•]`

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

OR

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

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-00736

PENNANTPARK INVESTMENT CORPORATION

(Exact name of registrant as specified in its charter)

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

(786) 297-9500

(Registrant’s Telephone Number, Including Area Code)

None

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

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

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

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

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

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

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

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

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

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of 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

2

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.

3

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

4

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

5

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

6

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

7

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

8

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

9

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

10

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

11

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		-		(