PNNT

FORWARD-LOOKING STATEMENTS This Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements, which relate to us and our consolidated subsidiaries regarding future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. The forward-looking statements contained in this Report involve risks and uncertainties, including statements as to: •our future operating results; •our business prospects and the prospects of our prospective portfolio companies; •changes in political, economic or industry conditions, including the wars in the Middle East and in the Ukraine, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets; •the impact of fluctuations in interest rates and foreign exchange rates on our business and our portfolio companies; •the level of inflation, and its impact on us and our portfolio companies; •the dependence of our future success on the general economy and its impact on the industries in which we invest; •the impact of a protracted decline in the liquidity of credit markets on our business; •the impact of investments that we expect to make; •our contractual arrangements and relationships with third parties; •the valuation of our investments in portfolio companies, particularly those having no liquid trading market; •the ability of our prospective portfolio companies to achieve their objectives; •our expected financings and investments; •the adequacy of our cash resources and working capital; •the timing of cash flows, if any, from the operations of our prospective portfolio companies; •the impact of price and volume fluctuations in the stock market; •the ability of our Investment Adviser to locate suitable investments for us and to monitor and administer our investments; •the impact of future legislation and regulations on our business and our portfolio companies; and •the inability to develop and maintain effective internal control over financial reporting. We use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. You should not place undue influence on the forward-looking statements as our actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors in “Risk Factors” and elsewhere in this Report. Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. We have based the forward-looking statements included in this Report on information available to us on the date of this Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including reports on Form 10-Q/K and current reports on Form 8-K. 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 we file under the Exchange Act. The following analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the related notes thereto contained elsewhere in this Report. 52 Overview PennantPark Investment Corporation is a BDC whose principal objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. We believe middle-market companies offer attractive risk-reward to investors due to a limited amount of capital available for such companies. We hold a carefully constructed portfolio that includes first lien secured debt, second lien secured debt, subordinated debt and equity investments ranging from approximately $10 million to $50 million of capital, on average, in the securities of middle-market companies. We expect this investment size to vary proportionately with the size of our capital base. We use the term “middle-market” to refer to companies with annual revenues between $50 million and $1 billion. The companies in which we invest are typically highly leveraged, and, in most cases, are not rated by national rating agencies. If such companies were rated, we believe that they would typically receive a rating below investment grade (between BB and CCC under the Standard & Poor’s system) from the national rating agencies. Securities rated below investment grade are often referred to as “leveraged loans” or “high yield” securities or “junk bonds” and are often higher risk and have speculative characteristic compared to debt instruments that are rated above investment grade. Our debt investments may generally range in maturity from three to ten years and are made in U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities which operate in various industries and geographical regions. Our investment activity depends on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives. Organization and Structure of PennantPark Investment Corporation PennantPark Investment Corporation, a Maryland corporation organized in January 2007, is a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. In addition, for federal income tax purposes we have elected to be treated, and intend to qualify annually, as a RIC under the Code. Our investment activities are managed by the Investment Adviser. Under our Investment Management Agreement, we have agreed to pay our Investment Adviser an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. We have also entered into an Administration Agreement with the Administrator. Under our Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, and their respective staffs. Our board of directors, a majority of whom are independent of us, provides overall supervision of our activities, and the Investment Adviser manages our day-to-day activities. Revenues We generate revenue in the form of interest income on the debt securities we hold and capital gains and dividends, if any, on investment securities that we may acquire in portfolio companies. Our debt investments, whether in the form of first lien secured debt, second lien secured debt or subordinated debt, typically bear interest at a fixed or a floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, our investments provide for deferred interest payments and PIK interest. The principal amount of the debt securities and any accrued but unpaid interest generally becomes due at the maturity date. In addition, we generate revenue in the form of amendment, commitment, origination, structuring or diligence fees, fees for providing significant managerial assistance and possibly consulting fees. Loan origination fees, OID and market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, amendment fees, and agency fees and are recorded as other investment income when earned. Expenses Our primary operating expenses include interest expense on the outstanding debt and unused commitment fees on undrawn amounts, under our various debt facilities, the payment of a management fee and the payment of an incentive fee to our Investment Adviser, if any, our allocable portion of overhead under our Administration Agreement and other operating costs as detailed below. Our management fee compensates our Investment Adviser for its work in identifying, evaluating, negotiating, consummating and monitoring our investments. We bear all other direct or indirect costs and expenses of our operations and transactions, including: •the cost of calculating our net asset value, including the cost of any third-party valuation services; •the cost of effecting sales and repurchases of shares of our common stock and other securities; •fees payable to third parties relating to, or associated with, making investments, including fees and expenses associated with performing due diligence and reviews of prospective investments or complementary businesses; •expenses incurred by the Investment Adviser payable to third parties, including agents, consultants or other advisors, in monitoring our financial and legal affairs for the Company and in monitoring the Company's investments; and performing due diligence (including related legal expenses) on its prospective portfolio companies and expenses related to unsuccessful portfolio acquisition efforts; •transfer agent and custodial fees; •fees and expenses associated with marketing efforts; •federal and state registration fees and any exchange listing fees; •federal, state, local and foreign taxes; •independent directors’ fees and expenses; •brokerage commissions; •fidelity bond, directors and officers, errors and omissions liability insurance and other insurance premiums; •direct costs such as printing, mailing, long distance telephone and staff; 53 •fees and expenses associated with independent audits and outside legal costs; •costs associated with our reporting and compliance obligations under the 1940 Act, and applicable federal and state securities laws; and •all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under our Administration Agreement that will be based upon our allocable portion of overhead, and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, and their respective staffs. Generally, during periods of asset growth, we expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities would be additive to the expenses described above. PORTFOLIO AND INVESTMENT ACTIVITY As of June 30, 2026, our portfolio totaled $1,193.2 million and consisted of $424.5 million or 35% of first lien secured debt, $269.3 million or 23% of U.S. Government Securities, $14.8 million or 1% of second lien secured debt, $209.2 million or 18% of subordinated debt (including $140.3 million or 12% in PSLF) and $275.4 million or 23% of preferred and common equity (including $51.6 million or 4% in PSLF). Our interest bearing debt portfolio consisted of 87% variable-rate investments and 13% fixed-rate investments. As of June 30, 2026, we had four portfolio companies on non-accrual, representing 2.5% and 0.8% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation (depreciation) of $(35.0) million as of June 30, 2026. Our overall portfolio consisted of 159 companies with an average investment size of $5.8 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 11.0%. As of September 30, 2025, our portfolio totaled $1,287.3 million and consisted of $582.4 million or 45% of first lien secured debt, $124.8 million or 10% of U.S. Government Securities, $18.2 million or 1% of second lien secured debt, $201.2 million or 16% of subordinated debt (including $140.3 million or 11% in PSLF) and $360.7 million or 28% of preferred and common equity (including $67.5 million or 5% in PSLF). Our interest bearing debt portfolio consisted of 91% variable-rate investments and 9% fixed-rate investments. As of September 30, 2025, we had four portfolio companies on non-accrual, representing 1.3% and 0.1% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $50.4 million as of September 30, 2025. Our overall portfolio consisted of 166 companies with an average investment size of $7.0 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 11.0%. For the three months ended June 30, 2026, we invested $77.0 million in five new and 49 existing portfolio companies with a weighted average yield on debt investment of 8.9%. For the three months ended