P.				Distribution			—				—				699,844				700				455
OHCP V BC COI, L.P. - Unfunded (7)				Distribution			—				—				50,156				—				(18	)
ORL Holdco, Inc.				Business Services			—				—				638				6				—
OSP Embedded Aggregator, LP				Aerospace and Defense			—				—				871				871				1,126
PAR Excellence Holdings, Inc. - Common Equity				Healthcare, Education and Childcare			—				—				1,087				1,087				1,468
PCS Parent, LP				Financial Services			—				—				421,304				421				463
PennantPark-TSO Senior Loan Fund II, LP (11)				Financial Services			—				—				8,115,794				8,116				7,761
Pink Lily Holdco, LLC (9)				Retail			—				—				1,044				1,044				—
Pragmatic Institute, LLC				Business Services			—				—				1,918,047				1,918				—
Project Granite Holdings, LLC (Common)				Business Services			—				—				369				369				369
Quad (U.S.) Co-Invest, L.P.				Business Services			—				—				2,958,706				2,959				3,970
QuantiTech InvestCo LP (9)				Aerospace and Defense			—				—				700				—				172

 

---

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2024

(In thousands, except share data)

 

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
QuantiTech InvestCo LP - Unfunded (7), (9)				Aerospace and Defense			—				—				955				—				—
QuantiTech InvestCo II LP (9)				Aerospace and Defense			—				—				40				14				12
RFMG Parent, LP				Healthcare, Education and Childcare			—				—				1,050,000				1,050				1,258
Sabel InvestCo, LP (Common) (9)				Government Services			—				—				31,972				830				830
Sabel InvestCo, LP (Common) - Unfunded (7), (9)				Government Services			—				—				47,957				—				—
Safe Haven Defense MidCo, LLC (9)				Building Materials			—				—				227				227				271
SBI Holdings Investments LLC				Business Services			—				—				36,585				366				416
Seacoast Service Partners, LLC (Common)				Diversified Conglomerate Service			—				—				238				280				280
Seaway Topco, LP				Chemicals, Plastics and Rubber			—				—				2,981				2,981				1,425
SP L2 Holdings, LLC				Consumer Products			—				—				881,966				882				10
SSC Dominion Holdings, LLC				Electronics			—				—				36				36				4,485
StellPen Holdings, LLC				Media			—				—				153,846				154				132
SV Aero Holdings, LLC (9)				Aerospace and Defense			—				—				25				218				542
TAC LifePort Holdings, LLC (9)				Aerospace and Defense			—				—				254,206				239				498
TCG 3.0 Jogger Co-Invest, LP - Common Equity				Media			—				—				6,475				1,252				859
Tinicum Space Coast Co-Invest, LLC (Common) (9)				Aerospace and Defense			—				—				216				2,177				2,134
Tower Arch Infolinks Media, LP (9)				Media			—				—				545,119				250				739
Tower Arch Infolinks Media, LP - Unfunded (7), (9)				Media			—				—				350,325				—				—
TPC Holding Company, LP (8)				Food			—				—				11,527				12				—
TWD Parent Holdings, LLC				Business Services			—				—				608				1				2
United Land Services Holdings LLC - Common Equity				Environmental Services			—				—				184,049				600				593
UniVista Insurance (9)				Business Services			—				—				400				328				760
Urology Partners Co., L.P.				Healthcare, Education and Childcare			—				—				1,111,111				1,111				1,656
Watchtower Holdings, LLC (9)				Electronics			—				—				12,419				1,242				1,369
WCP Ivyrehab Coinvestment, LP (9)				Healthcare, Education and Childcare			—				—				208				208				222
WCP Ivyrehab QP CF Feeder, LP (9)				Healthcare, Education and Childcare			—				—				3,754				3,791				4,007
WCP Ivyrehab QP CF Feeder, LP - Unfunded (7), (9)				Healthcare, Education and Childcare			—				—				246				—				—
Kentucky Racing Holdco, LLC (Warrants) (9)				Hotels, Motels, Inns and Gaming			—				—				161,252				—				1,818
Total Common Equity/Partnership Interests/Warrants																			116,543				132,848
US Government Securities - 25.2% of Net Assets
U.S. Treasury Bill (5)		01/16/2025		Short-Term U.S. Government Securities			4.20	%			—				125,000				124,813				124,794
Total US Government Securities																			124,813				124,794
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies																			856,406				845,829
Investments in Non-Controlled, Affiliated Portfolio Companies - 2.2% of Net Assets (1), (2)
First Lien Secured Debt - 0.3%
Walker Edison Furniture Company LLC (10)		03/01/2029		Home and Office Furnishings			—				—				11,702				10,429				—
Walker Edison Furniture Company, LLC - Unfunded Term Loan (7), (10)		03/01/2029		Home and Office Furnishings			—				—				542				—				(542	)
Walker Edison Furniture Company LLC - Junior Revolver (10)		03/01/2029		Home and Office Furnishings			—				—				3,333				3,333				2,257
Total First Lien Secured Debt																			13,762				1,715
Preferred Equity/Partnership Interests - 1.9% of Net Assets (6)
Cascade Environmental Holdings, LLC (Preferred)				Environmental Services			—				—				5,887,236				32,791				7,910
Cascade Environmental Holdings, LLC - Series B				Environmental Services			—				—				918				918				1,407
Total Preferred Equity/Partnership Interests																			33,709				9,317
Common Equity/Partnership Interests/Warrants - 0.0% of Net Assets (6)
Cascade Environmental Holdings, LLC				Environmental Services			—				—				7,444,347				2,852				—
Walker Edison Furniture				Home and Office Furnishings			—				—				72,917				6,786				—
Total Common Equity/Partnership Interests/Warrants																			9,638				—
Total Investments in Non-Controlled, Affiliated Portfolio Companies																			57,109				11,032
Investments in Controlled, Affiliated Portfolio Companies - 89.2% (1), (2)
First Lien Secured Debt - 20.8% of Net Assets
AKW Holdings Limited (8), (11)		03/15/2027		Healthcare, Education and Childcare			11.92	%		3M SOFR+700				GBP 42,457					58,075				53,173
JF Holdings Corp.		07/31/2026		Distribution			10.38	%		3M SOFR+605					49,500				49,038				49,500
Total First Lien Secured Debt																			107,113				102,673
Subordinated Debt - 31.4% of Net Assets

