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Independent Private Credit Platform | Investing Since 2007 PennantPark Investment Corporation Investor Presentation – December 31, 2025
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PennantPark at a Glance 2 Note: Past performance is not necessarily indicative of future results. Invested capital is at risk. 1) Assets under management (“AUM”) is defined as the sum of gross asset values, unfunded commitments, joint ventures and avai lable leverage drawn and undrawn for active funds as of 9/30/2025. Invested capital represents the cumulative sum of capital invested across the PennantPark platform since inception through 9/30/2025. Figures are rounded to the nearest billion. Personnel as of November 2025 and includes both PennantPark full time employees and dedicated external consultants. Firmwide AUM of $10 Billion Serving sophisticated investors with multiple investment offerings $26 Billion Invested Over 18 Years Over 800 credit and equity investments across the capital structure Emphasis on Capital Preservation Conservative investment approach with deep credit and structural underwriting Core Middle Market Focus We target mid-sized companies we believe are overlooked by other lenders 109 Professionals Across 7 Offices Physical presence in key markets to better serve sponsors and investors Experienced & Stable Leadership Team Experienced leadership team that has worked together for decades A Pioneer in Private Credit Founded in 2007 with a long-term track record through multiple cycles Target Cash-Flowing Companies We target profitable companies with leading market positions
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PennantPark Provides Value-Added Capital to Middle Market Borrowers 3 Note: Past performance is not necessarily indicative of future results. Invested capital is at risk. We target profitable, growing, and cash-flowing companies with $10 million to $50 million of EBITDA In many cases, PennantPark participates in a company’s first round of institutional investment Seek to act as a strategic partner aiming to drive growth, and participate in upside through equity co- investments Target Positive Credit Characteristics: Avoid Negative Credit Characteristics: ✓ Leading market positions and significant competitive advantages Asset-intensive operations requiring capital expenditures ✓ Established sponsors that support their portfolio companies Growth platforms that require high levels of investment ✓ Proven management team with appropriate incentives Cyclical end markets or exposure to commodity price volatility ✓ Variable cost structures designed to meet changing market demands Volatile or lumpy cash flows, or highly concentrated customer base ✓ Low debt multiples and conservative loan-to-value ratios Undifferentiated product or services with low profit margins
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Healthcare • High quality providers and low-cost outcomes • Favorable reimbursement environment • Solid infrastructure and IT systems • Sustained organic growth and accretive M&A Government Services • Diverse government contract portfolio • Mission critical services • Alignment with government funding • Track record of winning new business and re-compete contracts Software & Technology • Enterprise or institutional customer bases • Providers with highly regulated end markets • Emphasis on vertical software • Conservative capital structures and durable cash flows Consumer • Essential goods and services with stable pricing • Strong brands with leading market positions • Differentiated value proposition • Avoidance of fad risk Business Services • Integral to customers’ business processes • Demonstrable value added for customers • Leading technologies with increasing adoption • Aim to capitalize on increasing outsourcing trends Five Key Industries of Expertise 4 Note: Past performance is not necessarily indicative of future results. Invested capital is at risk. We focus on the industries where we believe we have the most expertise and experience, allowing us to act as a strategic and value-added lending partner
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Extensive Sourcing Network 5 Note: Past performance is not necessarily indicative of future results. Invested capital is at risk. Data as of 9/30/2025. PE stands for Private Equity. 1. Percentage of total origination volume. Origination volume refers to the dollar value of all financing commitments to middle market companies. Repeat sponsors are private equity firms that had previously completed a financing transaction with PennantPark. Based on invested capital for investments made since inception. 77% 88% 83% 82% 87% 70% 94% 2019 2020 2021 2022 2023 2024 YTD 2025 Origination Volume with Repeat PE Sponsors1 Actively cover 800+ middle market PE sponsors in the U.S. Closed deals with 250+ PE sponsors; majority repeat transactions1 Existing lender to 180+ portfolio companies across 110+ PE sponsors Selective underwriting; only 6.3% of deals closed from 2020 to 2025 Since 2019, 70% or more of PennantPark’s deals have been with repeat PE sponsors – PE sponsors typically give PennantPark early and last looks because of our reliability, experience, market leadership, and flexible capital solutions PennantPark maintains a diversified flow; the top repeat sponsor represents only 4% of investments since inception1 Robust Origination Platform Top 5 Sponsors Since Inception1 No. 1 4% No. 2 4% No. 3 3% No. 4 3% No. 5 3%
