SEC Filing | PennantPark

View:

Download DOC

Download PDF

Download XLS

Download XBRL

8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 15, 2023

PennantPark Investment Corporation

(Exact name of registrant as specified in its charter)

Maryland
(State or Other Jurisdiction of Incorporation)

814-00736
(Commission File Number)

20-8250744
(IRS Employer Identification Number)

1691 Michigan Avenue, 
Miami Beach, Florida
(Address of Principal Executive Offices)

33319
(Zip Code)

(786) 297-9500
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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


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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2).

Emerging growth company ☐

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

28435281.2.BUSINESS

Item 2.02. Results of Operations and Financial Condition

On November 15, 2023, PennantPark Investment Corporation, or the Company, issued a press release announcing its financial results for the fourth quarter and fiscal year ended September 30, 2023. A copy of the press release is furnished as Exhibit 99.1 to this report pursuant to Item 2.02 on Form 8-K and Regulation FD. A copy of the Company's schedule of investments as of September 30, 2023 and 2022 are furnished as Exhibit 99.2 to this report pursuant to Item 2.02 on Form 8-K and Regulation FD.

The Company is completing its assessment of the effectiveness of its internal control over financial reporting as of September 30, 2023. Based on currently available information, the Company expects to report certain material weaknesses in internal control over financial reporting in Item 9A of its Annual Report on Form 10-K for the fiscal year ended September 30, 2023 (the "2023 Annual Report"). The material weaknesses identified to date relate to the control environment over the Company's review process of its cash and par reconciliations and its interest income analysis. The material weaknesses are not expected to impact the accuracy of the Company's financial statements to be reported in the 2023 Annual Report. Because the Company has not completed the preparation of its consolidated financial statements for the year ended September 30, 2023, the preliminary unaudited results presented in the press release as of and for the fourth quarter and year ended September 30, 2023 are based on current expectations and are subject to adjustment.

The information in this report on Form 8-K, including Exhibits 99.1 and 99.2 furnished herewith, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of such section. The information in this report on Form 8-K shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Act, or under the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Forward-Looking Statements

This report on Form 8-K, including Exhibits 99.1 and 99.2 furnished herewith, may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this report on Form 8-K are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

PennantPark Investment Corporation may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from its historical experience and present expectations.

Item 9.01. Financial Statements and Exhibits

(a) Financial statements:

None

(b) Pro forma financial information:

None

(d) Exhibits


99.1	Press Release of PennantPark Investment Corporation dated November 15, 2023
99.2	Schedule of Investments as of September 30, 2023 and 2022
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

28435281.2.BUSINESS

SIGNATURE

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Dated: November 15, 2023	PENNANTPARK INVESTMENT CORPORATION

	By:	/s/ Richard T. Allorto, Jr.
		Richard T. Allorto, Jr.
		Chief Financial Officer & Treasurer

28435281.2.BUSINESS

EX-99.1

EXHIBIT 99.1

PennantPark Investment Corporation Announces Financial Results for the Fourth Quarter and

Fiscal Year Ended September 30, 2023

Miami, Florida — (GLOBE NEWSWIRE – November 15, 2023) — PennantPark Investment Corporation (NYSE: PNNT) announced today financial results for the fourth quarter and fiscal year ended September 30, 2023.

HIGHLIGHTS

Year ended September 30, 2023 - Unaudited

($ in millions, except per share amounts)


Assets and Liabilities:
Investment portfolio (1)			$	1,001.9
Net assets			$	502.2
Adjusted net asset value per share (2)			$	7.70
Quarterly increase in adjusted net asset value per share (2)				0.4	%
GAAP net asset value per share			$	7.70
Quarterly decrease in GAAP net asset value per share				(0.3	)%

Credit Facility			$	206.9
2026 Notes			$	147.7
2026-2 Notes			$	162.2
Regulatory Debt to Equity			1.05x
Weighted average yield on debt investments at quarter-end				13.0	%

	Quarter Ended		Year Ended
	September 30, 2023		September 30, 2023
	(Unaudited)		(Unaudited)
Operating Results:
Net investment income	$	15.6	$	65.5
Net investment income per share	$	0.24	$	1.00
Core net investment income per share (3)	$	0.24	$	0.84
Distributions declared per share	$	0.21	$	0.76


Portfolio Activity:
Purchases of investments	$	61.1	$	275.4
Sales and repayments of investments	$	138.2	$	418.6

PSLF Portfolio data:
PSLF investment portfolio	$	804.2	$	804.2
Purchases of investments	$	56.9	$	176.2
Sales and repayments of investments	$	52.6	$	106.6

Includes investments in PennantPark Senior Loan Fund, LLC ("PSLF"), an unconsolidated joint venture, totaling $164.4 million, at fair value.

This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of unrealized gain on our multi-currency, senior secured revolving credit facility with Truist Bank, as amended, the “Credit Facility." The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.

Core net investment income ("Core NII") is a non-GAAP financial measure. The Company believes that Core NII provides useful information to investors and management because it reflects the Company's financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the year ended September 30, 2023, Core NII excluded: i) $10.6 million of dividend income related to our equity investment in Dominion Voting Systems; ii) $3.1 million of accelerated amortization income with early repayment of one of our loans; iii) $0.6 million of non-recurring divided from PennantPark-TSO Senior Loan Fund II, LP, iv) $1.8 million of accrued excise taxes, and an addback of $2.2 million of incentive fee expenses.

CONFERENCE CALL AT 12:00 P.M. EST ON NOVEMBER 16, 2023

PennantPark Investment Corporation (“we,” “our,” “us” or the “Company”) will also host a conference call at 12:00 p.m. (Eastern Time) on Thursday, November 16, 2023 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (646) 828-8193. All callers should reference conference ID #8396733 or PennantPark Investment Corporation. An archived replay will also be available on a webcast link located on the Home page of the Investor section of PennantPark’s website.

PORTFOLIO AND INVESTMENT ACTIVITY

“We are pleased to announce another quarter of solid performance from both a NAV and Net Investment Income perspective. Earnings are in excess of our dividend by a healthy margin,” said Arthur Penn, Chairman and CEO. “Our earnings stream continues to be robust due to strong credit performance and the excellent returns generated by our PSLF Joint Venture."

As of September 30, 2023, our portfolio totaled $1,001.9 million, which consisted of $527.7 million of first lien secured debt, $80.4 million of second lien secured debt, $156.2 million of subordinated debt (including $102.3 million in PSLF) and $237.6 million of preferred and common equity (including $62.1 million in PSLF). Our debt portfolio consisted of 95% variable-rate investments and 5% fixed-rate investments. As of September 30, 2023, we had one portfolio company on non-accrual, representing 1.2% and zero of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2023, the portfolio had net unrealized depreciation of $16.3 million. Our overall portfolio consisted of 129 companies with an average investment size of $7.8 million, and a weighted average yield on interest bearing debt investments of 13.0%.

As of September 30, 2022, our portfolio totaled $1,226.3 million and consisted of $631.0 million of first lien secured debt, $129.9 million of second lien secured debt, $141.3 million of subordinated debt (including $88.0 million in PSLF) and $324.1 million of preferred and common equity (including $51.1 million in PSLF). Our interest bearing debt portfolio consisted of 96% variable-rate investments and 4% fixed-rate investments. As of September 30, 2022, we had one portfolio company on non-accrual, representing 1.2% and zero percent of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2022, the portfolio had net unrealized depreciation of $75.7 million. Our overall portfolio consisted of 123 companies with an average investment size of $10.0 million, and a weighted average yield on interest bearing debt investments of 10.8%.

For the three months ended September 30, 2023, we invested $61.1 million in two new and 31 existing portfolio companies at a weighted average yield on debt investments of 12.3%. For the three months ended September 30, 2023, sales and repayments of investments totaled $138.2 million, including $47.6 million of sales to PSLF. For the year ended September 30, 2023, we invested $275.4 million in 17 new and 69 existing portfolio companies at a weighted average yield on debt investments of 12.0%. For the year ended September 30, 2023, sales and repayment totaled $418.6 million, including $127.8 million of sales to PSLF.

For the three months ended September 30, 2022, we invested $134.4 million in five new and 27 existing portfolio companies at a weighted average yield on debt investments of 10.2%. Sales and repayments of investments for the three months ended September 30, 2022 totaled $175.6 million, including $143.9 million of sales to PSLF. For the year ended September 30, 2022, we invested $933.8 million in 40 new and 122 existing portfolio companies at a weighted average yield on debt investments of 8.4%. Sales and repayment of investments for the year ended September 30, 2022 totaled $911.6 million, including $395.3 million of sales to PSLF.

PennantPark Senior Loan Fund, LLC

As of September 30, 2023, PSLF’s portfolio totaled $804.2 million, consisted of 90 companies with an average investment size of $8.9 million and had a weighted average yield on debt investments of 12.1%.

As of September 30, 2022, PSLF's portfolio totaled $730.1 million, consisted of 80 companies with an average investment size of $9.1 million and had a weighted average yield on debt investments of 9.4%.

For the three months ended September 30, 2023, PSLF invested $56.9 million (including $47.6 million purchased from the Company) in five new and 18 existing portfolio companies at a weighted average yield on debt investments of 11.8%. PSLF’s sales and repayments of investments for the same period totaled $52.6 million. For the year ended September 30, 2023, PSLF invested $176.2 million (including $127.8 million purchased from the Company) in 21 new and 23 existing portfolio companies at a weighted average yield on debt investments of 11.8%. PSLF's sales and repayments of investments for the same period totaled $106.6 million.

For the three months ended September 30, 2022, PSLF invested $152.6 million (including $143.9 million purchased from the Company) in 10 new and nine existing portfolio companies at a weighted average yield on debt investments of 8.5%. PSLF’s sales and repayments of investments for the same period totaled $27.5 million. For the year ended September 30, 2022, PSLF invested $431.2 million (including $395.3 million purchased from the Company) in 39 new and 28 existing portfolio companies at a weighted average yield on debt investment of 7.8%. PSLF's sales and repayments of investments for the same period totaled $100.5 million.

RESULTS OF OPERATIONS

Set forth below are the results of operations during the three months and year ended September 30, 2023 and 2022.

Investment Income

For the three months and year ended September 30, 2023, investment income was $34.0 million and $145.4 million, respectively, which was attributable to $24.5 million and $97.2 million from first lien secured debt, $2.9 million and $13.8 million from second lien secured debt, $1.3 million and $4.7 million from subordinated debt and $5.4 million and $29.7 million from preferred and common equity, respectively. For the three months and year ended September 30, 2022, investment income was $28.9 million and $105.0 million, respectively, which was attributable to $22.2 million and $74.4 million from first lien secured debt, $3.3 million and $17.0 million from second lien secured debt, $1.1 million and $3.7 million from subordinated debt and $2.4 million and $9.9 million from preferred and common equity, respectively. The increase in investment income compared to the same periods in the prior year was primarily due to an increase in SOFR base rates.

Expenses

For the three months and year ended September 30, 2023, expenses totaled $18.4 million and $79.8 million, respectively, and were comprised of $9.0 million and $39.4 million of debt related interest and expenses, $3.9 million and $16.5 million of base management fees, $3.3 million and $13.9 million of incentive fees, $1.6 million and $5.7 million of general and administrative expenses and $0.7 million and $4.3 million of provision for excise taxes. For the three months and year ended September 30, 2022, expenses totaled $19.7 million and $61.0 million, respectively, and were comprised of $13.7 million and $33.8 million of debt related interest and expenses, $4.9 million and $19.8 million of base management fees, zero and $2.7 million of incentive fees, $1.0 million and $3.9 million of general and administrative expenses and $0.2 million and $0.8 million of provision for excise taxes, respectively. The increase in expenses over the prior year was primarily due to an increase in debt related interest and other financing expenses and an increase in incentive fees.

Net Investment Income

For the three months and year ended September 30, 2023, net investment income totaled $15.6 million and $65.5 million, or $0.24 per share and $1.00 per share, respectively. For the three months and year ended September 30, 2022, net investment income totaled $9.2 million and $43.9 million, or $0.14 per share and $0.66 per share, respectively. The increase in net investment income per share compared to the prior year was primarily due to an increase in investment income.

Net Realized Gains or Losses

For the three months and year ended September 30, 2023, net realized gains (losses) totaled $(5.2) million and $(156.8) million, respectively. For the three months and year ended September 30, 2022 net realized gains (losses) totaled $(38.7) million and $34.8 million, respectively. The change in realized gains or losses was primarily due to changes in the market conditions of our investments and the values at which they were realized, primarily due to realization of RAM Energy Holdings LLC, and the fluctuations in the market and in economy.