 

 

---

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2024

(In thousands, except share data)

 

 

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Flock Financial, LLC (11)		10/19/2027		Financial Services			14.50	%			—				23,031			$	23,031			$	23,031
						(PIK 14.50%)
PennantPark Senior Loan Fund, LLC (11)		07/31/2027		Financial Services			12.59	%		3M SOFR+800					132,175				132,175				132,174
Total Subordinated Debt																			155,206				155,205
Preferred Equity - 5.4% of Net Assets (6)
Flock Financial Class A Preferred Equity (11)				Financial Services			—				—				2,047,727				7,313				7,313
Flock Financial Class B Preferred Equity (11)				Financial Services			—				—				5,409,091				19,318				19,318
Total Preferred Equity																			26,631				26,631
Common Equity - 31.7% of Net Assets (6)
AKW Holdings Limited - Common Equity (8), (11)				Healthcare, Education and Childcare			—				—				950				132				3,870
JF Intermediate, LLC				Distribution			—				—				43,918				4,488				76,784
PennantPark Senior Loan Fund, LLC - Common Equity (11)				Financial Services			—				—				77,253,462				77,397				76,042
Total Common Equity																			82,017				156,696
Total Investments in Controlled, Affiliated Portfolio Companies																			370,967				441,205
Total Investments - 262.6% of Net Assets (12)																			1,284,482				1,298,066
Cash and Cash Equivalents - 11.3% of Net Assets
BlackRock Federal FD Institutional 30							4.43	%											41,379				41,379
Non-Money Market Cash																			14,489				14,472
Total Cash and Cash Equivalents																			55,868				55,851
Total Investments and Cash Equivalents - 273.9%																		$	1,340,350			$	1,353,917
Liabilities in Excess of Other Assets - (173.9)%																							(859,596	)
Net Assets - 100%																						$	494,321

 

---

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2024

(In thousands, except share data)

