PNNTMEDIUM SIGNALFINANCIAL10-K
PNNT shows meaningful portfolio turnover with several investment exits and new acquisitions, while net income declined meaningfully year-over-year.
The extensive changes in portfolio companies indicate active management of the BDC's investment portfolio, with exits from companies like C5MI Acquisition, Broder Bros., and Integrity Marketing, while adding new investments including Loving Tan Intermediate II and PlayPower. This level of portfolio activity suggests management is actively rotating capital, though the net income decline indicates headwinds in investment performance or income generation.
Comparing 2025-11-24 vs 2024-11-26View on EDGAR →
FINANCIAL ANALYSIS
Net income declined meaningfully from $48.9M to $32.7M, representing a 33% decrease that signals challenges in the BDC's income-generating capacity. The substantial portfolio turnover visible in the investment holdings suggests active capital deployment and realization activities. Overall, the financial picture shows a business development company navigating a period of portfolio optimization while facing near-term earnings pressure.
FINANCIAL STATEMENT CHANGES
Net Income
P&L
$48.9M→$32.7M
Net income declined 33% — review whether driven by operations, interest costs, or non-recurring items.
LANGUAGE CHANGES
NEW — 2025-11-24
PRIOR — 2024-11-26
ADDED
Acquisition 12/23/24 Maturity 02/09/26 Industry Business Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+555 2024-10-01 2025-09-30 0001383414 us-gaap:FairValueInputsLevel2Member 2025-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc.
- Funded Revolver Acquisition 05/25/2023 Maturity 05/31/2028 Industry Consumer Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+500 2025-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name PlayPower, Inc.
- Unfunded Revolver Acquisition 08/28/2024 Maturity 08/28/2030 Industry Manufacturing/Basic Industry 2025-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name ORL Holdco, Inc.
- Unfunded Revolver Acquisition 06/10/2024 Maturity 08/16/2027 Industry Personal, Food and Miscellaneous Services 2024-10-01 2025-09-30 0001383414 First Lien Secured Debt Issuer Name Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 06/10/2025 Industry Media Current Coupon 10.75% Basis Point Spread Above Index SOFR+650 2023-10-01 2024-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc.
- Revolver Maturity 12/01/2029 Industry Healthcare, Education and Childcare 2024-09-30 0001383414 pnnt:HireAndRetainQualifiedInvestorsMember 2024-10-01 2025-09-30 0001383414 pnnt:MailsouthIncMember 2023-09-30 0001383414 First Lien Secured Debt Issuer Name MOREgroup Holdings, LLC Maturity 01/16/1930 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+575 2024-09-30 0001383414 First Lien Secured Debt Issuer Name Urology Management Holdings, Inc.
Acquisition 07/24/23 Maturity 06/15/2027 Industry Healthcare, Education and Childcare Current Coupon 9.66% Basis Point Spread Above Index SOFR+550 2025-09-30 0001383414 pnnt:TwoThousandAndTwentySixNotesTwoMember 2023-09-30 0001383414 srt:MinimumMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-10-01 2025-09-30 0001383414 pnnt:ClassDMember us-gaap:PrivatePlacementMember pnnt:PennantParkCLOXMember 2025-09-30 0001383414 First Lien Secured Debt Issuer Name Bioderm, Inc.
Acquisition 06/26/24 Maturity 01/31/28 Industry Healthcare, Education and Childcare Current Coupon 10.77% Basis Point Spread Above Index SOFR+650 2024-10-01 2025-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Schlesinger Global, Inc.
- Unfunded Revolver Maturity 07/14/2025 Industry Business Services 2024-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name Events Buyer, LLC Acquisition 12/17/2024 Industry Event Services 2025-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name System Planning and Analysis, Inc.
- Unfunded Term Loan Acquisition 10/12/2021 Maturity 06/12/2027 Industry Aerospace and Defense 2024-10-01 2025-09-30 0001383414 us-gaap:FairValueInputsLevel3Member pnnt:MeasurementInputMarketYieldMember pnnt:ValuationTechniqueMarketComparableMember pnnt:SecondLienMember 2024-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants of Net Assets Issuer Name ORL Holdco, Inc.
Maturity 01/16/2030 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Partnership Interests/Warrants Issuer Name LEP Pequod Holdings, LP Industry Financial Services 2024-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc.