Unrealized Appreciation or Depreciation on Investments and Debt

For the three months ended and year ended September 30, 2023, net change in unrealized appreciation (depreciation) on investments was $2.5 million and $59.6 million, respectively. For the three months and year ended September 30, 2022, net change in unrealized appreciation (depreciation) on investments was $(11.0) million and $(110.0) million, respectively. As of September 30, 2023 and September 30, 2022, our net unrealized appreciation (depreciation) on investments totaled $(16.3) million and $(75.7) million, respectively. The net change in unrealized appreciation or depreciation on our investments for the year ended September 30, 2023 compared to the prior year was primarily due to changes in the capital market of our investments and the value at which they were realized, as well as due to the realization of RAM Energy Holdings LLC and the fluctuation in the market and in the economy.

For the three months and year ended September 30, 2023, our Credit Facility had a net change in unrealized (appreciation) depreciation of $(1.3) million and $(3.8) million, respectively. For the three months and year ended September 30, 2022, the Credit Facility had a net change in unrealized (appreciation) depreciation of $(1.7) million and $7.5 million, respectively. As of September 30, 2023 and September 30, 2022, the net unrealized depreciation on the Credit Facility totaled $5.5 million and $9.2 million, respectively. The net change in unrealized appreciation or depreciation compared to the same periods in the prior year was primarily due to changes in the capital markets.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months and year ended September 30, 2023, net increase (decrease) in net assets resulting from operations totaled $12.3 million and $(33.8) million, or $0.19 per share and $(0.52) per share, respectively. For the three months and year ended September 30, 2022, net increase (decrease) in net assets resulting from operations totaled $(34.9) million and $(24.7) million, or $(0.52) and $(0.37) per share, respectively. The increase or decrease for the year ended September 30, 2023 compared to the prior year was primarily due to depreciation of the portfolio primarily driven by changes in market conditions.

LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources are derived primarily from cash flows from operations, including income earned, proceeds from investment sales and repayments and proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of interest expense, fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations.

As of September 30, 2023 and 2022, we had $212.4 million and $385.9 million in outstanding borrowings under the Credit Facility, respectively, and the weighted average interest rate was 7.7% and 5.3%, respectively. As of September 30, 2023 and 2022, we had $262.6 million and $114.1 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.

As of September 30, 2023 and 2022, we had cash and cash equivalents of $134.4 million and $52.7 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allow us to effectively operate our business.

For the year ended September 30, 2023, our operating activities provided cash of $320.7 million and our financing activities used cash of $239.2 million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily to fund repayments under the Credit Facility.

For the year ended September 30, 2022, our operating activities used cash of $19.4 million, and our financing activities provided cash of $52.0 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily due to net repayment under the Credit Facility and SBA debentures and proceeds from our 2026-2 Notes.

DISTRIBUTIONS

During the three months and year ended September 30, 2023, we declared distributions of $0.21 and $0.76 per share, for total distributions of $13.7 million and $49.6 million, respectively. For the three and year ended September 30, 2022, we declared distributions of $0.15 and $0.56 per share, for total distributions of $9.8 million and $36.6 million, respectively. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

RECENT DEVELOPMENTS

For the period subsequent to September 30, 2023 through November 10, 2023, we invested $126.7 million in 4 new and 19 existing portfolio companies at a weighted average yield on debt investments of 11.9%.

AVAILABLE INFORMATION

The Company makes available on its website its annual report on Form 10-K filed with the SEC and stockholders may find the report on our website at www.pennantpark.com.

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share data)



	September 30, 2023 (Unaudited)			September 30, 2022
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost—$716,987 and $882,513, respectively)	$	731,058		$	932,155
Non-controlled, affiliated investments (amortized cost—$55,787 and $37,612, respectively)		54,771			34,760
Controlled, affiliated investments (amortized cost—$245,386 and $381,904, respectively)		216,068			259,386
Total investments (amortized cost—$1,018,160 and $1,302,029, respectively)		1,001,897			1,226,301
Cash and cash equivalents (cost—$134,454 and $52,844, respectively)		134,427			52,666
Interest receivable		6,818			3,593
Receivable for investments sold		-			29,494
Distribution receivable		5,079			2,420
Prepaid expenses and other assets		4,656			4,036
Total assets		1,152,877			1,318,510
Liabilities
Payable for cash equivalents purchased		99,768			—
Payable for investment purchased		180			—
Distributions payable		13,697			9,784
Truist Credit Facility payable, at fair value (cost—$212,420 and $385,920, respectively)		206,940			376,687
2026 Notes payable, net (par— $150,000)		147,669			146,767
2026 Notes-2 payable, net (par— $165,000)		162,226			161,373
SBA debentures payable, net (par—zero and $20,000, respectively)		—			19,686
Base management fee payable		3,915			4,849
Incentive fee payable		3,310			—
Interest payable on debt		6,231			6,264
Accounts payable and accrued expenses		6,754			6,639
Deferred tax liability		—			896
Total liabilities		650,690			732,945
Commitments and contingencies
Net assets
Common stock, 65,224,500 shares issued and outstanding, Par value $0.001 per share and 100,000,000 shares authorized		65			65
Paid-in capital in excess of par value		746,466			748,169
Accumulated deficit		(244,344	)		(162,669	)
Total net assets	$	502,187		$	585,565
Total liabilities and net assets	$	1,152,877		$	1,318,510
Net asset value per share	$	7.70		$	8.98

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share data)


	Three Months Ended September 30,						Year Ended September 30,
	2023 (Unaudited)			2022			2023 (Unaudited)			2022
Investment income:
From non-controlled, non-affiliated investments:
Interest	$	21,240		$	21,022		$	93,420		$	66,995
Payment-in-kind		1,221			434			1,236			4,505
Dividend Income		1,028			—			13,945			—
Other income		888			411			2,316			8,461
From non-controlled, affiliated investments:
Interest		—			1,361			73			1,361
Payment-in-kind		308			—			625			—
From controlled, affiliated investments:
Interest		4,527			3,283			15,425			10,586
Payment-in-kind		446			—			2,596			3,983
Dividend Income		4,386			2,420			15,730			9,075
Total investment income		34,044			28,931			145,366			104,966
Expenses:
Base management fee		3,915			4,850			16,549			19,827
Incentive fee		3,310			—			13,901			2,657
Interest and expenses on debt		8,953			8,638			39,408			28,760
Administrative services expenses		469			250			1,843			1,000
General and administrative expenses		1,129			723			3,837			2,892
Expenses before provision for taxes and financing costs		17,776			14,461			75,538			55,136
Provision for taxes on net investment income		663			200			4,295			800
Credit facility amendment and debt issuance costs		—			5,087			—			5,087
Total expenses		18,439			19,748			79,833			61,023
Net investment income		15,605			9,183			65,533			43,943
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments and debt:
Non-controlled, non-affiliated investments		(2,676	)		(38,585	)		(18,418	)		(31,382	)
Non-controlled and controlled, affiliated investments		—			—			(133,098	)		75,243
Debt extinguishment		—			(121	)		(289	)		(2,922	)
Provision for taxes on realized gain on investments		(2,535	)		—			(4,952	)		(6,183	)
Net realized gain (loss) on investments and debt		(5,211	)		(38,706	)		(156,757	)		34,756
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments		(1,928	)		10,485			(35,440	)		(182,863	)
Non-controlled and controlled, affiliated investments		4,400			(21,438	)		95,034			72,819
Provision for taxes on unrealized appreciation (depreciation) on investments		680			7,231			1,576			(896	)
Debt appreciation (depreciation)		(1,279	)		(1,682	)		(3,753	)		7,501
Net change in unrealized appreciation (depreciation) on investments and debt		1,873			(5,404	)		57,417			(103,439	)
Net realized and unrealized gain (loss) from investments and debt		(3,338	)		(44,110	)		(99,340	)		(68,683	)
Net increase (decrease) in net assets resulting from operations	$	12,267		$	(34,927	)	$	(33,807	)	$	(24,740	)
Net increase (decrease) in net assets resulting from operations per common share	$	0.19		$	(0.52	)	$	(0.52	)	$	(0.37	)
Net investment income per common share	$	0.24		$	0.14		$	1.00		$	0.66

ABOUT PENNANTPARK INVESTMENT CORPORATION

PennantPark Investment Corporation is a business development company which invests primarily in U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing $6.8 billion of investable capital, including potential leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, and Los Angeles.

FORWARD-LOOKING STATEMENTS AND OTHER

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.

The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.


Contact:	Richard T. Allorto, Jr.
	PennantPark Investment Corporation
	(212) 905-1000
	www.pennantpark.com

EX-99.2

EXHIBIT 99.2

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2023

(In thousands, except share data)

(Unaudited)


Issuer Name	Maturity / Expiration	Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies—145.6% of Net Assets (1), (2)
First Lien Secured Debt—93.2% of Net Assets
A1 Garage Merger Sub, LLC	12/22/2028	Personal, Food and Miscellaneous Services		11.99	%	3M SOFR+660			5,144	$	5,073	$	5,119
A1 Garage Merger Sub, LLC - Unfunded Term Loan	12/21/2024	Personal, Food and Miscellaneous Services		—			—		1,788		—		18
A1 Garage Merger Sub, LLC (Revolver) (7)	12/22/2028	Personal, Food and Miscellaneous Services		—			—		2,532		—		(13	)
Ad.net Acquisition, LLC (Revolver)	05/07/2026	Media		11.65	%	3M SOFR+626			222		222		221
Ad.net Acquisition, LLC (Revolver) (7)	05/07/2026	Media		—			—		222		—		(1	)
Anteriad, LLC (f/k/a MeritDirect, LLC)	05/23/2024	Media		12.04	%	3M SOFR+665			1,237		1,223		1,221
Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7)	05/23/2024	Media		—			—		1,612		—		(28	)
Any Hour Services	07/21/2027	Personal, Food and Miscellaneous Services		11.22	%	3M SOFR+585			3,023		3,014		2,962
Any Hour Services (Revolver) (7)	07/21/2027	Personal, Food and Miscellaneous Services		—			—		1,147		—		(23	)
Apex Service Partners, LLC	07/31/2025	Personal, Food and Miscellaneous Services		10.77	%	3M SOFR+525			1,330		1,330		1,327
Apex Service Partners, LLC Term Loan C	07/31/2025	Personal, Food and Miscellaneous Services		10.79	%	3M SOFR+525			1,863		1,850		1,859
Apex Service Partners, LLC (Revolver)	07/31/2025	Personal, Food and Miscellaneous Services		10.79	%	3M SOFR+525			582		583		581
Apex Service Partners, LLC (Revolver) (7)	07/31/2025	Personal, Food and Miscellaneous Services		—			—		350		—		(1	)
Applied Technical Services, LLC	12/29/2026	Environmental Services		11.54	%	3M SOFR+615			824		818		808
Applied Technical Services, LLC (Revolver)	12/29/2026	Environmental Services		13.25	%	3M SOFR+475			400		400		392
Applied Technical Services, LLC (Revolver) (7)	12/29/2026	Environmental Services		—			—		600		—		(12	)
Arcfield Acquisition Corp. (Revolver)	08/03/2029	Aerospace and Defense		11.62	%	1M SOFR+615			8,090		7,970		8,009
Arcfield Acquisition Corp. (Revolver) (7)	08/04/2028	Aerospace and Defense		—			—		3,521		—		(35	)
Berwick Industrial Park	11/02/2023	Buildings and Real Estate		11.50	%		—		4,000		4,030		3,924
Beta Plus Technologies, Inc.	07/01/2029	Business Services		11.14	%	3M SOFR+575			4,950		4,869		4,604
BioDerm, Inc. (Revolver)	01/31/2028	Healthcare, Education and Childcare		11.81	%	1M SOFR+650			107		107		107
BioDerm, Inc. (Revolver) (7)	01/31/2028	Healthcare, Education and Childcare		—			—		964		—		(5	)
Blackhawk Industrial Distribution, Inc.	09/17/2026	Distribution		11.79	%	3M SOFR+640			1,851		1,833		1,823
Blackhawk Industrial Distribution, Inc.(7)	09/17/2026	Distribution		—			—		3,354		—		(34	)
Blackhawk Industrial Distribution, Inc.	09/17/2026	Distribution		11.79	%	3M SOFR+640			343		343		338
Blackhawk Industrial Distribution, Inc. (Revolver) (7)	09/17/2026	Distribution		—			—		3,089		—		(46	)
Broder Bros., Co.	12/04/2025	Consumer Products		11.65	%	3M SOFR+626			9,838		9,838		9,838
Cartessa Aesthetics, LLC	06/14/2028	Distribution		11.39	%	3M SOFR+600			34,056		33,496		34,056
Cartessa Aesthetics, LLC - (Revolver)	06/14/2028	Distribution		11.39	%	3M SOFR+600			1,265		1,265		1,265
Cartessa Aesthetics, LLC - (Revolver) (7)	06/14/2028	Distribution		—			—		2,297		—		—
CF512, Inc.	08/20/2026	Media		11.59	%	3M SOFR+600			6,592		6,524		6,460
CF512, Inc.(Revolver) (7)	08/20/2026	Media		—			—		909		—		(18	)
Compex Legal Services, Inc.	02/09/2026	Business Services		10.94	%	3M SOFR+555			949		939		949
Compex Legal Services, Inc. (Revolver)	02/07/2025	Business Services		10.94	%	3M SOFR+555			66		66		66
Compex Legal Services, Inc. (Revolver) (7)	02/07/2025	Business Services		—			—		590		—		—
Connatix Buyer, Inc. (Revolver) (7)	07/13/2027	Media		—			—		1,875		—		(66	)
Confluent Health, LLC	11/30/2028	Healthcare, Education and Childcare		12.82	%	3M SOFR+750			1,990		1,855		2,000
Crane 1 Services, Inc. (Revolver)	08/16/2027	Personal, Food and Miscellaneous Services		10.90	%	3M SOFR+551			117		117		116
Crane 1 Services, Inc. (Revolver) (7)	08/16/2027	Personal, Food and Miscellaneous Services		—			—		175		—		(1	)
Dr. Squatch, LLC	08/31/2027	Personal and Non-Durable Consumer Products		11.23	%	3M SOFR+585			8,276		8,190		8,276
Dr. Squatch, LLC (7)	08/27/2026	Personal and Non-Durable Consumer Products		—			—		2,000		—		20
Dr. Squatch, LLC (Revolver) (7)	08/31/2027	Personal and Non-Durable Consumer Products		—			—		2,326		—		—
DRS Holdings III, Inc.	11/03/2025	Consumer Products		11.79	%	3M SOFR+640			7		7		7
DRS Holdings III, Inc. (Revolver) (7)	11/03/2025	Consumer Products		—			—		1,783		—		(21	)
EDS Buyer, LLC	12/22/2028	Aerospace and Defense		11.64	%	3M SOFR+625			6,219		6,133		6,125
EDS Buyer, LLC - Unfunded Term Loan	12/22/2028	Aerospace and Defense		—			—		5,625		—		(14	)
EDS Buyer, LLC - (Revolver) (7)	12/22/2028	Aerospace and Defense		—			—		1,688		—		(25	)
ETE Intermediate II, LLC (Revolver) (7)	05/25/2029	Personal, Food and Miscellaneous Services		—			—		1,656		—		(28	)
Exigo Intermediate II, LLC	03/15/2027	Business Services		11.17	%	3M SOFR+585			24,375		24,097		23,888
Exigo Intermediate II, LLC (Revolver) (7)	03/15/2027	Business Services		—			—		1,856		—		(37	)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2023