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 184.3% (1), (2)
First Lien Secured Debt - 112.9% of Net Assets
A1 Garage Merger Sub, LLC		12/22/2028		Personal, Food and Miscellaneous Services		10.95%				3M SOFR+610					5,345			$	5,279			$	5,345
A1 Garage Merger Sub, LLC - Unfunded Term Loan (8)		12/21/2024		Personal, Food and Miscellaneous Services			—				—				1,534				—				23
A1 Garage Merger Sub, LLC - Revolver (8)		12/22/2028		Personal, Food and Miscellaneous Services			—				—				2,532				—				—
ACP Avenu Buyer, LLC		10/02/2029		Business Services		10.52%				3M SOFR+525					28				28				27
ACP Avenu Buyer, LLC - Unfunded Term Loan (8)		04/02/2025		Business Services			—				—				1,799				—				(34	)
ACP Avenu Buyer, LLC - Funded Revolver		10/02/2029		Business Services		10.45%				3M SOFR+525					271				271				262
ACP Avenu Buyer, LLC - Revolver (8)		10/02/2029		Business Services			—				—				947				—				(31	)
ACP Falcon Buyer, Inc. - Revolver (8)		08/01/2029		Business Services			—				—				2,533				—				—
Ad.net Acquisition, LLC - Funded Revolver		05/07/2026		Media		10.93%				3M SOFR+626					178				178				178
Ad.net Acquisition, LLC - Revolver (8)		05/07/2026		Media			—				—				267				—				—
Adweek Purchaser, LLC		05/30/2027		Printing and Publishing		11.60%				3M SOFR+700					2,000				1,963				2,000
Adweek Purchaser, LLC - Unfunded Term Loan (8)		11/30/2025		Printing and Publishing			—				—				400				—				6
Aechelon Technology, Inc.		08/16/2029		Aerospace and Defense		12.60%				3M SOFR+750					5,000				4,951				4,900
Aechelon Technology, Inc. - Unfunded Revolver (8)		08/16/2029		Aerospace and Defense			—				—				1,109				—				(22	)
Aeronix, Inc. - Revolver (8)		12/12/2028		Aerospace and Defense			—				—				2,489				—				—
AFC Dell Holding Corp.		04/09/2027		Distribution		10.48%				3M SOFR+550					9,781				9,762				9,683
AFC Dell Holding Corp. - Unfunded Term Loan (8)		04/09/2027		Distribution			—				—				4,428				—				(44	)
Atlas Purchaser, Inc. - Third Out		05/06/2028		Telecommunications		11.97%				3M SOFR+700					8,840				7,499				6,144
Atlas Purchaser, Inc. - Fourth Out		05/06/2028		Telecommunications		11.97%				3M SOFR+700					4,760				674				624
Anteriad, LLC (f/k/a MeritDirect, LLC) - Revolver (8)		06/30/2026		Media			—				—				1,612				—				—
Applied Technical Services, LLC		12/29/2026		Environmental Services		10.50%				3M SOFR+590					1,182				1,174				1,164
Applied Technical Services, LLC - Unfunded Term Loan (8)		07/17/2025		Environmental Services			—				—				2,637				—				(13	)
Applied Technical Services, LLC - Revolver		12/29/2026		Environmental Services		13.25%				3M SOFR+475					1,133				1,133				1,116
Applied Technical Services, LLC - Unfunded Revolver (8)		12/29/2026		Environmental Services			—				—				669				—				(10	)
Arcfield Acquisition Corp. - Revolver (8)		08/04/2028		Aerospace and Defense			—				—				3,521				—				(18	)
Archer Lewis, LLC		08/28/2029		Healthcare, Education and Childcare		10.83%				3M SOFR+575					8,700				8,614				8,526
Archer Lewis, LLC - Unfunded Term Loan A (8)		08/28/2025		Healthcare, Education and Childcare			—				—				5,324				—				(53	)
Archer Lewis, LLC - Unfunded Term Loan B (8)		08/28/2026		Healthcare, Education and Childcare			—				—				8,527				—				(85	)
Archer Lewis, LLC - Unfunded Revolver (8)		08/28/2029		Healthcare, Education and Childcare			—				—				1,304				—				(26	)
Argano, LLC.		09/13/2029		Business Services		10.85%				3M SOFR+575					15,000				14,851				14,850
Argano, LLC. - Unfunded Term Loan (8)		03/13/2025		Business Services			—				—				4,981				—				—
Argano, LLC. - Unfunded Revolver (8)		09/13/2029		Business Services			—				—				794				—				—
Beacon Behavioral Support Service, LLC		06/21/2029		Healthcare, Education and Childcare		9.85%				3M SOFR+525					2,396				2,372				2,360
Beacon Behavioral Support Service, LLC - Unfunded Term Loan (8)		12/21/2025		Healthcare, Education and Childcare			—				—				3,747				—				(19	)
Beacon Behavioral Support Service, LLC - Revolver (8)		06/21/2029		Healthcare, Education and Childcare			—				—				1,206				—				(18	)
Berwick Industrial Park		05/02/2025		Buildings and Real Estate		13.00%					—				4,000				4,042				3,988
Beta Plus Technologies, Inc.		07/01/2029		Business Services		10.35%				3M SOFR+575					4,900				4,832				4,753
Big Top Holdings, LLC - Unfunded Revolver (8)		02/07/2030		Manufacturing/Basic Industry			—				—				1,155				—				—
BioDerm, Inc. - Revolver		01/31/2028		Healthcare, Education and Childcare		11.84%				3M SOFR+650					589				589				582
BioDerm, Inc. - Revolver (8)		01/31/2028		Healthcare, Education and Childcare			—				—				482				—				(6	)
Blackhawk Industrial Distribution, Inc.		09/17/2026		Distribution		11.00%				3M SOFR+640					6,279				6,239				6,171
Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan (8)		09/17/2026		Distribution			—				—				2,368				—				(18	)
Blackhawk Industrial Distribution, Inc. - Revolver		09/17/2026		Distribution		11.04%				3M SOFR+640					1,093				1,093				1,074
Blackhawk Industrial Distribution, Inc. - Unfunded Revolver (8)		09/17/2026		Distribution			—				—				3,764				—				(64	)
BlueHalo Financing Holdings, LLC		10/31/2025		Aerospace and Defense		10.44%				3M SOFR+600					14				14				14
Broder Bros., Co.		12/04/2025		Consumer Products		10.97%				3M SOFR+611					9,524				9,524				9,524
Carisk Buyer, Inc. - Unfunded Term Loan (8)		12/01/2029		Healthcare, Education and Childcare			—				—				4,813				—				(24	)
Carisk Buyer, Inc. - Revolver (8)		12/01/2029		Healthcare, Education and Childcare			—				—				1,750				—				(26	)
Carnegie Dartlet, LLC		02/07/2030		Education		10.35%				3M SOFR+550					12,935				12,745				12,741
Carnegie Dartlet, LLC - Unfunded Term Loan (8)		02/07/2026		Education			—				—				10,017				—				(50	)
Carnegie Dartlet, LLC - Unfunded Revolver (8)		02/07/2030		Education			—				—				3,339				—				(50	)

 

 

 

---

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2024

(In thousands, except share data)

