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Published: 2025-08-11 20:06:45 ET

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10-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


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

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025


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

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-00736

PENNANTPARK INVESTMENT CORPORATION

(Exact name of registrant as specified in its charter)



MARYLAND		20-8250744
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1691 Michigan Avenue, 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 August 11, 2025 was 65,296,094.

PENNANTPARK INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025

TABLE OF CONTENTS



PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and September 30, 2024		4

Consolidated Statements of Operations for the three and nine months ended June 30, 2025 and 2024 (unaudited)		5

Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2025 and 2024 (unaudited)		6

Consolidated Statements of Cash Flows for the nine months ended June 30, 2025 and 2024 (unaudited)		7

Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and September 30, 2024		8

Notes to Consolidated Financial Statements (unaudited)		27

Report of Independent Registered Public Accounting Firm (PCAOB ID 49)		47

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		49

Item 3. Quantitative and Qualitative Disclosures About Market Risk		65

Item 4. Controls and Procedures		66

PART II. OTHER INFORMATION

Item 1. Legal Proceedings		67

Item 1A. Risk Factors		67

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		67

Item 3. Defaults Upon Senior Securities		67

Item 4. Mine Safety Disclosures		67

Item 5. Other Information		67

Item 6. Exhibits		68

SIGNATURES		69

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; “Funding I” refers to PennantPark Investment Funding I, LLC, a wholly-owned subsidiary prior to deconsolidation on July 31, 2020; “Taxable Subsidiary” refers collectively to our consolidated subsidiaries, PNNT Investment Holdings II, LLC and PNNT Investment Holdings, LLC; “PSLF” refers to PennantPark Senior Loan Fund, LLC, an unconsolidated joint venture; “PTSF II” refers to PennantPark-TSO Senior Loan Fund II, LP, an unconsolidated limited partnership; “PennantPark Investment Advisers” or “Investment Adviser” refers to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “BNP Credit Facility” refers to our revolving credit facility with BNP Paribas prior to deconsolidation of Funding I; “Truist Credit Facility” refers to our multi-currency, senior secured revolving credit facility with Truist Bank, as amended and restated; “2026 Notes” refers to our 4.50% Notes due May 2026; “2026 Notes-2” refers to our 4.00% Notes due November 2026; “BDC” refers to a business development company under the Investment Company Act of 1940, as amended, or the “1940 Act”; “Code” refers to the Internal Revenue Code of 1986, as amended; and “RIC” refers to a regulated investment company under the Code. References to our portfolio, our investments and our business include investments we make through consolidated subsidiaries.

Item 1. Consolidated Financial Statements

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)


	June 30, 2025			September 30, 2024
	(unaudited)
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost—$723,149 and $916,168, respectively)	$	729,787		$	910,323
Non-controlled, affiliated investments (amortized cost—$58,443 and $56,734, respectively)		7,484			33,423
Controlled, affiliated investments (amortized cost—$349,671 and $343,970, respectively)		434,353			384,304
Total investments (amortized cost—$1,131,263 and $1,316,872, respectively)		1,171,624			1,328,050
Cash and cash equivalents (cost—$70,408 and $49,833, respectively)		70,546			49,861
Interest receivable		4,600			5,261
Distribution receivable		5,832			5,417
Due from affiliates		90			228
Prepaid expenses and other assets		196			269
Total assets		1,252,888			1,389,086
Liabilities
Truist Credit Facility payable, at fair value (cost—$316,456 and $461,456, respectively)	$	316,384			460,361
2026 Notes payable (par— $150,000, unamortized deferred financing cost of $753 and $1,429, respectively)		149,247			148,571
2026 Notes-2 payable (par— $165,000, unamortized deferred financing cost of $1,280 and $1,920, respectively)		163,720			163,080
Payable for investment purchased		124,720			100,096
Interest payable on debt		2,919			6,406
Distributions payable		5,224			5,224
Base management fee payable		3,889			4,297
Accounts payable and accrued expenses		3,698			4,053
Incentive fee payable		2,502			3,057
Due to affiliate		—			33
Total liabilities		772,303			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		(263,448	)		(250,125	)
Total net assets	$	480,585		$	493,908
Total liabilities and net assets	$	1,252,888		$	1,389,086
Net asset value per share	$	7.36		$	7.56

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)


	Three Months Ended June 30,						Nine Months Ended June 30,
	2025			2024			2025			2024
Investment income:
From non-controlled, non-affiliated investments:
Interest	$	12,659		$	17,383		$	46,411		$	61,353
Payment-in-kind		1,569			1,904			4,554			2,093
Dividend income		560			977			1,566			2,292
Other income		617			392			1,319			2,595
From non-controlled, affiliated investments:
Payment-in-kind		—			—			—			347
From controlled, affiliated investments:
Interest		8,217			7,966			23,360			19,389
Payment-in-kind		355			995			1,178			2,484
Dividend income		5,578			7,387			16,008			16,765
Other income		—			—			27			—
Total investment income		29,555			37,004			94,423			107,318
Expenses:
Interest and expenses on debt		9,196			11,482			31,254			32,906
Base management fee		3,889			4,216			12,174			12,357
Incentive fee		2,502			3,345			7,682			9,684
General and administrative expenses		1,050			1,030			3,450			3,623
Administrative services expenses		450			450			1,400			1,189
Expenses before amendment costs, debt issuance costs and provision for taxes		17,087			20,523			55,960			59,759
Provision for taxes on net investment income		670			735			1,920			1,902
Credit facility amendment and debt issuance costs		—			—			324			—
Net expenses		17,757			21,258			58,204			61,661
Net investment income		11,798			15,746			36,219			45,657
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments and debt:
Non-controlled, non-affiliated investments		(475	)		(1,590	)		(30,749	)		(444	)
Non-controlled and controlled, affiliated investments		—			(5,305	)		—			(35,474	)
Provision for taxes on realized gain on investments		(1	)		—			(50	)		(177	)
Net realized gain (loss) on investments and debt		(476	)		(6,895	)		(30,799	)		(36,095	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments		(547	)		(1,614	)		12,594			(15,412	)
Non-controlled and controlled, affiliated investments		347			(3,483	)		16,699			38,592
Provision for taxes on unrealized appreciation (depreciation) on investments		—			—			—			(680	)
Debt appreciation (depreciation)		(2,972	)		(8	)		(1,023	)		(1,578	)
Net change in unrealized appreciation (depreciation) on investments and debt		(3,172	)		(5,105	)		28,270			20,922
Net realized and unrealized gain (loss) from investments and debt		(3,648	)		(12,000	)		(2,529	)		(15,173	)
Net increase (decrease) in net assets resulting from operations	$	8,150		$	3,746		$	33,690		$	30,484
Net increase (decrease) in net assets resulting from operations per common share	$	0.12		$	0.06		$	0.52		$	0.47
Net investment income per common share	$	0.18		$	0.24		$	0.55		$	0.70

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)


	Three Months Ended June 30,						Nine Months Ended June 30,
	2025			2024			2025			2024
Net increase (decrease) in net assets resulting from operations:
Net investment income	$	11,798		$	15,746		$	36,219		$	45,657
Net realized gain (loss) on investments and debt		(475	)		(6,895	)		(30,749	)		(35,918	)
Net change in unrealized appreciation (depreciation) on investments		(200	)		(5,097	)		29,293			23,180
Net change in provision for taxes on net realized gain (loss) on investments		(1	)		—			(50	)		(177	)
Net change in provision for taxes on unrealized appreciation (depreciation) on investments		—			—			—			(680	)
Net change in unrealized appreciation (depreciation) on debt		(2,972	)		(8	)		(1,023	)		(1,578	)
Net increase (decrease) in net assets resulting from operations		8,150			3,746			33,690			30,484
Distributions to stockholders:
Distribution of net investment income		(15,671	)		(14,355	)		(47,013	)		(41,751	)
Total distributions to stockholders		(15,671	)		(14,355	)		(47,013	)		(41,751	)
Capital Transactions:
Public offering		—			552			—			552
Offering costs		—			(250	)		—			(250	)
Net increase in net assets resulting from capital transactions		—			302			—			302
Net increase (decrease) in net assets		(7,521	)		(10,307	)		(13,323	)		(10,965	)
Net assets:
Beginning of period		488,106			501,529			493,908			502,187
End of period	$	480,585		$	491,222		$	480,585		$	491,222
Capital share activity:
Shares issued from public offering		—			71,594			—			71,594

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)