June 30, 2026, sales and repayments of investments totaled $145.5 million including $65.3 million sold to PSLF. For the nine months ended June 30, 2026, we invested $300.4 million in 14 new and 84 existing portfolio companies with a weighted average yield on debt investments of 9.3%. For the nine months ended June 30, 2026, sales and repayments of investments totaled $532.1 million including $203.4 million sold to PSLF. The investments, sales and repayments noted above exclude all purchases and sales of U.S. Government Securities. For the three months ended June 30, 2025, we invested $87.7 million in four new and 28 existing portfolio companies with a weighted average yield on debt investments of 10.0%. For the three months ended June 30, 2025, sales and repayments of investments totaled $132.2 million including $21.8 million sold to PSLF. For the nine months ended June 30, 2025, we invested $560.2 million in 19 new and 112 existing portfolio companies with a weighted average yield on debt investments of 10.5%. For the nine months ended June 30, 2025, sales and repayments of investments totaled $749.0 million including $462.8 million was sold to PSLF. The investments, sales and repayments noted above exclude all purchases and sales of U.S. Government Securities. PennantPark Senior Loan Fund, LLC As of June 30, 2026, PSLF’s portfolio totaled $1,278.4 million, consisted of 113 companies with an average investment size of $11.3 million and had a weighted average yield interest bearing debt investments of 9.5%. As of September 30, 2025, PSLF’s portfolio totaled $1,265.9 million, consisted of 109 companies with an average investment size of $11.6 million and had a weighted average yield interest bearing debt investments of 10.1%. For the three months ended June 30, 2026, PSLF invested $65.3 million in five new and 13 existing portfolio companies at weighted average yield interest bearing debt investments of 9.0%, including $65.3 million purchased from the Company. PSLF’s sales and repayments of investments for the same period totaled $99.2 million. For the nine months ended June 30, 2026, PSLF invested $205.3 million, including $203.4 million purchased from the Company, in 16 new and 24 existing portfolio companies at weighted average yield interest bearing debt investments of 9.1%. PSLF’s sales and repayments of investments for the same period totaled $169.9 million. For the three months ended June 30, 2025, PSLF invested $22.0 million, including $21.8 million purchased from the Company, in three new and one existing portfolio companies at weighted average yield on interest bearing debt investments of 9.8%. PSLF’s sales and repayments of investments for the same period totaled $71.4 million. For the nine months ended June 30, 2025, PSLF invested $545.7 million, including $462.8 million purchased from the Company, in 26 new and 57 existing portfolio companies at weighted average yield interest bearing debt investments 10.3%. PSLF's sales and repayments of investments for the same period totaled $228.8 million. At-the-Market Offering On June 4, 2024, we entered into the Equity Distribution Agreements with Truist Securities, Inc. and Keefe, Bruyette & Woods, Inc. as the Sales Agents in connection with the sale of shares of our common stock, with an aggregate offering price of up to $100 million under an ATM Program. We may offer and sell shares of our common stock from time to time through a Sales Agent in amounts and at times to be determined by us. Actual sales will depend on a variety of factors to be determined by us from time to time, including, market conditions and the trading price of our common stock. The Investment Adviser may, from time to time, in its sole discretion, pay some or all of the commissions payable under the equity distribution agreements or make additional supplemental payments to ensure that the sales price per share of our common stock in connection with ATM Program offerings will not be made at price less than our current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us. On April 28, 2025, our registration statement pursuant to which shares were issued under the ATM Program expired. During the three and nine months ended June 30, 2026 and 2025, we did not issue any shares under the ATM program. 54 CRITICAL ACCOUNTING POLICIES AND ESTIMATES The preparation of our Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of our assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of income and expenses during the reported periods In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included. Actual results could differ from these estimates due to changes in the economic and regulatory environment, financial markets and any other parameters used in determining such estimates and assumptions, including the credit worthiness of our portfolio companies. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions. References to ASC serve as a single source of accounting literature. Subsequent events are evaluated and disclosed as appropriate for events occurring through the date the Consolidated Financial Statements are issued. In addition to the discussion below, we describe our critical accounting policies in the notes to our Consolidated Financial Statements. We discuss our critical accounting estimates in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Annual Report on Form 10-K. There have been no significant changes in our critical accounting estimates from those disclosed in our 2025 Annual Report on Form 10-K during the three months ended June 30, 2026. Investment Valuations We expect that there may not be readily available market values for many of the investments which are or will be in our portfolio, and we value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material. Our portfolio generally consists of illiquid securities, including debt and equity investments. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, our board of directors undertakes a multi-step valuation process each quarter, as described below: (1)Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Investment Adviser responsible for the portfolio investment; (2)Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser; (3)Our board of directors also engages independent valuation firms to conduct independent appraisals of our investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. The independent valuation firms review management’s preliminary valuations in light of their own independent assessment and also in light of any market quotations obtained from an independent pricing service, broker, dealer or market maker; (4)The audit committee of our board of directors reviews the valuations of the Investment Adviser and those of the independent valuation firms on a quarterly basis, periodically assesses the valuation methodologies of the independent valuation firms, and responds to and supplements the valuation recommendations of the independent valuation firms to reflect any comments; and (5)Our board of directors discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our Investment Adviser, the respective independent valuation firms and the audit committee. Our board of directors generally uses market quotations to assess the value of our investments for which market quotations are readily available. We obtain these market values from independent pricing services or at the bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If our board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available. Fair value, as defined under ASC 820, is the price that we would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment or liability. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability based on market data obtained from sources independent of us. Unobservable inputs reflect the assumptions market participants would use in pricing an asset or liability based on the best information available to us on the reporting period date. ASC 820 classifies the inputs used to measure these fair values into the following hierarchies: Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date. Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument. Level 3: Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments are classified as Level 3. Our 2026 Notes-2 and 2029 Notes are classified as Level 2, as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material. 55 On December 3, 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which establishes an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. The new rule clarifies how fund boards of directors can satisfy their valuation obligations and requires, among other things, the board of directors to periodically assess material valuation risks and take steps to manage those risks. The rule also permits boards of directors, subject to board oversight and certain other conditions, to designate the fund’s investment adviser to perform fair value determinations. The new rule went into effect on March 8, 2021 and had a compliance date of September 8, 2022. We came into compliance with Rule 2a-5 under the 1940 Act before the compliance date. While our board of directors has not elected to designate the Investment Adviser as the valuation designee at this time, we have adopted certain revisions to our valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 under the 1940 Act. In addition to using the above inputs to value cash equivalents, investments, our 2026 Notes-2, 2029 Notes and our Truist Credit Facility valuations, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value. Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"), which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to the Truist Credit Facility. We elected to use the fair value option for the Truist Credit Facility to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we incurred zero and $3.9 million of expenses relating to amendment costs on the Truist Credit Facility during the three and nine months ended June 30, 2026, respectively. Due to that election and in accordance with GAAP, we incurred zero and $0.3 million of expenses related to amendment costs on the Truist Credit Facility during the three and nine months ended June 30, 2025. