0000950170-22-025352 | 10-K | XBRL Viewer | Pennantpark Investment Corp

Investments at fair value (cost-$738,219 and $405,009, respectively)

$ 1,226,301

^[1]

$ 1,255,290

^[2],[3],[4]

Cash and cash equivalents (cost-$42,966 and $11,013, respectively)

52,666

20,357

Interest receivable

3,593

4,958

Receivable for investments sold

29,494

12,793

Distribution receivable

2,420

1,694

Prepaid expenses and other assets

4,036

Total assets

1,318,510

1,295,092

Payable for investments purchased

Distributions payable

9,784

8,045

8,407

Truist Credit Facility payable, at fair value (cost - $385,920 and $316,545, respectively)

376,687

314,813

SBA debentures payable, net (par - $20,000and $63,500, respectively)

19,686

62,159

Base management fee payable

4,849

4,580

Incentive fee payable

575

Interest payable on debt

6,264

4,943

Accrued other expenses

6,639

1,058

Deferred tax liability

896

Total liabilities

732,945

634,948

Net assets

Common stock, 65,224,500 and 67,045,105 shares issued and outstanding, respectively Par value $0.001 per share and 100,000,000 shares authorized

Paid-in capital in excess of par value

748,169

786,993

Accumulated deficit

(162,669)

(126,916)

Total net assets

585,565

660,144

Total liabilities and net assets

$ 1,318,510

$ 1,295,092

Net asset value per share

$ 8.98

$ 9.85

$ 84,503

$ 146,767

145,865

2026-2 Notes Payable

Non-controlled, Non-affiliated Investments

Notes payable, net

161,373

Investments at fair value (cost-$738,219 and $405,009, respectively)

932,155

820,500

Non-controlled, Affiliated Investments

Investments at fair value (cost-$738,219 and $405,009, respectively)

34,760

50,161

Controlled, Affiliated Investments

Investments at fair value (cost-$738,219 and $405,009, respectively)

$ 259,386

$ 384,629

[1]	Valued based on our accounting policy (See Note 2).
[2]	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.
[3]	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).
[4]	Valued based on our accounting policy (See Note 2).

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)
$ in Thousands

Sep. 30, 2022

Sep. 30, 2021

Cash and cash equivalents, cost

$ 1,302,029

$ 1,221,121

^[1],[2]

52,844

20,383

Truist Credit Facility payable, cost

385,920

316,545

SBA debentures payable, par

$ 20,000

$ 63,500

Common stock, shares, issued

65,224,500

67,045,105

Common stock, shares, outstanding

65,224,500

67,045,105

Common stock par value

$ 0.001

Common stock, shares authorized

100,000,000

2024 Notes Payable

Notes payable, par

$ 0

$ 86,250

150,000

165,000

Non-controlled, Non-affiliated Investments

Non-controlled, Affiliated Investments

882,513

729,811

Controlled, Affiliated Investments

37,612

78,723

$ 381,904

$ 412,586

[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).

Consolidated Statements of Operations - USD ($)
$ in Thousands

12 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2020

Base management fee (See Note 3)

Total investment income

$ 104,966

$ 81,588

$ 100,225

Expenses:

19,827

17,335

18,636

Performance-based incentive fee (See Note 3)

2,657

575

4,580

Interest and expenses on debt (See Note 11)

28,760

22,507

32,168

Administrative services expenses (See Note 3)

1,000

1,771

2,075

Other general and administrative expenses

2,892

2,324

2,574

Expenses before Management Fees waiver, provision for taxes and financing costs

55,136

44,512

60,033

Management Fees waiver (See Note 3)

(1,922)

Provision for taxes

800

600

1,200

PSLF transaction costs (Note 4)

2,184

Credit facility amendment and debt issuance costs (See Notes 5 and 11)

5,087

Net expenses

61,023

45,112

61,495

Net investment income

43,943

36,476

38,730

Net realized gain (loss) on:

Non-controlled, non-affiliated investments

(31,382)

49,729

(11,577)

Non-controlled and controlled, affiliated investments

75,243

(19,708)

Debt extinguishment realized loss

(2,922)

Provision for taxes on realized gain on investments

(6,183)

Deconsolidation loss (Note 4)

(9,250)

Net realized (loss) gain on investments

34,756

30,021

(20,827)

Net change in change in unrealized (depreciation) appreciation on:

Non-controlled, non-affiliated investments

(182,863)

50,130

7,687

Non-controlled and controlled, affiliated investments

72,819

67,808

(53,864)

Provision for taxes on unrealized appreciation on investments

(896)

Debt (See Notes 5 and 11)

7,501

(17,818)

12,304

Net change in unrealized (depreciation) appreciation on investments and debt

(103,439)

100,120

(33,873)

Net realized and change in unrealized gain (loss) from investments and debt

(68,683)

130,141

(54,700)

Net (decrease) increase in net assets resulting from operations

$ (24,740)

$ 166,617

$ (15,970)

Net (decrease) increase in net assets resulting from operations per common share (See Note 7)

$ (0.37)

$ 2.49

$ (0.24)

Net investment income per common share

^[1]

$ 0.66

$ 0.54

$ 0.58

Non-controlled, Non-affiliated Investments

Non-controlled, Affiliated Investments

Interest

$ 66,995

$ 46,018

$ 77,453

Payment-in-kind

4,505

8,567

7,233

Other income

8,461

4,137

4,822

Controlled, Affiliated Investments

Interest

1,361

457

Net increase (decrease) in net assets resulting from operations:

Interest

10,586

9,825

3,388

Payment-in-kind

3,983

6,223

$ 7,329

Dividend income

$ 9,075

$ 6,361

[1]	Based on the weighted average shares outstanding for the respective periods.

Consolidated Statements of Changes in Net Assets - USD ($)
$ in Thousands

12 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2020

Net investment income

$ 43,943

$ 36,476

$ 38,730

Net realized gain (loss) on investments and debt

40,939

30,021

(11,577)

Net deconsolidation realized loss

(9,250)

Net change in unrealized appreciation (depreciation) on investments

(110,044)

117,938

(46,177)

Provision for taxes on net realized gain (loss) on investments

(6,183)

Provision for taxes on net change innet unrealized depreciation on investments

(896)

Net change in unrealized (appreciation) depreciation on debt

7,501

(17,818)

12,304

Net (decrease) increase in net assets resulting from operations

(24,740)

166,617

(15,970)

Distributions to stockholders:

Distribution of net investment income

(36,590)

(32,182)

(40,227)

Total distributions to stockholders

(36,590)

(32,182)

(40,227)

Capital transactions:

Repurchase of common stock

(13,249)

Net increase (decrease) in net assets

(74,579)

134,435

(56,197)

Net assets:

Beginning of year

660,144

^[1]

525,709

581,906

End of year

$ 585,565

^[2]

$ 660,144

^[1]

$ 525,709

Capital share activity:

Shares of common stock repurchased

1,820,605

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

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2020

Cash flows from operating activities:

Net increase (decrease) in net assets resulting from operations

$ (24,740)

$ 166,617

$ (15,970)

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

110,044

(117,937)

46,177

Net change in unrealized depreciation on debt

(7,501)

17,818

(12,304)

Net realized (gain) loss on investments

(43,861)

(30,021)

11,577

Debt extinguishment realized loss

2,922

Deconsolidation realized loss

9,250

Net accretion of discount and amortization of premium

(5,505)

(3,525)

(2,592)

Purchases of investments

(933,780)

(441,365)

(319,308)

Payment-in-kind income

(9,218)

(15,210)

(14,549)

Proceeds from dispositions of investments

911,643

434,473

162,693

Amortization of deferred financing costs

1,965

2,452

1,857

(Increase)/decrease in interest receivable

1,365

1,221

(Increase)/decrease in receivables from investments sold

(16,701)

(12,793)

(Increase)/decrease in distribution receivable

(726)

(300)

(1,394)

(Increase) decrease in prepaid expenses and other assets

(4,394)

376

(436)

Increase/(decrease) in payable for investments purchased

(8,407)

2,946

5,462

Increase/(decrease) in interest payable on debt

1,321

2,920

(873)

Increase/(decrease) in base management fee payable

269

211

(272)

Increase/(decrease) in performance-based incentive fee payable

(575)

575

Increase/(decrease) in deferred tax liability

896

Increase/(decrease) in accrued other expenses

5,581

624

(137)

Net cash provided by (used in) operating activities

(19,402)

7,908

(129,598)

Repurchase of common stock

(13,249)

Distributions paid to stockholders

(34,852)

(32,182)

(44,250)

Repayments of SBA debentures

(43,500)

(55,000)

(31,500)

Net cash provided by (used in) financing activities

52,043

(13,424)

95,779

Net increase (decrease) in cash and cash equivalents

32,641

(5,516)

(33,819)

Effect of exchange rate changes on cash

(332)

109

Cash and cash equivalents, beginning of year

20,357

25,806

59,516

Cash and cash equivalents, end of year

52,666

20,357

25,806

Supplemental disclosures:

Interest paid

25,473

17,135

31,183

Taxes paid

5,455

984

1,049

Non-cash exchanges and conversions

^[1]

(99,833)

16,516

108,812

BNP Credit Facility

Borrowings under Credit Facility

90,000

Repayments under Credit Facility

(16,000)

Truist Credit Facility

Borrowings under Credit Facility

860,841

310,312

331,000

Repayments under Credit Facility

(791,466)

(382,019)

(244,384)

2024 Notes

Net proceeds from Notes issuance

$ 10,913

Net repayments of stock issuance

(86,250)

2026 Notes

Net proceeds from Notes issuance

$ 145,465

2026-2 Notes

Net proceeds from Notes issuance

$ 160,519

[1]

In addition to the “Non-cash exchanges and conversions” reported above, on July 31, 2020 we and Pantheon formed PSLF, an unconsolidated joint venture. Pursuant to the terms of the transaction, Pantheon invested $35.0 million to acquire a 28% stake in PSLF, of which $12.5 million was paid to the Company and is included in “Proceeds from dispositions of investments” on the Statement of Cash Flows. We contributed our formerly wholly-owned subsidiary, Funding I, to PSLF in exchange for a 72% stake in the joint venture which was valued at $96.2 million ($63.0 million of PSLF member notes and 72% of PSLF’s members’ equity). As a result of this non-cash transaction, Funding I was deconsolidated from PennantPark Investment’s financial statements, including Funding I’s portfolio of senior loans valued at $356.1 million as of July 31, 2020.

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	1 Months Ended
	Jul. 31, 2020 USD ($)
Senior notes	$ 356.1
Co-venturer \| Pantheon
Stake holder investment, amount	$ 35.0
Stake holder investment, percentage	28.00%
Proceeds from Dispositions of Investments	$ 12.5
Majority Shareholder
Stake holder investment, amount	63.0
Majority Shareholder \| Pantheon Funding I
Stake holder investment, amount	$ 96.2
Stake holder investment, percentage	72.00%
Majority Shareholder \| PSLF’s Members’ Equity
Stake holder investment, percentage	72.00%

Consolidated Schedule of Investments - USD ($)
$ in Thousands

12 Months Ended

Sep. 30, 2022

Sep. 30, 2021

$ 1,302,029

$ 1,221,121

^[1],[2]

Liabilities in excess of other assets

1,226,301

^[3]

1,255,290

^[1],[2],[4]

(693,402)

^[3]

(615,503)

^[1],[2],[4]

Net Assets

585,565

^[3]

660,144

^[4]

Common Equity/Partnership Interests/Warrants

^[1],[2],[4]

118,982

First Lien Secured Debt

^[5],[6]

599,263

BlackRock Federal FD Institutional 30

^[3],[5],[6]

588,267

39,122

18,220

^[1],[2]

BNY Mellon Cash Reserve and Cash

39,122

^[3]

18,220

^[1],[2],[4]

13,722

2,163

^[1],[2]

MeritDirect Holdings, LP | Media | Common Equity/Partnership Interests/Warrants

$ 13,544

^[3]

$ 2,137

^[1],[2],[4]

^[7],[8]

Media

^[7],[8]

540

QuantiTech InvestCo II LP | Aerospace and Defense

^[4],[7],[8]

$ 126

^[7],[8]

Aerospace and Defense

^[7],[8]

^[7],[8]

$ 24

^[4],[7],[8]

Revolver

Investments in Non-Controlled, Non-Affiliated Portfolio Companies

^{[5],[6],[9],[10]}

—

$ 882,513

729,811

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Preferred Equity/Partnership Interests

932,155

^[3]

820,500

^[1],[2],[4]

5,026

^[11]

21,295

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Common Equity/Partnership Interests/Warrants

7,325

^[3],[11]

25,873

^[4],[8]

91,596

$ 35,536

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | First Lien Secured Debt

^[3]

153,373

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Second Lien Secured Debt

^[1],[2]

11.50%

133,160

^[5],[6]

$ 107,620

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Subordinated Debt/Corporate Notes

129,936

^[3],[5],[6]

107,225

^[1],[2],[4]

53,468

^[5],[6]

56,315

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Business Services | First Lien Secured Debt

$ 53,254

^[3],[5],[6]

$ 57,015

^[4]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Electronics | First Lien Secured Debt

^[1],[2]

1.00%

^[1],[2]

$ 509,046

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | American Insulated Glass, LLC | Building Materials | First Lien Secured Debt

^[1],[2],[4]

$ 511,405

Dec. 21, 2023

^[5],[6]

Dec. 21, 2023

^[1],[2]

Building Materials

^[5],[6]

Building Materials

^[1],[2]

7.79%

^[5],[6]

6.50%

^[1],[2]

3M L+550

^[5],[6],[9]

3M L+550

^[1],[2],[12]

$ 550

^[5],[6],[9]

$ 550

^[1],[2],[12]

3,329

^[5],[6]

15,795

^[1],[2]

$ 3,310

^[5],[6]

$ 15,639

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Any Hour Services | Personal, Food and Miscellaneous Services | First Lien Secured Debt

$ 3,329

^[3],[5],[6]

$ 15,637

^[1],[2],[4]

Jul. 21, 2027

^[5],[6]

Jul. 21, 2027

^[1],[2],[13]

Personal, Food and Miscellaneous Services

^[5],[6]

Personal, Food and Miscellaneous Services

^[1],[2],[13]

^[5],[6]

8.15%

^[5],[6],[9]

3M L+525

^[5],[6],[9]

$ 525

4,120

^[5],[6]

3,824

^[1],[2],[13]

^[5],[6]

$ 4,086

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Apex Service Partners, LLC | Personal, Food and Miscellaneous Services | First Lien Secured Debt

$ 4,038

^[3],[5],[6]

$ (38)

^{[1],[2],[4],[13]}

Jul. 31, 2025

^[5],[6]

Jul. 31, 2025

^[1],[2]

Personal, Food and Miscellaneous Services

^[5],[6]

Personal, Food and Miscellaneous Services

^[1],[2]

7.60%

^[5],[6]

6.25%

^[1],[2]

1M L+550

^[5],[6],[9]

1M L+525

^[1],[2],[12]

$ 550

^[5],[6],[9]

$ 525

^[1],[2],[12]

1,331

^[5],[6]

1,331

^[1],[2]

$ 1,331

^[5],[6]

$ 1,331

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Applied Technical Services, LLC | Environmental Services | First Lien Secured Debt

$ 1,324

^[3],[5],[6]

$ 1,317

^[1],[2],[4]

Dec. 29, 2026

^[5],[6]

Jun. 29, 2022

^[1],[2],[13]

Environmental Services

^[5],[6]

Environmental Services

^[1],[2],[13]

^[5],[6]

7.59%

^[5],[6],[9]

3M L+575

^[5],[6],[9]

$ 575

1,402

^[5],[6]

6,235

^[1],[2],[13]

^[5],[6]

$ 1,388

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Applied Technical Services, LLC | Environmental Services One | First Lien Secured Debt

$ 1,367

^[3],[5],[6]

$ (55)

^{[1],[2],[4],[13]}

^[5],[6],[10]

Apr. 21, 2023

^[5],[6],[10]

Environmental Services

^[5],[6],[10]

1,595

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Berwick Industrial Park | Buildings and Real Estate | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (22)

^[5],[6]

Apr. 28, 2023

^[5],[6]

Buildings and Real Estate

^[5],[6]

11.00%

^[5],[6]

4,000

^[5],[6]

$ 3,953

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Beta Plus Technologies, Inc. | Business Services | First Lien Secured Debt

^[3],[5],[6]

$ 3,934

^[5],[6]

Jul. 01, 2029

^[5],[6]

Business Services

^[5],[6]

7.56%

^[5],[6],[9]

SOFR+525

^[5],[6],[9]

$ 525

^[5],[6]

5,000

^[5],[6]

$ 4,904

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Blackhawk Industrial Distribution, Inc. | Distribution | First Lien Secured Debt

^[3],[5],[6]

$ 4,900

^[5],[6]

Sep. 17, 2024

^[5],[6]

Distribution

^[5],[6]

8.69%

^[5],[6],[9]

3M L+500

^[5],[6],[9]

$ 500

^[5],[6]

1,175

^[5],[6]

$ 1,160

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Blackhawk Industrial Distribution, Inc. | Distribution | Subordinated Debt/Corporate Notes

^[3],[5],[6]

$ 1,149

Mar. 17, 2025

Distribution

12.00%

14,335

$ 14,165

^[4]

$ 14,335

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Blackhawk Industrial Distribution, Inc. | Distribution One | First Lien Secured Debt

2.00%

^[5],[6],[10]

Sep. 17, 2024

^[5],[6],[10]

Distribution

^[5],[6],[10]

4,043

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Broder Bros., Co. | Consumer Products | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (51)

Dec. 02, 2022

^[5],[6]

Dec. 02, 2022

^[1],[2]

Consumer Products

^[5],[6]

Consumer Products

^[1],[2]

7.39%

^[5],[6]

9.75%

^[1],[2]

3M L+600

^[5],[6],[9]

3M L+850

^[1],[2],[12]

$ 600

^[5],[6],[9]

$ 850

^[1],[2],[12]

10,096

^[5],[6]

25,333

^[1],[2]

$ 10,096

^[5],[6]

$ 25,333

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Cartessa Aesthetics, LLC | Distribution | Common Equity/Partnership Interests/Warrants

$ 10,096

^[3],[5],[6]

$ 25,333

^[1],[2],[4]

^[11]

Distribution

^[11]

3,562,500

^[11]

$ 3,563

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Cartessa Aesthetics, LLC | Distribution | First Lien Secured Debt

^[3],[11]

$ 3,716

^[5],[6]

May 13, 2028

^[5],[6]

Distribution

^[5],[6]

9.55%

^[5],[6],[9]

1M L+600

^[5],[6],[9]

$ 600

^[5],[6]

39,401

^[5],[6]

$ 38,644

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | CF512, Inc. | Media | First Lien Secured Debt

^[3],[5],[6]

$ 38,810

Aug. 20, 2026

^[5],[6]

Aug. 20, 2026

^[1],[2]

Media

^[5],[6]

Media

^[1],[2]

9.30%

^[5],[6]

7.00%

^[1],[2]

3M L+600

^[5],[6],[9]

3M L+600

^[1],[2],[12]

$ 600

^[5],[6],[9]

$ 600

^[1],[2],[12]

6,720

^[5],[6]

10,000

^[1],[2]

$ 6,630

^[5],[6]

$ 9,802

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | CF512, Inc. | Media One | First Lien Secured Debt

$ 6,619

^[3],[5],[6]

$ 9,800

^[1],[2],[4]

^[1],[2],[13]

Aug. 20, 2026

^[1],[2],[13]

Media

^[1],[2],[13]

2,727

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Compex Legal Services, Inc. | Business Services | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (27)

Feb. 09, 2026

^[5],[6]

Feb. 09, 2026

^[1],[2]

Business Services

^[5],[6]

Business Services

^[1],[2]

7.48%

^[5],[6]

6.75%

^[1],[2]

3M L+525

^[5],[6],[9]

3M L+575

^[1],[2],[12]

$ 525

^[5],[6],[9]

$ 575

^[1],[2],[12]

853

^[5],[6]

3,570

^[1],[2]

$ 843

^[5],[6]

$ 3,514

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Connatix Buyer, Inc. | Media | First Lien Secured Debt

$ 853

^[3],[5],[6]

$ 3,529

^[1],[2],[4]

Jan. 13, 2023

^[5],[6],[10]

Jul. 13, 2027

^[1],[2]

Media

^[5],[6],[10]

Media

^[1],[2]

^[1],[2]

6.25%

^[1],[2],[12]

3M L+550

^[1],[2],[12]

$ 550

3,158

^[5],[6],[10]

12,000

^[1],[2]

^[1],[2]

$ 11,766

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Connatix Buyer, Inc. | Media One | First Lien Secured Debt

$ (47)

^{[3],[5],[6],[10]}

$ 11,760

^[1],[2],[4]

^[1],[2],[13]

Jan. 13, 2023

^[1],[2],[13]

Media

^[1],[2],[13]

3,158

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Crane 1 Services, Inc. | Personal, Food and Miscellaneous Services | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (32)

Aug. 16, 2027

^[5],[6]

Aug. 16, 2027

^[1],[2]

Personal, Food and Miscellaneous Services

^[5],[6]

Personal, Food and Miscellaneous Services

^[1],[2]

8.40%

^[5],[6]

6.75%

^[1],[2]

3M L+575

^[5],[6],[9]

3M L+575

^[1],[2],[12]

$ 575

^[5],[6],[9]

$ 575

^[1],[2],[12]

2,606

^[5],[6]

1,847

^[1],[2]

$ 2,577

^[5],[6]

$ 1,820

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Crane 1 Services, Inc. | Personal, Food and Miscellaneous Services One | First Lien Secured Debt

$ 2,580

^[3],[5],[6]

$ 1,829

^[1],[2],[4]

^[1],[2],[13]

Aug. 16, 2023

^[1],[2],[13]

Personal, Food and Miscellaneous Services

^[1],[2],[13]

778

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Crash Champions, LLC | Auto Sector | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (2)

^[1],[2]

Aug. 05, 2025

^[1],[2]

Auto Sector

^[1],[2]

6.00%

^[1],[2],[12]

3M L+500

^[1],[2],[12]

$ 500

^[1],[2]

4,751

^[1],[2]

$ 4,704

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Crash Champions, LLC | Auto Sector One | First Lien Secured Debt

^[1],[2],[4]

$ 4,656

^[1],[2],[13]

May 14, 2022

^[1],[2],[13]

Auto Sector

^[1],[2],[13]

6,749

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | DermaRite Industries LLC | Manufacturing / Basic Industries | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (67)

Jun. 30, 2023

^[5],[6]

Mar. 03, 2022

^[1],[2]

Manufacturing / Basic Industries

^[5],[6]

Manufacturing / Basic Industries

^[1],[2]

10.67%

^[5],[6]

8.00%

^[1],[2]

1M L+700

^[5],[6],[9]

1M L+700

^[1],[2],[12]

$ 700

^[5],[6],[9]

$ 700

^[1],[2],[12]

8,755

^[5],[6]

8,055

^[1],[2]

$ 8,734

^[5],[6]

$ 8,041

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Dr. Squatch, LLC | Personal and Non-Durable Consumer Products | First Lien Secured Debt

$ 7,030

^[3],[5],[6]

$ 7,720

^[1],[2],[4]

Aug. 31, 2027

^[5],[6]

Aug. 27, 2026

^[1],[2]

Personal and Non-Durable Consumer Products

^[5],[6]

Personal and Non-Durable Consumer Products

^[1],[2]

9.17%

^[5],[6]

7.00%

^[1],[2]

^[1],[2],[12]

3M L+600

$ 600

^[5],[6],[9]

$ 600

^[1],[2],[12]

12,930

^[5],[6]

13,515

^[1],[2]

$ 12,742

^[5],[6]

$ 13,247

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Dr. Squatch, LLC | Personal and Non Durable Consumer Products One | First Lien Secured Debt

$ 12,736

^[3],[5],[6]

$ 13,244

^[1],[2],[4]

^[5],[6],[10]

Aug. 27, 2026

^[5],[6],[10]

Personal and Non-Durable Consumer Products

^[5],[6],[10]

2,000

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | DRS Holdings III, Inc. | Consumer Products | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (10)

^[1],[2]

Nov. 03, 2025

^[1],[2]

Consumer Products

^[1],[2]

7.25%

^[1],[2],[12]

3M L+625

^[1],[2],[12]

$ 625

^[1],[2]

9,975

^[1],[2]

$ 9,882

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | ECL Entertainment, LLC | Hotels, Motels, Inns and Gaming | First Lien Secured Debt

^[1],[2],[4]

$ 9,905

May 01, 2028

^[5],[6]

Mar. 31, 2028

^[1],[2]

Hotels, Motels, Inns and Gaming

^[5],[6]

Hotels, Motels, Inns and Gaming

^[1],[2]

10.62%

^[5],[6]

8.25%

^[1],[2]

^[1],[2],[12]

1M L+750

$ 750

^[5],[6],[9]

$ 750

^[1],[2],[12]

19,156

^[5],[6]

8,747

^[1],[2]

^[1],[2]

$ 8,664

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Exigo Intermediate II, LLC | Business Services | First Lien Secured Debt

$ 18,869

^[3],[5],[6]

$ 8,944

^[1],[2],[4]

^[5],[6],[10]

Mar. 15, 2027

^[5],[6],[10]

Business Services

^[5],[6],[10]

8.87%

^{[5],[6],[9],[10]}

3M L+575

^{[5],[6],[9],[10]}

$ 575

^[5],[6],[10]

24,875

^[5],[6],[10]

$ 24,532

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Exigo Intermediate II, LLC | Business Services One | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ 24,315

^[5],[6],[10]

Mar. 15, 2024

^[5],[6],[10]

Business Services

^[5],[6],[10]

7,424

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Fairbanks Morse Defense | Aerospace and Defense | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (111)

Jun. 17, 2028

^[5],[6]

Jun. 17, 2028

^[1],[2]

Aerospace and Defense

^[5],[6]

Aerospace and Defense

^[1],[2]

7.00%

^[5],[6]

5.50%

^[1],[2]

3M L+475

^[5],[6],[9]

3M L+475

^[1],[2],[12]

$ 475

^[5],[6],[9]

$ 475

^[1],[2],[12]

738

^[5],[6]

3,500

^[1],[2]

$ 735

^[5],[6]

$ 3,487

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Gantech Acquisition Corp. | Business Services | First Lien Secured Debt

$ 682

^[3],[5],[6]

$ 3,500

^[1],[2],[4]

May 14, 2026

^[5],[6]

May 14, 2026

^[1],[2]

Business Services

^[5],[6]

Business Services

^[1],[2]

9.37%

^[5],[6]

7.25%

^[1],[2]

1M L+625

^[5],[6],[9]

1M L+625

^[1],[2],[12]

$ 625

^[5],[6],[9]

$ 625

^[1],[2],[12]

16,809

^[5],[6]

19,900

^[1],[2]

$ 16,548

^[5],[6]

$ 19,522

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Graffiti Buyer, Inc. | Distribution | First Lien Secured Debt

$ 16,305

^[3],[5],[6]

$ 19,502

^[1],[2],[4]

Aug. 10, 2023

^[5],[6],[10]

Aug. 10, 2027

^[1],[2]

Distribution

^[5],[6],[10]

Distribution

^[1],[2]

^[1],[2]

6.75%

3M L+600

^[5],[6],[9]

3M L+575

^[1],[2],[12]

^[1],[2],[12]

$ 575

892

^[5],[6],[10]

1,994

^[1],[2]

^[1],[2]

$ 1,955

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Graffiti Buyer, Inc. | Distribution One | First Lien Secured Debt

$ (20)

^{[3],[5],[6],[10]}

$ 1,964

^[1],[2],[4]

^[1],[2],[13]

Aug. 10, 2023

^[1],[2],[13]

Distribution

^[1],[2],[13]

893

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Hancock Roofing and Construction L.L.C. | Insurance | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (4)

Dec. 31, 2022

^[5],[6],[10]

Dec. 31, 2022

^[1],[2],[13]

Insurance

^[5],[6],[10]

Insurance

^[1],[2],[13]

400

^[5],[6],[10]

1,500

^[1],[2],[13]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Hancock Roofing and Construction L.L.C. | Insurance One | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (15)

^[5],[6]

Dec. 31, 2026

^[5],[6],[10]

Insurance

^[5],[6]

7.82%

^[5],[6],[9]

1M L+500

^[5],[6],[9]

$ 500

^[5],[6]

270

^[5],[6]

$ 270

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Holdco Sands Intermediate, LLC | Aerospace and Defense | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ 266

^[5],[6]

Nov. 23, 2028

^[5],[6]

Aerospace and Defense

^[5],[6]

10.17%

^[5],[6],[9]

3M L+600

^[5],[6],[9]

$ 600

^[5],[6]

1,918

^[5],[6]

$ 1,883

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | HV Watterson Holdings, LLC | Business Services | Common Equity/Partnership Interests/Warrants

^{[3],[5],[6],[10]}

$ 1,879

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | HV Watterson Holdings, LLC | Business Services | First Lien Secured Debt

Business Services

1,600,000

$ 1,600

^[3]

$ 1,387

^[5],[6]

Dec. 17, 2026

^[5],[6]

Business Services

^[5],[6]

9.67%

^[5],[6],[9]

1M L+600

^[5],[6],[9]

$ 600

^[5],[6]

281

^[5],[6]

$ 279

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | HV Watterson Holdings, LLC | Business Services One | First Lien Secured Debt

^[3],[5],[6]

$ 271

^[5],[6],[10]

Dec. 17, 2026

^[5],[6],[10]

Business Services

^[5],[6],[10]

2,219

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | HW Holdco, LLC | Media | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (61)

Dec. 10, 2024

^[5],[6]

Dec. 10, 2024

^[1],[2]

Media

^[5],[6],[10]

Media

^[1],[2]

6.00%

^[5],[6],[10]

5.50%

^[1],[2]

3M L+500

^{[5],[6],[9],[10]}

3M L+450

^[1],[2],[12]

$ 500

^[5],[6],[9]

$ 450

^[1],[2],[12]

10,188

^[5],[6],[10]

2,541

^[1],[2]

$ 10,077

^[5],[6],[10]

$ 2,526

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | HW Holdco, LLC | Media One | First Lien Secured Debt

$ 10,061

^{[3],[5],[6],[10]}

$ 2,516

^[1],[2],[4]

^[5],[6],[10]

Dec. 10, 2024

^[5],[6],[10]

Media

^[5],[6],[10]

3,049

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Icon Partners III, LP | Business Services | Common Equity/Partnership Interests/Warrants

^{[3],[5],[6],[10]}

$ (8)

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Icon Partners III, LP | Auto Sector | First Lien Secured Debt

Business Services

1,111,111

$ 1,111

^[3]

$ 1,194

^[5],[6],[10]

May 11, 2028

^[5],[6],[10]

Auto Sector

^[5],[6],[10]

7.55%

^{[5],[6],[9],[10]}

3M L+475

^[5],[6],[9]

$ 475

^[5],[6],[10]

995

^[5],[6],[10]

$ 834

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | IDC Infusion Services, Inc. | Healthcare, Education and Childcare | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ 727

^[5],[6],[10]

Healthcare, Education and Childcare

^[5],[6],[10]

10.70%

^[5],[6],[9]

$ 600

^[5],[6],[10]

3,685

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | IDC Infusion Services, Inc. | Healthcare Education And Childcare One | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ 3,574

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | IG Investments Holdings, LLC | Business Services | First Lien Secured Debt

^[5],[6],[10]

Dec. 30, 2026

^[1],[2]

Sep. 22, 2028

^[1],[2]

Business Services

^[1],[2]

6.75%

^[1],[2],[12]

3M L+600

^[1],[2],[12]

$ 600

^[1],[2]

4,518

^[1],[2]

$ 4,428

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Imagine Acquisitionco, LLC | Business Services | First Lien Secured Debt

^[1],[2],[4]

$ 4,428

^[5],[6],[10]

Nov. 15, 2027

^[5],[6],[10]

Business Services

^[5],[6],[10]

2,341

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Inception Fertility Ventures, LLC | Healthcare, Education and Childcare | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (35)

^[5],[6]

Dec. 07, 2023

^[5],[6]

Healthcare, Education and Childcare

^[5],[6]

10.18%

^[5],[6],[9]

3M L+715

^[5],[6],[9]

$ 715

^[5],[6]

20,506

^[5],[6]

$ 20,239

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Infolinks Media Buyco, LLC | Media | First Lien Secured Debt

^[3]

$ 20,301

^[5],[6]

Nov. 01, 2023

^[5],[6]

Media

^[5],[6]

2,372

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Integrity Marketing Acquisition, LLC | Insurance | First Lien Secured Debt

^[3]

$ 24

Aug. 27, 2025

^[5],[6]

Aug. 27, 2025

^[1],[2]

Insurance

^[5],[6]

Insurance

^[1],[2]

7.83%

^[5],[6]

6.49%

^[1],[2]

3M L+550

^[5],[6],[9]

3M L+550

^[1],[2],[12]

$ 550

^[5],[6],[9]

$ 550

^[1],[2],[12]

9,930

^[5],[6]

17,220

^[1],[2]

$ 9,876

^[5],[6]

$ 17,116

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Integrity Marketing Acquisition, LLC | Insurance One | First Lien Secured Debt

$ 9,831

^[3]

$ 17,134

^[1],[2],[4]

^[1],[2],[13]

Jul. 09, 2023

^[1],[2],[13]

Insurance

^[1],[2],[13]

4,278

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | ITI Holdings, Inc. | Business Services | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ 11

^[5],[6]

Mar. 03, 2028

^[5],[6]

Business Services

^[5],[6]

8.67%

^[5],[6],[9]

3M L+550

^[5],[6],[9]

$ 550

^[5],[6]

8,927

^[5],[6]

$ 8,784

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | K2 Pure Solutions NoCal, L.P. | Chemicals, Plastics and Rubber | First Lien Secured Debt

^[3],[5],[6]

$ 8,749

Dec. 20, 2023

^[5],[6]

Dec. 20, 2023

^[1],[2]

Chemicals, Plastics and Rubber

^[5],[6]

Chemicals, Plastics and Rubber

^[1],[2]

11.12%

^[5],[6]

8.00%

^[1],[2]

1M L+800

^[5],[6],[9]

1M L+700

^[1],[2],[12]

$ 800

^[5],[6],[9]

$ 700

^[1],[2],[12]

11,678

^[5],[6]

11,800

^[1],[2]

$ 11,629

^[5],[6]

$ 11,712

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Kinetic Purchaser, LLC | Consumer Products | Common Equity/Partnership Interests/Warrants

$ 11,678

^[3],[5],[6]

$ 11,486

^[1],[2],[4]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Kinetic Purchaser, LLC | Consumer Products | First Lien Secured Debt

Consumer Products

1,308,814

$ 1,309

^[3]

$ 1,854

^[5],[6]

Nov. 10, 2027

^[5],[6]

Consumer Products

^[5],[6]

9.67%

^[5],[6],[9]

3M L+600

^[5],[6],[9]

$ 600

^[5],[6]

24,341

^[5],[6]

$ 23,807

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Lash OpCo, LLC | Consumer Products | First Lien Secured Debt

^[3],[5],[6]

$ 23,855

Feb. 18, 2027

^[5],[6]

Feb. 18, 2027

^[1],[2]

Consumer Products

^[5],[6]

Consumer Products

^[1],[2]

11.78%

^[5],[6]

8.00%

^[1],[2]

1M L+700

^[5],[6],[9]

1M L+700

^[1],[2],[12]

^[5],[6],[9]

$ 700

2,828

^[5],[6]

30,000

^[1],[2]

$ 2,774

^[5],[6]

$ 29,335

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Lash OpCo, LLC | Consumer Products Three | First Lien Secured Debt

$ 2,771

^[3],[5],[6]

29,400

^[1],[2],[4]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | LAV Gear Holdings, Inc. | Leisure, Amusement, Motion Pictures, Entertainment | First Lien Secured Debt

^[1],[2],[12]

$ 700

Oct. 31, 2024

^[5],[6]

Oct. 31, 2024

^[1],[2]

Leisure, Amusement, Motion Pictures, Entertainment

^[5],[6]

Leisure, Amusement, Motion Pictures, Entertainment

^[1],[2]

9.95%

^[5],[6]

8.50%

^[1],[2]

1M L+750

^[5],[6],[9]

1M L+750

^[1],[2],[12]

$ 750

^[5],[6],[9]

$ 750

^[1],[2],[12]

2,061

^[5],[6]

790

^[1],[2]

$ 2,036

^[5],[6]

$ 785

^[1],[2]

$ 2,013

^[3],[5],[6]

$ 741

^[1],[2],[4]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Ledge Lounger, Inc. | Consumer Products | First Lien Secured Debt

5.50%

^[5],[6]

5.00%

^[5],[6]

Nov. 09, 2026

^[5],[6]

Consumer Products

^[5],[6]

9.92%

^[5],[6],[9]

3M L+625

^[5],[6],[9]

$ 625

^[5],[6]

9,177

^[5],[6]

$ 9,021

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Lightspeed Buyer Inc. | Healthcare, Education and Childcare | First Lien Secured Debt

^[3],[5],[6]

$ 9,040

Feb. 03, 2026

^[5],[6]

Feb. 03, 2026

^[1],[2]

Healthcare, Education and Childcare

^[5],[6]

Healthcare, Education and Childcare

^[1],[2]

8.87%

^[5],[6]

6.75%

^[1],[2]

1M L+575

^[5],[6],[9]

1M L+575

^[1],[2],[12]

$ 575

^[5],[6],[9]

$ 575

^[1],[2],[12]

2,220

^[5],[6]

4,994

^[1],[2]

$ 2,205

^[5],[6]

$ 4,922

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Limerick Town Cener, LLC | Real Estate | First Lien Secured Debt

$ 2,148

^[3],[5],[6]

$ 4,994

^[1],[2],[4]

^[5],[6]

Sep. 27, 2023

^[5],[6]

Real Estate

^[5],[6]

12.50%

^[5],[6]

3,000

^[5],[6]

$ 2,970

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | LSF9 Atlantis Holdings, LLC | Retail | First Lien Secured Debt

^[3],[5],[6]

$ 2,970

^[5],[6]

Mar. 31, 2029

^[5],[6]

Retail

^[5],[6]

9.37%

^[5],[6],[9]

SOFR+725

^[5],[6],[9]

$ 725

^[5],[6]

6,000

^[5],[6]

$ 5,772

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | MDI Buyer, Inc. | Chemicals, Plastics and Rubber | First Lien Secured Debt

^[3],[5],[6]

$ 5,685

^[5],[6]

Jul. 25, 2028

^[5],[6]

Chemicals, Plastics and Rubber

^[5],[6]

8.98%

^[5],[6],[9]

3M L+600

^[5],[6],[9]

$ 600

^[5],[6]

14,400

^[5],[6]

$ 14,117

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Meadowlark Acquirer, LLC | Business Services | First Lien Secured Debt

^[3],[5],[6]

$ 14,112

^[5],[6]

Dec. 10, 2027

^[5],[6]

Business Services

^[5],[6]

9.17%

^[5],[6],[9]

3M L+550

^[5],[6],[9]

$ 550

^[5],[6]

1,320

^[5],[6]

$ 1,307

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | MeritDirect, LLC | Media | First Lien Secured Debt

^[3],[5],[6]

$ 1,307

^[1],[2]

May 23, 2024

^[1],[2]

Media

^[1],[2]

6.50%

^[1],[2],[12]

3M L+550

^[1],[2],[12]

$ 550

^[1],[2]

2,759

^[1],[2]

$ 2,736

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Municipal Emergency Services, Inc. | Distribution | Common Equity/Partnership Interests/Warrants

^[1],[2],[4]

$ 2,732

Distribution

^[8]

3,920,145

1,593,514

^[8]

$ 3,984

$ 1,594

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Municipal Emergency Services, Inc. | Distribution | First Lien Secured Debt

$ 2,990

^[3]

$ 1,594

^[4],[8]

Sep. 28, 2027

^[5],[6]

Sep. 28, 2027

^[1],[2]

Distribution

^[5],[6]

Distribution

^[1],[2]

8.67%

^[5],[6]

6.00%

^[1],[2]

3M L+500

^[5],[6],[9]

3M L+500

^[1],[2],[12]

$ 500

^[5],[6],[9]

$ 500

^[1],[2],[12]

703

^[5],[6]

6,953

^[1],[2]

$ 697

^[5],[6]

$ 6,814

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Municipal Emergency Services, Inc. | Distribution One | First Lien Secured Debt

$ 663

^[3],[5],[6]

$ 6,814

^[1],[2],[4]

Sep. 28, 2027

^[5],[6],[10]

Sep. 28, 2027

^[1],[2],[13]

Distribution

^[5],[6],[10]

Distribution

^[1],[2],[13]

1,175

^[5],[6],[10]

1,880

^[1],[2],[13]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | NBH Group LLC | Healthcare, Education and Childcare | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (56)

^[1],[2]

Aug. 19, 2026

^[1],[2]

Healthcare, Education and Childcare

^[1],[2]

6.50%

^[1],[2],[12]

1M L+550

^[1],[2],[12]

$ 550

^[1],[2]

7,561

^[1],[2]

$ 7,413

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Neptune Flood Incorporated | Financial Services | First Lien Secured Debt

^[1],[2],[4]

$ 7,410

^[5],[6]

Oct. 14, 2026

^[5],[6]

Financial Services

^[5],[6]

7.10%

^[5],[6],[9]

1M L+525

^[5],[6],[9]

$ 525

^[5],[6]

4,379

^[5],[6]

$ 4,352

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | OIS Management Services, LLC | Healthcare, Education and Childcare | First Lien Secured Debt

^[3],[5],[6]

$ 4,423

^[1],[2]

Jul. 09, 2026

^[1],[2]

Healthcare, Education and Childcare

^[1],[2]

5.75%

^[1],[2],[12]

3M L+475

^[1],[2],[12]

$ 475

^[1],[2]

3,893

^[1],[2]

$ 3,843

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | OIS Management Services, LLC | Healthcare Education And Childcare One | First Lien Secured Debt

^[1],[2],[4]

$ 3,834

^[1],[2],[13]

Jul. 09, 2023

^[1],[2],[13]

Healthcare, Education and Childcare

^[1],[2],[13]

1,433

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | One Stop Mailing, LLC | Cargo Transport | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (11)

May 07, 2027

^[5],[6]

May 07, 2027

^[1],[2]

Cargo Transport

^[5],[6]

Cargo Transport

^[1],[2]

8.77%

^[5],[6]

7.25%

^[1],[2]

3M L+625

^[5],[6],[9]

3M L+625

^[1],[2],[12]

$ 625

^[5],[6],[9]

$ 625

^[1],[2],[12]

7,008

^[5],[6]

14,920

^[1],[2]

$ 6,889

^[5],[6]

$ 14,631

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | ORL Acquisition, Inc. | Business Services | First Lien Secured Debt

$ 6,798

^[3],[5],[6]

$ 14,659

^[1],[2],[4]

Sep. 03, 2027

^[5],[6]

Sep. 03, 2027

^[1],[2]

Business Services

^[5],[6]

Business Services

^[1],[2]

8.92%

^[5],[6]

6.25%

^[1],[2]

3M L+525

^[5],[6],[9]

3M L+525

^[1],[2],[12]

$ 525

^[5],[6],[9]

$ 525

^[1],[2],[12]

4,454

^[5],[6]

5,041

^[1],[2]

$ 4,378

^[5],[6]

$ 4,941

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Ox Two, LLC | Building Materials | First Lien Secured Debt

$ 4,454

^[3],[5],[6]

$ 4,940

^[1],[2],[4]

May 18, 2026

^[5],[6]

May 18, 2026

^[1],[2]

Building Materials

^[5],[6]

Building Materials

^[1],[2]

9.81%

^[5],[6]

7.00%

^[1],[2]

1M L+700

^[5],[6],[9]

1M L+600

^[1],[2],[12]

$ 700

^[5],[6],[9]

$ 600

^[1],[2],[12]

15,391

^[5],[6]

15,671

^[1],[2]

$ 15,189

^[5],[6]

$ 15,435

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | PRA Events, Inc. | Business Services | First Lien Secured Debt

$ 15,083

^[3],[5],[6]

$ 15,358

^[1],[2],[4]

Aug. 07, 2025

^[5],[6]

Aug. 07, 2025

^[1],[2]

Business Services

^[5],[6]

Business Services

^[1],[2]

14.17%

^[5],[6]

11.50%

^[1],[2]

3M L+1,050

^[5],[6],[9]

3M L+1,050

^[1],[2],[12]

$ 1,050

^[5],[6],[9]

$ 1,050

^[1],[2],[12]

24,907

^[5],[6]

23,675

^[1],[2]

$ 21,694

^[5],[6]

$ 20,421

^[1],[2]

$ 24,907

^[3],[5],[6]

$ 22,373

^[1],[2],[4]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Pragmatic Institute, LLC | Business Services | Common Equity/Partnership Interests/Warrants

10.50%

^[5],[6]

11.50%

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Pragmatic Institute, LLC | Business Services | First Lien Secured Debt

Business Services

1,918,047

$ 1,918

^[3]

$ 1,918

^[5],[6]

Jul. 06, 2028

^[5],[6]

Business Services

^[5],[6]

9.30%

^[5],[6],[9]

3M L+575

^[5],[6],[9]

$ 575

^[5],[6]

35,340

^[5],[6]

$ 34,826

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Quantic Electronics, LLC | Aerospace and Defense | First Lien Secured Debt

^[3],[5],[6]

$ 34,987

Nov. 19, 2026

^[5],[6]

Nov. 19, 2026

^[1],[2]

Aerospace and Defense

^[5],[6]

Aerospace and Defense

^[1],[2]

8.00%

^[5],[6]

7.25%

^[1],[2]

1M L+625

^[5],[6],[9]

1M L+625

^[1],[2],[12]

$ 625

^[5],[6],[9]

$ 625

^[1],[2],[12]

679

^[5],[6]

6,188

^[1],[2]

$ 673

^[5],[6]

$ 6,095

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Quantic Electronics, LLC | Aerospace and Defense One | First Lien Secured Debt

$ 666

^[3],[5],[6]

$ 6,064

^[1],[2],[4]

^[1],[2],[13]

Nov. 19, 2026

^[1],[2],[13]

Aerospace and Defense

^[1],[2],[13]

2,094

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Questex, LLC | Media | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (21)

Sep. 09, 2024

^[5],[6]

Sep. 09, 2024

^[1],[2]

Media

^[5],[6]

Media

^[1],[2]

7.45%

^[5],[6]

6.00%

^[1],[2]

3M L+500

^[5],[6],[9]

3M L+500

^[1],[2],[12]

$ 500

^[5],[6],[9]

$ 500

^[1],[2],[12]

21,600

^[5],[6]

21,825

^[1],[2]

$ 21,436

^[5],[6]

$ 21,584

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Rancho Health MSO, Inc. | Healthcare, Education and Childcare | First Lien Secured Debt

$ 21,168

^[3],[5],[6]

$ 20,516

^[1],[2],[4]

Dec. 18, 2025

^[5],[6],[10]

Dec. 18, 2025

^[1],[2],[13]

Healthcare, Education and Childcare

^[5],[6],[10]

Healthcare, Education and Childcare

^[1],[2],[13]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Reception Purchaser, LLC | Transportation | First Lien Secured Debt

1,050

^[5],[6],[10]

1,050

^[1],[2],[13]

^[5],[6]

Feb. 28, 2028

^[5],[6]

Transportation

^[5],[6]

9.13%

^[5],[6],[9]

SOFR+600

^[5],[6],[9]

$ 600

^[5],[6]

5,970

^[5],[6]

$ 5,885

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Research Horizons, LLC | Media | First Lien Secured Debt

^[3],[5],[6]

$ 5,701

^[1],[2]

Jun. 28, 2022

^[1],[2]

Media

^[1],[2]

7.25%

^[1],[2],[12]

1M L+625

^[1],[2],[12]

$ 625

^[1],[2]

28,796

^[1],[2]

$ 28,682

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Research Now Group, Inc. and Dynata, LLC | Business Services | First Lien Secured Debt

^[1],[2],[4]

$ 28,508

Dec. 20, 2024

^[5],[6]

Dec. 20, 2024

^[1],[2]

Business Services

^[5],[6]

Business Services

^[1],[2]

8.84%

^[5],[6]

6.50%

^[1],[2]

3M L+550

^[5],[6],[9]

3M L+550

^[1],[2],[12]

$ 550

^[5],[6],[9]

$ 550

^[1],[2],[12]

126

^[5],[6]

2,884

^[1],[2]

$ 126

^[5],[6]

$ 2,884

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Riverside Assessments, LLC | Education | First Lien Secured Debt

$ 113

^[3],[5],[6]

$ 2,847

^[1],[2],[4]

Mar. 10, 2025

^[5],[6]

Mar. 10, 2025

^[1],[2]

Education

^[5],[6]

Education

^[1],[2]

8.97%

^[5],[6]

6.75%

^[1],[2]

3M L+625

^[5],[6],[9]

3M L+575

^[1],[2],[12]

$ 625

^[5],[6],[9]

$ 575

^[1],[2],[12]

12,906

^[5],[6]

16,174

^[1],[2]

$ 12,705

^[5],[6]

$ 15,952

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Schlesinger Global, Inc. | Business Services | First Lien Secured Debt

$ 12,648

^[3],[5],[6]

$ 15,769

^[1],[2],[4]

Jul. 14, 2025

^[5],[6]

Jul. 14, 2025

^[1],[2]

Business Services

^[5],[6]

Business Services

^[1],[2]

11.11%

^[5],[6]

8.00%

^[1],[2]

3M L+700

^[5],[6],[9]

3M L+700

^[1],[2],[12]

$ 700

^[5],[6],[9]

$ 700

^[1],[2],[12]

4,689

^[5],[6]

512

^[1],[2]

$ 4,636

^[5],[6]

$ 507

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Seaway Buyer, LLC | Chemicals, Plastics and Rubber | First Lien Secured Debt

$ 4,571

^[3],[5],[6]

$ 489

^[1],[2],[4]

^[5],[6]

Jun. 13, 2029

^[5],[6]

Chemicals, Plastics and Rubber

^[5],[6]

9.70%

^[5],[6],[9]

1M L+575

^[5],[6],[9]

$ 575

^[5],[6]

4,800

^[5],[6]

$ 4,730

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Shiftkey, LLC | Business Services | First Lien Secured Debt

^[3],[5],[6]

$ 4,728

^[5],[6]

Jun. 21, 2027

^[5],[6]

Business Services

^[5],[6]

9.56%

^[5],[6],[9]

1M L+575

^[5],[6],[9]

$ 575

^[5],[6]

17,955

^[5],[6]

$ 17,784

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Sigma Defense Systems, LLC | Telecommunications | First Lien Secured Debt

^[3],[5],[6]

$ 17,722

Dec. 18, 2025

^[5],[6]

Dec. 18, 2025

^[1],[2]

Telecommunications

^[5],[6]

Telecommunications

^[1],[2]

12.17%

^[5],[6]

9.75%

^[1],[2]

1M L+850

^[5],[6]

3M L+875

^[1],[2],[12]

$ 850

^[5],[6],[9]

$ 875

^[1],[2],[12]

31,680

^[5],[6]

6,520

^[1],[2]

$ 31,004

^[5],[6]

$ 6,378

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Spear Education, LLC | Education | First Lien Secured Debt

$ 31,047

^[5],[6]

$ 6,406

^[1],[2],[4]

Feb. 26, 2025

^[5],[6]

Feb. 26, 2025

^[1],[2]

Education

^[5],[6]

Education

^[1],[2]

9.42%

^[5],[6]

6.00%

^[1],[2]

3M L+575

^[5],[6],[9]

3M L+500

^[1],[2],[12]

$ 575

^[5],[6],[9]

$ 500

^[1],[2],[12]

12,018

^[5],[6]

14,898

^[1],[2]

$ 11,947

^[5],[6]

$ 14,781

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Spear Education, LLC | Education One | First Lien Secured Debt

$ 12,018

^[3],[5],[6]

$ 14,898

^[1],[2],[4]

^[1],[2],[13]

Feb. 26, 2022

^[1],[2],[13]

Education

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Spendmend Holdings LLC | Business Services | First Lien Secured Debt

^[1],[2],[13]

6,875

^[5],[6]

Mar. 01, 2028

^[5],[6]

Business Services

^[5],[6]

8.63%

^[5],[6],[9]

1M L+575

^[5],[6],[9]

$ 575

^[5],[6]

9,705

^[5],[6]

$ 9,581

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Spendmend Holdings LLC | Business Services One | First Lien Secured Debt

^[3],[5],[6]

$ 9,433

^[5],[6],[10]

Mar. 01, 2023

^[5],[6],[10]

Business Services

^[5],[6],[10]

2,784

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | The Bluebird Group LLC | Business Services | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (57)

Jul. 27, 2026

^[5],[6]

Jul. 27, 2026

^[1],[2]

Business Services

^[5],[6]

Business Services

^[1],[2]

10.67%

^[5],[6]

8.00%

^[1],[2]

3M L+700

^[5],[6],[9]

3M L+700

^[1],[2],[12]

$ 700

^[5],[6],[9]

$ 700

^[1],[2],[12]

4,884

^[5],[6]

5,606

^[1],[2]

$ 4,796

^[5],[6]

$ 5,496

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | The Vertex Companies, LLC | Business Services | First Lien Secured Debt

$ 4,933

^[3],[5],[6]

$ 5,570

^[1],[2],[4]

Aug. 30, 2027

^[5],[6]

Aug. 30, 2027

^[1],[2]

Business Services

^[5],[6]

Business Services

^[1],[2]

8.18%

^[5],[6]

6.50%

^[1],[2]

3M L+550

^[5],[6],[9]

1M L+550

^[1],[2],[12]

$ 550

^[5],[6],[9]

$ 550

^[1],[2],[12]

1,754

^[5],[6]

4,577

^[1],[2]

$ 1,737

^[5],[6]

$ 4,486

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | The Vertex Companies, LLC | Business Services One | First Lien Secured Debt

$ 1,745

^[3],[5],[6]

$ 4,491

^[1],[2],[4]

Aug. 30, 2027

^[5],[6],[10]

Aug. 30, 2027

^[1],[2],[13]

Business Services

^[5],[6],[10]

Business Services

^[1],[2],[13]

^[5],[6],[9]

—

466

^[5],[6],[10]

2,221

^[1],[2],[13]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | TVC Enterprises, LLC | Transportation | First Lien Secured Debt

$ 2

^{[3],[5],[6],[10]}

$ (19)

^{[1],[2],[4],[13]}

Mar. 26, 2026

^[5],[6]

Mar. 26, 2026

^[1],[2]

Transportation

^[5],[6]

Transportation

^[1],[2]

8.87%

^[5],[6]

6.75%

^[1],[2]

1M L+600

^[5],[6],[9]

1M L+575

^[1],[2],[12]

$ 600

^[5],[6],[9]

$ 575

^[1],[2],[12]

12,864

^[5],[6]

15,506

^[1],[2]

$ 12,626

^[5],[6]

$ 15,347

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | TWS Acquisition Corporation | Education | First Lien Secured Debt

$ 12,543

^[3],[5],[6]

$ 15,506

^[1],[2],[4]

Jun. 16, 2025

^[5],[6]

Jun. 16, 2025

^[1],[2]

Education

^[5],[6]

Education

^[1],[2]

8.76%

^[5],[6]

7.25%

^[1],[2]

1M L+625

^[5],[6],[9]

1M L+625

^[1],[2],[12]

$ 625

^[5],[6],[9]

$ 625

^[1],[2],[12]

1,143

^[5],[6]

4,137

^[1],[2]

$ 1,143

^[5],[6]

$ 4,137

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unique Indoor Comfort, LLC | Home and Office Furnishings | First Lien Secured Debt

$ 1,137

^[3],[5],[6]

$ 4,137

^[1],[2],[4]

^[5],[6]

May 24, 2027

^[5],[6]

Home and Office Furnishings

^[5],[6]

8.95%

^[5],[6],[9]

1M L+525

^[5],[6],[9]

$ 525

^[5],[6]

27,233

^[5],[6]

$ 26,904

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unique Indoor Comfort, LLC | Home and Office Furnishings | First Lien Secured Debt

^[3],[5],[6]

$ 26,634

^[5],[6],[10]

May 24, 2027

^[5],[6],[10]

Home and Office Furnishings

^[5],[6],[10]

16,140

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Walker Edison Furniture Company LLC | Home and Office Furnishings | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (194)

Mar. 31, 2027

^[5],[6]

Mar. 31, 2027

^[1],[2]

Home and Office Furnishings

^[5],[6]

Home and Office Furnishings

^[1],[2]

12.42%

^[5],[6]

6.75%

^[1],[2]

3M L+875

^[5],[6],[9]

3M L+575

^[1],[2],[12]

$ 875

^[5],[6],[9]

$ 575

^[1],[2],[12]

25,368

^[5],[6]

24,875

^[1],[2]

$ 24,881

^[5],[6]

$ 24,293

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Wildcat Buyerco, Inc. | Electronics | First Lien Secured Debt

$ 16,946

^[3],[5],[6]

$ 23,942

^[1],[2],[4]

Feb. 27, 2026

^[5],[6]

Feb. 27, 2026

^[1],[2]

Electronics

^[5],[6]

Electronics

^[1],[2]

9.09%

^[5],[6]

6.00%

^[1],[2]

3M L+575

^[5],[6],[9]

3M L+500

^[1],[2],[12]

$ 575

^[5],[6],[9]

$ 500

^[1],[2],[12]