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Core Middle Market Potential Advantage The U.S. middle market includes nearly 200,000 companies, generates $10 trillion of annual revenue (1/3 of the U.S. economy), and is the world’s fifth largest economy on a standalone basis1 The core middle market presents attractive investment opportunities – Lower leverage and higher yields – Strong covenant packages – Greater recovery rates Core Middle Market Upper Middle Market EBITDA $10 to $50 million $50 million and greater New Issue Pricing First Lien: SOFR + 4.75% to 5.25% Second Lien: SOFR + 7.50% to 10.00% First Lien: SOFR + 3.00% to 4.25% Second Lien: SOFR + 6.00% to 7.50% Paid-In-Kind (PIK) Less common Common Leverage First Lien: 4.0x to 5.5x Second Lien: 5.5x to 6.5x First Lien: 5.0x to 7.5x Second Lien: 6.0x to 9.0x Covenants Usually stronger; total net leverage, interest coverage, etc. Covenant lite or one covenant set at wide levels Equity Contribution 45% or more 35% or more Due Diligence Process In-depth and comprehensive; typically 6 – 8 weeks More limited information; typically 2 weeks or less Reporting Usually monthly Usually quarterly Lender Group Size 1 to 4 lenders 5 or more lenders Equity Co- Investments Common Less common Note: Past performance is not necessarily indicative of future results. Invested capital is at risk. Statements herein concerning financial market trends or other financial market commentary are based on the current market conditions, which will fluctuate. In addition, such statements constitute the Manager’s current opinion, which is subject to change in the future without notice. Refer to the Important Notices at the end of this presentation for additional information. 1. National Center For the Middle Market, 4Q 2023 Middle Market Indicator Report. 6
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The Core Middle Market Offers a Yield Premium with Lower Risk Core Middle Market vs. Upper Middle Market/BSL1 Note: Past performance is not necessarily indicative of future results. Invested capital is at risk. The use of hypothetical performance in making investment decisions involves certain risks and limitations; please refer to the Important Notices at the end of this presentation. Source: LSEG. As of 12/31/2025. 1. Core Middle Market is defined as Issuers with revenues of $500M and below, and total loan package of less or equal to $500 M. Broadly Syndicated Loans are defined as syndicated or direct/clubbed deals that have either revenues or total loan package of $500M or greater. Broadly Syndicated Loans are denoted as “BSL”. Market data averages only include data available from LSEG for the time periods referenced. For 2020, LSEG does not have sufficient observations at this time to provide data for First Lien Middle Market. 7 5.5x 4.8x 5.7x 5.6x 5.9x 6.2x 6.6x 6.0x 6.1x 6.4x 6.5x 6.7x 6.9x 7.0x 7.1x 5.9x 6.1x 5.9x 4.5x 3.8x 4.3x 4.6x 5.1x 5.1x 5.4x 5.7x 5.3x 6.0x 6.2x 6.1x N/A 6.2x 5.3x 4.2x 4.5x 4.3x L+405 L+479 L+444 L+409 L+434 L+365 L+383 L+392 L+394 L+338 L+329 L+380 L+394 L+370 L+422 L+388 L+336 L+303 L+501 L+586 L+515 L+529 L+540 L+469 L+463 L+497 L+507 L+455 L+436 L+511 L+514 L+478 L+521 L+539 L+477 L+446 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 BSL Middle Market BSL Middle Market Credit SpreadLeverage
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PNNT Quarterly Update
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IPO Date: April 2007 April 2011 Ticker: PNNT (NYSE) PFLT (NYSE) Market Value of Investments1: $1.2 billion $2.6 billion Investment Strategy: Opportunistic credit investing across the capital structure Primarily first lien, senior secured loans Security Selection2: PennantPark’s Publicly-Traded Business Development Companies 9 Note: Past performance is not necessarily indicative of future results. Invested capital is at risk. Please refer to regulato ry filings for additional information. 1) This amount is inclusive of U.S. government-issued Treasury bills which are not reflected in the security selection charts below. As of 12/312025. 2) Security selection graphs reflect direct investments only in the BDCs and exclude U.S. government -issued Treasury bills. As of 12/31/2025. PennantPark manages two differentiated business development companies (BDCs) which trade on the New York Stock Exchange (NYSE) 48% 3% 6% 23% 14%6% First Lien Debt Second Lien Debt Sub. Debt Equity Co- Investments JV Equity JV Debt 78% 7% 11% 4% Equity Co- InvestmentsFirst Lien Debt JV Equity JV Debt
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PNNT is Well Positioned in the Core Middle Market 10 Note: Past performance is not necessarily indicative of future results. Invested capital is at risk. Please refer to regulato ry filings for additional information.. • Focus on the core middle market • Loans feature lower leverage and higher yields • We believe competitors sacrifice pricing and protections to seek larger deals Differentiated Strategy • $535M revolving credit facility due Dec. 2030 (SOFR + 2.10%) • $150M long-term notes due May 2026 (4.5% fixed rate) • $165M long-term notes due Nov. 2026 (4.0% fixed rate) Durable Balance Sheet • BDC is designed to enable long-term investment horizon • Investor-friendly structure • Publicly-traded stock on New York Stock Exchange • $457 million of permanent equity capital Stable Capital Base • 18-year track record spanning economic and market cycles • Stable leadership team together for decades Experienced Investment Team • Joint venture with up to $1.5 billion of investment capacity • Enhances return on equity and net investment income Accretive Joint Venture