(In thousands, except share data)

(Unaudited)


Issuer Name	Maturity / Expiration	Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
Five Star Buyer, Inc.	02/23/2028	Leisure, Amusement, Motion Pictures, Entertainment		12.42	%	3M SOFR+710			196		196		193
Five Star Buyer, Inc. - Unfunded Term Loan	02/23/2028	Leisure, Amusement, Motion Pictures, Entertainment		—			—		837		—		(13	)
Five Star Buyer, Inc. (Revolver) (7)	02/23/2028	Leisure, Amusement, Motion Pictures, Entertainment		—			—		741		—		(11	)
Gauge ETE Blocker, LLC - Promissory Note	05/19/2029	Personal, Food and Miscellaneous Services		12.56	%		—		215		215		215
Graffiti Buyer, Inc.	08/10/2027	Distribution		10.98	%	3M SOFR+560			613		608		607
Graffiti Buyer, Inc. (7)	12/08/2023	Distribution		—			—		276		—		—
Graffiti Buyer, Inc. (Revolver)	08/10/2027	Distribution		11.77	%	3M SOFR+560			239		239		237
Graffiti Buyer, Inc. (Revolver) (7)	08/10/2027	Distribution		—			—		529		—		(5	)
Hancock Roofing and Construction L.L.C.	12/31/2026	Insurance		10.92	%	1M SOFR+550			335		335		327
Hancock Roofing and Construction L.L.C. (Revolver) (7)	12/31/2026	Insurance		—			—		415		—		(10	)
Holdco Sands Intermediate, LLC	11/23/2028	Aerospace and Defense		11.32	%	6M SOFR+585			1,898		1,868		1,898
Holdco Sands Intermediate, LLC (Revolver) (7)	11/23/2027	Aerospace and Defense		—			—		3,941		—		—
HV Watterson Holdings, LLC	12/17/2026	Business Services		11.79	%	1M SOFR+625			279		278		279
HV Watterson Holdings, LLC (7)	12/17/2026	Business Services		—			—		2,219		—		12
HV Watterson Holdings, LLC - (Revolver)	12/17/2026	Business Services		11.79	%	3M SOFR+625			1,200		1,200		1,198
HV Watterson Holdings, LLC - (Revolver)(7)	12/17/2026	Business Services		—			—		50		—		—
HW Holdco, LLC	12/10/2024	Media		11.28	%	3M SOFR+640			11,237		11,167		11,069
HW Holdco, LLC (Revolver)	12/10/2024	Media		11.82	%	3M SOFR+640			271		271		267
HW Holdco, LLC (Revolver) (7)	12/10/2024	Media		—			—		3,116		—		(47	)
IG Investments Holdings, LLC (Revolver) (7)	09/22/2027	Business Services		—			—		477		—		(7	)
Imagine Acquisitionco, LLC (7)	11/15/2027	Business Services		—			—		2,341		—		(12	)
Imagine Acquisitionco, LLC (Revolver) (7)	11/15/2027	Business Services		—			—		1,685		—		(25	)
Inception Fertility Ventures, LLC	12/07/2023	Healthcare, Education and Childcare		12.49	%	3M SOFR+715			20,300		20,100		20,300
Infinity Home Services Holdco, Inc.	12/28/2028	Personal, Food and Miscellaneous Services		12.24	%	3M SOFR+685			2,089		2,089		2,089
Infinity Home Services Holdco, Inc. - Unfunded Term Loan	12/28/2023	Personal, Food and Miscellaneous Services		—			—		1,135		—		—
Infinity Home Services Holdco, Inc.(Revolver) (7)	12/28/2028	Personal, Food and Miscellaneous Services		—			—		1,292		—		—
Infolinks Media Buyco, LLC	11/01/2026	Media		11.17	%	1M SOFR+585			1,420		1,416		1,420
Infolinks Media Buyco, LLC (7)	11/01/2023	Media		—			—		949		—		10
Integrated Data Services - Term Loan	08/01/2029	Business Services		11.87	%	3M SOFR+650			15,467		15,161		15,106
Integrated Data Services - Unfunded Revolver	08/01/2029	Business Services		—			—		2,533		—		(59	)
Integrity Marketing Acquisition, LLC	08/27/2026	Insurance		11.41	%	3M SOFR+615			9,880		9,839		9,781
Integrity Marketing Acquisition, LLC - Unfunded Term Loan	08/31/2025	Insurance		—			—		2,500		—		(13	)
Integrity Marketing Acquisition, LLC (Revolver) (7)	08/31/2025	Insurance		—			—		160		—		—
Inventus Power, Inc.	06/30/2025	Electronics		12.93	%	1M SOFR+761			13,234		12,998		12,969
Inventus Power, Inc. (Revolver) (7)	06/30/2025	Electronics		—			—		1,729		—		(35	)
ITI Holdings, Inc.	03/03/2028	Business Services		11.06	%	3M SOFR+615			8,838		8,718		8,661
ITI Holdings, Inc. (Revolver)	03/03/2028	Business Services		10.70	%	1M SOFR+560			1,121		1,121		1,098
ITI Holdings, Inc. (Revolver) (7)	03/03/2028	Business Services		—			—		370		—		(7	)
K2 Pure Solutions NoCal, L.P.	12/20/2023	Chemicals, Plastics and Rubber		13.42	%	1M SOFR+810			9,409		9,402		9,409
K2 Pure Solutions NoCal, L.P. (Revolver) (7)	12/20/2023	Chemicals, Plastics and Rubber		—			—		1,938		—		—
Kinetic Purchaser, LLC	11/10/2027	Consumer Products		11.54	%	3M SOFR+615			9,173		8,957		9,035
Kinetic Purchaser, LLC (Revolver) (7)	11/10/2026	Consumer Products		—			—		4,854		—		(73	)
Lash OpCo, LLC	02/18/2027	Consumer Products		11.88	%	1M SOFR+700			2,807		2,764		2,779
Lash OpCo, LLC (Revolver)	08/16/2026	Consumer Products		12.15	%	1M SOFR+700			1,977		1,977		1,957
Lash OpCo, LLC (Revolver) (7)	08/16/2026	Consumer Products		—			—		935		—		(9	)
LAV Gear Holdings, Inc.	10/31/2024	Leisure, Amusement, Motion Pictures, Entertainment		11.79	%	1M SOFR+625			51		51		51
			(PIK 5.50%)
Ledge Lounger, Inc.	11/09/2026	Consumer Products		11.79	%	3M SOFR+625			9,085		8,964		8,971
Ledge Lounger, Inc. (Revolver) (7)	11/09/2026	Consumer Products		—			—		1,933		—		(24	)
Lightspeed Buyer Inc.	02/03/2026	Healthcare, Education and Childcare		10.67	%	1M SOFR+535			2,198		2,187		2,176
Lightspeed Buyer Inc. (Revolver) (7)	02/03/2026	Healthcare, Education and Childcare		—			—		1,166		—		(12	)
LJ Avalon Holdings, LLC	07/31/2024	Environmental Services		11.79	%	3M SOFR+640			208		205		204
LJ Avalon Holdings, LLC - Unfunded Term Loan	07/31/2024	Environmental Services		—			—		1,260		—		(6	)
LJ Avalon Holdings, LLC (Revolver)(7)	01/31/2030	Environmental Services		—			—		587		—		(12	)
LSF9 Atlantis Holdings, LLC	03/31/2029	Retail		12.64	%	3M SOFR+725			5,625		5,436		5,381
Loving Tan Intermediate II, Inc.	05/31/2028	Consumer Products		12.39	%	3M SOFR+700			4,988		4,892		4,913
Loving Tan Intermediate II, Inc. (Revolver)	05/31/2028	Consumer Products		12.39	%	3M SOFR+700			347		347		342
Loving Tan Intermediate II, Inc. (Revolver)(7)	05/31/2028	Consumer Products		—			—		284		—		(4	)
Mars Acquisition Holdings Corp.	05/14/2026	Media		11.04	%	3M SOFR+565			1,835		1,807		1,817
Mars Acquisition Holdings Corp. (Revolver)(7)	05/14/2026	Media		—			—		1,209		—		(12	)
MBS Holdings, Inc. (Revolver)	04/16/2027	Telecommunications		11.17	%	1M SOFR+585			111		111		109
MBS Holdings, Inc. (Revolver) (7)	04/16/2027	Telecommunications		—			—		583		—		(9	)
MDI Buyer, Inc.	07/25/2028	Chemicals, Plastics and Rubber		11.27	%	3M SOFR+600			20,135		19,835		19,685
MDI Buyer, Inc. (Revolver)	07/25/2028	Chemicals, Plastics and Rubber		10.92	%	3M SOFR+600			1,039		1,039		1,016
MDI Buyer, Inc. (Revolver) (7)	07/25/2028	Chemicals, Plastics and Rubber		—			—		1,188		—		(15	)
Meadowlark Acquirer, LLC	12/10/2027	Business Services		10.66	%	3M SOFR+550			1,937		1,919		1,888
Meadowlark Acquirer, LLC Term Loan I	12/10/2027	Business Services		—			—		1,038		—		(16	)
Meadowlark Acquirer, LLC Term Loan II	12/10/2027	Business Services		—			—		8,922		—		(134	)
Meadowlark Acquirer, LLC (Revolver) (7)	12/10/2027	Business Services		—			—		1,685		—		(43	)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2023

(In thousands, except share data)

(Unaudited)