3,831

^[5],[6]

1,629

^[1],[2]

$ 3,771

^[5],[6]

$ 1,612

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Wildcat Buyerco, Inc. | Electronics One | First Lien Secured Debt

$ 3,716

^[3],[5],[6]

$ 1,621

^[1],[2],[4]

^[1],[2],[13]

Feb. 27, 2022

^[1],[2],[13]

Electronics

^[1],[2],[13]

2,574

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Zips Car Wash, LLC | Auto Sector | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ 16

^[5],[6]

Mar. 01, 2024

^[5],[6]

Auto Sector

^[5],[6]

10.13%

^[5],[6],[9]

3M L+725

^[5],[6],[9]

$ 725

^[5],[6]

2,627

^[5],[6]

$ 2,608

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Atlas Purchaser, Inc | Telecommunications | Second Lien Secured Debt

^[3],[5],[6]

$ 2,562

May 07, 2029

^[5],[6]

May 07, 2029

^[1],[2]

Telecommunications

^[5],[6]

Telecommunications

^[1],[2]

11.19%

^[5],[6]

9.75%

^[1],[2]

3M L+900

^[5],[6],[9]

3M L+900

^[1],[2],[12]

$ 900

^[5],[6],[9]

$ 900

^[1],[2],[12]

17,000

^[5],[6]

17,000

^[1],[2]

$ 16,551

^[5],[6]

$ 16,506

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Best Practice Associates LLC | Aerospace and Defense | Second Lien Secured Debt

$ 14,909

^[3],[5],[6]

$ 16,873

^[1],[2],[4]

^[5],[6]

Jun. 29, 2027

^[5],[6]

Aerospace and Defense

^[5],[6]

12.67%

^[5],[6],[9]

3M L+900

^[5],[6],[9]

$ 900

^[5],[6]

17,825

^[5],[6]

$ 17,506

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Burgess Point Purchaser Corporation | Auto Sector | Second Lien Secured Debt

^[3],[5],[6]

$ 17,290

^[5],[6]

Jul. 28, 2030

^[5],[6]

Auto Sector

^[5],[6]

12.16%

^[5],[6],[9]

3M L+900

^[5],[6],[9]

$ 900

^[5],[6]

8,000

^[5],[6]

$ 7,752

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Data Axle, Inc. | Other Media | Second Lien Secured Debt

^[3],[5],[6]

$ 7,680

Apr. 03, 2024

^[5],[6]

Apr. 03, 2024

^[1],[2]

Other Media

^[5],[6]

Other Media

^[1],[2]

12.92%

^[5],[6]

10.25%

^[1],[2]

3M L+925

^[5],[6],[9]

3M L+925

^[1],[2],[12]

$ 925

^[5],[6],[9]

$ 925

^[1],[2],[12]

20,400

^[5],[6]

20,400

^[1],[2]

$ 20,288

^[5],[6]

$ 20,220

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | ENC Parent Corporation | Business Services | Second Lien Secured Debt

$ 20,196

^[3],[5],[6]

$ 20,400

^[1],[2],[4]

Aug. 19, 2029

^[5],[6]

Aug. 19, 2029

^[1],[2]

Business Services

^[5],[6]

Business Services

^[1],[2]

11.17%

^[5],[6]

8.25%

^[1],[2]

3M L+750

^[5],[6],[9]

3M L+750

^[1],[2],[12]

$ 750

^[5],[6],[9]

$ 750

^[1],[2],[12]

7,500

^[5],[6]

7,500

^[1],[2]

$ 7,432

^[5],[6]

$ 7,426

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Halo Buyer, Inc. | Consumer Products | Second Lien Secured Debt

$ 7,125

^[3],[5],[6]

$ 7,425

^[1],[2],[4]

^[5],[6]

Jul. 06, 2026

^[5],[6]

Consumer Products

^[5],[6]

11.37%

^[5],[6],[9]

1M L+825

^[5],[6],[9]

$ 825

^[5],[6]

32,500

^[5],[6]

$ 32,164

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Halo Buyer, Inc. | Consumer Products Three | Second Lien Secured Debt

^[3],[5],[6]

$ 31,769

^[1],[2]

Jul. 06, 2026

^[1],[2]

Consumer Products

^[1],[2]

9.25%

^[1],[2],[12]

1M L+825

^[1],[2],[12]

$ 825

^[1],[2]

32,500

^[1],[2]

$ 32,106

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Inventus Power, Inc. | Electronics | Second Lien Secured Debt

^[1],[2],[4]

$ 31,119

Sep. 29, 2024

^[5],[6]

Sep. 29, 2024

^[1],[2]

Electronics

^[5],[6]

Electronics

^[1],[2]

12.17%

^[5],[6]

9.50%

^[1],[2]

3M L+850

^[5],[6],[9]

3M L+850

^[1],[2],[12]

$ 850

^[5],[6],[9]

$ 850

^[1],[2],[12]

16,593

^[5],[6]

16,593

^[1],[2]

$ 16,387

^[5],[6]

$ 16,292

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | AG Investco LP One [Member] | Business Services | Common Equity/Partnership Interests/Warrants

$ 16,344

^[3],[5],[6]

$ 16,261

^[1],[2],[4]

Business Services

^[11],[14]

Business Services

^[8],[13]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | QuantiTech LLC | Aerospace and Defense | Second Lien Secured Debt

194,836

^[11],[14]

194,836

^[8],[13]

Feb. 04, 2027

^[5],[6]

Feb. 04, 2027

^[1],[2]

Aerospace and Defense

^[5],[6]

Aerospace and Defense

^[1],[2]

12.68%

^[5],[6]

11.00%

^[1],[2]

3M L+1,000

^[5],[6],[9]

3M L+1,000

^[1],[2],[12]

$ 1,000

^[5],[6],[9]

$ 1,000

^[1],[2],[12]

150

^[5],[6]

150

^[1],[2]

$ 148

^[5],[6]

$ 147

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | VT Topco, Inc. | Business Services | Second Lien Secured Debt

$ 148

^[3],[5],[6]

$ 147

^[1],[2],[4]

Aug. 17, 2026

^[5],[6]

Aug. 17, 2026

^[1],[2]

Business Services

^[5],[6]

Business Services

^[1],[2]

9.87%

^[5],[6]

7.06%

^[1],[2]

3M L+675

^[5],[6],[9]

3M L+675

^[1],[2],[12]

$ 675

^[5],[6],[9]

$ 675

^[1],[2],[12]

15,000

^[5],[6]

15,000

^[1],[2]

$ 14,932

^[5],[6]

$ 14,922

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Flock Financial, LLC | Financial Services | Subordinated Debt/Corporate Notes

$ 14,475

^[3],[5],[6]

$ 15,000

^[1],[2],[4]

^[5],[6]

May 26, 2027

^[5],[6]

Financial Services

^[5],[6]

12.50%

^[5],[6]

34,000

^[5],[6]

$ 33,190

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Express Wash Acquisition Company, LLC | Auto Sector | Subordinated Debt/Corporate Notes

^[3],[5],[6]

$ 32,895

^[5],[6]

Jan. 15, 2029

^[5],[6]

Auto Sector

^[5],[6]

15.31%

^[5],[6],[9]

3M L+1,150

^[5],[6],[9]

$ 1,150

^[5],[6]

21,000

^[5],[6]

$ 20,278

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Ad.net Holdings, Inc. | Media | Preferred Equity/Partnership Interests

^[3],[5],[6]

$ 20,359

Media

^[11],[14]

Media

^[7],[8]

2,400

^[11],[14]

2,400

^[7],[8]

$ 240

^[11],[14]

$ 240

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Ad.net Holdings, Inc. | Media | Common Equity/Partnership Interests/Warrants

$ 267

^{[3],[11],[14]}

$ 240

^[4],[7],[8]

Media

^[11],[14]

Media

^[7],[8]

2,667

^[11],[14]

2,667

^[7],[8]

$ 27

^[11],[14]

$ 27

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | AH Newco Equityholdings, LLC | Healthcare, Education and Childcare | Preferred Equity/Partnership Interests

$ 35

^{[3],[11],[14]}

$ 49

^[4],[7],[8]

Healthcare, Education and Childcare

^[11]

Healthcare, Education and Childcare

^[8]

^[11]

6.00%

211

^[11]

211

^[8]

$ 500

^[11]

$ 500

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) | Media | Preferred Equity/Partnership Interests

$ 2,127

^[3],[11]

$ 944

^[4],[8]

^[11],[14]

Media

^[11],[14]

1,135

^[11],[14]

$ 1,135

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) | Media | Common Equity/Partnership Interests/Warrants

^{[3],[11],[14]}

$ 1,427

^[11],[14]

Media

^[11],[14]

1,135

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | AMCSI Crash Co-Invest, LP One | Auto Sector | Common Equity/Partnership Interests/Warrants

^{[3],[11],[14]}

$ 270

^[10],[11]

Auto Sector

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | AMCSI Crash Co-Invest, LP | Auto Sector | Common Equity/Partnership Interests/Warrants

^[10],[11]

580,800

^[11]

Auto Sector

^[11]

2,419,200

^[11]

$ 2,419

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Imagine Topco, LP | Business Services | Preferred Equity/Partnership Interests

^[3],[11]

$ 2,470

^[11]

Business Services

^[11]

8.00%

^[11]

743,826

^[11]

$ 744

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Imagine Topco, LP | Business Services | Common Equity/Partnership Interests/Warrants

^[3],[11]

$ 704

Business Services

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Mars Intermediate Holdings II, Inc | Media | Preferred Equity/Partnership Interests

743,826

Media

^[11],[14]

Media

^[8]

414

^[11],[14]

414

^[8]

$ 414

^[11],[14]

$ 414

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | MeritDirect Holdings, LP | Media | Preferred Equity/Partnership Interests

$ 484

^{[3],[11],[14]}

$ 432

^[4],[8]

^[7],[8]

Media

^[7],[8]

540

^[7],[8]

$ 540

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | NXOF Holdings, Inc. (Tyto Athene, LLC) | Aerospace and Defense | Preferred Equity/Partnership Interests

^[4],[7],[8]

$ 693

Aerospace and Defense

^[11]

Aerospace and Defense

^[8]

160

^[11]

160

^[8]

$ 160

^[11]

$ 160

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | NXOF Holdings, Inc. (Tyto Athene, LLC) | Aerospace and Defense | Common Equity/Partnership Interests/Warrants

$ 227

^[3],[11]

$ 202

^[4],[8]

^[8]

Aerospace and Defense

^[8]

3,261

^[8]

$ 3

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Signature CR Intermediate Holdco, Inc. | Chemicals, Plastics and Rubber | Preferred Equity/Partnership Interests

^[4],[8]

$ 186

Chemicals, Plastics and Rubber

^[11]

Chemicals, Plastics and Rubber

^[8]

^[11]

12.00%

1,527

^[11]

1,527

^[8]

$ 1,527

^[11]

$ 1,527

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Signature CR Intermediate Holdco, Inc. | Chemicals, Plastics and Rubber | Common Equity/Partnership Interests/Warrants

$ 1,932

^[3],[11]

$ 1,879

^[4],[8]

Chemicals, Plastics and Rubber

^[1],[2]

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | TPC Holding Company, LP | Food | Preferred Equity/Partnership Interests

$ 80

^[1],[2]

Food

^{[11],[15],[16]}

Food

^{[8],[17],[18]}

219

^{[11],[15],[16]}

219

^{[8],[17],[18]}

$ 219

^{[11],[15],[16]}

$ 219

^{[8],[17],[18]}

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | TPC Holding Company, LP | Food | Common Equity/Partnership Interests/Warrants

$ 62

^{[3],[11],[15],[16]}

$ 262

^{[4],[8],[17],[18]}

Food

^[15],[16]

Food

^{[1],[2],[17],[18]}

11,527

^[15],[16]

11,527

^{[1],[2],[17],[18]}

$ 12

^[15],[16]

$ 12

^{[1],[2],[17],[18]}

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | TWD Parent Holdings, LLC | Business Services | Preferred Equity/Partnership Interests

^{[1],[2],[4],[17],[18]}

$ 33

Business Services

^[11]

Business Services

^[8]

^[11]

^[8]

$ 30

^[11]

$ 30

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | TWD Parent Holdings, LLC | Business Services | Common Equity/Partnership Interests/Warrants

$ 33

^[3],[11]

$ 30

^[4],[8]

Business Services

^[1],[2]

608

^[1],[2]

$ 1

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Affinion Group Holdings, Inc. (Warrants) | Consumer Products | Common Equity/Partnership Interests/Warrants

^[1],[2],[4]

$ 1

^[11]

Apr. 10, 2024

Consumer Products

^[11]

Consumer Products

^[8]

77,190

^[11]

77,190

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | AG Investco LP | Business Services | Common Equity/Partnership Interests/Warrants

$ 2,126

^[11]

$ 2,126

^[8]

Business Services

^[11],[14]

Business Services

^[7],[8]

805,164

^[11],[14]

805,164

^[7],[8]

$ 805

^[11],[14]

$ 805

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Altamira Intermediate Company II, Inc. | Aerospace and Defense | Common Equity/Partnership Interests/Warrants

$ 1,127

^{[3],[11],[14]}

$ 1,192

^[4],[7],[8]

Aerospace and Defense

^[11]

Aerospace and Defense

^[8]

125,000

^[11]

125,000

^[8]

$ 125

^[11]

$ 125

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Athletico Holdings, LLC | Healthcare, Education and Childcare | Common Equity/Partnership Interests/Warrants

$ 79

^[3],[11]

$ 33

^[4],[8]

^[11]

Healthcare, Education and Childcare

^[11]

9,357

^[11]

$ 10,000

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Atlas Investment Aggregator, LLC | Telecommunications | Common Equity/Partnership Interests/Warrants

^[3],[11]

$ 9,516

Telecommunications

^[11],[14]

Telecommunications

^[7],[8]

1,700,000

^[11],[14]

1,700,000

^[7],[8]

$ 1,700

^[11],[14]

$ 1,700

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | CI (Allied) Investment Holdings, LLC | Business Services | Common Equity/Partnership Interests/Warrants

$ 1,219

^{[3],[11],[14]}

$ 1,710

^[4],[7],[8]

Business Services

^[11],[14]

Business Services

^[7],[8]

120,962

^[11],[14]

120,962

^[7],[8]

$ 1,243

^[11],[14]

$ 1,243

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Burgess Point Holdings, LP | Auto Sector | Common Equity/Partnership Interests/Warrants

$ 1,651

^{[3],[11],[14]}

$ 475

^[4],[7],[8]

^[11]

Auto Sector

^[11]

680

^[11]

$ 680

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Connatix Parent, LLC | Media | Common Equity/Partnership Interests/Warrants

^[3],[11]

$ 690

Media

^[11]

Media

^[8]

57,416

^[11]

57,416

^[8]

$ 632

^[11]

$ 632

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Cowboy Parent LLC | Distribution | Common Equity/Partnership Interests/Warrants

$ 689

^[3],[11]

$ 635

^[4],[8]

^[11]

Distribution

^[11]

26,360

^[11]

$ 2,782

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Cowboy Parent LLC (Blackhawk Industrial Distribution, Inc.) [Member] | Distribution | Common Equity/Partnership Interests/Warrants

^[3],[11]

$ 4,011

^[8]

Distribution

^[8]

22,500

^[8]

$ 2,250

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Crane 1 Acquisition Parent Holdings, L.P. | Personal, Food and Miscellaneous Services | Common Equity/Partnership Interests/Warrants

^[4],[8]

$ 1,902

Personal, Food and Miscellaneous Services

^[11]

Personal, Food and Miscellaneous Services

^[8]

113

^[11]

113

^[8]

$ 104

^[11]

$ 104

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Crash Champion Holdings L L C | Auto Sector | Common Equity/Partnership Interests/Warrants

$ 122

^[3],[11]

$ 104

^[4],[8]

^[7],[8]

Auto Sector

^[7],[8]

^[7],[8]

$ 328

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Delta InvestCo LP (Sigma Defense Systems, LLC) | Telecommunications | Common Equity/Partnership Interests/Warrants

^[4],[7],[8]

$ 369

Telecommunications

^[11],[14]

Telecommunications

^[7],[8]

698,889

^[11],[14]

570,522

^[7],[8]

$ 684

^[11],[14]

$ 571

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Delta InvestCo LP (Sigma Defense Systems, LLC) One | Telecommunications | Common Equity/Partnership Interests/Warrants

$ 1,425

^{[3],[11],[14]}

$ 488

^[4],[7],[8]

^[7],[8],[13]

Telecommunications

^[7],[8],[13]

570,522

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Delta InvestCo LP (Sigma Defense Systems, LLC) One | Telecommunications One | Common Equity/Partnership Interests/Warrants

^{[4],[7],[8],[13]}

$ (82)

^{[10],[11],[14]}

Telecommunications

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | ECM Investors, LLC | Electronics | Common Equity/Partnership Interests/Warrants

^{[10],[11],[14]}

442,155

Electronics

^[11],[16]

Electronics

^[7],[8]

167,537

^[11],[16]

167,537

^[7],[8]

$ 37

^[11],[16]

$ 41

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | eCommission Holding Corporation | Financial Services | Common Equity/Partnership Interests/Warrants

$ 358

^{[3],[11],[16]}

$ 565

^[4],[7],[8]

Financial Services

^[11],[16]

Financial Services

^[8],[18]

^[11],[16]

^[8],[18]

$ 1,005

^[11],[16]

$ 1,005

^[8],[18]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Exigo, LLC | Business Services | Common Equity/Partnership Interests/Warrants

$ 1,391

^{[3],[11],[16]}

$ 1,153

^[4],[8],[18]

^[11],[14]

Business Services

^[11],[14]

1,458,333

^[11],[14]

$ 1,458

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Express Wash Topco, LLC | Auto Sector | Common Equity/Partnership Interests/Warrants

^{[3],[11],[14]}

$ 1,288

^[11]

Auto Sector

^[11]

658,000

^[11]

$ 3,290

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | FedHC InvestCo LP | Aerospace and Defense | Common Equity/Partnership Interests/Warrants

^[3],[11]

$ 3,369

Aerospace and Defense

^[11],[14]

Aerospace and Defense

^[7],[8]

14,186

^[11],[14]

3,331

^[7],[8]

$ 478

^[11],[14]

$ 333

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | FedHC InvestCo LP One | Aerospace and Defense | Common Equity/Partnership Interests/Warrants

$ 1,441

^{[3],[11],[14]}

$ 339

^[4],[7],[8]

^[7],[8],[12]

Aerospace and Defense

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | FedHC InvestCo LP One | Aerospace and Defense One | Common Equity/Partnership Interests/Warrants

^[7],[8],[12]

4,072

^{[10],[11],[14]}

Aerospace and Defense

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | FedHC InvestCo II LP | Aerospace and Defense | Common Equity/Partnership Interests/Warrants

^{[10],[11],[14]}

6,384

^[11],[14]

Aerospace and Defense

^[11],[14]

20,357

^[11],[14]

$ 2,290

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Gauge Lash Coinvest LLC | Consumer Products | Common Equity/Partnership Interests/Warrants

^{[3],[11],[14]}

$ 2,253

Consumer Products

^[11]

Consumer Products

^[8]

889,376

^[11]

889,376

^[8]

$ 137

^[11]

$ 136

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Gauge Schlesinger Coinvest, LLC | Business Services | Common Equity/Partnership Interests/Warrants

$ 4,208

^[3],[11]

$ 3,558

^[4],[8]

Business Services

^[11]

Business Services

^[8]

^[11]

^[8]

$ 9

^[11]

$ 9

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Gauge TVC Coinvest, LLC | Transportation | Common Equity/Partnership Interests/Warrants

$ 10

^[3],[11]

$ 9

^[8]

Transportation

^[11]

Transportation

^[8]

810,645

^[11]

810,645

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | GCOM InvestCo LP | Business Services | Common Equity/Partnership Interests/Warrants

$ 3,229

^[3],[11]

$ 2,663

^[8]

Business Services

^[14]

Business Services

^[7],[8]

2,434

^[14]

1,855

^[7],[8]

$ 1,003

^[14]

$ 809

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | GCOM InvestCo LP | Business Services One | Common Equity/Partnership Interests/Warrants

$ 587

^[3],[14]

$ 352

^[7],[8]

^[7],[8],[13]

Business Services

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Go Dawgs Capital III, LP | Building Materials | Common Equity/Partnership Interests/Warrants

^[7],[8],[13]

965

Building Materials

^[14]

Building Materials

^[7],[8]

675,325

^[14]

675,325

^[7],[8]

$ 675

^[14]

$ 675

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Green Veracity Holdings L P Class A | Business Services | Common Equity/Partnership Interests/Warrants

$ 783

^[3],[14]

$ 844

^[4],[7],[8]

Business Services

^[8]

15,000

^[8]

$ 1,500

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Hancock Claims Consultants Investors L L C | Insurance | Common Equity/Partnership Interests/Warrants

$ 5,700

^[3]

$ 5,320

^[4],[8]

Insurance

^[14]

Insurance

^[7],[8]

450,000

^[14]

450,000

^[7],[8]

$ 450

^[14]

$ 450

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Icon Partners V C, L.P. | Business Services One | Common Equity/Partnership Interests/Warrants

$ 477

^[3],[14]

$ 613

^[4],[7],[8]

^[10],[14]

Business Services

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Infogroup Parent Holdings, Inc. | Other Media | Common Equity/Partnership Interests/Warrants

^[10],[14]

388,889

Other Media

^[8]

181,495

^[8]

$ 2,040

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Ironclad Holdco, LLC | Environmental Services | Common Equity/Partnership Interests/Warrants

$ 3,270

^[3]

$ 3,221

^[4],[8]

Environmental Services

^[14]

Environmental Services

^[7],[8]

4,566

^[14]

3,960

^[7],[8]

$ 450

^[14]

$ 390

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | ITC Infusion Co-invest, LP | Healthcare, Education and Childcare | Common Equity/Partnership Interests/Warrants

$ 592

^[3],[14]

$ 434

^[4],[7],[8]

Healthcare, Education and Childcare

113,839

$ 1,138

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | ITC Rumba, LLC | Healthcare, Education and Childcare | Common Equity/Partnership Interests/Warrants

^[3]

$ 1,199

Healthcare, Education and Childcare

^[7],[8]

375,675

^[7],[8]

$ 8

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | JWC-WE Holdings, L.P. | Home and Office Furnishings | Common Equity/Partnership Interests/Warrants

$ 42,031

^[3]

$ 60,808

^[4],[7],[8]

Home and Office Furnishings

^[14]

Home and Office Furnishings

^[8]

2,688

^[14]

1,906,433

^[8]

^[14]

$ 783

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Kadmon Holdings, Inc. | Healthcare, Education and Childcare | Common Equity/Partnership Interests/Warrants

^[4],[8]

$ 6,616

^[7],[8]

Healthcare, Education and Childcare

^[7],[8]

252,014

^[7],[8]

$ 2,266

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Kentucky Racing Holdco, LLC (Warrants) | Hotels, Motels, Inns and Gaming | Common Equity/Partnership Interests/Warrants

^[4],[7],[8]

$ 2,195

Hotels, Motels, Inns and Gaming

^[7],[8]

161,252

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | KL Stockton Co-Invest LP | Personal, Food and Miscellaneous Services | Common Equity/Partnership Interests/Warrants

$ 1,774

^[3]

$ 1,147

^[4],[7],[8]

Personal, Food and Miscellaneous Services

^[14]

Personal, Food and Miscellaneous Services

^[7],[8]

382,353

^[14]

382,353

^[7],[8]

$ 382

^[14]

$ 382

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Lariat ecoserv Co-Invest Holdings, LLC | Environmental Services | Common Equity/Partnership Interests/Warrants

$ 643

^[3],[14]

$ 382

^[4],[7],[8]

Environmental Services

^[14]

Environmental Services

^[7],[8]

363,656

^[14]

363,656

^[7],[8]

$ 180

^[14]

$ 364

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Lightspeed Investment Holdco LLC | Healthcare, Education and Childcare | Common Equity/Partnership Interests/Warrants

$ 1,376

^[3],[14]

$ 1,044

^[4],[7],[8]

Healthcare, Education and Childcare

^[8]

273,143

^[8]

$ 273

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Mars Intermidiate Holdings II, Inc. | Media | Common Equity/Partnership Interests/Warrants

$ 373

^[3]

$ 315

^[4],[8]

Media

^[14]

Media

^[8]

414

^[14]

414

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | MDI Aggregator, LP | Chemicals, Plastics and Rubber | Common Equity/Partnership Interests/Warrants

$ 126

^[3],[14]

$ 169

^[4],[8]

Chemicals, Plastics and Rubber

1,925,990

$ 1,930

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Meadowlark Title, LLC | Business Services | Common Equity/Partnership Interests/Warrants

^[3]

$ 1,926

^[14]

Business Services

^[14]

815,385

^[14]

$ 815

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | NEPRT Parent Holdings, LLC | Consumer Products | Common Equity/Partnership Interests/Warrants

^[3],[14]

$ 897

Consumer Products

^[14]

Consumer Products

^[7],[8]

1,299

^[14]

1,299

^[7],[8]

$ 1,261

^[14]

$ 1,262

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | North Haven Saints Equity Holdings, LP | Business Services | Common Equity/Partnership Interests/Warrants

$ 243

^[3],[14]

$ 1,537

^[4],[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | NXOF Holdings, Inc. | Aerospace and Defense | Common Equity/Partnership Interests/Warrants

Business Services

351,553

$ 352

^[3]

$ 373

Aerospace and Defense

3,261

$ 3

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | OceanSound Discovery Equity, LP | Aerospace and Defense | Common Equity/Partnership Interests/Warrants

^[3]

$ 68

Aerospace and Defense

^[14]

Aerospace and Defense

^[7],[8]

98,286

^[14]

98,286

^[7],[8]

$ 979

^[14]

$ 979

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | OHCP V BC COI, L.P. | Distribution | Common Equity/Partnership Interests/Warrants

$ 1,651

^[3],[14]

$ 1,625

^[4],[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | OHCP V BC COI, L.P. | Distribution One | Common Equity/Partnership Interests/Warrants

Distribution

446,250

$ 446

^[3]

$ 382

^[10],[14]

Distribution

^[10],[14]

303,750

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Oral Surgery (ITC) Holdings, LLC | Environmental Services | Common Equity/Partnership Interests/Warrants

^{[3],[10],[14]}

$ (44)

^[14]

Healthcare, Education and Childcare

^[14]

2,904

^[14]

$ 63

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Oral Surgery (ITC) Holdings, LLC | Healthcare, Education and Childcare | Common Equity/Partnership Interests/Warrants

^[3],[14]

$ 173

^[7],[8]

Healthcare, Education and Childcare

^[7],[8]

2,904

^[7],[8]

$ 63

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | ORL Holdco, Inc. | Business Services | Preferred Equity/Partnership Interests

^[4],[7],[8]

$ 63

Business Services

^[11]

Business Services

^[8]

575

^[11]

575

^[8]

$ 57

^[11]

$ 57

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | ORL Holdco, Inc. | Business Services | Common Equity/Partnership Interests/Warrants

$ 62

^[3],[11]

$ 57

^[4],[8]

Business Services

^[8]

638

^[8]

$ 6

^[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | PennantPark-TSO Senior Loan Fund II, LP | Financial Services | Common Equity/Partnership Interests/Warrants

$ 113

^[3]

$ 6

^[4],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Pink Lily Holdco, LLC | Retail | Common Equity/Partnership Interests/Warrants

Financial Services

15,038,871

$ 15,039

^[3]

$ 15,571

^[14]

Retail

^[14]

1,044

^[14]

$ 1,044

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | QuantiTech InvestCo LP | Aerospace and Defense | Common Equity/Partnership Interests/Warrants

^[3],[14]

$ 550

Aerospace and Defense

^[14]

Aerospace and Defense

^[7],[8]

712

^[14]

700

^[7],[8]

$ 68

^[14]

$ 66

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | QuantiTech InvestCo LP | Aerospace and Defense One | Common Equity/Partnership Interests/Warrants

$ 352

^[3],[14]

$ 365

^[4],[7],[8]

Aerospace and Defense

^[10],[14]

Aerospace and Defense

^[7],[8]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | QuantiTech InvestCo II LP | Aerospace and Defense Two | Common Equity/Partnership Interests/Warrants

955

^[10],[14]

967

^[7],[8]

^[14]

Aerospace and Defense

^[14]

^[14]

$ 25

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | RFMG Parent, LP | Healthcare, Education and Childcare | Common Equity/Partnership Interests/Warrants

^[3],[14]

$ 24

Healthcare, Education and Childcare

^[1],[2]

1,050,000

^[1],[2]

$ 1,050

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | SBI Holdings Investments LLC | Business Services | Common Equity/Partnership Interests/Warrants

$ 1,090

^[3]

$ 1,253

^[1],[2],[4]

Business Services

^[1],[2]

36,585

^[1],[2]

$ 366

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Seaway Topco, LP | Chemicals, Plastics and Rubber | Common Equity/Partnership Interests/Warrants

$ 359

^[3]

$ 278

^[1],[2],[4]

Chemicals, Plastics and Rubber

2,981

$ 2,981

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | SP L2 Holdings, LLC | Consumer Products | Common Equity/Partnership Interests/Warrants

^[3]

$ 2,981

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | SSC Dominion Holdings, LLC | Environmental Services | Common Equity/Partnership Interests/Warrants

Consumer Products

881,966

$ 882

^[3]

$ 913

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | SSC Dominion Holdings, LLC | Electronics | Common Equity/Partnership Interests/Warrants

Electronics

1,500

$ 1,500

^[3]

$ 2,041

Electronics

^[1],[2]

1,500

^[1],[2]

^[1],[2]

$ 1,500

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | SSC Dominion Holdings, LLC | Electronics One | Common Equity/Partnership Interests/Warrants

$ 4,389

^[3]

$ 1,890

^[1],[2],[4]

^[1],[2]

Electronics

^[1],[2]

1,500

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | StellPen Holdings, LLC | Media | Common Equity/Partnership Interests/Warrants

^[1],[2],[4]

$ 3,534

Media

^[1],[2]

153,846

^[1],[2]

$ 154

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | TAC LifePort Holdings, LLC | Aerospace and Defense | Common Equity/Partnership Interests/Warrants

$ 152

^[3]

$ 154

^[1],[2],[4]

Aerospace and Defense

^[14]

Aerospace and Defense

^[1],[2],[7]

232,558

^[14]

232,558

^[1],[2],[7]

$ 233

^[14]

$ 233

^[1],[2],[7]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Tower Arch Infolinks Media, LP | Media

$ 296

^[3],[14]

$ 260

^{[1],[2],[4],[7]}

^[14]

531,293

^[14]

$ 511

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Tower Arch Infolinks Media, LP | Media | Common Equity/Partnership Interests/Warrants

^[14]

$ 896

^[10],[14]

Media

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | U.S. Well Services, Inc. - Class A | Oil and Gas | Common Equity/Partnership Interests/Warrants

^[10],[14]

364,151

Oil and Gas

^[16],[19]

Oil and Gas

^{[1],[2],[18],[20]}

60,057

^[16],[19]

1,261,201

^{[1],[2],[18],[20]}

$ 3,022

^[16],[19]

$ 3,022

^{[1],[2],[18],[20]}

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | UniVista Insurance | Business Services | Common Equity/Partnership Interests/Warrants

$ 304

^{[3],[16],[19]}

$ 914

^{[1],[2],[4],[18],[20]}

Business Services

^[14]

Business Services

^[1],[2]

400

^[14]

400

^[1],[2]

$ 382

^[14]

$ 400

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | WCP Ivyrehab QP CF Feeder, LP | Healthcare, Education and Childcare | Common Equity/Partnership Interests/Warrants

$ 454

^[3],[14]

$ 405

^[1],[2],[4]

Healthcare, Education and Childcare

3,762,257

$ 3,762

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | WCP Ivyrehab QP CF Feeder, LP - Unfunded | Healthcare, Education and Childcare | Common Equity/Partnership Interests/Warrants

^[3]

$ 3,762

^[10]

Healthcare, Education and Childcare

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Wildcat Parent, LP | Electronics | Common Equity/Partnership Interests/Warrants

^[10]

237,743

Electronics

^[1],[2]

2,314

^[1],[2]

$ 231

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Cascade Environmental Holdings L L C | Environmental Services | Preferred Equity/Partnership Interests

$ 616

^[3]

$ 411

^[1],[2],[4]

^[8]

Environmental Services

^[8]

16.00%

^[8]

178,304

^[8]

$ 17,607

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Cascade Environmental Holdings L L C | Environmental Services | Common Equity/Partnership Interests/Warrants

^[4],[8]

$ 21,133

^[7],[8]

Environmental Services

^[7],[8]

33,901

^[7],[8]

$ 2,852

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Cascade Environmental Holdings L L C | Environmental Services | Subordinated Debt/Corporate Notes

^[4],[7],[8]

$ 478

Dec. 30, 2023

Environmental Services

13.00%

42,468

$ 42,150

^[4]

$ 42,680

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | 18 Freemont Street Acquisition, LLC | Hotels, Motels, Inns and Gaming | First Lien Secured Debt

13.00%

^[1],[2]

Aug. 11, 2025

^[1],[2]

Hotels, Motels, Inns and Gaming

^[1],[2]

9.50%

^[1],[2],[12]

1M L+800

^[1],[2],[12]

$ 800

^[1],[2]

7,433

^[1],[2]

$ 6,815

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Bottom Line Systems, LLC | Healthcare, Education and Childcare | First Lien Secured Debt

^[1],[2],[4]

$ 7,563

^[1],[2]

Feb. 13, 2023

^[1],[2]

Healthcare, Education and Childcare

^[1],[2]

6.25%

^[1],[2],[12]

1M L+550

^[1],[2],[12]

$ 550

^[1],[2]

6,153

^[1],[2]

$ 6,128

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | IMIA Holdings, Inc. | Aerospace and Defense | First Lien Secured Debt

^[1],[2],[4]

$ 6,153

^[1],[2]

Apr. 09, 2027

^[1],[2]

Aerospace and Defense

^[1],[2]

6.75%

^[1],[2],[12]

3M L+575

^[1],[2],[12]

$ 575

^[1],[2]

13,589

^[1],[2]

$ 13,341

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Juniper Landscaping of Florida, LLC | Personal, Food and Miscellaneous Services | First Lien Secured Debt

^[1],[2],[4]

$ 13,317

^[1],[2]

Dec. 22, 2021

^[1],[2]

Personal, Food and Miscellaneous Services

^[1],[2]

6.50%

^[1],[2],[12]

1M L+550

^[1],[2]

2,615

^[1],[2]

$ 2,611

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Juniper Landscaping of Florida, LLC | Personal and Non-Durable Consumer Products | First Lien Secured Debt

^[1],[2],[4]

2,615

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Lombart Brothers, Inc. | Healthcare, Education and Childcare | First Lien Secured Debt

^[1],[2],[12]

$ 550

^[1],[2]

Apr. 13, 2023

^[1],[2]

Healthcare, Education and Childcare

^[1],[2]

7.25%

^[1],[2],[12]

1M L+625

^[1],[2],[12]

$ 625

^[1],[2]

1,036

^[1],[2]

$ 1,036

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Spectacle Gary Holdings L L C | Hotels, Motels, Inns and Gaming | First Lien Secured Debt

^[1],[2],[4]

$ 1,036

^[1],[2]

Dec. 23, 2025

^[1],[2]

Hotels, Motels, Inns and Gaming

^[1],[2]

11.00%

^[1],[2],[12]

1M L+900

^[1],[2],[12]

$ 900

^[1],[2]

21,546

^[1],[2]

$ 20,972

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | TPC Canada Parent, Inc. and TPC US Parent, LLC | Food | First Lien Secured Debt

^[1],[2],[4]

$ 23,391

^{[1],[2],[17],[18]}

Nov. 24, 2025

^{[1],[2],[17],[18]}

Food

^{[1],[2],[17],[18]}

6.25%

^{[1],[2],[12],[17],[18]}

3M L+525

^{[1],[2],[12],[17],[18]}

$ 525

^{[1],[2],[17],[18]}

1,771

^{[1],[2],[17],[18]}

$ 1,771

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | ZS Juniper L.P | Personal, Food and Miscellaneous Services | Common Equity/Partnership Interests/Warrants

^{[1],[2],[4],[17],[18]}

$ 1,718

^[1],[2],[7]

Personal, Food and Miscellaneous Services

^[1],[2],[7]

1,056

^[1],[2],[7]

$ 1,056

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Business Services | First Lien Secured Debt

^{[1],[2],[4],[7]}

$ 5,227

^[5],[6]

Aug. 30, 2027

^[5],[6]

Business Services

^[5],[6]

8.26%

^[5],[6],[9]

3M L+550

^[5],[6],[9]

$ 550

^[5],[6]

148

^[5],[6]

$ 148

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Business Services One | First Lien Secured Debt

^[3],[5],[6]

$ 147

^[5],[6],[10]

Aug. 30, 2027

^[5],[6],[10]

Business Services

^{[5],[6],[9],[10]}

—

^[5],[6],[10]

592

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Ad.net Acquisition, LLC | Media | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (3)

May 06, 2026

^[5],[6],[10]

May 06, 2026

^[1],[2]

Media

^[5],[6],[10]

Media

^[1],[2]

^[1],[2]

7.00%

^[1],[2],[12]

3M L+600

^[1],[2],[12]

$ 600

444

^[5],[6],[10]

^[1],[2]

^[1],[2]

$ 76

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Altamira Technologies, LLC | Aerospace and Defense | First Lien Secured Debt

$ (3)

^{[3],[5],[6],[10]}

$ 74

^[1],[2],[4]

Jul. 24, 2025

^[5],[6]

Jul. 24, 2025

^[1],[2]

Aerospace and Defense

^[5],[6]

Aerospace and Defense

^[1],[2]

11.67%

^[5],[6]

8.00%

^[1],[2]

3M L+800

^[5],[6],[9]

3M L+700

^[1],[2],[12]

$ 800

^[5],[6],[9]

$ 700

^[1],[2],[12]

^[5],[6]

^[1],[2]

$ 50

^[5],[6]

$ 50

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Altamira Technologies, LLC | Aerospace and Defense One | First Lien Secured Debt

$ 48

^[3],[5],[6]

$ 47

^[1],[2],[4]

^[5],[6],[10]

Jul. 24, 2025

^[5],[6],[10]

Aerospace and Defense

^[5],[6],[10]

138

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Any Hour Services | Personal, Food and Miscellaneous Services | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (5)

Jul. 21, 2027

^[5],[6],[10]

Jul. 21, 2027

^[1],[2],[13]

Personal, Food and Miscellaneous Services

^[5],[6],[10]

Personal, Food and Miscellaneous Services

^[1],[2],[13]

1,147

^[5],[6],[10]

1,147

^[1],[2],[13]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Apex Service Partners, LLC | Personal, Food and Miscellaneous Services | First Lien Secured Debt

$ (23)

^{[3],[5],[6],[10]}

$ (23)

^{[1],[2],[4],[13]}

Jul. 31, 2025

^[5],[6]

Jul. 29, 2024

^[1],[2]

Personal, Food and Miscellaneous Services

^[5],[6]

Personal, Food and Miscellaneous Services

^[1],[2]

6.72%

^[5],[6]

6.25%

^[1],[2]

3M L+525

^[5],[6],[9]

3M L+525

^[1],[2],[12]

$ 525

^[5],[6],[9]

$ 525

^[1],[2],[12]

^[5],[6]

239

^[1],[2]

$ 62

^[5],[6]

$ 239

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Apex Service Partners, LLC | Personal, Food and Miscellaneous Services One | First Lien Secured Debt

$ 62

^[3],[5],[6]

$ 235

^[1],[2],[4]

Jul. 31, 2025

^[5],[6],[10]

Jul. 29, 2024

^[1],[2],[13]

Personal, Food and Miscellaneous Services

^[5],[6],[10]

Personal, Food and Miscellaneous Services

^[1],[2],[13]

870

^[5],[6],[10]

693

^[1],[2],[13]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Applied Technical Services, LLC | Environmental Services | First Lien Secured Debt

$ (4)

^{[3],[5],[6],[10]}

$ (12)

^{[1],[2],[4],[13]}

Dec. 29, 2026

^[5],[6]

Dec. 29, 2026

^[1],[2],[13]

Environmental Services

^[5],[6]

Environmental Services

^[1],[2],[13]

^[5],[6]

10.25%

^[5],[6],[9]

3M P+475

^[5],[6],[9]

$ 475

200

^[5],[6]

1,000

^[1],[2],[13]

^[5],[6]

$ 200

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Applied Technical Services, LLC | Environmental Services One | First Lien Secured Debt

$ 195

^[3],[5],[6]

$ (20)

^{[1],[2],[4],[13]}

^[5],[6],[10]

Dec. 29, 2026

^[5],[6],[10]

Environmental Services

^[5],[6],[10]

800

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Arcfield Acquisition Corp. | Aerospace and Defense | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (20)

^[5],[6],[10]

Mar. 07, 2028

^[5],[6],[10]

Aerospace and Defense

^[5],[6],[10]

2,263

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Blackhawk Industrial Distribution, Inc. | Distribution | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (45)

^[5],[6]

Sep. 17, 2024

^[5],[6]

Distribution

^[5],[6]

8.69%

^[5],[6],[9]

3M L+500

^[5],[6],[9]

$ 500

^[5],[6]

686

^[5],[6]

$ 686

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Blackhawk Industrial Distribution, Inc. | Distribution One | First Lien Secured Debt

^[3],[5],[6]

$ 667

^[5],[6],[10]

Sep. 17, 2024

^[5],[6],[10]

Distribution

^[5],[6],[10]

2,746

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Cartessa Aesthetics, LLC | Distribution | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (77)

^[5],[6]

May 13, 2028

^[5],[6]

Distribution

^[5],[6]

9.55%

^[5],[6],[9]

1M L+600

^[5],[6],[9]

$ 600

^[5],[6]

1,265

^[5],[6]

$ 1,265

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Cartessa Aesthetics, LLC | Distribution One | First Lien Secured Debt

^[3],[5],[6]

$ 1,246

^[5],[6],[10]

May 13, 2028

^[5],[6],[10]

Distribution

^[5],[6],[10]

2,297

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | CF512, Inc. | Media | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (34)

Aug. 20, 2026

^[5],[6],[10]

Aug. 20, 2026

^[1],[2],[13]

Media

^[5],[6],[10]

Media

^[1],[2],[13]

909

^[5],[6],[10]

909

^[1],[2],[13]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Compex Legal Services, Inc. | Business Services | First Lien Secured Debt

$ (14)

^{[3],[5],[6],[10]}

$ (18)

^{[1],[2],[4],[13]}

Feb. 07, 2025

^[5],[6]

Feb. 07, 2025

^[1],[2]

Business Services

^[5],[6]

Business Services

^[1],[2]

8.92%

^[5],[6]

6.75%

^[1],[2]

3M L+525

^[5],[6],[9]

3M L+575

^[1],[2],[12]

$ 525

^[5],[6],[9]

$ 575

^[1],[2],[12]

361

^[5],[6]

459

^[1],[2]

$ 361

^[5],[6]

$ 459

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Compex Legal Services, Inc. | Business Services One | First Lien Secured Debt

$ 361

^[3],[5],[6]

$ 454

^[1],[2],[4]

^[5],[6],[10]

Feb. 07, 2025

^[5],[6],[10]

Business Services

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Connatix Buyer, Inc. | Media | First Lien Secured Debt

^[5],[6],[10]

295

Jul. 13, 2027

^[5],[6],[10]

Jul. 13, 2027

^[1],[2]

Media

^[5],[6],[10]

Media

^[1],[2]

^[1],[2]

6.25%

^[1],[2],[12]

3M L+550

^[1],[2],[12]

$ 550

1,859

^[5],[6],[10]

186

^[1],[2]

^[1],[2]

$ 186

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Crane 1 Services, Inc. | Personal, Food and Miscellaneous Services | First Lien Secured Debt

$ (46)

^{[3],[5],[6],[10]}

$ 182

^[1],[2],[4]

^[5],[6]

Aug. 16, 2027

^[5],[6]

Personal, Food and Miscellaneous Services

^[5],[6]

8.87%

^[5],[6],[9]

1M L+575

^[5],[6],[9]

$ 575

^[5],[6]

194

^[5],[6]

$ 194

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Crane 1 Services, Inc. | Personal, Food and Miscellaneous Services One | First Lien Secured Debt

^[3],[5],[6]

$ 192

^[5],[6],[10]

Aug. 16, 2027

^[5],[6],[10]

Personal, Food and Miscellaneous Services

^[5],[6],[10]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Dr. Squatch, LLC | Personal and Non-Durable Consumer Products | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (1)

Aug. 31, 2027

^[5],[6]

Aug. 27, 2026

^[1],[2]

Personal and Non-Durable Consumer Products

^[5],[6]

Personal and Non-Durable Consumer Products

^[1],[2]

8.95%

^[5],[6]

7.00%

^[1],[2]

1M L+600

^[5],[6],[9]

3M L+600

^[1],[2],[12]

$ 600

^[5],[6],[9]

$ 600

^[1],[2],[12]

775

^[5],[6]

1,706

^[1],[2]

$ 775

^[5],[6]

$ 1,706

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Dr. Squatch, LLC | Personal and Non Durable Consumer Products One | First Lien Secured Debt

$ 764

^[3],[5],[6]

$ 1,671

^[1],[2],[4]

^[5],[6],[10]

Aug. 31, 2027

^[5],[6],[10]

Personal and Non-Durable Consumer Products

^[5],[6],[10]

1,551

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | DRS Holdings III, Inc. | Business Services | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (23)

^[5],[6],[9]

1M L+750

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | DRS Holdings III, Inc. | Consumer Products | First Lien Secured Debt

^[5],[6]

$ 19,019

^[5],[6],[10]

Nov. 03, 2025

^[5],[6],[10]

Consumer Products

^[5],[6],[10]

1,783

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | ECM Industries, LLC | Electronics | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (57)

^[5],[6]

Dec. 23, 2025

^[5],[6]

Electronics

^[5],[6]

7.93%

^[5],[6],[9]

3M L+475

^[5],[6],[9]

$ 475

^[5],[6]

291

^[5],[6]

$ 291

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | ECM Industries, LLC | Electronics One | First Lien Secured Debt

^[3],[5],[6]

$ 277

^[5],[6],[10]

Dec. 23, 2025

^[5],[6],[10]

Electronics

^[5],[6],[10]

226

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Exigo Intermediate II, LLC | Business Services | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (11)

^[5],[6]

Mar. 15, 2027

^[5],[6]

Business Services

^[5],[6]

8.87%

^[5],[6],[9]

3M L+575

^[5],[6],[9]

$ 575

^[5],[6]

371

^[5],[6]

$ 371

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Exigo Intermediate II, LLC | Business Services One | First Lien Secured Debt

^[3],[5],[6]

$ 363

^[5],[6],[10]

Mar. 15, 2027

^[5],[6],[10]

Business Services

^[5],[6],[10]

1,485

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Gantech Acquisition Corp. | Business Services | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (33)

May 14, 2026

^[5],[6]

May 14, 2026

^[1],[2]

Business Services

^[5],[6]

Business Services

^[1],[2]

9.37%

^[5],[6]

7.25%

^[1],[2]

1M L+625

^[5],[6],[9]

1M L+625

^[1],[2],[12]

$ 625

^[5],[6],[9]

$ 625

132

^[5],[6]

498

^[1],[2]

$ 133

^[5],[6]

$ 498

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Gantech Acquisition Corp. | Business Services One | First Lien Secured Debt

$ 129

^[3],[5],[6]

$ 488

^[1],[2],[4]

^[5],[6],[10]

May 14, 2026

^[5],[6],[10]

Business Services

^[5],[6],[10]

1,858

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Graffiti Buyer, Inc. | Distribution | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (56)

Aug. 10, 2027

^[5],[6]

Aug. 10, 2027

^[1],[2],[13]

Distribution

^[5],[6]

Distribution

^[1],[2],[13]

^[5],[6]

9.16%

^[5],[6],[9]

3M L+575

^[5],[6],[9]

$ 575

372

^[5],[6]

769

^[1],[2],[13]

^[5],[6]

$ 372

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Graffiti Buyer, Inc. | Distribution One | First Lien Secured Debt

$ (357)

^[3],[5],[6]

$ (18)

^{[1],[2],[4],[13]}

^[5],[6],[10]

Aug. 10, 2027

^[5],[6],[10]

Distribution

^[5],[6],[10]

397

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Hancock Roofing and Construction L.L.C. | Insurance | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (16)

^[5],[6],[10]

Dec. 31, 2026

^[5],[6],[10]

Insurance

^[5],[6],[10]

480

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Holdco Sands Intermediate, LLC | Aerospace and Defense | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (7)

^[5],[6],[10]

Nov. 23, 2027

^[5],[6],[10]

Aerospace and Defense

^[5],[6],[10]

3,941

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | HV Watterson Holdings, LLC | Business Services | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (79)

^[5],[6]

Dec. 17, 2026

^[5],[6],[10]

Business Services

^[5],[6],[9]

$ 600

^[5],[6],[10]

200

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | HV Watterson Holdings, LLC | Business Services One | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ 193

^[5],[6],[10]

Dec. 17, 2026

^[5],[6],[10]

Business Services

^[5],[6],[10]

9.63%

^{[5],[6],[9],[10]}

3M L+600

^[5],[6],[10]

1,050

^[5],[6],[10]

$ 200

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | HW Holdco, LLC | Media | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (37)

Dec. 10, 2024

^[5],[6],[10]

Dec. 10, 2024

^[1],[2]

Media

^[5],[6],[10]

Media

^[1],[2]

^[1],[2]

5.50%

^[1],[2],[12]

3M L+450

^[1],[2],[12]

$ 450

3,387

^[5],[6],[10]

1,219

^[1],[2]

^[1],[2]

$ 1,219

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | IDC Infusion Services, Inc. | Healthcare, Education and Childcare | First Lien Secured Debt

$ (42)

^{[3],[5],[6],[10]}

$ 1,207

^[1],[2],[4]

^[5],[6],[10]

Healthcare, Education and Childcare

^{[5],[6],[9],[10]}

3M L+600

^[5],[6],[10]

4,167

^[5],[6],[10]

$ 3,576

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | IDC Infusion Services, Inc. | Healthcare Education And Childcare One | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (187)

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | IG Investments Holdings, LLC | Business Services | First Lien Secured Debt

^[5],[6],[10]

Dec. 30, 2026

^[5],[6],[10]

Sep. 22, 2027

^[5],[6],[10]

Business Services

^[5],[6],[10]

477

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Imagine Acquisitionco, LLC | Business Services | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (5)

^[5],[6],[10]

Nov. 15, 2027

^[5],[6],[10]

Business Services

^[5],[6],[10]

1,685

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | ITI Holdings, Inc. | Business Services | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (42)

^[5],[6]

Mar. 03, 2028

^[5],[6]

Business Services

^[5],[6]

8.25%

^[5],[6],[9]

3M L+550

^[5],[6],[9]

$ 550

^[5],[6]

298

^[5],[6]

$ 298

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | ITI Holdings, Inc. | Business Services One | First Lien Secured Debt

^[3],[5],[6]

$ 292

^[5],[6],[10]

Mar. 03, 2028

^[5],[6],[10]

Business Services

^[5],[6],[10]

1,192

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | K2 Pure Solutions NoCal, L.P. | Chemicals, Plastics and Rubber | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (24)

Dec. 20, 2023

^[5],[6],[10]

Dec. 20, 2023

^[1],[2]

Chemicals, Plastics and Rubber

^[5],[6],[10]

Chemicals, Plastics and Rubber

^[1],[2]

^[1],[2]

8.00%

^[1],[2],[12]

1M L+700

^[1],[2],[12]

$ 700

1,938

^[5],[6],[10]

872

^[1],[2]

^[1],[2]

$ 872

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Kinetic Purchaser, LLC | Consumer Products | First Lien Secured Debt

^[1],[2],[4]

$ 849

^[5],[6]

Nov. 10, 2026

^[5],[6]

Consumer Products

^[5],[6]

9.67%

^[5],[6],[9]

3M L+600

^[5],[6],[9]

$ 600

^[5],[6]

4,854

^[5],[6]

$ 4,854

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Lash OpCo, LLC | Consumer Products | First Lien Secured Debt

^[3],[5],[6]

$ 4,757

Aug. 16, 2026

^[5],[6]

Aug. 16, 2026

^[1],[2]

Consumer Products

^[5],[6]

Consumer Products

^[1],[2]

9.38%

^[5],[6]

8.00%

^[1],[2]

1M L+700

^[5],[6],[9]

1M L+700

^[1],[2],[12]

$ 700

^[5],[6],[9]

$ 700

^[1],[2],[12]

568

^[5],[6]

291

^[1],[2]

$ 568

^[5],[6]

$ 291

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Lash OpCo, LLC | Consumer Products One | First Lien Secured Debt

$ 556

^[3],[5],[6]

$ 285

^[1],[2],[4]

^[5],[6],[10]

Aug. 16, 2026

^[5],[6],[10]

Consumer Products

^[5],[6],[10]

1,252

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Ledge Lounger, Inc. | Consumer Products | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (25)

^[5],[6],[10]

Nov. 09, 2026

^[5],[6],[10]

Consumer Products

^[5],[6],[10]

1,933

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Lightspeed Buyer Inc. | Healthcare, Education and Childcare | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (29)

^[5],[6]

Feb. 03, 2026

^[5],[6]

Healthcare, Education and Childcare

^[5],[6]

8.87%

^[5],[6],[9]

1M L+575

^[5],[6],[9]

$ 575

^[5],[6]

505

^[5],[6]

$ 505

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Lightspeed Buyer Inc. | Healthcare Education And Childcare One | First Lien Secured Debt

^[3],[5],[6]

$ 489

^[5],[6],[10]

Feb. 03, 2026

^[5],[6],[10]

Healthcare, Education and Childcare

^[5],[6],[10]

661

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Mars Acquisition Holdings Corp. | Media | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (21)

^[5],[6],[10]

May 14, 2026

^[5],[6],[10]

Media

^[5],[6],[10]

806

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | MBS Holdings, Inc. | Telecommunications | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (4)

^[5],[6],[10]

Apr. 16, 2027

^[5],[6],[10]

Telecommunications

^[5],[6],[10]

694

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | MDI Buyer, Inc. | Chemicals, Plastics and Rubber | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (7)

^[5],[6],[10]

Jul. 25, 2028

^[5],[6],[10]

Chemicals, Plastics and Rubber

^[5],[6],[10]

2,227

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Meadowlark Acquirer, LLC | Business Services | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (22)

^[5],[6],[10]

Dec. 10, 2027

^[5],[6],[10]

Business Services

^[5],[6],[10]

1,685

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | MeritDirect, LLC | Media | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (17)

^[5],[6],[10]

May 23, 2024

^[5],[6],[10]

Media

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Municipal Emergency Services, Inc. | Distribution | First Lien Secured Debt

^[5],[6],[10]

1,612

^[5],[6]

Sep. 28, 2027

^[5],[6]

Distribution

^[5],[6]

7.25%

^[5],[6],[9]

3M L+500

^[5],[6],[9]

$ 500

^[5],[6]

282

^[5],[6]

$ 282

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Municipal Emergency Services, Inc. | Distribution One | First Lien Secured Debt

^[3],[5],[6]

$ 266

^[5],[6],[10]

Sep. 28, 2027

^[5],[6],[10]

Distribution

^[5],[6],[10]

1,598

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | NBH Group LLC | Healthcare, Education and Childcare | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (93)

^[5],[6],[10]

Aug. 19, 2026

^[5],[6],[10]

Healthcare, Education and Childcare

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | OIS Management Services, LLC | Healthcare Education And Childcare One | First Lien Secured Debt

^[5],[6],[10]

1,163

^[5],[6],[10]

Jul. 09, 2026

^[5],[6],[10]

Healthcare, Education and Childcare

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | ORL Acquisition, Inc. | Business Services | First Lien Secured Debt

^[5],[6],[10]

333

^[5],[6],[10]

Sep. 03, 2027

^[5],[6],[10]

Business Services

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Ox Two, LLC | Building Materials | First Lien Secured Debt

^[5],[6],[10]

597

May 18, 2026

^[5],[6]

May 18, 2026

^[1],[2]

Building Materials

^[5],[6]

Building Materials

^[1],[2]

9.81%

^[5],[6]

7.00%

^[1],[2]

3M L+700

^[5],[6],[9]

1M L+600

^[1],[2],[12]

$ 700

^[5],[6],[9]

$ 600

^[1],[2],[12]

1,774

^[5],[6]

645

^[1],[2]

$ 1,774

^[5],[6]

$ 645

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Ox Two, LLC | Building Materials One | First Lien Secured Debt

$ 1,739

^[3],[5],[6]

$ 632

^[1],[2],[4]

^[5],[6],[10]

May 18, 2026

^[5],[6],[10]

Building Materials

^[5],[6],[10]

645

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | PL Acquisitionco, LLC | Retail | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (13)

^[5],[6],[10]

Nov. 09, 2027

^[5],[6],[10]

Retail

^[5],[6],[10]

3,236

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | PRA Events, Inc. | Business Services | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (81)

Aug. 07, 2025

^[5],[6],[10]

Aug. 07, 2025

^[1],[2]

Business Services

^[5],[6],[10]

Business Services

^[1],[2]

^[1],[2]

11.50%

3M L+1,050

^{[5],[6],[9],[10]}

3M L+1,050

^[1],[2],[12]