	Nine Months Ended June 30,
	2025			2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	33,690		$	30,484
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		(29,293	)		(23,180	)
Net change in unrealized appreciation (depreciation) on debt		1,023			1,578
Net realized (gain) loss on investments		30,749			35,918
Net accretion of discount and amortization of premium		(3,144	)		(2,102	)
Purchases of investments		(908,102	)		(752,062	)
Payment-in-kind income		(5,732	)		(4,924	)
Proceeds from dispositions of investments		1,071,812			589,390
Amortization of deferred financing costs		1,316			1,316
(Increase) decrease in:
Interest receivable		661			1,252
Distribution receivable		(415	)		(2,885	)
Due from affiliate		138			(139	)
Prepaid expenses and other assets		73			3,386
Increase (decrease) in:
Due to affiliate		(33	)		(4,066	)
Payable for investments purchased		24,624			(35,398	)
Interest payable on debt		(3,487	)		(3,107	)
Base management fee payable, net		(408	)		301
Incentive fee payable		(555	)		35
Accounts payable and accrued expenses		(355	)		(3,536	)
Net cash provided by (used in) operating activities		212,562			(167,739	)
Cash flows from financing activities:
Proceeds from public offering	$	—		$	552
Offering costs		—			(250	)
Distributions paid to stockholders		(47,014	)		(50,222	)
Borrowings under Truist Credit Facility		97,000			423,036
Repayments under Truist Credit Facility		(242,000	)		(185,000	)
Net cash provided by (used in) financing activities		(192,014	)		188,116
Net increase (decrease) in cash equivalents		20,548			20,377
Effect of exchange rate changes on cash		137			—
Cash and cash equivalents, beginning of period		49,861			38,775
Cash and cash equivalents, end of period	$	70,546		$	59,152
Supplemental disclosure of cash flow information:
Interest paid	$	33,425		$	34,697
Taxes paid	$	2,850		$	6,308
Non-cash exchanges and conversions	$	23,229		$	28,835
Non-cash purchases and disposition of investments	$	26,250		$	—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 2025

(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 - 151.9% (1), (2)
First Lien Secured Debt - 84.3% of Net Assets
A1 Garage Merger Sub, LLC - Unfunded Revolver (7)	12/22/2028	Personal, Food and Miscellaneous Services		—			—		2,532	$	-	$	-
ACP Avenu Buyer, LLC	10/02/2029	Business Services		9.03	%	3M SOFR+475			5,930		5,886		5,871
ACP Avenu Buyer, LLC - Unfunded Term Loan (7)	04/21/2027	Business Services		—			—		3,479		-		(17	)
ACP Avenu Buyer, LLC - Unfunded Revolver (7)	10/02/2029	Business Services		—			—		2,436		-		(24	)
ACP Falcon Buyer, Inc. - Unfunded Revolver (7)	08/01/2029	Business Services		—			—		2,533		-		-
Ad.net Acquisition, LLC - Funded Revolver	05/07/2026	Media		10.56	%	3M SOFR+626			292		292		292
Ad.net Acquisition, LLC - Unfunded Revolver (7)	05/07/2026	Media		—			—		152		-		-
Adweek Purchaser, LLC	05/30/2027	Printing and Publishing		11.30	%	3M SOFR+700			2,000		1,972		2,000
Adweek Purchaser, LLC - Unfunded Term Loan (7)	11/30/2025	Printing and Publishing		—			—		400		-		6
Aechelon Technology, Inc.	08/16/2029	Aerospace and Defense		10.83	%	3M SOFR+650			11,760		11,653		11,760
Aechelon Technology, Inc. - Unfunded Revolver (7)	08/16/2029	Aerospace and Defense		—			—		2,724		-		-
AFC Dell Holding Corp.	04/09/2027	Distribution		9.83	%	3M SOFR+550			67		67		67
AFC Dell Holding Corp. - Unfunded Term Loan (7)	04/09/2027	Distribution		—			—		4,428		-		(22	)
Atlas Purchaser, Inc. - Third Out (10)	05/06/2028	Telecommunications		—			—		8,840		7,706		3,492
Atlas Purchaser, Inc. - Fourth Out (10)	05/06/2028	Telecommunications		—			—		4,760		794		262
Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver	06/30/2026	Media		10.20	%	3M SOFR+590			691		691		691
Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver (7)	06/30/2026	Media		—			—		921		-		-
Arcfield Acquisition Corp. - Unfunded Revolver (7)	10/28/2031	Aerospace and Defense		—			—		1,688		-		(8	)
Archer Lewis, LLC - Unfunded Term Loan B (7)	08/28/2026	Healthcare, Education and Childcare		—			—		6,821		-		68
Archer Lewis, LLC - Unfunded Revolver (7)	08/28/2029	Healthcare, Education and Childcare		—			—		1,304		-		-
Argano, LLC.	09/13/2029	Business Services		10.07	%	3M SOFR+575			10,461		10,359		10,366
Argano, LLC. - Unfunded Term Loan (7)	10/02/2026	Business Services		—			—		2,483		-		2
Argano, LLC. - Unfunded Revolver (7)	09/13/2029	Business Services		—			—		794		-		(7	)
Azureon, LLC	06/26/2029	Diversified Conglomerate Service		10.05	%	3M SOFR+575			9,835		9,728		9,609
Azureon, LLC - Funded Revolver	06/26/2029	Diversified Conglomerate Service		10.07	%	3M SOFR+575			464		464		453
Azureon, LLC - Unfunded Revolver (7)	06/26/2029	Diversified Conglomerate Service		—			—		696		-		(16	)
Beacon Behavioral Support Service, LLC - Unfunded Term Loan (7)	12/22/2025	Healthcare, Education and Childcare		—			—		3,838		-		-
Beacon Behavioral Support Service, LLC - Funded Revolver	06/21/2029	Healthcare, Education and Childcare		9.80	%	3M SOFR+550			782		782		774
Beacon Behavioral Support Service, LLC - Unfunded Revolver (7)	06/21/2029	Healthcare, Education and Childcare		—			—		261		-		(3	)
Berwick Industrial Park	08/02/2025	Buildings and Real Estate		13.00	%		—		4,000		4,006		3,920
Best Practice Associates, LLC - Unfunded Revolver (7)	11/08/2029	Aerospace and Defense		—			—		1,929		-		(24	)
Beta Plus Technologies, Inc.	07/02/2029	Business Services		10.05	%	3M SOFR+575			4,863		4,804		4,753
Big Top Holdings, LLC - Unfunded Revolver (7)	02/28/2030	Manufacturing/Basic Industry		—			—		1,155		-		-
BioDerm, Inc. - Funded Revolver	01/31/2028	Healthcare, Education and Childcare		10.82	%	3M SOFR+650			1,071		1,071		1,058
Blackhawk Industrial Distribution, Inc.	09/17/2026	Distribution		9.72	%	3M SOFR+540			1,270		1,265		1,254
Blackhawk Industrial Distribution, Inc. - Funded Revolver	09/17/2026	Distribution		9.70	%	3M SOFR+540			2,671		2,671		2,638
Blackhawk Industrial Distribution, Inc. - Unfunded Revolver (7)	09/17/2026	Distribution		—			—		2,186		-		(27	)
BLC Holding Company, Inc. - Unfunded Term Loan (7)	11/20/2026	Business Services		—			—		9,768		-		73
BLC Holding Company, Inc. - Unfunded Revolver (7)	11/20/2030	Business Services		—			—		3,005		-		-
Boss Industries, LLC - Unfunded Revolver (7)	12/27/2030	Conglomerate Manufacturing		—			—		1,306		-		-