Issuer Name	Maturity / Expiration	Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
Municipal Emergency Services, Inc.	09/28/2027	Distribution		11.05	%	3M SOFR+565			484	$	484	$	474
Municipal Emergency Services, Inc. - Unfunded Term Loan A	06/16/2023	Distribution		—			—		769		—		(17	)
Municipal Emergency Services, Inc. - Unfunded Term Loan B	12/16/2024	Distribution		—			—		2,510		—		(55	)
Municipal Emergency Services, Inc. (Revolver)	09/28/2027	Distribution		11.04	%	3M SOFR+565			752		752		736
Municipal Emergency Services, Inc. (Revolver) (7)	09/28/2027	Distribution		—			—		1,128		—		(25	)
NBH Group LLC (Revolver) (7)	08/19/2026	Healthcare, Education and Childcare		—			—		1,163		—		(23	)
Neptune Flood Incorporated (Revolver) (7)	05/09/2029	Insurance		—			—		541		—		—
NORA Acquisition, LLC	08/31/2029	Healthcare, Education and Childcare		11.74	%	3M SOFR+635			20,500		20,092		20,090
NORA Acquisition, LLC (Revolver) (7)	08/31/2029	Healthcare, Education and Childcare		—			—		2,707		—		(54	)
ORL Acquisition, Inc.	09/03/2027	Business Services		12.84	%	3M SOFR+725			4,409		4,347		4,012
ORL Acquisition, Inc. (Revolver) (7)	09/03/2027	Business Services		—			—		597		—		(54	)
Ox Two, LLC	05/18/2026	Building Materials		12.90	%	1M SOFR+725			13,578		13,445		13,340
Ox Two, LLC (Revolver) (7)	05/18/2026	Building Materials		—			—		2,419		—		(42	)
Pequod Merger Sub, Inc. - Unfunded Term Loan	12/02/2026	Financial Services		—			—		2,847		—		(57	)
Pequod Merger Sub, Inc. (Revolver) (7)	12/02/2026	Financial Services		—			—		757		—		(15	)
PL Acquisitionco, LLC (Revolver) (7)	11/09/2027	Retail		—			—		3,236		—		(324	)
Pragmatic Institute, LLC	07/06/2028	Business Services		11.17	%	3M SOFR+575			34,987		34,547		33,412
Pragmatic Institute, LLC Unfunded Term Loan	07/06/2028	Business Services		—			—		7,193		—		(252	)
Pragmatic Institute, LL (Revolver)	07/06/2028	Business Services		11.17	%	3M SOFR+575			4,795		4,795		4,579
Quantic Electronics, LLC	11/19/2026	Aerospace and Defense		11.74	%	3M SOFR+635			1,484		1,474		1,461
Quantic Electronics, LLC (Revolver)	11/19/2026	Aerospace and Defense		11.74	%	3M SOFR+635			528		528		521
Questex, LLC	09/09/2024	Media		9.81	%	3M SOFR+425			20,193		20,115		20,193
Questex, LLC (Revolver) (7)	09/09/2024	Media		—			—		3,590		—		—
Radius Aerospace, Inc. (Revolver)	03/31/2025	Aerospace and Defense		11.29	%	3M SOFR+575			668		668		661
Radius Aerospace, Inc. (Revolver) (7)	03/31/2025	Aerospace and Defense		—			—		1,559		—		(16	)
Rancho Health MSO, Inc. (7)	12/18/2025	Healthcare, Education and Childcare		11.22	%	3M SOFR+575			79		79		79
Rancho Health MSO, Inc. - Unfunded Term Loan	12/18/2025	Healthcare, Education and Childcare		—			—		494		—		—
Rancho Health MSO, Inc. (Revolver)	12/18/2025	Healthcare, Education and Childcare		11.24	%	3M SOFR+575			210		210		210
Rancho Health MSO, Inc. (Revolver) (7)	12/18/2025	Healthcare, Education and Childcare		—			—		315		—		—
Reception Purchaser, LLC	02/28/2028	Transportation		11.54	%	3M SOFR+615			5,863		5,791		5,628
Recteq, LLC (Revolver) (7)	01/29/2026	Consumer Products		—			—		1,127		—		(34	)
Research Now Group, Inc. and Dynata, LLC	12/20/2024	Business Services		11.13	%	3M SOFR+576			124		124		108
Riverpoint Medical, LLC (Revolver)	06/20/2025	Healthcare, Education and Childcare		10.42	%	3M SOFR+510			45		45		45
Riverpoint Medical, LLC (Revolver) (7)	06/20/2025	Healthcare, Education and Childcare		—			—		318		—		(4	)
Riverside Assessments, LLC	03/10/2025	Education		11.24	%	3M SOFR+575			11,699		11,588		11,582
Rural Sourcing Holdings, Inc. - Unfunded Term Loan	06/15/2029	Business Services		—			—		1,146		—		—
Rural Sourcing Holdings, Inc. (Revolver) (7)	06/15/2029	Business Services		—			—		861		—		(13	)
Sales Benchmark Index LLC (Revolver) (7)	01/03/2025	Business Services		—			—		732		—		(4	)
Sargent & Greenleaf Inc. (Revolver)	12/20/2024	Electronics		12.92	%	1M SOFR+650			158		158		157
Sargent & Greenleaf Inc. (Revolver) (7)	12/20/2024	Electronics		—			—		453		—		(5	)
Schlesinger Global, Inc.	07/14/2025	Business Services		13.15	%	3M SOFR+775			4,647		4,611		4,496
Schlesinger Global, Inc. (Revolver)	07/14/2025	Business Services		12.52	%	3M SOFR+775			30		30		29
			(PIK 0.5%)
Schlesinger Global, Inc. (Revolver)(7)	07/14/2025	Business Services		—			—		8		—		—
Seaway Buyer, LLC	06/13/2029	Chemicals, Plastics and Rubber		11.54	%	3M SOFR+605			4,752		4,691		4,609
Seaway Buyer, LLC (Revolver)	06/13/2029	Chemicals, Plastics and Rubber		11.54	%	3M SOFR+605			729		729		708
Seaway Buyer, LLC (Revolver)(7)	06/13/2029	Chemicals, Plastics and Rubber		—			—		2,397		—		(72	)
Shiftkey, LLC	06/21/2027	Business Services		11.40	%	3M SOFR+601			17,775		17,636		17,331
Sigma Defense Systems, LLC	12/18/2025	Telecommunications		14.04	%	3M SOFR+865			29,681		29,190		29,236
Sigma Defense Systems, LLC (Revolver)	12/18/2025	Telecommunications		14.04	%	3M SOFR+865			2,083		2,083		2,052
Sigma Defense Systems, LLC (Revolver) (7)	12/18/2025	Telecommunications		—			—		893		—		(13	)
Signature Systems Holding Company (Revolver) (7)	05/03/2024	Chemicals, Plastics and Rubber		—			—		2,016		—		—
Solutionreach, Inc. (Revolver) (7)	07/17/2025	Communications		—			—		1,665		—		(7	)
Spendmend Holdings LLC	03/01/2028	Business Services		11.04	%	1M SOFR+565			99		99		97
Spendmend Holdings LLC (7)	03/01/2028	Business Services		—			—		2,684		—		(39	)
Spendmend Holdings LLC - Funded Revolver	03/01/2028	Business Services		11.20	%	1M SOFR+565			561		561		548
Spendmend Holdings LLC - Unfunded Revolver (7)	03/01/2028	Business Services		—			—		841		—		(18	)
System Planning and Analysis, Inc. - (Revolver) (7) (f/k/a Management Consulting & Research, LLC)	08/16/2027	Aerospace and Defense		—			—		2,925		—		(32	)
The Aegis Technologies Group, LLC	10/31/2025	Aerospace and Defense		11.66	%	3M SOFR+665			1,121		1,097		1,104
The Bluebird Group LLC	07/27/2026	Business Services		12.79	%	3M SOFR+740			2,271		2,239		2,262
The Bluebird Group LLC (Revolver) (7)	07/27/2026	Business Services		—			—		734		—		(3	)
The Vertex Companies, LLC	08/30/2027	Business Services		11.93	%	1M SOFR+635			186		182		185
The Vertex Companies, LLC (Revolver)	08/30/2027	Business Services		11.67	%	1M SOFR+635			248		248		246
The Vertex Companies, LLC (Revolver) (7)	08/30/2027	Business Services		—			—		492		—		(4	)
TWS Acquisition Corporation (Revolver) (7)	06/16/2025	Education		—			—		1,644		—		—
Tyto Athene, LLC (Revolver) (7)	04/01/2026	Aerospace and Defense		—			—		364		—		(32	)
Urology Management Holdings, Inc. - Unfunded Term Loan	02/01/2024	Healthcare, Education and Childcare		—			—		7,222		—		(150	)
Wildcat Buyerco, Inc.	02/27/2026	Electronics		10.57	%	3M SOFR+515			3,805		3,762		3,767
Wildcat Buyerco, Inc. (Revolver)	02/27/2026	Electronics		10.17	%	3M SOFR+585			88		88		87
Wildcat Buyerco, Inc. (Revolver) (7)	02/27/2026	Electronics		—			—		486		—		(5	)
Zips Car Wash, LLC	03/01/2024	Auto Sector		12.67	%	1M SOFR+735			2,589		2,583		2,504
Total First Lien Secured Debt											472,975		468,007
Second Lien Secured Debt—16.0% of Net Assets

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2023

(In thousands, except share data)

(Unaudited)


Issuer Name	Maturity / Expiration		Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
Ascensus Holdings, Inc.	08/02/2028		Financial Services		12.03	%	3M SOFR+676			3,000	$	2,717	$	2,837
Atlas Purchaser, Inc	05/07/2029		Telecommunications		14.66	%	3M SOFR+900			17,000		16,600		13,821
Best Practice Associates LLC	06/29/2027		Aerospace and Defense		14.54	%	3M SOFR+915			17,825		17,559		17,469
Burgess Point Purchaser Corporation	07/28/2030		Auto Sector		14.42	%	1M SOFR+910			8,000		7,680		7,920
ENC Parent Corporation	08/19/2029		Business Services		13.15	%	3M SOFR+776			7,500		7,440		6,675
Halo Buyer, Inc.	07/06/2026		Consumer Products		13.67	%	1M SOFR+835			32,500		32,232		31,525
QuantiTech LLC	02/04/2027		Aerospace and Defense		11.74	%	3M SOFR+635			150		148		149
Total Second Lien Secured Debt												84,376		80,396
Subordinated Debt/Corporate Notes—10.7% of Net Assets
Express Wash Acquisition Company, LLC	01/15/2029		Auto Sector		15.15	%	3M SOFR+976			22,219		21,568		21,597
Flock Financial, LLC	05/26/2027		Financial Services		14.50	%		—		34,000		33,329		32,300
Total Subordinated Debt/Corporate Notes												54,897		53,897
Preferred Equity/Partnership Interests—2.6% of Net Assets (6)
Ad.net Holdings, Inc.		—	Media		—			—		2,400		240		271
AH Newco Equityholdings, LLC		—	Healthcare, Education and Childcare		6.00	%		—		211		500		1,066
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)		—	Media		—			—		1,135		1,135		918
Cartessa Aesthetics, LLC		—	Distribution		—			—		3,562,500		3,563		4,975
Gauge Lash Coinvest, LLC - Preferred Equity		—	Consumer Products		—			—		64,967		351		789
Gauge Schlesinger Coinvest, LLC - Class A-2 Preferred Equity		—	Business Services		—			—		1		1		1
Imagine Topco, LP		—	Business Services		8.00	%		—		743,826		744		750
Magnolia Topco LP - Class A Preferred Equity		—	Auto Sector		—			—		169		169		172
Magnolia Topco LP - Class B Preferred Equity		—	Auto Sector		—			—		929		554		794
Mars Intermediate Holdings II, Inc (9)		—	Media		—			—		414		414		551
NXOF Holdings, Inc. (Tyto Athene, LLC)		—	Aerospace and Defense		—			—		160		160		107
ORL Holdco, Inc.		—	Business Services		—			—		575		57		—
PL Acquisitionco, LLC - Preferred Equity		—	Retail		—			—		37		37		39
Signature CR Intermediate Holdco, Inc.		—	Chemicals, Plastics and Rubber		12.00	%		—		1,527		1,527		2,490
TPC Holding Company, LP (8),(11)		—	Food		—			—		219		219		320
TWD Parent Holdings, LLC		—	Business Services		—			—		30		30		37
(The Vertex Companies, LLC)
Total Preferred Equity/Partnership Interests												9,701		13,280
Common Equity/Partnership Interests/Warrants—23.0% of Net Assets (6)
A1 Garage Equity, LLC		—	Personal, Food and Miscellaneous Services		—			—		2,193,038		2,193		2,340
Ad.net Holdings, Inc.		—	Media		—			—		2,667		27		—
Affinion Group Holdings, Inc. (Warrants)	04/10/2024		Consumer Products		—			—		77,190		2,126		—
AG Investco LP (9)		—	Business Services		—			—		805,164		805		1,074
AG Investco LP (7), (9)		—	Business Services		—			—		194,836		—		—
Altamira Intermediate Company II, Inc.		—	Aerospace and Defense		—			—		125,000		125		127
AMCSI Crash Co-Invest, LP		—	Auto Sector		—			—		2,489,777		2,490		3,318
AMCSI Crash Co-Invest, LP (7)		—	Auto Sector		—			—		510,223		—		—
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)		—	Media		—			—		1,135		—		—
Athletico Holdings, LLC (9)		—	Healthcare, Education and Childcare		—			—		9,357		10,000		9,032
Atlas Investment Aggregator, LLC		—	Telecommunications		—			—		1,700,000		1,613		293
BioDerm, Inc.		—	Healthcare, Education and Childcare		—			—		1,312		1,312		1,513
Burgess Point Holdings, LP		—	Auto Sector		—			—		680		680		740
Connatix Parent, LLC		—	Media		—			—		57,416		632		333
Cowboy Parent LLC		—	Distribution		—			—		27,778		3,015		5,451
(Blackhawk Industrial Distribution, Inc.)
Crane 1 Acquisition Parent Holdings, L.P.		—	Personal, Food and Miscellaneous Services		—			—		113		104		173
Delta InvestCo LP		—	Telecommunications		—			—		863,299		848		1,542
(Sigma Defense Systems, LLC) (9)
Delta InvestCo LP (7)		—	Telecommunications		—			—		277,745		—		—
(Sigma Defense Systems, LLC) (7), (9)
eCommission Holding Corporation (11)		—	Financial Services		—			—		80		1,005		1,854
EDS Topco, LP		—	Aerospace and Defense		—			—		937,500		938		885
Exigo, LLC (9)		—	Business Services		—			—		1,458,333		1,458		1,648
FedHC InvestCo LP (9)		—	Aerospace and Defense		—			—		14,578		489		2,060
FedHC InvestCo LP (7),(9)		—	Aerospace and Defense		—			—		5,150		—		—
FedHC InvestCo II LP (9)		—	Aerospace and Defense		—			—		20,882		2,175		2,951
Five Star Parent Holdings, LLC		—	Leisure, Amusement, Motion Pictures, Entertainment		—			—		655,714		656		800
Gauge ETE Blocker, LLC - Common Equity		—	Personal, Food and Miscellaneous Services		—			—		374,444		374		371
Gauge Lash Coinvest LLC		—	Consumer Products		—			—		889,376		136		4,076
Gauge Loving Tan, LP - Common Equity		—	Consumer Products		—			—		462,827		463		389
Gauge Schlesinger Coinvest, LLC		—	Business Services		—			—		9		10		7
Gauge TVC Coinvest, LLC		—	Transportation		—			—		810,645		—		2,390
(TVC Enterprises, LLC)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2023