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Truist Credit Facility is reported in our Consolidated Statements of Operations. We elected not to apply ASC 825-10 to any other financial assets or liabilities, including the 2026 Notes-2 and 2029 Notes. For the three and nine months ended June 30, 2026, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $(0.3) million and $0.7 million, respectively. For the three and nine months ended June 30, 2025, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $(3.0) million and $(1.0) million, respectively. As of June 30, 2026 and September 30, 2025, the net unrealized appreciation (depreciation) on the Truist Credit Facility totaled $1.7 million and $1.0 million, respectively. We use an independent valuation service to measure the fair value of our Truist Credit Facility in a manner consistent with the valuation process that our board of directors uses to value our investments. Revenue Recognition We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, OID, market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, amendment fees, and agency fees and are recorded as other investment income when earned. Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects changes in the fair values of our portfolio investments and our Truist Credit Facility, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. Foreign Currency Translation Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis: 1.Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and 2.Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions. Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair values of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities. Payment-in-Kind, or PIK Interest We have investments in our portfolio which contain a PIK interest provision. PIK interest is added to the principal balance of the investment and is recorded as income. In order for us to maintain our ability to be subject to tax as a RIC, substantially all of this income must be paid out to stockholders in the form of dividends for U.S. federal income tax purposes, even though we may not have collected any cash with respect to interest on PIK securities. 56 Federal Income Taxes We have elected to be treated, and intend to qualify annually to maintain our election to be treated, as a RIC under Subchapter M of the Code. To maintain our RIC tax election, we must, among other requirements, meet certain annual source-of-income and quarterly asset diversification requirements. We also must annually distribute dividends for U.S. federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, or investment company taxable income, determined without regard to any deduction for dividends paid. Although not required for us to maintain our RIC tax status, in order to preclude the imposition of a 4% nondeductible U.S. federal excise tax imposed on RICs, we must distribute dividends for federal income tax purposes to our stockholders in respect of each calendar year of an amount at least equal to the sum of (1) 98% of our net ordinary income (subject to certain deferrals and elections) for the calendar year, (2) 98.2% of the excess, if any, of our capital gains over our capital losses, or capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 of the calendar year plus (3) the sum of any net ordinary income plus capital gain net income for preceding years that was realized but not distributed during such years and on which we did not incur any U.S. federal income tax, or the Excise Tax Avoidance Requirement. In addition, although we may distribute realized net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually, out of the assets legally available for such distributions in the manner described above, we have retained and may continue to retain such net capital gains or investment company taxable income, contingent on maintaining our ability to be subject to tax as a RIC, in order to provide us with additional liquidity. Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and net realized gain recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. For the three and nine months ended June 30, 2026, we recorded a provision for taxes on net investment income of $0.2 million and $1.3 million, respectively, pertaining to federal excise tax. For the three and nine months ended June 30, 2025, we recorded a provision for taxes on net investment income of $0.7 million and $1.9 million, respectively, all of which pertains to U.S. federal excise tax. On November 22, 2021, we formed PNNT Investment Holdings II, LLC, a Delaware limited liability company (“Holdings II”), as a wholly owned subsidiary. On December 31, 2022, we contributed 100% of our interests in PNNT Investment Holdings, LLC (“Holdings”) to Holdings II . Effective as of January 1, 2024, Holdings II made an election to be treated as a corporation for U.S. federal income tax purposes. On January 3, 2024, we purchased an equity interest in Holdings from Holdings II and Holdings became a partnership for U.S. federal income tax purposes. The Company and Holdings II entered into a limited liability company agreement with respect to Holdings that provides for certain payments and the sharing of income, gain, loss and deductions attributable to Holdings’ investments. For the three and nine months ended June 30, 2026, the Company recognized a provision for taxes of less than $(0.1) and less than $(0.1) million on net realized gain (loss) on investments by the Taxable Subsidiary, respectively. For the three and nine months ended June 30, 2025, the Company recognized a provision for taxes of less than $(0.1) and million less than $(0.1) million on net realized gain (loss) on investments by the Taxable Subsidiary, respectively. For the three and nine months ended June 30, 2026, the Company recognized a provision for taxes of zero and zero on net unrealized gain (loss) on investments by the Taxable Subsidiary, respectively. For the three and nine months ended June 30, 2025, the Company recognized a provision for taxes of zero and zero on net unrealized gain (loss) on investments by the Taxable Subsidiary, respectively. The provision for taxes on net realized and unrealized gains on investments is the result of netting (i) the expected tax liability on the gains from the sales of investments which is likely to be realized and unrealized during fiscal year ending and (ii) the expected tax benefit resulting from the use of loss carryforwards to offset such gains. During the three and nine months ended June 30, 2026 and 2025, the Taxable Subsidiary did not make any federal tax payments. As of June 30, 2026, we did not have a state or local tax liability. We operate in a manner to maintain our election to be subject to tax as a RIC and to eliminate corporate-level U.S. federal income tax (other than the 4% excise tax) by distributing sufficient investment company taxable income and capital gain net income (if any). As a result, we will have an effective tax rate equal to 0% before the excise tax and income taxes incurred by the Taxable Subsidiary. As such, a reconciliation of the differences between our reported income tax expense and its tax expense at the federal statutory rate of 21% is not meaningful. The Taxable Subsidiary, which is subject to tax as a corporation, allows us to hold equity securities of certain portfolio companies treated as pass-through entities for U.S. federal income tax purposes while facilitating our ability to qualify as a RIC under the Code. RESULTS OF OPERATIONS Set forth below are the results of operations for the three and nine months ended June 30, 2026 and 2025. Investment Income For the three and nine months ended June 30, 2026, investment income was $24.8 million and $77.0 million, respectively, which was attributable to $12.8 million and $41.3 million from first lien secured debt, $0.5 million and $1.4 million from second lien secured debt, $6.6 million and $19.5 million from subordinated debt, $4.9 and $14.8 million from other investments, respectively. For the three and nine months ended June 30, 2025, investment income was $29.6 million and $94.4 million, respectively, which was attributable to $17.2 million and $56.1 million from first lien secured debt, $0.4 million and $3.4 million from second lien secured debt, $5.5 million and $16.0 million from subordinated debt and $6.5 million and $18.9 million from other investments, respectively. The decrease in investment income for three and nine months ended June 30, 2026, was primarily due to a decrease in our total portfolio size and a decrease in our weighted average yield on debt investments. Expenses For the three and nine months ended June 30, 2026, expenses totaled $15.9 million and $51.8 million, respectively, and were comprised of $8.8 million and $31.3 million of debt related interest and expenses, $3.5 million and $11.0 million of base management fees, $1.9 million and $3.9 million of incentive fees, $1.5 million and $4.3 million of general and administrative expenses and $0.2 million and $1.3 million of provision for excise taxes, respectively. For the three and nine months ended June 30, 2025, expenses totaled $17.8 million and $58.2 million, respectively, and were comprised of $9.2 million and $31.6 million of debt-related interest and expenses, $3.9 million and $12.2 million of base management fees, $2.5 million and $7.7 million of incentive fees, $1.5 million and $4.8 million of general and administrative expenses and $0.7 million and $1.9 million of provision for excise taxes, respectively. The decrease in expenses for the three and nine months ended June 30, 2026, was primarily due to a decrease in borrowing under our debt financings resulting in decrease in debt related interest expense. 