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
Capital Construction, LLC	10/22/2026	Consumer Services		10.05	%	3M SOFR+575			3,659	$	3,631	$	3,631
Capital Construction, LLC - Unfunded Term Loan A (7)	07/31/2025	Consumer Services		—			—		1,950		-		-
Capital Construction, LLC - Unfunded Term Loan B (7)	12/30/2025	Consumer Services		—			—		6,613		-		-
Carisk Buyer, Inc. - Unfunded Term Loan (7)	12/03/2029	Healthcare, Education and Childcare		—			—		4,813		-		48
Carisk Buyer, Inc. - Unfunded Term Loan 2 (7)	12/03/2029	Healthcare, Education and Childcare		—			—		1,528		-		11
Carisk Buyer, Inc. - Unfunded Revolver (7)	12/03/2029	Healthcare, Education and Childcare		—			—		1,750		-		-
Carnegie Dartlet, LLC	02/07/2030	Education		9.83	%	3M SOFR+550			2,331		2,309		2,308
Carnegie Dartlet, LLC - Unfunded Term Loan (7)	02/09/2026	Education		—			—		7,680		-		-
Carnegie Dartlet, LLC - Unfunded Revolver (7)	02/07/2030	Education		—			—		3,339		-		(33	)
Cartessa Aesthetics, LLC	06/14/2028	Distribution		10.30	%	3M SOFR+600			23,555		23,281		23,555
Cartessa Aesthetics, LLC - Funded Revolver	06/14/2028	Distribution		10.30	%	3M SOFR+600			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		-		(12	)
Case Works, LLC - Funded Revolver	10/01/2029	Business Services		9.55	%	3M SOFR+525			1,415		1,415		1,383
Case Works, LLC - Unfunded Revolver (7)	10/01/2029	Business Services		—			—		472		-		(11	)
CF512, Inc. - Funded Revolver	08/20/2026	Media		10.60	%	3M SOFR+627			82		82		81
CF512, Inc. - Unfunded Revolver (7)	08/20/2026	Media		—			—		827		-		(8	)
CJX Borrower, LLC	07/13/2027	Media		9.97	%	3M SOFR+576			285		278		285
CJX Borrower, LLC - Unfunded Term Loan (7)	07/13/2027	Media		—			—		185		-		34
CJX Borrower, LLC - Funded Revolver	07/13/2027	Media		10.07	%	3M SOFR+576			818		818		818
CJX Borrower, LLC - Unfunded Revolver (7)	07/13/2027	Media		—			—		1,057		-		-
Compex Legal Services, Inc. - Funded Revolver	02/07/2026	Business Services		9.78	%	3M SOFR+555			393		393		393
Compex Legal Services, Inc. - Unfunded Revolver (7)	02/07/2026	Business Services		—			—		262		-		-
Cornerstone Advisors of Arizona, LLC	05/13/2032	Consulting Services		9.05	%	3M SOFR+475			6,000		5,970		5,970
Cornerstone Advisors of Arizona, LLC - Unfunded Revolver (7)	05/13/2032	Consulting Services		—			—		797		-		(4	)
Commercial Fire Protection Holdings, LLC - Unfunded Term Loan (7)	09/23/2026	Business Services		—			—		6,630		-		50
Commercial Fire Protection Holdings, LLC - Unfunded Revolver (7)	09/23/2030	Business Services		—			—		2,486		-		-
Crane 1 Services, Inc. - Unfunded Revolver (7)	08/16/2027	Personal, Food and Miscellaneous Services		—			—		435		-		(3	)
C5MI Acquisition, LLC	07/31/2029	Business Services		10.30	%	3M SOFR+600			2,469		2,437		2,469
C5MI Acquisition, LLC - Funded Revolver	07/31/2029	Business Services		10.33	%	3M SOFR+600			964		964		964
C5MI Acquisition, LLC - Unfunded Revolver (7)	07/31/2029	Business Services		—			—		3,169		-		-
Dr. Squatch, LLC - Unfunded Revolver (7)	08/31/2027	Media		—			—		2,326		-		-
DRS Holdings III, Inc.	11/03/2025	Consumer Products		9.57	%	3M SOFR+525			2		2		2
DRS Holdings III, Inc. - Unfunded Revolver (7)	11/03/2025	Consumer Products		—			—		608		-		(4	)
Duggal Acquisition, LLC - Unfunded Term Loan (7)	09/30/2026	Marketing Services		—			—		2,042		-		20
Duggal Acquisition, LLC - Unfunded Revolver (7)	09/30/2030	Marketing Services		—			—		2,561		-		-
Dynata, LLC - Last-Out Term Loan	10/16/2028	Business Services		10.09	%	3M SOFR+576			84		84		73
EDS Buyer, LLC - Unfunded Revolver (7)	12/22/2028	Aerospace and Defense		—			—		1,915		-		5
Emergency Care Partners, LLC - Unfunded Term Loan (7)	10/19/2026	Healthcare, Education and Childcare		—			—		2,185		-		-
Emergency Care Partners, LLC - Unfunded Revolver (7)	10/18/2027	Healthcare, Education and Childcare		—			—		641		-		-
ENC Parent Corporation	08/20/2029	Business Services		8.81	%	3M SOFR+451			3,391		3,041		2,882
ETE Intermediate II, LLC	05/29/2029	Personal, Food and Miscellaneous Services		9.58	%	3M SOFR+525			553		550		553
ETE Intermediate II, LLC - Funded Revolver	05/25/2029	Personal, Food and Miscellaneous Services		9.58	%	3M SOFR+525			166		166		166
ETE Intermediate II, LLC - Unfunded Revolver (7)	05/25/2029	Personal, Food and Miscellaneous Services		—			—		2,264		-		-
Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver (7)	05/10/2030	Healthcare, Education and Childcare		—			—		822		-		-
Exigo Intermediate II, LLC	03/15/2027	Business Services		10.68	%	3M SOFR+635			23,940		23,787		23,940
Exigo Intermediate II, LLC - Unfunded Revolver (7)	03/15/2027	Business Services		—			—		1,856		-		-
Express Wash Intermediate, LLC	04/10/2031	Auto Sector		10.46	%	3M SOFR+625			10,000		9,952		9,940
Express Wash Intermediate, LLC - Unfunded Revolver (7)	04/10/2031	Auto Sector		—			—		609		-		(4	)
First Medical Associates	06/13/2031	Healthcare, Education and Childcare		10.07	%	3M SOFR+575			4,500		4,455		4,455
First Medical Associates - Unfunded Term Loan (7)	06/13/2027	Healthcare, Education and Childcare		—			—		3,000		-		-
First Medical Associates - Unfunded Revolver (7)	06/13/2031	Healthcare, Education and Childcare		—			—		600		-		-
Five Star Buyer, Inc.	02/23/2028	Leisure, Amusement, Motion Pictures, Entertainment		11.46	%	3M SOFR+715			197		197		193
			(PIK 1.00%)
Five Star Buyer, Inc. - Unfunded Revolver (7)	02/23/2028	Leisure, Amusement, Motion Pictures, Entertainment		—			—		370		-		(7	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)

JUNE 30, 2025

(In thousands, except share data)