(In thousands, except share data)

(Unaudited)


Issuer Name	Maturity / Expiration		Industry	Current Coupon		Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
GCOM InvestCo LP		—	Business Services		—		—		2,434	$	1,003	$	401
Go Dawgs Capital III, LP		—	Building Materials		—		—		675,325		675		1,479
(American Insulated Glass, LLC) (9)
Hancock Claims Consultants Investors, LLC (9)		—	Insurance		—		—		450,000		450		338
HPA SPQ Aggregator LP- Common Equity		—	Business Services		—		—		750,399		750		751
HV Watterson Holdings, LLC		—	Business Services		—		—		1,600,000		1,600		1,778
Icon Partners V C, L.P.		—	Business Services		—		—		1,118,318		1,118		1,002
Icon Partners V C, L.P. (7),(9)		—	Business Services		—		—		381,682		—		(40	)
IHS Parent Holdngs, L.P.			Personal, Food and Miscellaneous Services						1,218,045		1,218		1,642
Imagine Topco, LP		—	Business Services		—		—		743,826		—		—
Infogroup Parent Holdings, Inc.		—	Other Media		—		—		181,495		2,040		2,327
(Data Axle, Inc.)
Ironclad Holdco, LLC		—	Environmental Services		—		—		4,566		450		663
(Applied Technical Services, LLC) (9)
ITC Infusion Co-invest, LP(9)		—	Healthcare, Education and Childcare		—		—		162,445		1,624		1,775
ITC Rumba, LLC		—	Healthcare, Education and Childcare		—		—		375,675		8		1,158
(Cano Health, LLC) (9)
Kentucky Racing Holdco, LLC (Warrants)(9)		—	Hotels, Motels, Inns and Gaming		—		—		161,252		—		1,630
Kinetic Purchaser, LLC		—	Consumer Products		—		—		1,308,814		1,309		1,892
KL Stockton Co-Invest LP		—	Personal, Food and Miscellaneous Services		—		—		382,353		382		775
(Any Hour Services) (9)
Lariat ecoserv Co-Invest Holdings, LLC (9)		—	Environmental Services		—		—		363,656		—		22
LEP Pequod Holdings, LP		—	Financial Services		—		—		350		865		1,006
Lightspeed Investment Holdco LLC		—	Healthcare, Education and Childcare		—		—		273,143		273		741
LJ Avalon, LP		—	Environmental Services		—		—		851,087		851		902
Lorient Peregrine Investments, LP		—	Business Services		—		—		335,590		4,530		4,452
Magnolia Topco LP - Class A Common Equity		—	Auto Sector		—		—		169,230		—		—
Magnolia Topco LP - Class B Common Equity		—	Auto Sector		—		—		929,200		—		—
Mars Intermidiate Holdings II, Inc. (9)		—	Media		—		—		414		—		232
MDI Aggregator, LP		—	Chemicals, Plastics and Rubber		—		—		30,993		3,103		3,326
Meadowlark Title, LLC (9)		—	Business Services		—		—		815,385		802		—
Municipal Emergency Services, Inc.		—	Distribution		—		—		3,920,145		3,984		4,430
NEPRT Parent Holdings, LLC		—	Consumer Products		—		—		1,299		1,259		88
(Recteq, LLC) (9)
NORA Parent Holdings, LLC		—	Healthcare, Education and Childcare		—		—		1,257		1,257		1,257
North Haven Saints Equity Holdings, LP(9)		—	Business Services		—		—		351,553		352		351
NXOF Holdings, Inc.		—	Aerospace and Defense		—		—		3,261		3		—
(Tyto Athene, LLC)
OceanSound Discovery Equity, LP		—	Aerospace and Defense		—		—		98,286		913		2,133
(Holdco Sands Intermediate, LLC) (9)
OHCP V BC COI, L.P.		—	Distribution		—		—		446,250		446		390
OHCP V BC COI, L.P. (7),(9)		—	Distribution		—		—		303,750		—		(38	)
ORL Holdco, Inc.		—	Business Services		—		—		638		6		—
PennantPark-TSO Senior Loan Fund II, LP		—	Financial Services		—		—		12,269,640		12,270		12,485
Pink Lily Holdco, LLC (9)		—	Retail		—		—		1,044		1,044		33
Pragmatic Institute, LLC		—	Business Services		—		—		1,918,047		1,918		747
Quad (U.S.) Co-Invest, L.P.		—	Business Services		—		—		2,958,706		2,959		3,461
QuantiTech InvestCo LP (9)		—	Aerospace and Defense		—		—		712		68		446
QuantiTech InvestCo LP (7),(9)		—	Aerospace and Defense		—		—		955		—		—
QuantiTech InvestCo II LP (9)		—	Aerospace and Defense		—		—		40		24		26
RFMG Parent, LP		—	Healthcare, Education and Childcare		—		—		1,050,000		1,050		1,052
(Rancho Health MSO, Inc.)
SBI Holdings Investments LLC		—	Business Services		—		—		36,585		366		291
(Sales Benchmark Index LLC)
Seaway Topco, LP		—	Chemicals, Plastics and Rubber		—		—		2,981		2,981		2,372
Signature CR Intermediate Holdco, Inc.		—	Chemicals, Plastics and Rubber		—		—		80		80		2,059
SP L2 Holdings, LLC		—	Consumer Products		—		—		881,966		882		604
SSC Dominion Holdings, LLC		—	Electronics		—		—		71		71		3,295
Class B (US Dominion, Inc.)
StellPen Holdings, LLC		—	Media		—		—		153,846		154		169
(CF512, Inc.)
TAC LifePort Holdings, LLC (9)		—	Aerospace and Defense		—		—		254,206		250		405
Tower Arch Infolinks Media, LP (9)		—	Media		—		—		536,514		504		951
Tower Arch Infolinks Media, LP (7), (9)		—	Media		—		—		358,931		—		—
TPC Holding Company, LP (8). (11)		—	Food		—		—		11,527		12		113
TWD Parent Holdings, LLC		—	Business Services		—		—		608		1		1
(The Vertex Companies, LLC)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2023

(In thousands, except share data)

(Unaudited)


Issuer Name	Maturity / Expiration		Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
UniVista Insurance (9)		—	Business Services		—			—		400	$	362	$	555
Urology Partners Co., L.P.		—	Healthcare, Education and Childcare		—			—		1,111,111		1,111		1,044
WCP Ivyrehab QP CF Feeder, LP		—	Healthcare, Education and Childcare		—			—		3,715,012		3,754		4,319
WCP Ivyrehab QP CF Feeder, LP - Unfunded (7)		—	Healthcare, Education and Childcare		—			—		284,988		—		—
Wildcat Parent, LP		—	Electronics		—			—		2,314		231		820
(Wildcat Buyerco, Inc.) (9)
Total Common Equity/Partnership Interests/Warrants												95,037		115,478
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies												716,986		731,058
Investments in Non-Controlled, Affiliated Portfolio Companies—10.9% of Net Assets (1), (2)
First Lien Secured Debt—2.1% of Net Assets
Walker Edison Furniture Company LLC	03/31/2027		Home and Office Furnishings		12.18	%	1M SOFR+685			7,042		7,042		7,043
Walker Edison Furniture Company, LLC - Unfunded Term Loan	03/31/2027		Home and Office Furnishings		—			—		667		—		—
Walker Edison Furniture Company LLC - Junior Revolver	03/31/2027		Home and Office Furnishings		11.68	%	1M SOFR+685			3,333		3,333		3,333
Total First Lien Secured Debt												10,375		10,376
Preferred Equity/Partnership Interests—6.4% of Net Assets(6)
Cascade Environmental Holdings, LLC (9)		—	Environmental Services		—			—		5,887,236		32,791		31,032
Cascade Environmental Holdings, LLC - Series B		—	Environmental Services		—			—		918		918		1,073
Total Preferred Equity/Partnership Interests												33,709		32,105
Common Equity/Partnership Interests/Warrants—2.4% of Net Assets (6)
Cascade Environmental Holdings, LLC		—	Environmental Services		—			—		7,444,347		2,852		—
JF Intermediate, LLC		—	Distribution		—			—		19,687		2,065		8,759
Walker Edison Furniture		—	Home and Office Furnishings		—			—		72,917		6,786		3,531
Total Common Equity/Partnership Interests/Warrants												11,703		12,290
Total Investments in Non-Controlled, Affiliated Portfolio Companies												55,787		54,771
Investments in Controlled, Affiliated Portfolio Companies—43.0% of Net Assets (1), (2)
First Lien Secured Debt—9.8% of Net Assets
AKW Holdings Limited (8), (10), (11)	03/15/2027		Healthcare, Education and Childcare		12.21	%	3M SONIA+700		£	40,371		55,388		49,275
Total First Lien Secured Debt												55,388		49,275
Second Lien Secured Debt—0.0% of Net Assets
Mailsouth Inc. (6)	04/23/2025		Printing and Publishing		—			—		14,896		12,383		—
Total Second Lien Secured Debt												12,383		—
Subordinated Debt—20.4% of Net Assets
PennantPark Senior Loan Fund, LLC (11)	07/31/2027		Financial Services		13.37	%	3M SOFR+800			102,325		102,325		102,325
Total Subordinated Debt												102,325		102,325
Common Equity—12.8% of Net Assets (6)
AKW Holdings Limited (8), (10), (11)		—	Healthcare, Education and Childcare		—			—	£	950		132		2,385
MSpark, LLC		—	Printing and Publishing		—			—		51,151		16,516		—
PennantPark Senior Loan Fund, LLC		—	Financial Services		—			—		58,580,060		58,643		62,083
Total Common Equity												75,291		64,468
Total Investments in Controlled, Affiliated Portfolio Companies												245,387		216,068
Total Investments—199.5% of Net Assets												1,018,160		1,001,897
Cash and Cash Equivalents—26.8% of Net Assets
BlackRock Federal FD Institutional 30												24,683		24,683
U.S. Treasury Bill (5)												99,768		99,751
Non-Money Market Cash												10,003		9,993
Total Cash and Cash Equivalents												134,454		134,427
Total Investments and Cash Equivalents—226.3% of Net Assets											$	1,152,614	$	1,136,324
Liabilities in Excess of Other Assets—(126.3%) of Net Assets														(634,137	)
Net Assets—100.0%													$	502,187

(1)

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

(2)

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

(3)

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

(4)

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

(5)

The security was not valued using significant unobservable inputs. The value of all other securities was determined using significant unobservable inputs (See Note 5).

(6)

Non-income producing securities.

(7)

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

(8)

Non-U.S. company or principal place of business outside the United States.

(9)

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

(10)

Par / Shares amount is denominated in British Pounds (£) as denoted.