$ 1,050

^{[5],[6],[9],[10]}

$ 1,050

^[1],[2],[12]

2,000

^[5],[6],[10]

2,461

^[1],[2]

^[1],[2]

$ 2,123

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Pragmatic Institute, LLC | Business Services | First Lien Secured Debt

^[1],[2],[4]

$ 2,326

^[5],[6]

Jul. 06, 2028

^[5],[6]

Business Services

^[5],[6]

9.30%

^[5],[6],[9]

3M L+575

^[5],[6],[9]

$ 575

^[5],[6]

959

^[5],[6]

$ 959

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Pragmatic Institute, LLC | Business Services One | First Lien Secured Debt

^[3],[5],[6]

$ 949

^[5],[6],[10]

Jul. 06, 2028

^[5],[6],[10]

Business Services

^[5],[6],[10]

3,836

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Quantic Electronics, LLC | Aerospace and Defense | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (38)

^[5],[6]

Nov. 19, 2026

^[5],[6]

Aerospace and Defense

^[5],[6]

9.51%

^[5],[6],[9]

3M L+600

^[5],[6],[9]

$ 600

^[5],[6]

211

^[5],[6]

$ 211

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Quantic Electronics, LLC | Aerospace and Defense One | First Lien Secured Debt

^[3],[5],[6]

$ 207

^[5],[6],[10]

Nov. 19, 2026

^[5],[6],[10]

Aerospace and Defense

^[5],[6],[10]

317

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Questex, LLC | Media | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (6)

Sep. 09, 2024

^[5],[6],[10]

Sep. 09, 2024

^[1],[2]

Media

^[5],[6],[10]

Media

^[1],[2]

^[1],[2]

6.00%

^[1],[2],[12]

3M L+500

^[1],[2],[12]

$ 500

3,590

^[5],[6],[10]

2,154

^[1],[2]

^[1],[2]

$ 2,154

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Radius Aerospace, Inc. | Aerospace and Defense | First Lien Secured Debt

$ (72)

^{[3],[5],[6],[10]}

$ 2,025

^[1],[2],[4]

^[5],[6]

Mar. 31, 2025

^[5],[6]

Aerospace and Defense

^[5],[6]

8.28%

^[5],[6],[9]

3M L+575

^[5],[6],[9]

$ 575

^[5],[6]

891

^[5],[6]

$ 891

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Radius Aerospace, Inc. | Aerospace and Defense One | First Lien Secured Debt

^[3],[5],[6]

$ 877

^[5],[6],[10]

Mar. 31, 2025

^[5],[6],[10]

Aerospace and Defense

^[5],[6],[10]

1,336

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Rancho Health MSO, Inc. | Healthcare, Education and Childcare | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (20)

^[5],[6],[10]

Dec. 18, 2025

^[5],[6],[10]

Healthcare, Education and Childcare

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Recteq, LLC | Consumer Products | First Lien Secured Debt

^[5],[6],[10]

525

^[5],[6]

Jan. 29, 2026

^[5],[6]

Consumer Products

^[5],[6]

9.92%

^[5],[6],[9]

1M L+600

^[5],[6],[9]

$ 600

^[5],[6]

313

^[5],[6]

$ 313

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Recteq, LLC | Consumer Products One | First Lien Secured Debt

^[3],[5],[6]

$ 302

^[5],[6],[10]

Jan. 29, 2026

^[5],[6],[10]

Consumer Products

^[5],[6],[10]

814

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Riverpoint Medical, LLC | Healthcare, Education and Childcare | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (28)

^[5],[6],[10]

Jun. 20, 2025

^[5],[6],[10]

Healthcare, Education and Childcare

^[5],[6],[10]

364

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Sales Benchmark Index LLC | Business Services | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (9)

^[5],[6],[10]

Jan. 03, 2025

^[5],[6],[10]

Business Services

^[5],[6],[10]

732

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Sargent & Greenleaf Inc. | Electronics | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (7)

Dec. 20, 2024

^[5],[6]

Dec. 20, 2024

^[1],[2]

Electronics

^[5],[6]

Electronics

^[1],[2]

8.28%

^[5],[6]

7.00%

^[1],[2]

3M L+550

^[5],[6],[9]

3M L+550

^[1],[2],[12]

$ 550

^[5],[6],[9]

$ 550

^[1],[2],[12]

593

^[5],[6]

299

^[1],[2]

$ 593

^[5],[6]

$ 299

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Sargent & Greenleaf Inc. | Electronics One | First Lien Secured Debt

$ 587

^[3],[5],[6]

$ 299

^[1],[2],[4]

^[5],[6],[10]

Dec. 20, 2024

^[5],[6],[10]

Electronics

^{[5],[6],[9],[10]}

—

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Schlesinger Global, Inc. | Business Services | First Lien Secured Debt

^[5],[6],[10]

Jul. 14, 2025

^[5],[6]

Jul. 14, 2025

^[1],[2]

Business Services

^[5],[6]

Business Services

^[1],[2]

9.09%

^[5],[6]

8.00%

^[1],[2]

3M L+600

^[5],[6],[9]

3M L+700

^[1],[2],[12]

$ 600

^[5],[6],[9]

$ 700

^[1],[2],[12]

^[5],[6]

^[1],[2]

$ 30

^[5],[6]

$ 24

^[1],[2]

$ 30

^[3],[5],[6]

$ 23

^[1],[2],[4]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Schlesinger Global, Inc. | Business Services One | First Lien Secured Debt

0.50%

^[5],[6]

1.00%

^[1],[2]

^[5],[6],[10]

Jul. 14, 2025

^[5],[6],[10]

Business Services

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Seaway Buyer, LLC | Chemicals, Plastics and Rubber | First Lien Secured Debt

^[5],[6],[10]

^[5],[6],[10]

Jun. 13, 2029

^[5],[6],[10]

Chemicals, Plastics and Rubber

^[5],[6],[10]

3,126

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Sigma Defense Systems, LLC | Telecommunications | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (47)

^[5],[6]

Dec. 18, 2025

^[5],[6]

Telecommunications

^[5],[6]

12.17%

^[5],[6],[9]

1M L+850

^[5],[6],[9]

$ 850

^[5],[6]

1,131

^[5],[6]

$ 1,131

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Sigma Defense Systems, LLC | Telecommunications One | First Lien Secured Debt

^[3],[5],[6]

$ 1,108

^[5],[6],[10]

Dec. 18, 2025

^[5],[6],[10]

Telecommunications

^[5],[6],[10]

1,845

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Signature Systems Holding Company | Chemicals, Plastics and Rubber | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (37)

May 03, 2024

^[5],[6],[10]

May 03, 2024

^[1],[2]

Chemicals, Plastics and Rubber

^[5],[6],[10]

Chemicals, Plastics and Rubber

^[1],[2]

^[1],[2]

8.50%

^[1],[2],[12]

3M L+750

^[1],[2],[12]

$ 750

2,016

^[5],[6],[10]

484

^[1],[2]

^[1],[2]

$ 484

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Solutionreach, Inc. | Communications | First Lien Secured Debt

$ (15)

^{[3],[5],[6],[10]}

$ 479

^[1],[2],[4]

^[5],[6],[10]

Jan. 17, 2024

^[5],[6],[10]

Communications

^[5],[6],[10]

1,665

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) | Aerospace and Defense | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (40)

^[5],[6],[10]

Aug. 16, 2027

^[5],[6],[10]

Aerospace and Defense

^[5],[6],[10]

2,925

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | The Bluebird Group LLC | Business Services | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (47)

^[5],[6],[10]

Jul. 27, 2026

^[5],[6],[10]

Business Services

^{[5],[6],[9],[10]}

—

^[5],[6],[10]

734

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | TVC Enterprises, LLC | Transportation | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ 7

^[5],[6],[10]

Mar. 26, 2026

^[5],[6],[10]

Transportation

^{[5],[6],[9],[10]}

—

^[5],[6],[10]

1,370

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | TWS Acquisition Corporation | Education | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (34)

^[5],[6],[10]

Jun. 16, 2025

^[5],[6],[10]

Education

^[5],[6],[10]

1,644

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Tyto Athene, LLC | Aerospace and Defense | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (8)

^[5],[6],[10]

Apr. 01, 2026

^[5],[6],[10]

Aerospace and Defense

^[5],[6],[10]

364

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Unique Indoor Comfort, LLC | Home and Office Furnishings | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (26)

^[5],[6],[10]

May 24, 2027

^[5],[6],[10]

Home and Office Furnishings

^[5],[6],[10]

3,000

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Wildcat Buyerco, Inc. | Electronics | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (66)

^[5],[6],[10]

Feb. 27, 2026

^[5],[6],[10]

Electronics

^[5],[6],[10]

574

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Revolver | Lombart Brothers, Inc. | Healthcare, Education and Childcare | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (41)

^[1],[2]

Apr. 13, 2023

^[1],[2]

Healthcare, Education and Childcare

^[1],[2]

7.25%

^[1],[2],[12]

1M L+625

^[1],[2],[12]

$ 625

^[1],[2]

737

^[1],[2]

$ 737

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Term Loan II | Meadowlark Acquirer, LLC | Business Services | First Lien Secured Debt

^[1],[2],[4]

$ 737

^[5],[6],[10]

Dec. 10, 2027

^[5],[6],[10]

Business Services

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Term Loan II | Signature Systems Holding Company | Chemicals, Plastics and Rubber | First Lien Secured Debt

^[5],[6],[10]

8,922

^[1],[2]

Dec. 31, 2021

^[1],[2]

Chemicals, Plastics and Rubber

^[1],[2]

8.50%

^[1],[2],[12]

3M L+750

^[1],[2],[12]

$ 750

^[1],[2]

806

^[1],[2]

$ 802

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Term Loan C | Apex Service Partners, LLC | Personal, Food and Miscellaneous Services | First Lien Secured Debt

^[1],[2],[4]

$ 798

Jul. 31, 2025

^[5],[6]

Jul. 31, 2025

^[1],[2]

Personal, Food and Miscellaneous Services

^[5],[6]

Personal, Food and Miscellaneous Services

^[1],[2]

9.08%

^[5],[6]

6.25%

^[1],[2]

1M L+550

^[5],[6],[9]

1M L+525

^[1],[2],[12]

$ 550

^[5],[6],[9]

$ 525

^[1],[2],[12]

1,893

^[5],[6]

5,592

^[1],[2]

$ 1,873

^[5],[6]

$ 5,509

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Term Loan I | Meadowlark Acquirer, LLC | Business Services | First Lien Secured Debt

$ 1,883

^[3],[5],[6]

5,536

^[1],[2],[4]

^[5],[6],[10]

Dec. 10, 2027

^[5],[6],[10]

Business Services

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Term Loan | MDI Buyer, Inc. | Chemicals, Plastics and Rubber | First Lien Secured Debt

^[5],[6],[10]

1,676

^[5],[6],[10]

Jul. 25, 2028

^[5],[6],[10]

Chemicals, Plastics and Rubber

^[5],[6],[10]

5,196

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Term Loan | Pragmatic Institute, LLC | Business Services | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (52)

^[5],[6],[10]

Jul. 06, 2028

^[5],[6],[10]

Business Services

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Funded Revolver | Spendmend Holdings LLC | Business Services | First Lien Secured Debt

^[5],[6],[10]

7,193

^[5],[6]

Mar. 01, 2028

^[5],[6]

Business Services

^[5],[6]

8.63%

^[5],[6],[9]

3M L+575

^[5],[6],[9]

$ 575

^[5],[6]

187

^[5],[6]

$ 187

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Business Services | First Lien Secured Debt

^[3],[5],[6]

$ 182

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Ad.net Acquisition, LLC | Media | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (18)

^[1],[2],[13]

May 06, 2026

^[1],[2],[13]

Media

^[1],[2],[13]

369

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Altamira Technologies, LLC | Aerospace and Defense | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (6)

^[1],[2],[13]

Jul. 24, 2025

^[1],[2],[13]

Aerospace and Defense

^[1],[2],[13]

138

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Compex Legal Services, Inc. | Business Services | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (9)

^[1],[2],[13]

Feb. 07, 2025

^[1],[2],[13]

Business Services

^[1],[2],[13]

197

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Connatix Buyer, Inc. | Media | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (2)

^[1],[2],[13]

Jul. 13, 2027

^[1],[2],[13]

Media

^[1],[2],[13]

1,673

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Crane 1 Services, Inc. | Personal, Food and Miscellaneous Services | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (33)

^[1],[2],[13]

Aug. 16, 2027

^[1],[2],[13]

Personal, Food and Miscellaneous Services

^[1],[2],[13]

292

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Dr. Squatch, LLC | Personal and Non-Durable Consumer Products | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (3)

^[1],[2],[13]

Aug. 27, 2026

^[1],[2],[13]

Personal and Non-Durable Consumer Products

^[1],[2],[13]

620

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | DRS Holdings III, Inc. | Consumer Products | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (12)

^[1],[2],[13]

Nov. 03, 2025

^[1],[2],[13]

Consumer Products

^[1],[2],[13]

1,783

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | ECM Industries, LLC | Electronics | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (12)

^[1],[2],[13]

Dec. 23, 2025

^[1],[2],[13]

Electronics

^[1],[2],[13]

518

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Gantech Acquisition Corp. | Business Services | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (3)

^[1],[2],[13]

May 14, 2026

^[1],[2],[13]

Business Services

^[1],[2],[13]

1,493

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Hancock Roofing and Construction L.L.C. | Insurance | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (30)

^[1],[2],[13]

Dec. 31, 2026

^[1],[2],[13]

Insurance

^[1],[2],[13]

750

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | HW Holdco, LLC | Media | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (8)

^[1],[2],[13]

Dec. 10, 2024

^[1],[2],[13]

Media

^[1],[2],[13]

2,168

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | IG Investments Holdings, LLC | Business Services | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (22)

^[1],[2],[13]

Sep. 22, 2027

^[1],[2],[13]

Business Services

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | K2 Pure Solutions NoCal, L.P. | Chemicals, Plastics and Rubber | First Lien Secured Debt

^[1],[2],[13]

477

^[1],[2],[13]

Dec. 20, 2023

^[1],[2],[13]

Chemicals, Plastics and Rubber

^[1],[2],[13]

1,066

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Lash OpCo, LLC | Consumer Products | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (28)

^[1],[2],[13]

Aug. 19, 2026

^[1],[2],[13]

Consumer Products

^[1],[2],[13]

1,528

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Lightspeed Buyer Inc. | Healthcare, Education and Childcare | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (31)

^[1],[2],[13]

Feb. 03, 2026

^[1],[2],[13]

Healthcare, Education and Childcare

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Mars Acquisition Holdings Corp. | Media | First Lien Secured Debt

^[1],[2],[13]

1,166

^[1],[2],[13]

May 14, 2026

^[1],[2],[13]

Media

^[1],[2],[13]

806

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | MBS Holdings, Inc. | Telecommunications One | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (8)

^[1],[2],[13]

Apr. 16, 2027

^[1],[2],[13]

Telecommunications

^[1],[2],[13]

694

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | MeritDirect, LLC | Media | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (14)

^[1],[2],[13]

May 23, 2024

^[1],[2],[13]

Media

^[1],[2],[13]

2,518

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Municipal Emergency Services, Inc. | Distribution | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (25)

^[1],[2],[13]

Sep. 28, 2027

^[1],[2],[13]

Distribution

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | NBH Group LLC | First Lien Secured Debt

^[1],[2],[13]

1,880

^[1],[2],[13]

Aug. 19, 2026

^[1],[2],[13]

Healthcare, Education and Childcare

^[1],[2],[13]

1,163

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | OIS Management Services, LLC | Healthcare, Education and Childcare | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (23)

^[1],[2],[13]

Jul. 09, 2026

^[1],[2],[13]

Healthcare, Education and Childcare

^[1],[2],[13]

333

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | ORL Acquisition, Inc. | Business Services | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (5)

^[1],[2],[13]

Sep. 03, 2027

^[1],[2],[13]

Business Services

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Ox Two, LLC | Building Materials | First Lien Secured Debt

^[1],[2],[13]

597

^[1],[2],[13]

May 18, 2026

^[1],[2],[13]

Building Materials

^[1],[2],[13]

1,774

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Quantic Electronics, LLC | Aerospace and Defense | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (35)

^[1],[2]

Nov. 19, 2026

^[1],[2]

Aerospace and Defense

^[1],[2]

528

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Questex, LLC | Media | First Lien Secured Debt

^[1],[2],[4]

$ (11)

^[1],[2],[13]

Sep. 09, 2024

^[1],[2],[13]

Media

^[1],[2],[13]

1,436

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Radius Aerospace, Inc. | Aerospace and Defense | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (86)

^[1],[2],[13]

Mar. 31, 2025

^[1],[2],[13]

Aerospace and Defense

^[1],[2],[13]

2,227

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Rancho Health MSO, Inc. | Healthcare, Education and Childcare | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (63)

^[1],[2],[13]

Dec. 18, 2025

^[1],[2],[13]

Healthcare, Education and Childcare

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Recteq, LLC | Consumer Products | First Lien Secured Debt

^[1],[2],[13]

525

^[1],[2],[13]

Jan. 29, 2026

^[1],[2],[13]

Consumer Products

^[1],[2],[13]

1,127

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Riverpoint Medical, LLC | Healthcare, Education and Childcare | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (11)

^[1],[2],[13]

Jun. 20, 2025

^[1],[2],[13]

Healthcare, Education and Childcare

^[1],[2],[13]

364

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Sales Benchmark Index LLC | Business Services | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (4)

^[1],[2],[13]

Jan. 03, 2025

^[1],[2],[13]

Business Services

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Sargent & Greenleaf Inc. | Electronics | First Lien Secured Debt

^[1],[2],[13]

732

^[1],[2],[13]

Dec. 20, 2024

^[1],[2],[13]

Electronics

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Schlesinger Global, Inc. | Business Services | First Lien Secured Debt

^[1],[2],[13]

299

^[1],[2],[13]

Jul. 14, 2025

^[1],[2],[13]

Business Services

^[1],[2],[13]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Sigma Defense Systems, LLC | Telecommunications | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (1)

^[1],[2],[13]

Dec. 18, 2025

^[1],[2],[13]

Telecommunications

^[1],[2],[13]

951

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Signature Systems Holding Company | Chemicals, Plastics and Rubber | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (17)

^[1],[2],[13]

May 03, 2024

^[1],[2],[13]

Chemicals, Plastics and Rubber

^[1],[2],[13]

1,532

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Solutionreach, Inc. | Communications | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (15)

^[1],[2],[13]

Jan. 17, 2024

^[1],[2],[13]

Communications

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Spendmend Holdings LLC | Business Services | First Lien Secured Debt

^[1],[2],[13]

1,665

^[5],[6],[10]

Mar. 01, 2028

^[5],[6],[10]

Business Services

^[5],[6],[10]

1,215

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | TAC LifePort Purchaser, LLC | Aerospace and Defense | First Lien Secured Debt

^{[3],[5],[6],[10]}

$ (34)

^[1],[2],[13]

Mar. 01, 2026

^[1],[2],[13]

Aerospace and Defense

^[1],[2],[13]

620

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | The Bluebird Group LLC | Business Services | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (0)

^[1],[2],[13]

Jul. 27, 2026

^[1],[2],[13]

Business Services

^[1],[2],[13]

734

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | The Vertex Companies, LLC | Business Services | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (5)

^[1],[2],[13]

Aug. 30, 2027

^[1],[2],[13]

Business Services

^[1],[2],[13]

740

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | TVC Enterprises, LLC | Transportation | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (14)

^[1],[2],[13]

Mar. 26, 2026

^[1],[2],[13]

Transportation

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | TWS Acquisition Corporation | Education | First Lien Secured Debt

^[1],[2],[13]

2,702

^[1],[2],[13]

Jun. 16, 2025

^[1],[2],[13]

Education

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Tyto Athene, LLC | Aerospace and Defense | First Lien Secured Debt

^[1],[2],[13]

1,644

^[1],[2],[13]

Apr. 01, 2026

^[1],[2],[13]

Aerospace and Defense

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | Wildcat Buyerco, Inc. | Electronics | First Lien Secured Debt

^[1],[2],[13]

364

^[1],[2],[13]

Feb. 27, 2026

^[1],[2],[13]

Electronics

^[1],[2],[13]

551

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Unfunded Revolver | IMIA Holdings, Inc. | Aerospace and Defense | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (7)

^[1],[2],[13]

Apr. 09, 2027

^[1],[2],[13]

Aerospace and Defense

^[1],[2],[13]

1,674

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Term Loan C One | Apex Service Partners, LLC | Personal, Food and Miscellaneous Services | First Lien Secured Debt

^{[1],[2],[4],[13]}

$ (33)

^[1],[2],[13]

Jan. 31, 2022

^[1],[2],[13]

Personal, Food and Miscellaneous Services

^[1],[2],[13]

6,658

Investments In Non-controlled, Affiliated Portfolio Companies

^{[1],[2],[4],[13]}

$ (8)

37,612

78,723

^[1],[2],[8]

Investments In Non-controlled, Affiliated Portfolio Companies | Preferred Equity/Partnership Interests

34,760

^[3]

50,161

^{[1],[2],[4],[8]}

32,791

22,660

^[1],[2]

Investments In Non-controlled, Affiliated Portfolio Companies | Common Equity/Partnership Interests/Warrants

32,791

^[3]

41,023

^[1],[2],[4]

^[11]

4,821

Investments In Non-controlled, Affiliated Portfolio Companies | Oil and Gas | Common Equity/Partnership Interests/Warrants

^[3],[11]

$ 1,969

^[1],[2],[8]

56,064

Investments In Non-controlled, Affiliated Portfolio Companies | JF Intermediate, LLC | Distribution One

^{[1],[2],[4],[8]}

$ 9,139

^[11]

Distribution

^[11]

19,687

^[11]

$ 1,969

Investments In Non-controlled, Affiliated Portfolio Companies | Cascade Environmental Holdings L L C | Common Equity/Partnership Interests/Warrants

^[3],[11]

$ 1,969

Environmental Services

7,444,347

Investments In Non-controlled, Affiliated Portfolio Companies | Cascade Environmental Holdings L L C | Environmental Services | Preferred Equity/Partnership Interests

$ 2,852

^[11],[14]

Environmental Services

^[11],[14]

5,887,236

^[11],[14]

$ 32,791

Investments In Non-controlled, Affiliated Portfolio Companies | Mid Ocean J F Holdings Corp | Distribution | Preferred Equity/Partnership Interests

^{[3],[11],[14]}

32,791

^[1],[2]

Distribution

^[1],[2]

153,922

^[1],[2]

$ 15,392

Investments In Non-controlled, Affiliated Portfolio Companies | Mid Ocean J F Holdings Corp | Distribution | Common Equity/Partnership Interests/Warrants

^[1],[2],[4]

$ 41,023

^[1],[2],[8]

Distribution

^[1],[2],[8]

65,933

^[1],[2],[8]

$ 24,790

Investments In Non-controlled, Affiliated Portfolio Companies | ETX Energy, LLC | Oil and Gas | Preferred Equity/Partnership Interests

^{[1],[2],[4],[8]}

$ 9,139

^[1],[2]

Oil and Gas

^[1],[2]

61,732

Investments In Non-controlled, Affiliated Portfolio Companies | ETX Energy, LLC | Oil and Gas | Common Equity/Partnership Interests/Warrants

^[1],[2]

$ 6,173

^{[1],[2],[7],[8]}

Oil and Gas

^{[1],[2],[7],[8]}

1,658,389

Investments In Non-controlled, Affiliated Portfolio Companies | ETX Energy, LLC - Series X | Oil and Gas | Preferred Equity/Partnership Interests

^{[1],[2],[7],[8]}

$ 29,712

^[1],[2]

Oil and Gas

^[1],[2]

10,944

Investments In Non-controlled, Affiliated Portfolio Companies | ETX Energy Management Company, LLC | Oil and Gas | Common Equity/Partnership Interests/Warrants

^[1],[2]

$ 1,094

^[1],[2],[8]

Oil and Gas

^[1],[2],[8]

1,754,104

^[1],[2],[8]

$ 1,562

52,844

20,383

^[1],[2]

Investments and Cash Equivalents

52,666

^[3]

20,357

^[1],[2],[4]

1,354,873

1,241,504

^[1],[2]

Investments in Controlled, Affiliated Portfolio Companies

1,278,967

^[3]

1,275,647

^[1],[2],[4]

381,904

412,587

^[1],[2]

Investments in Controlled, Affiliated Portfolio Companies | Preferred Equity

259,386

^[3]

384,628

^[1],[2],[4]

^[1],[2]

11,272

Investments in Controlled, Affiliated Portfolio Companies | First Lien Secured Debt

^[1],[2],[4]

13,412

52,792

42,389

^[1],[2]

Investments in Controlled, Affiliated Portfolio Companies | Second Lien Secured Debt

42,698

41,125

^[1],[2],[4]

12,383

69,363

^[1],[2]

^[1],[2],[4]

$ 69,668

Investments in Controlled, Affiliated Portfolio Companies | Subordinated Debt

^[1],[2]

15.00%

88,011

$ 64,155

^[1],[2]

Investments in Controlled, Affiliated Portfolio Companies | Common Equity

88,011

^[3]

64,155

^[1],[2],[4]

228,718

225,408

^[1],[2]

Investments in Controlled, Affiliated Portfolio Companies | Financial Services | Subordinated Debt

$ 128,677

^[3]

$ 196,269

^[1],[2],[4]

^[16]

Jul. 31, 2027

^[16]

Financial Services

^[16]

10.79%

^[9],[16]

3M L+800

^[16]

88,011

^[16]

$ 88,011

Investments in Controlled, Affiliated Portfolio Companies | Energy and Utilities | Common Equity

^[16]

$ 88,011

^[1],[2]

Energy and Utilities

^[1],[2]

180,805

^[1],[2]

$ 162,708

Investments in Controlled, Affiliated Portfolio Companies | MSpark, LLC | Printing and Publishing | Common Equity

^[1],[2],[4]

$ 81,710

Printing and Publishing

^[1],[2]

51,151

^[1],[2]

$ 16,516

^[1],[2]

Investments in Controlled, Affiliated Portfolio Companies | CI (PTN) Investment Holdings II, LLC | Healthcare, Education and Childcare | Preferred Equity

^[1],[2],[4]

$ 11,013

^[1],[2]

Healthcare, Education and Childcare

^[1],[2]

36,450

Investments in Controlled, Affiliated Portfolio Companies | CI (PTN) Investment Holdings II, LLC | Healthcare, Education and Childcare | Common Equity

^[1],[2]

$ 547

^[1],[2]

Healthcare, Education and Childcare

^[1],[2]

333,333

Investments in Controlled, Affiliated Portfolio Companies | RAM Energy Holdings LLC | Common Equity

^[1],[2]

$ 5,000

^[14]

Energy and Utilities

^[14]

180,805

^[14]

$ 162,708

Investments in Controlled, Affiliated Portfolio Companies | PennantPark-TSO Senior Loan Fund II, LP | Financial Services | Subordinated Debt

^[3],[14]

$ 74,282

^[1],[2]

Jul. 31, 2027

^[1],[2]

Financial Services

^[1],[2]

9.00%

^[1],[2],[12]

3M L+800

^[1],[2],[12]

$ 800

^[1],[2]

64,155

^[1],[2]

$ 64,155

Investments in Controlled, Affiliated Portfolio Companies | PennantPark-TSO Senior Loan Fund II, LP | Financial Services | Common Equity

^[1],[2],[4]

$ 64,155

Financial Services

^[1],[2]

49,298,789

33,830,005

^[1],[2]

$ 49,362

$ 33,893

^[1],[2]

Investments in Controlled, Affiliated Portfolio Companies | AKW Holdings Limited | Healthcare, Education and Childcare | First Lien Secured Debt

$ 51,098

^[3]

$ 41,160

^[1],[2],[4]

Mar. 13, 2024

^{[15],[16],[21]}

Mar. 13, 2024

^[1],[2]

Healthcare, Education and Childcare

^{[15],[16],[21]}

Healthcare, Education and Childcare

^[1],[2]

8.67%

^{[15],[16],[21]}

7.50%

^[1],[2]

3M L+700

^{[9],[15],[16],[21]}

3M L+700

^[1],[2],[12]

^[1],[2],[12]

$ 700

38,250

^{[15],[16],[21]}

30,500

^[1],[2],[22]

$ 52,792

^{[15],[16],[21]}

$ 42,389

^[1],[2]

Investments in Controlled, Affiliated Portfolio Companies | AKW Holdings Limited | Healthcare, Education and Childcare | Common Equity

$ 42,698

^{[15],[16],[21]}

$ 41,125

^[1],[2],[4]

Healthcare, Education and Childcare

^{[15],[16],[21]}

Healthcare, Education and Childcare

^[1],[2]

950

^{[15],[16],[21]}

950

^[1],[2]

$ 132

^{[15],[16],[21]}

$ 132

^[1],[2]

Investments in Controlled, Affiliated Portfolio Companies | Mailsouth Inc. | Printing and Publishing | Second Lien Secured Debt

$ 3,297

^{[3],[15],[16],[21]}

$ 254

^[1],[2],[4]

Apr. 23, 2025

^[1],[2]

Printing and Publishing

^[1],[2]

^[1],[2]

15.00%

12,846

11,087

^[1],[2]

$ 12,383

$ 11,087

^[1],[2]

Investments in Controlled, Affiliated Portfolio Companies | PT Network Intermediate Holdings, LLC | Healthcare, Education and Childcare | Preferred Equity

^[1],[2],[4]

$ 11,087

^[1],[2]

Healthcare, Education and Childcare

^[1],[2]

11.00%

^[1],[2],[12]

3M L+1,000

^[1],[2],[12]

$ 1,000

^[1],[2]

833

^[1],[2]

$ 10,725

Investments in Controlled, Affiliated Portfolio Companies | PT Network Intermediate Holdings, LLC | Healthcare, Education and Childcare | Second Lien Secured Debt

^[1],[2],[4]

$ 13,412

^[1],[2]

Nov. 30, 2024

^[1],[2]

Healthcare, Education and Childcare

^[1],[2]

11.00%

^[1],[2],[12]

3M L+1,000

^[1],[2],[12]

$ 1,000

^[1],[2]

58,582

^[1],[2]

$ 58,276

^[1],[2],[4]

$ 58,582

Investments in Controlled, Affiliated Portfolio Companies | PT Network Intermediate Holdings, LLC | Healthcare, Education and Childcare | Common Equity

^[1],[2]

11.00%

^[1],[2]

Healthcare, Education and Childcare

^[1],[2]

621

^[1],[2]

$ 7,159

^[1],[2],[4]

$ 62,131

[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]	Valued based on our accounting policy (See Note 2).
[5]	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.
[6]	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).
[7]	Investment is held through our Taxable Subsidiary (See Note 1).
[8]	Non-income producing securities.
[9]	Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable London Interbank Offered Rate, or LIBOR or “L,” the Euro Interbank Offered Rate, or EURIBOR or “E,” , or Secured Overnight Financing Rate, or "SOFR", or Prime rate, or “P.” 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. LIBOR loans are typically indexed to a 30-day, 90-day or 180-day LIBOR rate (1M L, 3M L, or 6M L, respectively), and EURIBOR loans are typically indexed to a 90-day EURIBOR rate (3M E), SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M L, 3M L, or 6M L, respectively)at the borrower’s option. All securities are subject to a LIBOR, SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
[10]	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.
[11]	Non-income producing securities.
[12]	Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable London Interbank Offered Rate, or LIBOR or “L,” the Euro Interbank Offered Rate, or EURIBOR or “E,” or Prime rate, or “P.” 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. LIBOR loans are typically indexed to a 30-day, 90-day or 180-day LIBOR rate (1M L, 3M L, or 6M L, respectively), and EURIBOR loans are typically indexed to a 90-day EURIBOR rate (3M E), at the borrower’s option. All securities are subject to a LIBOR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
[13]	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.
[14]	Investment is held through our Taxable Subsidiary (See Note 1).
[15]	Non-U.S. company or principal place of business outside the United States.
[16]	The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2022, qualifying assets represent 88% of the Company’s total assets and non-qualifying assets represent 12% of the Company’s total assets.
[17]	Non-U.S. company or principal place of business outside the United States.
[18]	The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2021, qualifying assets represent 87% of the Company’s total assets and non-qualifying assets represent 12% of the Company’s total assets.
[19]	The security was not valued using significant unobservable inputs. The value of all other securities was determined using significant unobservable inputs (See Note 5).
[20]	The security was not valued using significant unobservable inputs. The value of all other securities was determined using significant unobservable inputs (See Note 5)
[21]	Par / Shares amount is denominated in British Pounds (£) as denoted.
[22]	Par / Shares amount is denominated in British Pounds (£) as denoted.

Consolidated Schedule of Investments (Parenthetical)

Sep. 30, 2022

Sep. 30, 2021

Percentage of qualifying assets to total assets

209.40%

190.20%

^[1],[2]

88.00%

87.00%

Percentage of non qualifying assets to total assets

12.00%

Maximum [Member]

Percentage of qualifying assets to total assets

70.00%

Investments in Non-Controlled, Non-Affiliated Portfolio Companies

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | First Lien Secured Debt

159.20%

^[3],[4]

124.30%

^[1],[2]

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Second Lien Secured Debt

100.50%

77.50%

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Subordinated Debt/Corporate Notes

22.20%

16.20%

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Preferred Equity/Partnership Interests

9.10%

8.60%

Investments in Non-Controlled, Non-Affiliated Portfolio Companies | Common Equity/Partnership Interests/Warrants

1.30%

3.90%

Investments In Non-controlled, Affiliated Portfolio Companies

26.20%

18.00%

^[5]

Investments In Non-controlled, Affiliated Portfolio Companies | Preferred Equity/Partnership Interests

5.90%

^[3],[4]

7.60%

^[1],[2]

Investments In Non-controlled, Affiliated Portfolio Companies | Common Equity/Partnership Interests/Warrants

5.60%

^[6]

6.20%

^[1],[2],[5]

Investments in Controlled, Affiliated Portfolio Companies

0.30%

1.40%

^[1],[2],[5]

Investments in Controlled, Affiliated Portfolio Companies | First Lien Secured Debt

44.30%

^[3],[4]

58.30%

^[1],[2]

6.20%

Investments in Controlled, Affiliated Portfolio Companies | Second Lien Secured Debt

7.30%

Investments in Controlled, Affiliated Portfolio Companies | Subordinated Debt

0.00%

10.60%

^[1],[2]

Investments in Controlled, Affiliated Portfolio Companies | Preferred Equity

15.00%

9.70%

^[1],[2]

Investments in Controlled, Affiliated Portfolio Companies | Common Equity

^[1],[2],[5]

2.00%

22.00%

^[6]

29.70%

^[1],[2],[5]

Non-Controlled Portfolio

Non-Controlled Portfolio | Minimum

25.00%

25.00%

Non-Affiliated Portfolio

Non-Affiliated Portfolio | Maximum [Member]

5.00%

5.00%

Investments and Cash Equivalents

9.00%

3.10%

^[1],[2]

Liabilities in Excess of Other Assets

218.40%

193.20%

^[1],[2]

118.40%

(93.20%)

^[1],[2]

Net Assets

Organization Consolidation And Presentation Of Financial Statements [Abstract]

100.00%

[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]	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.
[4]	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).
[5]	Non-income producing securities.
[6]	Non-income producing securities.

Organization

12 Months Ended

Sep. 30, 2022

Organization

1. ORGANIZATION

PennantPark Investment Corporation was organized as a Maryland corporation in January 2007. We are a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. Our investment objective is to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments. We invest primarily in U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and, to a lesser extent, equity investments. On April 24, 2007, we closed our initial public offering. On April 14, 2022, listing and trading of the Company's common stock commenced on the New York Stock Exchange after the Company voluntarily withdrew the principal listing of its common stock from the Nasdaq Stock Market LLC effective at market close on April 13, 2022. Our common stock trades on the New York Stock Exchange under the symbol “PNNT.”

We have entered into an investment management agreement, or the Investment Management Agreement with the Investment Adviser, an external adviser that manages our day-to-day operations. PennantPark Investment, through the Investment Adviser, manages the day-to-day operations of and provides investment advisory services to SBIC II under a separate investment management agreement. We have also entered into an administration agreement, or the Administration Agreement with the Administrator, which provides the administrative services necessary for us to operate. PennantPark Investment, through the Administrator, also provides similar services to SBIC II under a separate administration agreement. See Note 3.

SBIC II, our wholly-owned subsidiary, was organized as a Delaware limited partnership in 2012. SBIC II received a license from the SBA to operate as a SBIC under Section 301(c) of the 1958 Act. SBIC II’s objectives are to generate both current income and capital appreciation through debt and equity investments generally by investing with us in SBA-eligible businesses that meet the investment selection criteria used by PennantPark Investment.

On July 31, 2020, we and certain entities and managed accounts of the private credit investment manager of Pantheon Ventures (UK) LLP (“Pantheon”) entered into a limited liability company agreement to co-manage PSLF, a newly-formed unconsolidated joint venture. In connection with this transaction, we contributed in-kind our formerly wholly-owned subsidiary, Funding I. As a result of this transaction, Funding I became a wholly-owned subsidiary of PSLF and has been deconsolidated from our financial statements. PSLF invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSLF was formed as a Delaware limited liability company. See Note 4.

In April 2021, we issued $150.0 million in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4%. Interest on the 2026 Notes is

paid semi-annually on May 1 and November 1 of each year, at a rate of 4.50% per year, commencing November 1, 2021. The 2026 Notes mature on May 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.

In October 2021, we issued $165.0 million in aggregate principal amount of our 2026 Notes-2 at a public offering price per note of 99.436%. Interest on the 2026 Notes is paid semi-annually on May 1 and November 1 of each year, at a rate of 4.00% per year, commencing May 1, 2022. The 2026 Notes-2 mature on November 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes-2 are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes-2 on any securities exchange or automated dealer quotation system.

We have formed the Taxable Subsidiary, which is subject to tax as a corporation. The Taxable Subsidiary allows us to hold equity securities of certain portfolio companies treated as pass-through entities for federal income tax purposes while facilitating our ability to qualify as a RIC under the Code.

In January 2022, we funded PennantPark-TSO Senior Loan Fund II LP, ("PTSF II"), an unconsolidated limited partnership, organized as a Delaware limited liability partnership. We sold $82.3 million in investments to a wholly-owned subsidiary of PTSF II in exchange for cash in the amount of $75.7 million and an $6.6 million equity interest in PTSF II representing 23.1% of the total outstanding Class A Units of PTSF II. We recognized $0.2 million of realized gain upon the formation of PTSF II. As of September 30, 2022, our capital commitment of $15.0 million is 100% funded and we hold 23.1% of the total outstanding Class A Units of PTSF II and a 4.99% voting interest in the general partner which manages PTSF II.

We are operated by a person who has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and the Investment Adviser intends to continue to affirm the exclusion on an annual basis, and therefore, is not subject to registration or regulation as a commodity pool operator under the Commodity Exchange Act.

Significant Accounting Policies

12 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

The preparation of our Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles, or GAAP requires management to make estimates and assumptions that affect the reported amount of our assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of income and expenses during the reported periods. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies and any other parameters used in determining these estimates and assumptions could cause actual results to differ from such estimates and assumptions. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions in consolidation. References to the Financial Accounting Standards Board’s, or FASB’s, Accounting Standards Codification, as amended, or ASC, serve as a single source of accounting literature. Subsequent events are evaluated and disclosed as appropriate for events occurring through the date the Consolidated Financial Statements are issued.

Our Consolidated Financial Statements are prepared in accordance with GAAP, consistent with ASC Topic 946, Financial Services – Investment Companies, and pursuant to the requirements for reporting on Form 10-K/Q and Articles 6, 10 and 12 of Regulation S-X, as appropriate. In accordance with Article 6-09 of Regulation S-X, we have provided a Consolidated Statement of Changes in Net Assets in lieu of a Consolidated Statement of Changes in Stockholders’ Equity.

Our significant accounting policies consistently applied are as follows:

(a)

Investment Valuations

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

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

(1)

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

(2)

Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser;

(3)

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

(4)

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

(5)

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

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

(b)

Security Transactions, Revenue Recognition, and Realized/Unrealized Gains or Losses

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

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

Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or if there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. As of September 30, 2022 ,we had one portfolio company on non-accrual, representing 1.0% and zero percent of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2021, we had no portfolio companies on non-accrual.

(c)

Income Taxes

We have complied with the requirements of Subchapter M of the Code and have qualified to be treated as a RIC for federal income tax purposes. In this regard, we account for income taxes using the asset and liability method prescribed by ASC Topic 740, Income Taxes, or ASC 740. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Based upon our qualification and election to be treated as a RIC for U.S. federal income tax purposes, we typically do not incur any material federal income taxes. However, we may choose to retain a portion of our calendar year income, which may result in the imposition of an excise tax. Additionally, certain of the Company’s consolidated subsidiaries are subject to federal, state and local income taxes. For the years ended September 30, 2022, 2021 and 2020, we recorded a provision for taxes on net investment income of $0.8 million, $0.6 million and $1.2 million, respectively, approximately one-half of which pertains to U.S. federal excise tax.

We recognize the effect of a tax position in our Consolidated Financial Statements in accordance with ASC 740 when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not considered to satisfy the “more-likely-than-not” threshold

would be recorded as a tax expense or benefit. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. There were no tax accruals relating to uncertain tax positions and no amounts accrued for any related interest or penalties with respect to the periods presented herein. The Company’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although the Company files both federal and state income tax returns, the Company’s major tax jurisdiction is federal.

The Taxable Subsidiary (PNNT Investment Holdings, LLC, a wholly-owned subsidiary of the Company), is subject to U.S. federal, state and local corporate income taxes. The income tax expense and related tax liabilities of the Taxable Subsidiary are reflected in the Company’s consolidated financial statements.

For the years ended September 30, 2022, 2021 and 2020 the Company recognized a provision for taxes of $6.2 million, zero and zero, respectively, on net realized gain on investments by the Taxable Subsidiary. For the years ended September 30, 2022, 2021 and 2020 the Company recognized a provision for taxes of $0.9 million, zero and zero, respectively, on net unrealized gain on investments by the Taxable Subsidiary. The provision for taxes on net realized and unrealized gains on investments is the result of netting (i) the expected tax liability on the gains from the sales of investments which were realized and unrealized during fiscal year ending September 30, 2022 and (ii) the expected tax benefit resulting from the use of loss carryforwards to offset such gains. For the year ended September 30, 2022, 2021 and 2020 the Company recognized a provision for taxes $7.1 million, zero and zero, respectively, on net realized and unrealized gains on investments by the Taxable Subsidiary.

During the year ended September 30, 2022, 2021 and 2020 the Company paid $4.0 million, zero, and zero respectively, in federal taxes on realized gains on the sale of investments held by the Taxable Subsidiary. Due to offsetting losses in the year ended September 30, 2022 the $4.0 million is expected to be refunded and is shown on the consolidated statement of assets and liabilities under prepaid expenses and other assets. The state and local tax liability of $0.8 million as of September 30, 2022, 2021 and 2020 is included under accrued other expenses in the consolidated statement of assets and liabilities.

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

(d)

Distributions and Capital Transactions

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

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

(e)

Foreign Currency Translation

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

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

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

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

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

(f) Consolidation

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

(g) Asset Transfers and Servicing

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

(h) Recent Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 during the year ended September30, 2022, the effect of which was not material to the consolidated financial statements and the notes thereto. The Company continues to evaluate the potential impact that the amendments in this update will have on its consolidated financial statements and disclosures.

In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company is currently evaluating the impact of the adoption of ASU 2022-02 on its consolidated financial statement and disclosures.

In June 2022, the FASB issued Accounting Standards Update No. 2022-03, or ASU, 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, or ASU 2022-03, which changed the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurements and Disclosures, or ASC 820. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods therein. Early application is permitted. The Company is currently evaluating the impact the adoption of this new accounting standard will have on its consolidated financial statements, but the impact of the adoption is not expected to be material.

Agreements and Related Party Transactions

12 Months Ended

Sep. 30, 2022

AGREEMENTS AND RELATED PARTY TRANSACTIONS

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS

(a) Investment Management Agreement

The Investment Management Agreement with the Investment Adviser was reapproved by our board of directors, including a majority of our directors who are not interested persons of us or the Investment Adviser, in February 2022. Under the Investment Management Agreement, the Investment Adviser, subject to the overall supervision of our board of directors, manages the day-to-day operations of and provides investment advisory services to us. The Investment Adviser serves as the servicer to Funding I and has irrevocably directed that the management fee owed to it with respect to such services be paid to the Company so long as the Investment Adviser remains the servicer. SBIC II’s investment management agreement does not affect the management or incentive fees that we pay to the Investment Adviser on a consolidated basis. For providing these services, the Investment Adviser receives a fee from us, consisting of two components— a base management fee and an incentive fee or, collectively, Management Fees.

Base Management Fee

The base management fee is calculated at an annual rate of 1.50% of our “average adjusted gross assets,” which equals our gross assets (exclusive of U.S. Treasury Bills, temporary draws under any credit facility, cash and cash equivalents, repurchase agreements or other balance sheet transactions undertaken at the end of a fiscal quarter for purposes of preserving investment flexibility for the next quarter and unfunded commitments, if any) and is payable quarterly in arrears. In addition, on November 13, 2018, in connection with our board of directors’ approval of the application of the modified asset coverage requirements under the 1940 Act to the Company, our board of directors also approved an amendment to the Investment Management Agreement reducing the Investment Adviser’s annual base management fee from 1.50% to 1.00% on gross assets that exceed 200% of the Company’s total net assets as of the immediately preceding quarter-end. This amendment became effective on February 5, 2019 with the amendment and restatement of the Investment Management Agreement on April 12, 2019. The base management fee is calculated based on the average adjusted gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. For example, if we sold shares on the 45th day of a quarter and did not use the proceeds from the sale to repay outstanding indebtedness, our gross assets for such quarter would give effect to the net proceeds of the issuance for only 45 days of the quarter during which the additional shares were outstanding. For periods prior to January 1, 2018, the base management fee was calculated at an annual rate of 2.00% of our “average adjusted gross assets.” For the years ended September 30, 2022, 2021 and 2020, the Investment Adviser earned base management fees of $19.8 million, $17.3 million and $18.6 million, respectively, from us.

Incentive Fee

The incentive fee has two parts, as follows:

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

Beginning April 1, 2020 and through March 31, 2021, the Investment Adviser has voluntarily agreed, in consultation with our board of directors, to irrevocably waive the performance-based incentive fees. For the years ended September 30, 2022, 2021, and 2020, the Investment Adviser earned $2.7 million, $0.6 million, and $2.7 million (after a waiver of $1.9 million), respectively, in incentive fees on net investment income from us.

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date) and, effective January 1, 2018, equals 17.5% of our realized capital gains, (20.0)% for periods prior to January 1, 2018), if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For the years ended September 30, 2022, 2021, and 2020, the Investment Adviser did not accrue an incentive fee on capital gains as calculated under the Investment Management Agreement (as described above).

Under GAAP, we are required to accrue a capital gains incentive fee based upon net realized capital gains and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the capital gains incentive fee accrual, we considered the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then we record a capital gains incentive fee equal to 17.5% of such amount, less the aggregate amount of actual capital gains related to incentive fees paid in all prior years, if any. If such amount is negative, then there is no accrual for such year. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the years ended September 30, 2022, 2021, and 2020, the Investment Adviser did not accrue an incentive fee on capital gains as calculated under GAAP.

(b) Administration Agreement

The Administration Agreement with the Administrator was reapproved by our board of directors, including a majority of our directors who are not interested persons of us, in February 2022. Under the Administration Agreement, the Administrator provides administrative services and office facilities to us. The Administrator provides similar services to SBIC II under its administration agreement with PennantPark Investment. For providing these services, facilities and personnel, we have agreed to reimburse the Administrator for its allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Compliance Officer, Chief Financial Officer, Corporate Counsel and their respective staffs. The Administrator also offers, on our behalf, significant managerial assistance to portfolio companies to which we are required to offer such assistance. Reimbursement for certain of these costs is included in administrative services expenses in the Consolidated Statements of Operations. For the years ended September 30, 2022, 2021 ,and 2020, we reimbursed the Investment Administrator approximately $0.9 million, $1.2 million and $1.4 million, respectively, for services described above.

On July 1, 2022, the Administration Agreement with the Administrator was amended to clarify that the Administrator may be reimbursed by the Company for certain (i) tax and general legal advice and/or services provided to the Company by in-house professionals of the Administrator related to ongoing operations of the Company; and (ii) transactional legal advice and/or services provided to the Company or portfolio companies by in-house professionals of the Administrator or its affiliates on matters related to potential or actual investments and transactions, including tax structuring and/or due diligence.

There were no transactions subject to Rule 17a-7 under the 1940 Act during each of the years ended September 30, 2022, 2021 and 2020.

For the years ended September 30, 2022, 2021 ,and 2020, we sold $387.4 million, $123.4 million and zero in investments to PSLF at fair value, respectively, and recognized $0.2 million, $0.5 million and zero of net realized gains, respectively.

For the years ended September 30, 2022, we sold $82.3 million in investments to PTSF II at fair value, and recognized $0.2 million of net realized gains.

Investments

12 Months Ended

Sep. 30, 2022

Investments Debt And Equity Securities [Abstract]

Investments

4. INVESTMENTS

Purchases of investments, including PIK interest, for the years ended September 30, 2022, 2021, and 2020 totaled $943.0 million, $456.5 million, and $333.9 million, respectively. Sales and repayments of investments for the same periods totaled $911.6 million, $434.5 million, and $162.7 million, respectively.

Investments and cash and cash equivalents consisted of the following ($ in thousands):


	September 30, 2022				September 30, 2021
Investment Classification	Cost		Fair Value		Cost		Fair Value
First lien	$	652,055	$	630,965	$	551,435	$	552,530
Second lien		145,542		129,936		176,983		176,894
Subordinated debt / corporate notes		53,468		53,255		56,315		57,015
Subordinated notes in PSLF		88,011		88,011		64,155		64,154
Equity		313,591		273,036		338,341		363,537
Equity in PSLF		49,362		51,098		33,892		41,160
Total investments		1,302,029		1,226,301		1,221,121		1,255,290
Cash and cash equivalents		52,844		52,666		20,383		20,357
Total investments and cash and cash equivalents	$	1,354,873	$	1,278,967	$	1,241,504	$	1,275,647

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets (excluding cash and cash equivalents) in such industries as of:


Industry Classification	September 30, 2022 (1)			September 30, 2021
Business Services	18%			9%
Healthcare, Education and Childcare		12			23
Consumer Products		8			9
Energy and Utilities		7			7
Distribution		5			7
Financial Services		5			—
Telecommunications		5			2
Home and Office Furnishings		4			3
Media		4			7
Aerospace and Defense		3			2
Auto Sector		3			—
Chemicals, Plastics and Rubber		3			1
Electronics		3			2
Environmental Services		3			6
Building Materials		2			3
Education		2			3
Hotels, Motels, Inns and Gaming		2			4
Other Media		2			2
Transportation		2			2
Cargo Transport		1			1
Insurance		1			2
Manufacturing / Basic Industries		1			1
Personal and Non-Durable Consumer Products		1			1
Personal, Food and Miscellaneous Services		1			1
Printing and Publishing		—			2
Other		2			—
Total		100	%		100	%

(1)

Excludes investments in PSLF.

PennantPark Senior Loan Fund, LLC

In July 2020, we and Pantheon formed PSLF, an unconsolidated joint venture. PSLF invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSLF was formed as a Delaware limited liability company. As of September 30, 2022 and 2021 PSLF had total assets of $781.3 million and $417.4 million, respectively. PSLF’s portfolio consisted of debt investments in 80 and 47 portfolio companies as of September 30, 2022 and 2021, respectively. As of the same dates, we and Pantheon had no remaining commitments to fund first lien secured debt and equity interests in PSLF. As of September 30, 2022, at fair value, the largest investment in a single portfolio company in PSLF was $19.9 million and the five largest investments totaled $98.5 million. As of September 30, 2021 at fair value, the largest investment in a single portfolio company in PSLF was $16.8 million and the five largest investments totaled $74.4 million. PSLF invests in portfolio companies in the same industries in which we may directly invest.

We provide capital to PSLF in the form of subordinated notes and equity interests. As of September 30, 2022 and 2021 we and Pantheon owned 60.5% and 39.5%, respectively, of each of the outstanding subordinated notes and equity interests of PSLF. As of September 30, 2022 and 2021 , our investment in PSLF consisted of subordinated notes of $88.0 million and $64.2 million, respectively, and equity interests of $51.1 million and $41.2 million, respectively.

We and Pantheon each appointed two members to PSLF’s four-person Member Designees’ Committee, or the Member Designees’ Committee. All material decisions with respect to PSLF, including those involving its investment portfolio, require unanimous approval of quorum of the Member Designees’ Committee. Quorum is defined as (i) the presence of two members of the Member Designees’ Committee; provided that at least one individual is present that was elected, designated or appointed by each of us and Pantheon; (ii) the presence of three members of the Member Designees’ Committee, provided that the individual that was elected, designated or appointed by each of us or Pantheon, as the case may be, with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the Member Designees’ Committee shall constitute a quorum, provided that two individuals are present that were elected, designated or appointed by each of us and Pantheon.

Additionally, PSLF, through its wholly-owned subsidiary, or PSLF Subsidiary, has entered into a $225 million (reduced from $275.0 million on March 2, 2022) senior secured revolving credit facility which bears interest at SOFR (or an alternative risk-free interest rate index) plus 255 basis points during the investment period, or the PSLF Credit Facility, with BNP Paribas, subject to leverage and borrowing base restrictions.

In March 2022, PSLF completed a $304.0 million debt securitization in the form of a collateralized loan obligation, or the “2034 Asset-Backed Debt”. The 2034 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO IV, LLC., a wholly-owned and consolidated subsidiary of PSLF, consisting primarily of middle market loans and participation interests in middle market loans. The 2034 Asset-Backed Debt is scheduled to mature in April 2034. On the closing date of the transaction, in consideration of PSLF’s transfer to PennantPark CLO IV, LLC. of the initial closing date loan portfolio, which included loans distributed to PSLF by certain of its wholly owned subsidiaries and us, PennantPark CLO IV, LLC. transferred to PSLF 100% of the Preferred Shares of PennantPark CLO IV, LLC. and 100% of the Subordinated Notes issued by PennantPark CLO IV, LLC.