57 Net Investment Income For the three and nine months ended June 30, 2026, net investment income totaled $8.9 million and $25.2 million, or $0.14 per share and $0.39 per share, respectively. For the three and nine months ended June 30, 2025, net investment income totaled $11.8 million and $36.2 million, or $0.18 per share and $0.55 per share, respectively. The decrease in net investment income was primarily due to a decrease in investment income and partially offset by a decrease in expenses. Net Realized Gains or Losses For the three and nine months ended June 30, 2026, net realized gains (losses) totaled $12.0 million and $70.6 million, respectively. For the three and nine months ended June 30, 2025, net realized gains (losses) totaled $(0.5) million and $(30.8) million, respectively. The change in realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized. Unrealized Appreciation or Depreciation on Investments and Debt For the three and nine months ended June 30, 2026, we reported net change in unrealized appreciation (depreciation) on investments $(16.2) million and $(85.4) million, respectively. For the three and nine months ended June 30, 2025, we reported net change in unrealized appreciation (depreciation) on investment $(0.2) million and $29.3 million, respectively. As of June 30, 2026 and September 30, 2025, our net unrealized appreciation (depreciation) on investments totaled $(35.0) million and $50.4 million, respectively. The net change in unrealized appreciation (depreciation) on our investments was primarily due to changes in the capital market conditions of our investments and the values at which they were realized. For the three and nine months ended June 30, 2026, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $(0.3) million and $0.7 million, respectively. For the three and nine months ended June 30, 2025, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $(2.9) million and $(1.0) million, respectively. As of June 30, 2026 and September 30, 2025, the net unrealized appreciation (depreciation) on the Truist Credit Facility totaled $1.7 million and $1.0 million, respectively. The net change in unrealized appreciation (depreciation) compared to the same periods in the prior period was primarily due to changes in the capital markets. Net Change in Net Assets Resulting from Operations For the three and nine months ended June 30, 2026, net increase (decrease) in net assets resulting from operations totaled $4.5 million and $11.1 million or $0.07 per share and $0.17 per share, respectively. For the three and nine months ended June 30, 2025, net increase (decrease) in net assets resulting from operations totaled $8.2 million and $33.7 million or $0.12 per share and $0.52 per share, respectively. The decrease from net operations for the three and nine months ended June 30, 2026, was primarily due to the operating performance of our portfolio and changes in capital market conditions of our investments along with change in size and cost yield of our debt portfolio and costs of financing. LIQUIDITY AND CAPITAL RESOURCES Our liquidity and capital resources are derived primarily from cash flows from operations, including investment sales and repayments, income earned, 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 the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations. As of June 30, 2026, in accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that we are in compliance with a 150% asset coverage ratio requirement after such borrowing. This “Liquidity and Capital Resources” section should be read in conjunction with the "Forward-Looking Statements" section above. On February 5, 2019, our stockholders approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the SBCAA) as approved by our board of directors on November 13, 2018. As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), subject to compliance with certain disclosure requirements. As of June 30, 2026 and September 30, 2025, our asset coverage ratio, as computed in accordance with the 1940 Act was 178% and 163%, respectively. For the nine months ended June 30, 2026 and 2025, the annualized weighted average cost of debt inclusive of the fee on the undrawn commitment and amendment costs on the Truist Credit Facility, and amortized upfront fees on, 2026 Notes, 2026 Notes-2 and 2029 Notes, was 6.4% and 6.1%, respectively. As of June 30, 2026, we had the multi-currency Truist Credit Facility for up to $535 million (increased from $500 million in December 2025), which may be further increased up to $750.0 million in borrowings with certain lenders and Truist Bank, acting as administrative agent, Regions Bank, acting as an additional multicurrency lender, and JPMorgan Chase Bank, N.A., acting as syndication agent for the lenders. As of June 30, 2026 and September 30, 2025, we had $311.5 million (including a $10.0 million temporary draw) and $426.5 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 5.9% and 6.5%, respectively, exclusive of the fee on undrawn commitment, as of June 30, 2026 and September 30, 2025. The Truist Credit Facility was amended in December 2025. This amended revolving facility has a stated maturity date of December 11, 2030 and decreased pricing to SOFR plus 210 basis points from SOFR plus 235 basis points (or an alternative risk-free floating interest rate index). As of June 30, 2026 and September 30, 2025, we had $223.5 million and $73.5 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions. The Truist Credit Facility is secured by substantially all of our assets. As of June 30, 2026, we were in compliance with the terms of the Truist Credit Facility. As of June 30, 2026, we had $165.0 million in aggregate principal amount of 2026 Notes-2 outstanding. Interest on the 2026 Notes-2 is paid semiannually on May 1 and November 1, at a rate of 4.0% per year, commencing May 1, 2022. The effective interest rate is 4.12%. The 2026 Notes-2 mature on November 1, 2026, and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes-2 are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. As of June 30, 2026, we had $75.0 million in aggregate principal amount of our 2029 Notes outstanding. Interest on the 2029 Notes is paid semiannually on February 1 and August 1 of each year, at a rate of 7.00% per year, commencing August 1, 2026. The effective interest rate is 7.25%. The 2029 Notes mature on February 1, 2029 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2029 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2029 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. 58 During the three and nine months ended June 30, 2026 and 2025, we did not issue any shares under the ATM program. We may raise additional equity or debt capital through both registered offerings and private offerings of securities, or by securitizing a portion of our investments, among other sources. Any future additional debt capital we incur, to the extent it is available, may be issued at a higher cost and on less favorable terms and conditions than the Truist Credit Facility, 2026 Notes-2 and 2029 Notes. Furthermore, the Truist Credit Facility availability depends on various covenants and restrictions. The primary use of existing funds and any funds raised in the future is expected to be for repayment of indebtedness, investments in portfolio companies, cash distributions to our stockholders or for other general corporate or strategic purposes such as a stock repurchase program. We have entered into certain contracts under which we have material future commitments. Under our Investment Management Agreement, which was reapproved by our board of directors (including a majority of our directors who are not interested persons of us or the Investment Adviser) in May 2026 PennantPark Investment Advisers serves as our investment adviser. Payments under our Investment Management Agreement in each reporting period are equal to (1) a management fee equal to a percentage of the value of our average adjusted gross assets and (2) an incentive fee based on our performance. Under our Administration Agreement, which was most recently reapproved by our board of directors, including a majority of our directors who are not interested persons of us, in May 2026 the Administrator furnishes us with office facilities and administrative services necessary to conduct our day-to-day operations. If requested to provide significant managerial assistance to our portfolio companies, we or the Administrator will be paid an additional amount based on the services provided. Payment under our Administration Agreement is based upon our allocable portion of the Administrator’s overhead in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of our Chief Compliance Officer, Chief Financial Officer, and their respective staffs. If any of our contractual obligations discussed above are terminated, our costs under new agreements that we enter into may increase. In addition, we will likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our Investment Management Agreement and our Administration Agreement. Any new investment management agreement would also be subject to approval by our stockholders. As of June 30, 2026 and September 30, 2025, we had cash and cash equivalents of $39.3 million and $51.8 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 nine months ended June 30, 2026, our operating activities provided cash of $221.0 million and our financing activities used cash of $233.4 million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily for repayments of our credit facility, repayment of the 2026 Notes and distributions paid to stockholders, partially offset by proceeds received from the 2029 Notes issuance. For the nine months ended June 30, 2025, our operating activities provided cash of $212.6 million and our financing activities used cash of $192.0 million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily for repayments of our credit facility and distributions paid to stockholders. PennantPark Senior Loan Fund, LLC In July 2020, we and Pantheon formed PSLF, an unconsolidated joint venture as a Delaware limited liability company. PSLF invests primarily in middle-market and other corporate debt securities consistent with its strategy. As of June 30, 2026 and September 30, 2025, PSLF had total assets of $1,336.4 million and $1,315.4 million, respectively and its investment portfolio consisted of investments in 113 and 109 portfolio companies, respectively. As of June 30, 2026, we and Pantheon had remaining commitments to fund subordinated notes of $8.2 million and $11.7 million, respectively, and equity interest of $5.0 million and $7.1 million, respectively, in PSLF. As of September 30, 2025, we and Pantheon had remaining commitments to fund subordinated notes of $8.2 million and $11.7 million, respectively, and equity interests of $5.0 million and $7.1 million, respectively, in PSLF. As of June 30, 2026, at fair value, the largest investment in a single portfolio company in PSLF was $26.3 million and the five largest investments totaled $124.6 million. As of September 30, 2025, at fair value, the largest investment in a single portfolio company in PSLF was $24.8 million and the five largest investments totaled $121.4 million. PSLF invests in portfolio companies in the same industries in which we may directly invest. We provide capital to PSLF in the form of subordinated notes and equity interests. As of June 30, 2026, we and Pantheon owned 55.8% and 44.2%, respectively, of each of the outstanding subordinated notes and equity interests of PSLF. As of September 30, 2025, we and Pantheon owned 55.8% and 44.2%, respectively, of each of the outstanding subordinated notes and equity interest of PSLF. As of June 30, 2026, our investment in PSLF consisted of subordinated notes of $140.3 million and equity interests of $82.4 million, respectively. As of September 30, 2025, our investment in PSLF consisted of subordinated notes of $140.3 million and equity interests of $82.4 