PNNTMEDIUM SIGNALFINANCIAL10-K

PNNT shows significant portfolio turnover with multiple debt investments exiting and new acquisitions, while delivering mixed financial results with dramatically improved operating cash flow but declining net income.

The extensive changes in portfolio companies indicate active asset management, with notable exits from higher-spread investments like Transgo (SOFR+940) and new positions across diverse industries. The shift from negative to strongly positive operating cash flow suggests improved cash generation, though this is offset by declining profitability.

Comparing 2025-11-24 vs 2024-11-26View on EDGAR →
FINANCIAL ANALYSIS

PNNT experienced a dramatic turnaround in operating cash flow, swinging from negative $172.4M to positive $104.8M, representing a 160.8% improvement that signals significantly better cash generation capabilities. However, this positive development was offset by a 33% decline in net income from $48.9M to $32.7M, suggesting potential margin compression or one-time impacts. The combination of improved cash flow with lower net income indicates the company may be prioritizing liquidity and operational efficiency over short-term profitability.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+160.8%
-$172.4M→$104.8M

Operating cash flow surged 160.8% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
-33%
$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.
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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.
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