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Cartessa Aesthetics, LLC		06/14/2028		Distribution		10.35%				3M SOFR+575					28,737			$	28,334			$	28,736
Cartessa Aesthetics, LLC - Revolver		06/14/2028		Distribution		10.35%				3M SOFR+575					1,265				1,265				1,265
Cartessa Aesthetics, LLC - Unfunded Revolver (8)		06/14/2028		Distribution			—				—				2,297				—				—
CF512, Inc.		08/20/2026		Media		11.05%				3M SOFR+619					6,525				6,475				6,427
CF512, Inc. - Revolver (8)		08/20/2026		Media			—				—				909				—				(14	)
Compex Legal Services, Inc.		02/09/2026		Business Services		10.31%				3M SOFR+555					939				933				939
Compex Legal Services, Inc. - Revolver		02/07/2025		Business Services		10.80%				3M SOFR+555					328				328				328
Compex Legal Services, Inc. - Unfunded Revolver (8)		02/07/2025		Business Services			—				—				328				—				—
Confluent Health, LLC		11/30/2028		Healthcare, Education and Childcare		12.35%				3M SOFR+750					1,970				1,854				1,970
Connatix Buyer, Inc. - Funded Revolver		07/13/2027		Media		10.58%				3M SOFR+576					424				424				424
Connatix Buyer, Inc. - Revolver (8)		07/13/2027		Media			—				—				1,451				—				—
Crane 1 Services, Inc.		08/16/2027		Personal, Food and Miscellaneous Services		9.40%				3M SOFR+586					1,777				1,751				1,763
Crane 1 Services, Inc. - Revolver (8)		08/16/2027		Personal, Food and Miscellaneous Services			—				—				435				—				(3	)
C5MI Acquisition, LLC		07/31/2030		Business Services		10.60%				3M SOFR+600					15,000				14,778				14,700
C5MI Acquisition, LLC - Funded Revolver		07/31/2030		Business Services		10.60%				3M SOFR+600					276				276				270
C5MI Acquisition, LLC - Unfunded Revolver (8)		07/31/2030		Business Services			—				—				3,858				—				(77	)
Dr. Squatch, LLC		08/31/2027		Personal and Non-Durable Consumer Products		9.95%				3M SOFR+535					8,116				8,058				8,116
Dr. Squatch, LLC - Unfunded Revolver (8)		08/31/2027		Media			—				—				2,326				—				—
DRS Holdings III, Inc.		11/03/2025		Consumer Products		11.20%				3M SOFR+635					6				6				6
DRS Holdings III, Inc. - Revolver (8)		11/03/2025		Consumer Products			—				—				1,783				—				(14	)
Duggal Acquisition, LLC		09/30/2030		Marketing Services		9.60%				3M SOFR+500					7,000				6,930				6,930
Duggal Acquisition, LLC - Unfunded Term Loan (8)		09/30/2026		Marketing Services			—				—				2,042				—				—
Duggal Acquisition, LLC - Unfunded Revolver (8)		09/30/2030		Marketing Services			—				—				2,561				—				—
Dynata, LLC - Last-Out Term Loan		07/15/2028		Business Services		10.88%				3M SOFR+576					84				84				77
EDS Buyer, LLC		12/22/2028		Aerospace and Defense		10.35%				3M SOFR+575					12,261				12,106				12,077
EDS Buyer, LLC - Revolver (8)		12/22/2028		Aerospace and Defense			—				—				1,915				—				(29	)
ENC Parent Corporation		08/20/2029		Business Services		9.12%				3M SOFR+451					3,391				2,995				2,865
ETE Intermediate II, LLC - Funded Revolver		05/25/2029		Personal, Food and Miscellaneous Services		11.10%				3M SOFR+650					1,215				1,215				1,215
ETE Intermediate II, LLC - Revolver (8)		05/25/2029		Personal, Food and Miscellaneous Services			—				—				1,215				—				—
Eval Home Health Solutions Intermediate, LLC - Revolver (8)		05/10/2030		Healthcare, Education and Childcare			—				—				822				—				(8	)
Exigo Intermediate II, LLC		03/15/2027		Business Services		11.20%				3M SOFR+635					24,128				23,911				24,007
Exigo Intermediate II, LLC - Revolver (8)		03/15/2027		Business Services			—				—				1,856				—				(9	)
Five Star Buyer, Inc.		02/23/2028		Leisure, Amusement, Motion Pictures, Entertainment		12.21%				3M SOFR+715					196				196				196
Five Star Buyer, Inc. - Revolver (8)		02/23/2028		Leisure, Amusement, Motion Pictures, Entertainment			—				—				741				—				—
Gauge ETE Blocker, LLC - Promissory Note		05/19/2029		Personal, Food and Miscellaneous Services		12.56%					—				215				215				215
GGG MIDCO, LLC		09/27/2030		Home and Office Furnishings, Housewares and Durable Consumer Products		9.64%				3M SOFR+500					8,525				8,440				8,440
GGG MIDCO, LLC - Unfunded Term Loan (8)		03/27/2026		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				13,728				—				—
GGG MIDCO, LLC - Unfunded Revolver (8)		09/27/2030		Home and Office Furnishings, Housewares and Durable Consumer Products			—				—				581				—				—
Graffiti Buyer, Inc.		08/10/2027		Distribution		10.20%				3M SOFR+560					1,132				1,123				1,121
Graffiti Buyer, Inc. - Unfunded Term Loan (8)		08/10/2027		Distribution			—				—				831				—				(2	)
Graffiti Buyer, Inc. - Funded Revolver		08/10/2027		Distribution		10.62%				3M SOFR+560					384				384				380
Graffiti Buyer, Inc. - Revolver (8)		08/10/2027		Distribution			—				—				385				—				(4	)
Halo Buyer, Inc.		06/30/2025		Consumer Products		9.45%				3M SOFR+460					4,712				4,382				4,285
Hancock Roofing and Construction L.L.C.		12/31/2026		Insurance		10.45%				1M SOFR+560					680				680				666
Hancock Roofing and Construction L.L.C. - Revolver (8)		12/31/2026		Insurance			—				—				70				—				(1	)
Harris & Co. LLC		08/09/2030		Financial Services		9.85%				3M SOFR+500					5,593				5,545				5,495
Harris & Co. LLC - Unfunded Term Loan A (8)		02/09/2025		Financial Services			—				—				13,051				—				(114	)
Harris & Co. LLC - Unfunded Term Loan B (8)		02/09/2026		Financial Services			—				—				16,654				—				(146	)
Harris & Co. LLC - Unfunded Revolver (8)		08/09/2030		Financial Services			—				—				2,451				—				(43	)