Below is a summary of PSLF’s portfolio at fair value ($ in thousands):


($ in thousands)	September 30, 2022			September 30, 2021
Total investments	$	730,108		$	405,233
Weighted average cost yield on income producing investments		9.4	%		7.1	%
Number of portfolio companies in PSLF		80			47
Largest portfolio company investment at fair value	$	19,906		$	16,817
Total of five largest portfolio company investments at fair value	$	98,502		$	74,445

Below is a listing of PSLF’s individual investments as of September 30, 2022 ($ in thousands):


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
First Lien Secured Debt - 864.4%
Ad.net Acquisition, LLC	05/06/26	Media		9.67	%	3M L+600	$	4,938	$	4,938	$	4,900
Alpine Acquisition Corp II	11/30/26	Containers, Packaging and Glass		8.69	%	3M L+800		9,975		9,785		9,576
Altamira Technologies, LLC	07/24/25	Aerospace and Defense		10.81	%	3M L+550		871		864		841
American Insulated Glass, LLC	12/21/23	Building Materials		7.79	%	3M L+575		19,906		19,867		19,906
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)	06/10/25	Media		9.95	%	1M L+550		14,104		13,968		13,892
Anteriad, LLC (f/k/a MeritDirect, LLC)	05/23/24	Media		9.17	%	3M L+550		15,168		15,084		15,168
Any Hour Services	07/21/27	Personal, Food and Miscellaneous Services		7.98	%	3M L+575		9,942		9,934		9,743
Apex Service Partners, LLC	07/31/25	Personal, Food and Miscellaneous Services		6.25	%	3M L+575		6,569		6,502		6,536
Apex Service Partners, LLC Term Loan B	07/31/25	Personal, Food and Miscellaneous Services		6.55	%	3M L+550		3,323		3,298		3,307
Apex Service Partners, LLC - Term Loan C	07/31/25	Personal, Food and Miscellaneous Services		6.50	%	3M L+600		7,607		7,607		7,569
Applied Technical Services, LLC	12/29/26	Environmental Services		9.42	%	3M L+500		8,822		8,725		8,602
Arcfield Acquisition Corp.	03/07/28	Aerospace and Defense		8.99	%	3M L+575		11,940		11,721		11,701
Beta Plus Technologies, Inc.	07/01/29	Business Services		7.56	%	1M L+525		15,000		14,700		14,700
Blackhawk Industrial Distribution, Inc.	09/17/24	Distribution		8.57	%	3M L+600		17,993		17,772		17,596
Broder Bros., Co.	12/02/22	Personal, Food and Miscellaneous Services		7.39	%	3M L+600		9,937		9,937		9,937
Cartessa Aesthetics, LLC	05/13/28	Distribution		9.55	%	3M L+600		17,456		17,131		17,194
CF512, Inc.	08/20/26	Media		9.08	%	3M L+575		2,985		2,958		2,940
Connatix Buyer, Inc.	07/13/27	Media		8.42	%	1M L+550		9,045		9,029		8,819
Dr. Squatch, LLC	08/31/27	Personal and Non-Durable Consumer Products		9.42	%	3M L+475		6,435		6,427		6,338
DRI Holding Inc.	12/21/28	Media		8.37	%	3M L+575		2,776		2,526		2,489
DRS Holdings III, Inc.	11/03/25	Consumer Products		8.87	%	3M L+600		15,142		15,063		14,658
Duraco Specialty Tapes LLC	06/30/24	Manufacturing / Basic Industries		8.62	%	3M L+575		8,139		8,008		7,944
ECL Entertainment, LLC	05/01/28	Hotels, Motels, Inns and Gaming		10.62	%	3M L+500		4,558		4,558		4,489
ECM Industries, LLC	12/23/25	Electronics		6.32	%	3M L+600		2,823		2,761		2,689
Exigo Intermediate II, LLC	03/15/27	Business Services		8.87	%	1M L+575		9,950		9,817		9,726
Fairbanks Morse Defense	06/17/28	Aerospace and Defense		7.63	%	6M L+475		800		754		740
Global Holdings InterCo LLC	03/16/26	Banking, Finance, Insurance & Real Estate		8.74	%	3M L+600		7,343		7,313		7,013
Graffiti Buyer, Inc.	08/10/27	Distribution		8.00	%	3M L+550		1,974		1,939		1,895
Hancock Roofing and Construction L.L.C.	12/31/26	Insurance		8.67	%	1M L+575		6,835		6,835		6,733
Holdco Sands Intermediate, LLC	11/23/28	Aerospace and Defense		10.17	%	1M L+800		19,915		19,535		19,516
HV Watterson Holdings, LLC	12/17/26	Business Services		9.67	%	3M L+600		15,255		15,045		14,721
HW Holdco, LLC	12/10/24	Media		6.00	%	3M L+700		14,438		14,303		14,257
Icon Partners III, LP	05/11/28	Auto Sector		6.87	%	3M L+475		2,333		2,001		1,705
IDC Infusion Services, Inc.	12/30/26	Healthcare, Education and Childcare		10.20	%	3M L+750		17,400		17,154		16,617
IG Investments Holdings, LLC	09/22/28	Business Services		9.45	%	1M L+575		4,473		4,388		4,428
Imagine Acquisitionco, LLC	11/15/27	Business Services		6.91	%	3M L+625		5,636		5,534		5,495
Inception Fertility Ventures, LLC	12/07/23	Healthcare, Education and Childcare		9.96	%	3M L+550		20,000		19,545		19,800
Infolinks Media Buyco, LLC	11/01/26	Media		9.42	%	1M L+550		6,428		6,428		6,428
Integrity Marketing Acquisition, LLC	08/27/25	Insurance		9.21	%	3M L+575		19,954		19,866		19,754
K2 Pure Solutions NoCal, L.P.	12/20/23	Chemicals, Plastics and Rubber		11.12	%	3M L+550		14,438		14,316		14,438
LAV Gear Holdings, Inc.	10/31/24	Leisure, Amusement, Motion Pictures, Entertainment		9.95	%	3M L+500		2,137		2,129		2,088
Lash OpCo, LLC	02/18/27	Consumer Products		11.17	%	1M L+650		19,925		19,708		19,526
Lightspeed Buyer Inc.	02/03/26	Healthcare, Education and Childcare		8.87	%	3M L+475		12,345		12,119		11,944
MAG DS Corp.	04/01/27	Aerospace and Defense		9.17	%	3M L+550		5,570		5,128		5,069
Magenta Buyer, LLC	07/31/28	Software		7.87	%	3M L+500		3,140		2,946		2,826
Mars Acquisition Holdings Corp.	05/14/26	Media		8.62	%	1M L+625		7,920		7,861		7,880
MBS Holdings, Inc.	04/16/27	Telecommunications		8.56	%	3M L+575		7,406		7,326		7,332
Meadowlark Acquirer, LLC	12/10/27	Business Services		9.17	%	3M L+575		2,983		2,926		2,953
Municipal Emergency Services, Inc.	09/28/27	Distribution		7.25	%	3M L+550		4,164		4,102		3,923
NBH Group LLC	08/19/26	Healthcare, Education and Childcare		7.80	%	3M L+575		7,505		7,426		7,505
OIS Management Services, LLC	07/09/26	Healthcare, Education and Childcare		9.45	%	3M L+600		5,257		5,210		5,257
Owl Acquisition, LLC	02/04/28	Education		8.41	%	3M L+550		3,990		3,874		3,890
Ox Two, LLC (New Issue)	05/18/26	Distribution		8.32	%	1M L+650		4,962		4,911		4,863
PL Acquisitionco, LLC	11/09/27	Retail		9.62	%	1M L+575		8,634		8,489		8,419
PlayPower, Inc.	05/08/26	Consumer Products		9.17	%	1M L+525		2,580		2,487		2,309
Quantic Electronics, LLC	11/19/26	Aerospace and Defense		9.92	%	1M L+600		3,403		3,342		3,335
Quantic Electronics, LLC - Unfunded Term Loan	11/19/26	Aerospace and Defense		0.00	%	3M L+625		143		-		(1	)
Radius Aerospace, Inc.	03/31/25	Aerospace and Defense		9.46	%	3M L+600		12,757		12,657		12,566
Rancho Health MSO, Inc.	12/18/25	Healthcare, Education and Childcare		7.75	%	1M L+450		5,180		5,180		5,180
Reception Purchaser, LLC	02/28/28	Transportation		9.13	%	SOFR+600		4,975		4,904		4,751
Recteq, LLC	01/29/26	Consumer Products		9.92	%	3M L+700		9,850		9,718		9,505
Research Now Group, LLC and Dynata, LLC	12/20/24	Business Services		8.84	%	1M L+550		14,542		14,440		13,070
Riverpoint Medical, LLC	06/20/25	Healthcare, Education and Childcare		7.74	%	3M L+525		3,192		3,172		3,112
Riverside Assessments, LLC	03/10/25	Education		9.95	%	1M L+575		9,949		9,872		9,750
Sales Benchmark Index LLC	01/03/25	Business Services		9.67	%	3M L+625		6,859		6,779		6,791
Sargent & Greenleaf Inc.	12/20/24	Electronics		7.15	%	3M L+550		5,082		5,082		5,031
Seaway Buyer, LLC	06/13/29	Chemicals, Plastics and Rubber		7.90	%	3M L+575		15,000		14,794		14,775
Signature Systems Holding Company	05/03/24	Chemicals, Plastics and Rubber		10.17	%	1M L+450		11,951		11,879		11,861
Solutionreach, Inc.	01/17/24	Communications		8.87	%	6M L+675		11,386		11,352		11,113
STV Group Incorporated	12/11/26	Transportation		8.37	%	3M L+575		12,099		12,031		11,978


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)

System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)	8/16/2027	Aerospace and Defense		8.73	%	SOFR+600		16,128		15,785		15,870
Teneo Holdings LLC	7/18/2025	Financial Services		7.73	%	3M L+525		3,474		3,435		3,271
The Aegis Technologies Group, LLC	10/31/2025	Aerospace and Defense		9.67	%	3M L+600		11,208		11,102		11,096
The Bluebird Group LLC	7/27/2026	Business Services		10.67	%	3M L+650		5,502		5,549		5,557
The Vertex Companies, LLC	8/30/2027	Business Services		8.62	%	3M L+550		4,531		4,485		4,509
TPC Canada Parent, Inc. and TPC US Parent, LLC	11/24/2025	Food		7.78	%	3M L+525		5,536		5,392		5,370
TVC Enterprises, LLC	3/26/2026	Transportation		8.87	%	3M L+600		17,381		17,244		16,946
TWS Acquisition Corporation	6/16/2025	Education		8.76	%	3M L+625		7,949		7,917		7,910
Tyto Athene, LLC	4/3/2028	Aerospace and Defense		7.76	%	3M L+550		12,064		11,938		11,208
UBEO, LLC	4/3/2024	Printing and Publishing		8.17	%	3M L+450		4,674		4,657		4,604
Unique Indoor Comfort, LLC	5/24/2027	Home and Office Furnishings, Housewares		8.95	%	3M L+525		9,975		9,840		9,755
Wildcat Buyerco, Inc.	2/27/2026	Electronics		9.45	%	SOFR+575		11,506		11,420		11,110
Zips Car Wash, LLC	3/1/2024	Business Services		10.24	%	3M L+725		19,998		19,673		19,498

Total First Lien Secured Debt										738,219		730,108
Total Investments - 864.4%
Cash and Cash Equivalents - 50.9%
BlackRock Federal FD Institutional 30										42,966		42,966
Total Cash and Cash Equivalents										42,966		42,966
Total Investments and Cash Equivalents - 915.3%									$	781,185	$	773,073
Liabilities in Excess of Other Assets — (815.3)%												(688,612	)
Members' Equity—100.0%											$	84,462

Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable LIBOR or “L” or Prime rate or “P”. 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. LIBOR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day LIBOR rate (1M L, 2M L, 3M L, or 6M L, respectively), at the borrower’s option. All securities are subject to a LIBOR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

Valued based on PSLF’s accounting policy.

Below is a listing of PSLF’s individual investments as of September 30, 2021 ($ in thousands):


Issuer Name	Maturity	Industry	Current Coupon	Basis Point Spread Above Index (1)		Par		Cost		Fair Value (2)
First Lien Secured Debt - 595.6%
Ad.net Acquisition, LLC	05/06/26	Media	7.00%	3M L + 600		$	4,988	$	4,920	$	4,913
Altamira Technologies, LLC	07/24/25	Aerospace and Defense	8.00%	3M L+700			921		912		864
American Insulated Glass, LLC	12/21/23	Building Materials	6.50%	3M L+550			14,625		14,481		14,479
Any Hour Services	07/21/27	Personal, Food and Miscellaneous Services	6.75%	1M L+525			6,500		6,378		6,370
Apex Service Partners, LLC	07/31/25	Personal, Food and Miscellaneous Services	6.25%	1M L+550			6,569		6,518		6,504
Apex Service Partners, LLC Term Loan B	07/31/25	Personal, Food and Miscellaneous Services	6.55%		—		3,347		3,313		3,313
Applied Technical Services, LLC	12/29/26	Environmental Services	6.75%	3M L+575			7,444		7,336		7,295
Bottom Line Systems, LLC	02/13/23	Healthcare, Education and Childcare	6.25%	1M L+550			13,729		13,674		13,729
Crash Champions, LLC	08/05/25	Auto Sector	6.00%	1M L+525			5,985		5,873		5,865
DRS Holdings III, Inc.	11/03/25	Consumer Products	7.25%	1M L+625			13,428		13,335		13,334
ECL Entertainment, LLC	03/31/28	Hotels, Motels, Inns and Gaming	8.25%	3M L+750			4,604		4,560		4,707
ECM Industries, LLC	12/23/25	Electronics	5.50%	3M L+450			2,827		2,805		2,770
Global Holdings InterCo LLC	03/16/26	Banking, Finance, Insurance & Real Estate	7.00%	3M L+600			7,463		7,360		7,425
Hancock Roofing and Construction L.L.C.	12/31/26	Insurance	6.00%	3M L+500			5,955		5,819		5,895
Holdco Sands Intermediate, LLC	12/19/25	Aerospace and Defense	7.50%	3M L+600			12,071		11,934		12,010
HW Holdco, LLC	12/10/24	Media	5.50%	3M L+450			14,588		14,499		14,442
IMIA Holdings, Inc.	04/09/27	Aerospace and Defense	6.75%	3M L+600			9,059		8,890		8,878
Integrity Marketing Acquisition, LLC	08/27/25	Insurance	6.50%	3M L+550			7,868		7,803		7,829
Juniper Landscaping of Florida, LLC	12/22/21	Personal, Food and Miscellaneous Services	6.50%	3M L+550			9,420		9,420		9,420
K2 Pure Solutions NoCal, L.P.	12/20/23	Chemicals, Plastics and Rubber	8.00%	1M L+700			14,588		14,479		14,199
LAV Gear Holdings, Inc.	10/31/24	Leisure, Amusement, Motion Pictures, Entertainment	8.50%	3M L+750			2,120		2,107		1,987
Lightspeed Buyer Inc.	02/03/26	Healthcare, Education and Childcare	6.75%	1M L+550			12,472		12,273		12,472
Lombart Brothers, Inc.	04/13/23	Healthcare, Education and Childcare	7.25%	1M L+825			16,817		16,729		16,817
MAG DS Corp.	04/01/27	Aerospace and Defense	6.50%	1M L+550			5,837		5,581		5,253
Mars Acquisition Holdings Corp.	05/14/26	Media	6.50%	1M L+575			8,000		7,852		7,920
MBS Holdings, Inc.	04/16/27	Telecommunications	6.75%	3M L+550			7,481		7,338		7,332
MeritDirect, LLC	05/23/24	Media	6.50%	3M L+550			13,386		13,272		13,252
PlayPower, Inc.	05/08/26	Consumer Products	5.65%	3M L+575			3,805		3,778		3,736
Radius Aerospace, Inc.	03/31/25	Aerospace and Defense	6.75%	3M L+600			13,335		13,202		13,068
Rancho Health MSO, Inc.	12/18/25	Healthcare, Education and Childcare	6.75%	3M L+550			5,232		5,140		5,232
Recteq, LLC	01/29/26	Consumer Products	7.00%	3M L+450			9,950		9,775		9,851
Research Now Group, LLC and Dynata, LLC	12/20/24	Business Services	6.50%	3M L+600			14,695		14,602		14,508
Riverpoint Medical, LLC	06/20/25	Healthcare, Education and Childcare	5.50%	1M L+550			3,246		3,217		3,206
Sales Benchmark Index LLC	01/03/25	Business Services	7.75%	3M L+750			7,632		7,526		7,442
Sargent & Greenleaf Inc.	12/20/24	Electronics	7.00%	3M L+575			5,232		5,181		5,232
Signature Systems Holding Company	05/03/24	Chemicals, Plastics and Rubber	8.50%	1M L+525			13,500		13,397		13,365
Solutionreach, Inc.	01/17/24	Communications	6.75%	1M L+600			11,882		11,758		11,882
STV Group Incorporated	12/11/26	Transportation	5.33%	1M L+450			12,099		12,003		12,038
TAC LifePort Purchaser, LLC	03/01/26	Aerospace and Defense	7.00%	1M L+525			4,967		4,891		4,966
TeleGuam Holdings, LLC	11/20/25	Telecommunications	5.50%	3M L+525			4,593		4,558		4,547
Teneo Holdings LLC	07/18/25	Financial Services	6.25%	1M L+575			2,997		2,884		2,981
TPC Canada Parent, Inc. and TPC US Parent, LLC	11/24/25	Food	6.25%	1M L+625			5,593		5,537		5,425
TVC Enterprises, LLC	03/26/26	Transportation	6.75%	3M L+550			12,773		12,643		12,773
TWS Acquisition Corporation	06/16/25	Education	7.25%	3M L+450			9,648		9,515		9,648
Tyto Athene, LLC	04/03/28	Aerospace and Defense	6.25%	1M L+675			9,950		9,853		9,950
UBEO, LLC	04/03/24	Printing and Publishing	5.50%	1M L+500			4,710		4,676		4,687
Vision Purchaser Corporation	06/10/25	Media	7.75%	3M L+675			14,249		14,056		14,035
Wildcat Buyerco, Inc.	02/27/26	Electronics	6.00%	3M L+500			7,425		7,360		7,388

Total First Lien Secured Debt							409,602		405,009		405,232
Cash and Cash Equivalents—16.2%
BlackRock Federal FD Institutional 30									11,013		11,013
US Bank Cash									—		—
Total Cash and Cash Equivalents									11,013		11,013
Total Investments and Cash Equivalents—611.8%								$	416,023	$	416,246
Liabilities in Excess of Other Assets—(511.8)%											(348,213	)
Members' Equity—100.0%										$	68,032

(1)

(2)

Valued based on PSLF’s accounting policy.

Below is the consolidated statements of assets and liabilities for PSLF ($ in thousands):



	September 30, 2022		September 30, 2021
Assets
Investments at fair value (cost—$738,219 and $405,009, respectively)	$	730,108	$	405,233
Cash and cash equivalents (cost—$42,966 and $11,013, respectively)		42,966		11,013
Receivable for investments sold		3,870		—
Interest receivable		2,970		1,175
Prepaid expenses and other assets		1,373		—
Total assets		781,287		417,421
Liabilities
Credit facility payable		257,600		224,000
2034 Asset-backed debt, net (par—$246,000)		243,896		—
Notes payable to members		145,472		106,041
Payable for investments purchased		37,658		12,793
Interest payable on credit facility and asset backed debt		4,676		1,499
Distribution payable to Members		4,000		2,800
Interest payable on notes to members		2,703		1,644
Accrued expenses		820		612
Total liabilities		696,825		349,389
Commitments and contingencies (See Note 11)
Members' equity		84,462		68,032
Total liabilities and members' equity	$	781,287	$	417,421

*For the years ended of September 30, 2022 and 2021, PSLF did not have any unfunded commitments to fund investments.

Below are the consolidated statements of operations for PSLF ($ in thousands):


	2022			2021
Investment income:
Interest	$	37,905		$	27,489
Other income		246			1,803
Total investment income		38,151			29,292
Expenses:
Interest expense on credit facility and asset-backed debt		11,023			6,284
Interest expense on notes to members		11,692			9,533
Administrative services expenses		1,171			1,172
General and administrative expenses		447			447
Total expenses		24,333			17,436
Net investment income		13,818			11,856
Realized and unrealized gain (loss) on investments:
Net realized gain on investments		376			545
Net change in unrealized appreciation (depreciation) on investments		(8,334	)		4,880
Net realized and unrealized gain (loss) from investments		(7,958	)		5,425
Net increase (decrease) in members' equity resulting from operations	$	5,860		$	17,281

* No management or incentive fees are payable by PSLF

Fair value of Financial Instruments

12 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

5. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value, as defined under ASC 820, is the price that we would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment or liability. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability based on market data obtained from sources independent of us. Unobservable inputs reflect the assumptions market participants would use in pricing an asset or liability based on the best information available to us on the reporting period date.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchies:

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

Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument.

Level 3: Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments, our Truist Credit Facility and our SBA debentures are classified as Level 3. Our 2024 Notes are classified as Level 1, and our 2026 Notes and 2026 Notes-2 are classified as Level 2, as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the

fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.

The inputs into the determination of fair value may require significant management judgment or estimation. Even if observable market data is available, such information may be the result of consensus pricing information, disorderly transactions or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence were available. Corroborating evidence that would result in classifying these non-binding broker/dealer bids as a Level 2 asset includes observable orderly market-based transactions for the same or similar assets or other relevant observable market-based inputs that may be used in pricing an asset.

Our investments are generally structured as debt and equity investments in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. The transaction price, excluding transaction costs, is typically the best estimate of fair value at inception. Ongoing reviews by our Investment Adviser and independent valuation firms are based on an assessment of each underlying investment, incorporating valuations that consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information including comparable transactions, performance multiples and yields, among other factors. These non-public investments valued using unobservable inputs are included in Level 3 of the fair value hierarchy.

A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in our ability to observe valuation inputs may result in a reclassification for certain financial assets or liabilities.

In addition to using the above inputs to value cash equivalents, investments, our SBA debentures, our 2024 Notes, our 2026 Notes, our 2026-2 Notes and our Truist Credit Facility, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value. See Note 2.

As outlined in the table below, some of our Level 3 investments using a market approach valuation technique are valued using the average of the bids from brokers or dealers. The bids include a disclaimer, may not have corroborating evidence, may be the result of a disorderly transaction and may be the result of consensus pricing. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If the board of directors has a bona fide reason to believe any such bids do not reflect the fair value of an investment, it may independently value such investment by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available. In accordance with ASC 820, we do not categorize any investments for which fair value is measured using the net asset value per share within the fair value hierarchy.

The remainder of our investment portfolio and our long-term Truist Credit Facility are valued using a market comparable or an enterprise market value technique. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the pricing indicated by the external event, excluding transaction costs, is used to corroborate the valuation. When using earnings multiples to value a portfolio company, the multiple used requires the use of judgment and estimates in determining how a market participant would price such an asset. These non-public investments using unobservable inputs are included in Level 3 of the fair value hierarchy. Generally, the sensitivity of unobservable inputs or combination of inputs such as industry comparable companies, market outlook, consistency, discount rates and reliability of earnings and prospects for growth, or lack thereof, affects the multiple used in pricing an investment. As a result, any change in any one of those factors may have a significant impact on the valuation of an investment. Generally, an increase in a market yield will result in a decrease in the valuation of a debt investment, while a decrease in a market yield will have the opposite effect. Generally, an increase in an earnings before interest, taxes, depreciation and amortization, or EBITDA, multiple will result in an increase in the valuation of an investment, while a decrease in an EBITDA multiple will have the opposite effect.

Our Level 3 valuation techniques, unobservable inputs and ranges were categorized as follows for ASC 820 purposes ($ in thousands):


Asset Category	Fair value at September 30, 2022		Valuation Technique	Unobservable Input	Range of Input (Weighted Average) (1)
First lien	$	44,530	Market Comparable	Broker/Dealer bids or quotes	N/A
First lien		569,488	Market Comparable	Market yield	7.0% - 20.2% (10.8%)
First lien		16,946	Market Comparable	EBITDA multiple	14.0x
Second lien		21,600	Market Comparable	Broker/Dealer bids or quotes	N/A
Second lien		108,336	Market Comparable	Market yield	13.3% - 17.0% (14.4%)
Second lien		—	Enterprise Market Value	EBITDA multiple	6.0x
Subordinated debt / corporate notes		141,265	Market Comparable	Market yield	10.8% - 17.2% (12.3%)
Equity		215,131	Enterprise Market Value	EBITDA multiple	3.3x - 21.4x (9.1x)
Equity		42,031	Enterprise Market Value	DLOM(2)	11.8%
Total Level 3 investments	$	1,159,327

Truist Credit Facility	$	376,687	Market Comparable	Market yield	2.4%

(1)

The weighted averages disclosed in the table above were weighted by their relative fair value.

(2)

DLOM is defined as discount for lack of marketability


Asset Category	Fair value at September 30, 2021		Valuation Technique	Unobservable Input	Range of Input (Weighted Average) (1)
First lien	$	90,266	Market Comparable	Broker/Dealer bids or quotes	N/A
First lien		462,264	Market Comparable	Market yield	6.1% – 13.1% (8.1%)
Second lien		39,298	Market Comparable	Broker/Dealer bids or quotes	N/A
Second lien		126,509	Market Comparable	Market yield	10.3% – 11.5% (10.7%)
Second lien		11,087	Enterprise Market Value	EBITDA multiple	5.4x
Subordinated debt / corporate notes		121,170	Market Comparable	Market yield	9.6% – 17.1% (12.5%)
Equity		278,486	Enterprise Market Value	EBITDA multiple	2.6x – 18.5x (8.5x)
Equity		60,808	Enterprise Market Value	DLOM(2)	9.3%
Equity		21,133	Market Comparable	Market yield	20.4%
Total Level 3 investments	$	1,211,021

Truist Credit Facility	$	314,813	Market Comparable	Market yield	2.4%

(1)

The weighted averages disclosed in the table above were weighted by their relative fair value.

(2)

DLOM is defined as discount for lack of marketability

Our investments, cash and cash equivalents, Credit Facility, SBA debentures, 2024 Notes, 2026 Notes and 2026 Notes-2 were categorized as follows in the fair value hierarchy ($ in thousands):


	Fair Value at September 30, 2022
Description	Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value (1)
Debt investments	$	902,165	$	—	$	—	$	902,165	$	—
Equity investments		324,136		304		—		257,162		66,670
Total investments		1,226,301		304		—		1,159,327		66,670
Cash and cash equivalents		52,666		52,666		—		—		—
Total investments and cash and cash equivalents	$	1,278,967	$	52,970	$	—	$	1,159,327	$	66,670
Truist Credit Facility	$	376,687	$	—	$	—	$	376,687	$	—
SBA Debentures (2)		19,686		—		—		19,686		—
2026 Notes (2)		146,767		—		146,767		—		—
2026-2 Notes (2)		161,373		—		161,373		—		—
Total debt	$	704,513	$	—	$	308,140	$	396,373	$	—

(1)

In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSLF is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus has not been classified in the fair value hierarchy.

(2)

We elected not to apply ASC 825-10 to the SBA debentures or the 2024 Notes, the 2026 Notes, and the 2026 Notes-2 and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value. As of September 30, 2022, the carrying value of the SBA debentures approximates the fair value.


	Fair Value at September 30, 2021
Description	Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value (1)
Debt investments	$	850,593	$	—	$	—	$	850,593	$	—
Equity investments		404,697		3,109		—		360,428		41,160
Total investments		1,255,290		3,109		—		1,211,021		41,160
Cash and cash equivalents		20,357		20,357		—		—		—
Total investments and cash and cash equivalents	$	1,275,647	$	23,466	$	—	$	1,211,021	$	41,160
Truist Credit Facility	$	314,813	$	—	$	—	$	314,813	$	—
SBA Debentures (2)		62,159		—		—		62,159		—
2024 Notes (2)		84,503		84,503		—		—		—
2026 Notes (2)		145,865		—		145,865		—		—
Total debt	$	607,340	$	84,503	$	145,865	$	376,972	$	—

(1)

(2)

The tables below show a reconciliation of the beginning and ending balances for investments measured at fair value using significant unobservable inputs (Level 3) ($ in thousands):


	Year Ended September 30, 2022
Description	Debt investments			Equity investments			Totals
Beginning Balance	$	850,593		$	360,427		$	1,211,020
Net realized gain (loss)		(10,262	)		54,065			43,803
Net change in unrealized depreciation		(38,617	)		(65,743	)		(104,360	)
Purchases, PIK interest, net discount accretion and non-cash exchanges		870,284			86,821			957,105
Sales, repayments and non-cash exchanges		(769,833	)		(178,408	)		(948,241	)
Transfers in to / out of Level 3		—			—			—
Ending Balance	$	902,165		$	257,162		$	1,159,327
Net change in unrealized depreciation reported within the net change in unrealized depreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date.	$	(33,393	)	$	(66,254	)	$	(99,647	)


	Year Ended September 30, 2021
Description	Debt investments			Equity investments			Totals
Beginning Balance	$	773,426		$	270,754		$	1,044,180
Net realized gain (loss)		(2,770	)		32,723			29,953
Net change in unrealized depreciation		32,159			79,804			111,963
Purchases, PIK interest, net discount accretion and non-cash exchanges		414,127			45,270			459,397
Sales, repayments and non-cash exchanges		(366,349	)		(68,124	)		(434,473	)
Transfers in to / out of Level 3		—			—			—
Ending Balance	$	850,593		$	360,427		$	1,211,020
Net change in unrealized depreciation reported within the net change in unrealized depreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date.	$	29,959		$	85,913		$	115,872

The table below shows a reconciliation of the beginning and ending balances for liabilities measured at fair value using significant unobservable inputs (Level 3) ($ in thousands):


	Years Ended September 30,
Long-Term Credit Facility	2022			2021
Beginning Balance (cost – $316,545 and $388,252, respectively)	$	314,813		$	360,702
Net change in unrealized (depreciation) appreciation included in earnings		(7,501	)		17,818
Borrowings (1)		860,841			310,312
Repayments (1)		(791,466	)		(374,019	)
Transfers in and/or out of Level 3		—			—
Ending Balance (cost – $385,920 and $316,545, respectively)	$	376,687		$	314,813
Temporary draws outstanding, at cost		—			—
Ending Balance (cost – $385,920 and $316,545, respectively)	$	376,687		$	314,813

(1)

Excludes temporary draws.

As of September 30, 2022, we had outstanding non-U.S. dollar borrowings on our Truist Credit Facility. Net change in fair value on foreign currency translation on outstanding borrowings is listed below (£ and $ in thousands):


Foreign Currency	Amount Borrowed		Borrowing Cost		Current Value		Reset Date	Change in Fair Value
British Pound	£	36,000	$	49,420	$	40,187	December 31, 2022	$	(9,233	)

As of September 30, 2021, we had outstanding non-U.S. dollar borrowings on our Truist Credit Facility. Net change in fair value on foreign currency translation on outstanding borrowings is listed below (£ and $ in thousands):


Foreign Currency	Amount Borrowed		Borrowing Cost		Current Value		Reset Date	Change in Fair Value
British Pound	£	29,000	$	40,045	$	39,102	December 17, 2021	$	(943	)

Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles under ASC Subtopic 825-10, Financial Instruments, or ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to

apply ASC 825-10 to our Truist Credit Facility. We elected to use the fair value option for the Truist Credit Facility to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we incurred expenses of $5.1 million, zero, and zero relating to amendment costs on the Truist Credit Facility during the years ended September 30, 2022, 2021, and 2020, respectively. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Truist Credit Facility are reported in our Consolidated Statements of Operations. We did not elect to apply ASC 825-10 to any other financial assets or liabilities, including the 2024 Notes, the 2026 Notes, the 2026 Notes-2 and the SBA debentures.

For the year ended September 30, 2022, the Truist Credit Facility had a net change in unrealized depreciation of $7.5 million. For the year ended September 30, 2021 and 2020, the Truist Credit Facility had a net change in unrealized appreciation of $17.8 million, For the year ended September 30, 2020, the Truist Credit Facility had a net change in unrealized depreciation of $12.3 million. As of September 30, 2022, the net unrealized depreciation on Truist Credit Facility totaled $9.2 million. As of September 30, 2021, the net unrealized depreciation on Truist Credit Facility totaled $1.7 million. We use an independent valuation service to measure the fair value of our Truist Credit Facility in a manner consistent with the valuation process that our board of directors uses to value our investments.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Investments In And Advances To Affiliates [Abstract]

Transactions with Affiliated Companies

12 Months Ended

Sep. 30, 2022

Transactions with Affiliated Companies

6. TRANSACTIONS WITH AFFILIATED COMPANIES

An affiliated portfolio company is a company in which we have ownership of 5% or more of its voting securities. A portfolio company is generally presumed to be a non-controlled affiliate when we own at least 5% but 25% or less of its voting securities and a controlled affiliate when we own more than 25% of its voting securities. Transactions related to our funded investments with both controlled and non-controlled affiliates for the year ended September 30, 2022 were as follows ($ in thousands):


Name of Investment	Fair Value at September 30, 2021		Gross Additions(1)		Gross Reductions			Net Change in Appreciation / (Depreciation)			Fair Value at September 30, 2022		Interest Income		PIK Income		Dividend Income		Net Realized Gains (Losses)
Controlled Affiliates
AKW Holdings Limited	$	41,379	$	10,403	$	—		$	(5,787	)	$	45,995	$	3,512	$	—	$	—	$	—
Mailsouth Inc.		22,100		1,296		—		$	(23,396	)	$	—		—		1,309		—		—
PennantPark Senior Loan Fund, LLC *		105,314		39,325		—		$	(5,530	)	$	139,109		7,074		—		9,075		—
PT Networks, LLC (3)		134,125		9,917		(234,974	)	$	90,932		$	—		—		2,674		—		140,898
RAM Energy LLC		81,710		—		—		$	(7,428	)	$	74,282		—		—		—		—
Total Controlled Affiliates	$	384,628	$	60,941	$	(234,974	)	$	48,791		$	259,386	$	10,586	$	3,983	$	9,075	$	140,898
Non-Controlled Affiliates
Cascade Environmental Holdings, LLC (2)	$	64,292	$	34,201	$	(61,168	)		(4,534	)	$	32,791	$	1,361	$	—	$	—	$	(28,208	)
ETX Energy, LLC		—		—		(38,541	)		38,541			-		—		—		—		(37,447	)
JF International		—		1,969		—			—			1,969		—		—		—		—
MidOcean JF Holdings Corp.		50,161		—		(40,182	)		(9,979	)		—		—		—		—		—
Total Non-Controlled Affiliates	$	114,453	$	36,170	$	(139,891	)	$	24,028		$	34,760	$	1,361	$	—	$	—	$	(65,655	)
Total Controlled and Non-Controlled Affiliates	$	499,081	$	97,111	$	(374,865	)	$	72,819		$	294,146	$	11,947	$	3,983	$	9,075	$	75,243

(1)

Includes PIK.

(2)

Cascade Environmental Holdings, LLC became a controlled affiliate during the year ended September 30, 2022.

(3)

On February 14, 2022, we disposed of our equity interests in PT Networks, LLC.



We and Pantheon are the members of PSLF, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSLF make investments in the PSLF in the form of subordinated debt and equity interests, and all portfolio and other material decision regarding PSLF must be submitted to PSFL’s board of directors or investment committee, both of which are comprised of two members appointed by each of us and Pantheon. Because management of PSLF is shared equally between us and Pantheon, we do not believe we control PSLF for purposes of the 1940 Act or otherwise.

Change in Net Assets from Operations Per Common Share

12 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Change in Net Assets from Operations Per Common Share

7. CHANGE IN NET ASSETS FROM OPERATIONS PER COMMON SHARE

The following information sets forth the computation of basic and diluted per share net increase in net assets resulting from operations ($ in thousands, except per share data):


	Years Ended September 30,
	2022			2021		2020
Numerator for net increase (decrease) in net assets resulting from operations	$	(24,740	)	$	166,617	$	(15,970	)
Denominator for basic and diluted weighted average shares		66,254,150			67,045,105		67,045,105
Basic and diluted net increase (decrease) in net assets per share resulting from operations	$	(0.37	)	$	2.49	$	(0.24	)

Taxes and Distributions

12 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Taxes and Distributions

8. TAXES AND DISTRIBUTIONS

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal tax regulations, which may materially differ from amounts determined in accordance with GAAP. These book-to-tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are reclassified to undistributed net investment income, accumulated net realized gain or paid-in-capital, as appropriate. Distributions from net realized capital gains, if any, are normally declared and paid annually, but the Company may make distributions on a more frequent basis to comply with the distribution requirements for RICs under the Code.

As of September 30, 2022 and 2021, the cost of investments for federal income tax purposes approximates the amortized cost reported in the Consolidated Schedule of Investments.

The following amounts were reclassified for tax purposes ($ in thousands):


	Years Ended September 30,
	2022			2021			2020
Decrease in paid-in capital	$	(25,577	)	$	(632	)	$	(567	)
Increase (Decrease) in accumulated net realized gain		18,347			(1,773	)		(1,806	)
Increase in undistributed net investment income		7,230			2,406			2,373

The following reconciles net (decrease) increase in net assets resulting from operations to taxable income ($ in thousands):


	Years Ended September 30,
	2022			2021			2020
Net increase (decrease) in net assets resulting from operations	$	(24,740	)	$	166,617		$	(15,970	)
Net realized (gain) loss on investments		(34,756	)		(30,021	)		20,827
Net change in unrealized (appreciation) depreciation on investments and debt		103,439			(100,120	)		33,873
Other book-to-tax differences		9,490			(5,333	)		1,752
Other non-deductible expenses		3,691			2,647			2,838
Taxable income before dividends paid deduction	$	57,124		$	33,790		$	43,320

The components of undistributed taxable income on a tax basis and reconciliation to accumulated deficit on a book basis are as follows:


	As of September 30,
	2022			2021			2020
Undistributed net investment income – tax basis	$	46,283		$	23,560		$	21,934
Short-term realized loss carried forward		(2,065	)		(1,578	)		(2,528	)
Long-term realized loss carried forward		(103,119	)	$	(165,037	)	$	(198,741	)
Distributions payable and other book to tax differences		(37,103	)		(15,368	)		(18,407	)
Net unrealized appreciation (depreciation) on investments and debt		(66,665	)		31,507			(64,241	)
Total accumulated deficit – book basis	$	(162,669	)	$	(126,916	)	$	(261,983	)

The tax characteristics of distributions declared are as follows:


	Years Ended September 30,
	2022		2021		2020
Ordinary income (including short-term gains, if any)	$	36,590	$	32,182	$	40,227
Long-term capital gain		—		—		—
Total distributions	$	36,590	$	32,182	$	40,227
Total distributions declared per share	$	0.56	$	0.48	$	0.60

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Cash And Cash Equivalents [Abstract]

Cash and Cash Equivalents

12 Months Ended

Sep. 30, 2022

Investment Company Financial Highlights [Abstract]

9. CASH AND CASH EQUIVALENTS

Cash equivalents represent cash in money market funds pending investment in longer-term portfolio holdings. Our portfolio may consist of temporary investments in U.S. Treasury Bills (of varying maturities), repurchase agreements, money market funds or repurchase agreement-like treasury securities. These temporary investments with original maturities of 90 days or less are deemed cash equivalents and are included in the Consolidated Schedule of Investments. At the end of each fiscal quarter, we may take proactive steps to preserve investment flexibility for the next quarter by investing in cash equivalents, which is dependent upon the composition of our total assets at quarter-end. We may accomplish this in several ways, including purchasing U.S. Treasury Bills and closing out positions on a net cash basis after quarter-end, temporarily drawing down on the Truist Credit Facility, or utilizing repurchase agreements or other balance sheet transactions as are deemed appropriate for this purpose. These amounts are excluded from average adjusted gross assets for purposes of computing the Investment Adviser’s management fee. U.S. Treasury Bills with maturities greater than 60 days from the time of purchase are valued consistent with our valuation policy. As of September 30, 2022 and 2021, cash and cash equivalents consisted of money market funds in the amounts of $52.7 million and $20.4 million at fair value, respectively.

Financial Highlights

12 Months Ended

Sep. 30, 2022

Financial Highlights

10. FINANCIAL HIGHLIGHTS

Below are the financial highlights for each of the years ended September 30 ($in thousands, except per share data):


	2022			2021			2020			2019			2018
Per Share Data:
Net asset value, beginning of year	$	9.85		$	7.84		$	8.68		$	9.11		$	9.10
Net investment income (1)		0.66			0.54			0.58			0.66			0.75
Net realized and unrealized (loss) gain (1)		(1.03	)		1.94			(0.82	)		(0.42	)		(0.07	)
Net (decrease) increase in net assets resulting from operations (1)		(0.37	)		2.49			(0.24	)		0.24			0.68
Distributions to stockholders (1), (2)
Distribution of net investment income		(0.56	)		(0.48	)		(0.60	)		(0.72	)		(0.72	)
Distribution of realized gains		—			—			—			—			—
Total distributions to stockholders		(0.56	)		(0.48	)		(0.60	)		(0.72	)		(0.72	)
Repurchase of common stock (1)		0.06			—			—			0.05			0.05
Net asset value, end of year	$	8.98		$	9.85		$	7.84		$	8.68		$	9.11
Per share market value, end of year	$	5.46		$	6.49		$	3.19		$	6.27		$	7.46
Total return (3)		(8.42	)%		120.98	%		(39.62	)%		(6.28	)%		9.70	%
Shares outstanding at end of year		65,224,500			67,045,105			67,045,105			67,045,105			69,053,958
Ratios / Supplemental Data:
Ratio of operating expenses to average net assets (4), (6)		4.17	%		3.74	%		4.91	%		4.83	%		4.99	%
Ratio of interest and expenses on debt to average net assets (5)		5.19	%		3.73	%		6.22	%		6.29	%		3.54	%
Ratio of total expenses to average net assets (5), (6)		9.36	%		7.47	%		11.13	%		11.12	%		8.53	%
Ratio of net investment income to average net assets (5)		6.74	%		6.04	%		7.01	%		7.35	%		8.28	%
Net assets at end of year	$	585,565		$	660,144		$	525,709		$	581,906		$	628,902
Weighted average debt outstanding (7)	$	695,267		$	649,666		$	794,641		$	638,424		$	504,964
Weighted average debt per share (1), (7)	$	10.49		$	9.69		$	11.85		$	9.43		$	7.14
Asset coverage per unit (8)	$	1,855		$	2,208		$	2,078		$	2,066		$	2,919
Average market value per unit (9), (10)	$	—		$	25.13		$	23.47		$	24.87		$	—
Portfolio turnover ratio		70.41	%		37.74	%		12.74	%		35.44	%		56.51	%

(1)

Based on the weighted average shares outstanding for the respective periods.

(2)

The tax status of distributions is calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP, and reported on Form 1099-DIV each calendar year.

(3)

Based on the change in market price per share during the period and assumes distributions, if any, are reinvested.

(4)

Excludes debt related costs.

(5)

Includes interest and expenses on debt (annualized) as well as Truist Credit Facility amendment and debt issuance costs, if any (not annualized).

(6)

For the years ended September 30, 2020, 2019 and 2018, the ratio of operating expenses to average net assets before the waiver of certain Management Fees to average net assets was 4.65%, 5.26% and 5.21% , respectively, and the ratio of total expenses to average net assets before the waiver of certain Management Fees to average net assets was 9.12%, 11.48% and 8.75%, respectively.

(7)

Includes SBA debentures outstanding.

(8)

The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by the senior securities representing indebtedness at par (changed from fair value). This asset coverage ratio is multiplied by $1,000 to determine the asset coverage per unit. These amounts exclude SBA debentures from our asset coverage per unit computation pursuant to exemptive relief received from the SEC in June 2011.

(9)

The average market value per unit is derived based on the monthly average closing price of the 2025 Notes trading on NYSE under the symbol “PNTA,” which were issued in increments of $25 per unit. On June 29, 2017, the 2025 Notes were redeemed in full and no amounts were outstanding as of September 30, 2020, 2019 or 2018.

(10)

The average market value per unit is derived based on the daily closing price of the 2024 Notes trading on The Nasdaq Global Select Market under the symbol “PNNTG,” which were issued in increments of $25 per unit and commenced trading on September 30, 2019. The 2024 Notes were redeemed in full on November 13, 2021 and no amounts were outstanding as of September 30, 2022.

Debt

12 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

11. DEBT

The annualized weighted average cost of debt for the years ended September 30, 2022, 2021 and 2020, inclusive of the fee on the undrawn commitment and amendment costs on the Truist Credit Facility and amortized upfront fees on SBA debentures, 2024 Notes, 2026 Notes and 2026 Notes-2, was 4.8%, 3.5%, and 4.0%, respectively. As of September 30, 2022, in accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that we are in compliance with the 150% asset coverage ratio requirement after such borrowing, excluding SBA debentures, pursuant to exemptive relief from the SEC received in June 2011.

On February 5, 2019, our stockholders approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the Small Business Credit Availability Act, or SBCAA) as approved by our board of directors on November 13, 2018. As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), subject to compliance with certain disclosure requirements. As of September 30, 2022 and 2021, our asset coverage ratio, as computed in accordance with the 1940 Act, was 186% and 221%, respectively.

Truist Credit Facility

As of September 30, 2022, we had the multi-currency Truist Credit Facility for up to $500.0 million (increased from $465.0 million in July 2022), which may be further increased up to $750.0 million in borrowings with certain lenders and Truist Bank (formerly SunTrust Bank), acting as administrative agent, Regions Bank, acting as an additional multicurrency lender, and JPMorgan Chase Bank, N.A., acting as syndication agent for the lenders. As of September 30, 2022 and 2021, we had $385.9 million and $316.5 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 4.8% and 2.4%, respectively, exclusive of the fee on undrawn commitment, as of September 30, 2022 and 2021. The Truist Credit Facility is a revolving facility with a stated maturity date of July 29, 2027 for $475.0 million out of the total $500.0 million commitments (with the revolving period with respect to the remaining $25.0 million of commitments expiring on September 4, 2023 and the related obligations maturing on September 4, 2024) and pricing set at 235 basis points over SOFR (or an alternative risk-free floating interest rate index). As of September 30, 2022 and 2021, we had $114.1 million and $118.5 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions. The Truist Credit Facility is secured by substantially all of our assets excluding assets held by SBIC II. As of September 30, 2022, we were in compliance with the terms of the Truist Credit Facility.

SBA Debentures

SBIC II is able to borrow funds from the SBA against regulatory capital (which approximates equity capital) that is paid-in and is subject to customary regulatory requirements including an examination by the SBA. We have funded SBIC II with $75.0 million of equity capital and it had SBA debentures outstanding of $20.0 million and $63.5 million as of September 30, 2022 and 2021, respectively. SBA debentures are non-recourse to us and may be prepaid at any time without penalty. The interest rate of SBA debentures is fixed at the time of issuance, often referred to as pooling, at a market-driven spread over 10-year U.S. Treasury Notes. Under current SBA regulations, a SBIC may individually borrow to a maximum of $175.0 million, which is up to twice its potential regulatory capital, and as part of a group of SBICs under common control may borrow a maximum of $350 million in the aggregate.

As of both September 30, 2022 and 2021, SBIC II had an initial $150.0 million in debt commitments, all of which were drawn. During the years ended September 30, 2022 and 2021, $43.5 million and $55.0 million in SBA debentures were repaid, respectively. As of September 30, 2022 and 2021, the unamortized fees on the SBA debentures were $0.3 million and $1.3 million, respectively. The SBA debentures’ upfront fees of 3.4% consist of a commitment fee of 1.0% and an issuance discount of 2.4%, which are being amortized.

Our fixed-rate SBA debentures were as follows ($in thousands):


Issuance Dates	Maturity	Fixed All-in Coupon Rate (1)			As of September 30, 2022 Principal Balance
September 20, 2017	September 1, 2027		2.9			20,000
Weighted Average Rate / Total			2.9	%	$	20,000

Issuance Dates	Maturity	Fixed All-in Coupon Rate (1)			As of September 30, 2021 Principal Balance
September 20, 2017	September 1, 2027		2.9			27,500
March 21, 2018	March 1, 2028		3.5			36,000
Weighted Average Rate / Total			3.5	%	$	63,500

(1)

Excluding 3.4% of upfront fees.

The SBIC program is designed to stimulate the flow of capital into eligible businesses. Under SBA regulations, SBIC II is subject to regulatory requirements, including making investments in SBA eligible businesses, investing at least 25% of regulatory capital in eligible smaller businesses, as defined under the 1958 Act, placing certain limitations on the financing terms of investments, prohibiting investment in certain industries and requiring capitalization thresholds that limit distributions to us, and are subject to periodic audits and examinations of its financial statements that are prepared on a basis of accounting other than GAAP (for example, fair value, as defined under ASC 820, is not required to be used for assets or liabilities for such compliance reporting).

2024 Notes

As of September 30, 2022 and 2021, we had zero and $86.3 million in aggregate principal amount of 2024 Notes outstanding, respectively. The 2024 Notes were redeemed on November 13, 2021 at a redemption price of $25.00 per 2024 Note, plus accrued and unpaid interest to November 13, 2021, pursuant to the indenture governing the 2024 Notes. Interest on the 2024 Notes was paid quarterly on January 15, April 15, July 15 and October 15, at a rate of 5.5% per year.

2026 Notes

In April 2021, we issued $150.0 million in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4%. Interest on the 2026 Notes is paid semi-annually on May 1 and November 1 of each year, at a rate of 4.50% per year, commencing November 1, 2021. The 2026 Notes mature on May 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.

2026 Notes-2

In October 2021, we issued $165.0 million in aggregate principal amount of our 2026 Notes-2 at a public offering price per note of 99.4%. Interest on the 2026 Notes-2 is paid semi-annually on May 1 and November 1 of each year, at a rate of 4.00% per year, commencing May 1, 2022. The 2026 Notes-2 mature on November 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes-2 are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes-2 on any securities exchange or automated dealer quotation system.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12 Months Ended

Sep. 30, 2022

Commitments and Contingencies

12. COMMITMENTS AND CONTINGENCIES

From time to time, we, the Investment Adviser or the Administrator may be a party to legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

Unfunded debt and equity investments, if any, are disclosed in the Consolidated Schedules of Investments. Under these arrangements, we may be required to supply a letter of credit to a third party if the portfolio company were to request a letter of credit. As of September 30, 2022 and 2021, we had $169.2 million and $104.8 million, respectively, in commitments to fund investments. For the same periods, there were no letters of credit issued.

Unconsolidated Significant Subsidiaries

12 Months Ended

Sep. 30, 2022

Investments In And Advances To Affiliates [Abstract]

Unconsolidated Significant Subsidiaries

13. UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES

We must determine which, if any, of our unconsolidated controlled portfolio companies is a "significant subsidiary" within the meaning of Regulation S-X. We have determined that, as of September 30, 2022, PennantPark Senior Loan Fund, LLC and RAM Energy Holdings LLC triggered at least one of the significance tests. In accordance with Rule 3-09, separate audited financial statements of RAM Energy Holdings LLC for the years ended September 30, 2021 , 2020 and 2019 are being filed herewith as Exhibit 99.2, and Exhibit 99.3, respectively. In addition, audited financial statements for the year ending September 30, 2022 will be filed for RAM Energy Holdings LLC will be filed via Form 10-K/A at a later date. Similarly, in accordance with Rule 4-08(g) of Regulation S-X, which requires summarized financial information to be included in the notes to the Company’s financial statements, please refer to Note 4 to review the Statement of Assets and Liabilities as well as the Statement of Operations for PennantPark Senior Loan Fund, LLC. PennantPark Senior Loan Fund, LLC did not meet the significance threshold under Rule 3-09 which requires separate audited financial statements. Our investment in PT Networks, LLC was realized on February 14, 2022.

Founded in 2001, Pivot Health Solutions (“PT Network”) is one of the nation’s fastest growing physical therapy, occupational health, and onsite corporate health providers. PT Network has more than 250 physical therapy clinics throughout the Eastern region, 12 occupational health locations in Maryland and Delaware, and 150 onsite health clinics throughout the United States. PT Network offers patients individualized care through a full range of physical therapy services and specialty offerings. PT Network also operates a direct-to-employer business unit, Onsite Innovations, a unique and differentiated offering with its focus on prevention of employee injuries at an employer’s onsite location.

On February 15, 2022, the Company sold its investment in PT Network. Below is certain selected key financial data from PT Network’s Balance Sheet at September 31, 2021 and 2020 and the twelve months ended December 31, 2021, 2020 and 2019 Income Statement for the periods in which our investment in PT Network exceeded the threshold in at least one of the tests under Rule 3-09 of Regulation S-X (amounts in thousands).

PT Networks, LLC:


Balance Sheet	September 30, 2022		September 30, 2021
Current assets	$	—	$	55,422
Noncurrent assets		—		217,045
Current liabilities		—		31,451
Noncurrent liabilities	$	—	$	211,047


	Years Ended September 30,
Income Statement	2022		2021			2020
Total revenue	$	—	$	254,761		$	213,886
Total expenses		—		(252,188	)		(225,655	)
Net loss	$	—	$	2,573		$	(11,769	)

RAM Energy Holdings LLC:


Balance Sheet	September 30, 2022		September 30, 2021
Current assets	$	21,051	$	32,239
Noncurrent assets		71,411		52,567
Current liabilities		24,721		15,058
Noncurrent liabilities	$	40,921	$	47,391


	Years Ended September 30,
Income Statement	2022			2021			2020
Total revenue	$	52,051		$	57,931		$	30,586
Total expenses		(47,589	)		(39,511	)		(75,915	)
Net loss	$	4,462		$	18,420		$	(45,329	)

Stock Repurchase Program

12 Months Ended

Sep. 30, 2022

Stockholders Equity Note [Abstract]

Stock Repurchase Program

14. STOCK REPURCHASE PROGRAM

On February 9, 2022, we announced a share repurchase program which allows us to repurchase up to $25 million of our outstanding common stock in the open market at prices below our net asset value as reported in our then most recently published consolidated financial statements. The shares may be purchased from time to time at prevailing market prices, through open market transactions, including block transactions. Unless extended by our board of directors, the program, which may be implemented at the discretion of management, will expire on the earlier of March 31, 2023 and the repurchase of $25 million of common stock. During the year ended September 30, 2022, we repurchased 1,820,605 shares of common stock in open market transactions for an aggregate cost (including transaction costs) of $13.2 million. During the year ended September 30, 2021 and 2020, we did not make any repurchases of shares of our common stock.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Investment Valuations	(a) Investment Valuations We expect that there may not be readily available market values for many of the investments, which are or will be in our portfolio, and we value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material. See Note 5. Our portfolio generally consists of illiquid securities, including debt and equity investments. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, our board of directors undertakes a multi-step valuation process each quarter, as described below: (1) Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the portfolio investment; (2) Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser; (3) Our board of directors also engages independent valuation firms to conduct independent appraisals of our investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. The independent valuation firms review management's preliminary valuations in light of their own independent assessment and also in light of any market quotations obtained from an independent pricing service, broker, dealer or market maker; (4) The audit committee of our board of directors reviews the preliminary valuations of the Investment Adviser and those of the independent valuation firms on a quarterly basis, periodically assesses the valuation methodologies of the independent valuation firms, and responds to and supplements the valuation recommendations of the independent valuation firms to reflect any comments; and (5) Our board of directors discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our Investment Adviser, the respective independent valuation firms and the audit committee. Our board of directors generally uses market quotations to assess the value of our investments for which market quotations are readily available. We obtain these market values from independent pricing services or at the bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If our board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.
Security Transactions, Revenue Recognition, and Realized/Unrealized Gains or Losses	(b) Security Transactions, Revenue Recognition, and Realized/Unrealized Gains or Losses Security transactions are recorded on a trade-date basis. We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering prepayment penalties. Net change in unrealized appreciation or depreciation reflects, as applicable, the change in the fair values of our portfolio investments and the Truist Credit Facility during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount, or OID, market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties earned on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and amendment fees, and are recorded as other investment income when earned. Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or if there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. As of September 30, 2022 ,we had one portfolio company on non-accrual, representing 1.0% and zero percent of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2021, we had no portfolio companies on non-accrual.
Income Taxes	(c) Income Taxes We have complied with the requirements of Subchapter M of the Code and have qualified to be treated as a RIC for federal income tax purposes. In this regard, we account for income taxes using the asset and liability method prescribed by ASC Topic 740, Income Taxes, or ASC 740. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Based upon our qualification and election to be treated as a RIC for U.S. federal income tax purposes, we typically do not incur any material federal income taxes. However, we may choose to retain a portion of our calendar year income, which may result in the imposition of an excise tax. Additionally, certain of the Company’s consolidated subsidiaries are subject to federal, state and local income taxes. For the years ended September 30, 2022, 2021 and 2020, we recorded a provision for taxes on net investment income of $0.8 million, $0.6 million and $1.2 million, respectively, approximately one-half of which pertains to U.S. federal excise tax. We recognize the effect of a tax position in our Consolidated Financial Statements in accordance with ASC 740 when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not considered to satisfy the “more-likely-than-not” threshold would be recorded as a tax expense or benefit. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. There were no tax accruals relating to uncertain tax positions and no amounts accrued for any related interest or penalties with respect to the periods presented herein. The Company’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although the Company files both federal and state income tax returns, the Company’s major tax jurisdiction is federal. The Taxable Subsidiary (PNNT Investment Holdings, LLC, a wholly-owned subsidiary of the Company), is subject to U.S. federal, state and local corporate income taxes. The income tax expense and related tax liabilities of the Taxable Subsidiary are reflected in the Company’s consolidated financial statements. For the years ended September 30, 2022, 2021 and 2020 the Company recognized a provision for taxes of $6.2 million, zero and zero, respectively, on net realized gain on investments by the Taxable Subsidiary. For the years ended September 30, 2022, 2021 and 2020 the Company recognized a provision for taxes of $0.9 million, zero and zero, respectively, on net unrealized gain on investments by the Taxable Subsidiary. The provision for taxes on net realized and unrealized gains on investments is the result of netting (i) the expected tax liability on the gains from the sales of investments which were realized and unrealized during fiscal year ending September 30, 2022 and (ii) the expected tax benefit resulting from the use of loss carryforwards to offset such gains. For the year ended September 30, 2022, 2021 and 2020 the Company recognized a provision for taxes $7.1 million, zero and zero, respectively, on net realized and unrealized gains on investments by the Taxable Subsidiary. During the year ended September 30, 2022, 2021 and 2020 the Company paid $4.0 million, zero, and zero respectively, in federal taxes on realized gains on the sale of investments held by the Taxable Subsidiary. Due to offsetting losses in the year ended September 30, 2022 the $4.0 million is expected to be refunded and is shown on the consolidated statement of assets and liabilities under prepaid expenses and other assets. The state and local tax liability of $0.8 million as of September 30, 2022, 2021 and 2020 is included under accrued other expenses in the consolidated statement of assets and liabilities. Because U.S. federal income tax regulations differ from GAAP, distributions characterized in accordance with tax regulations may differ from net investment income and net realized gains recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.
Distributions and Capital Transactions	(d) Distributions and Capital Transactions Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid, if any, as a distribution is determined by our board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually. The tax attributes for distributions will generally include ordinary income and capital gains but may also include certain tax-qualified dividends and/or a return of capital. Capital transactions, in connection with our dividend reinvestment plan or through offerings of our common stock, are recorded when issued and offering costs are charged as a reduction of capital upon issuance of our common stock.
Foreign Currency Translation	(e) Foreign Currency Translation Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis: 1. Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and 2. Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions. Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair values of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.
Consolidation	(f) Consolidation As permitted under Regulation S-X and as explained by ASC paragraph 946-810-45-3, PennantPark Investment will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to us. Accordingly, we have consolidated the results of our SBIC Funds and our Taxable Subsidiary in our Consolidated Financial Statements. We do not consolidate our non-controlling interests in PSLF or PTSF II. See further description of our investment in PSLF in Note 4.
Asset Transfers and Servicing	(g) Asset Transfers and Servicing Asset transfers that do not meet ASC Topic 860, Transfers and Servicing, requirements for sale accounting treatment are reflected in the Consolidated Statements of Assets and Liabilities and the Consolidated Schedules of Investments as investments.
Recent Accounting Pronouncements	(h) Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 during the year ended September30, 2022, the effect of which was not material to the consolidated financial statements and the notes thereto. The Company continues to evaluate the potential impact that the amendments in this update will have on its consolidated financial statements and disclosures. In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company is currently evaluating the impact of the adoption of ASU 2022-02 on its consolidated financial statement and disclosures. In June 2022, the FASB issued Accounting Standards Update No. 2022-03, or ASU, 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, or ASU 2022-03, which changed the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurements and Disclosures, or ASC 820. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods therein. Early application is permitted. The Company is currently evaluating the impact the adoption of this new accounting standard will have on its consolidated financial statements, but the impact of the adoption is not expected to be material.