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
Gauge ETE Blocker, LLC - Promissory Note	05/21/2029	Personal, Food and Miscellaneous Services	PIK 12.56%				—		277	$	277	$	277
GGG MIDCO, LLC	09/27/2030	Home and Office Furnishings, Housewares and Durable Consumer Products		9.32	%	3M SOFR+500			6,175		6,116		6,175
GGG MIDCO, LLC - Unfunded Term Loan (7)	09/27/2026	Home and Office Furnishings, Housewares and Durable Consumer Products		—			—		4,111		-		41
GGG MIDCO, LLC - Unfunded Revolver (7)	09/27/2030	Home and Office Furnishings, Housewares and Durable Consumer Products		—			—		581		-		-
Graffiti Buyer, Inc.	08/10/2027	Distribution		9.92	%	3M SOFR+560			246		244		241
Graffiti Buyer, Inc. - Unfunded Term Loan (7)	08/10/2027	Distribution		—			—		831		-		(10	)
Graffiti Buyer, Inc. - Unfunded Revolver (7)	08/10/2027	Distribution		—			—		769		-		(15	)
Halo Buyer, Inc.	08/07/2029	Consumer Products		10.33	%	3M SOFR+600			16,958		16,800		16,449
Halo Buyer, Inc. - Funded Revolver	08/07/2029	Consumer Products		12.50	%	3M SOFR+500			495		495		464
Halo Buyer, Inc. - Unfunded Revolver (7)	08/07/2029	Consumer Products		—			—		2,203		-		(135	)
Hancock Roofing and Construction L.L.C.	12/31/2026	Insurance		9.93	%	3M SOFR+560			750		750		746
Harris & Co. LLC	08/09/2030	Financial Services		9.33	%	3M SOFR+500			8,457		8,385		8,457
Harris & Co. LLC - Unfunded Term Loan B (7)	02/09/2026	Financial Services		—			—		7,461		-		65
Harris & Co. LLC - Unfunded Revolver (7)	08/09/2030	Financial Services		—			—		4,529		-		-
Hills Distribution, Inc.	11/08/2029	Distribution		10.32	%	3M SOFR+600			7,805		7,737		7,805
Hills Distribution, Inc. - Unfunded Term Loan (7)	11/07/2025	Distribution		—			—		1,280		-		13
HV Watterson Holdings, LLC	12/17/2026	Business Services		12.00	%		—		288		287		181
			(PIK 4.00%)
HV Watterson Holdings, LLC - Funded Revolver	12/17/2026	Business Services		12.00	%		—		1,250		1,250		785
			(PIK 4.00%)
HV Watterson Holdings, LLC - Unfunded Revolver (7)	12/17/2026	Business Services		—			—		—		-		-
HW Holdco, LLC - Unfunded Revolver (7)	05/11/2026	Media		—			—		3,387		-		-
IG Investment Holdings LLC	09/22/2028	Business Services		9.28	%	3M SOFR+500			104		103		103
IG Investments Holdings, LLC - Unfunded Revolver (7)	09/22/2028	Business Services		—			—		722		-		(5	)
Imagine Acquisitionco, LLC - Unfunded Revolver (7)	11/16/2027	Business Services		—			—		1,685		-		(4	)
Impact Advisors, LLC	03/19/2032	Business Services		9.05	%	3M SOFR+475			7,980		7,941		7,940
Impact Advisors, LLC - Unfunded Term Loan (7)	03/21/2027	Business Services		—			—		4,686		-		-
Impact Advisors, LLC - Unfunded Revolver (7)	03/19/2032	Business Services		—			—		937		-		(5	)
Infinity Home Services Holdco, Inc.	12/28/2028	Personal, Food and Miscellaneous Services		10.30	%	3M SOFR+600			8,997		8,902		8,997
Infinity Home Services Holdco, Inc. (CAD)	12/28/2028	Personal, Food and Miscellaneous Services		10.30	%	3M SOFR+600			CAD 2,619		1,891		1,919
Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan (7)	10/30/2026	Personal, Food and Miscellaneous Services		—			—		9,091		-		(45	)
Infinity Home Services Holdco, Inc. - Funded Revolver	12/28/2028	Personal, Food and Miscellaneous Services		12.50	%	3M SOFR+500			323		323		323
Infinity Home Services Holdco, Inc. - Unfunded Revolver (7)	12/28/2028	Personal, Food and Miscellaneous Services		—			—		969		-		-
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		9.58	%	3M SOFR+525			974		974		974
Inovex Information Systems Incorporated - Unfunded Revolver (7)	12/17/2030	Business Services		—			—		1,401		-		-
Inventus Power, Inc. - Funded Revolver	01/15/2026	Electronics		11.93	%	3M SOFR+761			288		288		288
Inventus Power, Inc. - Unfunded Revolver (7)	01/15/2026	Electronics		—			—		1,441		-		-
Kinetic Purchaser, LLC	11/10/2027	Consumer Products		10.45	%	3M SOFR+615			3,099		3,039		2,944
Kinetic Purchaser, LLC - Funded Revolver	11/10/2026	Consumer Products		10.47	%	3M SOFR+615			2,427		2,427		2,305
Kinetic Purchaser, LLC - Unfunded Revolver (7)	11/10/2026	Consumer Products		—			—		2,427		-		(121	)
Lash OpCo, LLC	02/18/2027	Consumer Products		12.14	%	3M SOFR+785			3,016		2,996		2,956
			(PIK 5.10%)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
Lash OpCo, LLC - Funded Revolver	08/16/2026	Consumer Products		12.14	%	3M SOFR+785			2,790	$	2,790	$	2,734
			(PIK 5.10%)
Lash OpCo, LLC - Unfunded Revolver (7)	08/16/2026	Consumer Products		—			—		317		-		(6	)
LAV Gear Holdings, Inc. (10)	10/31/2025	Leisure, Amusement, Motion Pictures, Entertainment		—			—		2,125		2,088		1,591
LAV Gear Holdings, Inc. - Incremental Term Loan	10/31/2025	Leisure, Amusement, Motion Pictures, Entertainment	PIK 10.00%				—		138		131		172
Ledge Lounger, Inc.	11/09/2026	Consumer Products		11.95	%	3M SOFR+765			8,998		8,941		8,458
			(PIK 1.00%)
Ledge Lounger, Inc. - Funded Revolver	11/09/2026	Consumer Products		11.95	%	3M SOFR+765			1,621		1,621		1,524
			(PIK 1.00%)
Lightspeed Buyer, Inc.	02/03/2027	Healthcare, Education and Childcare		9.08	%	3M SOFR+475			2,016		2,016		2,016
Lightspeed Buyer Inc. - Unfunded Revolver (7)	02/03/2027	Healthcare, Education and Childcare		—			—		1,166		-		-
LJ Avalon Holdings, LLC	02/01/2030	Environmental Services		9.03	%	3M SOFR+475			1,110		1,104		1,110
LJ Avalon Holdings, LLC - Unfunded Term Loan (7)	10/01/2025	Environmental Services		—			—		1,306		-		7
LJ Avalon Holdings, LLC - Unfunded Revolver (7)	02/01/2029	Environmental Services		—			—		587		-		-
Loving Tan Intermediate II, Inc.	05/31/2028	Consumer Products		9.80	%	3M SOFR+550			7,089		7,010		7,053
Loving Tan Intermediate II, Inc. - Funded Revolver	05/31/2028	Consumer Products		9.80	%	3M SOFR+550			332		332		330
Loving Tan Intermediate II, Inc. - Unfunded Revolver (7)	05/31/2028	Consumer Products		—			—		664		-		(3	)
Loving Tan Intermediate II, Inc. - Unfunded Term Loan (7)	07/14/2025	Consumer Products		—			—		2,018		-		10
Marketplace Events Acquisition, LLC	12/19/2030	Media		9.55	%	3M SOFR+525			869		860		869
Marketplace Events Acquisition, LLC - Unfunded Term Loan (7)	06/19/2026	Media		—			—		3,483		-		35
Marketplace Events Acquisition, LLC - Funded Revolver	12/19/2030	Media		9.57	%	3M SOFR+525			653		653		653
Marketplace Events Acquisition, LLC - Unfunded Revolver (7)	12/19/2030	Media		—			—		1,524		-		-
MBS Holdings, Inc.	04/16/2027	Telecommunications		9.28	%	3M SOFR+510			268		267		268
MBS Holdings, Inc. - Unfunded Revolver (7)	04/16/2027	Telecommunications		—			—		694		-		-
MDI Buyer, Inc. - Funded Revolver	07/25/2028	Chemicals, Plastics and Rubber		11.50	%	3M SOFR+375			1,407		1,407		1,393
MDI Buyer, Inc. - Unfunded Revolver (7)	07/25/2028	Chemicals, Plastics and Rubber		—			—		819		-		(8	)
Meadowlark Acquirer, LLC	12/10/2027	Business Services		9.95	%	3M SOFR+565			1,908		1,896		1,879
Meadowlark Acquirer, LLC - Funded Revolver	12/10/2027	Business Services		9.95	%	3M SOFR+565			337		337		332
Meadowlark Acquirer, LLC- Unfunded Revolver (7)	12/10/2027	Business Services		—			—		1,348		-		(20	)
Medina Health, LLC - Unfunded Revolver (7)	10/20/2028	Healthcare, Education and Childcare		—			—		2,774		-		7
Megawatt Acquisitionco, Inc. - Funded Revolver	03/01/2030	Electronics		9.83	%	3M SOFR+550			483		483		446
Megawatt Acquisitionco, Inc. - Unfunded Revolver (7)	03/01/2030	Electronics		—			—		1,374		-		(106	)
Mineola 212, LLC	12/24/2025	Buildings and Real Estate		13.00	%		—		3,500		3,511		3,500
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		9.45	%	3M SOFR+515			376		373		376
Municipal Emergency Services, Inc. - Unfunded Term Loan 3rd Amendment (7)	09/28/2027	Distribution		—			—		123		-		1
Municipal Emergency Services, Inc. - Unfunded Revolver (7)	10/01/2027	Distribution		—			—		1,880		-		-
NBH Group LLC - Unfunded Revolver (7)	08/19/2026	Healthcare, Education and Childcare		—			—		1,163		-		-
NORA Acquisition, LLC - Funded Revolver	08/31/2029	Healthcare, Education and Childcare		10.65	%	3M SOFR+635			406		406		403
NORA Acquisition, LLC - Unfunded Revolver (7)	08/31/2029	Healthcare, Education and Childcare		—			—		2,301		-		(17	)
NP Riverhead Industrial, LLC	07/10/2025	Buildings and Real Estate		14.50	%		—		5,000		5,003		5,050
Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 (7)	09/30/2026	Diversified Conglomerate Service		—			—		5,598		-		(7	)
Omnia Exterior Solutions, LLC - Funded Revolver	12/31/2029	Diversified Conglomerate Service		9.57	%	3M SOFR+525			420		420		416
Omnia Exterior Solutions, LLC - Unfunded Revolver (7)	12/31/2029	Diversified Conglomerate Service		—			—		1,680		-		(17	)
ORL Acquisition, Inc.	09/03/2027	Business Services		13.73	%	3M SOFR+940			4,321		4,285		3,888
			(PIK 7.50%)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
ORL Acquisition, Inc. - Unfunded Revolver (7)	09/03/2027	Business Services		—			—		149	$	-	$	(15	)
OSP Embedded Purchaser, LLC	12/17/2029	Aerospace and Defense		10.07	%	3M SOFR+575			6,403		6,309		6,300
OSP Embedded Purchaser, LLC - Unfunded Revolver (7)	12/17/2029	Aerospace and Defense		—			—		1,477		-		(24	)
Pacific Purchaser, LLC	10/02/2028	Business Services		10.56	%	3M SOFR+625			820		809		811
Pacific Purchaser, LLC - Unfunded Revolver (7)	10/02/2028	Business Services		—			—		1,373		-		(15	)
PAR Excellence Holdings, Inc.	09/03/2030	Healthcare, Education and Childcare		9.32	%	3M SOFR+500			11,970		11,853		11,850
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		10.05	%	3M SOFR+575			2,167		2,149		2,178
PCS MIDCO INC - Unfunded Term Loan (7)	03/02/2026	Financial Services		—			—		2,239		-		34
PCS MIDCO INC - Funded Revolver	03/01/2030	Financial Services		10.05	%	3M SOFR+575			132		132		133
PCS MIDCO INC - Unfunded Revolver (7)	03/01/2030	Financial Services		—			—		1,630		-		8
PlayPower, Inc.	08/28/2030	Manufacturing/Basic Industry		9.55	%	3M SOFR+525			11,910		11,833		11,791
PlayPower, Inc. - Unfunded Revolver (7)	08/28/2030	Manufacturing/Basic Industry		—			—		2,570		-		(26	)
PL Acquisitionco, LLC - Unfunded Revolver (7)	11/09/2027	Retail		—			—		1,618		-		(615	)
Project Granite Buyer, Inc. - Unfunded Term Loan (7)	12/31/2026	Business Services		—			—		554		-		11
Project Granite Buyer, Inc. - Unfunded Revolver (7)	12/31/2030	Business Services		—			—		923		-		9
Radius Aerospace, Inc. - Funded Revolver	03/29/2027	Aerospace and Defense		10.46	%	3M SOFR+615			410		410		399
Radius Aerospace, Inc. - Unfunded Revolver (7)	03/29/2027	Aerospace and Defense		—			—		1,819		-		(45	)
Rancho Health MSO, Inc. - Unfunded Term Loan (7)	06/30/2026	Healthcare, Education and Childcare		—			—		1,954		-		8
Rancho Health MSO, Inc. - Funded Revolver	06/20/2029	Healthcare, Education and Childcare		9.56	%	3M SOFR+525			1,248		1,248		1,248
Rancho Health MSO, Inc. - Unfunded Revolver (7)	06/20/2029	Healthcare, Education and Childcare		—			—		1,427		-		-
Recteq, LLC - Funded Revolver	01/29/2026	Consumer Products		11.09	%	3M SOFR+700			313		313		311
Recteq, LLC - Unfunded Revolver (7)	01/29/2026	Consumer Products		—			—		814		-		(4	)
Riverpoint Medical, LLC - Unfunded Revolver (7)	06/21/2027	Healthcare, Education and Childcare		—			—		364		-		-
Ro Health, LLC - Unfunded Revolver (7)	01/17/2031	Healthcare Providers & Services		—			—		4,193		-		-
Route 66 Development	01/24/2031	Gaming		13.33	%	3M SOFR+900			18,000		17,653		17,910
RRA Corporate, LLC	08/15/2029	Business Services		9.30	%	3M SOFR+500			3,003		2,973		2,979
RRA Corporate, LLC - Unfunded Term Loan 2 (7)	08/17/2026	Business Services		—			—		7,178		-		14
RRA Corporate, LLC - Funded Revolver	08/15/2029	Business Services		9.57	%	3M SOFR+525			1,763		1,763		1,749
RRA Corporate, LLC - Unfunded Revolver (7)	08/15/2029	Business Services		—			—		1,385		-		(11	)
RTIC Subsidiary Holdings, LLC - Funded Revolver	05/03/2029	Consumer Products		10.07	%	3M SOFR+575			2,169		2,169		2,131
RTIC Subsidiary Holdings, LLC - Unfunded Revolver (7)	05/03/2029	Consumer Products		—			—		3,253		-		(57	)
Rural Sourcing Holdings, Inc. - Unfunded Term Loan (7)	06/26/2026	Business Services		—			—		1,146		-		(23	)
Rural Sourcing Holdings, Inc. - Funded Revolver	06/15/2029	Business Services		10.08	%	3M SOFR+575			487		487		475
Rural Sourcing Holdings, Inc. - Unfunded Revolver (7)	06/15/2029	Business Services		—			—		373		-		(9	)
Sabel Systems Technology Solutions, LLC - Unfunded Revolver (7)	10/31/2030	Government Services		—			—		1,328		-		-
Safe Haven Defense US LLC	05/23/2029	Building Materials		9.57	%	3M SOFR+525			3,930		3,879		3,930
Safe Haven Defense US LLC - Unfunded Revolver (7)	05/23/2029	Building Materials		—			—		1,114		-		-
Sales Benchmark Index LLC - Funded Revolver	07/07/2026	Business Services		9.50	%	3M SOFR+520			427		427		427
Sales Benchmark Index LLC - Unfunded Revolver (7)	07/07/2026	Business Services		—			—		183		-		-
Sath Industries, LLC	12/17/2029	Event Services		9.81	%	3M SOFR+550			11,417		11,313		11,417
Sath Industries, LLC - Unfunded Revolver (7)	12/17/2029	Event Services		—			—		1,300		-		-
Schlesinger Global, Inc.	07/21/2025	Business Services		12.92	%	3M SOFR+860			5,090		5,089		4,836
			(PIK 5.85%)
Schlesinger Global, Inc. - Funded Revolver	07/21/2025	Business Services		12.92	%	3M SOFR+860			34		34		32
			(PIK 5.85%)
Schlesinger Global, Inc. - Unfunded Revolver (7)	07/21/2025	Business Services		—			—		8		-		-