 

---

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2024

(In thousands, except share data)

 

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Hills Distribution, Inc. - Unfunded Term Loan (8)		11/07/2025		Distribution			—				—				9,144				—				—
HV Watterson Holdings, LLC		12/17/2026		Business Services		11.73%				1M SOFR+640					279				278				256
						(PIK 4.00%)
HV Watterson Holdings, LLC - Revolver		12/17/2026		Business Services		11.73%				1M SOFR+640					1,213				1,213				1,112
						(PIK 4.00%)
HV Watterson Holdings, LLC - Unfunded Revolver (8)		12/17/2026		Business Services			—				—				37				—				(3	)
HW Holdco, LLC		05/10/2026		Media		11.20%				3M SOFR+590					11,124				11,112				11,124
HW Holdco, LLC - Revolver (8)		05/10/2026		Media			—				—				3,387				—				—
IG Investment Holdings LLC		09/22/2028		Business Services		11.25%				3M SOFR+610					105				104				104
IG Investments Holdings, LLC - Revolver (8)		09/22/2027		Business Services			—				—				722				—				(7	)
Imagine Acquisitionco, LLC (8)		11/15/2027		Business Services			—				—				1,685				—				(8	)
Infinity Home Services Holdco, Inc.		12/28/2028		Personal, Food and Miscellaneous Services		11.39%				3M SOFR+685					2,458				2,429				2,458
Infinity Home Services Holdco, Inc. (CAD)		12/28/2028		Personal, Food and Miscellaneous Services		10.35%				3M SOFR+600					2,562				1,846				1,897
Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan (8)		11/17/2025		Personal, Food and Miscellaneous Services			—				—				6,573				—				82
Infinity Home Services Holdco, Inc. - Funded Revolver		12/28/2028		Personal, Food and Miscellaneous Services		13.75%				3M SOFR+575					194				194				194
Infinity Home Services Holdco, Inc. - Revolver (8)		12/28/2028		Personal, Food and Miscellaneous Services			—				—				1,098				—				—
Infolinks Media Buyco, LLC		11/01/2026		Media		10.10%				3M SOFR+550					1,281				1,270				1,272
Inventus Power, Inc. - Revolver (8)		06/30/2025		Electronics			—				—				1,729				—				(26	)
ITI Holdings, Inc.		03/03/2028		Business Services		10.58%				3M SOFR+565					8,748				8,647				8,748
ITI Holdings, Inc. - Revolver		03/03/2028		Business Services		12.50%				3M SOFR+450					1,121				1,121				1,121
ITI Holdings, Inc. - Unfunded Revolver (8)		03/03/2028		Business Services			—				—				370				—				—
Kinetic Purchaser, LLC		11/10/2027		Consumer Products		10.75%				3M SOFR+615					3,099				3,023				3,099
Kinetic Purchaser, LLC - Revolver (8)		11/10/2026		Consumer Products			—				—				4,854				—				—
Lash OpCo, LLC		02/18/2027		Consumer Products		12.94%				1M SOFR+785					2,902				2,871				2,873
						(PIK 5.10%)
Lash OpCo, LLC - Revolver		08/16/2026		Consumer Products		13.18%				1M SOFR+785					2,685				2,685				2,658
						(PIK 5.10%)
Lash OpCo, LLC - Unfunded Revolver (8)		08/16/2026		Consumer Products			—				—				317				—				(3	)
LAV Gear Holdings, Inc.		10/31/2025		Leisure, Amusement, Motion Pictures, Entertainment		11.50%				1M SOFR+643					2,032				2,032				1,996
Ledge Lounger, Inc.		11/09/2026		Consumer Products		12.24%				3M SOFR+765					8,999				8,911				8,549
						(PIK 1.00%)
Ledge Lounger, Inc. - Revolver		11/09/2026		Consumer Products		12.25%				3M SOFR+765					644				644				612
Ledge Lounger, Inc. - Unfunded Revolver (8)		11/09/2026		Consumer Products			—				—				966				—				(48	)
Lightspeed Buyer Inc. - Revolver (8)		02/03/2026		Healthcare, Education and Childcare			—				—				1,166				—				—
LJ Avalon Holdings, LLC		01/31/2030		Environmental Services		10.10%				1M SOFR+525					1,459				1,438				1,459
LJ Avalon Holdings, LLC - Unfunded Term Loan (8)		10/01/2024		Environmental Services			—				—				2,419				—				12
LJ Avalon Holdings, LLC - Revolver (8)		01/31/2030		Environmental Services			—				—				587				—				—
Loving Tan Intermediate II, Inc.		05/31/2028		Consumer Products		11.10%				3M SOFR+650					9,784				9,633				9,637
Loving Tan Intermediate II, Inc. - Revolver		05/31/2028		Consumer Products		11.60%				3M SOFR+700					332				332				327
Loving Tan Intermediate II, Inc. - Unfunded Revolver (8)		05/31/2028		Consumer Products			—				—				664				—				(10	)
Loving Tan Intermediate II, Inc. - Unfunded Term Loan (8)		07/12/2025		Consumer Products			—				—				4,376				—				(22	)
MBS Holdings, Inc. - Funded Revolver		04/16/2027		Telecommunications		10.95%				3M SOFR+585					83				83				83
MBS Holdings, Inc. - Revolver (8)		04/16/2027		Telecommunications			—				—				611				—				—
MDI Buyer, Inc.		07/25/2028		Chemicals, Plastics and Rubber		10.71%				3M SOFR+575					19,931				19,679				19,736
MDI Buyer, Inc. - Revolver		07/25/2028		Chemicals, Plastics and Rubber		11.19%				3M SOFR+575					1,529				1,529				1,514
MDI Buyer, Inc. - Unfunded Revolver (8)		07/25/2028		Chemicals, Plastics and Rubber			—				—				698				—				—
Meadowlark Acquirer, LLC		12/10/2027		Business Services		10.50%				3M SOFR+590					1,923				1,908				1,874
Meadowlark Acquirer, LLC- Unfunded Revolver (8)		12/10/2027		Business Services			—				—				1,685				—				(42	)
Medina Health, LLC		10/20/2028		Healthcare, Education and Childcare		10.85%				3M SOFR+625					4,887				4,813				4,887
Medina Health, LLC - Revolver (8)		10/20/2028		Healthcare, Education and Childcare			—				—				2,774				—				—