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

Disclosure of accounting policy for transfers and servicing financial assets, including securitization transactions as well as repurchase and resale agreements. This disclosure may include how the entity (1) determines whether a transaction is accounted for as a sale; (2) accounts for a sale transaction, including the initial and subsequent accounting for any interests that the entity obtains or continues to hold in the transaction, how such interests are valued, and the significant assumptions used in the valuation; (3) accounts for a transaction that does not qualify for sale treatment (that is, a financing); and (4) accounts for its servicing assets and liabilities ("servicing"), including how such servicing is measured initially and subsequently, and the methodology and significant assumptions used to value such servicing.

Investments Debt And Equity Securities [Abstract]

Investments (Tables)

12 Months Ended

Sep. 30, 2022

Schedule of Investments and Cash and Cash Equivalents

Investments and cash and cash equivalents consisted of the following ($ in thousands):


	September 30, 2022				September 30, 2021
Investment Classification	Cost		Fair Value		Cost		Fair Value
First lien	$	652,055	$	630,965	$	551,435	$	552,530
Second lien		145,542		129,936		176,983		176,894
Subordinated debt / corporate notes		53,468		53,255		56,315		57,015
Subordinated notes in PSLF		88,011		88,011		64,155		64,154
Equity		313,591		273,036		338,341		363,537
Equity in PSLF		49,362		51,098		33,892		41,160
Total investments		1,302,029		1,226,301		1,221,121		1,255,290
Cash and cash equivalents		52,844		52,666		20,383		20,357
Total investments and cash and cash equivalents	$	1,354,873	$	1,278,967	$	1,241,504	$	1,275,647

Schedule of Investments by Industry Classification and Enumerates Percentage, by Fair Value, of Total Portfolio Assets Excluding Cash and Cash Equivalents


Industry Classification	September 30, 2022 (1)			September 30, 2021
Business Services	18%			9%
Healthcare, Education and Childcare		12			23
Consumer Products		8			9
Energy and Utilities		7			7
Distribution		5			7
Financial Services		5			—
Telecommunications		5			2
Home and Office Furnishings		4			3
Media		4			7
Aerospace and Defense		3			2
Auto Sector		3			—
Chemicals, Plastics and Rubber		3			1
Electronics		3			2
Environmental Services		3			6
Building Materials		2			3
Education		2			3
Hotels, Motels, Inns and Gaming		2			4
Other Media		2			2
Transportation		2			2
Cargo Transport		1			1
Insurance		1			2
Manufacturing / Basic Industries		1			1
Personal and Non-Durable Consumer Products		1			1
Personal, Food and Miscellaneous Services		1			1
Printing and Publishing		—			2
Other		2			—
Total		100	%		100	%

(1)

Excludes investments in PSLF.

Summary of PSLF's Portfolio at Fair Value

Below is a summary of PSLF’s portfolio at fair value ($ in thousands):


($ in thousands)	September 30, 2022			September 30, 2021
Total investments	$	730,108		$	405,233
Weighted average cost yield on income producing investments		9.4	%		7.1	%
Number of portfolio companies in PSLF		80			47
Largest portfolio company investment at fair value	$	19,906		$	16,817
Total of five largest portfolio company investments at fair value	$	98,502		$	74,445

Summary of Listing of PSLFs Individual Investments

Below is a listing of PSLF’s individual investments as of September 30, 2022 ($ in thousands):


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
First Lien Secured Debt - 864.4%
Ad.net Acquisition, LLC	05/06/26	Media		9.67	%	3M L+600	$	4,938	$	4,938	$	4,900
Alpine Acquisition Corp II	11/30/26	Containers, Packaging and Glass		8.69	%	3M L+800		9,975		9,785		9,576
Altamira Technologies, LLC	07/24/25	Aerospace and Defense		10.81	%	3M L+550		871		864		841
American Insulated Glass, LLC	12/21/23	Building Materials		7.79	%	3M L+575		19,906		19,867		19,906
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)	06/10/25	Media		9.95	%	1M L+550		14,104		13,968		13,892
Anteriad, LLC (f/k/a MeritDirect, LLC)	05/23/24	Media		9.17	%	3M L+550		15,168		15,084		15,168
Any Hour Services	07/21/27	Personal, Food and Miscellaneous Services		7.98	%	3M L+575		9,942		9,934		9,743
Apex Service Partners, LLC	07/31/25	Personal, Food and Miscellaneous Services		6.25	%	3M L+575		6,569		6,502		6,536
Apex Service Partners, LLC Term Loan B	07/31/25	Personal, Food and Miscellaneous Services		6.55	%	3M L+550		3,323		3,298		3,307
Apex Service Partners, LLC - Term Loan C	07/31/25	Personal, Food and Miscellaneous Services		6.50	%	3M L+600		7,607		7,607		7,569
Applied Technical Services, LLC	12/29/26	Environmental Services		9.42	%	3M L+500		8,822		8,725		8,602
Arcfield Acquisition Corp.	03/07/28	Aerospace and Defense		8.99	%	3M L+575		11,940		11,721		11,701
Beta Plus Technologies, Inc.	07/01/29	Business Services		7.56	%	1M L+525		15,000		14,700		14,700
Blackhawk Industrial Distribution, Inc.	09/17/24	Distribution		8.57	%	3M L+600		17,993		17,772		17,596
Broder Bros., Co.	12/02/22	Personal, Food and Miscellaneous Services		7.39	%	3M L+600		9,937		9,937		9,937
Cartessa Aesthetics, LLC	05/13/28	Distribution		9.55	%	3M L+600		17,456		17,131		17,194
CF512, Inc.	08/20/26	Media		9.08	%	3M L+575		2,985		2,958		2,940
Connatix Buyer, Inc.	07/13/27	Media		8.42	%	1M L+550		9,045		9,029		8,819
Dr. Squatch, LLC	08/31/27	Personal and Non-Durable Consumer Products		9.42	%	3M L+475		6,435		6,427		6,338
DRI Holding Inc.	12/21/28	Media		8.37	%	3M L+575		2,776		2,526		2,489
DRS Holdings III, Inc.	11/03/25	Consumer Products		8.87	%	3M L+600		15,142		15,063		14,658
Duraco Specialty Tapes LLC	06/30/24	Manufacturing / Basic Industries		8.62	%	3M L+575		8,139		8,008		7,944
ECL Entertainment, LLC	05/01/28	Hotels, Motels, Inns and Gaming		10.62	%	3M L+500		4,558		4,558		4,489
ECM Industries, LLC	12/23/25	Electronics		6.32	%	3M L+600		2,823		2,761		2,689
Exigo Intermediate II, LLC	03/15/27	Business Services		8.87	%	1M L+575		9,950		9,817		9,726
Fairbanks Morse Defense	06/17/28	Aerospace and Defense		7.63	%	6M L+475		800		754		740
Global Holdings InterCo LLC	03/16/26	Banking, Finance, Insurance & Real Estate		8.74	%	3M L+600		7,343		7,313		7,013
Graffiti Buyer, Inc.	08/10/27	Distribution		8.00	%	3M L+550		1,974		1,939		1,895
Hancock Roofing and Construction L.L.C.	12/31/26	Insurance		8.67	%	1M L+575		6,835		6,835		6,733
Holdco Sands Intermediate, LLC	11/23/28	Aerospace and Defense		10.17	%	1M L+800		19,915		19,535		19,516
HV Watterson Holdings, LLC	12/17/26	Business Services		9.67	%	3M L+600		15,255		15,045		14,721
HW Holdco, LLC	12/10/24	Media		6.00	%	3M L+700		14,438		14,303		14,257
Icon Partners III, LP	05/11/28	Auto Sector		6.87	%	3M L+475		2,333		2,001		1,705
IDC Infusion Services, Inc.	12/30/26	Healthcare, Education and Childcare		10.20	%	3M L+750		17,400		17,154		16,617
IG Investments Holdings, LLC	09/22/28	Business Services		9.45	%	1M L+575		4,473		4,388		4,428
Imagine Acquisitionco, LLC	11/15/27	Business Services		6.91	%	3M L+625		5,636		5,534		5,495
Inception Fertility Ventures, LLC	12/07/23	Healthcare, Education and Childcare		9.96	%	3M L+550		20,000		19,545		19,800
Infolinks Media Buyco, LLC	11/01/26	Media		9.42	%	1M L+550		6,428		6,428		6,428
Integrity Marketing Acquisition, LLC	08/27/25	Insurance		9.21	%	3M L+575		19,954		19,866		19,754
K2 Pure Solutions NoCal, L.P.	12/20/23	Chemicals, Plastics and Rubber		11.12	%	3M L+550		14,438		14,316		14,438
LAV Gear Holdings, Inc.	10/31/24	Leisure, Amusement, Motion Pictures, Entertainment		9.95	%	3M L+500		2,137		2,129		2,088
Lash OpCo, LLC	02/18/27	Consumer Products		11.17	%	1M L+650		19,925		19,708		19,526
Lightspeed Buyer Inc.	02/03/26	Healthcare, Education and Childcare		8.87	%	3M L+475		12,345		12,119		11,944
MAG DS Corp.	04/01/27	Aerospace and Defense		9.17	%	3M L+550		5,570		5,128		5,069
Magenta Buyer, LLC	07/31/28	Software		7.87	%	3M L+500		3,140		2,946		2,826
Mars Acquisition Holdings Corp.	05/14/26	Media		8.62	%	1M L+625		7,920		7,861		7,880
MBS Holdings, Inc.	04/16/27	Telecommunications		8.56	%	3M L+575		7,406		7,326		7,332
Meadowlark Acquirer, LLC	12/10/27	Business Services		9.17	%	3M L+575		2,983		2,926		2,953
Municipal Emergency Services, Inc.	09/28/27	Distribution		7.25	%	3M L+550		4,164		4,102		3,923
NBH Group LLC	08/19/26	Healthcare, Education and Childcare		7.80	%	3M L+575		7,505		7,426		7,505
OIS Management Services, LLC	07/09/26	Healthcare, Education and Childcare		9.45	%	3M L+600		5,257		5,210		5,257
Owl Acquisition, LLC	02/04/28	Education		8.41	%	3M L+550		3,990		3,874		3,890
Ox Two, LLC (New Issue)	05/18/26	Distribution		8.32	%	1M L+650		4,962		4,911		4,863
PL Acquisitionco, LLC	11/09/27	Retail		9.62	%	1M L+575		8,634		8,489		8,419
PlayPower, Inc.	05/08/26	Consumer Products		9.17	%	1M L+525		2,580		2,487		2,309
Quantic Electronics, LLC	11/19/26	Aerospace and Defense		9.92	%	1M L+600		3,403		3,342		3,335
Quantic Electronics, LLC - Unfunded Term Loan	11/19/26	Aerospace and Defense		0.00	%	3M L+625		143		-		(1	)
Radius Aerospace, Inc.	03/31/25	Aerospace and Defense		9.46	%	3M L+600		12,757		12,657		12,566
Rancho Health MSO, Inc.	12/18/25	Healthcare, Education and Childcare		7.75	%	1M L+450		5,180		5,180		5,180
Reception Purchaser, LLC	02/28/28	Transportation		9.13	%	SOFR+600		4,975		4,904		4,751
Recteq, LLC	01/29/26	Consumer Products		9.92	%	3M L+700		9,850		9,718		9,505
Research Now Group, LLC and Dynata, LLC	12/20/24	Business Services		8.84	%	1M L+550		14,542		14,440		13,070
Riverpoint Medical, LLC	06/20/25	Healthcare, Education and Childcare		7.74	%	3M L+525		3,192		3,172		3,112
Riverside Assessments, LLC	03/10/25	Education		9.95	%	1M L+575		9,949		9,872		9,750
Sales Benchmark Index LLC	01/03/25	Business Services		9.67	%	3M L+625		6,859		6,779		6,791
Sargent & Greenleaf Inc.	12/20/24	Electronics		7.15	%	3M L+550		5,082		5,082		5,031
Seaway Buyer, LLC	06/13/29	Chemicals, Plastics and Rubber		7.90	%	3M L+575		15,000		14,794		14,775
Signature Systems Holding Company	05/03/24	Chemicals, Plastics and Rubber		10.17	%	1M L+450		11,951		11,879		11,861
Solutionreach, Inc.	01/17/24	Communications		8.87	%	6M L+675		11,386		11,352		11,113
STV Group Incorporated	12/11/26	Transportation		8.37	%	3M L+575		12,099		12,031		11,978


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)

System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)	8/16/2027	Aerospace and Defense		8.73	%	SOFR+600		16,128		15,785		15,870
Teneo Holdings LLC	7/18/2025	Financial Services		7.73	%	3M L+525		3,474		3,435		3,271
The Aegis Technologies Group, LLC	10/31/2025	Aerospace and Defense		9.67	%	3M L+600		11,208		11,102		11,096
The Bluebird Group LLC	7/27/2026	Business Services		10.67	%	3M L+650		5,502		5,549		5,557
The Vertex Companies, LLC	8/30/2027	Business Services		8.62	%	3M L+550		4,531		4,485		4,509
TPC Canada Parent, Inc. and TPC US Parent, LLC	11/24/2025	Food		7.78	%	3M L+525		5,536		5,392		5,370
TVC Enterprises, LLC	3/26/2026	Transportation		8.87	%	3M L+600		17,381		17,244		16,946
TWS Acquisition Corporation	6/16/2025	Education		8.76	%	3M L+625		7,949		7,917		7,910
Tyto Athene, LLC	4/3/2028	Aerospace and Defense		7.76	%	3M L+550		12,064		11,938		11,208
UBEO, LLC	4/3/2024	Printing and Publishing		8.17	%	3M L+450		4,674		4,657		4,604
Unique Indoor Comfort, LLC	5/24/2027	Home and Office Furnishings, Housewares		8.95	%	3M L+525		9,975		9,840		9,755
Wildcat Buyerco, Inc.	2/27/2026	Electronics		9.45	%	SOFR+575		11,506		11,420		11,110
Zips Car Wash, LLC	3/1/2024	Business Services		10.24	%	3M L+725		19,998		19,673		19,498

Total First Lien Secured Debt										738,219		730,108
Total Investments - 864.4%
Cash and Cash Equivalents - 50.9%
BlackRock Federal FD Institutional 30										42,966		42,966
Total Cash and Cash Equivalents										42,966		42,966
Total Investments and Cash Equivalents - 915.3%									$	781,185	$	773,073
Liabilities in Excess of Other Assets — (815.3)%												(688,612	)
Members' Equity—100.0%											$	84,462

Valued based on PSLF’s accounting policy.

Below is a listing of PSLF’s individual investments as of September 30, 2021 ($ in thousands):


Issuer Name	Maturity	Industry	Current Coupon	Basis Point Spread Above Index (1)		Par		Cost		Fair Value (2)
First Lien Secured Debt - 595.6%
Ad.net Acquisition, LLC	05/06/26	Media	7.00%	3M L + 600		$	4,988	$	4,920	$	4,913
Altamira Technologies, LLC	07/24/25	Aerospace and Defense	8.00%	3M L+700			921		912		864
American Insulated Glass, LLC	12/21/23	Building Materials	6.50%	3M L+550			14,625		14,481		14,479
Any Hour Services	07/21/27	Personal, Food and Miscellaneous Services	6.75%	1M L+525			6,500		6,378		6,370
Apex Service Partners, LLC	07/31/25	Personal, Food and Miscellaneous Services	6.25%	1M L+550			6,569		6,518		6,504
Apex Service Partners, LLC Term Loan B	07/31/25	Personal, Food and Miscellaneous Services	6.55%		—		3,347		3,313		3,313
Applied Technical Services, LLC	12/29/26	Environmental Services	6.75%	3M L+575			7,444		7,336		7,295
Bottom Line Systems, LLC	02/13/23	Healthcare, Education and Childcare	6.25%	1M L+550			13,729		13,674		13,729
Crash Champions, LLC	08/05/25	Auto Sector	6.00%	1M L+525			5,985		5,873		5,865
DRS Holdings III, Inc.	11/03/25	Consumer Products	7.25%	1M L+625			13,428		13,335		13,334
ECL Entertainment, LLC	03/31/28	Hotels, Motels, Inns and Gaming	8.25%	3M L+750			4,604		4,560		4,707
ECM Industries, LLC	12/23/25	Electronics	5.50%	3M L+450			2,827		2,805		2,770
Global Holdings InterCo LLC	03/16/26	Banking, Finance, Insurance & Real Estate	7.00%	3M L+600			7,463		7,360		7,425
Hancock Roofing and Construction L.L.C.	12/31/26	Insurance	6.00%	3M L+500			5,955		5,819		5,895
Holdco Sands Intermediate, LLC	12/19/25	Aerospace and Defense	7.50%	3M L+600			12,071		11,934		12,010
HW Holdco, LLC	12/10/24	Media	5.50%	3M L+450			14,588		14,499		14,442
IMIA Holdings, Inc.	04/09/27	Aerospace and Defense	6.75%	3M L+600			9,059		8,890		8,878
Integrity Marketing Acquisition, LLC	08/27/25	Insurance	6.50%	3M L+550			7,868		7,803		7,829
Juniper Landscaping of Florida, LLC	12/22/21	Personal, Food and Miscellaneous Services	6.50%	3M L+550			9,420		9,420		9,420
K2 Pure Solutions NoCal, L.P.	12/20/23	Chemicals, Plastics and Rubber	8.00%	1M L+700			14,588		14,479		14,199
LAV Gear Holdings, Inc.	10/31/24	Leisure, Amusement, Motion Pictures, Entertainment	8.50%	3M L+750			2,120		2,107		1,987
Lightspeed Buyer Inc.	02/03/26	Healthcare, Education and Childcare	6.75%	1M L+550			12,472		12,273		12,472
Lombart Brothers, Inc.	04/13/23	Healthcare, Education and Childcare	7.25%	1M L+825			16,817		16,729		16,817
MAG DS Corp.	04/01/27	Aerospace and Defense	6.50%	1M L+550			5,837		5,581		5,253
Mars Acquisition Holdings Corp.	05/14/26	Media	6.50%	1M L+575			8,000		7,852		7,920
MBS Holdings, Inc.	04/16/27	Telecommunications	6.75%	3M L+550			7,481		7,338		7,332
MeritDirect, LLC	05/23/24	Media	6.50%	3M L+550			13,386		13,272		13,252
PlayPower, Inc.	05/08/26	Consumer Products	5.65%	3M L+575			3,805		3,778		3,736
Radius Aerospace, Inc.	03/31/25	Aerospace and Defense	6.75%	3M L+600			13,335		13,202		13,068
Rancho Health MSO, Inc.	12/18/25	Healthcare, Education and Childcare	6.75%	3M L+550			5,232		5,140		5,232
Recteq, LLC	01/29/26	Consumer Products	7.00%	3M L+450			9,950		9,775		9,851
Research Now Group, LLC and Dynata, LLC	12/20/24	Business Services	6.50%	3M L+600			14,695		14,602		14,508
Riverpoint Medical, LLC	06/20/25	Healthcare, Education and Childcare	5.50%	1M L+550			3,246		3,217		3,206
Sales Benchmark Index LLC	01/03/25	Business Services	7.75%	3M L+750			7,632		7,526		7,442
Sargent & Greenleaf Inc.	12/20/24	Electronics	7.00%	3M L+575			5,232		5,181		5,232
Signature Systems Holding Company	05/03/24	Chemicals, Plastics and Rubber	8.50%	1M L+525			13,500		13,397		13,365
Solutionreach, Inc.	01/17/24	Communications	6.75%	1M L+600			11,882		11,758		11,882
STV Group Incorporated	12/11/26	Transportation	5.33%	1M L+450			12,099		12,003		12,038
TAC LifePort Purchaser, LLC	03/01/26	Aerospace and Defense	7.00%	1M L+525			4,967		4,891		4,966
TeleGuam Holdings, LLC	11/20/25	Telecommunications	5.50%	3M L+525			4,593		4,558		4,547
Teneo Holdings LLC	07/18/25	Financial Services	6.25%	1M L+575			2,997		2,884		2,981
TPC Canada Parent, Inc. and TPC US Parent, LLC	11/24/25	Food	6.25%	1M L+625			5,593		5,537		5,425
TVC Enterprises, LLC	03/26/26	Transportation	6.75%	3M L+550			12,773		12,643		12,773
TWS Acquisition Corporation	06/16/25	Education	7.25%	3M L+450			9,648		9,515		9,648
Tyto Athene, LLC	04/03/28	Aerospace and Defense	6.25%	1M L+675			9,950		9,853		9,950
UBEO, LLC	04/03/24	Printing and Publishing	5.50%	1M L+500			4,710		4,676		4,687
Vision Purchaser Corporation	06/10/25	Media	7.75%	3M L+675			14,249		14,056		14,035
Wildcat Buyerco, Inc.	02/27/26	Electronics	6.00%	3M L+500			7,425		7,360		7,388

Total First Lien Secured Debt							409,602		405,009		405,232
Cash and Cash Equivalents—16.2%
BlackRock Federal FD Institutional 30									11,013		11,013
US Bank Cash									—		—
Total Cash and Cash Equivalents									11,013		11,013
Total Investments and Cash Equivalents—611.8%								$	416,023	$	416,246
Liabilities in Excess of Other Assets—(511.8)%											(348,213	)
Members' Equity—100.0%										$	68,032

(1)

(2)

Valued based on PSLF’s accounting policy.

Consolidated Statements of Assets and Liabilities for PSLF

Below is the consolidated statements of assets and liabilities for PSLF ($ in thousands):



	September 30, 2022		September 30, 2021
Assets
Investments at fair value (cost—$738,219 and $405,009, respectively)	$	730,108	$	405,233
Cash and cash equivalents (cost—$42,966 and $11,013, respectively)		42,966		11,013
Receivable for investments sold		3,870		—
Interest receivable		2,970		1,175
Prepaid expenses and other assets		1,373		—
Total assets		781,287		417,421
Liabilities
Credit facility payable		257,600		224,000
2034 Asset-backed debt, net (par—$246,000)		243,896		—
Notes payable to members		145,472		106,041
Payable for investments purchased		37,658		12,793
Interest payable on credit facility and asset backed debt		4,676		1,499
Distribution payable to Members		4,000		2,800
Interest payable on notes to members		2,703		1,644
Accrued expenses		820		612
Total liabilities		696,825		349,389
Commitments and contingencies (See Note 11)
Members' equity		84,462		68,032
Total liabilities and members' equity	$	781,287	$	417,421

*For the years ended of September 30, 2022 and 2021, PSLF did not have any unfunded commitments to fund investments.

Consolidated Statements of Operations for PSLF

Below are the consolidated statements of operations for PSLF ($ in thousands):


	2022			2021
Investment income:
Interest	$	37,905		$	27,489
Other income		246			1,803
Total investment income		38,151			29,292
Expenses:
Interest expense on credit facility and asset-backed debt		11,023			6,284
Interest expense on notes to members		11,692			9,533
Administrative services expenses		1,171			1,172
General and administrative expenses		447			447
Total expenses		24,333			17,436
Net investment income		13,818			11,856
Realized and unrealized gain (loss) on investments:
Net realized gain on investments		376			545
Net change in unrealized appreciation (depreciation) on investments		(8,334	)		4,880
Net realized and unrealized gain (loss) from investments		(7,958	)		5,425
Net increase (decrease) in members' equity resulting from operations	$	5,860		$	17,281

* No management or incentive fees are payable by PSLF

Fair value of Financial Instruments (Tables)

12 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Unobservable Inputs and Ranges

Our Level 3 valuation techniques, unobservable inputs and ranges were categorized as follows for ASC 820 purposes ($ in thousands):


Asset Category	Fair value at September 30, 2022		Valuation Technique	Unobservable Input	Range of Input (Weighted Average) (1)
First lien	$	44,530	Market Comparable	Broker/Dealer bids or quotes	N/A
First lien		569,488	Market Comparable	Market yield	7.0% - 20.2% (10.8%)
First lien		16,946	Market Comparable	EBITDA multiple	14.0x
Second lien		21,600	Market Comparable	Broker/Dealer bids or quotes	N/A
Second lien		108,336	Market Comparable	Market yield	13.3% - 17.0% (14.4%)
Second lien		—	Enterprise Market Value	EBITDA multiple	6.0x
Subordinated debt / corporate notes		141,265	Market Comparable	Market yield	10.8% - 17.2% (12.3%)
Equity		215,131	Enterprise Market Value	EBITDA multiple	3.3x - 21.4x (9.1x)
Equity		42,031	Enterprise Market Value	DLOM(2)	11.8%
Total Level 3 investments	$	1,159,327

Truist Credit Facility	$	376,687	Market Comparable	Market yield	2.4%

(1)

The weighted averages disclosed in the table above were weighted by their relative fair value.

(2)

DLOM is defined as discount for lack of marketability


Asset Category	Fair value at September 30, 2021		Valuation Technique	Unobservable Input	Range of Input (Weighted Average) (1)
First lien	$	90,266	Market Comparable	Broker/Dealer bids or quotes	N/A
First lien		462,264	Market Comparable	Market yield	6.1% – 13.1% (8.1%)
Second lien		39,298	Market Comparable	Broker/Dealer bids or quotes	N/A
Second lien		126,509	Market Comparable	Market yield	10.3% – 11.5% (10.7%)
Second lien		11,087	Enterprise Market Value	EBITDA multiple	5.4x
Subordinated debt / corporate notes		121,170	Market Comparable	Market yield	9.6% – 17.1% (12.5%)
Equity		278,486	Enterprise Market Value	EBITDA multiple	2.6x – 18.5x (8.5x)
Equity		60,808	Enterprise Market Value	DLOM(2)	9.3%
Equity		21,133	Market Comparable	Market yield	20.4%
Total Level 3 investments	$	1,211,021

Truist Credit Facility	$	314,813	Market Comparable	Market yield	2.4%

(1)

The weighted averages disclosed in the table above were weighted by their relative fair value.

(2)

DLOM is defined as discount for lack of marketability

Summary of Investments, Cash and Cash Equivalents, Credit Facility, SBA Debentures and Notes

Our investments, cash and cash equivalents, Credit Facility, SBA debentures, 2024 Notes, 2026 Notes and 2026 Notes-2 were categorized as follows in the fair value hierarchy ($ in thousands):


	Fair Value at September 30, 2022
Description	Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value (1)
Debt investments	$	902,165	$	—	$	—	$	902,165	$	—
Equity investments		324,136		304		—		257,162		66,670
Total investments		1,226,301		304		—		1,159,327		66,670
Cash and cash equivalents		52,666		52,666		—		—		—
Total investments and cash and cash equivalents	$	1,278,967	$	52,970	$	—	$	1,159,327	$	66,670
Truist Credit Facility	$	376,687	$	—	$	—	$	376,687	$	—
SBA Debentures (2)		19,686		—		—		19,686		—
2026 Notes (2)		146,767		—		146,767		—		—
2026-2 Notes (2)		161,373		—		161,373		—		—
Total debt	$	704,513	$	—	$	308,140	$	396,373	$	—

(1)

(2)


	Fair Value at September 30, 2021
Description	Fair Value		Level 1		Level 2		Level 3		Measured at Net Asset Value (1)
Debt investments	$	850,593	$	—	$	—	$	850,593	$	—
Equity investments		404,697		3,109		—		360,428		41,160
Total investments		1,255,290		3,109		—		1,211,021		41,160
Cash and cash equivalents		20,357		20,357		—		—		—
Total investments and cash and cash equivalents	$	1,275,647	$	23,466	$	—	$	1,211,021	$	41,160
Truist Credit Facility	$	314,813	$	—	$	—	$	314,813	$	—
SBA Debentures (2)		62,159		—		—		62,159		—
2024 Notes (2)		84,503		84,503		—		—		—
2026 Notes (2)		145,865		—		145,865		—		—
Total debt	$	607,340	$	84,503	$	145,865	$	376,972	$	—

(1)

(2)

Reconciliation of Investments Measured at Fair Value Using Significant Unobservable Inputs Level 3

The tables below show a reconciliation of the beginning and ending balances for investments measured at fair value using significant unobservable inputs (Level 3) ($ in thousands):


	Year Ended September 30, 2022
Description	Debt investments			Equity investments			Totals
Beginning Balance	$	850,593		$	360,427		$	1,211,020
Net realized gain (loss)		(10,262	)		54,065			43,803
Net change in unrealized depreciation		(38,617	)		(65,743	)		(104,360	)
Purchases, PIK interest, net discount accretion and non-cash exchanges		870,284			86,821			957,105
Sales, repayments and non-cash exchanges		(769,833	)		(178,408	)		(948,241	)
Transfers in to / out of Level 3		—			—			—
Ending Balance	$	902,165		$	257,162		$	1,159,327
Net change in unrealized depreciation reported within the net change in unrealized depreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date.	$	(33,393	)	$	(66,254	)	$	(99,647	)


	Year Ended September 30, 2021
Description	Debt investments			Equity investments			Totals
Beginning Balance	$	773,426		$	270,754		$	1,044,180
Net realized gain (loss)		(2,770	)		32,723			29,953
Net change in unrealized depreciation		32,159			79,804			111,963
Purchases, PIK interest, net discount accretion and non-cash exchanges		414,127			45,270			459,397
Sales, repayments and non-cash exchanges		(366,349	)		(68,124	)		(434,473	)
Transfers in to / out of Level 3		—			—			—
Ending Balance	$	850,593		$	360,427		$	1,211,020
Net change in unrealized depreciation reported within the net change in unrealized depreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date.	$	29,959		$	85,913		$	115,872

Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs Level 3

The table below shows a reconciliation of the beginning and ending balances for liabilities measured at fair value using significant unobservable inputs (Level 3) ($ in thousands):


	Years Ended September 30,
Long-Term Credit Facility	2022			2021
Beginning Balance (cost – $316,545 and $388,252, respectively)	$	314,813		$	360,702
Net change in unrealized (depreciation) appreciation included in earnings		(7,501	)		17,818
Borrowings (1)		860,841			310,312
Repayments (1)		(791,466	)		(374,019	)
Transfers in and/or out of Level 3		—			—
Ending Balance (cost – $385,920 and $316,545, respectively)	$	376,687		$	314,813
Temporary draws outstanding, at cost		—			—
Ending Balance (cost – $385,920 and $316,545, respectively)	$	376,687		$	314,813

(1)

Excludes temporary draws.

Net Change in Fair Value on Foreign Currency Translation on Outstanding Borrowings


Foreign Currency	Amount Borrowed		Borrowing Cost		Current Value		Reset Date	Change in Fair Value
British Pound	£	36,000	$	49,420	$	40,187	December 31, 2022	$	(9,233	)


Foreign Currency	Amount Borrowed		Borrowing Cost		Current Value		Reset Date	Change in Fair Value
British Pound	£	29,000	$	40,045	$	39,102	December 17, 2021	$	(943	)

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

Investments In And Advances To Affiliates [Abstract]

Transactions with Affiliated Companies (Tables)

12 Months Ended

Sep. 30, 2022

Summary of Transactions with Affiliated Companies

Transactions related to our funded investments with both controlled and non-controlled affiliates for the year ended September 30, 2022 were as follows ($ in thousands):


Name of Investment	Fair Value at September 30, 2021		Gross Additions(1)		Gross Reductions			Net Change in Appreciation / (Depreciation)			Fair Value at September 30, 2022		Interest Income		PIK Income		Dividend Income		Net Realized Gains (Losses)
Controlled Affiliates
AKW Holdings Limited	$	41,379	$	10,403	$	—		$	(5,787	)	$	45,995	$	3,512	$	—	$	—	$	—
Mailsouth Inc.		22,100		1,296		—		$	(23,396	)	$	—		—		1,309		—		—
PennantPark Senior Loan Fund, LLC *		105,314		39,325		—		$	(5,530	)	$	139,109		7,074		—		9,075		—
PT Networks, LLC (3)		134,125		9,917		(234,974	)	$	90,932		$	—		—		2,674		—		140,898
RAM Energy LLC		81,710		—		—		$	(7,428	)	$	74,282		—		—		—		—
Total Controlled Affiliates	$	384,628	$	60,941	$	(234,974	)	$	48,791		$	259,386	$	10,586	$	3,983	$	9,075	$	140,898
Non-Controlled Affiliates
Cascade Environmental Holdings, LLC (2)	$	64,292	$	34,201	$	(61,168	)		(4,534	)	$	32,791	$	1,361	$	—	$	—	$	(28,208	)
ETX Energy, LLC		—		—		(38,541	)		38,541			-		—		—		—		(37,447	)
JF International		—		1,969		—			—			1,969		—		—		—		—
MidOcean JF Holdings Corp.		50,161		—		(40,182	)		(9,979	)		—		—		—		—		—
Total Non-Controlled Affiliates	$	114,453	$	36,170	$	(139,891	)	$	24,028		$	34,760	$	1,361	$	—	$	—	$	(65,655	)
Total Controlled and Non-Controlled Affiliates	$	499,081	$	97,111	$	(374,865	)	$	72,819		$	294,146	$	11,947	$	3,983	$	9,075	$	75,243

(1)

Includes PIK.

(2)

Cascade Environmental Holdings, LLC became a controlled affiliate during the year ended September 30, 2022.

(3)

On February 14, 2022, we disposed of our equity interests in PT Networks, LLC.



Change in Net Assets from Operations Per Common Share (Tables)

12 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Summary of Information Sets Forth for Computation of Basic and Diluted Per Share Net Increase in Net Assets Resulting from Operations

The following information sets forth the computation of basic and diluted per share net increase in net assets resulting from operations ($ in thousands, except per share data):


	Years Ended September 30,
	2022			2021		2020
Numerator for net increase (decrease) in net assets resulting from operations	$	(24,740	)	$	166,617	$	(15,970	)
Denominator for basic and diluted weighted average shares		66,254,150			67,045,105		67,045,105
Basic and diluted net increase (decrease) in net assets per share resulting from operations	$	(0.37	)	$	2.49	$	(0.24	)

Taxes and Distributions (Tables)

12 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Summary of Amounts Reclassified for Tax Purposes

The following amounts were reclassified for tax purposes ($ in thousands):


	Years Ended September 30,
	2022			2021			2020
Decrease in paid-in capital	$	(25,577	)	$	(632	)	$	(567	)
Increase (Decrease) in accumulated net realized gain		18,347			(1,773	)		(1,806	)
Increase in undistributed net investment income		7,230			2,406			2,373

Summary of Reconciles Net (Decrease) Increase in Net Assets Resulting From Operations to Taxable Income

The following reconciles net (decrease) increase in net assets resulting from operations to taxable income ($ in thousands):


	Years Ended September 30,
	2022			2021			2020
Net increase (decrease) in net assets resulting from operations	$	(24,740	)	$	166,617		$	(15,970	)
Net realized (gain) loss on investments		(34,756	)		(30,021	)		20,827
Net change in unrealized (appreciation) depreciation on investments and debt		103,439			(100,120	)		33,873
Other book-to-tax differences		9,490			(5,333	)		1,752
Other non-deductible expenses		3,691			2,647			2,838
Taxable income before dividends paid deduction	$	57,124		$	33,790		$	43,320

Summary of Components of Undistributed Taxable Income on Tax Basis and Reconciliation to Accumulated Deficit on Book basis

The components of undistributed taxable income on a tax basis and reconciliation to accumulated deficit on a book basis are as follows:


	As of September 30,
	2022			2021			2020
Undistributed net investment income – tax basis	$	46,283		$	23,560		$	21,934
Short-term realized loss carried forward		(2,065	)		(1,578	)		(2,528	)
Long-term realized loss carried forward		(103,119	)	$	(165,037	)	$	(198,741	)
Distributions payable and other book to tax differences		(37,103	)		(15,368	)		(18,407	)
Net unrealized appreciation (depreciation) on investments and debt		(66,665	)		31,507			(64,241	)
Total accumulated deficit – book basis	$	(162,669	)	$	(126,916	)	$	(261,983	)

Summary of Tax Characteristics of Distributions Declared

The tax characteristics of distributions declared are as follows:


	Years Ended September 30,
	2022		2021		2020
Ordinary income (including short-term gains, if any)	$	36,590	$	32,182	$	40,227
Long-term capital gain		—		—		—
Total distributions	$	36,590	$	32,182	$	40,227
Total distributions declared per share	$	0.56	$	0.48	$	0.60

Financial Highlights (Tables)

12 Months Ended

Sep. 30, 2022

Investment Company Financial Highlights [Abstract]

Summary of Financial Highlights

Below are the financial highlights for each of the years ended September 30 ($in thousands, except per share data):


	2022			2021			2020			2019			2018
Per Share Data:
Net asset value, beginning of year	$	9.85		$	7.84		$	8.68		$	9.11		$	9.10
Net investment income (1)		0.66			0.54			0.58			0.66			0.75
Net realized and unrealized (loss) gain (1)		(1.03	)		1.94			(0.82	)		(0.42	)		(0.07	)
Net (decrease) increase in net assets resulting from operations (1)		(0.37	)		2.49			(0.24	)		0.24			0.68
Distributions to stockholders (1), (2)
Distribution of net investment income		(0.56	)		(0.48	)		(0.60	)		(0.72	)		(0.72	)
Distribution of realized gains		—			—			—			—			—
Total distributions to stockholders		(0.56	)		(0.48	)		(0.60	)		(0.72	)		(0.72	)
Repurchase of common stock (1)		0.06			—			—			0.05			0.05
Net asset value, end of year	$	8.98		$	9.85		$	7.84		$	8.68		$	9.11
Per share market value, end of year	$	5.46		$	6.49		$	3.19		$	6.27		$	7.46
Total return (3)		(8.42	)%		120.98	%		(39.62	)%		(6.28	)%		9.70	%
Shares outstanding at end of year		65,224,500			67,045,105			67,045,105			67,045,105			69,053,958
Ratios / Supplemental Data:
Ratio of operating expenses to average net assets (4), (6)		4.17	%		3.74	%		4.91	%		4.83	%		4.99	%
Ratio of interest and expenses on debt to average net assets (5)		5.19	%		3.73	%		6.22	%		6.29	%		3.54	%
Ratio of total expenses to average net assets (5), (6)		9.36	%		7.47	%		11.13	%		11.12	%		8.53	%
Ratio of net investment income to average net assets (5)		6.74	%		6.04	%		7.01	%		7.35	%		8.28	%
Net assets at end of year	$	585,565		$	660,144		$	525,709		$	581,906		$	628,902
Weighted average debt outstanding (7)	$	695,267		$	649,666		$	794,641		$	638,424		$	504,964
Weighted average debt per share (1), (7)	$	10.49		$	9.69		$	11.85		$	9.43		$	7.14
Asset coverage per unit (8)	$	1,855		$	2,208		$	2,078		$	2,066		$	2,919
Average market value per unit (9), (10)	$	—		$	25.13		$	23.47		$	24.87		$	—
Portfolio turnover ratio		70.41	%		37.74	%		12.74	%		35.44	%		56.51	%

(1)

Based on the weighted average shares outstanding for the respective periods.

(2)

The tax status of distributions is calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP, and reported on Form 1099-DIV each calendar year.

(3)

Based on the change in market price per share during the period and assumes distributions, if any, are reinvested.

(4)

Excludes debt related costs.

(5)

Includes interest and expenses on debt (annualized) as well as Truist Credit Facility amendment and debt issuance costs, if any (not annualized).

(6)

(7)

Includes SBA debentures outstanding.

(8)

(9)

(10)

Debt (Tables)

12 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Fixed Rate SBA Debentures

Our fixed-rate SBA debentures were as follows ($in thousands):


Issuance Dates	Maturity	Fixed All-in Coupon Rate (1)			As of September 30, 2022 Principal Balance
September 20, 2017	September 1, 2027		2.9			20,000
Weighted Average Rate / Total			2.9	%	$	20,000

Issuance Dates	Maturity	Fixed All-in Coupon Rate (1)			As of September 30, 2021 Principal Balance
September 20, 2017	September 1, 2027		2.9			27,500
March 21, 2018	March 1, 2028		3.5			36,000
Weighted Average Rate / Total			3.5	%	$	63,500

Unconsolidated Significant Subsidiaries (Tables)

12 Months Ended

Sep. 30, 2022

PT Networks, LLC and RAM Energy Holdings LLC

Schedule of Equity Method Investments [Line Items]

Summary of Selected Key Financial Data of Unconsolidated Significant Subsidiaries

Below is certain selected key financial data from PT Network’s Balance Sheet at September 31, 2021 and 2020 and the twelve months ended December 31, 2021, 2020 and 2019 Income Statement for the periods in which our investment in PT Network exceeded the threshold in at least one of the tests under Rule 3-09 of Regulation S-X (amounts in thousands).

PT Networks, LLC:


Balance Sheet	September 30, 2022		September 30, 2021
Current assets	$	—	$	55,422
Noncurrent assets		—		217,045
Current liabilities		—		31,451
Noncurrent liabilities	$	—	$	211,047


	Years Ended September 30,
Income Statement	2022		2021			2020
Total revenue	$	—	$	254,761		$	213,886
Total expenses		—		(252,188	)		(225,655	)
Net loss	$	—	$	2,573		$	(11,769	)

RAM Energy Holdings LLC:


Balance Sheet	September 30, 2022		September 30, 2021
Current assets	$	21,051	$	32,239
Noncurrent assets		71,411		52,567
Current liabilities		24,721		15,058
Noncurrent liabilities	$	40,921	$	47,391


	Years Ended September 30,
Income Statement	2022			2021			2020
Total revenue	$	52,051		$	57,931		$	30,586
Total expenses		(47,589	)		(39,511	)		(75,915	)
Net loss	$	4,462		$	18,420		$	(45,329	)

Organization - Additional Information (Details) - USD ($) $ in Thousands			1 Months Ended			12 Months Ended
	May 01, 2022	Nov. 01, 2021	Jan. 31, 2022	Oct. 31, 2021	Apr. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Net realized gain (loss) on investments						$ 43,861	$ 30,021	$ (11,577)
PennantPark-TSO Senior Loan Fund II, LP
Debt Instrument [Line Items]
Sale of investments to wholly owned subsidiary			$ 82,300
Sale of investments to wholly owned subsidiary in cash			75,700
Sale of investments to wholly owned subsidiary in equity interest			$ 6,600
Percentage of outstanding class A units			23.10%			23.10%
Net realized gain (loss) on investments			$ 200
Capital commitment						$ 15,000
Funded percentage						100.00%
Voting interest in general partnership						4.99%
2026 Notes
Debt Instrument [Line Items]
Aggregate principal amount of notes issued					$ 150,000
Percentage of public offering price per notes issued					99.40%
Debt instrument, maturity date					May 01, 2026
Debt instrument, periodic payment					semi-annually
Debt instrument, interest rate		4.50%
2026 Notes-2
Debt Instrument [Line Items]
Aggregate principal amount of notes issued				$ 165,000
Percentage of public offering price per notes issued				99.436%
Debt instrument, maturity date				Nov. 01, 2026
Debt instrument, periodic payment				semi-annually
Debt instrument, interest rate	4.00%

Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2022 USD ($) Portfolio	Sep. 30, 2021 USD ($) Portfolio	Sep. 30, 2020 USD ($)
Significant Accounting Policies [Line Items]
Provision for taxes	$ 800	$ 600	$ 1,200
Provision for taxes on net realized gain on investments	6,200	0	0
Provision for taxes on net unrealized gain on investments	900	0	0
Provision for taxes on net realized and unrealized gains on investments	7,100	0	0
Net realized gain (loss) on investments	43,861	30,021	(11,577)
Prepaid Expenses and Other Assets
Significant Accounting Policies [Line Items]
Offsetting losses expected to refund	4,000
Federal Taxes
Significant Accounting Policies [Line Items]
Net realized gain (loss) on investments	4,000
State and Local Tax \| Accrued Other Expenses
Significant Accounting Policies [Line Items]
State and local tax liability	$ 800	$ 800	$ 800
Past Due 30 Days or More
Significant Accounting Policies [Line Items]
Financing receivable, nonaccrual, percent past due on cost basis	1.00%
Financing receivable, nonaccrual, percent past due on fair value basis	0.00%
Number of portfolio on nonaccrual \| Portfolio	1	0

Agreements and Related Party Transactions - Additional Information (Details) - USD ($)				12 Months Ended			13 Months Ended
	Feb. 05, 2019	Jan. 01, 2018	Dec. 31, 2017	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Feb. 04, 2019
Related Party Transaction [Line Items]
Annual rate of base management fee	1.00%		2.00%	1.50%			1.50%
Base management fee percentage of total net assets				200.00%
Base management fee amendment description				on November 13, 2018, in connection with our board of directors’ approval of the application of the modified asset coverage requirements under the 1940 Act to the Company, our board of directors also approved an amendment to the Investment Management Agreement reducing the Investment Adviser’s annual base management fee from 1.50% to 1.00% on gross assets that exceed 200% of the Company’s total net assets as of the immediately preceding quarter-end. This amendment became effective on February 5, 2019 with the amendment and restatement of the Investment Management Agreement on April 12, 2019.
Base management fee calculation description				The base management fee is calculated based on the average adjusted gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter.
Base management fee				$ 19,800,000	$ 17,300,000	$ 18,600,000
Incentive fee quarter hurdle rate				1.75%
Incentive fee annual hurdle rate				(7.00%)
Incentive fees on net investment income				$ 2,700,000	600,000	2,700,000
Description of incentive fee on net investment income				We pay the Investment Adviser an incentive fee with respect to our Pre- Incentive Fee Net Investment Income in each calendar quarter as follows: (1) no incentive fee in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75%, (2) 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.1212% in any calendar quarter (8.4848% annualized), and (3) 17.5% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.1212% in any calendar quarter.
Incentive fees on net investment income waiver amount						1,900,000
Incentive fee on capital gains percentage		17.50%	(20.00%)	17.50%
Incentive fee on capital gains accrued				$ 0	0	0
Administrative services expenses (See Note 3)				1,000,000	1,771,000	2,075,000
Net investment income				104,966,000	81,588,000	100,225,000
PSLF
Related Party Transaction [Line Items]
Administrative services expenses (See Note 3)				447,000	447,000
Net investment income				387,400,000	123,400,000	0
Net realized gains on sale of investment						0
PennantPark-TSO Senior Loan Fund II, LP
Related Party Transaction [Line Items]
Net investment income				82,300,000
Net realized gains on sale of investment				200,000
Investment Administrator
Related Party Transaction [Line Items]
Administrative services expenses (See Note 3)				900,000	$ 1,200,000	$ 1,400,000
Incentive Fee Payment Condition One
Related Party Transaction [Line Items]
Incentive fees on net investment income				$ 0
Incentive Fee Payment Condition One \| Maximum [Member]
Related Party Transaction [Line Items]
Incentive fee quarter hurdle rate				1.75%
Incentive Fee Payment Condition Two
Related Party Transaction [Line Items]
Pre-incentive fee net investment income percentage				100.00%
Incentive Fee Payment Condition Two \| Maximum [Member]
Related Party Transaction [Line Items]
Incentive fee quarter hurdle rate				2.1212%
Incentive fee annual hurdle rate				(8.4848%)
Incentive Fee Payment Condition Three
Related Party Transaction [Line Items]
Pre-incentive fee net investment income percentage				17.50%
Incentive Fee Payment Condition Three \| Minimum
Related Party Transaction [Line Items]
Incentive fee quarter hurdle rate				2.1212%

Investments - Additional Information (Details)	12 Months Ended
Investments - Additional Information (Details)	Sep. 30, 2022 USD ($) Portfolio	Sep. 30, 2021 USD ($) Portfolio	Sep. 30, 2020 USD ($)	Mar. 31, 2022 USD ($)	Mar. 02, 2022 USD ($)
Schedule Of Investments [Line Items]
Purchases of investments, including PIK interest	$ 943,000,000.0	$ 456,500,000	$ 333,900,000
Sales and repayments of investments	911,600,000	434,500,000	$ 162,700,000
Total assets	$ 1,318,510,000	$ 1,295,092,000
Percentage of capital ownership in each of outstanding subordinated notes and equity interests	60.50%	39.50%
Credit facility payable	$ 376,687,000	$ 314,813,000
Subordinated Notes
Schedule Of Investments [Line Items]
Investments	88,000,000.0	64,200,000
Equity Interests in PSLF
Schedule Of Investments [Line Items]
Investments	51,100,000
PSLF
Schedule Of Investments [Line Items]
Total assets	$ 781,287,000	$ 417,421,000
Number of portfolio companies consisted of debt investments \| Portfolio	80	47
Remaining commitments to fund	$ 0	$ 0
Fair value of largest investment in a single portfolio company	19,900,000	16,800,000
Fair value of investment in five largest portfolio company	98,500,000	74,400,000
Credit facility payable	$ 257,600,000	224,000,000
PSLF \| PSLF Subsidiary
Schedule Of Investments [Line Items]
Asset backed debt				$ 304,000,000.0
Asset backed debt, transfer of assets, description	On the closing date of the transaction, in consideration of PSLF’s transfer to PennantPark CLO IV, LLC. of the initial closing date loan portfolio, which included loans distributed to PSLF by certain of its wholly owned subsidiaries and us, PennantPark CLO IV, LLC. transferred to PSLF 100% of the Preferred Shares of PennantPark CLO IV, LLC. and 100% of the Subordinated Notes issued by PennantPark CLO IV, LLC.
PSLF \| PSLF Subsidiary \| Senior Secured Revolving Credit Facility
Schedule Of Investments [Line Items]
Credit facility payable	$ 225,000,000				$ 275,000,000.0
Credit facility interest rate description	interest at SOFR (or an alternative risk-free interest rate index) plus 255 basis points during the investment period, or the PSLF Credit Facility, with BNP Paribas, subject to leverage and borrowing base restrictions.
Interest rate at basis points	255.00%
PSLF \| Equity Interests in PSLF
Schedule Of Investments [Line Items]
Investments		$ 41,200,000

Investments - Schedule of Investments and Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Cash and cash equivalents	$ 52,666	$ 20,357
Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	1,302,029	1,221,121
Cash and cash equivalents	52,844	20,383
Total investments and cash and cash equivalents	1,354,873	1,241,504
Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	1,226,301	1,255,290
Cash and cash equivalents	52,666	20,357
Total investments and cash and cash equivalents	1,278,967	1,275,647
First Lien \| Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	652,055	551,435
First Lien \| Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	630,965	552,530
Second Lien \| Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	145,542	176,983
Second Lien \| Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	129,936	176,894
Subordinated Debt / Corporate Notes \| Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	53,468	56,315
Subordinated Debt / Corporate Notes \| Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	53,255	57,015
Subordinated Notes in PSLF \| Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	88,011	64,155
Subordinated Notes in PSLF \| Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	88,011	64,154
Equity \| Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	313,591	338,341
Equity \| Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	273,036	363,537
Equity in PSLF \| Cost
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	49,362	33,892
Equity in PSLF \| Fair Value
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Total investments	$ 51,098	$ 41,160

Investments - Schedule of Investments by Industry Classification and Enumerates Percentage, by Fair Value, of Total Portfolio Assets Excluding Cash and Cash Equivalents (Details)	Sep. 30, 2022	Sep. 30, 2021
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	100.00%	100.00%
Business Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	18.00%	9.00%
Healthcare, Education and Childcare
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	12.00%	23.00%
Consumer Products
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	8.00%	9.00%
Energy and Utilities
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	7.00%	7.00%
Distribution
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	5.00%	7.00%
Financial Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	5.00%
Telecommunications
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	5.00%	2.00%
Home and Office Furnishings
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	4.00%	3.00%
Media
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	4.00%	7.00%
Aerospace and Defense
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	3.00%	2.00%
Auto Sector
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	3.00%
Chemicals, Plastics and Rubber
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	3.00%	1.00%
Electronics
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	3.00%	2.00%
Environmental Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	3.00%	6.00%
Building Materials
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	2.00%	3.00%
Education
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	2.00%	3.00%
Hotels, Motels, Inns and Gaming
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	2.00%	4.00%
Other Media
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	2.00%	2.00%
Transportation
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	2.00%	2.00%
Cargo Transport
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	1.00%	1.00%
Insurance
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	1.00%	2.00%
Manufacturing / Basic Industries
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	1.00%	1.00%
Personal and Non-Durable Consumer Products
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	1.00%	1.00%
Personal, Food and Miscellaneous Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	1.00%	1.00%
Printing and Publishing
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	0.00%	2.00%
Other
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Fair value investments of portfolio assets excluding cash and cash equivalents percentage	2.00%

Investments - Summary of PSLF's Portfolio at Fair Value (Details)
$ in Thousands

12 Months Ended

Sep. 30, 2022

USD ($)

Portfolio

Sep. 30, 2021

USD ($)

Portfolio

Investments at fair value (cost-$738,219 and $405,009, respectively)

$ 1,226,301

^[1]

$ 1,255,290

^[2],[3],[4]

Investments at fair value (cost-$738,219 and $405,009, respectively)

$ 730,108

$ 405,233

Weighted average yield on debt investments

9.40%

7.10%

Number of portfolio companies in PSLF | Portfolio

Largest portfolio company investment

$ 19,906

$ 16,817

Total of five largest portfolio company investments

$ 98,502

$ 74,445

[1]	Valued based on our accounting policy (See Note 2).
[2]	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.
[3]	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).
[4]	Valued based on our accounting policy (See Note 2).