(11)

The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2023, qualifying assets represent 77% of the Company’s total assets and non-qualifying assets represent 23% of the Company’s total assets.

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022

(In thousands, except share data)


Issuer Name	Maturity / Expiration	Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% of Net Assets (1), (2)
First Lien Secured Debt—100.5% of Net Assets
Ad.net Acquisition, LLC (Revolver) (7)	05/06/2026	Media		—			—		444	$	—	$	(3	)
Altamira Technologies, LLC (Revolver)	07/24/2025	Aerospace and Defense		11.67	%	3M L+800			50		50		48
Altamira Technologies, LLC (Revolver) (7)	07/24/2025	Aerospace and Defense		—			—		138		—		(5	)
American Insulated Glass, LLC	12/21/2023	Building Materials		7.79	%	3M L+550			3,329		3,310		3,329
Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7)	05/23/2024	Media		—			—		1,612		—		—
Any Hour Services	07/21/2027	Personal, Food and Miscellaneous Services		8.15	%	3M L+525			4,120		4,086		4,038
Any Hour Services (Revolver) (7)	07/21/2027	Personal, Food and Miscellaneous Services		—			—		1,147		—		(23	)
Apex Service Partners, LLC	07/31/2025	Personal, Food and Miscellaneous Services		7.60	%	1M L+550			1,331		1,331		1,324
Apex Service Partners, LLC Term Loan C	07/31/2025	Personal, Food and Miscellaneous Services		9.08	%	1M L+550			1,893		1,873		1,883
Apex Service Partners, LLC (Revolver)	07/31/2025	Personal, Food and Miscellaneous Services		6.72	%	3M L+525			62		62		62
Apex Service Partners, LLC (Revolver) (7)	07/31/2025	Personal, Food and Miscellaneous Services		—			—		870		—		(4	)
Applied Technical Services, LLC	12/29/2026	Environmental Services		7.59	%	3M L+575			1,402		1,388		1,367
Applied Technical Services, LLC (7)	04/21/2023	Environmental Services		—			—		1,595		—		(22	)
Applied Technical Services, LLC (Revolver)	12/29/2026	Environmental Services		10.25	%	3M P+475			200		200		195
Applied Technical Services, LLC (Revolver) (7)	12/29/2026	Environmental Services		—			—		800		—		(20	)
Arcfield Acquisition Corp. (Revolver) (7)	03/07/2028	Aerospace and Defense		—			—		2,263		—		(45	)
Berwick Industrial Park	04/28/2023	Buildings and Real Estate		11.00	%		—		4,000		3,953		3,934
Beta Plus Technologies, Inc.	07/01/2029	Business Services		7.56	%	SOFR+525			5,000		4,904		4,900
Blackhawk Industrial Distribution, Inc.	09/17/2024	Distribution		8.69	%	3M L+500			1,175		1,160		1,149
Blackhawk Industrial Distribution, Inc.(7)	09/17/2024	Distribution		—			—		4,043		—		(51	)
Blackhawk Industrial Distribution, Inc. (Revolver)	09/17/2024	Distribution		8.69	%	3M L+500			686		686		667
Blackhawk Industrial Distribution, Inc. (Revolver) (7)	09/17/2024	Distribution		—			—		2,746		—		(77	)
Broder Bros., Co.	12/02/2022	Consumer Products		7.39	%	3M L+600			10,096		10,096		10,096
Cartessa Aesthetics, LLC	05/13/2028	Distribution		9.55	%	1M L+600			39,401		38,644		38,810
Cartessa Aesthetics, LLC - (Revolver)	05/13/2028	Distribution		9.55	%	1M L+600			1,265		1,265		1,246
Cartessa Aesthetics, LLC - (Revolver) (7)	05/13/2028	Distribution		—			—		2,297		—		(34	)
CF512, Inc.	08/20/2026	Media		9.30	%	3M L+600			6,720		6,630		6,619
CF512, Inc.(Revolver) (7)	08/20/2026	Media		—			—		909		—		(14	)
Compex Legal Services, Inc.	02/09/2026	Business Services		7.48	%	3M L+525			853		843		853
Compex Legal Services, Inc. (Revolver)	02/07/2025	Business Services		8.92	%	3M L+525			361		361		361
Compex Legal Services, Inc. (Revolver) (7)	02/07/2025	Business Services		—			—		295		—		—
Connatix Buyer, Inc. (7)	01/13/2023	Media		—			—		3,158		—		(47	)
Connatix Buyer, Inc. (Revolver) (7)	07/13/2027	Media		—			—		1,859		—		(46	)
Crane 1 Services, Inc.	08/16/2027	Personal, Food and Miscellaneous Services		8.40	%	3M L+575			2,606		2,577		2,580
Crane 1 Services, Inc. (Revolver)	08/16/2027	Personal, Food and Miscellaneous Services		8.87	%	1M L+575			194		194		192
Crane 1 Services, Inc. (Revolver) (7)	08/16/2027	Personal, Food and Miscellaneous Services		—			—		97		—		(1	)
DermaRite Industries LLC	06/30/2023	Manufacturing / Basic Industries		10.67	%	1M L+700			8,755		8,734		7,030
Dr. Squatch, LLC	08/31/2027	Personal and Non-Durable Consumer Products		9.17	%	3M L+600			12,930		12,742		12,736
Dr. Squatch, LLC (7)	08/27/2026	Personal and Non-Durable Consumer Products		—			—		2,000		—		(10	)
Dr. Squatch, LLC (Revolver)	08/31/2027	Personal and Non-Durable Consumer Products		8.95	%	1M L+600			775		775		764
Dr. Squatch, LLC (Revolver) (7)	08/31/2027	Personal and Non-Durable Consumer Products		—			—		1,551		—		(23	)
DRS Holdings III, Inc. (Revolver) (7)	11/03/2025	Consumer Products		—			—		1,783		—		(57	)
ECL Entertainment, LLC	05/01/2028	Hotels, Motels, Inns and Gaming		10.62	%	1M L+750			19,156		19,019		18,869
ECM Industries, LLC (Revolver)	12/23/2025	Electronics		7.93	%	3M L+475			291		291		277
ECM Industries, LLC (Revolver) (7)	12/23/2025	Electronics		—			—		226		—		(11	)
Exigo Intermediate II, LLC	03/15/2027	Business Services		8.87	%	3M L+575			24,875		24,532		24,315
Exigo Intermediate II, LLC (7)	03/15/2024	Business Services		—			—		7,424		—		(111	)
Exigo Intermediate II, LLC (Revolver)	03/15/2027	Business Services		8.87	%	3M L+575			371		371		363
Exigo Intermediate II, LLC (Revolver) (7)	03/15/2027	Business Services		—			—		1,485		—		(33	)
Fairbanks Morse Defense	06/17/2028	Aerospace and Defense		7.00	%	3M L+475			738		735		682
Gantech Acquisition Corp.	05/14/2026	Business Services		9.37	%	1M L+625			16,809		16,548		16,305
Gantech Acquisition Corp. (Revolver)	05/14/2026	Business Services		9.37	%	1M L+625			132		133		129
Gantech Acquisition Corp. (Revolver) (7)	05/14/2026	Business Services		—			—		1,858		—		(56	)
Graffiti Buyer, Inc. (7)	08/10/2023	Distribution		—			—		892		—		(20	)
Graffiti Buyer, Inc. (Revolver)	08/10/2027	Distribution		9.16	%	3M L+575			372		372		357
Graffiti Buyer, Inc. (Revolver) (7)	08/10/2027	Distribution		—			—		397		—		(16	)
Hancock Roofing and Construction L.L.C. (7)	12/31/2022	Insurance		—			—		400		—		(6	)
Hancock Roofing and Construction L.L.C.	12/31/2026	Insurance		7.82	%	1M L+500			270		270		266
Hancock Roofing and Construction L.L.C. (Revolver) (7)	12/31/2026	Insurance		—			—		480		—		(7	)
Holdco Sands Intermediate, LLC	11/23/2028	Aerospace and Defense		10.17	%	3M L+600			1,918		1,883		1,879
Holdco Sands Intermediate, LLC (Revolver) (7)	11/23/2027	Aerospace and Defense		—			—		3,941		—		(79	)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2022

(In thousands, except share data)