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(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		9.32	%	3M SOFR+500			1,805	$	1,790	$	1,742
Seacoast Service Partners, LLC - Unfunded Term Loan (7)	12/21/2026	Diversified Conglomerate Service		—			—		3,608		-		(95	)
Seacoast Service Partners, LLC - Funded Revolver	12/20/2029	Diversified Conglomerate Service		9.30	%	3M SOFR+500			393		393		379
Seacoast Service Partners, LLC - Unfunded Revolver (7)	12/20/2029	Diversified Conglomerate Service		—			—		962		-		(34	)
Seaway Buyer, LLC	06/13/2029	Chemicals, Plastics and Rubber		10.47	%	3M SOFR+615			4,668		4,621		4,400
Seaway Buyer, LLC - Funded Revolver	06/13/2028	Chemicals, Plastics and Rubber		10.47	%	3M SOFR+615			2,605		2,605		2,455
Seaway Buyer, LLC - Unfunded Revolver (7)	06/13/2028	Chemicals, Plastics and Rubber		—			—		521		-		(30	)
Shiftkey, LLC	06/21/2027	Business Services		10.31	%	3M SOFR+601			17,431		17,338		16,333
Sigma Defense Systems, LLC	12/20/2027	Telecommunications		11.47	%	3M SOFR+715			10,497		10,255		10,497
Sigma Defense Systems, LLC - Funded Revolver	12/20/2027	Telecommunications		11.47	%	3M SOFR+715			848		848		848
Sigma Defense Systems, LLC - Unfunded Revolver (7)	12/20/2027	Telecommunications		—			—		2,838		-		-
Spendmend Holdings LLC	03/01/2028	Business Services		9.45	%	3M SOFR+515			1,195		1,189		1,195
Spendmend Holdings LLC - Unfunded Term Loan 2 (7)	11/25/2026	Business Services		—			—		1,434		-		7
Spendmend Holdings LLC - Funded Revolver	03/01/2028	Business Services		9.38	%	3M SOFR+515			234		234		234
Spendmend Holdings LLC - Unfunded Revolver (7)	03/01/2028	Business Services		—			—		1,168		-		-
STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans	10/03/2029	Transportation		12.66	%	3M SOFR+835			4,248		4,041		3,568
			(PIK 7.25%)
STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans (13)	10/03/2029	Transportation		5.42	%		—		9,842		5,656		2,953
SV-Aero Holdings, LLC - Unfunded Term Loan (7)	11/02/2026	Aerospace and Defense		—			—		3,562		-		18
System Planning and Analysis, Inc.	08/16/2027	Aerospace and Defense		8.95	%	3M SOFR+475			8,312		8,260		8,246
System Planning and Analysis, Inc. - Unfunded Term Loan (7)	06/12/2027	Aerospace and Defense		—			—		1,751		-		(5	)
System Planning and Analysis, Inc. - Funded Revolver	08/16/2027	Aerospace and Defense		9.06	%	3M SOFR+475			1,747		1,747		1,733
System Planning and Analysis, Inc. - Unfunded Revolver (7)	08/16/2027	Aerospace and Defense		—			—		2,969		-		(24	)
TCG 3.0 Jogger Acquisitionco, Inc.	01/23/2029	Media		10.82	%	3M SOFR+650			8,888		8,769		8,888
TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver	01/23/2029	Media		13.00	%	3M SOFR+550			345		345		345
TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver (7)	01/23/2029	Media		—			—		1,380		-		-
The Bluebird Group LLC - Unfunded Revolver (7)	07/28/2026	Business Services		—			—		734		-		-
The Vertex Companies, LLC	08/31/2028	Business Services		9.43	%	3M SOFR+510			182		180		182
The Vertex Companies, LLC - Unfunded Term Loan (7)	11/04/2026	Business Services		—			—		6,457		-		36
The Vertex Companies, LLC - Funded Revolver	08/31/2028	Business Services		9.42	%	3M SOFR+510			592		592		591
The Vertex Companies, LLC - Unfunded Revolver (7)	08/31/2028	Business Services		—			—		3,376		-		(7	)
TransGo, LLC - Unfunded Revolver (7)	12/29/2028	Machinery		—			—		2,775		-		14
Urology Management Holdings, Inc. - Unfunded Term Loan A (7)	09/03/2026	Healthcare, Education and Childcare		—			—		1,000		-		1
US Fertility Enterprises, LLC	10/11/2031	Healthcare, Education and Childcare		8.78	%	3M SOFR+450			264		267		264
VRS Buyer, Inc. - Unfunded Term Loan (7)	11/23/2026	Business Services		—			—		4,759		-		12
VRS Buyer, Inc. - Unfunded Revolver (7)	11/22/2030	Business Services		—			—		2,380		-		(12	)
Watchtower Intermediate, LLC. - Unfunded Revolver (7)	12/03/2029	Electronics		—			—		6,300		-		(6	)
Wash & Wax Systems LLC	04/30/2028	Auto Sector	PIK 9.78%			3M SOFR+550			1,180		1,202		1,204
Wash & Wax Systems LLC - Funded Revolver	04/30/2028	Auto Sector	PIK 9.78%			3M SOFR+550			13		13		13
Wash & Wax Systems LLC - Unfunded Revolver (7)	04/30/2028	Auto Sector		—			—		617		-		-
Total First Lien Secured Debt											417,635		405,240
Second Lien Secured Debt - 3.7% of Net Assets
Burgess Point Purchaser Corporation	07/28/2030	Auto Sector		13.38	%	3M SOFR+910			8,000		7,732		8,000
ENC Parent Corporation - Second Lien	08/19/2029	Business Services		12.06	%	3M SOFR+776			7,500		7,451		6,600
Team Services Group, LLC	12/18/2028	Healthcare, Education and Childcare		13.54	%	3M SOFR+926			3,429		3,426		3,411
Total Second Lien Secured Debt											18,609		18,011
Subordinate Debt/Corporate Notes - 6.4% of Net Assets
Beacon Behavioral Holdings LLC	06/21/2030	Healthcare, Education and Childcare	PIK 15.00%				—		3,617		3,575		3,581
Northwinds Topco, Inc.	10/30/2029	Consumer Services	PIK 15.00%				—		7,964		7,874		7,904