Investments - Summary of Listing of PSLFs Individual Investments (Details) - USD ($)
$ in Thousands

12 Months Ended

Sep. 30, 2022

Sep. 30, 2021

$ 1,302,029

$ 1,221,121

^[1],[2]

Liabilities in excess of other assets

1,226,301

^[3]

1,255,290

^[1],[2],[4]

(693,402)

^[3]

(615,503)

^[1],[2],[4]

52,844

20,383

^[1],[2]

Investments and Cash Equivalents

52,666

^[3]

20,357

^[1],[2],[4]

1,354,873

1,241,504

^[1],[2]

BlackRock Federal FD Institutional 30

1,278,967

^[3]

1,275,647

^[1],[2],[4]

39,122

18,220

^[1],[2]

39,122

^[3]

18,220

^[1],[2],[4]

738,219

405,009

Liabilities in excess of other assets

730,108

405,233

(688,612)

(348,213)

Members' Equity—100.0%

84,462

$ 68,032

PSLF | First Lien Secured Debt

409,602

738,219

$ 405,009

PSLF | Cash and Cash Equivalents

730,108

405,232

42,966

11,013

PSLF | Investments and Cash Equivalents

42,966

11,013

781,185

416,023

PSLF | Ad.net Acquisition, LLC | Media | First Lien Secured Debt

$ 773,073

$ 416,246

May 06, 2026

Media

9.67%

7.00%

3M L+600

3M L + 600

$ 600

4,938

4,988

$ 4,938

$ 4,920

PSLF | Alpine Acquisition Corp II | Containers, Packaging and Glass | First Lien Secured Debt

$ 4,900

$ 4,913

Nov. 30, 2026

Containers, Packaging and Glass

8.69%

3M L+800

$ 800

9,975

$ 9,785

PSLF | Altamira Technologies, LLC | Aerospace and Defense | First Lien Secured Debt

$ 9,576

Jul. 24, 2025

Aerospace and Defense

10.81%

8.00%

3M L+550

3M L+700

$ 550

$ 700

871

921

$ 864

$ 912

PSLF | American Insulated Glass, LLC | Building Materials | First Lien Secured Debt

$ 841

$ 864

Dec. 21, 2023

Building Materials

7.79%

6.50%

3M L+575

3M L+550

$ 575

$ 550

19,906

14,625

$ 19,867

$ 14,481

PSLF | Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) | Media | First Lien Secured Debt

$ 19,906

$ 14,479

Jun. 10, 2025

Media

9.95%

1M L+550

$ 550

14,104

$ 13,968

PSLF | Anteriad, LLC (f/k/a MeritDirect, LLC) | Media | First Lien Secured Debt

$ 13,892

May 23, 2024

Media

9.17%

3M L+550

$ 550

15,168

$ 15,084

PSLF | Any Hour Services | Personal, Food and Miscellaneous Services | First Lien Secured Debt

$ 15,168

Jul. 21, 2027

Personal, Food and Miscellaneous Services

7.98%

6.75%

3M L+575

1M L+525

$ 575

$ 525

9,942

6,500

$ 9,934

$ 6,378

PSLF | Apex Service Partners, LLC | Personal, Food and Miscellaneous Services | First Lien Secured Debt

$ 9,743

$ 6,370

Jul. 31, 2025

Personal, Food and Miscellaneous Services

6.25%

3M L+575

1M L+550

$ 575

$ 550

6,569

$ 6,502

$ 6,518

PSLF | Apex Service Partners, LLC | Term Loan B | Personal, Food and Miscellaneous Services | First Lien Secured Debt

$ 6,536

$ 6,504

Jul. 31, 2025

Personal, Food and Miscellaneous Services

6.55%

3M L+550

$ 550

3,323

3,347

$ 3,298

$ 3,313

PSLF | Apex Service Partners, LLC | Term Loan C | Personal, Food and Miscellaneous Services | First Lien Secured Debt

$ 3,307

$ 3,313

Jul. 31, 2025

Personal, Food and Miscellaneous Services

6.50%

3M L+600

$ 600

7,607

$ 7,607

PSLF | Applied Technical Services, LLC | Environmental Services | First Lien Secured Debt

$ 7,569

Dec. 29, 2026

Environmental Services

9.42%

6.75%

3M L+500

3M L+575

$ 500

$ 575

8,822

7,444

$ 8,725

$ 7,336

PSLF | Arcfield Acquisition Corp. | Aerospace and Defense | First Lien Secured Debt

$ 8,602

$ 7,295

Mar. 07, 2028

Aerospace and Defense

8.99%

3M L+575

$ 575

11,940

$ 11,721

PSLF | Beta Plus Technologies, Inc. | Business Services | First Lien Secured Debt

$ 11,701

Jul. 01, 2029

Business Services

7.56%

1M L+525

$ 525

15,000

$ 14,700

PSLF | Blackhawk Industrial Distribution, Inc. | Distribution | First Lien Secured Debt

$ 14,700

Sep. 17, 2024

Distribution

8.57%

3M L+600

$ 600

17,993

$ 17,772

PSLF | Broder Bros., Co. | Personal, Food and Miscellaneous Services | First Lien Secured Debt

$ 17,596

Dec. 02, 2022

Personal, Food and Miscellaneous Services

7.39%

3M L+600

$ 600

9,937

$ 9,937

PSLF | Cartessa Aesthetics, LLC | Distribution | First Lien Secured Debt

$ 9,937

May 13, 2028

Distribution

9.55%

3M L+600

$ 600

17,456

$ 17,131

PSLF | CF512, Inc. | Media | First Lien Secured Debt

$ 17,194

Aug. 20, 2026

Media

9.08%

3M L+575

$ 575

2,985

$ 2,958

PSLF | Connatix Buyer, Inc. | Media | First Lien Secured Debt

$ 2,940

Jul. 13, 2027

Media

8.42%

1M L+550

$ 550

9,045

$ 9,029

PSLF | Crash Champions, LLC | Auto Sector | First Lien Secured Debt

$ 8,819

Aug. 05, 2025

Auto Sector

6.00%

1M L+525

$ 525

5,985

$ 5,873

PSLF | Dr. Squatch, LLC | Personal and Non-Durable Consumer Products | First Lien Secured Debt

$ 5,865

Aug. 31, 2027

Personal and Non-Durable Consumer Products

9.42%

3M L+475

$ 475

6,435

$ 6,427

PSLF | DRI Holding Inc. | Media | First Lien Secured Debt

$ 6,338

Dec. 21, 2028

Media

8.37%

3M L+575

$ 575

2,776

$ 2,526

PSLF | DRS Holdings III, Inc. | Consumer Products | First Lien Secured Debt

$ 2,489

Nov. 03, 2025

Consumer Products

8.87%

7.25%

3M L+600

1M L+625

$ 600

$ 625

15,142

13,428

$ 15,063

$ 13,335

PSLF | Duraco Specialty Tapes LLC | Manufacturing / Basic Industries | First Lien Secured Debt

$ 14,658

$ 13,334

Jun. 30, 2024

Manufacturing / Basic Industries

8.62%

3M L+575

$ 575

8,139

$ 8,008

PSLF | ECL Entertainment, LLC | Hotels, Motels, Inns and Gaming | First Lien Secured Debt

$ 7,944

May 01, 2028

Mar. 31, 2028

Hotels, Motels, Inns and Gaming

10.62%

8.25%

3M L+500

3M L+750

$ 500

$ 750

4,558

4,604

$ 4,558

$ 4,560

PSLF | ECM Industries, LLC | Electronics | First Lien Secured Debt

$ 4,489

$ 4,707

Dec. 23, 2025

Electronics

6.32%

5.50%

3M L+600

3M L+450

$ 600

$ 450

2,823

2,827

$ 2,761

$ 2,805

PSLF | Exigo Intermediate II, LLC | Business Services | First Lien Secured Debt

$ 2,689

$ 2,770

Mar. 15, 2027

Business Services

8.87%

1M L+575

$ 575

9,950

$ 9,817

PSLF | Fairbanks Morse Defense | Aerospace and Defense | First Lien Secured Debt

$ 9,726

Jun. 17, 2028

Aerospace and Defense

7.63%

6M L+475

$ 475

800

$ 754

PSLF | Bottom Line Systems, LLC | Healthcare, Education and Childcare | First Lien Secured Debt

$ 740

Feb. 13, 2023

Healthcare, Education and Childcare

6.25%

1M L+550

$ 550

13,729

$ 13,674

PSLF | Global Holdings InterCo LLC | Banking, Finance, Insurance & Real Estate | First Lien Secured Debt

$ 13,729

Mar. 16, 2026

Banking, Finance, Insurance & Real Estate

8.74%

7.00%

3M L+600

$ 600

7,343

7,463

$ 7,313

$ 7,360

PSLF | Graffiti Buyer, Inc. | Distribution | First Lien Secured Debt

$ 7,013

$ 7,425

Aug. 10, 2027

Distribution

8.00%

3M L+550

$ 550

1,974

$ 1,939

PSLF | Hancock Roofing and Construction L.L.C. | Insurance | First Lien Secured Debt

$ 1,895

Dec. 31, 2026

Insurance

8.67%

6.00%

1M L+575

3M L+500

$ 575

$ 500

6,835

5,955

$ 6,835

$ 5,819

PSLF | HV Watterson Holdings, LLC | Business Services | First Lien Secured Debt

$ 6,733

$ 5,895

Dec. 17, 2026

Business Services

9.67%

3M L+600

$ 600

15,255

$ 15,045

PSLF | Icon Partners III, LP | Auto Sector | First Lien Secured Debt

$ 14,721

May 11, 2028

Auto Sector

6.87%

3M L+475

$ 475

2,333

$ 2,001

PSLF | IDC Infusion Services, Inc. | Healthcare, Education and Childcare | First Lien Secured Debt

$ 1,705

Dec. 30, 2026

Healthcare, Education and Childcare

10.20%

3M L+750

$ 750

17,400

$ 17,154

PSLF | IG Investments Holdings, LLC | Business Services | First Lien Secured Debt

$ 16,617

Sep. 22, 2028

Business Services

9.45%

1M L+575

$ 575

4,473

$ 4,388

PSLF | Imagine Acquisitionco, LLC | Business Services | First Lien Secured Debt

$ 4,428

Nov. 15, 2027

Business Services

6.91%

3M L+625

$ 625

5,636

$ 5,534

PSLF | Inception Fertility Ventures, LLC | Healthcare, Education and Childcare | First Lien Secured Debt

$ 5,495

Dec. 07, 2023

Healthcare, Education and Childcare

9.96%

3M L+550

$ 550

20,000

$ 19,545

PSLF | Infolinks Media Buyco, LLC | Media | First Lien Secured Debt

$ 19,800

Nov. 01, 2026

Media

9.42%

1M L+550

$ 550

6,428

$ 6,428

PSLF | IMIA Holdings, Inc. | Aerospace and Defense | First Lien Secured Debt

$ 6,428

Apr. 09, 2027

Aerospace and Defense

6.75%

3M L+600

$ 600

9,059

$ 8,890

PSLF | Juniper Landscaping of Florida, LLC | Personal, Food and Miscellaneous Services | First Lien Secured Debt

$ 8,878

Dec. 22, 2021

Personal, Food and Miscellaneous Services

6.50%

3M L+550

$ 550

9,420

$ 9,420

PSLF | LAV Gear Holdings, Inc. | Leisure, Amusement, Motion Pictures, Entertainment | First Lien Secured Debt

$ 9,420

Oct. 31, 2024

Leisure, Amusement, Motion Pictures, Entertainment

9.95%

8.50%

3M L+500

3M L+750

$ 500

$ 750

2,137

2,120

$ 2,129

$ 2,107

PSLF | Lash OpCo, LLC | Consumer Products | First Lien Secured Debt

$ 2,088

$ 1,987

Feb. 18, 2027

Consumer Products

11.17%

1M L+650

$ 650

19,925

$ 19,708

PSLF | Lightspeed Buyer Inc. | Healthcare, Education and Childcare | First Lien Secured Debt

$ 19,526

Feb. 03, 2026

Healthcare, Education and Childcare

8.87%

6.75%

3M L+475

1M L+550

$ 475

$ 550

12,345

12,472

$ 12,119

$ 12,273

PSLF | Lombart Brothers, Inc. | Healthcare, Education and Childcare | First Lien Secured Debt

$ 11,944

$ 12,472

Apr. 13, 2023

Healthcare, Education and Childcare

7.25%

1M L+825

$ 825

16,817

$ 16,729

PSLF | MAG DS Corp. | Aerospace and Defense | First Lien Secured Debt

$ 16,817

Apr. 01, 2027

Aerospace and Defense

9.17%

6.50%

3M L+550

1M L+550

$ 550

5,570

5,837

$ 5,128

$ 5,581

PSLF | Magenta Buyer L L C | Software | First Lien Secured Debt

$ 5,069

$ 5,253

Jul. 31, 2028

Software

7.87%

3M L+500

$ 500

3,140

$ 2,946

PSLF | Mars Acquisition Holdings Corp. | Media | First Lien Secured Debt

$ 2,826

May 14, 2026

Media

8.62%

6.50%

1M L+625

1M L+575

$ 625

$ 575

7,920

8,000

$ 7,861

$ 7,852

PSLF | MBS Holdings, Inc. | Telecommunications | First Lien Secured Debt

$ 7,880

$ 7,920

Apr. 16, 2027

Telecommunications

8.56%

6.75%

3M L+575

3M L+550

$ 575

$ 550

7,406

7,481

$ 7,326

$ 7,338

PSLF | Meadowlark Acquirer, LLC | Business Services | First Lien Secured Debt

$ 7,332

Dec. 10, 2027

Business Services

9.17%

3M L+575

$ 575

2,983

$ 2,926

PSLF | MeritDirect, LLC | Media | First Lien Secured Debt

$ 2,953

May 23, 2024

Media

6.50%

3M L+550

$ 550

13,386

$ 13,272

PSLF | Municipal Emergency Services, Inc. | Distribution | First Lien Secured Debt

$ 13,252

Sep. 28, 2027

Distribution

7.25%

3M L+550

$ 550

4,164

$ 4,102

PSLF | NBH Group LLC | Healthcare, Education and Childcare | First Lien Secured Debt

$ 3,923

Aug. 19, 2026

Healthcare, Education and Childcare

7.80%

3M L+575

$ 575

7,505

$ 7,426

PSLF | OIS Management Services, LLC | Healthcare, Education and Childcare | First Lien Secured Debt

$ 7,505

Jul. 09, 2026

Healthcare, Education and Childcare

9.45%

3M L+600

$ 600

5,257

$ 5,210

PSLF | Owl Acquisition, LLC | Education | First Lien Secured Debt

$ 5,257

Feb. 04, 2028

Education

8.41%

3M L+550

$ 550

3,990

$ 3,874

PSLF | Ox Two, LLC | Distribution | First Lien Secured Debt

$ 3,890

May 18, 2026

Distribution

8.32%

1M L+650

$ 650

4,962

$ 4,911

PSLF | PL Acquisitionco, LLC | Retail | First Lien Secured Debt

$ 4,863

Nov. 09, 2027

Retail

9.62%

1M L+575

$ 575

8,634

$ 8,489

PSLF | PlayPower, Inc. | Consumer Products | First Lien Secured Debt

$ 8,419

May 08, 2026

Consumer Products

9.17%

5.65%

1M L+525

3M L+575

$ 525

$ 575

2,580

3,805

$ 2,487

$ 3,778

PSLF | Quantic Electronics, LLC | Aerospace and Defense | First Lien Secured Debt

$ 2,309

$ 3,736

Nov. 19, 2026

Aerospace and Defense

9.92%

1M L+600

$ 600

3,403

$ 3,342

PSLF | Quantic Electronics, LLC | Unfunded Term Loan | Aerospace and Defense | First Lien Secured Debt

$ 3,335

Nov. 19, 2026

Aerospace and Defense

0.00%

3M L+625

$ 625

143

PSLF | Radius Aerospace, Inc. | Aerospace and Defense | First Lien Secured Debt

$ (1)

Mar. 31, 2025

Aerospace and Defense

9.46%

6.75%

3M L+600

$ 600

12,757

13,335

$ 12,657

$ 13,202

PSLF | Rancho Health MSO, Inc. | Healthcare, Education and Childcare | First Lien Secured Debt

$ 12,566

$ 13,068

Dec. 18, 2025

Healthcare, Education and Childcare

7.75%

6.75%

1M L+450

3M L+550

$ 450

$ 550

5,180

5,232

$ 5,180

$ 5,140

PSLF | Reception Purchaser, LLC | Transportation | First Lien Secured Debt

$ 5,180

$ 5,232

Feb. 28, 2028

Transportation

9.13%

SOFR+600

$ 600

4,975

$ 4,904

PSLF | Recteq, LLC | Consumer Products | First Lien Secured Debt

$ 4,751

Jan. 29, 2026

Consumer Products

9.92%

7.00%

3M L+700

3M L+450

$ 700

$ 450

9,850

9,950

$ 9,718

$ 9,775

PSLF | Research Now Group, Inc. and Dynata, LLC | Business Services | First Lien Secured Debt

$ 9,505

$ 9,851

Dec. 20, 2024

Business Services

8.84%

6.50%

1M L+550

3M L+600

$ 550

$ 600

14,542

14,695

$ 14,440

$ 14,602

PSLF | Riverpoint Medical, LLC | Healthcare, Education and Childcare | First Lien Secured Debt

$ 13,070

$ 14,508

Jun. 20, 2025

Healthcare, Education and Childcare

7.74%

5.50%

3M L+525

1M L+550

$ 525

$ 550

3,192

3,246

$ 3,172

$ 3,217

PSLF | Riverside Assessments, LLC | Education | First Lien Secured Debt

$ 3,112

$ 3,206

Mar. 10, 2025

Education

9.95%

1M L+575

$ 575

9,949

$ 9,872

PSLF | Sales Benchmark Index LLC | Business Services | First Lien Secured Debt

$ 9,750

Jan. 03, 2025

Business Services

9.67%

7.75%

3M L+625

3M L+750

$ 625

$ 750

6,859

7,632

$ 6,779

$ 7,526

PSLF | Sargent & Greenleaf Inc. | Electronics | First Lien Secured Debt

$ 6,791

$ 7,442

Dec. 20, 2024

Electronics

7.15%

7.00%

3M L+550

3M L+575

$ 550

$ 575

5,082

5,232

$ 5,082

$ 5,181

PSLF | Seaway Buyer L L C [Member] | Chemicals, Plastics and Rubber | First Lien Secured Debt

$ 5,031

$ 5,232

Jun. 13, 2029

Chemicals, Plastics and Rubber

7.90%

3M L+575

$ 575

15,000

$ 14,794

PSLF | Signature Systems Holding Company | Chemicals, Plastics and Rubber | First Lien Secured Debt

$ 14,775

May 03, 2024

Chemicals, Plastics and Rubber

10.17%

8.50%

1M L+450

1M L+525

$ 450

$ 525

11,951

13,500

$ 11,879

$ 13,397

PSLF | Solutionreach, Inc. | Communications | First Lien Secured Debt

$ 11,861

$ 13,365

Jan. 17, 2024

Communications

8.87%

6.75%

6M L+675

1M L+600

$ 675

$ 600

11,386

11,882

$ 11,352

$ 11,758

PSLF | STV Group Incorporated | Transportation | First Lien Secured Debt

$ 11,113

$ 11,882

Dec. 11, 2026

Transportation

8.37%

5.33%

3M L+575

1M L+450

$ 575

$ 450

12,099

$ 12,031

$ 12,003

PSLF | System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) | Aerospace and Defense | First Lien Secured Debt

$ 11,978

$ 12,038

Aug. 16, 2027

Aerospace and Defense

8.73%

SOFR+600

$ 600

16,128

$ 15,785

PSLF | TAC LifePort Purchaser, LLC | Aerospace and Defense | First Lien Secured Debt

$ 15,870

Mar. 01, 2026

Aerospace and Defense

7.00%

1M L+525

$ 525

4,967

$ 4,891

PSLF | TeleGuam Holdings, LLC | Telecommunications | First Lien Secured Debt

$ 4,966

Nov. 20, 2025

Telecommunications

5.50%

3M L+525

$ 525

4,593

$ 4,558

PSLF | The Aegis Technologies Group, LLC | Aerospace and Defense | First Lien Secured Debt

$ 4,547

Oct. 31, 2025

Aerospace and Defense

9.67%

3M L+600

$ 600

11,208

$ 11,102

PSLF | The Bluebird Group LLC | Business Services | First Lien Secured Debt

$ 11,096

Jul. 27, 2026

Business Services

10.67%

3M L+650

$ 650

5,502

$ 5,549

PSLF | Teneo Holdings LLC | Financial Services | First Lien Secured Debt

$ 5,557

Jul. 18, 2025

Financial Services

7.73%

6.25%

3M L+525

1M L+575

$ 525

$ 575

3,474

2,997

$ 3,435

$ 2,884

PSLF | The Vertex Companies, LLC | Business Services | First Lien Secured Debt

$ 3,271

$ 2,981

Aug. 30, 2027

Business Services

8.62%

3M L+550

$ 550

4,531

$ 4,485

PSLF | TPC Canada Parent, Inc. and TPC US Parent, LLC | Food | First Lien Secured Debt

$ 4,509

Nov. 24, 2025

Food

7.78%

6.25%

3M L+525

1M L+625

$ 525

$ 625

5,536

5,593

$ 5,392

$ 5,537

PSLF | TVC Enterprises, LLC | Transportation | First Lien Secured Debt

$ 5,370

$ 5,425

Mar. 26, 2026

Transportation

8.87%

6.75%

3M L+600

3M L+550

$ 600

$ 550

17,381

12,773

$ 17,244

$ 12,643

PSLF | TWS Acquisition Corporation | Education | First Lien Secured Debt

$ 16,946

$ 12,773

Jun. 16, 2025

Education

8.76%

7.25%

3M L+625

3M L+450

$ 625

$ 450

7,949

9,648

$ 7,917

$ 9,515

PSLF | Tyto Athene, LLC | Aerospace and Defense | First Lien Secured Debt

$ 7,910

$ 9,648

Apr. 03, 2028

Aerospace and Defense

7.76%

6.25%

3M L+550

1M L+675

$ 550

$ 675

12,064

9,950

$ 11,938

$ 9,853

PSLF | UBEO, LLC | Printing and Publishing | First Lien Secured Debt

$ 11,208

$ 9,950

Apr. 03, 2024

Printing and Publishing

8.17%

5.50%

3M L+450

1M L+500

$ 450

$ 500

4,674

4,710

$ 4,657

$ 4,676

PSLF | Vision Purchaser Corporation | Media | First Lien Secured Debt

$ 4,604

$ 4,687

Jun. 10, 2025

Media

7.75%

3M L+675

$ 675

14,249

$ 14,056

PSLF | Unique Indoor Comfort, LLC | Home and Office Furnishings, Housewares | First Lien Secured Debt

$ 14,035

May 24, 2027

Home and Office Furnishings, Housewares

8.95%

3M L+525

$ 525

9,975

$ 9,840

PSLF | Wildcat Buyerco, Inc. | Electronics | First Lien Secured Debt

$ 9,755

Feb. 27, 2026

Electronics

9.45%

6.00%

SOFR+575

3M L+500

$ 575

$ 500

11,506

7,425

$ 11,420

$ 7,360

PSLF | BlackRock Federal FD Institutional 30 | Cash and Cash Equivalents

11,110

7,388

42,966

11,013

PSLF | Holdco Sands Intermediate, LLC | Aerospace and Defense | First Lien Secured Debt

$ 42,966

$ 11,013

Nov. 23, 2028

Dec. 19, 2025

Aerospace and Defense

10.17%

7.50%

1M L+800

3M L+600

$ 800

$ 600

19,915

12,071

$ 19,535

$ 11,934

PSLF | HW Holdco, LLC | Media | First Lien Secured Debt

$ 19,516

$ 12,010

Dec. 10, 2024

Media

6.00%

5.50%

3M L+700

3M L+450

$ 700

$ 450

14,438

14,588

$ 14,303

$ 14,499

PSLF | Integrity Marketing Acquisition, LLC | Insurance | First Lien Secured Debt

$ 14,257

$ 14,442

Aug. 27, 2025

Insurance

9.21%

6.50%

3M L+575

3M L+550

$ 575

$ 550

19,954

7,868

$ 19,866

$ 7,803

PSLF | K2 Pure Solutions NoCal, L.P. | Chemicals, Plastics and Rubber | First Lien Secured Debt

$ 19,754

$ 7,829

Dec. 20, 2023

Chemicals, Plastics and Rubber

11.12%

8.00%

3M L+550

1M L+700

$ 550

$ 700

14,438

14,588

$ 14,316

$ 14,479

PSLF | Zips Car Wash, LLC | Business Services | First Lien Secured Debt

$ 14,438

$ 14,199

Mar. 01, 2024

Business Services

10.24%

3M L+725

$ 725

19,998

$ 19,673

Investments at fair value (cost-$738,219 and $405,009, respectively)

$ 19,498

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

Investments - Summary of Listing of PSLFs Individual Investments (Parenthetical) (Details) - PSLF	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Schedule Of Investments [Line Items]
Investment owned, percent of net assets	864.40%
Investment owned, percent of liabilities in excess of other assets	(815.30%)	(511.80%)
Investment owned, percent of members' equity	100.00%	100.00%
First Lien Secured Debt
Schedule Of Investments [Line Items]
Investment owned, percent of net assets	864.40%	595.60%
Cash and Cash Equivalents
Schedule Of Investments [Line Items]
Investment owned, percent of net assets	50.90%	16.20%
Investments and Cash Equivalents
Schedule Of Investments [Line Items]
Investment owned, percent of net assets	915.30%	611.80%

Investments - Consolidated Statements of Assets and Liabilities for PSLF (Details) - USD ($)
$ in Thousands

Sep. 30, 2022

Sep. 30, 2021

Assets

$ 1,226,301

^[1]

$ 1,255,290

^[2],[3],[4]

Cash and cash equivalents (cost-$42,966 and $11,013, respectively)

52,666

20,357

Receivable for investments sold

29,494

12,793

Interest receivable

3,593

4,958

Prepaid expenses and other assets

4,036

Total assets

1,318,510

1,295,092

Payable for investments purchased

Credit facility payable

376,687

314,813

Distributions payable

9,784

8,045

8,407

Interest payable on notes to members

6,264

4,943

Total liabilities

732,945

634,948

Total liabilities and net assets

1,318,510

1,295,092

Investments at fair value (cost-$738,219 and $405,009, respectively)

Assets

730,108

405,233

Cash and cash equivalents (cost-$42,966 and $11,013, respectively)

42,966

11,013

Receivable for investments sold

3,870

Interest receivable

2,970

1,175

Prepaid expenses and other assets

1,373

Total assets

781,287

417,421

2034 Asset-backed debt, net (par-$246,000)

Credit facility payable

257,600

224,000

243,896

Notes payable to members

145,472

106,041

Payable for investments purchased

37,658

12,793

Interest payable on credit facility and asset backed debt

4,676

1,499

Distribution payable to Members

4,000

2,800

Interest payable on notes to members

2,703

1,644

Accrued expenses

820

612

Total liabilities

696,825

349,389

Commitments and contingencies (See Note 11)

Members' equity

84,462

68,032

Total liabilities and net assets

$ 781,287

$ 417,421

[1]	Valued based on our accounting policy (See Note 2).
[2]	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.
[3]	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).
[4]	Valued based on our accounting policy (See Note 2).

Investments - Consolidated Statements of Assets and Liabilities for PSLF (Parenthetical) (Details) - USD ($)
$ in Thousands

Sep. 30, 2022

Sep. 30, 2021

Cash and cash equivalents, cost

$ 1,302,029

$ 1,221,121

^[1],[2]

52,844

20,383

Cash and cash equivalents, cost

738,219

405,009

42,966

$ 11,013

2034 Asset-backed debt, net par

$ 246,000

[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).

Investments - Consolidated Statements of Operations for PSLF (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Expenses:
Interest expense on notes to members	$ 28,760	$ 22,507	$ 32,168
General and administrative expenses	1,000	1,771	2,075
Net expenses	61,023	45,112	61,495
Net investment income	43,943	36,476	38,730
Realized and unrealized gain (loss) on investments:
Net realized (gain) loss on investments	34,756	30,021	$ (20,827)
PSLF
Investment income:
Interest	37,905	27,489
Other income	246	1,803
Total investment income	38,151	29,292
Expenses:
Interest expense on credit facility and asset-backed debt	11,023	6,284
Interest expense on notes to members	11,692	9,533
Administrative services expenses	1,171	1,172
General and administrative expenses	447	447
Net expenses	24,333	17,436
Net investment income	13,818	11,856
Realized and unrealized gain (loss) on investments:
Net realized (gain) loss on investments	376	545
Net change in unrealized appreciation (depreciation) on Investments	(8,334)	4,880
Net realized and unrealized gain (loss) from investments	(7,958)	5,425
Net increase (decrease) in members' equity resulting from operations	$ 5,860	$ 17,281

Fair Value of Financial Instruments - Summary of Unobservable Inputs and Ranges (Details) - Level 3 $ in Thousands	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value	$ 1,159,327	$ 1,211,021
Truist Credit Facility \| Market Comparable \| Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value	$ 376,687	$ 314,813
Range of Input	0.024	0.024
Equity \| Market Comparable \| Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value		$ 21,133
Range of Input		0.204
Equity \| Enterprise Market Value \| EBITDA Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value	$ 215,131	$ 278,486
Equity \| Enterprise Market Value \| Discount for Lack of Marketability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value	$ 42,031	$ 60,808
Range of Input	0.118	0.093
Minimum \| Equity \| Enterprise Market Value \| EBITDA Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range of Input	0.033	0.026
Maximum \| Equity \| Enterprise Market Value \| EBITDA Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range of Input	0.214	0.185
Weighted Average \| Equity \| Enterprise Market Value \| EBITDA Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range of Input	(0.091)	(0.085)
First Lien \| Market Comparable \| Broker/Dealer Bids or Quotes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value	$ 44,530	$ 90,266
First Lien \| Market Comparable \| Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value	569,488	$ 462,264
First Lien \| Market Comparable \| EBITDA Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value	$ 16,946
Range of Input	0.140
First Lien \| Minimum \| Market Comparable \| Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range of Input	0.070	0.061
First Lien \| Maximum \| Market Comparable \| Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range of Input	0.202	0.131
First Lien \| Weighted Average \| Market Comparable \| Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range of Input	(0.108)	(0.081)
Second Lien \| Market Comparable \| Broker/Dealer Bids or Quotes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value	$ 21,600	$ 39,298
Second Lien \| Market Comparable \| Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value	$ 108,336	126,509
Second Lien \| Enterprise Market Value \| EBITDA Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value		$ 11,087
Range of Input	0.060	0.054
Second Lien \| Minimum \| Market Comparable \| Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range of Input	0.133	0.103
Second Lien \| Maximum \| Market Comparable \| Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range of Input	0.170	0.115
Second Lien \| Weighted Average \| Market Comparable \| Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range of Input	(0.144)	(0.107)
Subordinated Debt / Corporate Notes \| Market Comparable \| Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value	$ 141,265	$ 121,170
Subordinated Debt / Corporate Notes \| Minimum \| Market Comparable \| Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range of Input	0.108	0.096
Subordinated Debt / Corporate Notes \| Maximum \| Market Comparable \| Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range of Input	0.172	0.171
Subordinated Debt / Corporate Notes \| Weighted Average \| Market Comparable \| Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range of Input	(0.123)	(0.125)

Fair Value of Financial Instruments - Summary of Investments, Cash and Cash Equivalents, Credit Facility, SBA Debentures and Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total investments	$ 1,226,301	$ 1,255,290
Cash and cash equivalents	52,666	20,357
Total investments and cash and cash equivalents	1,278,967	1,275,647
Total debt	704,513	607,340
SBA Debentures
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt	19,686	62,159
2024 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt		84,503
2026 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt	146,767	145,865
2026 Notes-2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt	161,373
Truist Credit Facility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Credit Facility, Fair Value	376,687	314,813
Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total investments	902,165	850,593
Equity Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total investments	324,136	404,697
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total investments	304	3,109
Cash and cash equivalents	52,666	20,357
Total investments and cash and cash equivalents	52,970	23,466
Total debt		84,503
Level 1 \| 2024 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt		84,503
Level 1 \| Equity Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total investments	304	3,109
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt	308,140	145,865
Level 2 \| 2026 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt	146,767	145,865
Level 2 \| 2026 Notes-2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt	161,373
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total investments	1,159,327	1,211,021
Total investments and cash and cash equivalents	1,159,327	1,211,021
Total debt	396,373	376,972
Level 3 \| SBA Debentures
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt	19,686	62,159
Level 3 \| Truist Credit Facility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Credit Facility, Fair Value	376,687	314,813
Level 3 \| Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total investments	902,165	850,593
Level 3 \| Equity Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total investments	257,162	360,428
Measured at Net Asset Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total investments	66,670	41,160
Total investments and cash and cash equivalents	66,670	41,160
Measured at Net Asset Value \| Equity Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total investments	$ 66,670	$ 41,160

Fair Value of Financial Instruments - Reconciliation of Investments Measured at Fair Value Using Significant Unobservable Inputs Level 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Net change in unrealized depreciation reported within the net change in unrealized depreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date.	$ (103,439)	$ 100,120	$ (33,873)
Level 3
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	1,211,020	1,044,180
Net realized gain (loss)	43,803	29,953
Net change in unrealized depreciation	(104,360)	111,963
Purchases, PIK interest, net discount accretion and non-cash exchanges	957,105	459,397
Sales, repayments and non-cash exchanges	(948,241)	(434,473)
Ending Balance	1,159,327	1,211,020	1,044,180
Net change in unrealized depreciation reported within the net change in unrealized depreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date.	99,647	(115,872)
Debt Investments \| Level 3
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	850,593	773,426
Net realized gain (loss)	(10,262)	(2,770)
Net change in unrealized depreciation	(38,617)	32,159
Purchases, PIK interest, net discount accretion and non-cash exchanges	870,284	414,127
Sales, repayments and non-cash exchanges	(769,833)	(366,349)
Ending Balance	902,165	850,593	773,426
Net change in unrealized depreciation reported within the net change in unrealized depreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date.	33,393	(29,959)
Equity Investments \| Level 3
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	360,427	270,754
Net realized gain (loss)	54,065	32,723
Net change in unrealized depreciation	(65,743)	79,804
Purchases, PIK interest, net discount accretion and non-cash exchanges	86,821	45,270
Sales, repayments and non-cash exchanges	(178,408)	(68,124)
Ending Balance	257,162	360,427	$ 270,754
Net change in unrealized depreciation reported within the net change in unrealized depreciation on investments in our Consolidated Statements of Operations attributable to our Level 3 assets still held at the reporting date.	$ 66,254	$ (85,913)

Fair Value of Financial Instruments - Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs Level 3 (Details) - Level 3 - Long-Term Credit Facility - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 314,813	$ 360,702
Net change in unrealized (depreciation) appreciation included in earnings	(7,501)	17,818
Borrowings	860,841	310,312
Repayments	(791,466)	(374,019)
Ending Balance	$ 376,687	$ 314,813

Fair Value of Financial Instruments - Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs Level 3 (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Long-Term Credit Facility
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Cost	$ 385,920	$ 316,545	$ 388,252

Fair Value of Financial Instruments - Net Change in Fair Value on Foreign Currency Translation on Outstanding Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Net Change In Fair Value On Foreign Currency Translation On Outstanding Borrowings [Line Items]
Amount Borrowed	$ 376,687	$ 314,813
Borrowing Cost	385,920	316,545
Truist Credit Facility
Net Change In Fair Value On Foreign Currency Translation On Outstanding Borrowings [Line Items]
Amount Borrowed	36,000	29,000
Borrowing Cost	49,420	40,045
Current Value	$ 40,187	$ 39,102
Reset Date	Dec. 31, 2022	Dec. 17, 2021
Change in Fair Value	$ (9,233)	$ (943)

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

Fair Value of Financial Instruments - Additional Information (Details) - Truist Credit Facility - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Line of credit facility amendment costs	$ 5,100	$ 0	$ 0
Net change in unrealized appreciation on debt		17,800	17,800
Net change in unrealized depreciation on debt	7,500		$ 12,300
Net unrealized depreciation on debt	$ 9,200	$ 1,700

Transactions with Affiliated Companies - Additional Information (Details)	12 Months Ended
	Sep. 30, 2022
Minimum
Investments In And Advances To Affiliates [Line Items]
Ownership percentage of voting securities	5.00%
Non-Controlled Affiliates \| Minimum
Investments In And Advances To Affiliates [Line Items]
Ownership percentage of voting securities	5.00%
Non-Controlled Affiliates \| Maximum
Investments In And Advances To Affiliates [Line Items]
Ownership percentage of voting securities	25.00%
Controlled Affiliates \| Maximum
Investments In And Advances To Affiliates [Line Items]
Ownership percentage of voting securities	25.00%

Transactions with Affiliated Companies - Summary of Transactions with Affiliated Companies (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Investments In And Advances To Affiliates [Line Items]
Net Realized Gains (Losses)	$ 43,861	$ 30,021	$ (11,577)
Controlled Affiliates
Investments In And Advances To Affiliates [Line Items]
Fair Value	259,386	384,628
Gross Additions	60,941
Gross Reductions	(234,974)
Net Change in Appreciation / (Depreciation)	48,791
Interest Income	10,586
Payment-in-kind	3,983
Dividend Income	9,075
Net Realized Gains (Losses)	140,898
Controlled Affiliates \| AKW Holdings Limited
Investments In And Advances To Affiliates [Line Items]
Fair Value	45,995	41,379
Gross Additions	10,403
Net Change in Appreciation / (Depreciation)	(5,787)
Interest Income	3,512
Controlled Affiliates \| Mailsouth Inc.
Investments In And Advances To Affiliates [Line Items]
Fair Value		22,100
Gross Additions	1,296
Net Change in Appreciation / (Depreciation)	(23,396)
Payment-in-kind	1,309
Controlled Affiliates \| PennantPark Senior Loan Fund, LLC
Investments In And Advances To Affiliates [Line Items]
Fair Value	139,109	105,314
Gross Additions	39,325
Net Change in Appreciation / (Depreciation)	(5,530)
Interest Income	7,074
Dividend Income	9,075
Controlled Affiliates \| PT Networks, LLC
Investments In And Advances To Affiliates [Line Items]
Fair Value	0	134,125
Gross Additions	9,917
Gross Reductions	(234,974)
Net Change in Appreciation / (Depreciation)	90,932
Payment-in-kind	2,674
Net Realized Gains (Losses)	140,898
Controlled Affiliates \| RAM Energy LLC
Investments In And Advances To Affiliates [Line Items]
Fair Value	74,282	81,710
Net Change in Appreciation / (Depreciation)	(7,428)
Non-Controlled Affiliates
Investments In And Advances To Affiliates [Line Items]
Fair Value	34,760	114,453
Gross Additions	36,170
Gross Reductions	(139,891)
Net Change in Appreciation / (Depreciation)	24,028
Interest Income	1,361
Net Realized Gains (Losses)	(65,655)
Non-Controlled Affiliates \| Cascade Environmental Holdings, LLC
Investments In And Advances To Affiliates [Line Items]
Fair Value	32,791	64,292
Gross Additions	34,201
Gross Reductions	(61,168)
Net Change in Appreciation / (Depreciation)	(4,534)
Interest Income	1,361
Net Realized Gains (Losses)	(28,208)
Non-Controlled Affiliates \| ETX Energy, LLC
Investments In And Advances To Affiliates [Line Items]
Gross Reductions	(38,541)
Net Change in Appreciation / (Depreciation)	38,541
Net Realized Gains (Losses)	(37,447)
Non-Controlled Affiliates \| JF International
Investments In And Advances To Affiliates [Line Items]
Fair Value	1,969
Gross Additions	1,969
Non-Controlled Affiliates \| MidOcean JF Holdings Corp.
Investments In And Advances To Affiliates [Line Items]
Fair Value		50,161
Gross Reductions	(40,182)
Net Change in Appreciation / (Depreciation)	(9,979)
Controlled and Non-Controlled Affiliates
Investments In And Advances To Affiliates [Line Items]
Fair Value	294,146	$ 499,081
Gross Additions	97,111
Gross Reductions	(374,865)
Net Change in Appreciation / (Depreciation)	72,819
Interest Income	11,947
Payment-in-kind	3,983
Dividend Income	9,075
Net Realized Gains (Losses)	$ 75,243

Change in Net Assets from Operations Per Common Share - Summary of Information Sets Forth for Computation of Basic and Diluted Per Share Net Increase in Net Assets Resulting from Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Numerator for net increase (decrease) in net assets resulting from operations	$ (24,740)	$ 166,617	$ (15,970)
Denominator for basic and diluted weighted average shares	66,254,150	67,045,105	67,045,105
Basic and diluted net increase (decrease) in net assets per share resulting from operations	$ (0.37)	$ 2.49	$ (0.24)

Taxes and Distributions - Summary of Amounts Reclassified for Tax Purposes (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Decrease in paid-in capital	$ (25,577)	$ (632)	$ (567)
Increase (Decrease) in accumulated net realized gain	18,347	(1,773)	(1,806)
Increase in undistributed net investment income	$ 7,230	$ 2,406	$ 2,373

Taxes and Distributions - Summary of Reconciles Net (Decrease) Increase in Net Assets Resulting From Operations to Taxable Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Net increase (decrease) in net assets resulting from operations	$ (24,740)	$ 166,617	$ (15,970)
Gain Loss On Investments	34,756	30,021	(20,827)
Net change in unrealized (appreciation) depreciation on investments and debt	103,439	(100,120)	33,873
Other book-to-tax differences	9,490	(5,333)	1,752
Other non-deductible expenses	3,691	2,647	2,838
Taxable income before dividends paid deduction	$ 57,124	$ 33,790	$ 43,320

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Investment Company Financial Highlights [Abstract]

Taxes and Distributions - Summary of Components of Undistributed Taxable Income on Tax Basis and Reconciliation to Accumulated Deficit on Book basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Undistributed net investment income – tax basis	$ 46,283	$ 23,560	$ 21,934
Short-term realized loss carried forward	(2,065)	(1,578)	(2,528)
Long-term realized loss carried forward	(103,119)	(165,037)	(198,741)
Distributions payable and other book to tax differences	(37,103)	(15,368)	(18,407)
Net unrealized appreciation (depreciation) on investments and debt	(66,665)	31,507	(64,241)
Total accumulated deficit - book basis	$ (162,669)	$ (126,916)	$ (261,983)

Taxes and Distributions - Summary of Tax Characteristics of Distributions Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Ordinary income (including short-term gains, if any)	$ 36,590	$ 32,182	$ 40,227
Total distributions	$ 36,590	$ 32,182	$ 40,227
Total distributions declared per share	$ 0.56	$ 0.48	$ 0.60	$ 0.72	$ 0.72

Cash and Cash Equivalents - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 52,666	$ 20,357
Money Market Funds
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 52,700	$ 20,400

Financial Highlights - Summary of Financial Highlights (Details) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

12 Months Ended

Sep. 30, 2019

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2018

Net asset value, beginning of year

$ 9.85

$ 7.84

$ 8.68

$ 9.11

$ 9.10

Net investment income

^[1]

0.66

0.54

0.58

0.66

0.75

Net realized and unrealized (loss) gain

^[1]

(1.03)

1.94

(0.82)

(0.42)

(0.07)

Net (decrease) increase in net assets resulting from operations

^[1]

(0.37)

2.49

(0.24)

0.24

0.68

Distribution of net investment income

(0.56)

(0.48)

(0.60)

(0.72)

Total distributions to stockholders

(0.56)

(0.48)

(0.60)

(0.72)

Repurchase of common stock

^[1]

0.06

0.05

Net asset value, end of year

$ 8.68

8.98

9.85

7.84

8.68

9.11

Per share market value, end of year

$ 6.27

$ 5.46

$ 6.49

$ 3.19

$ 6.27

$ 7.46

Total return

^[2]

(8.42%)

120.98%

(39.62%)

(6.28%)

9.70%

Common stock, shares, outstanding

67,045,105

65,224,500

67,045,105

69,053,958

Ratios / Supplemental Data:

Ratio of operating expenses to average net assets

^[3],[4]

4.17%

3.74%

4.91%

4.83%

4.99%

Ratio of interest and expenses on debt to average net assets

^[5]

5.19%

3.73%

6.22%

6.29%

3.54%

Ratio of total expenses to average net assets

^[4],[5]

9.36%

7.47%

11.13%

11.12%

8.53%

Ratio of net investment income to average net assets

^[5]

6.74%

6.04%

7.01%

7.35%

8.28%

Net Assets

$ 581,906

$ 585,565

^[6]

$ 660,144

^[7]

$ 525,709

$ 581,906

$ 628,902

Weighted average debt outstanding

638,424

$ 695,267

$ 649,666

$ 794,641

$ 504,964

Weighted average debt per share

^[1]

$ 10.49

$ 9.69

$ 11.85

$ 9.43

$ 7.14

Asset coverage per unit

^[8]

$ 2,066

$ 1,855

$ 2,208

$ 2,078

$ 2,066

$ 2,919

Average market value per unit

^[9],[10]

$ 24.87

$ 25.13

$ 23.47

$ 24.87

Portfolio turnover ratio

70.41%

37.74%

12.74%

35.44%

56.51%

[1]	Based on the weighted average shares outstanding for the respective periods.
[2]	Based on the change in market price per share during the period and assumes distributions, if any, are reinvested.
[3]	Excludes debt related costs.
[4]	For the years ended September 30, 2020, 2019 and 2018, the ratio of operating expenses to average net assets before the waiver of certain Management Fees to average net assets was 4.65%, 5.26% and 5.21% , respectively, and the ratio of total expenses to average net assets before the waiver of certain Management Fees to average net assets was 9.12%, 11.48% and 8.75%, respectively. (7) Includes SBA debentures outstanding.
[5]	Includes interest and expenses on debt (annualized) as well as Truist Credit Facility amendment and debt issuance costs, if any (not annualized).
[6]	Valued based on our accounting policy (See Note 2).
[7]	Valued based on our accounting policy (See Note 2).
[8]	The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by the senior securities representing indebtedness at par (changed from fair value). This asset coverage ratio is multiplied by $1,000 to determine the asset coverage per unit. These amounts exclude SBA debentures from our asset coverage per unit computation pursuant to exemptive relief received from the SEC in June 2011.
[9]	The average market value per unit is derived based on the daily closing price of the 2024 Notes trading on The Nasdaq Global Select Market under the symbol “PNNTG,” which were issued in increments of $25 per unit and commenced trading on September 30, 2019. The 2024 Notes were redeemed in full on November 13, 2021 and no amounts were outstanding as of September 30, 2022.
[10]	The average market value per unit is derived based on the monthly average closing price of the 2025 Notes trading on NYSE under the symbol “PNTA,” which were issued in increments of $25 per unit. On June 29, 2017, the 2025 Notes were redeemed in full and no amounts were outstanding as of September 30, 2020, 2019 or 2018.

Financial Highlights - Summary of Financial Highlights (Details) (Parenthetical) $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 30, 2019 shares	Sep. 30, 2018 shares	Sep. 30, 2020 shares	Sep. 30, 2022 USD ($) $ / shares shares
Investment Company Financial Highlights [Line Items]
Ratio of operating expenses to average net assets before the waiver	5.26%	5.21%	4.65%
Ratio of total expenses to average net assets before the waiver	11.48%	8.75%	9.12%
Amount used to multiply asset coverage ratio to determine the asset coverage per unit \| $				$ 1,000
Capital outstanding \| shares	0	0	0	0
2025 Notes
Investment Company Financial Highlights [Line Items]
Increment in issued price per unit				25
2024 Notes
Investment Company Financial Highlights [Line Items]
Increment in issued price per unit				25

Debt - Additional Information (Details)				1 Months Ended		12 Months Ended
Debt - Additional Information (Details)	Nov. 13, 2021	Feb. 06, 2019	Feb. 05, 2019	Oct. 31, 2021 USD ($)	Apr. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jul. 31, 2022 USD ($)	Sep. 30, 2020
Debt Instrument [Line Items]
Asset coverage ratio requirement						150.00%
Truist Credit Facility payable, at fair value (cost - $385,920 and $316,545, respectively)						$ 376,687,000	$ 314,813,000
Senior Securities
Debt Instrument [Line Items]
Asset coverage ratio requirement		150.00%	200.00%			186.00%	221.00%
Truist Credit Facility
Debt Instrument [Line Items]
Annualized weighted average cost of debt						4.80%	2.40%
Truist Credit Facility payable, at fair value (cost - $385,920 and $316,545, respectively)						$ 500,000,000.0		$ 465,000,000.0
Outstanding borrowings						$ 385,900,000	$ 316,500,000
Maturity date						Sep. 04, 2023
Credit facility, remaining amount						$ 25,000,000.0
Unused borrowing capacity						$ 114,100,000	$ 118,500,000
Truist Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis points						235
Truist Credit Facility \| Maximum
Debt Instrument [Line Items]
Truist credit facility						$ 750,000.0
Revolver
Debt Instrument [Line Items]
Truist Credit Facility payable, at fair value (cost - $385,920 and $316,545, respectively)						$ 475,000,000.0
Maturity date						Jul. 29, 2027
2024 Notes
Debt Instrument [Line Items]
Annualized weighted average cost of debt						4.80%	3.50%		4.00%
Aggregate principal amount of notes issued						$ 0	$ 86,300,000
Redemption price per note	25.00
Debt instrument, periodic payment						quarterly
Debt instrument, interest rate						5.50%
2026 Notes
Debt Instrument [Line Items]
Annualized weighted average cost of debt						4.80%	3.50%		4.00%
Aggregate principal amount of notes issued					$ 150,000,000.0
Debt instrument, interest rate					4.50%
Percentage of public offering price per notes issued					99.40%
Debt instrument, periodic payment					semi-annually
Debt instrument, maturity date					May 01, 2026
2026 Notes-2
Debt Instrument [Line Items]
Annualized weighted average cost of debt						4.80%	3.50%		4.00%
Aggregate principal amount of notes issued				$ 165,000,000.0
Debt instrument, interest rate				4.00%
Percentage of public offering price per notes issued				99.40%
Debt instrument, periodic payment						semi-annually
Debt instrument, maturity date						Nov. 01, 2026
SBA Debentures
Debt Instrument [Line Items]
Annualized weighted average cost of debt						4.80%	3.50%		4.00%
Debentures outstanding						$ 20,000,000	$ 63,500,000
Market driven spread period						10 years
Debentures repaid						$ 43,500,000	55,000,000.0
Unamortized fees						$ 300,000	$ 1,300,000
Upfront fees Percentage						3.40%
Commitment fee Percentage						1.00%
Percentage of issuance discount amortized						2.40%
Percentage of public offering price per notes issued						2.90%	3.50%
SBA Debentures \| SBIC
Debt Instrument [Line Items]
Maximum Borrowing Capacity						$ 175,000,000.0
SBA Debentures \| Group of SBICs
Debt Instrument [Line Items]
Maximum Borrowing Capacity						350,000,000
SBA Debentures \| SBIC II
Debt Instrument [Line Items]
Equity capital						75,000,000.0
Debentures outstanding						$ 150,000.0
SBA Debentures \| Minimum
Debt Instrument [Line Items]
Percentage of required regulatory capital in eligible smaller businesses.						25.00%

Debt - Schedule of Fixed Rate SBA Debentures (Details) - SBA Debentures - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Fixed All-in Coupon Rate	2.90%	3.50%
Principal Balance	$ 20,000	$ 63,500
Issued Dates, September 20, 2017
Debt Instrument [Line Items]
Issuance Dates	Sep. 20, 2017	Sep. 20, 2017
Maturity	Sep. 01, 2027	Sep. 01, 2027
Fixed All-in Coupon Rate	2.90%	2.90%
Principal Balance	$ 20,000	$ 27,500
Issued Dates, March 21, 2018
Debt Instrument [Line Items]
Issuance Dates		Mar. 21, 2018
Maturity		Mar. 01, 2028
Fixed All-in Coupon Rate		3.50%
Principal Balance		$ 36,000

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Securities Act File Number

Debt - Schedule of Fixed Rate SBA Debentures (Parenthetical) (Details)	12 Months Ended
	Sep. 30, 2022
SBA Debentures
Debt Instrument [Line Items]
Upfront fees Percentage	3.40%

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments to fund investments	$ 169.2	$ 104.8

Unconsolidated Significant Subsidiaries - Additional Information (Details) - PT Networks, LLC	12 Months Ended
	Sep. 30, 2022 OnsiteHealthClinics PhysicalTherapyClinics HealthLocation
Eastern Region
Schedule of Equity Method Investments [Line Items]
Number of physical therapy clinics \| PhysicalTherapyClinics	250
Maryland and Delaware
Schedule of Equity Method Investments [Line Items]
Number of occupational health locations \| HealthLocation	12
United States
Schedule of Equity Method Investments [Line Items]
Number of onsite health clinics \| OnsiteHealthClinics	150

Unconsolidated Significant Subsidiaries - Summary of Selected Key Financial Data from Balance Sheet of Unconsolidated Significant Subsidiaries (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Total expenses	$ 61,023	$ 45,112	$ 61,495
Net (Loss)	(24,740)	166,617	(15,970)
PT Networks, LLC
Schedule of Equity Method Investments [Line Items]
Current assets		55,422
Noncurrent assets		217,045
Liabilities, Current		31,451
Noncurrent liabilities		211,047
Total revenue		254,761	213,886
Total expenses		252,188	225,655
Net (Loss)		2,573	(11,769)
RAM Energy Holdings LLC
Schedule of Equity Method Investments [Line Items]
Current assets	21,051	32,239
Noncurrent assets	71,411	52,567
Liabilities, Current	24,721	15,058
Noncurrent liabilities	40,921	47,391
Total revenue	52,051	57,931	30,586
Total expenses	(47,589)	(39,511)	(75,915)
Net (Loss)	$ 4,462	$ 18,420	$ (45,329)

Stock Repurchase Program - Additional Information (Details) - USD ($)	12 Months Ended
	Sep. 30, 2022	Feb. 09, 2022	Sep. 30, 2021	Sep. 30, 2020
Equity Class Of Treasury Stock [Line Items]
Aggregate transaction cost for repurchase of common stock in open market transactions	$ 13,249,000
Common Stock
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, repurchase of common stock, shares	1,820,605		0	0
Aggregate transaction cost for repurchase of common stock in open market transactions	$ 13,200,000
Stock repurchase program expiration date	Mar. 31, 2023
Common Stock \| Maximum
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, repurchase of common stock		$ 25,000,000

N-2 - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2022

Sep. 30, 2021

Cover [Abstract]

Entity Central Index Key

0001383414

Amendment Flag

false

814-00736

Document Type

10-K

Entity Registrant Name

PENNANTPARK INVESTMENT CORPORATION

Entity Address, Address Line One

1691 Michigan Avenue

Entity Address, City or Town

Miami

Entity Address, State or Province

Entity Address, Postal Zip Code

33319

City Area Code

(786

Local Phone Number

297-9500

Entity Well-known Seasoned Issuer

Entity Emerging Growth Company

false

Fee Table [Abstract]

Sales Load [Percent]

^[1]

0.00%

Other Transaction Expenses [Abstract]

Other Transaction Expense 1 [Percent]

^[2]

0.00%

Other Transaction Expenses [Percent]

^[3]

0.00%

Management Fees [Percent]

^[4],[5]

3.04%

Interest Expenses on Borrowings [Percent]

^[4],[6]

5.19%

Incentive Fees [Percent]

^[4],[7]

0.41%

Acquired Fund Fees and Expenses [Percent]

^[4],[8]

2.45%

Other Annual Expenses [Abstract]

Other Annual Expenses [Percent]

^[4],[9]

0.72%

Total Annual Expenses [Percent]

^[4],[10]

11.81%

Purpose of Fee Table , Note [Text Block]

The following table is being provided to update, as of September 30, 2022, certain information in our registration statement on Form N-2 (File No. 333-263564), most recently declared effective by the SEC on April 28, 2022. The following table will assist you in understanding the various costs and expenses that an investor in shares of our common stock will bear directly or indirectly. However, we caution you that some of the percentages indicated in the table below are estimates and may vary from actual results. The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. Except where the context suggests otherwise, whenever reference is made to fees or expenses paid by “you” or “us” or that “we” will pay, stockholders will indirectly bear such fees or expenses as investors in us.

Other Expenses, Note [Text Block]

Other expenses” includes our general and administrative expenses, professional fees, directors’ fees, insurance costs, taxes, expenses of our dividend reinvestment plan and the expenses of the Investment Adviser reimbursable under our Investment Management Agreement and of the Administrator reimbursable under our Administration Agreement.

Management Fee not based on Net Assets, Note [Text Block]

(5)

The contractual management fee is calculated at an annual rate of 1.50% of our average adjusted gross assets up to 200% of the Company’s total net assets as of the immediately preceding quarter-end and 1.00% for amounts that exceed such amount on September 30, 2022. See “Business—Investment Management Agreement” and “Business—Management Fees” for more information.

Acquired Fund Fees Estimated, Note [Text Block]

(8)

Our stockholders indirectly bear 60.5% of the expenses of our investment in PSLF. No management fee is charged by PennantPark Investment Advisers in connection with PSLF. PSLF pays the Administrator an annual fee of 0.25% of average gross assets under management. For this chart, PSLF fees and operating expenses are based on our share of the actual fees and operating expenses of PSLF for the fiscal year ended September 30, 2022. Expenses for PSLF may fluctuate over time and may be substantially higher or lower in the future.

Acquired Fund Incentive Allocation, Note [Text Block]

e portion of incentive fees paid with respect to net investment income and capital gains, if any, is based on actual amounts incurred during the fiscal year ended September 30, 2022. Such incentive fees are based on performance, vary from period to period and are not paid unless our performance exceeds specified thresholds. Incentive fees in respect of net investment income do not include incentive fees in respect of net capital gains. The portion of our incentive fee paid in respect of net capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date) and equals 17.5% of our realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For purposes of this chart and our Consolidated Financial Statements, our incentive fees on capital gains are calculated in accordance with GAAP. As we cannot predict our future net investment income or capital gains, the incentive fee paid in future periods, if any, may be substantially different than the fee earned during the fiscal year ended September 30, 2022. For more detailed information about the incentive fee, please see “Business—Investment Management Agreement” and “Business—Management Fees” for more information.

Acquired Fund Total Annual Expenses, Note [Text Block]

Total estimated annual expenses” as a percentage of average net assets attributable to common shares, to the extent we borrow money to make investments, are higher than the total estimated annual expenses percentage would be for a company that is not leveraged. We may borrow money to leverage our net assets and increase our total assets. The SEC requires that the “total estimated annual expenses” percentage be calculated as a percentage of net assets (defined as total assets less indebtedness) rather than total assets, which include assets that have been funded with borrowed money. If the “Total estimated annual expenses” percentage were calculated instead as a percentage of total assets, our “Total estimated annual expenses” would be 5.6% of average total

Senior Securities [Table Text Block]

The report of RSM US LLP, an independent registered public accounting firm, on the Senior Securities table as of September 30, 2022, is attached as an exhibit to this Report.


Class and Year	Total Amount Outstanding (1)		Asset Coverage Per Unit (2), (3)		Average Market Value Per Unit
Truist Credit Facility
Fiscal 2022	$	385,920	$	1,855	N/A
Fiscal 2021		316,545		2,208	N/A
Fiscal 2020		388,252		2,078	N/A
Fiscal 2019		301,636		2,066	N/A
Fiscal 2018		80,520		2,919	N/A
Fiscal 2017		79,393		2,998	N/A
Fiscal 2016		50,340		2,794	N/A
Fiscal 2015		136,864		2,586	N/A
Fiscal 2014		55,226		3,215	N/A
Fiscal 2013		145,500		4,205	N/A
BNP Credit Facility
Fiscal 2019		171,000		2,066	N/A
2019 Notes
Fiscal 2018		250,000		2,919	N/A
Fiscal 2017		250,000		2,998	N/A
Fiscal 2016		250,000		2,794	N/A
Fiscal 2015		250,000		2,586	N/A
Fiscal 2014		250,000		3,215	N/A
2024 Notes
Fiscal 2021		86,250		2,208	$	25.14	(4)
Fiscal 2020		86,250		2,078	23.47		(4)
Fiscal 2019		75,000		2,066	24.87		(4)
2025 Notes
Fiscal 2016		71,250		2,794	24.68		(5)
Fiscal 2015		71,250		2,586	25.13		(5)
Fiscal 2014		71,250		3,215	24.51		(5)
Fiscal 2013		71,250		4,205	24.79		(5)
2026 Notes
Fiscal 2022		150,000		1,855	N/A
Fiscal 2021		150,000		2,208	N/A
2026-2 Notes
Fiscal 2022		165,000		1,855	N/A

(1)

Total cost of each class of senior securities outstanding at the end of the period presented in thousands (000s).

(2)

(3)

These amounts exclude SBA debentures from our total amount outstanding and asset coverage per unit computation pursuant to an exemptive relief letter provided by the SEC in June 2011.

(4)

The average market value per unit is derived based on the daily closing price of the 2024 Notes trading on The Nasdaq Global Select Market under the symbol “PNNTG.” The 2024 Notes were issued in increments of $25 per unit and commenced trading on September 30, 2019.

(5)

The average market value per unit is derived based on the monthly average closing price of the 2025 Notes, which were traded on the New York Stock Exchange, or NYSE, under the symbol “PNTA” since issuance. The 2025 Notes were issued in increments of $25 per unit. On June 29, 2017, the 2025 Notes were redeemed in full.