million respectively. We and Pantheon each appointed two members to PSLF’s four-person Member Designees’ Committee, or the Member Designees’ Committee. All material decisions with respect to PSLF, including those involving its investment portfolio, require unanimous approval of a quorum of the Member Designees’ Committee. Quorum is defined as (i) the presence of two members of the Member Designees’ Committee; provided that at least one individual is present that was elected, designated or appointed by each of us and Pantheon; (ii) the presence of three members of the Member Designees’ Committee, provided that the individual that was elected, designated or appointed by each of us or Pantheon, as the case may be, with only one individual present being entitled to cast two votes on each matter; and (iii) the presence of four members of the Member Designees’ Committee constitute a quorum, provided that the two individuals are present that were elected, designated or appointed by each of us and Pantheon. Additionally, PSLF, through its wholly-owned subsidiary, has entered into a $400.0 million (increased from $325.0 million in August 2024) senior secured revolving credit facility, with BNP Paribas, which bears interest at SOFR (or an alternative risk-free interest rate index) plus 210 basis points reduced from plus 225 basis points in June 2026, during the investment period and is subject to leverage and borrowing base restrictions. In March 2022, PSLF completed a $304.0 million debt securitization in the form of a collateralized loan obligation, or the “2034 Asset-Backed Debt”. The 2034 Asset-Backed Debt is secured by a carefully constructed portfolio of PennantPark CLO IV, LLC., a wholly-owned and consolidated subsidiary of PSLF, consisting primarily of middle market loans and participation interests in middle market loans. The 2034 Asset-Backed Debt is scheduled to mature in April 2034. On the closing date of the transaction, in consideration of PSLF’s transfer to PennantPark CLO IV, LLC of the initial closing date loan portfolio, which included loans distributed to PSLF by certain of its wholly owned subsidiaries and us, PennantPark CLO IV, LLC transferred to PSLF 100% of the Preferred Shares of PennantPark CLO IV, LLC and 100% of the subordinated notes issued by PennantPark CLO IV, LLC. As of June 30, 2026 and September 30, 2025 there were $246.0 million and $246.0 million, respectively, of external 2034 Asset-Backed Debt. On July 26, 2023, CLO VII , LLC ("CLO VII") completed a $300 million debt securitization in the form of a collateralized loan obligation (the "2035 Debt Securitization" or "2035 Asset-Backed Debt"). The 2035 Asset-Backed Debt is secured by a carefully constructed portfolio consisting primarily of middle market loans. The 2035 Debt Securitization was executed through a private placement of: (i) $151.0 million Class A-1a Notes maturing 2035, which bear interest at the three-month SOFR plus 2.7%, (ii) $20.0 million Class A-1b Loans 2035, which bear interest at 6.5%, (iii) $12.0 million Class A-2 Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 3.2%, (iv) $21.0 million Class B Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.1%, (v) $24.0 million Class C Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.7%, and (vi) $18.0 million Class D Secured 59 Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 7.0%. On July 21, 2025, CLO VII closed a partial refinancing of the 2035 Debt Securitization where the $21.0 million Class B (B-R) Senior Secured Floating Rate Notes interest rate was decreased to SOFR plus 2.0%, the $24.0 million Class C (C-R) Secured Deferrable Floating Rate Notes interest rate was decreased to SOFR plus 2.3% and the $18.0 million Class D (D-R) Secured Deferrable Floating Rate Notes interest rate was decreased to SOFR plus 3.4%. As of June 30, 2026 and September 30, 2025, there were $246.0 million and $246.0 million of external 2035 Asset-Backed Debt. On December 23, 2024, PennantPark CLO X, LLC ("CLO X”) completed a $400.5 million debt securitization in the form of a collateralized loan obligation (the "2037 Debt Securitization" or "2037 Asset-Backed Debt"). The 2037 Asset-Backed Debt is secured by a carefully constructed portfolio consisting primarily of middle market loans. The 2037 Debt Securitization was executed through a private placement of: (i) $158.0 million Class A-1 Notes maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (ii) $30.0 million Class A-1A Loans maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (iii) $40.0 million Class A-1W Loans maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (iv) $16.0 million Class A-2W Loans due 2037, which bear interest at the three-month SOFR plus 1.75%, (v) $28.0 million Class B Notes due 2037, which bear interest at the three-month SOFR plus 1.85%, (vi) $32.0 million Class C Notes due 2037, which bear interest at the three-month SOFR plus 2.40%., (vii) $24.0 million Class D Notes due 2037, which bear interest at the three-month SOFR plus 3.85%. As of June 30, 2026 and September 30, 2025, there were $328.0 million and $328.0 million, respectively, of external 2037 Asset-Backed Debt. On August 28, 2024, PSLF entered into an amendment (the “Amendment”) to PSLF’s limited liability company agreement (the “LLC Agreement”). The Amendment amended the term of PSLF, which would have otherwise expired on January 31, 2025, to be indefinite, subject to the other terms of dissolution, wind down and termination in the LLC Agreement. The Amendment also modified the LLC Agreement to permit any member of PSLF (each, a “PSLF Member”) to request to redeem its interests in PSLF (in minimum tranches of 25% of the interests then-owned by such PSFL Member) at any time. Under the Amendment, if a PSLF Member makes a redemption request, PSLF will be required to use commercially reasonable efforts to redeem any such PSFL Member’s interests within 18 months and, in any event, within three years from the date of such redemption request, subject to customary limitations with respect to the liquidity of PSLF and the requirement that the Company’s proportionate share or ownership of PSLF not exceed 87.5%. Below is a summary of PSLF’s portfolio at fair value: ($ in thousands) June 30, 2026 (Unaudited) September 30, 2025 Total investments $ 1,278,367 $ 1,265,901 Weighted average cost yield on income producing investments 9.5 % 10.1 % Number of portfolio companies in PSLF 113 109 Largest portfolio company investment at fair value $ 26,323 $ 24,802 Total of five largest portfolio company investments at fair value $ 124,598 $ 121,360 60 Below is a listing of PSLF’s individual investments as of June 30, 2026 (par and $ in thousands): Issuer Name Acquisition Maturity Industry Current Coupon Basis Point Spread Above Index (1) Par Cost Fair Value (2) First Lien Secured Debt - 1,367.6% of Net Assets ACP Avenu Buyer, LLC 04/23/24 10/02/29 Business Services 8.69% SOFR +500 23,332 $ 23,103 $ 22,865 ACP Falcon Buyer, Inc. 10/06/23 08/01/29 Business Services 9.19% SOFR +550 15,080 14,890 15,080 AFC-Dell Holding Corp. 02/23/24 04/09/27 Distribution 8.67% SOFR +500 16,151 16,095 16,151 APT OPCO, LLC 12/24/25 09/30/31 Health Care Providers and Services 8.23% SOFR +450 2,853 2,840 2,853 Ad.Net Acquisition, LLC 03/02/22 05/08/28 Media 9.99% SOFR +626 5,397 5,392 5,370 Alpine Acquisition Corp II - Second out Term Loan (6) 10/12/22 01/14/31 Containers, Packaging and Glass 8.64% SOFR +500 1,210 1,210 1,210 Alpine Acquisition Corp II - Third out Term Loan (6) 10/12/22 01/14/31 Containers, Packaging and Glass 8.89% SOFR +525 1,614 1,614 1,614 Alpine Acquisition Corp II Unfunded Revolver (6), (7) 10/12/22 01/14/31 Containers, Packaging and Glass 484 - - Alpine Acquisition Corp II Unfunded First out DDTL (6), (7) 10/12/22 12/29/30 Containers, Packaging and Glass 121 - - Amsive Holdings Corporation 03/02/22 12/10/26 Media 10.13% SOFR +640 13,695 13,664 13,695 Anteriad, LLC (f/k/a MeritDirect, LLC) 03/02/22 12/31/27 Media 9.63% SOFR +590 13,179 13,172 13,047 Arcfield Acquisition Corp. 07/26/22 10/28/31 Aerospace and Defense 8.66% SOFR +500 13,752 13,735 13,752 Archer Lewis, LLC 12/20/24 08/28/29 Healthcare, Education and Childcare 9.48% SOFR +575 14,411 14,291 14,015 Argano, LLC 12/16/24 09/13/29 Business Services 9.15% SOFR +550 20,188 20,023 19,986 BLC Holding Company, INC. 02/24/25 11/20/30 Environmental Services 8.23% SOFR +450 12,685 12,625 12,685 Beacon Behavioral Support Services, LLC 09/16/24 06/21/29 Healthcare, Education and Childcare 9.23% SOFR +550 24,421 24,176 24,421 Best Practice Associates, LLC 01/21/25 11/08/29 Aerospace and Defense 10.39% SOFR +675 18,657 18,456 18,377 Beta Plus Technologies, Inc. 08/11/22 07/02/29 Business Services 9.48% SOFR +575 19,425 19,195 19,230 Bioderm, Inc. 06/26/24 01/31/28 Healthcare, Education and Childcare 10.12% SOFR +650 8,730 8,680 8,643 Blackhawk Industrial Distribution, Inc. 07/24/23 09/17/26 Distribution 9.58% SOFR +585 25,146 25,099 24,769 Blue Cloud Pediatric Surgery Centers LLC 10/09/25 01/21/31 Health Care Providers and Services 8.64% SOFR +500 2,475 2,452 2,456 Boss Industries, LLC 07/21/25 12/27/30 Conglomerate Manufacturing 8.73% SOFR +475 5,910 5,877 5,910 Burgess Point Purchaser Corporation 10/03/22 07/25/29 Auto Sector 9.01% SOFR +535 6,138 5,923 5,632 C5MI Acquisition, LLC 10/09/24 07/31/29 Business Services 9.73% SOFR +600 12,737 12,606 12,737 CF512, Inc. 12/29/21 08/20/26 Media 9.85% SOFR +619 8,972 8,977 8,972 Carisk Buyer, Inc. 02/09/24 12/03/29 Healthcare, Education and Childcare 8.48% SOFR +500 11,283 11,206 11,340 Carnegie Dartlet, LLC 06/26/24 02/07/30 Education 9.14% SOFR +550 24,791 24,521 24,605 Cartessa Aesthetics, LLC 09/09/22 06/14/28 Distribution 9.48% SOFR +600 20,297 20,177 20,297 Case Works, LLC 11/26/24 10/01/29 Business Services 8.98% SOFR +525 10,357 10,300 10,201 Commercial Fire Protection Holdings, LLC 12/16/24 09/23/30 Business Services 8.23% SOFR +450 20,673 20,588 20,673 Confluent Health, LLC 12/23/24 11/30/28 Healthcare, Education and Childcare 11.14% SOFR +750 1,935 1,935 1,935 Cornerstone Advisors of Arizona, LLC 10/09/25 05/13/32 Professional Services 8.48% SOFR +475 5,925 5,899 5,896 CJX Borrower, LLC 08/12/22 07/13/27 Media 9.44% SOFR +576 8,554 8,547 8,383 Crane 1 Services, Inc. 07/24/23 08/16/27 Personal, Food and Miscellaneous Services 9.51% SOFR +586 5,230 5,213 5,178 DRI Holding Inc. 08/04/22 12/21/28 Media 9.06% SOFR +535 5,725 5,464 5,312 DRS Holdings III, Inc. 03/02/22 11/01/28 Consumer Products 8.89% SOFR +525 4,253 4,243 4,236 DX Electric Company, LLC 12/25/25 10/01/31 Electronic Equipment, Instruments and Components 8.73% SOFR +500 7,011 6,969 7,011 Duggal