 

---

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2024

(In thousands, except share data)

---

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
Megawatt Acquisitionco, Inc. - Funded Revolver		03/01/2030		Electronics		10.11%				3M SOFR+525					204			$	204			$	193
Megawatt Acquisitionco, Inc. - Unfunded Revolver (8)		03/01/2030		Electronics			—				—				1,653				—				(93	)
Mineola 212, LLC		06/24/2025		Buildings and Real Estate		13.00%					—				3,500				3,489				3,479
MOREGroup Holdings, Inc.		01/16/2030		Business Services		10.35%				3M SOFR+575					7,450				7,348				7,338
MOREGroup Holdings, Inc. - Unfunded Term Loan (8)		01/16/2026		Business Services			—				—				6,124				—				(31	)
MOREGroup Holdings, Inc. - Unfunded Revolver (8)		01/16/2030		Business Services			—				—				3,675				—				(55	)
Municipal Emergency Services, Inc.		09/28/2027		Distribution		9.77%				3M SOFR+515					2,792				2,792				2,792
Municipal Emergency Services, Inc. - Unfunded Term Loan B (8)		12/16/2024		Distribution			—				—				966				—				—
Municipal Emergency Services, Inc. - Unfunded Term Loan 3rd Amendment (8)		09/28/2027		Distribution			—				—				500				—				5
Municipal Emergency Services, Inc. - Revolver (8)		09/28/2027		Distribution			—				—				1,880				—				—
NBH Group LLC - Revolver (8)		08/19/2026		Healthcare, Education and Childcare			—				—				1,163				—				(35	)
NFS - CFP Holdings LLC		09/13/2030		Business Services		9.56%				3M SOFR+475					18,000				17,866				17,865
NFS - CFP Holdings LLC - Unfunded Term Loan (8)		09/13/2026		Business Services			—				—				6,630				—				—
NFS - CFP Holdings LLC - Unfunded Revolver (8)		09/13/2030		Business Services			—				—				2,486				—				—
NORA Acquisition, LLC		08/31/2029		Healthcare, Education and Childcare		10.95%				3M SOFR+635					5,445				5,348				5,445
NORA Acquisition, LLC - Revolver (8)		08/31/2029		Healthcare, Education and Childcare			—				—				2,707				—				—
NP Riverhead Industrial, LLC		05/24/2025		Buildings and Real Estate		14.50%					—				5,000				4,984				4,975
Omnia Exterior Solutions, LLC		12/29/2029		Diversified Conglomerate Service		10.10%				3M SOFR+550					4,888				4,840				4,814
Omnia Exterior Solutions, LLC - Unfunded Term Loan 1 (8)		12/30/2024		Diversified Conglomerate Service			—				—				3,499				—				(22	)
Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 (8)		09/30/2026		Diversified Conglomerate Service			—				—				5,598				—				(35	)
Omnia Exterior Solutions, LLC - Revolver (8)		12/29/2029		Diversified Conglomerate Service			—				—				2,100				—				(31	)
ORL Acquisition, Inc.		09/03/2027		Business Services		14.00%				3M SOFR+940					4,245				4,198				3,608
						(PIK 7.50%)
ORL Acquisition, Inc. - Revolver (8)		09/03/2027		Business Services			—				—				149				—				(22	)
OSP Embedded Purchaser, LLC		12/15/2029		Aerospace and Defense		10.70%				3M SOFR+610					6,451				6,345				6,264
OSP Embedded Purchaser, LLC - Revolver (8)		12/15/2029		Aerospace and Defense			—				—				1,477				—				(43	)
Ox Two, LLC		05/18/2026		Building Materials		11.12%				3M SOFR+651					8,460				8,403				8,460
Ox Two, LLC - Revolver (8)		05/18/2026		Building Materials			—				—				2,419				—				—