Senior Securities, Note [Text Block]

Senior Securities

Information about our senior securities is shown in the following table as of September 30, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014 and 2013. The report of RSM US LLP, an independent registered public accounting firm, on the Senior Securities table as of September 30, 2022, is attached as an exhibit to this Report.


Class and Year	Total Amount Outstanding (1)		Asset Coverage Per Unit (2), (3)		Average Market Value Per Unit
Truist Credit Facility
Fiscal 2022	$	385,920	$	1,855	N/A
Fiscal 2021		316,545		2,208	N/A
Fiscal 2020		388,252		2,078	N/A
Fiscal 2019		301,636		2,066	N/A
Fiscal 2018		80,520		2,919	N/A
Fiscal 2017		79,393		2,998	N/A
Fiscal 2016		50,340		2,794	N/A
Fiscal 2015		136,864		2,586	N/A
Fiscal 2014		55,226		3,215	N/A
Fiscal 2013		145,500		4,205	N/A
BNP Credit Facility
Fiscal 2019		171,000		2,066	N/A
2019 Notes
Fiscal 2018		250,000		2,919	N/A
Fiscal 2017		250,000		2,998	N/A
Fiscal 2016		250,000		2,794	N/A
Fiscal 2015		250,000		2,586	N/A
Fiscal 2014		250,000		3,215	N/A
2024 Notes
Fiscal 2021		86,250		2,208	$	25.14	(4)
Fiscal 2020		86,250		2,078	23.47		(4)
Fiscal 2019		75,000		2,066	24.87		(4)
2025 Notes
Fiscal 2016		71,250		2,794	24.68		(5)
Fiscal 2015		71,250		2,586	25.13		(5)
Fiscal 2014		71,250		3,215	24.51		(5)
Fiscal 2013		71,250		4,205	24.79		(5)
2026 Notes
Fiscal 2022		150,000		1,855	N/A
Fiscal 2021		150,000		2,208	N/A
2026-2 Notes
Fiscal 2022		165,000		1,855	N/A

(1)

Total cost of each class of senior securities outstanding at the end of the period presented in thousands (000s).

(2)

(3)

These amounts exclude SBA debentures from our total amount outstanding and asset coverage per unit computation pursuant to an exemptive relief letter provided by the SEC in June 2011.

(4)

(5)

Investment Objectives and Practices [Text Block]

PennantPark Investment Corporation is a BDC whose objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments.

We believe middle-market companies offer attractive risk-reward to investors due to a limited amount of capital available for such companies. We seek to create a diversified portfolio that includes first lien secured debt, second lien secured debt, subordinated debt and equity investments by investing approximately $10 million to $50 million of capital, on average, in the securities of middle-market companies. We expect this investment size to vary proportionately with the size of our capital base. We use the term “middle-market” to refer to companies with annual revenues between $50 million and $1 billion. The companies in which we invest are typically highly leveraged, and, in most cases, are not rated by national rating agencies. If such companies were rated, we believe that they would typically receive a rating below investment grade (between BB and CCC under the Standard & Poor’s system) from the national rating agencies. Securities rated below investment grade are often referred to as “leveraged loans” or “high yield” securities or “junk bonds” and are often higher risk compared to debt instruments that are rated above investment grade and have speculative

characteristics. Our debt investments may generally range in maturity from three to ten years and are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities which operate in various industries and geographical regions.

Our investment activity depends on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives.

Risk Factors [Table Text Block]

Item 1A. Risk Factors

Before you invest in our securities, you should be aware of various risks, including those described below. You should carefully consider these risk factors, together with all of the other information included in this Report, before you decide whether to make an investment in our securities. The risks set out below are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results. If any of the following events occur, our business, financial condition and results of operations could be materially adversely affected. In such case, our NAV, the trading price of our common stock, our 2026 Notes, our 2026 Notes-2 or any securities we may issue, may decline, and you may lose all or part of your investment.

RISKS RELATING TO OUR BUSINESS AND STRUCTURE

We are subject to various covenants under our Truist Credit Facility which, if not complied with, could result in reduced availability and/or mandatory prepayments under our Truist Credit Facility and SBA debentures.

In addition to the asset coverage ratio requirements, our Truist Credit Facility contains various covenants which, if not complied with, could accelerate repayment under the Truist Credit Facility. This could have a material adverse effect on our business, financial condition and results of operations. Our borrowings under our Truist Credit Facility are collateralized by the assets in our investment portfolio, excluding those portfolio investments held by SBIC II. The agreements governing the Truist Credit Facility require us to comply with certain financial and operational covenants. These covenants include:

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A requirement to retain our status as a RIC;

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A requirement to maintain a minimum amount of stockholders’ equity; and

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A requirement that our outstanding borrowings under the Truist Credit Facility not exceed a certain percentage of the value of our portfolio.

In addition to the Truist Credit Facility, SBIC II has issued SBA debentures that require us and SBIC II to generate sufficient cash flow to make required interest payments. Further, SBIC II must maintain a minimum capitalization that, if impaired, could materially and adversely affect our liquidity, financial condition and results of operations by accelerating repayment under the SBA debentures. Our borrowings under the SBA debentures are secured by the assets of SBIC II.

Our continued compliance with these covenants depends on many factors, some of which are beyond our control. A material decrease in our NAV in connection with additional borrowings could result in an inability to comply with our obligation to restrict the level of indebtedness that we are able to incur in relation to the value of our assets or to maintain a minimum level of stockholders’ equity. This could have a material adverse effect on our operations, as it would reduce availability under the Truist Credit Facility and could trigger mandatory prepayment obligations under the terms of the Truist Credit Facility.

We operate in a highly competitive market for investment opportunities.

A number of entities compete with us to make the types of investments that we make in middle-market companies. We compete with public and private funds, including other BDCs, commercial and investment banks, commercial financing companies, CLO funds and, to the extent they provide an alternative form of financing, private equity funds. Additionally, alternative investment vehicles, such as hedge funds, also invest in middle-market companies. As a result, competition for investment opportunities at middle-market companies can be intense. Many of our potential competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some competitors have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we can offer no assurance that we will be able to identify and make investments that are consistent with our investment objectives.

Participants in our industry compete on several factors, including price, flexibility in transaction structuring, customer service, reputation, market knowledge and speed in decision-making. We do not seek to compete primarily based on the interest rates we offer, and we believe that some of our competitors may make loans with interest rates that are lower than the rates we offer. We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. However, if we match our competitors’ pricing, terms and structure, we may experience decreased net interest income and increased risk of credit loss.

Our borrowers may default on their payments, which may have a materially negative effect on our financial performance.

Our primary business exposes us to credit risk, and the quality of our portfolio has a significant impact on our earnings. Credit risk is a component of our fair valuation of our portfolio companies. Negative credit events will lead to a decrease in the fair value of our portfolio companies.

In addition, market conditions have affected consumer confidence levels, which may harm the business of our portfolio companies and result in adverse changes in payment patterns. Increased delinquencies and default rates would negatively impact our results of operations. Deterioration in the credit quality of our portfolio could have a material adverse effect on our business, financial condition and results of operations. If interest rates rise, some of our portfolio companies may not be able to pay the escalating interest on our loans and may default.

We make long-term loans and debt investments, which may involve a high degree of repayment risk. Our investments with a deferred interest feature, such as OID income and PIK interest, could represent a higher credit risk than investments that must pay interest in full in cash on a regular basis. We invest in companies that may have limited financial resources, typically are highly leveraged and may be unable to obtain financing from traditional sources. Accordingly, a general economic downturn or severe tightening in the credit markets could materially impact the ability of our borrowers to repay their loans, which could significantly damage our business. Numerous other factors may affect a borrower’s ability to repay its loan, including the failure to meet its business plan or a downturn in its industry. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans or foreclosure on the secured assets. This could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the loans or debt securities that we hold. In addition, our portfolio companies may have, or may be permitted to incur, other debt that ranks senior to or equally with our securities. This means that payments on such senior-ranking securities may have to be made before we receive any payments on our subordinated loans or debt securities. Deterioration in a borrower’s financial condition and prospects may be accompanied by deterioration in any related collateral and may adversely affect our financial condition and results of operations.

Any unrealized losses we experience on our investment portfolio may be an indication of future realized losses, which could reduce our income available for distribution.

As a BDC, we are required to carry our investments at fair value, which is derived from a market value or, if no market value is ascertainable or if market value does not reflect the fair value of such investment in the bona fide determination of our board of directors, then we would carry our investments at fair value, as determined in

good faith by or under the direction of our board of directors. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation or loss. Unrealized losses of any given portfolio company could be an indication of such company’s inability in the future to meet its repayment obligations to us.

If the fair value of our portfolio companies reflects unrealized losses that are subsequently realized, we could experience reductions of our income available for distribution in future periods that could materially harm our results of operations and cause a material decline in the value of our publicly traded common stock.

We are dependent upon our Investment Adviser’s key personnel for our future success, and if our Investment Adviser is unable to hire and retain qualified personnel or if our Investment Adviser loses any member of its management team, our ability to achieve our investment objectives could be significantly harmed.

We depend on the diligence, skill and network of business contacts of the senior investment professionals of our Investment Adviser for our future success. We also depend, to a significant extent, on PennantPark Investment Advisers’ access to the investment information and deal flow generated by these senior investment professionals and any others that may be hired by PennantPark Investment Advisers. Subject to the overall supervision of our board of directors, the managers of our Investment Adviser evaluate, negotiate, structure, close and monitor our investments. Our future success depends on the continued service of management personnel of our Investment Adviser. The departure of managers of PennantPark Investment Advisers could have a material adverse effect on our ability to achieve our investment objectives. In addition, we can offer no assurance that PennantPark Investment Advisers will remain our Investment Adviser. The Investment Adviser has the right, under the Investment Management Agreement, to resign at any time upon 60 days’ written notice, whether we have found a replacement or not.

If our Investment Management Agreement is terminated, our costs under new agreements that we enter into may increase. In addition, we will likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our Investment Management Agreement. Any new investment management agreement would also be subject to approval by our stockholders.

We are exposed to risks associated with changes in interest rates that may affect our cost of capital and net investment income.

Since we borrow money to make investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of rising interest rates, our cost of funds will increase and the interest rate on investments with an interest rate floor will not increase until interest rates exceed the applicable floor, which will reduce our net investment income. We may use interest rate risk management techniques, such as total return swaps and interest rate swaps, in an effort to limit our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act and applicable commodities laws. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. Also, we have limited experience in entering into hedging transactions and we will initially have to purchase or develop such expertise, which may diminish the actual benefits of any hedging strategy we employ. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Quantitative and Qualitative Disclosures about Market Risk” for more information.

A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments once the interest rate exceeds the applicable floor. Accordingly, an increase in interest rates would make it easier for us to meet or exceed the incentive fee hurdle and may result in a substantial increase of the amount of incentive fees payable to our Investment Adviser with respect to Pre-Incentive Fee Net Investment Income.

General interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital. A reduction in interest rates may result in both lower interest rates on new investments and higher repayments on current investments with higher interest rates, which may have an adverse impact on our net investment income. An increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates or are subject to interest rate floors and also could increase our interest expense on our Truist Credit Facility, thereby decreasing our net investment income. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock.

If general interest rates continue to rise, there is a risk that the portfolio companies in which we hold floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, continued rising interest rates may increase pressure on us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as any increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments.

The discontinuation and pending replacement of LIBOR may adversely affect the value of the LIBOR-indexed, floating-rate debt securities in our portfolio or issued by us.

In July 2017, the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the end of 2021. Since December 31, 2021, all sterling, euro, Swiss franc and Japanese yen LIBOR settings and the 1-week and 2-month U.S. dollar LIBOR settings have ceased to be published on a representative basis, and it is anticipated that after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published on a representative basis. Although some settings of U.S. dollar LIBOR continue to be published, there is no assurance that LIBOR will continue to exist as a representative rate until June 30, 2023, or at any time thereafter. Some regulators have prohibited the use of any LIBOR benchmarks in new contracts and have required that regulated entities transition existing contracts to another benchmark prior to June 30, 2023. Although settings of such LIBOR benchmarks may continue to be available, such prohibitions and requirements may adversely affect the value of floating-rate debt securities in our portfolio or issued by us.

At this time, no consensus exists as to what rate or rates will become accepted alternatives to LIBOR, although the U.S. Federal Reserve, in connection with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, recommended replacing U.S. dollar LIBOR with alternative reference rates based on the Secured Overnight Financing Rate (“SOFR”). Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark rate that may be established, there are many uncertainties regarding a transition from LIBOR, including, but not limited to, the need to amend all contracts with LIBOR as the referenced rate and how this will impact the cost of variable rate debt and certain derivative financial instruments. In addition, SOFR or other replacement rates may fail to gain market acceptance. Any failure of SOFR or alternative reference rates to gain market acceptance could adversely affect the return on, value of and market for securities linked to such rates. The elimination of LIBOR, the replacement of LIBOR with any alternative reference rate, such as SOFR (or an alternative reference rate based on SOFR) or any other changes or reforms to LIBOR could have an adverse impact on the market value of and/or transferability of any floating-rate debt securities in our portfolio or issued by us. In addition, certain statutory regimes which cause a legislative transaction away from LIBOR to an alternative reference rate may apply, e.g., N.Y. Gen. Oblig. Law § 18-401 or the Adjustable Interest Rate (LIBOR) Act to certain floating-rate debt securities in our portfolio or issued by us and could have a material and adverse impact on the value or liquidity of those instruments.

The IRS has issued regulations regarding the tax consequences of the transition from LIBOR or another interbank offered rate (“IBOR”) to a new reference rate in debt instruments and non-debt contracts. Under the regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a

discontinued IBOR with a qualified rate (as defined in the regulations) including true up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate as a fallback rate to a contract whose operative rate uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. The IRS may provide additional guidance, with potential retroactive effect.

Our financial condition and results of operation depend on our ability to manage future growth effectively.

Our ability to achieve our investment objectives depends on our ability to grow, which depends, in turn, on our Investment Adviser’s ability to identify, invest in and monitor companies that meet our investment selection criteria. Accomplishing this result on a cost-effective basis is largely a function of our Investment Adviser’s structuring of the investment process, its ability to provide competent, attentive and efficient services to us and our access to financing on acceptable terms. The management team of PennantPark Investment Advisers has substantial responsibilities under our Investment Management Agreement. In order for us to grow, our Investment Adviser will need to hire, train, supervise and manage new employees. However, we can offer no assurance that any current or future employees will contribute effectively to the work of, or remain associated with, the Investment Adviser. We caution you that the principals of our Investment Adviser or Administrator may also be called upon to provide and currently do provide significant managerial assistance to portfolio companies and other investment vehicles, including other BDCs, which are managed by the Investment Adviser. Such demands on their time may distract them or slow our rate of investment. Any failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations.

We are highly dependent on information systems and systems failures could have a material adverse effect on our business, financial condition and results of operations.

Our business depends on the communications and information systems, including financial and accounting systems, of the Investment Adviser, the Administrator and our external service providers. Any failure or interruption of such systems could cause delays or other problems in our activities. This, in turn, could have a material adverse effect on our business, financial condition and results of operations.

If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock.

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection with Section 404 of the Sarbanes-Oxley Act of 2002, or the subsequent testing by our independent registered public accounting firm (when undertaken, as noted below), may reveal deficiencies in our internal controls over financial reporting that are deemed to be significant deficiencies, material weaknesses or that may require prospective or retroactive changes to our consolidated financial statements or identify other areas for further attention or improvement. Inferior internal controls could also cause investors and lenders to lose confidence in our reported financial information, which could have a negative effect on the trading price of our common stock.

We may not replicate the historical performance of other investment companies and funds with which our senior and other investment professionals have been or are affiliated.

The 1940 Act imposes numerous constraints on the investment activities of BDCs. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of U.S. private companies or thinly traded public companies (i.e., public companies with a market capitalization of less than $250 million), cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. These constraints may hinder the Investment Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objectives. In addition, the investment philosophy and techniques used by the Investment Adviser may differ from those used by other investment companies and funds advised by the Investment Adviser. Accordingly, we can offer no assurance that we will replicate the historical performance of other investment companies and funds with which our senior and other investment professionals have been affiliated, and we caution that our investment returns could be substantially lower than the returns achieved by such other companies.

Any failure on our part to maintain our status as a BDC would reduce our operating flexibility.

If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions under the 1940 Act and correspondingly decrease our operating flexibility, which could have a material adverse effect on our business, financial condition and results of operations.

Loss of RIC tax status would substantially reduce our net assets and income available for debt service and distributions.

We have operated and continue to operate so as to maintain our election to be treated as a RIC under Subchapter M of the Code. If we meet the 90% Income Test, the Diversification Tests, and the Annual Distribution Requirement, we generally will not be subject to corporate-level income taxation on income we timely distribute, or are deemed to distribute, as dividends for U.S. federal income tax purposes to our stockholders. We would cease to qualify for such tax treatment if we were unable to comply with these requirements. In addition, we may have difficulty meeting our Annual Distribution Requirement to our stockholders because, in certain cases, we may recognize income before or without receiving cash representing such income. If we fail to qualify as a RIC, we will have to pay corporate-level taxes on all of our income whether or not we distribute it, which would substantially reduce the amount of income available for debt service as well as reduce and/or affect the character and amount of our distributions to our stockholders. Even if we qualify as a RIC, we generally will be subject to a 4% nondeductible excise tax if we do not distribute to our stockholders in respect of each calendar year an amount at least equal to the Excise Tax Avoidance Requirement.

We may have difficulty paying our Annual Distribution Requirement if we recognize income before or without receiving cash representing such income.

For federal income tax purposes, we include in income certain amounts that we have not yet received in cash, such as OID and PIK interest, which represents interest added to the loan balance and due at the end of the loan term. OID, which could be significant relative to our overall investment assets, and increases in loan balances as a result of PIK interest will be included in income before we receive any corresponding cash payments. We also may be required to include in income certain other amounts that we will not receive in cash, such as amounts attributable to foreign currency transactions. Our investments with a deferred interest feature, such as PIK interest, may represent a higher credit risk than loans for which interest must be paid in full in cash on a regular basis. For example, even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is scheduled to occur upon maturity of the obligation.

The part of the incentive fee payable by us that relates to our net investment income is computed and paid on income that may include interest that has been accrued but not yet received in cash. If a portfolio company defaults on a loan that is structured to provide PIK or OID interest, it is possible that accrued interest previously used in the calculation of the incentive fee will become uncollectible.

case, we would need to request a waiver of the SBA’s restrictions for SBIC II to make certain distributions to enable us to be subject to tax as a RIC. We cannot assure you that the SBA will grant such waiver, and if SBIC II is unable to obtain a waiver, compliance with the SBA regulations may cause us to incur a corporate-level income tax.

If we are unable to satisfy the Annual Distribution Requirement, we may have to sell some of our investments at times or prices we would not consider advantageous, or raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements, which could have a material adverse effect on our business, financial condition and results of operations. If we are not able to obtain cash from other sources, we may lose our ability to be subject to tax as a RIC and thus be subject to corporate-level income tax.

Legislation enacted in 2018 allows us to incur additional leverage.

A BDC has historically been able to issue “senior securities,” including borrowing money from banks or other financial institutions, only in amounts such that its asset coverage, as defined in Section 61(a)(2) of the 1940 Act, equals at least 200% after such incurrence or issuance. In March 2018, the Consolidated Appropriations Act of 2018 (which includes the SBCAA) was enacted which amended the 1940 Act to decrease this percentage from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity) for a BDC that has received either stockholder approval or approval of a “required majority” (as defined in Section 57(o) of the 1940 Act) of its board of directors of the application of such lower asset coverage ratio to the BDC. On February 5, 2019, our stockholders approved such reduction, as approved by our board of directors on November 13, 2018. As such, we are able to incur additional indebtedness so long as we comply with the applicable disclosure requirements, which may increase the risk of investing in us. Under the 200% minimum asset coverage ratio, we were permitted to borrow up to one dollar for investment purposes for every one dollar of investor equity and, under the 150% minimum asset coverage ratio, we are permitted to borrow up to two dollars for investment purposes for every one dollar of investor equity. In other words, Section 61(a)(2) of the 1940 Act permits BDCs to potentially increase their debt-to-equity ratio from a maximum of 1-to-1 to a maximum of 2-to-1. In addition, since our base management fee is determined and payable based upon our average adjusted gross assets, which includes any borrowings for investment purposes, our base management fee expense may increase if we incur additional leverage. Effective February 5, 2019, base management fees were reduced from 1.50% to 1.00% on gross assets that exceed 200% of our total net assets as of the immediately preceding quarter-end.

Because we intend to distribute substantially all of our income to our stockholders to maintain our ability to be subject to tax as a RIC, we may need to raise additional capital to finance our growth. If funds are not available to us, we may need to curtail new investments, and our common stock value could decline.

In connection with satisfying the requirements to be subject to tax as a RIC, we intend to distribute to our stockholders substantially all of our investment company taxable income and net capital gains each taxable year. However, we may retain all or a portion of our net capital gains and incur applicable income taxes with respect thereto and elect to treat such retained net capital gains as deemed dividend distributions to our stockholders.

As noted above, on November 13, 2018 and February 5, 2019, our board of directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act), and our stockholders, respectively, approved a reduction of our asset coverage ratio from 200% to 150%. The asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity). If we incur additional indebtedness under this provision, the risk of investing in us will increase. If the value of our assets declines, we may be unable to satisfy this asset coverage test. If that happens, we may be required to sell a portion of our investments or sell additional common stock and, depending on the nature of our leverage, to repay a portion of our indebtedness at a time when such sales and repayments may be disadvantageous. In addition, the issuance of additional securities could dilute the percentage ownership of our current stockholders in us.

We depend in part on SBIC II for cash distributions to enable us to meet the distribution requirements to be subject to tax as a RIC. In this regard, SBIC II is limited by the SBA regulations governing SBICs from making certain distributions to us that may be necessary to satisfy the requirements to be subject to tax as a RIC. In such a case, we would need to request a waiver of the SBA’s restrictions for SBIC II to make certain distributions to enable us to be subject to tax as a RIC. We cannot assure you that the SBA will grant such waiver, and if SBIC II is unable to obtain a waiver, compliance with the SBA regulations may cause us to incur a corporate-level income tax.

Regulations governing our operation as a BDC will affect our ability to, and the way in which we raise additional capital.

Our business requires a substantial amount of capital. We may acquire additional capital from the issuance of additional senior securities or other indebtedness, the issuance of additional shares of our common stock, the issuance of warrants or subscription rights to purchase certain of our securities, or from securitization transactions or through SBA debentures. However, we may not be able to raise additional capital in the future on favorable terms or at all. We may issue debt securities or preferred securities, which we refer to collectively as “senior securities,” and we may borrow money from banks, through the SBA debenture program or other financial institutions, up to the maximum amount permitted by the 1940 Act. Under the 1940 Act, the asset coverage ratio requirements permit us to issue senior securities or incur indebtedness subject to certain limitations, exclusive of the SBA debentures pursuant to our SEC exemptive relief. Our ability to pay distributions or issue additional senior securities would be restricted if our asset coverage ratio was not met. If the value of our assets declines, we may be unable to satisfy the asset coverage ratio. If that happens, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales may be disadvantageous, which could materially harm our business, financial condition and results of operations.

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Senior Securities. As a result of issuing senior securities, we are exposed to typical risks associated with leverage, including an increased risk of loss. If we issue preferred securities, they would rank “senior” to common stock in our capital structure. Preferred stockholders would have separate voting rights and may have rights, preferences or privileges more favorable than those of holders of our common stock. Furthermore, the issuance of preferred securities could have the adverse effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for our common stockholders or otherwise be in your best interest. Our senior securities may include conversion features that cause them to bear risks more closely associated with an investment in our common stock.

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Additional Common Stock. Our board of directors may decide to issue common stock to finance our operations rather than issuing debt or other senior securities. As a BDC, we are generally not able to issue our common stock at a price below NAV per share without first obtaining certain approvals from our stockholders and our board of directors. Also, subject to the requirements of the 1940 Act, we may issue rights to acquire our common stock at a price below the current NAV per share of the common stock if our board of directors determines that such sale is in our best interests and the best interests of our common stockholders. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our board of directors, closely approximates the market value of such securities. However, when required to be undertaken, the procedures used by the board of directors to determine the NAV per share of our common stock within 48 hours of each offering of our common stock may differ materially from and will necessarily be more abbreviated than the procedures used by the board of directors to determine the NAV per share of our common stock at the end of each quarter because there is a an extensive process each quarter to determine the NAV per share of our common stock which cannot be completed in 48 hours. The quarterly process includes preliminary valuation conclusions, engagement of independent valuation firms and review by those firms of preliminary valuation conclusions. By contrast, the procedures in connection with an offering may yield a NAV that is less precise than the NAV determined at the end of each quarter. We will not offer transferable subscription rights to our stockholders at a price equivalent to less than the then current NAV per share of common stock, excluding underwriting commissions, unless we first file a post-effective amendment that is declared effective by the SEC with respect to such issuance and the common stock to be purchased in connection with such rights represents no more than one-third of our outstanding common stock at the time such rights are issued. In addition, for us to file a post-effective amendment to a registration statement on Form N-2, we must then be qualified to register our securities under the requirements of Form S-3. We may actually issue shares above or below a future NAV. If we raise additional funds by issuing more

common stock or warrants or senior securities convertible into, or exchangeable for, our common stock, the percentage ownership of our common stockholders at that time would decrease, and our common stockholders would experience voting dilution.

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Securitization. In addition to issuing securities to raise capital as described above, we anticipate that in the future, as market conditions and the rules and regulations of the SEC permit, we may securitize our loans to generate cash for funding new investments. To securitize loans, we may create a wholly-owned subsidiary, contribute a pool of loans to the subsidiary and have the subsidiary issue primarily investment grade debt securities to purchasers who we would expect to be willing to accept a substantially lower interest rate than the loans earn. Even though we expect the pool of loans that we contribute to any such securitization vehicle to be rated below investment grade, because the securitization vehicle’s portfolio of loans would secure all of the debt issued by such vehicle, a portion of such debt may be rated investment grade, subject in each case to market conditions that may require such portion of the debt to be over collateralized and various other restrictions. If applicable accounting pronouncements or SEC staff guidance require us to consolidate the securitization vehicle’s financial statements with our financial statements, any debt issued by it would be generally treated as if it were issued by us for purposes of the asset coverage ratio applicable to us. In such case, we would expect to retain all or a portion of the equity and/or subordinated notes in the securitization vehicle. Our retained equity would be exposed to any losses on the portfolio of loans before any of the debt securities would be exposed to such losses. Accordingly, if the pool of loans experienced a low level of losses due to defaults, we would earn an incremental amount of income on our retained equity but we would be exposed, up to the amount of equity we retained, to that proportion of any losses we would have experienced if we had continued to hold the loans in our portfolio. We may hold subordinated debentures in any such securitization vehicle and, if so, we would not consider such securities to be senior securities. An inability to successfully securitize our loan portfolio could limit our ability to grow our business and fully execute our business strategy and adversely affect our earnings, if any. Moreover, the successful securitization of a portion of our loan portfolio might expose us to losses as the residual loans in which we do not sell interests will tend to be those that are riskier and less liquid.

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SBA Debentures. In addition to issuing securities and using securitizations to raise capital as described above, we have issued and may in the future issue, as permitted under SBA regulations and through our wholly-owned subsidiary, SBIC II, and any future SBIC subsidiary, SBA debentures to generate cash for funding new investments. To issue SBA debentures, we may request commitments for debt capital from the SBA. SBIC II is, and any future SBIC subsidiary may be, exposed to any losses on its portfolio of loans;, however, such debentures are non-recourse to us.

SBIC II may be unable to make distributions to us that will enable us to meet or maintain RIC tax status.

In order for us to continue to qualify for RIC tax treatment and to minimize corporate-level income taxes, we will be required to distribute substantially all of our consolidated investment company taxable income and capital gains net income, including income from SBIC II, each taxable year as dividends to our stockholders. As noted above, we depend in part on SBIC II for cash distributions to enable us to meet the RIC distribution requirements. SBIC II may be limited by SBA regulations governing SBICs from making certain distributions to us if it does not have sufficient capital in accordance with SBA regulations, that which may be necessary to maintain our tax status as a RIC. We may have to request a waiver of the SBA’s restrictions limitations for SBIC II to make certain distributions to maintain our tax status. We cannot assure you that the SBA will grant such waiver and, if SBIC II is unable to obtain a waiver, compliance with the SBA regulations may result in not being able to meet the distribution requirements to maintain our RIC tax treatment corporate level income tax on us.

SBIC II is licensed by the SBA and is subject to SBA regulations.

SBIC II, our wholly-owned subsidiary, received a license to operate as a SBIC under the 1958 Act and is subject to regulation and oversight regulated by the SBA. The SBA places certain limitations on the financing terms of investments by SBICs in portfolio companies and regulates the types of financings and prohibits investing in certain industries. Compliance with SBIC requirements may cause SBIC II to make investments at lower rates in order to qualify investments under the SBA regulations.

Further, SBA regulations require that a licensed SBIC be periodically examined and audited by the SBA to determine its compliance with the relevant regulations. If SBIC II fails to comply with applicable regulations, the SBA could, depending on the severity of the violation, limit or prohibit its use of debentures, declare outstanding debentures immediately due and payable, and/or limit it from making new investments. In addition, the SBA could revoke or suspend SBIC II’s license for willful or repeated violation of, or willful or repeated failure to observe, any provision of the 1958 Act or any rule or regulation promulgated thereunder. These actions by the SBA would, in turn, negatively affect us because SBIC II is our wholly-owned subsidiary.

SBA-guaranteed debentures are non-recourse to us, have a 10-year maturity, and may be prepaid at any time without penalty. The interest rate of SBA-guaranteed debentures is fixed at the time of issuance at a market-driven spread over 10-year U.S. Treasury Notes. Leverage through SBA-guaranteed debentures is subject to required capitalization thresholds. Current SBA regulations limit the amount that any single SBIC may borrow to a maximum of $175.0 million, which is up to twice its regulatory capital, and a maximum of $350.0 million as part of a group of SBICs under common control.

We currently use borrowed funds to make investments and are exposed to the typical risks associated with leverage.

Because we borrow funds to make investments, we are exposed to increased risk of loss due to our use of debt to make investments. A decrease in the value of our investments will have a greater negative impact on the NAV attributable to our common stock than it would if we did not use debt. Our ability to pay distributions may be restricted when our asset coverage ratio is not met, exclusive of the SBA debentures pursuant to SEC exemptive relief, and any cash that we use to service our indebtedness is not available for distribution to our common stockholders.

Our current debt is governed by the terms of our Facilities, 2026 Notes, 2026 Notes-2 and SBA debentures and future debt may be governed by an indenture or other instrument containing covenants restricting our operating flexibility. We, and indirectly our stockholders, bear the cost of issuing and servicing debt. Any convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of our common stock and may also carry leverage related risks. Leverage magnifies the potential risks for loss and the risks of investing in us, both as detailed below.

Additionally, SBIC II has received borrowed funds and may in the future receive funds from the SBA through its debenture program. In connection with the filing of its initial SBA license application, PennantPark Investment received exemptive relief, in 2011, from the SEC to permit us to exclude the debt of our SBICs from our consolidated asset coverage ratio. Our ratio of total assets on a consolidated basis to outstanding indebtedness may be less than the applicable asset coverage ratio, which while providing increased investment flexibility, would also increase our exposure to risks associated with leverage.

If we incur additional debt, it could increase the risk of investing in our shares.

We have indebtedness outstanding pursuant to our Truist Credit Facility, 2026 Notes, 2026 Notes-2 and SBA debentures and expect in the future to borrow additional amounts under our Truist Credit Facility or other debt securities, subject to market availability, and, may increase the size of our Truist Credit Facility. We cannot assure you that our leverage will remain at current levels. The amount of leverage that we employ will depend upon our assessment of the market and other factors at the time of any proposed borrowing. Lenders have fixed dollar claims on our assets that are superior to the claims of our common stockholders or preferred stockholders, if any, and we have granted a security interest in our assets, excluding those of SBIC II, in connection with borrowings under our Truist Credit Facility. In the case of a liquidation event, those lenders would receive proceeds before our stockholders. Additionally, the SBA, as a lender and an administrative agent, has a superior claim over the assets of SBIC II in relation to our other creditors. Any future debt issuance will increase our leverage and may be subordinate to our Truist Credit Facility and SBA debentures. In addition, borrowings or debt issuances and SBA debentures, also known as leverage, magnify the potential for loss or gain on amounts invested and, therefore, increase the risks

associated with investing in our securities. Leverage is generally considered a speculative investment technique. If the value of our assets decreases, then the use of leverage would cause the NAV attributable to our common stock to decline more than it otherwise would have had we not utilized leverage. Similarly, any decrease in our revenue would cause our net income to decline more than it would have had we not borrowed funds and could negatively affect our ability to make distributions on our common or preferred stock. Our ability to service any debt that we incur depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures.

As of September 30, 2022 and 2021, our asset coverage ratio, as computed in accordance with the 1940 Act, was 186% and 221%, respectively. Since our leverage, including SBA debentures outstanding, was 119% and 92% of our net assets as of September 30, 2022 and 2021, respectively, we would have to receive an annual return of at least 2.6% and 1.7%, respectively, to cover annual interest payments.

As of September 30, 2022, we had outstanding borrowings of $385.9 million under our Truist Credit Facility, $20.0 million outstanding under the SBA debentures, $150.0 million of 2026 Notes and $165.0 million of 2026 Notes-2. Our consolidated debt outstanding was $720.9 million and had a weighted average annual interest rate at the time of 4.8%, exclusive of the fee on undrawn commitment on our Truist Credit Facility and upfront fees on the SBA debentures. This example is for illustrative purposes only, and actual interest rates on our Truist Credit Facility or any future borrowings are likely to fluctuate. The costs associated with our borrowings, including any increase in the management fee or incentive fee payable to our Investment Adviser, are and will be borne by our common stockholders.

The following table is designed to illustrate the effect on the return to a holder of our common stock of the leverage created by our use of borrowing as of September 30, 2022 of 53% of total assets (including such borrowed funds), at the current interest rate at the time of 4.8%, and assumes hypothetical annual returns on our portfolio of minus 10 to plus 10 percent. The table also assumes that we will maintain a constant level of leverage and weighted average interest rate. The amount of leverage and cost of borrowing that we use will vary from time to time. As can be seen, leverage generally increases the return to stockholders when the portfolio return is positive and decreases return when the portfolio return is negative. Actual returns may be greater or less than those appearing in the table.


Assumed return on portfolio (net of expenses) (1)	(10.0	)%	(5.0	)%	—	%	5.0	%	10.0	%
Corresponding return to common stockholders (2)	(28.3	)%	(17.0	)%	(5.8	)%	5.5	%	16.7	%

(1)

The assumed portfolio return is required by regulation of the SEC and is not a prediction of, and does not represent, our projected or actual performance.

(2)

In order to compute the “corresponding return to common stockholders,” the “assumed return on portfolio” is multiplied by the total value of our assets at the beginning of the period to obtain an assumed return to us. From this amount, all interest expense expected to be accrued during the period is subtracted to determine the return available to stockholders. The return available to stockholders is then divided by the total value of our net assets as of the beginning of the period to determine the “corresponding return to common stockholders.”

We may in the future determine to fund a portion of our investments with preferred stock, which is another form of leverage and would magnify the potential for loss and the risks of investing in us.

Preferred stock, which is another form of leverage, has the same risks to our common stockholders as borrowings because the distributions on any preferred stock we issue must be cumulative. If we issue preferred securities they would rank “senior” to common stock in our capital structure. Payment of distributions on, and repayment of the liquidation preference of, such preferred stock would typically take preference over any distributions or other payments to our common stockholders. Also, preferred stockholders are not typically subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference. Furthermore, preferred stockholders would have separate voting rights and may have rights, preferences or privileges more favorable than those of our common stockholders. Also, the issuance of preferred securities could have the adverse effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for our common stockholders or otherwise be in the best interest of stockholders.

We may in the future determine to fund a portion of our investments with debt securities, which would magnify the potential for loss and the risks of investing in us.

As a result of the issuance of our SBA debentures, borrowings under our Truist Credit Facility, and issuance of our 2026 Notes and 2026 Notes-2, we are exposed to typical risks associated with leverage, including an increased risk of loss and an increase in expenses, which are ultimately borne by our common stockholders. Payment of interest on such debt securities must take preference over any other distributions or other payments to our common stockholders. If we issue additional debt securities in the future, it is likely that such securities will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. In addition, such securities may be rated by rating agencies, and in obtaining a rating for such securities, we may be required to abide by operating and investment guidelines that could further restrict our operating flexibility. Furthermore, any cash that we use to service our indebtedness would not be available for the payment of distributions to our common stockholders.

Our credit ratings may not reflect all risks of an investment in our debt securities.

Our credit ratings, if any, are an assessment of our ability to pay our obligations. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of any publicly issued debt securities. Our credit ratings may not reflect the potential impact of risks related to market conditions or other factors discussed above on the market value of, or trading market for, any publicly issued debt securities. Rating agencies have reviewed, and may continue to review, our credit ratings and those of other business development companies in light of the SBCAA as well as any corresponding changes to asset coverage ratios and, in certain cases, downgrade such ratings. Such a downgrade in our credit ratings may adversely affect our securities.

A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us, our 2026 Notes or our 2026 Notes-2, if any, or change in the debt markets could cause the liquidity or market value of our 2026 Notes or our 2026 Notes-2 to decline significantly.

Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our 2026 Notes or our 2026 Notes-2. Our credit ratings may not reflect the potential impact of risks relating to the structure or marketing of our 2026 Notes or our 2026 Notes-2. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Neither we nor any underwriter undertakes any obligation to maintain our credit ratings or to advise holders of our 2026 Notes or our 2026 Notes-2 of any changes in our credit ratings. There can be no assurance that our credit ratings will remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by any of the rating agencies if in their respective judgments future circumstances relating to the basis of the credit rating, such as adverse changes in our Company, so warrant. The conditions of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future.

Market conditions may make it difficult to extend the maturity of or refinance our existing indebtedness and any failure to do so could have a material adverse effect on our business.

Our Truist Credit Facility matures in September 2024, our 2026 Notes mature in November 2026 and our 2026 Notes-2 mature in May 2026. Additionally, our SBA debentures mature between March 2026 and March 2028. We utilize proceeds from the Truist Credit Facility, our 2026 Notes, our 2026 Notes-2 and our SBA debentures to make investments in our portfolio companies. The duration of many of our investments exceeds the duration of our indebtedness under our Truist Credit Facility, our 2026 Notes, our 2026 Notes-2 and certain of our SBA debentures. This means that we will have to extend the maturity of our Truist Credit Facility or refinance our indebtedness in order to avoid selling investments at maturity of any of our debt investments, at which time such sales may be at prices that are disadvantageous to us, which could materially damage our business. In addition, future market conditions may affect our ability to renew or refinance our Truist Credit Facility, our 2026 Notes, our 2026 Notes-2 and our SBA debentures on terms as favorable as those in our existing indebtedness. If we fail to extend or refinance the indebtedness by the time it becomes due and payable, holders of the debt and/or the administrative agent may elect to exercise various remedies, including the sale of all or a portion of the collateral securing such indebtedness, subject to certain restrictions, any of which could have a material adverse effect on our business, financial condition and results of operations. The illiquidity of our investments may make it difficult for us to sell such investments. If we are required to sell our investments on short-term notice, we may not receive the value that we have recorded for such investments, and this could materially affect our results of operations.

There are significant potential conflicts of interest which could impact our investment returns.

The professionals of the Investment Adviser and Administrator may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of investment funds managed by affiliates of us that currently exist or may be formed in the future. The Investment Adviser and Administrator may be engaged by such funds at any time and without the prior approval of our stockholders or our board of directors. Our board of directors monitors any potential conflict that may arise upon such a development. Accordingly, if this occurs, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our stockholders. Currently, the executive officers and directors, as well as the current senior investment professionals of the Investment Adviser, may serve as officers and directors of our controlled affiliates and affiliated funds. In addition, we note that any affiliated investment vehicles currently formed or formed in the future and managed by the Investment Adviser or its affiliates may have overlapping investment objectives with our own and, accordingly, may invest in asset classes similar to those targeted by us. As a result, the Investment Adviser may face conflicts in allocating investment opportunities between us and such other entities. Although the Investment Adviser will endeavor to allocate investment opportunities in a fair and equitable manner, it is possible that, in the future, we may not be given the opportunity to participate in investments made by investment funds managed by the Investment Adviser or an investment manager affiliated with the Investment Adviser. In any such case, when the Investment Adviser identifies an investment, it is forced to choose which investment fund should make the investment. We may co-invest on a concurrent basis with any other affiliates that the Investment Adviser currently has or forms in the future, subject to compliance with applicable regulations and regulatory guidance, our exemptive relief and our allocation procedures.

In the ordinary course of our investing activities, we pay investment advisory and incentive fees to the Investment Adviser, and reimburse the Investment Adviser for certain expenses it incurs. As a result, investors in our common stock invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in a lower rate of return than an investor might achieve through direct investments. Accordingly, there may be times when the management team of the Investment Adviser has interests that differ from those of our stockholders, giving rise to a conflict. For example, the Investment Adviser may seek to invest in more speculative investments in order to increase its incentive fee, which practice could result in higher investment losses, particularly during economic downturns.

We have entered into the License Agreement with PennantPark Investment Advisers, pursuant to which the Investment Adviser has agreed to grant us a royalty-free non-exclusive license to use the name “PennantPark.” The License Agreement will expire (i) upon expiration or termination of the Investment Management Agreement, (ii) if the Investment Adviser ceases to serve as our investment adviser, (iii) by either party upon 60 days’ written notice or (iv) by the Investment Adviser at any time in the event we assign or attempt to assign or sublicense the License Agreement or any of our rights or duties thereunder without the prior written consent of the Investment Adviser. Other than with respect to this limited license, we have no legal right to the “PennantPark” name.

In addition, we pay PennantPark Investment Administration, an affiliate of the Investment Adviser, our allocable portion of overhead and other expenses incurred by PennantPark Investment Administration in performing its obligations under the Administration Agreement, including rent and our allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer and their respective staffs. These arrangements may create conflicts of interest that our board of directors must monitor.

We are subject to risks associated with cybersecurity and cyber incidents.

Our business relies on secure information technology systems. These systems are subject to potential attacks, including through adverse events that threaten the confidentiality, integrity or availability of our information resources (i.e., cyber incidents). These attacks could involve gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption and result in disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships, any of which could have a material adverse effect on our business, financial condition and results of operations. As our reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by the Investment Adviser and third-party service providers. We, along with our Investment Adviser, have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of the risk of a cyber incident, may be ineffective and do not guarantee that a cyber incident will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident. In addition, the costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Furthermore, cybersecurity continues to be a key priority for regulators around the world, and some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal data. If we fail to comply with the relevant laws and regulations, we could suffer financial losses, a disruption of our businesses, liability to investors, regulatory intervention or reputational damage.

We may experience fluctuations in our quarterly results.

We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the debt securities we acquire, the default rate on such securities, the level of our expenses, variations in, and the timing of the recognition of, realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. However, as a result of our irrevocable election to apply the fair value option to our Truist Credit Facility, future decreases of fair value of our debt is expected to have a corresponding increase to our NAV. Similarly, future increases in the fair value of our debt may have a corresponding decrease to our NAV. Any future indebtedness that we elect the fair value option for may have similar effects on our NAV as our Truist Credit Facility. This is expected to mitigate volatility in our earnings and NAV. As a result, results for any period should not be relied upon as being indicative of future performance.

Holders of any preferred stock that we may issue will have the right to elect members of the board of directors and have class voting rights on certain matters.

The 1940 Act requires that holders of shares of preferred stock must be entitled as a class to elect two directors at all times and to elect a majority of the directors if distributions on such preferred stock are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock, including conversion to open-end status and, accordingly, preferred stockholders could veto any such changes in addition to any ability of common and preferred stockholders, voting together as a single class, to veto such matters. Restrictions imposed on the declarations and payment of distributions to the holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies, might impair our ability to maintain our qualification as a RIC for U.S. federal income tax purposes, which could have a material adverse effect on our business, financial condition and results of operations.

If we issue preferred stock, debt securities or convertible debt securities, the NAV and market value of our common stock may become more volatile.

We cannot assure you that the issuance of preferred stock and/or debt securities would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock, debt securities and/or convertible debt would likely cause the NAV and market value of our common stock to become more volatile. If the dividend rate on the preferred stock, or the interest rate on the debt securities, were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of our common stock would be reduced or entirely eliminated. If the dividend rate on the preferred stock, or the interest rate on the debt securities, were to exceed the net rate of return on our portfolio, the use of leverage would result in a lower rate of return to the holders of common stock than if we had not issued the preferred stock or debt securities. Any decline in the NAV of our investment would be borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in NAV to the holders of our common stock than if we were not leveraged through the issuance of preferred stock, debt securities or convertible debt. This decline in NAV would also tend to cause a greater decline in the market price for our common stock.

There is also a risk that, in the event of a sharp decline in the value of our net assets, we would be in danger of failing to maintain required asset coverage ratios or other covenants which may be required by the preferred stock, debt securities and/or convertible debt or risk a downgrade in the ratings of the preferred stock, debt securities and/or convertible debt or our current investment income might not be sufficient to meet the dividend requirements on the preferred stock or the interest payments on the debt securities. In order to counteract such an event, we might need to liquidate investments in order to fund redemption of some or all of the preferred stock, debt securities or convertible debt. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, debt securities, convertible debt or any combination of these securities. Holders of preferred stock, debt securities, convertible debt or any combination of these securities may have different interests than holders of common stock and may at times have disproportionate influence over our business.

The trading market or market value of any publicly issued debt or convertible debt securities may be volatile.

If we publicly issue debt or convertible debt securities, they initially will not have an established trading market. We cannot assure investors that a trading market for our publicly issued debt or convertible debt securities would develop or be maintained if developed. In addition to our creditworthiness, many factors may have a material adverse effect on the trading market for, and market value of, our publicly issued debt or convertible debt securities.

These factors include the following:

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the time remaining to the maturity of these debt securities;

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the outstanding principal amount of debt securities with terms identical or similar to these debt securities;

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the supply of debt securities trading in the secondary market, if any;

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the redemption, repayment or convertible features, if any, of these debt securities;

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the level, direction and volatility of market interest rates; and

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market rates of interest higher or lower than rates borne by the debt securities.

There also may be a limited number of buyers for our debt securities. This too may have a material adverse effect on the market value of the debt securities or the trading market for the debt securities. Our debt securities may include convertible features that cause them to more closely bear risks associated with an investment in our common stock.

Terms relating to debt redemption may have a material adverse effect on the return on any debt securities.

If we issue debt securities that are redeemable at our option, we may choose to redeem the debt securities at times when prevailing interest rates are lower than the interest rate paid on the debt securities. In addition, if the debt securities are subject to mandatory redemption, we may be required to redeem the debt securities at times when prevailing interest rates are lower than the interest rate paid on the debt securities. In this circumstance, a holder of our debt securities may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the debt securities being redeemed.

If we issue subscription rights or warrants for our common stock, your interest in us may be diluted as a result of such rights or warrants offering.

Stockholders who do not fully exercise rights or warrants issued to them in an offering of subscription rights or warrants to purchase our common stock should expect that they will, at the completion of an offering, own a smaller proportional interest in us than would otherwise be the case if they fully exercised their rights or warrants. We cannot state precisely the amount of any such dilution in share ownership because we do not know what proportion of the common stock would be purchased as a result of any such offering.

In addition, if the subscription price or warrant exercise price is less than our NAV per share of common stock at the time of an offering, then our stockholders would experience an immediate dilution of the aggregate NAV of their shares as a result of the offering. The amount of any such decrease in NAV is not predictable because it is not known at this time what the subscription price, warrant exercise price or NAV per share will be on the expiration date of such rights offering or what proportion of our common stock will be purchased as a result of any such offering.

The impact of recent financial reform legislation on us is uncertain.

In light of current conditions in the U.S. and global financial markets and the U.S. and global economy, legislators, the presidential administration and regulators have increased their focus on the regulation of the financial services industry. The Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, institutes a wide range of reforms that will have an impact on financial institutions. Legislation may be adopted that could significantly affect the regulation of U.S. financial markets. Areas subject to potential change, amendment or repeal include the Dodd-Frank Act and the authority of the Federal Reserve and the Financial Stability Oversight Council. These or other regulatory changes could result in greater competition from banks and other lenders with which we compete for lending and other investment opportunities. Accordingly, we are continuing to evaluate the effect the Dodd-Frank Act or implementing its regulations or any repeal or revision thereto will have on our business, financial condition and results of operations.

The United States may also potentially withdraw from or renegotiate various trade agreements and take other actions that would change current trade policies of the United States. We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a material adverse effect on our business, financial condition and results of operations.

Changes in laws or regulations governing our operations or those of our portfolio companies may adversely affect our business.

We and our portfolio companies are subject to laws and regulation at the local, state and federal levels. These laws and regulations, as well as their interpretation, may be changed from time to time. Accordingly, any change in these laws or regulations that govern our operations or those of our portfolio companies could have a material adverse effect on our business, financial condition and results of operations. See “Business—Regulation” for more information.

Our board of directors may change our investment objectives, operating policies and strategies without prior notice or stockholder approval.

Our board of directors has the authority to modify or waive certain of our operating policies and strategies without prior notice and without stockholder approval (except as required by the 1940 Act). However, absent stockholder approval, under the 1940 Act, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, operating results and value of our common stock. Nevertheless, the effects may adversely affect our business and impact our ability to make distributions.

Our business and operations could be negatively affected if we become subject to stockholder activism, which could cause us to incur significant expense, hinder the execution of our investment strategy or impact our stock price.

Stockholder activism, which could take many forms, including making public demands that we consider certain strategic alternatives, engaging in public campaigns to attempt to influence our corporate governance and/or our management, and commencing proxy contests to attempt to elect the activists’ representatives or others to our board of directors, or arise in a variety of situations, has impacted the BDC space. While we are currently not subject to any stockholder activism, due to the potential volatility of our stock price and for a variety of other reasons, we may in the future become the target of stockholder activism. Stockholder activism could result in substantial costs and divert management’s and our board of directors’ attention and resources from our business. Additionally, such stockholder activism could give rise to perceived uncertainties as to our future and adversely affect our relationships with service providers and our portfolio companies. Also, we may be required to incur significant legal and other expenses related to any activist stockholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any stockholder activism.

RISKS RELATING TO THE ILLIQUID NATURE OF OUR PORTFOLIO ASSETS

We invest in illiquid assets, and our valuation procedures with respect to such assets may result in recording values that are materially different than the values we ultimately receive upon disposition of such assets.

All of our investments are recorded using broker or dealer quotes, if available, or at fair value as determined in good faith by our board of directors. We expect that most, if not all, of our investments (other than cash and cash equivalents) and the fair value of the Truist Credit Facility will be classified as Level 3 under the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurements and Disclosures, or ASC 820. This means that the portfolio valuations will be based on unobservable inputs and our own assumptions about how market participants would price the asset or liability. We expect that inputs into the determination of fair values of our portfolio investments and borrowings under our Truist Credit Facility will require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by such a disclaimer materially reduces the reliability of such information. As a result, there will be uncertainty as to the value of our portfolio investments.

Determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. In determining fair value in good faith, we generally obtain financial and other information from portfolio companies, which may represent unaudited, projected or pro forma financial information. Unlike banks, we are not permitted to provide a general reserve for anticipated loan losses; we are instead required by the 1940 Act to specifically fair value each individual investment on a quarterly basis. We record unrealized appreciation if we believe that our investment has appreciated in value. Likewise, we record unrealized depreciation if we believe that our investment has depreciated in value. We adjust quarterly the valuation of our portfolio to reflect our board of directors’ determination of the fair value of each investment in our portfolio. Any changes in fair value are recorded on our Consolidated Statements of Operations as net change in unrealized appreciation or depreciation.

All of our investments are recorded at fair value as determined in good faith by our board of directors. Our board of directors uses the services of nationally recognized independent valuation firms to aid it in determining the fair value of our investments. The factors that may be considered in fair value pricing of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and cash flows, the markets in which the portfolio company does business, comparison to publicly traded companies and other relevant factors. Because valuations may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the value received in an actual transaction. Additionally, valuations of private securities and private companies are inherently uncertain. Our NAV could be adversely affected if our determinations regarding the fair value of our investments were materially lower than the values that we ultimately realize upon the disposal of such investments.

The lack of liquidity in our investments may adversely affect our business.

We may acquire our investments directly from the issuer in privately negotiated transactions. Substantially all of these securities are subject to legal and other restrictions on resale or are otherwise less liquid than publicly traded securities. We typically exit our investments when the portfolio company has a liquidity event such as a sale, refinancing, or initial public offering of the company, but we are generally not required to do so.

The illiquidity of our investments may make it difficult or impossible for us to sell such investments if the need arises, particularly at times when the market for illiquid securities is substantially diminished. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments, which could have a material adverse effect on our business, financial condition and results of operations. In addition, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we have material non-public information regarding such portfolio company.

Investments purchased by us that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the investments, market events, economic conditions or investor perceptions. Domestic and foreign markets are complex and interrelated, so that events in one sector of the world markets or economy, or in one geographical region, can reverberate and have materially negative consequences for other market, economic or regional sectors in a manner that may not be foreseen and which may materially harm our business.

A general disruption in the credit markets could materially damage our business.

We are susceptible to the risk of significant loss if we are forced to discount the value of our investments in order to provide liquidity to meet our debt maturities. Our borrowings under our Truist Credit Facility are collateralized by the assets in our investment portfolio (excluding assets held by SBIC II). A general disruption in the credit

markets could result in diminished demand for our securities. In addition, with respect to over-the-counter traded securities, the continued viability of any over-the-counter secondary market depends on the continued willingness of dealers and other participants to purchase the securities.

If the fair value of our assets declines substantially, we may fail to maintain the asset coverage ratio stipulated by the 1940 Act, which could, in turn, cause us to lose our status as a BDC and materially impair our business operations. Our liquidity could be impaired further by an inability to access the capital markets or to draw down our Truist Credit Facility. These situations may arise due to circumstances that we may be unable to control, such as a general disruption in the credit markets, a severe decline in the value of the U.S. dollar, an economic downturn or recession or an operational problem that affects our counterparties or us, and could materially damage our business.

We may invest in over-the-counter securities, which have and may continue to face liquidity constraints, to provide us with liquidity.

The market for over-the-counter traded securities has and may continue to experience limited liquidity and other weakness as the viability of any over-the-counter secondary market depends on the continued willingness of dealers and other participants to purchase the securities.

RISKS RELATING TO OUR INVESTMENTS

Our investments in prospective portfolio companies may be risky, and you could lose all or part of your investment.

We intend to invest primarily in first lien secured debt, second lien secured debt, subordinated debt and selected equity investments issued by U.S. and foreign middle-market companies.

First Lien Secured Debt: When we extend first lien secured debt, we will generally take a security interest in the available assets of these portfolio companies, including the equity interests of their subsidiaries, although this may not always be the case. We expect this security interest, if any, to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. Also, in some circumstances, our lien could be subordinated to claims of other creditors. In addition, deterioration in a portfolio company’s financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the loan. Consequently, the fact that a first lien secured debt investment is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or at all, or that we will be able to collect on the loan should we be forced to enforce our remedies.

Second Lien Secured Debt: Our second lien secured debt usually ranks junior in priority of payment to first lien secured debt. Second lien secured debt holds a second priority with regard to right of payment in the event of insolvency. Second lien secured debt ranks senior to subordinated debt and common and preferred equity in borrowers’ capital structures. This may result in an above average amount of risk and volatility or a loss of principal. These investments may involve additional risks that could adversely affect our investment returns. To the extent interest payments associated with such debt are deferred, such debt may be subject to greater fluctuations in valuations, and such debt could subject us and our stockholders to non-cash income. Since we may not receive cash interest or principal prior to the maturity of some of our second lien secured debt investments, such investments may be of greater risk than cash paying loans.

Subordinated Debt: Our subordinated debt usually ranks junior in priority of payment to first lien secured debt and second lien secured debt, and are often unsecured. As such, other creditors may rank senior to us in the event of insolvency. Subordinated debt ranks senior to common and preferred equity in borrowers’ capital structures. This may result in an above average amount of risk and volatility or a loss of principal. These investments may involve additional risks that could adversely affect our investment returns. To the extent interest payments associated with such debt are deferred, such debt may be subject to greater fluctuations in valuations, and such debt could subject us and our stockholders to non-cash income. Since we may not receive cash interest or principal prior to the maturity of some of our subordinated debt investments, such investments may be of greater risk than cash paying loans.

Equity Investments: We have made and expect to continue to make select equity investments, all of which are subordinated to debt investments. In addition, when we invest in first lien secured debt, second lien secured debt or subordinated debt, we may acquire warrants to purchase equity investments from time to time. Our goal is ultimately to dispose of these equity investments and realize gains upon our disposition of such interests. However, the equity investments we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity investments, and any gains that we do realize on the disposition of any equity investments may not be sufficient to offset any other losses we experience. In addition, many of the equity securities in which we invest may not pay dividends on a regular basis, if at all. Furthermore, we may hold equity investments in partnerships through a taxable subsidiary for federal income tax purposes. Upon sale or exit of such investment, we may pay taxes at regular corporate tax rates, which will reduce the amount of gains or dividends available for distributions to our stockholders.