Acquisition, LLC 12/23/24 09/30/30 Marketing Services 8.73% SOFR +500 4,875 4,841 4,875 Dynata, LLC - First Out Term Loan 07/15/24 07/17/28 Business Services 8.90% SOFR +526 1,560 1,496 1,470 Dynata, LLC - Last Out Term Loan 07/15/24 10/16/28 Business Services 9.40% SOFR +576 9,597 9,597 3,711 EDS Buyer, LLC 07/24/23 01/10/29 Aerospace and Defense 8.48% SOFR +475 22,992 22,799 22,992 ETE Intermediate II, LLC 07/24/23 05/29/29 Personal, Food and Miscellaneous Services 8.73% SOFR +500 12,579 12,448 12,579 Emergency Care Partners, LLC 12/23/24 10/18/27 Healthcare, Education and Childcare 8.73% SOFR +500 7,528 7,506 7,528 EvAL Home Care Solutions Intermediate, LLC 07/23/24 05/10/30 Healthcare, Education and Childcare 9.39% SOFR +575 6,846 6,776 6,846 Exigo Intermediate II, LLC 07/24/23 03/15/27 Business Services 9.99% SOFR +635 9,476 9,446 8,292 Five Star Buyer, Inc. (4) 07/24/23 02/23/28 Hotels, Motels, Inns and Gaming 4,137 4,098 3,796 Galt Newco, LLC 07/10/26 03/29/32 Aerospace and Defense 8.92% SOFR +525 5,646 5,615 5,611 Global Holdings InterCo, LLC 03/02/22 09/16/27 Banking, Finance, Insurance & Real Estate 9.24% SOFR +560 6,290 6,279 6,290 Graffiti Buyer, Inc. 03/02/22 08/10/27 Distribution 9.27% SOFR +560 3,928 3,909 3,810 HEC Purchaser Corp. 09/16/24 06/17/29 Healthcare, Education and Childcare 8.74% SOFR +500 11,582 11,534 11,582 HW Holdco, LLC 03/02/22 05/10/27 Media 9.48% SOFR +585 22,863 22,810 22,863 Hancock Roofing And Construction, LLC 03/02/22 12/31/26 Insurance 9.33% SOFR +560 6,029 6,029 6,029 Harris & Co, LLC 12/20/24 08/09/30 Financial Services 8.90% SOFR +525 24,481 24,314 24,481 Harvest Group Topco Buyer, LLC 06/15/26 03/02/32 Media 8.39% SOFR +475 14,963 14,899 14,888 Hills Distribution, Inc. 02/13/24 11/08/29 Distribution 9.23% SOFR +550 14,402 14,287 14,402 IG Investments Holdings, LLC 03/02/22 09/22/28 Business Services 8.66% SOFR +500 4,317 4,284 4,274 Imagine Acquisitionco, Inc. 07/24/23 11/15/27 Business Services 8.74% SOFR +510 5,410 5,377 5,356 Impact Advisors, LLC 12/10/25 03/19/32 Health Care Technology 8.23% SOFR +450 7,900 7,900 7,900 Infinity Home Services Holdco, Inc. 02/07/23 12/28/28 Personal, Food and Miscellaneous Services 9.73% SOFR +600 13,643 13,541 13,643 Infolinks Media Buyco, LLC 07/24/23 11/02/26 Media 9.48% SOFR +575 13,036 13,024 12,482 Inovex Information Systems Incorporated 03/04/25 12/17/30 Business Services 8.98% SOFR +525 5,910 5,877 5,821 Kinetic Purchaser, LLC (4) 07/24/23 11/10/27 Consumer Products 14,176 13,615 4,146 61 Issuer Name Acquisition Maturity Industry Current Coupon Basis Point Spread Above Index (1) Par Cost Fair Value (2) LAV Gear Holdings, Inc. - Takeback TL 07/31/25 07/31/29 Leisure, Amusement, Motion Pictures, Entertainment 9.58% SOFR +594 2,339 2,339 1,964 LAV Gear Holdings, Inc. - Priority TL 07/31/25 07/31/29 Leisure, Amusement, Motion Pictures, Entertainment 9.58% SOFR +594 742 734 742 Lash OpCo, LLC 03/02/22 09/17/27 Consumer Products 10.76% SOFR +710 21,927 21,907 21,598 LJ Avalon Holdings, LLC 07/24/23 02/01/30 Environmental Services 8.43% SOFR +475 15,343 15,239 15,266 MAG DS Corp. 03/02/22 04/01/27 Aerospace and Defense 9.33% SOFR +560 8,107 7,986 8,067 MBS Holdings, Inc. 03/02/22 04/16/27 Telecommunications 8.74% SOFR +510 8,180 8,157 8,180 MDI Buyer, Inc. 12/20/24 07/25/28 Chemicals, Plastics and Rubber 8.42% SOFR +475 19,575 19,457 19,575 Marketplace Events Acquisition, LLC 03/04/25 12/20/30 Media 8.99% SOFR +525 19,471 19,330 19,471 Marwood Group Buyer, LLC 04/01/32 Healthcare and Pharmaceuticals 8.23% SOFR +450 2,576 2,565 2,563 Meadowlark Acquirer, LLC 04/01/22 12/10/27 Business Services 9.38% SOFR +565 2,870 2,851 2,856 Medina Health, LLC 01/18/24 10/20/28 Healthcare, Education and Childcare 9.98% SOFR +625 19,913 19,827 19,913 Megawatt Acquisitionco, Inc. 07/17/24 03/01/30 Business Services 8.98% SOFR +525 7,641 7,566 7,641 MOREgroup Holdings, Inc. 08/29/24 01/16/30 Business Services 8.95% SOFR +525 19,550 19,360 19,550 Municipal Emergency Services, Inc. 03/02/22 10/01/27 Distribution 8.73% SOFR +500 9,501 9,460 9,501 NBH Group, LLC 03/02/22 08/19/26 Healthcare, Education and Childcare 9.50% SOFR +585 6,652 6,649 6,319 NORA Acquisition, LLC 11/21/23 08/31/29 Healthcare, Education and Childcare 10.08% SOFR +635 19,936 19,747 19,538 North American Rail Solutions 12/25/25 08/29/31 Road and Rail 8.48% SOFR +475 9,950 9,913 9,801 OSP Embedded Purchaser, LLC 01/17/25 12/17/29 Aerospace and Defense 9.48% SOFR +575 18,783 18,673 18,783 Omnia Exterior Solutions, LLC 07/25/24 12/31/29 Diversified Conglomerate Service 8.98% SOFR +525 17,837 17,656 17,569 One Stop Mailing, LLC (6) 06/07/23 05/07/27 Transportation 10.01% SOFR + 636 7,568 7,528 7,568 PCS Midco, Inc. 08/29/24 03/01/30 Financial Services 9.48% SOFR +575 5,155 5,104 5,155 PN Buyer, Inc. 10/09/25 07/31/31 Financial Services 8.14% SOFR +450 3,538 3,522 3,502 Pacific Purchaser, LLC 03/21/24 10/02/28 Business Services 10.10% SOFR +625 12,675 12,546 12,675 PAR Excellence Holdings, Inc. 11/26/24 09/03/30 Healthcare, Education and Childcare 8.66% SOFR +500 9,850 9,781 9,653 PD Tri-State Holdco, LLC 12/25/25 10/14/30 Diversified Conglomerate Service 8.98% SOFR +525 2,955 2,935 2,997 Paving Lessor Corp. First Lien -Term Loan 10/24/25 07/01/31 Commercial Services and Supplies 8.98% SOFR +525 6,914 6,868 6,914 Project Granite Buyer, Inc. 07/21/25 12/31/30 Business Services 9.48% SOFR +575 5,910 5,865 5,984 Puget Collision, LLC 12/24/25 10/03/30 Auto Sector 8.48% SOFR +475 9,950 9,902 9,801 RRA Corporate, LLC 12/23/24 08/15/29 Business Services 8.98% SOFR +525 3,930 3,905 3,773 RTIC Subsidiary Holdings, LLC 07/23/24 05/03/29 Consumer Products 9.48% SOFR +575 24,512 24,243 24,390 Radius Aerospace, Inc. 11/06/19 03/29/27 Aerospace and Defense 9.63% SOFR +575 11,615 11,578 11,557 Rancho Health MSO, Inc. 03/02/22 06/20/29 Healthcare, Education and Childcare 8.69% SOFR +500 22,487 22,435 22,487 Real Life Intermediate Holdings, LLC 01/16/31 8.73% SOFR +500 867 860 861 Riverpoint Medical, LLC 03/02/22 06/21/27 Healthcare, Education and Childcare 8.23% SOFR +450 3,513 3,498 3,513 Ro Health, LLC 04/03/25 01/17/31 Health Care Providers and Services 8.23% SOFR +450 9,233 9,183 9,233 Rosco Parent, LLC 12/24/25 09/12/31 Auto Sector 8.48% SOFR +475 10,090 10,059 10,090 Rural Sourcing Holdings, Inc. 07/24/23 06/15/29 Professional Services 10.10% SOFR +625 5,611 5,555 3,956 SCP Clinical Research Intermediate Holdings, LLC 04/03/26 01/02/32 Health Care Providers and Services 8.39% SOFR +475 4,474 4,456 4,452 STG Distribution, LLC - First Out New Money Term Loans (4),(6) 10/03/24 10/03/29 Transportation 2,080 1,907 1,872 STG Distribution, LLC - Second Out Term Loans (4), (6) 10/03/24 10/03/29 Transportation 4,697 2,593 - STG Distribution, LLC - Final Initial New Money TL (6) 07/14/26 Transportation 8.00% 1,368 1,355 1,368 SV-Aero Holdings, LLC 10/31/24 11/01/30 Aerospace and Defense 8.41% SOFR +475 12,876 12,829 12,876 Sabel Systems Technology Solutions, LLC 01/07/25 10/31/30 Business Services 9.64% SOFR +600 22,071 21,984 22,071 Sath Industries, LLC 12/10/25 12/17/29 Building Products 9.48% SOFR +575 11,057 11,057 11,057 Seacoast Service Partners NA, LLC 07/21/25 12/20/29 Diversified Conglomerate Service 8.98% SOFR +525 4,925 4,895 4,777 Seaway Buyer, LLC 09/14/22 06/13/29 Chemicals, Plastics and Rubber 10.85% SOFR +715 14,831 14,702 14,831 Sigma Defense Systems, LLC 12/01/23 12/20/27 Telecommunications 10.13% SOFR +640 26,589 26,469 26,323 SpendMend Holdings, LLC 07/24/23 03/01/28 Business Services 8.88% SOFR +515 10,904 10,797 10,904 Systems Planning And Analysis, Inc. 03/02/22 08/16/27 Aerospace and Defense 8.48% SOFR +475 16,796 16,735 16,754 TCG 3.0 Jogger Acquisitionco, Inc. 02/27/24 01/23/29 Media 10.23% SOFR +650 9,775 9,683 9,311 TMII Enterprises, LLC 07/24/23 12/22/28 Personal, Food and Miscellaneous Services 8.14% SOFR +450 14,885 14,789 14,885 TPC US Parent, LLC (6) 03/02/22 04/20/26 Food 9.58% SOFR +590 2,102 2,102 2,102 The Vertex Companies, LLC 03/02/22 08/31/28 Business Services 8.74% SOFR +510 14,369 14,317 14,225 Transgo, LLC 06/07/24 12/29/28 Auto Sector 8.89% SOFR +525 23,558 23,401 23,377 Tyto Athene, LLC 03/02/22 04/03/28 Aerospace and Defense 8.58% SOFR +490 11,334 11,284 11,023 Watchtower Buyer, LLC 09/19/24 12/03/29 Consumer Products 9.73% SOFR +600 22,938 22,772 22,707 Wash & Wax Systems, LLC 04/30/25 04/30/28 Business Services 9.16% SOFR +550 6,839 6,920 6,975 Watterson Renewalco Holdings, LLC 06/30/26 07/02/29 Consumer Products 6.00% 6,404 6,404 6,404 Watterson Renewalco Holdings, LLC - Unfunded Priority Revolving Credit (7) 06/30/26 07/02/29 Consumer Products 582 - - Total First Lien Secured Debt 1,287,692 1,265,504 Subordinated Debt - 5.23% of Net Assets Wash & Wax Systems, LLC - Subordinate Debt 04/30/25 07/30/28 Business Services 12.00% 4,837 4,837 4,837 62 Issuer Name Acquisition Maturity Industry Current Coupon Basis Point Spread Above Index (1) Par Cost Fair Value (2) Total Subordinated Debt 4,837 4,837 4,837 Equity Securities - 8.67% of Net Assets 48Forty Intermediate Holdings, Inc. - Preferred Equity (6) 11/05/24 — Containers, Packaging and Glass — — 807 4,801 3,584 Watterson Renewalco Holdings, LLC - Preferred Units (6) — — — 4,075 2,170 2,170 New Insight Holdings, Inc. - Common Equity 07/15/24 — Business Services — — 134,330 2,351 1,448 48Forty Intermediate Holdings, Inc. - Common Equity (6) 11/05/24 — Containers, Packaging and Glass — — 807 - - Wash & Wax Group, LP - Common Equity 04/30/25 — Business Services — — 2,803 5,002 824 White Tiger Newco, LLC - Common Equity 07/31/25 — Leisure, Amusement, Motion Pictures, Entertainment — — 10,805 824 - Watterson Renewalco Holdings, LLC - Common Equity (6) — — — 4,075 - - Total Equity Securities 15,148 8,026 Total Investments - 1,381.5% of Net Assets (3), (5) 1,307,677 1,278,367 Cash Equivalents - 22.0% of Net Assets JP Morgan U.S. Government Money - Class: Agency Shares - Market Fund 3.50% 14,665 14,665 Goldman Sachs Financial Square Government Fund - Class: Institutional Shares - Money Market Fund 3.59% 5,445 5,445 BlackRock Federal Fund - Class: Institutional Shares - Money Market Fund 3.52% 259 259 Total Cash Equivalents 20,369 20,369 Cash - 34.5% of Net Assets Cash 31,874 31,874 Total Cash 31,874 31,874 Total Investments, Cash Equivalents and Cash - 1,438.0% of Net Assets $ 1,359,920 $ 1,330,610 Liabilities in Excess of Other Assets — (1,338.0)% of Net Assets (1,238,077 ) Members' Equity—100.0% $ 92,533 (1)Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate ("S" or "SOFR"). 