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
Northwinds Topco, Inc. - Unfunded Term Loan (7)	10/30/2029	Consumer Services		—			—		7,000	$	-	$	(53	)
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		289
Schlesinger Global, LLC - Promissory Note	01/08/2026	Business Services		12.92	%	3M SOFR+860			1		1		3
StoicLane, Inc. - Convertible Notes	08/16/2027	Healthcare, Education and Childcare		12.00	%		—		917		917		1,014
StoicLane, Inc. - Unfunded Convertible Notes (7)	08/16/2027	Healthcare, Education and Childcare		—			—		306		-		32
United Land Services Intermediate Parent Holdings, LLC	12/23/2026	Environmental Services	PIK 14.75%				—		17,456		17,207		17,281
United Land Services Intermediate Parent Holdings, LLC - Unfunded Term Loan (7)	07/12/2025	Environmental Services		—			—		2,541		-		13
Wash & Wax Systems LLC	07/30/2028	Auto Sector		12.00	%		—		787		788		786
Total Subordinate Debt											30,605		30,853
Preferred Equity/Partnership Interests - 3.9% of Net Assets (6)
Accounting Platform Blocker, Inc.		Financial Services					—		356,200		356		356
Ad.net Holdings, Inc.		Media					—		2,400		240		292
AFC Acquisitions, Inc. (F-2 Series) (9)		Distribution					—		490		749		619
AFC Acquisitions, Inc. (G-2 Series) (9)		Distribution					—		11		18		14
AFC Acquisitions, Inc. (H-2 Series) (9)		Distribution					—		6		12		8
AFC Acquisitions, Inc. (I-2 Series) (9)		Distribution					—		6		12		7
AFC Acquisitions, Inc. (J-2 Series) (9)		Distribution					—		10		20		13
AH Newco Equityholdings, LLC		Healthcare, Education and Childcare		6.00	%		—		211		500		366
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)		Media					—		1,135		1,135		1,071
BioDerm Holdings, LP		Healthcare, Education and Childcare					—		1,312		1,312		1,275
Cartessa Aesthetics, LLC (9)		Distribution					—		3,562,500		3,563		7,611
Connatix Parent, LLC		Media					—		7,967		8		8
C5MI Holdco, LLC (9)		Business Services					—		104,000		104		118
Gauge Schlesinger Coinvest, LLC - Class A-2		Business Services					—		1		1		1
EvAL Home Health Solutions, LLC (9)		Healthcare, Education and Childcare					—		272,771		453		426
Hancock Claims Consultants Investors, LLC - Class A (9)		Insurance					—		116,588		76		142
Imagine Topco, LP Preferred		Business Services		8.00	%		—		743,826		744		956
Magnolia Topco LP - Class A (9)		Auto Sector					—		1,545		1,545		1,759
Magnolia Topco LP - Class A-1 (9)		Auto Sector					—		530		530		1,060
Magnolia Topco LP - Class B (9)		Auto Sector					—		1,018		643		516
Megawatt Acquisition Partners, LLC - Class A		Electronics					—		5,349		535		340
NXOF Holdings, Inc. (Tyto Athene, LLC)		Aerospace and Defense					—		422		422		468
ORL Holdco, Inc.		Business Services					—		575		57		8
PL Acquisitionco, LLC - (9)		Retail					—		73		73		-
RTIC Parent Holdings, LLC - Class A (9)		Consumer Products					—		5		5		-
RTIC Parent Holdings, LLC - Class C (9)		Consumer Products					—		10,624		699		1,061
RTIC Parent Holdings, LLC - Class D (9)		Consumer Products					—		11,276		113		145
SP L2 Holdings LLC		Consumer Products					—		331,229		81		7
SP L2 Holdings LLC - Unfunded (7)		Consumer Products					—		189,274		-		(43	)
TPC Holding Company, LP		Food					—		219		219		302
TWD Parent Holdings, LLC		Business Services					—		30		30		41
Total Preferred Equity/Partnership Interests											14,255		18,947
Common Equity/Partnership Interests/Warrants - 27.5% of Net Assets (6)
A1 Garage Equity, LLC (9)		Personal, Food and Miscellaneous Services					—		2,193,038		2,193		3,663
ACP Big Top Holdings, L.P.		Manufacturing/Basic Industry					—		773,800		744		903
Ad.net Holdings, Inc.		Media					—		2,667		27		-
Aechelon InvestCo, LP		Aerospace and Defense					—		10,684		1,068		3,440
Aechelon InvestCo, LP - Unfunded (7)		Aerospace and Defense					—		11,940		-		-
Aftermarket Drivetrain Products Holdings, LLC		Machinery					—		1,645		1,645		2,455
AG Investco LP (9)		Business Services					—		8,052		805		152
AG Investco LP - Unfunded (7), (9)		Business Services					—		1,948		-		(158	)
Altamira Intermediate Company II, Inc.		Aerospace and Defense					—		125,000		125		128
AMCSI Crash Co-Invest, LP		Auto Sector					—		24,898		2,490		3,486
AMCSI Crash Co-Invest, LP - Unfunded (7)		Auto Sector					—		5,102		-		-
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)		Media					—		1,135		-		-
Athletico Holdings, LLC (9)		Healthcare, Education and Childcare					—		9,357		10,000		7,034
Atlas Investment Aggregator, LLC		Telecommunications					—		1,700,000		1,613		-
Azureon, LLC (9)		Diversified Conglomerate Service					—		508,238		508		427
BioDerm, Inc.		Healthcare, Education and Childcare					—		1,312		-		-
Burgess Point Holdings, LP		Auto Sector					—		764		777		781
Carnegie Holdco, LLC (9)		Education					—		1,680,300		1,633		1,378
Carisk Parent, L.P.		Healthcare, Education and Childcare					—		204,455		204		197
Connatix Parent, LLC		Media					—		273,207		632		322
Consello Pacific Aggregator, LLC (9)		Business Services					—		782,891		743		587
Cowboy Parent LLC		Distribution					—		27,778		3,015		3,623
Crane 1 Acquisition Parent Holdings, L.P.		Personal, Food and Miscellaneous Services					—		113		104		221
C5MI Holdco, LLC (9)		Business Services					—		754,200		754		455
Delta InvestCo LP (9)		Telecommunications					—		913,649		866		1,443
Delta InvestCo LP - Unfunded (7), (9)		Telecommunications					—		227,395		-		-