REMOVED
(Revolver) Maturity 12/02/2026 Industry Financial Services 2022-10-01 2023-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 184.3% First Lien Secured Debt - 112.9% Issuer Name C5MI Acquisition, LLC Maturity 07/31/2030 Industry Business Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+600 2024-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 184.3% First Lien Secured Debt - 112.9% Issuer Name Broder Bros., Co.
(Tyto Athene, LLC) Industry Aerospace and Defense 2024-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies 165.4% First Lien Secured Debt 93.2% Issuer Name Integrity Marketing Acquisition, LLC Maturity 08/27/2026 Industry Insurance Current Coupon 11.41% Basis Point Spread Above Index 3M SOFR+615 2023-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 184.3% First Lien Secured Debt - 112.9% Issuer Name Wildcat Buyerco, Inc.
Maturity 02/27/2027 Industry Electronics Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 184.3% First Lien Secured Debt - 112.9% Issuer Name ORL Acquisition, Inc.
Maturity 09/03/2027 Industry Business Services Current Coupon 14.00% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+940 2023-10-01 2024-09-30 0001383414 Related Party PSLF First Lien Secured Debt - 916.4% Issuer Name Transgo, LLC Maturity 12/29/2028 Industry Auto Sector Current Coupon 10.60% Basis Point Spread Above Index SOFR+575 2023-10-01 2024-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies 165.4% First Lien Secured Debt 93.2% Issuer Name Five Star Buyer, Inc.
- Unfunded Revolver Maturity 02/23/2028 Industry Leisure, Amusement, Motion Pictures, Entertainment 2023-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies 165.4% Second Lien Secured Debt 16.0% of Net Assets 2023-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies 165.4% Second Lien Secured Debt 16.0% Issuer Name Ascensus Holdings, Inc.
Maturity 08/02/2028 Industry Financial Services Current Coupon 12.03% Basis Point Spread Above Index 3M SOFR+676 2022-10-01 2023-09-30 0001383414 Related Party PSLF First Lien Secured Debt - 916.4% Issuer Name Watchtower Buyer, LLC Maturity 12/01/2029 Industry Consumer Products Current Coupon 10.60% Basis Point Spread Above Index SOFR+600 2023-10-01 2024-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 184.3% First Lien Secured Debt - 112.9% Issuer Name System Planning and Analysis, Inc.
- Revolver Maturity 07/13/2027 Industry Media 2024-09-30 0001383414 pnnt:TwoThousandAndTwentyFourNotesMember 2019-09-30 0001383414 pnnt:InvestmentsFairValueMember pnnt:SecondLienMember 2024-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies 165.4% Common Equity/Partnership Interests/Warrants 23.0% Issuer Name Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Environmental Services 2023-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 184.3% First Lien Secured Debt - 112.9% Issuer Name Harris Co.
Maturity 05/31/2028 Industry Consumer Products Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+650 2024-09-30 0001383414 pnnt:PantheonMember pnnt:PennantParkSeniorLoanFundLLCMember 2023-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 184.3% First Lien Secured Debt - 112.9% Issuer Name ACP Falcon Buyer, Inc.
Maturity 12/28/2028 Industry Personal, Food and Miscellaneous Services Current Coupon 12.24% Basis Point Spread Above Index 3M SOFR+685 2022-10-01 2023-09-30 0001383414 us-gaap:FairValueInputsLevel3Member pnnt:MeasurementInputMarketYieldMember srt:MinimumMember pnnt:ValuationTechniqueMarketComparableMember pnnt:SubordinatedDebtOrCorporateNotesMember 2024-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 184.3% First Lien Secured Debt - 112.9% Issuer Name S101 Holdings, Inc.
- Revolver Maturity 12/18/2025 Industry Healthcare, Education and Childcare Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+560 2023-10-01 2024-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies 165.4% Common Equity/Partnership Interests/Warrants 23.0% Issuer Name HV Watterson Holdings, LLC Industry Business Services 2022-10-01 2023-09-30 0001383414 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 184.3% Common Equity/Partnership Interests/Warrants - 25.3% Issuer Name PAR Excellence Holdings, Inc.
MORE FINANCIAL SIGNALS
ANALYZE ANY FILING FREE
See what changed in your portfolio's filings
500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.
Try Tracenotes free →