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Attractive Portfolio of Middle Market Investments 11 158 $1.2B 5.67% $31M direct investments market value of portfolio wtd. avg. credit spread median LTM EBITDA 1.1% 44% 4.5x 2.1x market value of non-accruals median LTV ratio1 median net leverage1 median interest coverage1 Portfolio Concentration2,3:Portfolio Composition by Security Type2: Second Lien Note: Past performance is not necessarily indicative of future results. Invested capital is at risk. Please refer to regulato ry filings for additional information. 1) Net loan to value, net leverage multiple and interest coverage multiple represent median figures of direct debt investment s. As of 12/31/2025. 2) Excludes U.S. government-issued Treasury bills. 3) Excludes joint venture investment. Remaining Portfolio 60% Top 5 Direct Investments 29% Top 10 Direct Investments 40% 0.6% Avg. Size as % of Total Portfolio 46% 46% 50% 48% 2% 2% 2% 3%7% 5% 5% 6% 25% 27% 25% 23% 7% 7% 6% 6% 13% 13% 12% 14% Mar-25 Jun-25 Sep-25 Dec-25 First Lien Sub. Debt Equity JV Debt JV Equity
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• $9.0 million of Core Net Investment Income (“NII”) during the fiscal first quarter • $0.14 of core NII per share during the quarter1 • Continued focus on rotation of equity positions to grow NII • Raised $75 million of new unsecured debt in January 2026 • Invested $115 million across 3 new and 51 existing portfolio companies during the quarter • Continued focus on the core middle market where credit spreads and terms are more attractive2 • PennantPark Senior Loan Fund, LLC (“PSLF”) portfolio has grown to $1.4 billion of assets including 118 debt investments • Joint venture helps increase NII and investor returns • Growth expected to enhance future earnings momentum • LTM NII yield on invested capital of 16.4% • 44% median loan-to-value ratio • 4.5x median net leverage multiple • 2.1x median interest coverage ratio • Only 4 loans on non-accrual (2.2% at cost and 1.1% at market value) • Software sector exposure of only 4.4% • Total portfolio of $1.2 billion designed to generate consistent cash flow to investors • Total dividend of $0.08 ($0.04 base and $0.04 supplemental) • Annualized dividend yield on NAV of 13.7% during the quarter3 PNNT Quarterly Performance Commentary: December 31, 2025 12 Note: Past performance is not necessarily indicative of future results. Invested capital is at risk. Please refer to regulato ry filings for additional information. 1) Core net investment income ("Core NII") is a non -GAAP financial measure. The Company believes that Core NII provides useful i nformation to investors and management because it reflects the Company's financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. As of 12/31/2025. 2) Refer to the slide titled “The Core Middle Market Offers a Yield Premium with Lower Risk” for more information. 3) Calculated as total dividends per share during the quarter multiplied by four and then divided by ending period NAV per sh are. “The realization of our equity investment in JF Intermediate, LLC for $67.5 million was a meaningful milestone in PNNT’s ongoing equity rotation strategy. We are pleased with the recent upsize of our Credit Facility which included amending the terms to have lower pricing which will benefit our shareholders.” - Art Penn, Chairman & CEO Core NII Attractive New Investments Growing Joint Venture Consistent Monthly Dividend Strong Credit Performance
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PNNT Selected Financial Highlights 13 Note: Past performance is not necessarily indicative of future results. Invested capital is at risk. Financial highlights pro vided for informational purposes only. Please refer to official regulatory filings for details. 1) Excludes purchases and sales of U.S. government-issued Treasury bills. 2) Core net investment income ("Core NII") is a non -GAAP financial measure. The Company believes that Core NII provides useful i nformation to investors and management because it reflects the Company's financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. 3) Calculated using quarterly Core NII per share multiplied by four and divided by ending period NAV per share. ($mm, except per share data) March 2025 June 2025 September 2025 December 2025 Assets Direct Investments (fair value)1 $871 $833 $955 $809 Joint Venture Investment (fair value) $218 $214 $208 $200 Cash and Other Assets $169 $206 $187 $284 Total Assets $1,258 $1,253 $1,350 $1,293 Net Asset Value and Liabilities Liabilities $770 $772 $886 $836 Net Asset Value $488 $481 $464 $457 Total Net Assets and Liabilities $1,258 $1,253 $1,350 $1,293 Debt-to-Equity Ratio 1.29x 1.31x 1.60x 1.34x Investment Activity1 Investment Purchases $177 $88 $186 $115 Investment Sales and Repayments ($263) ($132) ($61) ($273) Net Investment Activity Per Quarter ($86) ($44) $125 ($158) Total Assets - PSLF Joint Venture $1,463 $1,389 $1,315 $1,409 Per Share Data: Net Asset Value $7.48 $7.36 $7.11 $7.00 Core Net Investment Income2 $0.18 $0.18 $0.15 $0.14 Non-Recurring Income and Expenses - - - ($0.03) Total Net Investment Income (NII) $0.18 $0.18 $0.15 $0.11 Declared Dividend to Shareholders $0.24 $0.24 $0.24 $0.24 Annualized Return on Equity3 9.63% 9.78% 8.44% 8.00%
