PennantPark Investment Corporation
Inside PennantPark Investment Corporation’s $2.9B private-credit portfolio — 619 portfolio holdings disclosed in SEC filings.
Filing Information
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public).
Top Portfolio Holdings
| Company | Sector | Investment | Coupon | Maturity | Cost | Fair Value |
|---|---|---|---|---|---|---|
| Investments in Non-Controlled, Non-Affiliated Portfolio Companies US Government Securities of Net Assets Issuer Name U.S. Treasury Bill Acquisition 01/02/2026 | 2026-04-28 | $209,462,000 | $209,427,000 | |||
| Fund, LLC | Senior Loan Senior Secured | — | $194,195,000 | |||
| Fund, LLC Acquisition 07/31/2020 | Financial Services Current Coupon 11.84% Basis Point | Senior Loan Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 8.00% | 2027-07-31 | $140,287,000 | $140,288,000 |
| AKW Holdings Limited | — | $102,601,000 | ||||
| Fund, LLC Acquisition 07/31/2020 | Senior Loan Senior Secured | $82,358,000 | $53,907,000 | |||
| Flock Financial, LLC | — | $51,187,000 | ||||
| AKW Holdings Limited Acquisition 03/07/2018 | Healthcare, Education and Childcare Current Coupon 11.05% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 7.00% | 2027-03-15 | $49,926,000 | $48,133,000 |
| AKW Holdings Limited - Class A Acquisition 03/07/2018 | Common Equity | $131,000 | $46,788,000 | |||
| Sigma Defense Systems, LLC Acquisition 12/01/23 | Telecommunications Current Coupon 10.10% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.40% | 2027-12-20 | $26,573,000 | $26,443,000 |
| Transgo, LLC Acquisition 06/07/24 | Auto Sector Current Coupon 8.91% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.25% | 2028-12-29 | $25,412,000 | $25,211,000 |
| Beacon Behavioral Support Services, LLC Acquisition 09/16/24 | Healthcare, Education and Childcare Current Coupon 9.20% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.50% | 2029-06-21 | $24,223,000 | $24,483,000 |
| Blackhawk Industrial Distribution, Inc. Acquisition 07/24/23 | Distribution Current Coupon 9.10% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.40% | 2026-09-17 | $25,030,000 | $24,360,000 |
| RTIC Subsidiary Holdings, LLC Acquisition 07/23/24 | Consumer Products Current Coupon 9.45% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.75% | 2029-05-03 | $24,283,000 | $24,206,000 |
| HW Holdco, LLC Acquisition 03/02/22 | Media Current Coupon 9.53% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.85% | 2027-05-10 | $23,111,000 | $23,121,000 |
| EDS Buyer, LLC Acquisition 07/24/23 | Aerospace and Defense Current Coupon 8.20% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 4.50% | 2029-01-10 | $22,835,000 | $23,051,000 |
| Flock Financial, LLC Acquisition 04/19/2024 | Subordinated Debt Subordinated | 2027-10-19 | $23,031,000 | $23,031,000 | ||
| ACP Avenu Buyer, LLC Acquisition 4/23/24 | Business Services Current Coupon 8.66% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.00% | 2029-10-02 | $23,145,000 | $22,806,000 |
| Watchtower Buyer, LLC Acquisition 09/19/24 | Consumer Products Current Coupon 9.70% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.00% | 2029-12-03 | $22,824,000 | $22,765,000 |
| Exigo Intermediate II, LLC Acquisition 03/10/2022 | Business Services Current Coupon 10.07% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.35% | 2027-03-15 | $23,659,000 | $22,565,000 |
| Rancho Health MSO, Inc. Acquisition 03/02/22 | Healthcare, Education and Childcare Current Coupon 8.66% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.00% | 2029-06-20 | $22,501,000 | $22,560,000 |
| Carnegie Dartlet, LLC Acquisition 06/26/24 | Education Current Coupon 9.17% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.50% | 2030-02-07 | $22,274,000 | $22,371,000 |
| Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt/Corporate Notes of Net Assets Issuer Name United Land Services Intermediate Parent Holdings, LLC Acquisition 07/12/2024 | (PIK 14.75%) | 2026-12-23 | $21,881,000 | $22,121,000 | ||
| Cartessa Aesthetics, LLC Acquisition 09/09/22 | Distribution Current Coupon 9.70% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.00% | 2028-06-14 | $21,626,000 | $21,658,000 |
| Lash OpCo, LLC Acquisition 03/02/22 | Consumer Products Current Coupon 10.77% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 7.10% | 2027-09-17 | $21,835,000 | $21,485,000 |
| Commercial Fire Protection Holdings, LLC Acquisition 12/16/24 | Business Services Current Coupon 8.20% Basis Point | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 4.50% | 2030-09-23 | $20,638,000 | $20,726,000 |
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Spread and mark are shown in the units reported in the filing. Source: SEC EDGAR (public).
| Quarter | Priced Loans | Wtd-Avg Spread | Avg Mark | Debt Fair Value |
|---|---|---|---|---|
| 2022-06-30 | 0 | — | — | $283K |
| 2022-09-30 | 0 | — | — | $185K |
| 2022-12-31 | 0 | — | — | $199K |
| 2023-03-31 | 0 | — | — | $153K |
| 2023-06-30 | 0 | — | — | $149K |
| 2023-09-30 | 232 | 6.49 | 76.1 | $8.2B |
| 2023-12-31 | 268 | 6.96 | 77.0 | $8.8B |
| 2024-03-31 | 262 | 6.63 | 76.7 | $9.0B |
| 2024-06-30 | 289 | 6.15 | 81.2 | $8.3B |
| 2024-09-30 | 362 | 6.21 | 67.3 | $10.0B |
| 2024-12-31 | 413 | 6.02 | 69.5 | $9.9B |
| 2025-03-31 | 407 | 5.86 | 69.0 | $11.0B |
| 2025-06-30 | 375 | 5.96 | 67.8 | $3.6B |
| 2025-09-30 | 482 | 5.77 | 72.6 | $4.1B |
| 2025-12-31 | 457 | 6.09 | 71.0 | $4.6B |
| 2026-03-31 | 246 | 6.23 | 70.3 | $2.6B |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
About PennantPark Investment Corporation
PennantPark Investment Corporation (PNNT) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. By law, they must pay out at least 90% of their profits as dividends, which is why BDC yields are often 8–12%. PennantPark Investment Corporation discloses its full loan portfolio through SEC filings.
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