Issuer Name	Maturity / Expiration	Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
HV Watterson Holdings, LLC	12/17/2026	Business Services		9.67	%	1M L+600			281	$	279	$	271
HV Watterson Holdings, LLC (7)	12/17/2026	Business Services		—			—		2,219		—		(61	)
HV Watterson Holdings, LLC - (Revolver)	12/17/2026	Business Services		9.63	%	3M L+600			200		200		193
HV Watterson Holdings, LLC - (Revolver)(7)	12/17/2026	Business Services		—			—		1,050		—		(37	)
HW Holdco, LLC	12/10/2024	Media		6.00	%	3M L+500			10,188		10,077		10,061
HW Holdco, LLC (7)	12/10/2024	Media		—			—		3,049		—		(8	)
HW Holdco, LLC (Revolver) (7)	12/10/2024	Media		—			—		3,387		—		(42	)
Icon Partners III, LP	05/11/2028	Auto Sector		7.55	%	3M L+475			995		834		727
IDC Infusion Services, Inc.	12/30/2026	Healthcare, Education and Childcare		10.70	%	3M L+600			3,685		3,576		3,574
IDC Infusion Services, Inc. (Revolver) (7)	12/30/2026	Healthcare, Education and Childcare		—			—		4,167		—		(187	)
IG Investments Holdings, LLC (Revolver) (7)	09/22/2027	Business Services		—			—		477		—		(5	)
Imagine Acquisitionco, LLC (7)	11/15/2027	Business Services		—			—		2,341		—		(35	)
Imagine Acquisitionco, LLC (Revolver) (7)	11/15/2027	Business Services		—			—		1,685		—		(42	)
Inception Fertility Ventures, LLC	12/07/2023	Healthcare, Education and Childcare		10.18	%	3M L+715			20,506		20,239		20,301
Infolinks Media Buyco, LLC (7)	11/01/2023	Media		—			—		2,372		—		24
Integrity Marketing Acquisition, LLC	08/27/2025	Insurance		7.83	%	3M L+550			9,930		9,876		9,831
ITI Holdings, Inc.	03/03/2028	Business Services		8.67	%	3M L+550			8,927		8,784		8,749
ITI Holdings, Inc. (Revolver)	03/03/2028	Business Services		8.25	%	3M L+550			298		298		292
ITI Holdings, Inc. (Revolver) (7)	03/03/2028	Business Services		—			—		1,192		—		(24	)
K2 Pure Solutions NoCal, L.P.	12/20/2023	Chemicals, Plastics and Rubber		11.12	%	1M L+800			11,678		11,629		11,678
K2 Pure Solutions NoCal, L.P. (Revolver) (7)	12/20/2023	Chemicals, Plastics and Rubber		—			—		1,938		—		—
Kinetic Purchaser, LLC	11/10/2027	Consumer Products		9.67	%	3M L+600			24,341		23,807		23,855
Kinetic Purchaser, LLC (Revolver)	11/10/2026	Consumer Products		9.67	%	3M L+600			4,854		4,854		4,757
Lash OpCo, LLC	02/18/2027	Consumer Products		11.78	%	1M L+700			2,828		2,774		2,771
Lash OpCo, LLC (Revolver)	08/16/2026	Consumer Products		9.38	%	1M L+700			568		568		556
Lash OpCo, LLC (Revolver) (7)	08/16/2026	Consumer Products		—			—		1,252		—		(25	)
LAV Gear Holdings, Inc.	10/31/2024	Leisure, Amusement, Motion Pictures, Entertainment		9.95	%	1M L+750			2,061		2,036		2,013
			(PIK 5.50%)
Ledge Lounger, Inc.	11/09/2026	Consumer Products		9.92	%	3M L+625			9,177		9,021		9,040
Ledge Lounger, Inc. (Revolver) (7)	11/09/2026	Consumer Products		—			—		1,933		—		(29	)
Lightspeed Buyer Inc.	02/03/2026	Healthcare, Education and Childcare		8.87	%	1M L+575			2,220		2,205		2,148
Lightspeed Buyer Inc. (Revolver)	02/03/2026	Healthcare, Education and Childcare		8.87	%	1M L+575			505		505		489
Lightspeed Buyer Inc. (Revolver) (7)	02/03/2026	Healthcare, Education and Childcare		—			—		661		—		(21	)
Limerick Town Cener, LLC	09/27/2023	Real Estate		12.50	%		—		3,000		2,970		2,970
LSF9 Atlantis Holdings, LLC	03/31/2029	Retail		9.37	%	SOFR+725			6,000		5,772		5,685
Mars Acquisition Holdings Corp. (Revolver)(7)	05/14/2026	Media		—			—		806		—		(4	)
MBS Holdings, Inc. (Revolver) (7)	04/16/2027	Telecommunications		—			—		694		—		(7	)
MDI Buyer, Inc.	07/25/2028	Chemicals, Plastics and Rubber		8.98	%	3M L+600			14,400		14,117		14,112
MDI Buyer, Inc. Term Loan (7)	07/25/2028	Chemicals, Plastics and Rubber		—			—		5,196		—		(52	)
MDI Buyer, Inc. (Revolver) (7)	07/25/2028	Chemicals, Plastics and Rubber		—			—		2,227		—		(22	)
Meadowlark Acquirer, LLC	12/10/2027	Business Services		9.17	%	3M L+550			1,320		1,307		1,307
Meadowlark Acquirer, LLC Term Loan I (7)	12/10/2027	Business Services		—			—		1,676		—		—
Meadowlark Acquirer, LLC Term Loan II (7)	12/10/2027	Business Services		—			—		8,922		—		—
Meadowlark Acquirer, LLC (Revolver) (7)	12/10/2027	Business Services		—			—		1,685		—		(17	)
Municipal Emergency Services, Inc.	09/28/2027	Distribution		8.67	%	3M L+500			703		697		663
Municipal Emergency Services, Inc. (7)	09/28/2027	Distribution		—			—		1,175		—		(56	)
Municipal Emergency Services, Inc. (Revolver)	09/28/2027	Distribution		7.25	%	3M L+500			282		282		266
Municipal Emergency Services, Inc. (Revolver) (7)	09/28/2027	Distribution		—			—		1,598		—		(93	)
NBH Group LLC (Revolver) (7)	08/19/2026	Healthcare, Education and Childcare		—			—		1,163		—		—
Neptune Flood Incorporated	10/14/2026	Financial Services		7.10	%	1M L+525			4,379		4,352		4,423
OIS Management Services, LLC (Revolver) (7)	07/09/2026	Healthcare, Education and Childcare		—			—		333		—		—
One Stop Mailing, LLC	05/07/2027	Cargo Transport		8.77	%	3M L+625			7,008		6,889		6,798
ORL Acquisition, Inc.	09/03/2027	Business Services		8.92	%	3M L+525			4,454		4,378		4,454
ORL Acquisition, Inc. (Revolver) (7)	09/03/2027	Business Services		—			—		597		—		—
Ox Two, LLC	05/18/2026	Building Materials		9.81	%	1M L+700			15,391		15,189		15,083
Ox Two, LLC (Revolver)	05/18/2026	Building Materials		9.81	%	3M L+700			1,774		1,774		1,739
Ox Two, LLC (Revolver) (7)	05/18/2026	Building Materials		—			—		645		—		(13	)
PL Acquisitionco, LLC (Revolver) (7)	11/09/2027	Retail		—			—		3,236		—		(81	)
PRA Events, Inc.	08/07/2025	Business Services		14.17	%	3M L+1,050			24,907		21,694		24,907
			(PIK 10.5%)
PRA Events, Inc. (Revolver) (7)	08/07/2025	Business Services		—		3M L+1,050			2,000		—		—
Pragmatic Institute, LLC	07/06/2028	Business Services		9.30	%	3M L+575			35,340		34,826		34,987
Pragmatic Institute, LLC Term Loan (7)	07/06/2028	Business Services		—			—		7,193		—		—
Pragmatic Institute, LL (Revolver)	07/06/2028	Business Services		9.30	%	3M L+575			959		959		949
Pragmatic Institute, LL (Revolver) (7)	07/06/2028	Business Services		—			—		3,836		—		(38	)
Quantic Electronics, LLC	11/19/2026	Aerospace and Defense		8.00	%	1M L+625			679		673		666
Quantic Electronics, LLC (Revolver)	11/19/2026	Aerospace and Defense		9.51	%	3M L+600			211		211		207
Quantic Electronics, LLC (Revolver) (7)	11/19/2026	Aerospace and Defense		—			—		317		—		(6	)
Questex, LLC	09/09/2024	Media		7.45	%	3M L+500			21,600		21,436		21,168
Questex, LLC (Revolver) (7)	09/09/2024	Media		—			—		3,590		—		(72	)
Radius Aerospace, Inc. (Revolver)	03/31/2025	Aerospace and Defense		8.28	%	3M L+575			891		891		877
Radius Aerospace, Inc. (Revolver) (7)	03/31/2025	Aerospace and Defense		—			—		1,336		—		(20	)
Rancho Health MSO, Inc. (7)	12/18/2025	Healthcare, Education and Childcare		—			—		1,050		—		—
Rancho Health MSO, Inc. (Revolver) (7)	12/18/2025	Healthcare, Education and Childcare		—			—		525		—		—
Reception Purchaser, LLC	02/28/2028	Transportation		9.13	%	SOFR+600			5,970		5,885		5,701
Recteq, LLC (Revolver)	01/29/2026	Consumer Products		9.92	%	1M L+600			313		313		302
Recteq, LLC (Revolver) (7)	01/29/2026	Consumer Products		—			—		814		—		(28	)

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2022

(In thousands, except share data)


Issuer Name	Maturity / Expiration		Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
Research Now Group, Inc. and Dynata, LLC	12/20/2024		Business Services		8.84	%	3M L+550			126	$	126	$	113
Riverpoint Medical, LLC (Revolver) (7)	06/20/2025		Healthcare, Education and Childcare		—			—		364		—		(9	)
Riverside Assessments, LLC	03/10/2025		Education		8.97	%	3M L+625			12,906		12,705		12,648
Sales Benchmark Index LLC (Revolver) (7)	01/03/2025		Business Services		—			—		732		—		(7	)
Sargent & Greenleaf Inc. (Revolver)	12/20/2024		Electronics		8.28	%	3M L+550			593		593		587
Sargent & Greenleaf Inc. (Revolver) (7)	12/20/2024		Electronics		—			—		5		-		-
Schlesinger Global, Inc.	07/14/2025		Business Services		11.11	%	3M L+700			4,689		4,636		4,571
Schlesinger Global, Inc. (Revolver)	07/14/2025		Business Services		9.09	%	3M L+600			30		30		30
				(PIK 0.5%)
Schlesinger Global, Inc. (Revolver)(7)	07/14/2025		Business Services		—			—		8		—		—
Seaway Buyer, LLC	06/13/2029		Chemicals, Plastics and Rubber		9.70	%	1M L+575			4,800		4,730		4,728
Seaway Buyer, LLC (Revolver)(7)	06/13/2029		Chemicals, Plastics and Rubber		—			—		3,126		—		(47	)
Shiftkey, LLC	06/21/2027		Business Services		9.56	%	1M L+575			17,955		17,784		17,722
Sigma Defense Systems, LLC	12/18/2025		Telecommunications		12.17	%	1M L+850			31,680		31,004		31,047
Sigma Defense Systems, LLC (Revolver)	12/18/2025		Telecommunications		12.17	%	1M L+850			1,131		1,131		1,108
Sigma Defense Systems, LLC (Revolver) (7)	12/18/2025		Telecommunications		—			—		1,845		—		(37	)
Signature Systems Holding Company (Revolver) (7)	05/03/2024		Chemicals, Plastics and Rubber		—			—		2,016		—		(15	)
Solutionreach, Inc. (Revolver) (7)	01/17/2024		Communications		—			—		1,665		—		(40	)
Spear Education, LLC	02/26/2025		Education		9.42	%	3M L+575			12,018		11,947		12,018
Spendmend Holdings LLC	03/01/2028		Business Services		8.63	%	1M L+575			9,705		9,581		9,433
Spendmend Holdings LLC (7)	03/01/2023		Business Services		—			—		2,784		—		(57	)
Spendmend Holdings LLC - Funded Revolver	03/01/2028		Business Services		8.63	%	3M L+575			187		187		182
Spendmend Holdings LLC - Unfunded Revolver (7)	03/01/2028		Business Services		—			—		1,215		—		(34	)
System Planning and Analysis, Inc. - (Revolver) (7) (f/k/a Management Consulting & Research, LLC)	08/16/2027		Aerospace and Defense		—			—		2,925		—		(47	)
The Bluebird Group LLC	07/27/2026		Business Services		10.67	%	3M L+700			4,884		4,796		4,933
The Bluebird Group LLC (Revolver) (7)	07/27/2026		Business Services		—			—		734		—		7
The Vertex Companies, LLC	08/30/2027		Business Services		8.18	%	3M L+550			1,754		1,737		1,745
The Vertex Companies, LLC (7)	08/30/2027		Business Services		—			—		466		—		2
The Vertex Companies, LLC (Revolver)	08/30/2027		Business Services		8.26	%	3M L+550			148		148		147
The Vertex Companies, LLC (Revolver) (7)	08/30/2027		Business Services		—			—		592		—		(3	)
TVC Enterprises, LLC	03/26/2026		Transportation		8.87	%	1M L+600			12,864		12,626		12,543
TVC Enterprises, LLC (Revolver) (7)	03/26/2026		Transportation		—			—		1,370		—		(34	)
TWS Acquisition Corporation	06/16/2025		Education		8.76	%	1M L+625			1,143		1,143		1,137
TWS Acquisition Corporation (Revolver) (7)	06/16/2025		Education		—			—		1,644		—		(8	)
Tyto Athene, LLC (Revolver) (7)	04/01/2026		Aerospace and Defense		—			—		364		—		(26	)
Unique Indoor Comfort, LLC	05/24/2027		Home and Office Furnishings		8.95	%	1M L+525			27,233		26,904		26,634
Unique Indoor Comfort, LLC (7)	05/24/2027		Home and Office Furnishings		—			—		16,140		—		(194	)
Unique Indoor Comfort, LLC (Revolver) (7)	05/24/2027		Home and Office Furnishings		—			—		3,000		—		(66	)
Walker Edison Furniture Company LLC	03/31/2027		Home and Office Furnishings		12.42	%	3M L+875			25,368		24,881		16,946
Wildcat Buyerco, Inc.	02/27/2026		Electronics		9.09	%	3M L+575			3,831		3,771		3,716
Wildcat Buyerco, Inc. (Revolver) (7)	02/27/2026		Electronics		—			—		574		—		(41	)
Zips Car Wash, LLC	03/01/2024		Auto Sector		10.13	%	3M L+725			2,627		2,608		2,562
Total First Lien Secured Debt												599,263		588,267
Second Lien Secured Debt—22.2% of Net Assets
Atlas Purchaser, Inc	05/07/2029		Telecommunications		11.19	%	3M L+900			17,000		16,551		14,909
Best Practice Associates LLC	06/29/2027		Aerospace and Defense		12.67	%	3M L+900			17,825		17,506		17,290
Burgess Point Purchaser Corporation	07/28/2030		Auto Sector		12.16	%	3M L+900			8,000		7,752		7,680
Data Axle, Inc.	04/03/2024		Other Media		12.92	%	3M L+925			20,400		20,288		20,196
ENC Parent Corporation	08/19/2029		Business Services		11.17	%	3M L+750			7,500		7,432		7,125
Halo Buyer, Inc.	07/06/2026		Consumer Products		11.37	%	1M L+825			32,500		32,164		31,769
Inventus Power, Inc.	09/29/2024		Electronics		12.17	%	3M L+850			16,593		16,387		16,344
QuantiTech LLC	02/04/2027		Aerospace and Defense		12.68	%	3M L+1,000			150		148		148
VT Topco, Inc.	08/17/2026		Business Services		9.87	%	3M L+675			15,000		14,932		14,475
Total Second Lien Secured Debt												133,160		129,936
Subordinated Debt/Corporate Notes—9.1% of Net Assets
Express Wash Acquisition Company, LLC	01/15/2029		Auto Sector		15.31	%	3M L+1,150			21,000		20,278		20,359
Flock Financial, LLC	05/26/2027		Financial Services		12.50	%		—		34,000		33,190		32,895
Total Subordinated Debt/Corporate Notes												53,468		53,254
Preferred Equity/Partnership Interests—1.3% of Net Assets (6)
Ad.net Holdings, Inc. (9)		—	Media		—			—		2,400		240		267
AH Newco Equityholdings, LLC		—	Healthcare, Education and Childcare		6.00	%		—		211		500		2,127
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)		—	Media		—			—		1,135		1,135		1,427
Imagine Topco, LP		—	Business Services		8.00	%		—		743,826		744		704
Mars Intermediate Holdings II, Inc (9)		—	Media		—			—		414		414		484
NXOF Holdings, Inc. (Tyto Athene, LLC)		—	Aerospace and Defense		—			—		160		160		227
ORL Holdco, Inc.		—	Business Services		—			—		575		57		62
Signature CR Intermediate Holdco, Inc.		—	Chemicals, Plastics and Rubber		12.00	%		—		1,527		1,527		1,932
TPC Holding Company, LP (8),(11)		—	Food		—			—		219		219		62
TWD Parent Holdings, LLC		—	Business Services		—			—		30		30		33
(The Vertex Companies, LLC)
Total Preferred Equity/Partnership Interests												5,026		7,325
Common Equity/Partnership Interests/Warrants—26.2% of Net Assets (6)
Ad.net Holdings, Inc. (9)		—	Media		—			—		2,667		27		35
Affinion Group Holdings, Inc. (Warrants)	04/10/2024		Consumer Products		—			—		77,190		2,126		—
AG Investco LP (9)		—	Business Services		—			—		805,164		805		1,127
AG Investco LP (7), (9)		—	Business Services		—			—		194,836		—		—
Altamira Intermediate Company II, Inc.		—	Aerospace and Defense		—			—		125,000		125		79