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

ENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)


Issuer Name	Maturity	Industry	Current Coupon	Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
Duggal Acquisition, LLC		Marketing Services			—		314	$	314	$	319
eCommission Holding Corporation (11)		Financial Services			—		80		905		2,297
EDS Topco, LP		Aerospace and Defense			—		937,500		938		1,515
Events Buyer, LLC		Event Services			—		536,267		536		616
Exigo, LLC		Business Services			—		1,458,333		1,458		1,645
FedHC InvestCo LP (9)		Aerospace and Defense			—		15,255		545		2,047
FedHC InvestCo LP - Unfunded (7), (9)		Aerospace and Defense			—		2,563		-		-
FedHC InvestCo II LP (9)		Aerospace and Defense			—		21,817		2,303		3,037
First Medical Holdings, LLC		Healthcare, Education and Childcare			—		45,000		450		450
Five Star Parent Holdings, LLC		Leisure, Amusement, Motion Pictures, Entertainment			—		655,714		656		174
Gauge ETE Blocker, LLC		Personal, Food and Miscellaneous Services			—		374,444		374		352
Gauge Lash Coinvest LLC		Consumer Products			—		1,231,392		951		2,996
Gauge Loving Tan, LP		Consumer Products			—		543,562		544		645
Gauge Schlesinger Coinvest, LLC		Business Services			—		9		10		4
GCOM InvestCo LP		Business Services			—		2,434		1,003		591
GCP Boss Holdco, LLC		Conglomerate Manufacturing			—		1,045,100		1,045		1,254
GGG MIDCO, LLC (9)		Home and Office Furnishings, Housewares and Durable Consumer Products			—		1,222,700		1,223		1,273
GMP Hills, LP		Distribution			—		3,747,470		3,747		4,085
Hancock Claims Consultants Investors, LLC (9)		Insurance			—		450,000		450		230
HPA SPQ Aggregator LP		Business Services			—		750,399		750		483
HV Watterson Holdings, LLC		Business Services			—		1,600,000		1,600		-
Icon Partners V C, L.P.		Business Services			—		1,137,608		1,138		1,080
Icon Partners V C, L.P. - Unfunded (7)		Business Services			—		362,392		-		(18	)
IHS Parent Holdings, L.P.		Personal, Food and Miscellaneous Services			—		1,218,045		1,218		1,693
Imagine Topco, LP		Business Services			—		743,826		-		-
Infogroup Parent Holdings, Inc.		Other Media			—		181,495		2,040		2,710
Ironclad Holdco, LLC (Applied Technical Services, LLC)		Environmental Services			—		4,993		525		784
ITC Infusion Co-invest, LP (9)		Healthcare, Education and Childcare			—		162,445		1,673		3,525
Kinetic Purchaser, LLC		Consumer Products			—		1,308,814		1,309		128
Kinetic Purchaser, LLC - Class AA		Consumer Products			—		115,688		135		271
KL Stockton Co-Invest LP (Any Hour Services) (9)		Personal, Food and Miscellaneous Services			—		382,353		385		531
Lightspeed Investment Holdco LLC		Healthcare, Education and Childcare			—		273,143		273		1,016
LJ Avalon, LP		Environmental Services			—		851,087		851		1,319
Lorient Peregrine Investments, LP		Business Services			—		335,590		4,530		2,514
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		Media			—		14,640		1,464		1,605
MDI Aggregator, LP		Chemicals, Plastics and Rubber			—		31,904		3,232		3,442
Meadowlark Title, LLC (9)		Business Services			—		815,385		802		106
Megawatt Acquisition Partners, LLC - Class A		Electronics			—		594		59		-
Municipal Emergency Services, Inc.		Distribution			—		3,920,145		3,984		7,095
NEPRT Parent Holdings, LLC (Recteq, LLC) (9)		Consumer Products			—		1,299		1,250		185
New Insight Holdings, Inc.		Business Services			—		1,157		20		20
New Medina Health, LLC (9)		Healthcare, Education and Childcare			—		1,429,480		1,429		1,919
NFS - CFP Holdings LLC		Business Services			—		662,983		663		749
NORA Parent Holdings, LLC (9)		Healthcare, Education and Childcare			—		1,257		1,248		599
North Haven Saints Equity Holdings, LP (9)		Business Services			—		351,553		352		380
Northwinds Services Group, LLC		Consumer Services			—		840,000		1,680		1,978
NXOF Holdings, Inc.		Aerospace and Defense			—		8,188		108		-
OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (9)		Aerospace and Defense			—		119,966		1,200		1,530
OES Co-Invest, LP - Class A		Diversified Conglomerate Service			—		840		847		1,033
OHCP V BC COI, L.P.		Distribution			—		699,844		700		413
OHCP V BC COI, L.P. - Unfunded (7)		Distribution			—		50,156		-		(21	)
ORL Holdco, Inc.		Business Services			—		638		6		-
OSP Embedded Aggregator, LP		Aerospace and Defense			—		871		871		1,059
OSP PAR Holdings, LP		Healthcare, Education and Childcare			—		1,806		1,812		2,229
PCS Parent, LP		Financial Services			—		421,304		421		442
PennantPark-TSO Senior Loan Fund II, LP (11)		Financial Services			—		8,115,794		8,116		7,177
Pink Lily Holdco, LLC (9)		Retail			—		1,044		1,044		-
Project Granite Holdings, LLC		Business Services			—		369		369		381
Quad (U.S.) Co-Invest, L.P.		Business Services			—		2,607,587		2,608		3,874
QuantiTech InvestCo LP (9)		Aerospace and Defense			—		700		-		98
QuantiTech InvestCo LP - Unfunded (7), (9)		Aerospace and Defense			—		955		-		-
QuantiTech InvestCo II LP (9)		Aerospace and Defense			—		40		12		7
RFMG Parent, LP		Healthcare, Education and Childcare			—		1,050,000		1,050		1,383
Ro Health Holdings, Inc.		Healthcare Providers & Services			—		289,700		290		385
Sabel InvestCo, LP (9)		Government Services			—		31,972		830		1,058