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, 60-day, 90-day or 180-day SOFR rate (1MS, 2MS, 3MS, or 6MS, respectively), at the borrower’s option. All securities are subject to the SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any. (2)Valued based on PSLF's accounting policy. (3)As of June 30, 2026, all investments are in US Companies. Total cost, fair value, and percentage of Net Assets for U.S Companies were $1,307.7 million, $1,278.4 million and 1,381.5%. (4)Non-accrual security (5)All investments are not registered under the 1933 Act and have restrictions on resale. (6)The securities, or a portion thereof, are not 1) pledge as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2034 Asset-Backed Debt and held through PennantPark CLOIV, LLC, or 3) securing the 2035 Asset-Backed Debt and held through PennantPark CLO VII, LLC, or 4) securing the 2037 Asset-Backed Debt and held through PennantPark CLO X, LLC. (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. 63 Below is a listing of PSLF’s individual investments as of September 30, 2025 (par and $ in thousands): Issuer Name Acquisition Maturity Industry Current Coupon Basis Point Spread Above Index (1) Par Cost Fair Value (2) First Lien Secured Debt - 1,035.8% of Net Assets ACP Avenu Buyer, LLC 04/23/24 10/02/29 Business Services 9.04% SOFR+475 7,590 $ 7,474 $ 7,514 Acp Falcon Buyer, Inc. 10/06/23 08/01/29 Business Services 9.79% SOFR+550 15,196 14,963 15,348 AFC-Dell Holding Corp. 02/23/24 04/09/27 Distribution 9.83% SOFR+550 16,181 16,072 16,100 Ad.Net Acquisition, LLC 03/02/22 05/07/26 Media 10.26% SOFR+626 4,788 4,788 4,788 Aechelon Technology, Inc. 12/23/24 08/16/29 Aerospace and Defense 9.91% SOFR+575 4,800 4,718 4,800 Alpine Acquisition Corp II (4), (7) 10/12/22 11/30/26 Containers, Packaging and Glass 15,185 15,056 7,896 Amsive Holdings Corporation 03/02/22 12/10/26 Media 10.35% SOFR+635 13,805 13,745 13,667 Anteriad, LLC (f/k/a MeritDirect, LLC) 03/02/22 06/30/26 Media 9.90% SOFR+590 13,837 13,803 13,837 Arcfield Acquisition Corp. 07/26/22 10/28/31 Aerospace and Defense 9.31% SOFR+500 14,888 14,867 14,813 Archer Lewis, LLC 12/20/24 08/28/29 Healthcare, Education and Childcare 9.75% SOFR+575 15,581 15,426 15,581 Argano, LLC 12/16/24 09/13/29 Business Services 9.89% SOFR+575 14,850 14,730 14,628 BLC Holding Company, INC. 02/24/25 11/20/30 Environmental Services 8.50% SOFR+450 12,013 11,942 12,013 Beacon Behavioral Support Services, LLC 09/16/24 06/21/29 Healthcare, Education and Childcare 9.50% SOFR+550 24,607 24,305 24,607 Best Practice Associates, LLC 01/21/25 11/08/29 Aerospace and Defense 10.91% SOFR+675 19,850 19,606 19,701 Beta Plus Technologies, Inc. 08/11/22 07/02/29 Business Services 9.75% SOFR+575 14,550 14,375 14,405 Big Top Holdings, LLC 06/26/24 02/28/30 Manufacturing / Basic Industries 9.25% SOFR+525 6,626 6,531 6,626 Bioderm, Inc. 06/26/24 01/31/28 Healthcare, Education and Childcare 10.77% SOFR+650 8,798 8,726 8,688 Blackhawk Industrial Distribution, Inc. 07/24/23 09/17/26 Distribution 9.40% SOFR+540 25,244 25,052 24,802 Boss Industries, LLC 07/21/25 12/27/30 Conglomerate Manufacturing 9.00% SOFR+500 5,955 5,916 5,955 Burgess Point Purchaser Corporation 10/03/22 07/25/29 Auto Sector 9.51% SOFR+535 6,186 5,926 5,348 C5MI Acquisition, LLC 10/09/24 07/31/29 Business Services 10.00% SOFR+600 7,425 7,334 7,425 CF512, Inc. 12/29/21 08/20/26 Media 10.36% SOFR+619 9,042 8,983 8,952 Carisk Buyer, Inc. 02/09/24 12/01/29 Healthcare, Education and Childcare 9.00% SOFR+500 11,370 11,276 11,370 Carnegie Dartlet, LLC 06/26/24 02/07/30 Education 9.66% SOFR+550 22,655 22,360 22,428 Cartessa Aesthetics, LLC 09/09/22 06/14/28 Distribution 10.00% SOFR+600 21,880 21,708 21,880 Case Works, LLC 11/26/24 10/01/29 Business Services 9.25% SOFR+525 10,436 10,366 9,966 Commercial Fire Protection Holdings, LLC 12/16/24 09/23/30 Business Services 8.50% SOFR+450 20,831 20,730 20,831 Compex Legal Services, Inc. 12/23/24 02/09/26 Business Services 9.55% SOFR+555 931 931 931 Confluent Health, LLC 12/23/24 11/30/28 Healthcare, Education and Childcare 11.66% SOFR+750 1,950 1,950 1,940 CJX Borrower, LLC 08/12/22 07/13/27 Media 10.08% SOFR+576 8,624 8,614 8,624 Crane 1 Services, Inc. 07/24/23 08/16/27 Personal, Food and Miscellaneous Services 10.03% SOFR+586 5,271 5,243 5,232 DRI Holding Inc. 08/04/22 12/21/28 Media 9.51% SOFR+535 5,770 5,442 5,655 DRS Holdings III, Inc. 03/02/22 11/03/25 Consumer Products 9.41% SOFR+525 4,478 4,478 4,523 Duggal Acquisition, LLC 12/23/24 09/30/30 Marketing Services 8.75% SOFR+475 4,950 4,910 4,950 Dynata, LLC - First Out Term Loan 07/15/24 07/17/28 Business Services 9.46% SOFR+526 1,572 1,486 1,565 Dynata, LLC - Last Out Term Loan 07/15/24 10/16/28 Business Services 9.96% SOFR+576 9,670 9,670 7,873 EDS Buyer, LLC 07/24/23 01/10/29 Aerospace and Defense 8.75% SOFR+475 23,169 22,915 23,227 ETE Intermediate II, LLC 07/24/23 05/29/29 Personal, Food and Miscellaneous Services 9.16% SOFR+500 12,124 11,963 12,124 Emergency Care Partners, LLC 12/23/24 10/18/27 Healthcare, Education and Childcare 9.00% SOFR+500 6,930 6,895 6,930 EvAL Home Care Solutions Intermediate, LLC 07/23/24 05/10/30 Healthcare, Education and Childcare 9.91% SOFR+575 7,040 6,955 7,040 Exigo Intermediate II, LLC 07/24/23 03/15/27 Business Services 10.51% SOFR+635 9,551 9,491 9,551 Five Star Buyer, Inc. 07/24/23 02/23/28 Hotels, Motels, Inns and Gaming 13.35% SOFR+915 4,140 4,096 4,057 GGG Midco, LLC 12/16/24 09/27/30 Home and Office Furnishings, Housewares and Durable Consumer Products 9.00% SOFR+500 12,485 12,377 12,485 Global Holdings InterCo, LLC 03/02/22 03/16/26 Banking, Finance, Insurance & Real Estate 9.74% SOFR+560 6,593 6,589 6,593 Graffiti Buyer, Inc. 03/02/22 08/10/27 Distribution 9.80% SOFR+560 3,959 3,928 3,880 HEC Purchaser Corp. 09/16/24 06/17/29 Healthcare, Education and Childcare 8.87% SOFR+500 7,798 7,723 7,798 HV Watterson Holdings, LLC (4) 09/09/22 12/17/26 Business Services 8.00% 15,570 15,496 8,548 HW Holdco, LLC 03/02/22 05/10/26 Media 9.90% SOFR+590 23,593 23,537 23,593 Hancock Roofing And Construction, LLC 03/02/22 12/31/26 Insurance 9.60% SOFR+550 6,029 6,029 5,968 Harris & Co, LLC 12/20/24 08/09/30 Financial Services 9.16% SOFR+500 19,182 18,995 19,015 Hills Distribution, Inc. 02/13/24 11/08/29 Distribution 10.32% SOFR+600 14,148 13,992 14,148 IG Investments Holdings, LLC 03/02/22 09/22/28 Business Services 9.31% SOFR+500 4,350 4,305 4,328 Imagine Acquisitionco, Inc. 07/24/23 11/15/27 Business Services 9.29% SOFR+510 5,452 5,402 5,452 Infinity Home Services Holdco, Inc. 02/07/23 12/28/28 Personal, Food and Miscellaneous Services 10.16% SOFR+600 13,749 13,622 13,749 Infolinks Media Buyco, LLC 07/24/23 11/01/26 Media 9.50% SOFR+550 13,046 13,007 12,981 Inovex Information Systems Incorporated 03/04/25 12/17/30 Business Services 9.25% SOFR+525 5,955 5,918 5,955 Inventus Power, Inc. 10/10/23 01/15/26 Consumer Products 11.78% SOFR+761 12,968 12,934 12,968 Kinetic Purchaser, LLC 07/24/23 11/10/27 Consumer Products 10.15% SOFR+615 13,701 13,590 11,646 LAV Gear Holdings, Inc. - Takeback TL 07/31/25 07/31/29 Leisure, Amusement, Motion Pictures, Entertainment 10.10% SOFR+594 2,295 2,295 2,295 64 Issuer Name Acquisition Maturity Industry Current Coupon Basis Point Spread Above Index (1) Par Cost Fair Value (2) LAV Gear Holdings, Inc. - Priority TL 07/31/25 07/31/29 Leisure, Amusement, Motion Pictures, Entertainment 10.10% SOFR+594 729 720 898 Lash OpCo, LLC 03/02/22 02/18/27 Consumer Products 12.16% SOFR+785 21,525 21,466 20,987 Lightspeed Buyer, Inc. 03/02/22 02/03/27 Healthcare, Education and Childcare 8.75% SOFR+475 20,115 20,017 20,115 LJ Avalon Holdings, LLC 07/24/23 02/01/30 Environmental Services 8.77% SOFR+450 7,636 7,550 7,636 MAG DS Corp. 03/02/22 04/01/27 Aerospace and Defense 9.60% SOFR+560 8,175 7,939 8,142 MDI Buyer, Inc. 12/20/24 07/25/28 Chemicals, Plastics and Rubber 8.95% SOFR+475 19,728 19,568 19,728 Marketplace Events Acquisition, LLC 03/04/25 12/19/30 Media 9.12% SOFR+525 19,900 19,727 19,900 MBS Holdings, Inc. 03/02/22 04/16/27 Telecommunications 9.30% SOFR+510 8,244 8,197 8,244 Meadowlark Acquirer, LLC 04/01/22 12/10/27 Business Services 9.65% SOFR+565 2,893 2,865 2,893 Medina Health, LLC 01/18/24 10/20/28 Healthcare, Education and Childcare 10.25% SOFR+625 19,423 19,311 19,520 Megawatt Acquisitionco, Inc. 07/17/24 03/01/30 Business Services 9.25% SOFR+525 7,880 7,788 7,502 MOREgroup Holdings, Inc. 08/29/24 01/16/30 Business Services 9.25% SOFR+525 19,700 19,472 19,700 Municipal Emergency Services, Inc. 03/02/22 10/01/27 Distribution 9.15% SOFR+515 9,575 9,512 9,575 NBH Group, LLC 03/02/22 08/19/26 Healthcare, Education and Childcare 10.12% SOFR+585 7,180 7,159 7,180 NORA Acquisition, LLC 11/21/23 08/31/29 Healthcare, Education and Childcare 10.35% SOFR+635 20,090 19,860 19,939 OSP Embedded Purchaser, LLC 01/17/25 12/17/29 Aerospace and Defense 9.76% SOFR+575 18,926 18,793 18,661 Omnia Exterior Solutions, LLC 07/25/24 12/29/29 Diversified Conglomerate Service 9.26% SOFR+525 17,982 17,766 17,622 One Stop Mailing, LLC 06/07/23 05/07/27 Transportation 10.53% SOFR+636 8,274 8,199 8,274 PCS Midco, Inc. 08/29/24 03/01/30 Financial Services 9.75% SOFR+575 5,753 5,688 5,753 Pink Lily Holdco, LLC (5) 04/01/22 11/09/27 Retail 4.27% 8,761 8,699 3,504 Pacific Purchaser, LLC 03/21/24 10/02/28 Business Services 10.42% SOFR+625 12,773 12,602 12,721 PAR Excellence Holdings, Inc. 11/26/24 09/03/30 Healthcare, Education and Childcare 9.17% SOFR+500 9,925 9,842 9,751 Project Granite Buyer, Inc. 07/21/25 12/31/30 Business Services 9.75% SOFR+575 5,955 5,903 6,015 RRA Corporate, LLC 12/23/24 08/15/29 Business Services 9.25% SOFR+525 3,960 3,930 3,936 RTIC Subsidiary Holdings, LLC 07/23/24 05/03/29 Consumer Products 9.75% SOFR+575 24,700 24,365 24,453 Radius Aerospace, Inc. 11/06/19 03/29/27 Aerospace and Defense 10.45% SOFR+615 11,780 11,714 11,515 Rancho Health MSO, Inc. 03/02/22 06/20/29 Healthcare, Education and Childcare 9.29% SOFR+500 22,704 22,631 22,704 Recteq, LLC 06/26/24 01/29/26 Consumer Products 10.40% SOFR+640 9,550 9,537 9,526 Riverpoint Medical, LLC 03/02/22 06/21/27 Healthcare, Education and Childcare 8.75% SOFR+475 3,891 3,861 3,891 Ro Health, LLC 04/03/25 01/17/31 Healthcare Providers & Services 8.50% SOFR+450 9,308 9,249 9,308 Rural Sourcing Holdings, Inc. 07/24/23 06/16/29 Professional Services 9.92% SOFR+575 5,435 5,367 4,891 Sabel Systems Technology Solutions, LLC 01/07/25 10/31/30 Business Services 9.91% SOFR+575 11,910 11,813 11,910 Sales Benchmark Index, LLC 03/02/22 07/07/26 Business Services 10.20% SOFR+620 6,617 6,597 6,617 Seacoast Service Partners NA, LLC 07/21/25 12/20/29 Diversified Conglomerate Service 9.00% SOFR+500 4,963 4,926 4,759 Seaway Buyer, LLC 09/14/22 06/13/29 Chemicals, Plastics and Rubber 10.15% SOFR+615 14,550 14,394 13,568 Sigma