Pacific Purchaser, LLC - Unfunded Term Loan (8)		09/30/2028		Business Services			—				—				2,747				—				36
Pacific Purchaser, LLC - Revolver (8)		09/30/2028		Business Services			—				—				1,373				—				(3	)
PAR Excellence Holdings, Inc.		09/03/2030		Healthcare, Education and Childcare		9.77%				3M SOFR+475					10,000				9,901				9,900
PAR Excellence Holdings, Inc. - Unfunded Revolver (8)		09/03/2030		Healthcare, Education and Childcare			—				—				2,681				—				—
PCS MIDCO INC		03/01/2030		Financial Services		10.81%				1M SOFR+575					467				462				467
PCS MIDCO INC - Unfunded Term Loan (8)		03/01/2026		Financial Services			—				—				3,955				—				40
PCS MIDCO INC - Funded Revolver		03/01/2030		Financial Services		10.81%				1M SOFR+575					308				308				308
PCS MIDCO INC - Unfunded Revolver (8)		03/01/2030		Financial Services			—				—				1,454				—				—
PlayPower, Inc.		08/28/2030		Manufacturing/Basic Industry		9.85%				3M SOFR+525					12,000				11,912				11,820
PlayPower, Inc. - Unfunded Revolver (8)		08/28/2030		Manufacturing/Basic Industry			—				—				2,570				—				(39	)
PL Acquisitionco, LLC - Revolver (8)		11/09/2027		Retail			—				—				3,236				—				(647	)
Pragmatic Institute, LLC (7)		07/06/2028		Business Services		12.09%				3M SOFR+750					37,241				36,054				22,810
						(PIK 12.09%)
Pragmatic Institute, LLC - Revolver (7)		07/06/2028		Business Services		12.09%				3M SOFR+750					5,154				5,041				3,157
						(PIK 12.09%)
Quantic Electronics, LLC		11/19/2026		Aerospace and Defense		10.95%				3M SOFR+635					1,468				1,461				1,461
Quantic Electronics, LLC - Funded Revolver		08/17/2026		Aerospace and Defense		10.95%				3M SOFR+635					264				264				263
Quantic Electronics, LLC - Unfunded Revolver (8)		08/17/2026		Aerospace and Defense			—				—				264				—				(1	)
Radius Aerospace, Inc. - Revolver		03/31/2025		Aerospace and Defense		11.10%				3M SOFR+615					817				817				800
Radius Aerospace, Inc. - Unfunded Revolver (8)		03/31/2025		Aerospace and Defense			—				—				1,411				—				(28	)
Rancho Health MSO, Inc.		12/18/2025		Healthcare, Education and Childcare		10.90%				3M SOFR+560					360				360				360
Rancho Health MSO, Inc. - Unfunded Term Loan (8)		12/18/2025		Healthcare, Education and Childcare			—				—				210				—				—
Rancho Health MSO, Inc. - Unfunded Term Loan 2 (8)		06/30/2025		Healthcare, Education and Childcare			—				—				1,500				—				15
Rancho Health MSO, Inc. - Revolver		12/18/2025		Healthcare, Education and Childcare		10.93%				3M SOFR+560					210				210				210
Rancho Health MSO, Inc. - Unfunded Revolver (8)		12/18/2025		Healthcare, Education and Childcare			—				—				315				—				—
Reception Purchaser, LLC		02/28/2028		Transportation		10.75%				3M SOFR+615					10,763				9,638				8,072
Recteq, LLC - Revolver (8)		01/29/2026		Consumer Products			—				—				1,127				-				(11	)
Riverpoint Medical, LLC - Revolver		06/20/2025		Healthcare, Education and Childcare		10.10%				3M SOFR+535					53				53				53
Riverpoint Medical, LLC - Unfunded Revolver (8)		06/20/2025		Healthcare, Education and Childcare			—				—				310				—				—

 

 

---

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2024

(In thousands, except share data)