In addition, investing in middle-market companies involves a number of significant risks, including:

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companies may be highly leveraged, have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment;

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they typically have shorter operating histories, more limited publicly available information, narrower product lines, more concentration of revenues from customers and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and changing market conditions, as well as general economic downturns;

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they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

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they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, our executive officers, directors and our Investment Adviser may be named as defendants in litigation arising from our investments in the portfolio companies; and

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they may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to refinance their outstanding indebtedness upon maturity.

Under the 1940 Act, we may invest up to 30% of our assets in investments that are not qualifying assets for BDCs. If we do not invest a sufficient portion of our assets in qualifying assets, we could be precluded from investing in assets that we deem to be attractive.

As a BDC, we may not acquire any asset other than qualifying assets, as defined under the 1940 Act, unless at the time the acquisition is made such qualifying assets represent at least 70% of the value of our total assets. Qualifying assets include investments in U.S. operating companies whose securities are not listed on a national securities exchange and companies listed on a national securities exchange subject to a maximum market capitalization of $250 million. Qualifying assets also include cash, cash equivalents, government securities and high quality debt securities maturing in one year or less from the time of investment.

We believe that most of our debt and equity investments do and will constitute qualifying assets. However, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we have not invested a sufficient portion of our assets in qualifying assets at the time of a proposed investment, we will be prohibited from making any additional investment that is not a qualifying asset and could be forced to forgo attractive investment opportunities. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times in order to comply with the 1940 Act. If we need to dispose of such investments quickly, it would be difficult to dispose of such investments on favorable terms. For example, we may have difficulty in finding a buyer and, even if we do find a buyer, we may have to sell the investments at a substantial loss.

We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we generally are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer, excluding limitations on investments in other investment companies and compliance with the RIC tax regulations. To the extent that we assume large positions in the securities of a small number of issuers, our NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond the Diversification Requirements, we do not have fixed guidelines for portfolio diversification, and our investments could be concentrated in relatively few portfolio companies or industries. Although we are classified as a non-diversified investment company within the meaning of the 1940 Act, we maintain the flexibility to operate as a diversified investment company and have done so for an extended period of time. To the extent that we operate as a non-diversified investment company in the future, we may be subject to greater risk.

Economic recessions or downturns could impair our portfolio companies and harm our operating results.

Many of our portfolio companies are susceptible to economic or industry centric slowdowns or recessions and may be unable to repay debt from us during these periods. Therefore, our non-performing assets are likely to increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions also may decrease the value of collateral securing some of our debt investments and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a material decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and materially harm our operating results.

A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and potential termination of its debt and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company, and any restructuring could further cause adverse effects on our business. Depending on the facts and circumstances of our investments and the extent of our involvement in the management of a portfolio company, upon the bankruptcy of a portfolio company, a bankruptcy court may recharacterize our debt investments as equity investments and subordinate all or a portion of our claim to that of other creditors. This could occur regardless of how we may have structured our investment. In addition, we cannot assure you that a bankruptcy court would not take actions contrary to our interests.

If we fail to make follow-on investments in our portfolio companies, this could materially impair the value of our portfolio.

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in order to:

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increase or maintain in whole or in part our equity ownership percentage;

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exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or

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attempt to preserve or enhance the value of our investment.

We have the discretion to make any follow-on investments, subject to the availability of capital resources and regulatory considerations. We may elect not to make follow-on investments or otherwise lack sufficient funds to make those investments. Any failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful transaction or business. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our concentration of risk, either because we prefer other opportunities, or because we are inhibited by compliance with BDC requirements or the desire to maintain our RIC tax status.

Because we generally do not hold controlling equity interests in our portfolio companies, we are not in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.

Because we generally do not hold controlling equity positions in our portfolio companies, we are subject to the risk that a portfolio company may make business decisions with which we disagree, and the stockholders and management of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity for the debt and equity investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company, and may therefore suffer a decrease in the market value of our investments.

An investment strategy focused primarily on privately held companies, including controlling equity interests, presents certain challenges, including the lack of available or comparable information about these companies, a dependence on the talents and efforts of only a few key portfolio company personnel and a greater vulnerability to economic downturns.

We have invested and intend to continue to invest primarily in privately held companies. Generally, little public information exists about these companies, and we rely on the ability of our Investment Adviser’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If they are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose value on our investments. Also, privately held companies frequently have less diverse product lines and smaller market presence than larger competitors. These factors could have a material adverse impact on our investment returns as compared to companies investing primarily in the securities of public companies.

Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and our portfolio companies may be highly leveraged.

We invest primarily in first lien secured debt, second lien secured debt, subordinated debt and equity investments issued by our portfolio companies. The portfolio companies usually will have, or may be permitted to incur, other debt that ranks equally with, or senior to, our investments, and they may be highly leveraged. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to our debt investments. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such senior creditors, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt securities in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

Our incentive fee may induce the Investment Adviser to make speculative investments.

The incentive fee payable by us to PennantPark Investment Advisers may create an incentive for PennantPark Investment Advisers to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The incentive fee payable to our Investment Adviser is calculated based on a percentage of our NAV. This may encourage our Investment Adviser to use leverage to increase the return on our investments. Under certain circumstances, the use of leverage may increase the likelihood of default, which would disfavor the holders of our common stock. In addition, our Investment Adviser will receive the incentive fee based, in part, upon net capital gains realized on our investments. Unlike that portion of the incentive fee based on income, there is no hurdle applicable to the portion of the incentive fee based on net capital gains. As a result, the Investment Adviser may have a tendency to invest more capital in investments that are likely to result in capital gains as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns.

The part of our incentive fee payable by us to PennantPark Investment Advisers that relates to net investment income is computed and paid on income that has been accrued but that has not been received in cash. PennantPark Investment Advisers is not obligated to reimburse us for any such incentive fees even if we subsequently incur losses or never receive in cash the deferred income that was previously accrued. As a result, there is a risk that we will pay incentive fees with respect to income that we never receive in cash.

Any investments in distressed debt may not produce income and may require us to bear large expenses in order to protect and recover our investment.

Distressed debt investments may not produce income and may require us to bear certain additional expenses in order to protect and recover our investment. Therefore, to the extent we invest in distressed debt, our ability to achieve current income for our stockholders may be diminished. We also will be subject to significant uncertainty as to when, in what manner and for what value the distressed debt in which we invest will eventually be satisfied (e.g., through liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the distressed debt securities or a payment of some amount in satisfaction of the obligation). In addition, even if an exchange offer is made or plan of reorganization is adopted with respect to distressed debt we hold, there can be no assurance that the securities or other assets received by us in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover, any securities received by us upon completion of an exchange offer or plan of reorganization may be restricted as to resale. If we participate in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt, we may be restricted from disposing of such securities.

Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.

Our investment strategy contemplates potential investments in securities of companies located outside of the United States. Investments in securities of companies located outside of the United States would not be qualifying assets under Section 55(a) of the 1940 Act. Investing in companies located outside of the United States may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political, economic and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.

Although most of our investments will be U.S. dollar-denominated, any investments denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and economic and political developments. We may employ hedging techniques such as using our Truist Credit Facility’ multicurrency capability to minimize these risks, but we can offer no assurance that we will, in fact, hedge currency risk or, that if we do, such strategies will be effective.

We may make investments that cause our stockholders to bear investment advisory fees and other expenses on such investments in addition to our management fees and expenses.

We may invest, to the extent permitted by law, in the securities and instruments of other investment companies and companies that would be investment companies but are excluded from the definition of an investment company provided in Section 3(c) of the 1940 Act. To the extent we so invest, we will bear our ratable share of any such investment company’s expenses, including management and performance fees. We will also remain obligated to pay investment advisory fees, consisting of a base management fee and an incentive fee, to PennantPark Investment Advisers with respect to investments in the securities and instruments of other investment companies under our Investment Management Agreement. With respect to any such investments, each of our stockholders will bear his or her share of the investment advisory fees of PennantPark Investment Advisers as well as indirectly bearing the investment advisory fees and other expenses of any investment companies in which we invest.

We may be obligated to pay our Investment Adviser incentive compensation even if we incur a loss.

Our Investment Adviser is entitled to incentive compensation for each fiscal quarter in an amount equal to a percentage of the excess of our investment income for that quarter (before deducting incentive compensation, net operating losses and certain other items) above a threshold return for that quarter. Our Pre-Incentive Fee Net Investment Income for incentive compensation purposes excludes realized and unrealized capital losses that we may incur in the fiscal quarter, even if such capital losses result in a net loss on our Consolidated Statements of Operations for that quarter. Thus, we may be required to pay the Investment Adviser incentive compensation for a fiscal quarter even if there is a decline in the value of our portfolio, NAV or we incur a net loss for that quarter. In addition, increases in interest rates may increase the amount of incentive fees we pay to the Investment Adviser even though our performance relative to the market has not increased.

We may invest in derivatives or other assets that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.

The Company may invest in derivatives and other assets that are subject to many of the same types of risks related to the use of leverage. In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act regarding the ability of a BDC to use derivatives and other transactions that create future payment or delivery obligations. Under Rule 18f-4, BDCs that use derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program and testing requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a “limited derivatives user,” as defined under Rule 18f-4. Under Rule 18f-4, a BDC may enter into an unfunded commitment agreement (which may include delayed draw and revolving loans) that will not be deemed to a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Collectively, these requirements may limit the Company’s ability to use derivatives and/or enter into certain other financial contracts.

The Company has adopted updated policies and procedures in compliance with Rule 18f-4. The Company expects to qualify as a “limited derivatives user.” Future legislation or rules may modify how the Company treats derivatives and other financial arrangements for purposes of the Company’s compliance with the leverage limitations of the 1940 Act. Future legislation or rules, may modify how leverage is calculated under the 1940 Act and, therefore, may increase or decrease the amount of leverage currently available to the Company under the 1940 Act, which may be materially adverse to the Company and the Company’s Investors.

RISKS RELATING TO AN INVESTMENT IN OUR COMMON STOCK

We may obtain the approval of our stockholders to issue shares of our common stock at prices below the then current NAV per share of our common stock. If we receive such approval from stockholders in the future, we may issue shares of our common stock at a price below the then current NAV per share of common stock. Any such issuance could materially dilute your interest in our common stock and reduce our NAV per share.

We may seek to obtain from our stockholders and they may approve a proposal that authorizes us to issue shares of our common stock at prices below the then current NAV per share of our common stock in one or more offerings for a 12-month period. Such approval would allow us to access the capital markets in a way that we were previously unable to do as a result of restrictions that, absent stockholder approval, apply to BDCs under the 1940 Act.

Any sale or other issuance of shares of our common stock at a price below NAV per share will result in an immediate dilution to your interest in our common stock and a reduction of our NAV per share. This dilution would occur as a result of a proportionately greater decrease in a stockholder’s interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance. Because the number of future shares of common stock that may be issued below our NAV per share and the price and timing of such issuances are not currently known, we cannot predict the actual dilutive effect of any such issuance. We also cannot determine the resulting reduction in our NAV per share of any such issuance at this time. We caution you that such effects may be material, and we undertake to describe all the material risks and dilutive effects of any offerings we make at a price below our then current NAV in the future in a prospectus supplement issued in connection with any such offering.

The determination of NAV in connection with an offering of shares of common stock will involve the determination by our board of directors or a committee thereof that we are not selling shares of our common stock at a price below the then current NAV of our common stock at the time at which the sale is made or otherwise in violation of the 1940 Act, unless we have previously received the consent of the majority of our common stockholders to do so and the board of directors decides such an offering is in the best interests of our common stockholders. Whenever we do not have current stockholder approval to issue shares of our common stock at a price per share below our then current NAV per share, the offering price per share (after any distributing commission or discount) will equal or exceed our then current NAV per share, based on the value of our portfolio securities and other assets determined in good faith by our board of directors as of a time within 48 hours (excluding Sundays and holidays) of the sale.

There is a risk that our stockholders may not receive distributions or that our distributions may not grow over time.

We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. In addition, due to the asset coverage ratio requirements applicable to us as a BDC, we may be limited in our ability to make distributions. Further, if more stockholders opt to receive cash distributions rather than participate in our dividend reinvestment plan, we may be forced to liquidate some of our investments and raise cash in order to make distribution payments, which could materially harm our business. Finally, to the extent we make distributions to stockholders which include a return of capital, that portion of the distribution essentially constitutes a return of the stockholders’ investment. Although such return of capital may not be taxable, such distributions may increase an investor’s tax liability for capital gains upon the future sale of our common stock.

Investing in our shares may involve an above average degree of risk.

The investments we make in accordance with our investment objectives may result in a higher amount of risk and volatility than alternative investment options or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our shares may not be suitable for someone with lower risk tolerance.

Sales of substantial amounts of our securities may have an adverse effect on the market price of our securities.

Sales of substantial amounts of our securities, or the availability of such securities for sale, could adversely affect the prevailing market prices for our securities. If this occurs and continues it could impair our ability to raise additional capital through the sale of securities should we desire to do so.

We may allocate the net proceeds from any offering of our securities in ways with which you may not agree.

We have significant flexibility in investing the net proceeds of any offering of our securities and may use the net proceeds from an offering in ways with which you may not agree or for purposes other than those contemplated at the time of the offering.

Our shares may trade at discounts from NAV or at premiums that are unsustainable over the long term.

Shares of BDCs may trade at a market price that is less than the NAV that is attributable to those shares. Our shares have traded above and below our NAV. Our shares closed on The New York Stock Exchange at $5.46 and $6.49 on September 30, 2022 and 2021, respectively. Our NAV per share was $8.98 and $9.85, respectively, as of the same dates. The possibility that our shares of common stock will trade at a discount from NAV or at a premium that is unsustainable over the long term is separate and distinct from the risk that our NAV will decrease. It is not possible to predict whether our shares will trade at, above or below NAV in the future.

The market price of our common stock may fluctuate significantly.

The market price and liquidity of the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:

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significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies;

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changes in regulatory policies or tax guidelines, particularly with respect to RICs, BDCs or SBICs;

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any loss of our BDC or RIC status or any loss of our subsidiaries’ SBIC licenses;

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changes in earnings or variations in operating results;

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changes in prevailing interest rates;

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changes in the value of our portfolio of investments;

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any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

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the inability of our Investment Adviser to employ additional experienced investment professionals or the departure of any of the Investment Adviser’s key personnel;

•

operating performance of companies comparable to us;

•

general national and international economic trends and other external factors;

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general price and volume fluctuations in the stock markets, including as a result of short sales;

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conversion features of subscription rights, warrants or convertible debt; and

•

loss of a major funding source.

Since our initial listing on The Nasdaq Global Select Market to our voluntarily withdraw of the principal listing of common shares from the Nasdaq Stock Market LLC effective at market close on April 13, 2022 and subsequent listing and trading of the Company's common stock on the New York Stock Exchange, which commenced April 14, 2022, our shares of common stock have traded at a wide range of prices. We can offer no assurance that our shares of common stock will not display similar volatility in future periods.

We may be unable to invest the net proceeds raised from offerings on acceptable terms, which would harm our financial condition and operating results.

Until we identify new investment opportunities, we intend to either invest the net proceeds of future offerings in cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less or use the net proceeds from such offerings to reduce then-outstanding obligations under our Truist Credit Facility or any future credit facility. We cannot assure you that we will be able to find enough appropriate investments that meet our investment selection criteria or that any investment we complete using the proceeds from an offering will produce a sufficient return.

The SBA also limits an SBIC’s ability to invest idle funds to the following types of securities:

•

direct obligations of, or obligations guaranteed as to principal and interest by, the U.S. government, which mature within 15 months from the date of the investment;

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repurchase agreements with federally insured institutions with a maturity of seven days or less (and the securities underlying the repurchase obligations must be direct obligations of or guaranteed by the federal government);

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mutual funds, securities or other instruments that exclusively consist of, or represent pooled assets of, investments described in the first and second bulleted paragraphs above;

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certificates of deposit with a maturity of one year or less, issued by a federally insured institution; or

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a deposit account in a federally insured institution that is subject to a withdrawal restriction of one year or less.

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a checking account in a federally insured institution; or

•

• a reasonable petty cash fund.

You may have current tax liabilities on distributions you reinvest in our common stock.

Under the dividend reinvestment plan, if you own shares of our common stock registered in your own name, you will have all cash distributions automatically reinvested in additional shares of our common stock unless you opt out of the dividend reinvestment plan by delivering a written notice to the plan administrator prior to the record date of the next dividend or distribution. If you have not “opted out” of the dividend reinvestment plan, you will be deemed to have received, and for federal income tax purposes will be taxed on, the amount reinvested in our common stock to the extent the amount reinvested was not a tax-free return of capital. As a result, you may have to use funds from other sources to pay your income tax liabilities on the value of the common stock received. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions” for more information.

There is a risk that our common stockholders may receive our stock as distributions in which case they may be required to pay taxes in excess of the cash they receive.

We may distribute our common stock as a dividend of our taxable income and a stockholder could receive a portion of the dividends declared and distributed by us in shares of our common stock with the remaining amount in cash. Revenue Procedures issued by the IRS allow a publicly offered regulated investment company (including a BDC) to distribute its own stock as a dividend for the purpose of fulfilling its distribution requirements, if certain conditions are satisfied. As long as a portion of such dividend is paid in cash (which portion may be as low as 20% of such dividend) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder will be considered to have recognized dividend income generally equal to the fair market value of the stock paid by us plus cash received with respect to such dividend. The total dividend declared would be taxable income to a stockholder even though he or she may only receive a relatively small portion of the dividend in cash to pay any taxes due on the dividend. We have not elected to distribute stock as a dividend but reserve the right to do so.

Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.

The Maryland General Corporation Law, our charter and our bylaws contain provisions that may discourage, delay or make more difficult a change in control of us or the removal of our directors. We are subject to the Maryland Business Combination Act, or the Business Combination Act, the application of which is subject to any applicable requirements of the 1940 Act. Our board of directors has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our board, including approval by a majority of our disinterested directors. If the resolution exempting business combinations is repealed or our board does not approve a business combination, the Business Combination Act may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer.

In addition, our bylaws exempt from the Maryland Control Share Acquisition Act acquisitions of our common stock by any person. If we amend our bylaws to repeal the exemption from such act, it may make it more difficult for a third party to obtain control of us and increase the difficulty of consummating such an offer. Our bylaws require us to consult with the SEC staff before we repeal such exemption. Also, our charter provides for classifying our board of directors in three classes serving staggered three-year terms, and provisions of our charter authorize our board of directors to classify or reclassify shares of our stock in one or more classes or series, to cause the issuance of additional shares of our stock, and to amend our charter, without stockholder approval, to increase or decrease the number of shares of stock that we have authority to issue.

These anti-takeover provisions may inhibit a change of control in circumstances that could give our stockholders the opportunity to realize a premium over the market price for our common stock.

RISKS RELATING TO AN INVESTMENT IN OUR DEBT SECURITIES

The 2026 Notes and the 2026 Notes-2 are unsecured and therefore are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.

The 2026 Notes and the 2026-2 Notes are not secured by any of our assets or any of the assets of our subsidiaries. As a result, the 2026 Notes and the 2026-2 Notes are effectively subordinated to any secured indebtedness we or our subsidiaries have currently incurred and may incur in the future (or any indebtedness that is initially unsecured to which we subsequently grant security) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the 2026 Notes and the 2026-2 Notes. As of September 30, 2022, we had $385.9 million in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility is secured by substantially all of our assets excluding assets held by SBIC II. The indebtedness under the Truist Credit Facility is therefore effectively senior in right of payment to our 2026 Notes and our 2026-2 Notes to the extent of the value of such assets.

The 2026 Notes and the 2026-2 Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.

The 2026 Notes and the 2026-2 Notes are obligations exclusively of PennantPark Investment Corporation and not of any of our subsidiaries. None of our subsidiaries is or acts as a guarantor of the 2026 Notes or the 2026-2 Notes and the 2026 Notes and the 2026-2 Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. Our secured indebtedness with respect to the SBA debentures is held through SBIC II. The assets of any such subsidiaries are not directly available to satisfy the claims of our creditors, including holders of our 2026 Notes and our 2026-2 Notes.

Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including holders of preferred stock, if any, of our subsidiaries) will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the 2026 Notes and the 2026 Notes-2) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the 2026 Notes and the 2026 Notes-2 are structurally subordinated to all indebtedness and other liabilities (including trade payables) of our subsidiaries and any subsidiaries that we may in the future acquire or establish as financing vehicles or otherwise. As of September 30, 2022 and 2021, our SBIC Fund had $20.0 million and $63.5 million in debt commitments, respectively. All of such indebtedness is structurally senior to the 2026 Notes and the 2026 Notes-2. In addition, our subsidiaries may incur substantial additional indebtedness in the future, all of which would be structurally senior to the 2026 Notes and the 2026 Notes-2.

The indenture under which each of the 2026 Notes and the 2026-2 Notes were issued contains limited protection for their respective holders.

The indenture under which each of the 2026 Notes and the 2026 Notes-2 were issued offers limited protection to holders. The terms of the indenture and each of the 2026 Notes and the 2026 Notes-2 do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have an adverse impact on each holder’s investment in the 2026 Notes and the 2026 Notes-2. In particular, the terms of the indenture and each of the 2026 Notes and the 2026 Notes-2 will not place any restrictions on our or our subsidiaries’ ability to:

•

issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to each of the 2026 Notes and the 2026 Notes-2, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to each of the 2026 Notes and the 2026 Notes-2 to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore would rank structurally senior to each of the 2026 Notes and the 2026 Notes-2 and (4) securities, indebtedness or other obligations issued or incurred by our subsidiaries that would be senior in right of payment to our equity interests in our subsidiaries and therefore would rank structurally senior in right of payment to each of the 2026 Notes and the 2026 Notes-2 with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a)(1) and (2) of the 1940 Act or any successor provisions, as such obligations may be amended or superseded, giving effect to any exemptive relief granted to us by the SEC;

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pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the 2026 Notes and the 2026 Notes-2;

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sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

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enter into transactions with affiliates;

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create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

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make investments; or

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create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

In addition, the indenture will not require us to offer to purchase the Notes in connection with a change of control or any other event.

Furthermore, the terms of the indenture and each of the 2026 Notes and the 2026 Notes-2 do not protect their respective holders in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity, except as required under the 1940 Act.

Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the 2026 Notes and the 2026 Notes-2 may have important consequences for their holders, including making it more difficult for us to satisfy our obligations with respect to the 2026 Notes and the 2026 Notes-2 or negatively affecting their trading value.

Certain of our current debt instruments include more protections for their respective holders than the indenture and each of the 2026 Notes and the 2026 Notes-2. In addition, other debt we issue or incur in the future could contain more protections for its holders than the indenture and each of the 2026 Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the 2026 Notes and the 2026 Notes-2, if any.

The optional redemption provision may materially adversely affect your return on the 2026 Notes and the 2026 Notes-2.

The 2026 Notes and the 2026 Notes-2 may be redeemable in whole or in part upon certain conditions at any time, or from time to time, at our option on or after October 15, 2026 or February 1, 2026, respectively. We may choose to redeem the 2026 Notes or the 2026 Notes-2 at times when prevailing interest rates are lower than the interest rate paid on the Notes. In this circumstance, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the 2026 Notes or the 2026 Notes-2 being redeemed.

There is no active trading market for the Notes. If an active trading market does not develop for the Notes, you may not be able to sell them.

The Notes are a new issue of debt securities for which currently there is no trading market. We do not intend to list the Notes on any securities exchange or for quotation of the Notes on any automated dealer quotation system. If the Notes are traded after their initial issuance, they may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, general economic conditions, including the impact of COVID-19, our financial condition, performance and prospects and other factors. The underwriters have advised us that they intend to make a market in the Notes, but they are not obligated to do so. The underwriters may discontinue any market-making in the Notes at any time at their sole discretion. Accordingly, we cannot assure you that a liquid trading market will develop for the Notes, that you will be able to sell your Notes at a particular time or that the price you receive when you sell will be favorable. To the extent an active trading market does not develop, the liquidity and trading price for the Notes may be harmed. Accordingly, you may be required to bear the financial risk of an investment in the Notes for an indefinite period of time.

If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the 2026 Notes or the 2026 Notes-2.

Any default under the agreements governing our indebtedness, including a default under our Truist Credit Facility or under other indebtedness to which we may be a party that is not waived by the required lenders or holders, and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the 2026 Notes or the 2026 Notes-2 and substantially decrease the market value of such notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under our Truist Credit Facility or other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. If our operating performance declines, we may in the future need to seek to obtain waivers from the required lenders under the agreements relating to our Truist Credit Facility or other debt that we may incur in the future to avoid being in default. If we breach our covenants under our Truist Credit Facility or other debt and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders. If this occurs, we would be in default and our lenders or debt holders could exercise their rights as described above, and we

could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations, including the lenders under our Truist Credit Facility, could proceed against the collateral securing the debt. Because our Truist Credit Facility have, and any future debt will likely have, customary cross-default provisions, if the indebtedness thereunder or under any future credit facility is accelerated, we may be unable to repay or finance the amounts due.

FATCA withholding may apply to payments to certain foreign entities.

Payments made under the 2026 Notes or the 2026 Notes-2 to a foreign financial institution or non-financial foreign entity (including such an institution or entity acting as an intermediary) may be subject to a U.S. withholding tax of 30% under the Foreign Account Tax Compliance Act (commonly known as “FATCA”) provisions of the Code. This U.S. withholding tax may apply to certain payments of interest on the 2026 Notes or the 2026 Notes-2 as well as scheduled payments of principal, early redemption, or sale of the 2026 Notes or the 2026 Notes-2, unless the foreign financial institution or non-financial foreign entity complies with certain information reporting, withholding, identification, certification and related requirements imposed by FATCA. Depending upon the status of a holder and the status of an intermediary through which any notes are held, the holder could be subject to this 30% U.S. withholding tax in respect of any interest paid on the notes as well as any proceeds from the sale or other disposition of the notes. Proposed Treasury Regulations, if finalized in their present form, would eliminate the application of this 30% U.S. withholding tax in respect of payments of certain gross proceeds. Pursuant to these proposed Treasury Regulations, we and any other applicable withholding agent may (but are not required to) rely on this proposed change to FATCA withholding until final regulations are issued or until such proposed Treasury Regulations are rescinded. Holders of the 2026 Notes and the 2026 Notes-2 should consult their own tax advisors regarding FATCA and how it may affect their investment in the notes.

GENERAL RISK FACTORS

The ongoing invasion of Ukraine by Russia and related sanctions have increased global political and economic uncertainty, which may have a material impact on the Company's portfolio and the value of an investment in the Company.

The ongoing invasion of Ukraine by Russia and related sanctions have increased global political and economic uncertainty. In February 2022, Russia invaded Ukraine and, in response, the United States and many other countries placed economic sanctions on certain Russian entities and individuals. Because Russia is a major exporter of oil and natural gas, the invasion and related sanctions have reduced the supply, and increased the price, of energy, which is accelerating inflation and may exacerbate ongoing supply chain issues. There is also the risk of retaliatory actions by Russia against countries which have enacted sanctions, including cyberattacks against financial and governmental institutions, which could result in business disruptions and further economic turbulence. Although the Company has no direct exposure to Russia or Ukraine, the broader consequences of the invasion may have a material adverse impact on the Company's portfolio and the value of an investment in the Company. Because this is an uncertain and evolving situation, its full impact is unknown at this time.

Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

Certain of our portfolio companies are in industries that may be impacted by inflation. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations.

Global capital markets could enter a period of severe disruption and instability due to future recessions, disease pandemics and other serious health events, political instability, geopolitical turmoil and foreign hostilities. These market conditions have historically had and could again have a materially adverse effect on debt and equity capital markets in the United States, which could have a materially negative impact on our business, financial condition and results of operations.

The U.S. and global capital markets have, from time to time, experienced periods of disruption characterized by the freezing of available credit, a lack of liquidity in the debt capital markets, significant losses in the principal value of investments, the re-pricing of credit risk in the broadly syndicated credit market, the failure of major financial institutions and general volatility in the financial markets. During these periods of disruption, general economic conditions deteriorated with material and adverse consequences for the broader financial and credit markets, and the availability of debt and equity capital for the market as a whole, and financial services firms in particular, was reduced significantly. These conditions may reoccur for a prolonged period of time or materially worsen in the future. In addition, uncertainty between the United States and other countries with respect to trade policies, treaties and tariffs, among other factors, have caused disruptions in the global markets, including markets in which we participate, and we cannot assure you that these market conditions will not continue or worsen in the future. We may in the future have difficulty accessing debt and equity capital markets, and a severe disruption in the global financial markets, deterioration in credit and financing conditions or uncertainty regarding U.S. government spending and deficit levels or other global economic and political conditions, including future recessions, political instability, geopolitical turmoil and foreign hostilities, and disease, pandemics and other serious health events, could have a material adverse effect on our business, financial condition and results of operations.

United Kingdom’s Withdrawal from the European Union.

The U.K. ceased to be a member of the EU with effect from January 31, 2020 (such departure from the EU, “Brexit”). On December 24, 2020, a trade agreement was concluded between the EU and the U. K. (the “TCA”), which formally took effect on May 1, 2021, and now governs the relationship between the U.K. and EU.

Although the TCA covers many issues, it is silent on items such as financial services equivalence. As such, there remains uncertainty as to the scope, nature and terms of the relationship between the U.K. and the EU and the effect and implications of the TCA.

The actual and potential consequences of Brexit, and the associated uncertainty, have adversely affected, and for the foreseeable future may adversely affect, economic and market conditions in the U.K., in the EU and its member states and elsewhere, and may also contribute to uncertainty and instability in global financial markets, which could adversely affect our business, financial results and results of operations and those of our portfolio companies. There may be detrimental implications for the value of the Company’s investments. This may be due to, among other things: (i) increased uncertainty and volatility in U.K., EU and other financial markets; (ii) fluctuations in asset values; (iii) fluctuations in exchange rates; (iv) increased illiquidity of investments located, listed or traded within the U.K., the EU or elsewhere; (v) changes in the willingness or ability of financial and other counterparties to enter into transactions, or the price at which and terms on which they are prepared to transact; and/or (vi) changes in legal and regulatory regimes to which the Company or certain of the Company’s assets and/or service providers are or become subject.

The COVID-19 pandemic resulted in a period of capital markets disruption and economic uncertainty.

The U.S. capital markets experienced extreme volatility and disruption following the global outbreak of COVID-19. Some economists and major investment banks have expressed concern that the continued spread of the virus globally could lead to a prolonged period of world-wide economic downturn. Disruptions in the capital markets have in the past increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. Such disruptions adversely affected our business, financial condition, results of operations and cash flows, and future market disruptions and/or illiquidity may again negatively impact us. Such unfavorable economic conditions could also increase our funding costs and limit our access to the capital markets, and may result in a decision by lenders

not to extend credit to us in the future. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results and the fair values of our debt and equity investments. As such, we could also face an increased risk of investor, creditor or portfolio company disputes, litigation and governmental and regulatory scrutiny as a result of the effects of COVID-19 on economic and market conditions.

Volatility or a prolonged disruption in the credit markets could materially damage our business.

We are required to record our assets at fair value, as determined in good faith by our board of directors, in accordance with our valuation policy. As a result, volatility in the capital markets may have a material adverse effect on our valuations and our NAV, even if we hold investments to maturity. Volatility or dislocation in the capital markets may depress our stock price below our NAV per share and create a challenging environment in which to raise equity and debt capital. As a BDC, we are generally not able to issue additional shares of our common stock at a price less than our NAV without first obtaining approval for such issuance from our stockholders and our independent directors. Additionally, our ability to incur indebtedness is limited by the asset coverage ratio requirements for a BDC, as defined under the 1940 Act, exclusive of the SBA debentures pursuant to our SEC exemptive relief. Declining portfolio values negatively impact our ability to borrow additional funds under our Truist Credit Facility because our NAV is reduced for purposes of the asset coverage ratio. If the fair value of our assets declines substantially, we may fail to maintain the asset coverage ratio stipulated by the 1940 Act, which could, in turn, cause us to lose our status as a BDC and materially impair our business operations. A lengthy disruption in the credit markets could also materially decrease demand for our investments and could materially damage our business, financial condition and results of operations.

The significant disruptions in the capital markets experienced in the past has had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments. The debt capital that may be available to us in the future may be at a higher cost and have less favorable terms and conditions than those currently in effect. If our financing costs increase and we have no increase in interest income, then our net investment income will decrease. A prolonged inability to raise capital may require us to reduce the volume of investments we originate and could have a material adverse impact on our business, financial condition and results of operations. This may also increase the probability that other structural risks negatively impact us. These situations may arise due to circumstances that we may be unable to control, such as a lengthy disruption in the credit markets, a severe decline in the value of the U.S. dollar, a sharp economic downturn or recession or an operational problem that affects third parties or us, and could materially damage our business, financial condition and results of operations.

Any public health emergency, including the COVID-19 pandemic or any outbreak of other existing or new diseases, and the resulting financial and economic market uncertainty could have a significant adverse impact on us.

The extent of the impact of any public health emergency, including the COVID-19 pandemic, on our and our portfolio companies’ operational and financial performance will depend on many factors, including the duration and scope of such public health emergency, the actions taken by governmental authorities to contain its financial and economic impact, the extent of any related travel advisories and restrictions implemented, the impact of such public health emergency on overall supply and demand, investor liquidity and levels of economic activity and the extent of its disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted. In addition, our and our portfolio companies’ operations may be significantly impacted, or halted, as a result of government quarantine measures, restrictions on travel and other factors related to a public health emergency, including its potential adverse impact on the health of any of our or our portfolio companies’ personnel. This could create widespread business continuity issues for us and our portfolio companies. These factors may also cause the valuation of our investments to differ materially from the values that we may ultimately realize. Any public health emergency, including the COVID-19 pandemic or any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies.

Economic sanction laws in the United States and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies.

Economic sanction laws in the United States and other jurisdictions may prohibit us or our affiliates from transacting with certain countries, individuals and companies. In the United States, the U.S. Department of the Treasury’s Office of Foreign Assets Control administers and enforces laws, executive orders and regulations establishing U.S. economic and trade sanctions, which prohibit, among other things, transactions with, and the provision of services to, certain non-U.S. countries, territories, entities and individuals. These types of sanctions may significantly restrict or completely prohibit investment activities in certain jurisdictions, and if we, our portfolio companies or other issuers in which we invest were to violate any such laws or regulations, we may face significant legal and monetary penalties.

The Foreign Corrupt Practices Act, or FCPA, and other anti-corruption laws and regulations, as well as anti-boycott regulations, may also apply to and restrict our activities, our portfolio companies and other issuers of our investments. If an issuer or we were to violate any such laws or regulations, such issuer or we may face significant legal and monetary penalties. The U.S. government has indicated that it is particularly focused on FCPA enforcement, which may increase the risk that an issuer or us becomes the subject of such actual or threatened enforcement. In addition, certain commentators have suggested that private investment firms and the funds that they manage may face increased scrutiny and/or liability with respect to the activities of their underlying portfolio companies. As such, a violation of the FCPA or other applicable regulations by us or an issuer of our portfolio investments could have a material adverse effect on us. We are committed to complying with the FCPA and other anti-corruption laws and regulations, as well as anti-boycott regulations, to which it is subject. As a result, we may be adversely affected because of our unwillingness to enter into transactions that violate any such laws or regulations.

We may be the target of litigation.

We may be the target of securities litigation in the future, particularly if the trading price of our common stock, our 2026 Notes or our 2026-2 Notes fluctuates significantly. We could also generally be subject to litigation, including derivative actions by our stockholders. Any litigation could result in substantial costs and divert management’s attention and resources from our business and cause a material adverse effect on our business, financial condition and results of operations.

The effect of global climate change may impact the operations of our portfolio companies.

There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition through, for example, decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions.

Legislative or regulatory tax changes could adversely affect investors.

At any time, the federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. The Biden Administration has enacted significant changes to the existing U.S. tax rules that include, among others, a minimum tax on book income and profits of certain multinational corporations, and there are a number of proposals in the U.S. Congress that would similarly modify the existing U.S. tax rules. The likelihood of any new legislation being enacted is uncertain. Any new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our shareholders. Therefore,

changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our shares or the value or the resale potential of our investments.

Effects of Leverage [Table Text Block]


Assumed return on portfolio (net of expenses) (1)	(10.0	)%	(5.0	)%	—	%	5.0	%	10.0	%
Corresponding return to common stockholders (2)	(28.3	)%	(17.0	)%	(5.8	)%	5.5	%	16.7	%

(1)

The assumed portfolio return is required by regulation of the SEC and is not a prediction of, and does not represent, our projected or actual performance.

(2)

Return at Minus Ten [Percent]

(28.30%)

Return at Minus Five [Percent]

(17.00%)

Return at Zero [Percent]

(5.80%)

Return at Plus Five [Percent]

5.50%

Return at Plus Ten [Percent]

16.70%

Share Price [Table Text Block]

PRICE RANGE OF COMMON STOCK

On April 4, 2007, we closed our initial public offering. On April 14, 2022, listing and trading of the Company’s common stock commenced on the New York Stock Exchange after the Company voluntarily withdrew the principal listing of its common stock from the Nasdaq Stock Market effective at market close on April 13, 2022. Our common stock trades on the New York Stock Exchange under the symbol “PNNT”. The following table lists the high and low closing sale prices for our common stock, the closing sale prices as a premium or (discount) to our NAV per share and distributions per share for each full quarterly period within the fiscal years ended September 30, 2022 and 2021.


			Closing Sale Prices				Premium / (Discount) of High Sale			Premium / (Discount) of Low Sale			Distributions
Period	NAV (1)		High		Low		Price to NAV (2)			Price to NAV (2)			Declared
Year Ended September 30, 2022
Fourth quarter	$	8.98	$	6.67	$	5.46		(26	)%		(39	)%	$	0.15
Third quarter	$	9.65	$	7.98	$	6.00		(17	)%		(38	)%	$	0.15
Second quarter	$	10.05	$	7.85	$	6.66		(22	)%		(34	)%	$	0.14
First quarter	$	10.11	$	7.18	$	6.49		(29	)%		(36	)%	$	0.12
Year Ended September 30, 2021
Fourth quarter	$	9.85	$	6.88	$	6.28		(30	)%		(36	)%	$	0.12
Third quarter	$	9.59	$	7.37	$	5.74		(23	)%		(40	)%	$	0.12
Second quarter	$	9.24	$	6.21	$	4.49		(33	)%		(51	)%	$	0.12
First quarter	$	8.78	$	4.62	$	2.85		(47	)%		(68	)%	$	0.12

(1)

NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.

(2)

Calculated as the respective high or low closing sales price less NAV per share, divided by the quarter-end NAV per share.

Shares of BDCs may trade at a market price both above and below the NAV that is attributable to those shares. During the periods covered in the above table, our shares have traded below our NAV. Our shares closed on the New York Stock Exchange at $5.46 and on the Nasdaq Global Select Market at $6.49 as of September 30, 2022 and 2021, respectively. Our NAV per share was $8.98 and $9.85 as of the same dates. The possibility that our shares of common stock will trade at a discount from NAV or at a premium that is unsustainable over the long term is separate and distinct from the risk that our NAV will decrease. It is not possible to predict whether our shares will trade at, above or below our NAV in the future. As of September 30, 2022, we had seven stockholders of record.

Lowest Price or Bid

$ 5.46

$ 6.00

$ 6.66

$ 6.49

$ 6.28

$ 5.74

$ 4.49

$ 2.85

Highest Price or Bid

$ 6.67

$ 7.98

$ 7.85

$ 7.18

$ 6.88

$ 7.37

$ 6.21

$ 4.62

Highest Price or Bid, Premium (Discount) to NAV [Percent]

^[11]

(26.00%)

(17.00%)

(22.00%)

(29.00%)

(30.00%)

(23.00%)

(33.00%)

(47.00%)

Lowest Price or Bid, Premium (Discount) to NAV [Percent]

^[11]

(39.00%)

(38.00%)

(34.00%)

(36.00%)

(40.00%)

(51.00%)

(68.00%)

Latest Share Price

$ 5.46

$ 6.49

Latest NAV

$ 8.98

^[12]

$ 9.65

^[12]

$ 10.05

^[12]

$ 10.11

^[12]

$ 9.85

^[12]

$ 9.59

^[12]

$ 9.24

^[12]

$ 8.78

^[12]

$ 8.98

$ 9.85

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt [Table Text Block]

On November 13, 2021, the 2024 Notes were redeemed at a redemption price of $25.00 per 2024 Note, plus accrued and unpaid interest to November 13, 2021, pursuant to the indenture governing the 2024 Notes. Accordingly, as of September 30, 2022 and September 30, 2021, we had zero and $86.3 million in aggregate principal amount of 2024 Notes outstanding, respectively. Interest on the 2024 Notes was paid quarterly on January 15, April 15, July 15 and October 15, at a rate of 5.5% per year.

As of September 30, 2022, we had $150.0 million in aggregate principal amount of 2026 Notes outstanding. Interest on the 2026 Notes is paid semi-annually on May 1 and November 1, at a rate of 4.50% per year, commencing November 1, 2021. The 2026 Notes mature on May 1, 2026, and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities.

As of September 30, 2022, we had $165.0 million in aggregate principal amount of 2026 Notes-2 outstanding. Interest on the 2026 Notes is paid semi-annually on May 1 and November 1, at a rate of 4.0% per year, commencing May 1, 2022. The 2026 Notes-2 mature on November 1, 2026,and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes-2 are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities.

Truist Credit Facility

•

A requirement to retain our status as a RIC;

•

A requirement to maintain a minimum amount of stockholders’ equity; and

•

A requirement that our outstanding borrowings under the Truist Credit Facility not exceed a certain percentage of the value of our portfolio.

Investment Opportunities

We operate in a highly competitive market for investment opportunities.

Negative Credit Events

Our borrowers may default on their payments, which may have a materially negative effect on our financial performance.

Unrealized Losses

Hire and Retain Qualified Investors

Any unrealized losses we experience on our investment portfolio may be an indication of future realized losses, which could reduce our income available for distribution.

Changes in Interest Rates

We are exposed to risks associated with changes in interest rates that may affect our cost of capital and net investment income.

Replacement of LIBOR

Effective Management of Future Growth

The discontinuation and pending replacement of LIBOR may adversely affect the value of the LIBOR-indexed, floating-rate debt securities in our portfolio or issued by us.

Our financial condition and results of operation depend on our ability to manage future growth effectively.

Systems Failures

Not Replicate Historical Performance of Other Investment Companies and Funds

We are highly dependent on information systems and systems failures could have a material adverse effect on our business, financial condition and results of operations.

Failure to Maintain Status as BDC

We may not replicate the historical performance of other investment companies and funds with which our senior and other investment professionals have been or are affiliated.

Any failure on our part to maintain our status as a BDC would reduce our operating flexibility.

Loss of RIC Tax Status

Difficulty in Paying Annual Distribution Requirement

Loss of RIC tax status would substantially reduce our net assets and income available for debt service and distributions.

We may have difficulty paying our Annual Distribution Requirement if we recognize income before or without receiving cash representing such income.

Legislation Risk

Income Distribution to Stockholder's Risk

Legislation enacted in 2018 allows us to incur additional leverage.

Regulations Risk

Meet Or Maintain R I C Tax Status

Regulations governing our operation as a BDC will affect our ability to, and the way in which we raise additional capital.

•

SBIC II may be unable to make distributions to us that will enable us to meet or maintain RIC tax status.

S B A Regulations Risks

SBIC II is licensed by the SBA and is subject to SBA regulations.

Leverage Risks

We currently use borrowed funds to make investments and are exposed to the typical risks associated with leverage.

Investing in Shares Risk

Investments with Preferred Stock Risk

If we incur additional debt, it could increase the risk of investing in our shares.


Assumed return on portfolio (net of expenses) (1)	(10.0	)%	(5.0	)%	—	%	5.0	%	10.0	%
Corresponding return to common stockholders (2)	(28.3	)%	(17.0	)%	(5.8	)%	5.5	%	16.7	%

(1)

The assumed portfolio return is required by regulation of the SEC and is not a prediction of, and does not represent, our projected or actual performance.

(2)

Investments With Debt Securities Risk

We may in the future determine to fund a portion of our investments with preferred stock, which is another form of leverage and would magnify the potential for loss and the risks of investing in us.

Non Reflection Of Credit Ratings In Debt Securities

We may in the future determine to fund a portion of our investments with debt securities, which would magnify the potential for loss and the risks of investing in us.

Downgrade Suspension Or Withdrawal Of The Credit Rating Risk

Our credit ratings may not reflect all risks of an investment in our debt securities.

Market Conditions Risk

Conflicts of Interest Risk

Market conditions may make it difficult to extend the maturity of or refinance our existing indebtedness and any failure to do so could have a material adverse effect on our business.

Risks Associated With Cybersecurity And Cyber Incidents

There are significant potential conflicts of interest which could impact our investment returns.

Fluctuations in Quarterly Results

We are subject to risks associated with cybersecurity and cyber incidents.

Voting Rights of Preferred Stockholders

We may experience fluctuations in our quarterly results.

Fluctuations In NAV and Market Value of Common Stock While Issuance of Preferred Stock Debt Securities or Convertible Debt Securities

Holders of any preferred stock that we may issue will have the right to elect members of the board of directors and have class voting rights on certain matters.

Fluctuations in Trading Market or Market Value of Publicly Issued Debt or Convertible Debt Securities

If we issue preferred stock, debt securities or convertible debt securities, the NAV and market value of our common stock may become more volatile.

Terms Relating to Debt Redemption Adversely Effect on Return on Debt Securities

The trading market or market value of any publicly issued debt or convertible debt securities may be volatile.

These factors include the following:

•

the time remaining to the maturity of these debt securities;

•

the outstanding principal amount of debt securities with terms identical or similar to these debt securities;

•

the supply of debt securities trading in the secondary market, if any;

•

the redemption, repayment or convertible features, if any, of these debt securities;

•

the level, direction and volatility of market interest rates; and

•

market rates of interest higher or lower than rates borne by the debt securities.

Risk in Issuing Subscription Rights of Warrants for Common Stock

Terms relating to debt redemption may have a material adverse effect on the return on any debt securities.

Risk in Impact of Recent Financial Reform Legislation

If we issue subscription rights or warrants for our common stock, your interest in us may be diluted as a result of such rights or warrants offering.

The impact of recent financial reform legislation on us is uncertain.

Risk in Changing Investment Objectives Operating Policies and Strategies Without Prior Notice or Stockholder Approval

Changes in laws or regulations governing our operations or those of our portfolio companies may adversely affect our business.

Risk in Subject to Stockholder Activism

Our board of directors may change our investment objectives, operating policies and strategies without prior notice or stockholder approval.

Risk in Investing Illiquid Assets

The lack of liquidity in our investments may adversely affect our business.

A general disruption in the credit markets could materially damage our business.

We may invest in over-the-counter securities, which have and may continue to face liquidity constraints, to provide us with liquidity.

Our investments in prospective portfolio companies may be risky, and you could lose all or part of your investment.

We intend to invest primarily in first lien secured debt, second lien secured debt, subordinated debt and selected equity investments issued by U.S. and foreign middle-market companies.

In addition, investing in middle-market companies involves a number of significant risks, including:

•

they may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to refinance their outstanding indebtedness upon maturity.

Risk Occurring Due to Non Diversified Investment Company

Follow-on Investments in Portfolio [member]

Economic recessions or downturns could impair our portfolio companies and harm our operating results.

Controlling Equity Interests in Portfolio [Member]

If we fail to make follow-on investments in our portfolio companies, this could materially impair the value of our portfolio.

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in order to:

•

increase or maintain in whole or in part our equity ownership percentage;

•

exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or

•

attempt to preserve or enhance the value of our investment.

Investment Strategy on Privately Held Including Controlling Equity Interests [Member]

Risks Relating to Debt Investments [Member]

Risks Relating to Incentive Fee Payable Induce to Investment Adviser [Member]

Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and our portfolio companies may be highly leveraged.

Risks Relating to Distressed Debt Investments [member]

Our incentive fee may induce the Investment Adviser to make speculative investments.

Risks Relating to Investments in Foreign Securities [Member]

Any investments in distressed debt may not produce income and may require us to bear large expenses in order to protect and recover our investment.

Risks Relating to Investments [member]

Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.

Risks Relating to Obligation to Pay Investment Adviser Incentive Compensation [Member]

We may make investments that cause our stockholders to bear investment advisory fees and other expenses on such investments in addition to our management fees and expenses.

We may be obligated to pay our Investment Adviser incentive compensation even if we incur a loss.

Issuance of Shares of Common Stock at Price Below Current NAV Per Share

We may invest in derivatives or other assets that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.

Distributions

There is a risk that our stockholders may not receive distributions or that our distributions may not grow over time.

Investment in Shares

Investing in our shares may involve an above average degree of risk.

Sale of Securities

Net Proceeds from Offering of Securities

Sales of substantial amounts of our securities may have an adverse effect on the market price of our securities.

Trading of Shares at Discount from Nav or Premium Unsustainable Over Long Term

We may allocate the net proceeds from any offering of our securities in ways with which you may not agree.

Fluctation in Common Stock Market Price

Our shares may trade at discounts from NAV or at premiums that are unsustainable over the long term.

Investing Net Proceeds Raised from Offerings

The market price of our common stock may fluctuate significantly.

•

changes in regulatory policies or tax guidelines, particularly with respect to RICs, BDCs or SBICs;

•

any loss of our BDC or RIC status or any loss of our subsidiaries’ SBIC licenses;

•

changes in earnings or variations in operating results;

•

changes in prevailing interest rates;

•

changes in the value of our portfolio of investments;

•

any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

•

the inability of our Investment Adviser to employ additional experienced investment professionals or the departure of any of the Investment Adviser’s key personnel;

•

operating performance of companies comparable to us;

•

general national and international economic trends and other external factors;

•

general price and volume fluctuations in the stock markets, including as a result of short sales;

•

conversion features of subscription rights, warrants or convertible debt; and

•

loss of a major funding source.

Current Tax Liabilities on Distributions

We may be unable to invest the net proceeds raised from offerings on acceptable terms, which would harm our financial condition and operating results.

The SBA also limits an SBIC’s ability to invest idle funds to the following types of securities:

•

direct obligations of, or obligations guaranteed as to principal and interest by, the U.S. government, which mature within 15 months from the date of the investment;

•

mutual funds, securities or other instruments that exclusively consist of, or represent pooled assets of, investments described in the first and second bulleted paragraphs above;

•

certificates of deposit with a maturity of one year or less, issued by a federally insured institution; or

•

a deposit account in a federally insured institution that is subject to a withdrawal restriction of one year or less.

•

a checking account in a federally insured institution; or

•

• a reasonable petty cash fund.

Payment of Taxes in Excess of Cash Received as Distributions

You may have current tax liabilities on distributions you reinvest in our common stock.

Provisions of Maryland General Corporation Law Charter and Bylaws

There is a risk that our common stockholders may receive our stock as distributions in which case they may be required to pay taxes in excess of the cash they receive.

2026 Notes and 2026 Notes-2

Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.

These anti-takeover provisions may inhibit a change of control in circumstances that could give our stockholders the opportunity to realize a premium over the market price for our common stock.

Impact on Portfolio and Value of Investment Due to Global Political and Economic Uncertainty

The 2026 Notes and the 2026 Notes-2 are unsecured and therefore are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.

The 2026 Notes and the 2026-2 Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.

The indenture under which each of the 2026 Notes and the 2026-2 Notes were issued contains limited protection for their respective holders.

•

pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the 2026 Notes and the 2026 Notes-2;

•

sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

•

enter into transactions with affiliates;

•

create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

•

make investments; or

•

create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

In addition, the indenture will not require us to offer to purchase the Notes in connection with a change of control or any other event.

The optional redemption provision may materially adversely affect your return on the 2026 Notes and the 2026 Notes-2.

There is no active trading market for the Notes. If an active trading market does not develop for the Notes, you may not be able to sell them.

If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the 2026 Notes or the 2026 Notes-2.

FATCA withholding may apply to payments to certain foreign entities.

Inflation

Impact of Global Capital Market Conditions

Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

United Kingdom's Withdrawal from the European Union

United Kingdom’s Withdrawal from the European Union.

COVID-19 Pandemic

Volatility or Prolonged Disruption in Credit Markets

The COVID-19 pandemic resulted in a period of capital markets disruption and economic uncertainty.

Financial and Economic Market Uncertainty Due to Public Health Emergency

Volatility or a prolonged disruption in the credit markets could materially damage our business.

Economic Sanction Laws from Transacting

Economic sanction laws in the United States and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies.

Litigation

Effect of Global Climate Change

We may be the target of litigation.

Legislative or Regulatory Tax Changes

The effect of global climate change may impact the operations of our portfolio companies.

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Legislative or regulatory tax changes could adversely affect investors.

2024 Notes

2024 Notes

$ 0

$ 86,300

2026 Notes and the 2026 Notes-2

Interest on the 2024 Notes was paid quarterly on January 15, April 15, July 15 and October 15, at a rate of 5.5% per year.

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

2026 Notes and the 2026-2 Notes

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

The 2026 Notes and the 2026-2 Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.

Truist Credit Facility

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

$ 385,900

2026 Notes

2026 Notes

$ 150,000

Long Term Debt, Rights Limited by Other Securities [Text Block]

Interest on the 2026 Notes is paid semi-annually on May 1 and November 1, at a rate of 4.50% per year, commencing November 1, 2021. The 2026 Notes mature on May 1, 2026, and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity.

The 2026 Notes are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities.

2026 Notes-2

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

2026 Notes-2

$ 165,000

Long Term Debt, Rights Limited by Other Securities [Text Block]

Interest on the 2026 Notes is paid semi-annually on May 1 and November 1, at a rate of 4.0% per year, commencing May 1, 2022. The 2026 Notes-2 mature on November 1, 2026,and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity.

The 2026 Notes-2 are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes-2 are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities.

Assumes No Return From Net Realized Capital Gains

Other Annual Expenses [Abstract]

Expense Example, Year 01

$ 142

Expense Example, Years 1 to 3

335

Expense Example, Years 1 to 5

504

Expense Example, Years 1 to 10

840

Assumes Return Only From Realized Capital Gains

Other Annual Expenses [Abstract]

Expense Example, Year 01

149

Expense Example, Years 1 to 3

353

Expense Example, Years 1 to 5

529

Expense Example, Years 1 to 10

867

Credit Facility Fiscal 2022

^[13]

$ 385,920

Credit Facility Fiscal 2021

^{[13],[14],[15]}

$ 1,855

^[13]

$ 316,545

Credit Facility Fiscal 2020

^{[13],[14],[15]}

$ 2,208

^[13]

$ 388,252

Credit Facility Fiscal 2019

^{[13],[14],[15]}

$ 2,078

^[13]

$ 301,636

Credit Facility Fiscal 2018

^{[13],[14],[15]}

$ 2,066

^[13]

$ 80,520

Credit Facility Fiscal 2017

^{[13],[14],[15]}

$ 2,919

^[13]

$ 79,393

Credit Facility Fiscal 2016

^{[13],[14],[15]}

$ 2,998

^[13]

$ 50,340

Credit Facility Fiscal 2015

^{[13],[14],[15]}

$ 2,794

^[13]

$ 136,864

Credit Facility Fiscal 2014

^{[13],[14],[15]}

$ 2,586

^[13]

$ 55,226

Credit Facility Fiscal 2013

^{[13],[14],[15]}

$ 3,215

^[13]

$ 145,500

BPN Credit Facility Fiscal 2019

^{[13],[14],[15]}

$ 4,205

^[13]

$ 171,000

^{[13],[14],[15]}

$ 2,066

2019 Notes, Fiscal 2018

^[13]

$ 250,000

^{[13],[14],[15]}

$ 2,919

2019 Notes, Fiscal 2017

^[13]

$ 250,000

^{[13],[14],[15]}

$ 2,998

2019 Notes, Fiscal 2016

^[13]

$ 250,000

^{[13],[14],[15]}

$ 2,794

2019 Notes, Fiscal 2015

^[13]

$ 250,000

^{[13],[14],[15]}

$ 2,586

2019 Notes, Fiscal 2014

^[13]

$ 250,000

^{[13],[14],[15]}

$ 3,215

2024 Notes, Fiscal 2021

^[13]

$ 86,250

^{[13],[14],[15]}

$ 2,208

^[13],[16]

$ 25.14

2024 Notes, Fiscal 2020

^[13]

$ 86,250

^{[13],[14],[15]}

$ 2,078

^[13],[16]

$ 23.47

2024 Notes, Fiscal 2019

^[13]

$ 75,000

^{[13],[14],[15]}

$ 2,066

^[13],[16]

$ 24.87

2025 Notes, Fiscal 2016

^[13]

$ 71,250

^{[13],[14],[15]}

$ 2,794

^[13],[17]

$ 24.68

2025 Notes, Fiscal 2015

^[13]

$ 71,250

^{[13],[14],[15]}

$ 2,586

^[13],[17]

$ 25.13

2025 Notes, Fiscal 2014

^[13]

$ 71,250

^{[13],[14],[15]}

$ 3,215

^[13],[17]

$ 24.51

2025 Notes, Fiscal 2013

^[13]

$ 71,250

^{[13],[14],[15]}

$ 4,205

^[13],[17]

$ 24.79

2026 Notes, Fiscal 2022

^[13]

$ 150,000

^{[13],[14],[15]}

$ 1,855

Notes 2026 Fiscal 2021

^[13]

$ 150,000

2026 -2,Notes, Fiscal 2022

^{[13],[14],[15]}

$ 2,208

^[13]

$ 165,000