Defense Systems, LLC 12/01/23 12/20/27 Telecommunications 10.31% SOFR+615 23,904 23,741 23,904 SpendMend Holdings, LLC 07/24/23 03/01/28 Business Services 9.15% SOFR+515 9,412 9,261 9,412 STG Distribution, LLC - First Out New Money Term Loans 10/03/24 10/03/29 Transportation 12.57% SOFR+835 1,986 1,895 1,768 STG Distribution, LLC - Second Out Term Loans (5) 10/03/24 10/03/29 Transportation 5.32% 4,566 2,594 365 SV-Aero Holdings, LLC 10/31/24 11/01/30 Aerospace and Defense 9.00% SOFR+500 14,719 14,656 14,719 Systems Planning And Analysis, Inc. 03/02/22 08/16/27 Aerospace and Defense 8.92% SOFR+475 16,919 16,816 16,784 TCG 3.0 Jogger Acquisitionco, Inc. 02/27/24 01/23/29 Media 10.52% SOFR+650 9,850 9,732 9,801 TMII Enterprises, LLC 07/24/23 12/22/28 Personal, Food and Miscellaneous Services 8.66% SOFR+450 19,878 19,692 19,878 TPC US Parent, LLC 03/02/22 11/24/25 Food 10.19% SOFR+590 11,275 11,269 11,185 Team Services Group, LLC 07/24/23 12/20/27 Healthcare, Education and Childcare 9.56% SOFR+525 9,588 9,434 9,548 The Bluebird Group, LLC 03/02/22 07/28/26 Business Services 9.90% SOFR+590 16,348 16,306 16,348 The Vertex Companies, LLC 03/02/22 08/31/28 Business Services 8.93% SOFR+475 14,480 14,393 14,408 Transgo, LLC 06/07/24 12/29/28 Auto Sector 9.91% SOFR+575 16,363 16,215 16,486 Tyto Athene, LLC 03/02/22 04/01/28 Aerospace and Defense 9.19% SOFR+490 11,342 11,271 11,058 Urology Management Holdings, Inc. 07/24/23 06/15/27 Healthcare, Education and Childcare 9.66% SOFR+550 12,380 12,333 12,380 US Fertility Enterprises, LLC 09/03/25 10/11/31 Healthcare, Education and Childcare 8.67% SOFR+450 4,975 4,931 4,975 Watchtower Buyer, LLC 09/19/24 12/01/29 Consumer Products 10.00% SOFR+600 23,114 22,912 22,885 Wash & Wax Systems, LLC 04/30/25 04/30/28 Business Services 9.81% SOFR+550 6,577 6,686 6,708 Total First Lien Secured Debt 1,276,720 1,253,543 Subordinated Debt - 3.7% of Net Assets Wash & Wax Systems, LLC - Subordinate Debt 04/30/25 07/30/28 Business Services 12.00% 4,422 4,422 4,422 Total Subordinated Debt 4,422 4,422 4,422 Equity Securities - 6.6% of Net Assets New Insight Holdings, Inc. - Common Equity 07/15/24 — Business Services — — 134,330 2,351 2,014 48Forty Intermediate Holdings, Inc. - Common Equity 11/05/24 — Containers, Packaging and Glass — — 1,988 — — Wash & Wax Group, LP - Common Equity 04/30/25 — Business Services — — 2,803 5,002 5,165 White Tiger Newco, LLC - Common Equity 07/31/25 — Business Services — — 10,805 824 757 65 Issuer Name Acquisition Maturity Industry Current Coupon Basis Point Spread Above Index (1) Par Cost Fair Value (2) Total Equity Securities 8,177 7,936 Total Investments - 1,046.0% of Net Assets (3), (6) 1,289,319 1,265,901 Cash Equivalents - 13.9% of Net Assets JPMorgan U.S. Government (Money Market Fund) 4.09% 7,972 7,972 Goldman Sachs Financial Square Government Fund (Money Market Fund) 4.18% 6,946 6,946 BlackRock Federal FD Institutional 81 (Money Market Fund) 4.19% 1,920 1,920 Total Cash Equivalents 16,838 16,838 Cash - 19.9% of Net Assets Cash 24,147 24,147 Total Cash 24,147 24,147 Total Investments, Cash Equivalents and Cash - 1,079.8% of Net Assets $ 1,330,304 $ 1,306,886 Liabilities in Excess of Other Assets — (979.8)% of Net Assets (1,185,860 ) Members' Equity—100.0% $ 121,026 (1)Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate ("S" or "SOFR"). 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, 60-day, 90-day or 180-day SOFR rate (1MS, 2MS, 3MS, or 6MS, respectively), at the borrower’s option. All securities are subject to the SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any. (2)Valued based on PSLF's accounting policy. (3)As of September 30, 2025, all investments are in US Companies. Total cost, fair value, and percentage of Net Assets for U.S Companies were $1,289.3 million, $1,265.9 million and 1,046.0%. (4)Non-accrual security (5)Partial non-accrual PIK security (6)All investments are not registered under the 1933 Act and have restrictions on resale. (7)The securities, or a portion thereof, are not 1) pledge as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2034 Asset-Backed Debt and held through PennantPark CLOIV, LLC, or 3) securing the 2035 Asset-Backed Debt and held through PennantPark CLO VII, LLC, or 4) securing the 2037 Asset-Backed Debt and held through PennantPark CLO X, LLC. Below are the consolidated statements of assets and liabilities for PSLF, ($ in thousands): June 30, 2026 (Unaudited) September 30, 2025 Assets Investments at fair value (amortized cost—$1,307,677 and $1,289,319, respectively) $ 1,278,367 $ 1,265,901 Cash equivalents (cost—$20,369 and $16,838, respectively) 20,369 16,838 Cash (cost—$31,874 and $24,147 respectively) 31,874 24,147 Interest receivable 4,243 5,271 Prepaid expenses and other assets 1,458 2,148 Due from affiliate 63 87 Receivable for investments sold — 1,055 Total assets 1,336,374 1,315,447 Liabilities 2037 Asset-backed debt, net (par—$328,000, unamortized deferred financing cost of $1,616 and $1,887, respectively) 326,384 326,113 2034 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $649 and $940, respectively) 245,351 245,060 2035 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $1,152 and $1,434, respectively) 244,848 244,566 Credit facility payable 144,900 99,600 Subordinated notes payable to members 250,808 250,808 Interest payable on credit facility and asset backed debt 12,669 13,730 Distribution payable to members 7,500 8,000 Interest payable on subordinated notes to members 5,038 5,305 Payable for investments purchased 4,975 — Accounts payable and accrued expenses 1,304 1,189 Due to affiliate 64 50 Total liabilities 1,243,841 1,194,421 Members' equity 92,533 121,026 Total liabilities and members' equity $ 1,336,374 $ 1,315,447 (1)As of June 30, 2026 and September 30, 2025, PSLF had $1.2 million and zero unfunded commitments to fund investments, respectively. 66 Below are the consolidated statements of operations for PSLF, ($ in thousands): Three Months Ended June 30, Nine Months Ended June 30, 2026 2025 2026 2025 Investment income: Interest $ 31,093 $ 36,203 $ 95,867 $ 104,583 Other income 414 313 1,130 1,142 Total investment income 31,507 36,516 96,997 105,725 Expenses: Interest expense on credit facility and asset-backed debt 15,650 17,881 47,820 50,818 Interest expense on subordinated notes to members 7,395 7,788 22,444 22,565 Administration services expense 864 1,068 2,605 2,745 General and administrative expenses 363 173 1,148 869 Expenses before debt issuance costs 24,272 26,910 74,017 76,997 Debt issuance costs 60 — 60 — Total expenses 24,332 26,910 74,077 76,997 Net investment income 7,175 9,606 22,920 28,728 Realized and unrealized gain (loss) on investments and debt: Net realized gain (loss) on investments (6,876 ) (3,416 ) (22,521 ) (5,542 ) Net change in unrealized appreciation (depreciation) on investments 3,098 (3,439 ) (5,892 ) (11,743 ) Net realized and unrealized gain (loss) on investments (3,778 ) (6,855 ) (28,413 ) (17,285 ) Net increase (decrease) in members' equity resulting from operations $ 3,397 $ 2,751 $ (5,493 ) $ 11,443 (1) No management or incentive fees are payable by PSLF. PSLF pays the Administrator an annual fee of 0.25% of average gross assets under management payable on a quarterly basis. Distributions In order to be treated as a RIC for federal income tax purposes and to not be subject to corporate-level tax on undistributed income or gains, we are required, under Subchapter M of the Code, to annually distribute dividends for U.S. federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of our investment company taxable income, determined without regard to any deduction for dividends paid. Although not required for us to maintain our RIC tax status, in order to preclude the imposition of a 4% nondeductible federal excise tax imposed on RICs, we must distribute dividends for U.S. federal income tax purposes to our stockholders in respect of each calendar year of an amount at least equal to the Excise Tax Avoidance Requirement. In addition, although we may distribute realized net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually, out of the assets legally available for such distributions in the manner described above, we have retained and may continue to retain such net capital gains or investment company taxable income, contingent on our ability to be subject to tax as a RIC, in order to provide us with additional liquidity. During the three months ended June 30, 2026, we declared base distributions of $0.12 per share, and supplemental distributions of $0.12 per share, for total distributions of $15.7 million. During the nine months ended June 30, 2026, we declared base distributions of $0.56 per share, and supplemental distributions of $0.16 per share, for total distributions of $47.0 million. During the three and nine months ended June 30, 2025, we declared base distributions of $0.24 and $0.72 per share, for total distribution of $15.7 million and $47.0 million. 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. We intend to continue to make monthly distributions to our stockholders. Our monthly distributions, if any, are determined by our board of directors. We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash distributions. We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage ratio for borrowings applicable to us as a BDC under the 1940 Act and/or due to provisions in future credit facilities. If we do not distribute at least a certain percentage of our income annually, we could suffer adverse tax consequences, including possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions at a particular level. Recent Accounting Pronouncements In November 2023, FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities' segment disclosure by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM") and included within each reported measure of segment's profit or loss, an amount and description of its composition for other segment items and interim disclosure of a reportable segment's profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning December 15, 2024, and should be applied on a retrospective basis to all periods presented, noting early adoption is permitted. The Company has adopted ASU 2023-07 effective September 30, 2025 and concluded that the application of this guidance did not have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU 2023 - 09 "Improvements to Income Tax Disclosures" ("ASU 2023 - 09"). ASU 2023 - 09 intends to improve the transparency of income tax disclosures. ASU 2023 - 09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect a material impact to our consolidated financial statements. 67