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
Sabel InvestCo, LP - Unfunded (7), (9)		Government Services					—		47,957	$	-	$	-
Safe Haven Defense MidCo, LLC (9)		Building Materials					—		245		245		244
SBI Holdings Investments LLC		Business Services					—		36,585		366		454
Seacoast Service Partners, LLC		Diversified Conglomerate Service					—		274		351		295
Seaway Topco, LP		Chemicals, Plastics and Rubber					—		2,981		2,981		750
SP L2 Holdings, LLC		Consumer Products					—		881,966		882		-
SSC Dominion Holdings, LLC		Electronics					—		36		36		4,358
StellPen Holdings, LLC		Media					—		153,846		154		112
SV Aero Holdings, LLC (9)		Aerospace and Defense					—		25		216		607
TAC LifePort Holdings, LLC (9)		Aerospace and Defense					—		254,206		239		575
TCG 3.0 Jogger Co-Invest, LP		Media					—		6,475		1,252		768
Tinicum Space Coast Co-Invest, LLC (9)		Aerospace and Defense					—		216		2,177		2,401
Tower Arch Infolinks Media, LP (9)		Media					—		546,509		252		931
Tower Arch Infolinks Media, LP - Unfunded (7), (9)		Media					—		348,936		-		-
TPC Holding Company, LP		Food					—		11,527		12		-
TWD Parent Holdings, LLC		Business Services					—		608		1		3
United Land Services Holdings LLC		Environmental Services					—		184,049		600		724
UniVista Insurance (9)		Business Services					—		400		-		113
Urology Partners Co., L.P.		Healthcare, Education and Childcare					—		1,111,111		1,109		1,964
Wash & Wax Systems LLC		Auto Sector					—		514		917		943
Watchtower Holdings, LLC (9)		Electronics					—		12,419		1,242		1,204
WCP Ivyrehab Coinvestment, LP (9)		Healthcare, Education and Childcare					—		208		208		245
WCP Ivyrehab QP CF Feeder, LP (9)		Healthcare, Education and Childcare					—		3,754		3,793		4,431
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		-		1,688
Total Common Equity/Partnership Interests/Warrants											117,325		132,039
US Government Securities - 25.9% of Net Assets
U.S. Treasury Bill (5)	07/22/2025	Short-Term U.S. Government Securities		4.24	%		—		125,000		124,720		124,697
Total US Government Securities											124,720		124,697
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies											723,149		729,787
Investments in Non-Controlled, Affiliated Portfolio Companies - 1.6% of Net Assets (1), (2)
First Lien Secured Debt - 0.0%
Walker Edison Furniture Company LLC (10)	03/01/2029	Home and Office Furnishings		—			—		13,825		11,660		-
Walker Edison Furniture Company LLC - Unfunded Term Loan (7), (10)	03/01/2029	Home and Office Furnishings		—			—		313		-		(312	)
Walker Edison Furniture Company LLC - Junior Revolver (10)	03/01/2029	Home and Office Furnishings		—			—		3,333		3,332		333
Total First Lien Secured Debt											14,992		21
Preferred Equity/Partnership Interests - 1.6% of Net Assets (6)
Cascade Environmental Holdings, LLC		Environmental Services					—		5,887,236		32,791		5,894
Cascade Environmental Holdings, LLC - Series B		Environmental Services					—		918		918		1,569
Total Preferred Equity/Partnership Interests											33,709		7,463
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		6,890		-
Total Common Equity/Partnership Interests/Warrants											9,742		—
Total Investments in Non-Controlled, Affiliated Portfolio Companies											58,443		7,484
Investments in Controlled, Affiliated Portfolio Companies - 90.4% (1), (2)
First Lien Secured Debt - 14.8% of Net Assets
AKW Holdings Limited (8), (11)	03/15/2027	Healthcare, Education and Childcare		11.30	%	3M SOFR+700			GBP 42,457		58,074		58,181
Pragmatic Institute, LLC	03/28/2030	Business Services	PIK 9.80%			3M SOFR+550			14,669		14,669		13,019
Total First Lien Secured Debt											72,743		71,200

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

JUNE 30, 2025

(In thousands, except share data)


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
Subordinated Debt - 34.0% of Net Assets
Flock Financial, LLC (11)	10/19/2027	Financial Services		12.50	%		—		23,031	$	23,031	$	23,031
PennantPark Senior Loan Fund, LLC (11)	07/31/2027	Financial Services		12.29	%	3M SOFR+800			140,287		140,288		140,288
Total Subordinated Debt											163,319		163,319
Preferred Equity - 6.1% of Net Assets (6)
Flock Financial Class A (11)		Financial Services					—		2,047,727		7,313		18,712
Flock Financial Class B (9), (11)		Financial Services					—		5,409,091		19,318		10,644
Total Preferred Equity											26,631		29,356
Common Equity - 35.5% of Net Assets (6)
AKW Holdings Limited (8), (11)		Healthcare, Education and Childcare					—		950		132		18,690
JF Intermediate, LLC		Distribution					—		43,918		4,488		78,459
PennantPark Senior Loan Fund, LLC (11)		Financial Services					—		82,176,579		82,358		73,329
Pragmatic Institute, LLC		Business Services					—		480		-		-
Total Common Equity											86,978		170,478
Total Investments in Controlled, Affiliated Portfolio Companies											349,671		434,353
Total Investments - 243.8% of Net Assets (12)											1,131,263		1,171,624
Cash and Cash Equivalents - 14.7% of Net Assets
BlackRock Federal FD Institutional 81				4.19	%						49,497		49,497
Non-Money Market Cash											20,911		21,049
Total Cash and Cash Equivalents											70,408		70,546
Total Investments and Cash Equivalents - 258.5%										$	1,201,671	$	1,242,170
Liabilities in Excess of Other Assets - (158.5)%													(761,585	)
Net Assets - 100%												$	480,585

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

Non-income producing securities.

(7)

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

(8)

Non-U.S. company or principal place of business located in The Isle of Man. Total cost, fair value, and percentage of Net Assets for the Isle of Man was $58.2 million, $76.9 million, and 16.0%.

(9)

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

(10)

Non-accrual security.

(11)

The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of June 30, 2025, qualifying assets represent 72% of the Company’s total assets and non-qualifying assets represent 28% of the Company’s total assets.

(12)

All investments are in U.S. Companies unless noted otherwise. Total cost, fair value, and percentage of Net Assets for the U.S. Companies were $1,073.1 million, $1,094.8 million, and 227.8%

(13)

Partial non-accrual PIK security.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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			CAD 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	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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)
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		—		—
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		—		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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)
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		—		—
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		—		18
Spendmend Holdings LLC - Revolver	03/01/2028	Business Services	10.25%		3M SOFR+565			561		561		561
Spendmend Holdings LLC - Unfunded Revolver (8)	03/01/2028	Business Services		—		—		841		—		—
System Planning and Analysis, Inc.	08/16/2027	Aerospace and Defense	10.26%		3M SOFR+585			1,283		1,274		1,280
System Planning and Analysis, Inc. - Unfunded Term Loan (8)	08/16/2027	Aerospace and Defense		—		—		7,068		—		39
System Planning and Analysis, Inc. - Funded Revolver	08/16/2027	Aerospace and Defense	9.59%		3M SOFR+515			921		921		919
System Planning and Analysis, Inc. - Unfunded Revolver (8)	08/16/2027	Aerospace and Defense		—		—		3,795		—		(8	)
TCG 3.0 Jogger Acquisitionco, Inc.	01/26/2029	Media	11.10%		3M SOFR+650			8,955		8,814		8,865
TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver (8)	01/26/2029	Media		—		—		1,725		—		(17	)
The Bluebird Group LLC - Revolver (8)	07/27/2026	Business Services		—		—		734		—		—
The Vertex Companies, LLC	08/30/2027	Business Services	11.27%		3M SOFR+635			184		181		185
The Vertex Companies, LLC - Revolver	08/30/2027	Business Services	10.95%		3M SOFR+610			305		305		305
The Vertex Companies, LLC - Unfunded Revolver (8)	08/30/2027	Business Services		—		—		435		—		—
TPCN Midco, LLC	06/26/2029	Diversified Conglomerate Service	10.35%		3M SOFR+575			3,990		3,931		3,894
TPCN Midco, LLC - Unfunded Term Loan (8)	06/26/2026	Diversified Conglomerate Service		—		—		5,894		—		(83	)
TPCN Midco, LLC - Unfunded Revolver (8)	06/26/2029	Diversified Conglomerate Service		—		—		1,160		—		(28	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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)
TransGo, LLC	12/29/2028	Machinery	10.60%		3M SOFR+575			4,638	$	4,573	$	4,638
TransGo, LLC - Revolver (8)	12/29/2028	Machinery		—		—		2,775		—		—
TWS Acquisition Corporation	06/16/2025	Education	11.33%		3M SOFR+640			1,301		1,299		1,301
TWS Acquisition Corporation - Revolver (8)	06/16/2025	Education		—		—		1,644		—		—
Urology Management Holdings, Inc.	06/15/2027	Healthcare, Education and Childcare	10.66%		3M SOFR+550			576		573		570
Urology Management Holdings, Inc. - Unfunded Term Loan A (8)	09/03/2026	Healthcare, Education and Childcare		—		—		2,000	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