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2022

(In thousands, except share data)


Issuer Name	Maturity / Expiration		Industry	Current Coupon		Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
AMCSI Crash Co-Invest, LP		—	Auto Sector		—		—		2,419,200	$	2,419	$	2,470
AMCSI Crash Co-Invest, LP (7)		—	Auto Sector		—		—		580,800		—		—
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)		—	Media		—		—		1,135		—		270
Athletico Holdings, LLC		—	Healthcare, Education and Childcare		—		—		9,357		10,000		9,516
Atlas Investment Aggregator, LLC (9)		—	Telecommunications		—		—		1,700,000		1,700		1,219
Burgess Point Holdings, LP		—	Auto Sector		—		—		680		680		690
Cartessa Aesthetics, LLC		—	Distribution		—		—		3,562,500		3,563		3,716
CI (Allied) Investment Holdings, LLC		—	Business Services		—		—		120,962		1,243		1,651
(PRA Events, Inc.) (9)
Connatix Parent, LLC		—	Media		—		—		57,416		632		689
Cowboy Parent LLC		—	Distribution		—		—		26,360		2,782		4,011
(Blackhawk Industrial Distribution, Inc.)
Crane 1 Acquisition Parent Holdings, L.P.		—	Personal, Food and Miscellaneous Services		—		—		113		104		122
Delta InvestCo LP		—	Telecommunications		—		—		698,889		684		1,425
(Sigma Defense Systems, LLC) (9)
Delta InvestCo LP (7)		—	Telecommunications		—		—		442,155		—		—
(Sigma Defense Systems, LLC) (7), (9)
ECM Investors, LLC (9)		—	Electronics		—		—		167,537		37		358
eCommission Holding Corporation (11)		—	Financial Services		—		—		80		1,005		1,391
Exigo, LLC (9)		—	Business Services		—		—		1,458,333		1,458		1,288
Express Wash Topco, LLC		—	Auto Sector		—		—		658,000		3,290		3,369
FedHC InvestCo LP (9)		—	Aerospace and Defense		—		—		14,186		478		1,441
FedHC InvestCo LP (7),(9)		—	Aerospace and Defense		—		—		6,384		—		—
FedHC InvestCo II LP (9)		—	Aerospace and Defense						20,357		2,290		2,253
Gauge Lash Coinvest LLC		—	Consumer Products		—		—		889,376		137		4,208
Gauge Schlesinger Coinvest, LLC		—	Business Services		—		—		9		9		10
Gauge TVC Coinvest, LLC		—	Transportation		—		—		810,645		—		3,229
(TVC Enterprises, LLC)
GCOM InvestCo LP (9)		—	Business Services		—		—		2,434		1,003		587
Go Dawgs Capital III, LP		—	Building Materials		—		—		675,325		675		783
(American Insulated Glass, LLC) (9)
Green Veracity Holdings, LP - Class A		—	Business Services		—		—		15,000		1,500		5,700
(VT Topco, Inc.)
Hancock Claims Consultants Investors, LLC (9)		—	Insurance		—		—		450,000		450		477
HV Watterson Holdings, LLC		—	Business Services		—		—		1,600,000		1,600		1,387
Icon Partners V C, L.P.		—	Business Services		—		—		1,111,111		1,111		1,194
Icon Partners V C, L.P. (7),(9)		—	Business Services		—		—		388,889		—		—
Imagine Topco, LP		—	Business Services		—		—		743,826		—		—
Infogroup Parent Holdings, Inc.		—	Other Media		—		—		181,495		2,040		3,270
(Data Axle, Inc.)
Ironclad Holdco, LLC		—	Environmental Services		—		—		4,566		450		592
(Applied Technical Services, LLC) (9)
ITC Infusion Co-invest, LP		—	Healthcare, Education and Childcare		—		—		113,839		1,138		1,199
ITC Rumba, LLC		—	Healthcare, Education and Childcare		—		—		375,675		8		42,031
(Cano Health, LLC) (9)
JWC-WE Holdings, L.P.		—	Home and Office Furnishings		—		—		2,688		783		—
(Walker Edison Furniture Company LLC) (9)
Kentucky Racing Holdco, LLC (Warrants)		—	Hotels, Motels, Inns and Gaming		—		—		161,252		—		1,774
Kinetic Purchaser, LLC		—	Consumer Products		—		—		1,308,814		1,309		1,854
KL Stockton Co-Invest LP		—	Personal, Food and Miscellaneous Services		—		—		382,353		382		643
(Any Hour Services) (9)
Lariat ecoserv Co-Invest Holdings, LLC (9)		—	Environmental Services		—		—		363,656		180		1,376
Lightspeed Investment Holdco LLC		—	Healthcare, Education and Childcare		—		—		273,143		273		373
Mars Intermidiate Holdings II, Inc. (9)		—	Media		—		—		414		—		126
MDI Aggregator, LP		—	Chemicals, Plastics and Rubber		—		—		1,925,990		1,930		1,926
Meadowlark Title, LLC (9)		—	Business Services		—		—		815,385		815		897
Municipal Emergency Services, Inc.		—	Distribution		—		—		3,920,145		3,984		2,990
NEPRT Parent Holdings, LLC		—	Consumer Products		—		—		1,299		1,261		243
(Recteq, LLC) (9)
North Haven Saints Equity Holdings, LP		—	Business Services		—		—		351,553		352		373
NXOF Holdings, Inc.		—	Aerospace and Defense		—		—		3,261		3		68
(Tyto Athene, LLC)
OceanSound Discovery Equity, LP		—	Aerospace and Defense		—		—		98,286		979		1,651
(Holdco Sands Intermediate, LLC) (9)
OHCP V BC COI, L.P.		—	Distribution		—		—		446,250		446		382
OHCP V BC COI, L.P. (7),(9)		—	Distribution		—		—		303,750		—		(44	)
Oral Surgery (ITC) Holdings, LLC (9)		—	Healthcare, Education and Childcare		—		—		2,904		63		173
ORL Holdco, Inc.		—	Business Services		—		—		638		6		113
PennantPark-TSO Senior Loan Fund II, LP		—	Financial Services		—		—		15,038,871		15,039		15,571
Pink Lily Holdco, LLC (9)		—	Retail		—		—		1,044		1,044		550
Pragmatic Institute, LLC		—	Business Services		—		—		1,918,047		1,918		1,918
QuantiTech InvestCo LP (9)		—	Aerospace and Defense		—		—		712		68		352
QuantiTech InvestCo LP (7),(9)		—	Aerospace and Defense		—		—		955		—		—
QuantiTech InvestCo II LP (9)		—	Aerospace and Defense		—		—		40		25		24
RFMG Parent, LP		—	Healthcare, Education and Childcare		—		—		1,050,000		1,050		1,090
(Rancho Health MSO, Inc.)
SBI Holdings Investments LLC		—	Business Services		—		—		36,585		366		359
(Sales Benchmark Index LLC)
Seaway Topco, LP		—	Chemicals, Plastics and Rubber		—		—		2,981		2,981		2,981
Signature CR Intermediate Holdco, Inc.		—	Chemicals, Plastics and Rubber		—		—		80		80		—
SP L2 Holdings, LLC		—	Consumer Products		—		—		881,966		882		913

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2022

(In thousands, except share data)


Issuer Name	Maturity / Expiration		Industry	Current Coupon			Basis Point Spread Above Index (4)		Par / Shares		Cost		Fair Value (3)
SSC Dominion Holdings, LLC		—	Electronics		—			—		1,500	$	1,500	$	2,041
Class A (US Dominion, Inc.)
SSC Dominion Holdings, LLC		—	Electronics		—			—		1,500		—		4,389
Class B (US Dominion, Inc.)
StellPen Holdings, LLC		—	Media		—			—		153,846		154		152
(CF512, Inc.)
TAC LifePort Holdings, LLC (9)		—	Aerospace and Defense		—			—		232,558		233		296
Tower Arch Infolinks Media, LP (9)		—	Media		—			—		531,293		511		896
Tower Arch Infolinks Media, LP (7), (9)		—	Media		—			—		364,151		—		—
TPC Holding Company, LP (8). (11)		—	Food		—			—		11,527		12		—
TWD Parent Holdings, LLC		—	Business Services		—			—		608		1		—
(The Vertex Companies, LLC)
U.S. Well Services, Inc. - Class A (5), (11)		—	Oil and Gas		—			—		60,057		3,022		304
UniVista Insurance (9)		—	Business Services		—			—		400		382		454
WCP Ivyrehab QP CF Feeder, LP		—	Healthcare, Education and Childcare		—			—		3,762,257		3,762		3,762
WCP Ivyrehab QP CF Feeder, LP - Unfunded (7)		—	Healthcare, Education and Childcare		—			—		237,743		—		—
Wildcat Parent, LP		—	Electronics		—			—		2,314		231		616
(Wildcat Buyerco, Inc.)
Total Common Equity/Partnership Interests/Warrants												91,596		153,373
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies												882,513		932,155
Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% of Net Assets (1), (2)
Preferred Equity/Partnership Interests—5.6% of Net Assets(6)
Cascade Environmental Holdings, LLC (9)		—	Environmental Services		—			—		5,887,236		32,791		32,791
Total Preferred Equity/Partnership Interests												32,791		32,791
Common Equity/Partnership Interests/Warrants—0.3% of Net Assets (6)
Cascade Environmental Holdings, LLC		—	Environmental Services		—			—		7,444,347		2,852		—
JF Intermediate, LLC		—	Distribution		—			—		19,687		1,969		1,969
Total Common Equity/Partnership Interests/Warrants												4,821		1,969
Total Investments in Non-Controlled, Affiliated Portfolio Companies												37,612		34,760
Investments in Controlled, Affiliated Portfolio Companies—44.3% of Net Assets (1), (2)
First Lien Secured Debt—7.3% of Net Assets
AKW Holdings Limited (8), (10), (11)	03/13/2024		Healthcare, Education and Childcare		8.67	%	3M L+700		£	38,250		52,792		42,698
Total First Lien Secured Debt												52,792		42,698
Second Lien Secured Debt—0% of Net Assets
Mailsouth Inc.	04/23/2025		Printing and Publishing		—			—		12,846		12,383		—
Total Second Lien Secured Debt												12,383		—
Subordinated Debt—15.0% of Net Assets
PennantPark Senior Loan Fund, LLC (11)	07/31/2027		Financial Services		10.79	%	3M L+800			88,011		88,011		88,011
Total Subordinated Debt												88,011		88,011
Common Equity—22.0% of Net Assets (6)
AKW Holdings Limited (8), (10), (11)		—	Healthcare, Education and Childcare		—			—	£	950		132		3,297
MSpark, LLC		—	Printing and Publishing		—			—		51,151		16,516		—
PennantPark Senior Loan Fund, LLC		—	Financial Services		—			—		49,298,789		49,362		51,098
RAM Energy Holdings LLC (9)		—	Energy and Utilities		—			—		180,805		162,708		74,282
Total Common Equity												228,718		128,677
Total Investments in Controlled, Affiliated Portfolio Companies												381,904		259,386
Total Investments—209.4% of Net Assets												1,302,029		1,226,301
Cash and Cash Equivalents—9.0% of Net Assets
BlackRock Federal FD Institutional 30												39,122		39,122
BNY Mellon Cash Reserve and Cash												13,722		13,544
Total Cash and Cash Equivalents												52,844		52,666
Total Investments and Cash Equivalents—218.4% of Net Assets											$	1,354,873	$	1,278,967
Liabilities in Excess of Other Assets—(118.4%) of Net Assets														(693,402	)
Net Assets—100.0%													$	585,565

(1)

(2)

(3)

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

(4)

Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable 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.

(5)

The security was not valued using significant unobservable inputs. The value of all other securities was determined using significant unobservable inputs (See Note 5).

(6)

Non-income producing securities.

(7)

(8)

Non-U.S. company or principal place of business outside the United States.

(9)

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

(10)

Par / Shares amount is denominated in British Pounds (£) as denoted.

(11)

The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2022, qualifying assets represent 88% of the Company’s total assets and non-qualifying assets represent 12% of the Company’s total assets.