Issuer Name		Maturity		Industry		Current Coupon				Basis Point Spread Above Index (4)				Par / Shares				Cost				Fair Value (3)
RRA Corporate, LLC		08/15/2029		Business Services		9.60%				3M SOFR+500					4,000			$	3,960			$	3,960
RRA Corporate, LLC - Unfunded Term Loan 1 (8)		02/15/2025		Business Services			—				—				5,394				—				—
RRA Corporate, LLC - Unfunded Term Loan 2 (8)		08/15/2026		Business Services			—				—				10,181				—				—
RRA Corporate, LLC - Funded Revolver		08/15/2029		Business Services		9.60%				3M SOFR+500					661				661				655
RRA Corporate, LLC - Unfunded Revolver (8)		08/15/2029		Business Services			—				—				2,487				—				(25	)
RTIC Subsidiary Holdings, LLC		05/03/2029		Consumer Products		10.35%				3M SOFR+575					9,975				9,827				9,776
RTIC Subsidiary Holdings, LLC - Unfunded Revolver (8)		05/03/2029		Consumer Products			—				—				5,422				—				(108	)
Rural Sourcing Holdings, Inc.		06/15/2029		Business Services		10.35%				3M SOFR+575					1,140				1,124				1,126
Rural Sourcing Holdings, Inc. - Unfunded Term Loan (8)		06/27/2026		Business Services			—				—				1,146				—				(9	)
Rural Sourcing Holdings, Inc. - Revolver (8)		06/15/2029		Business Services			—				—				860				—				(11	)
S101 Holdings, Inc.		12/29/2026		Electronics		11.48%				3M SOFR+615					355				351				351
S101 Holdings, Inc. - Unfunded Term Loan 2 (8)		12/15/2024		Electronics			—				—				4,955				—				—
Safe Haven Defense US LLC - Term Loan		05/23/2029		Building Materials		9.85%				3M SOFR+525					8,976				8,843				8,886
Safe Haven Defense US LLC - Unfunded Revolver (8)		05/23/2029		Building Materials			—				—				1,114				—				(11	)
Sales Benchmark Index LLC - Revolver (8)		01/03/2025		Business Services			—				—				732				—				—
Sargent & Greenleaf Inc. - Revolver		12/20/2024		Electronics		11.87%				3M SOFR+660					610				610				610
						(PIK 1.00%)
Sargent & Greenleaf Inc. - Unfunded Revolver (8)		12/20/2024		Electronics			—				—				4				—				—
Schlesinger Global, Inc.		07/14/2025		Business Services		7.60%				3M SOFR+275					4,870				4,851				4,748
						(PIK 5.60%)
Schlesinger Global, Inc. - Revolver		07/14/2025		Business Services		7.60%				3M SOFR+275					32				32				31
						(PIK 5.60%)
Schlesinger Global, Inc. - Unfunded Revolver (8)		07/14/2025		Business Services			—				—				7				—				—
Seaway Buyer, LLC		06/13/2029		Chemicals, Plastics and Rubber		10.75%				3M SOFR+615					4,704				4,650				4,539
Seaway Buyer, LLC - Revolver		06/13/2029		Chemicals, Plastics and Rubber		10.75%				3M SOFR+615					313				313				302
Seaway Buyer, LLC - Unfunded Revolver (8)		06/13/2029		Chemicals, Plastics and Rubber			—				—				2,814				—				(98	)
Shiftkey, LLC		06/21/2027		Business Services		10.62%				3M SOFR+601					17,595				17,478				16,838
Sigma Defense Systems, LLC		12/18/2027		Telecommunications		11.50%				1M SOFR+690					25,785				25,251				25,528
Sigma Defense Systems, LLC - Unfunded Revolver (8)		12/18/2027		Telecommunications			—				—				3,685				—				(37	)
Simplicity Financial Marketing Group Holdings Inc.		12/02/2026		Financial Services		10.88%				3M SOFR+640					4,065				4,054				4,106
Simplicity Financial Marketing Group Holdings Inc. - Unfunded Term Loan (8)		02/09/2026		Financial Services			—				—				4,656				—				93
Simplicity Financial Marketing Group Holdings Inc. - Unfunded Revolver (8)		12/02/2026		Financial Services			—				—				1,043				—				—
Smartronix, LLC - Unfunded Revolver (8)		11/23/2027		Aerospace and Defense			—				—				3,941				—				—
Solutionreach, Inc. - Unfunded Revolver (8)		07/17/2025		Communications			—				—				833				—				—
Spendmend Holdings LLC		03/01/2028		Business Services		10.25%				3M SOFR+565					432				430				432
Spendmend Holdings LLC - Unfunded Term Loan (8)		03/01/2025		Business Services			—				—				2,348				—			div { display: none; border: 1px solid #e0e0e0; padding: 10px 15px; font-size: 16px; min-height:200px; min-width:600px; } .press_tabs > label { display: inline-block; text-align: center; vertical-align: middle; user-select: none; border: 1px solid #e0e0e0; padding: 2px 8px; font-size: 16px; line-height: 1.5; transition: color 0.15s ease-in-out, background-color 0.15s ease-in-out; cursor: pointer; position: relative; top: 1px; } .press_tabs > label:not(:first-of-type) { border-left: none; } .press_tabs > input[type="radio"]:checked+label { background-color: #fff; border-bottom: 1px solid #fff; } @media (max-width: 1199px){} @media (max-width: 767px){ .press_tabs > label { display: inline-block; text-align: center; vertical-align: middle; user-select: none; border: 1px solid #e0e0e0; padding: 1px 4px; font-size: 13px; line-height: 1.5; transition: color 0.15s ease-in-out, background-color 0.15s ease-in-out; 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text-align:right!important; width: 80px !important; overflow-wrap:break-word; } #table_press_ibc th { max-width: 140px !important; width: 80px !important; min-width: 70px !important; } #table_press_ibc td { max-width: 140px !important; width: 80px !important; min-width: 70px !important; } } @media (max-width: 575px){ } .SEC_XML_extraction_result { width:850px; } .SEC_XML_extraction_result th { display:inline-block; width:140px; text-align:right!important; } .SEC_XML_extraction_result td { display:inline-block; width:140px; text-align:right!important; } Enhanced Investments, Inc. 329 South Oyster Bay Road #2085 Plainview, NY 11803 team@eninvs.com Performance About Strategies Team Screener Global Commodities Trending Ideas Rising Stars U.S. Leaders Eastern European Strategy Important disclosures Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities. Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance. All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage. Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request. All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services. Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice. Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities. Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance. All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage. Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request. All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services. Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is  for informational and general educational purposes only and is not investment or financial advice. © Enhanced Investments Inc. All rights reserved, 2023