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PNNT Recent Dividend History 14 Note: Past performance is not necessarily indicative of future results. Invested capital is at risk. Dividend history provide d for informational purposes only. Please refer to official regulatory filings for details. 1) Core net investment income ("Core NII") is a non -GAAP financial measure. The Company believes that Core NII provides useful i nformation to investors and management because it reflects the Company's financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. 2) Rounded to the nearest cent. 3) Calculated using quarterly Core NII per share multiplied by four and divided by ending period NAV per share. Quarter Ended NAV Per Share Core NII Per Share1 Declared Dividend2 Annualized Return on Equity3 Annualized Dividend Yield on NAV 3/31/2024 $7.69 $0.22 $0.21 11.4% 10.9% 6/30/2024 $7.52 $0.21 $0.22 11.2% 11.7% 9/30/2024 $7.56 $0.22 $0.24 11.6% 12.7% 12/31/2024 $7.57 $0.20 $0.24 10.6% 12.7% 3/31/2025 $7.48 $0.18 $0.24 9.6% 12.8% 6/30/2025 $7.36 $0.18 $0.24 9.8% 13.0% 9/30/2025 $7.11 $0.15 $0.24 8.4% 13.5% 12/31/2025 $7.00 $0.14 $0.24 8.0% 13.7% Annualized Dividend Yield Declared Dividend $0.21 $0.22 $0.24 $0.24 $0.24 $0.24 $0.24 $0.24 10.9% 11.7% 12.7% 12.7% 12.8% 13.0% 13.5% 13.7% 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
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Key Takeaways 15 Note: As of 12/31/2025. Past performance is not necessarily indicative of future results. Invested capital is at risk. Financ ial highlights provided for informational purposes only. Please refer to official regulatory filings for details. ✓ Experienced manager with 18-year track record spanning multiple economic and market cycles ✓ The core middle market features loans with lower leverage, higher yields, and stronger covenant packages ✓ Target profitable, cash-flowing, and recession resilient borrowers across five key industries ✓ Completed investments alongside 250+ private equity sponsors that have a track record of supporting their portfolio companies ✓ PNNT’s portfolio of investments is designed to generate consistent cash flow to investors in the form of monthly dividends ✓ Growing joint venture seeks to enhance return on equity and net investment income for shareholders
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Important Notices The preceding slides contain summaries of certain financial and statistical information about PNNT. The information contained in this presentation is summary information that is intended to be considered in the context of our SEC filings and other public announcements that we may make, by press release or otherwise, from time to time. We undertake no duty or obligation to publicly update or revise the information contained in this presentation. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. You should not view the past performance of PNNT, or information about the market, as indicative of PNNT’s future results. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities of PNNT. The information contained in this Presentation does not constitute and is not intended to constitute an offer of securities and accordingly should not be construed as such. Any products or services referenced in this Presentation may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of the products and services referenced herein. This Presentation and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This Presentation is directed at and intended for institutional investors. Furthermore, this Presentation is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this Presentation, current and prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This Presentation has been made available only for each qualified recipient’s use, and should not be given, forwarded or shown to any other person (other than the recipient’s employees, agents, or consultants). No person has been authorized in connection with this offering to give any information or to make any representations other than as contained in this Presentation and, if given or made, such information or representation must not be relied upon as having been authorized by PennantPark Investment Advisers, LLC (“PennantPark”) or PennantPark’s affiliates. Statements in this Presentation are made as of the date hereof unless stated otherwise herein, and neither the delivery of this Presentation at any time, nor any sale hereunder, shall under any circumstances create an implication that the information contained herein is correct as of any time subsequent to such date. This presentation is qualified in its entirety by reference to the Offering Memorandum. In the event of any inconsistency between this presentation and the Offering Memorandum, the Offering Memorandum will control. An investment in the interests of any PennantPark fund is suitable only for sophisticated investors and requires the financial ability and willingness to accept the risks and lack of liquidity that are characteristic of an investment in such funds. Investors must be prepared to bear such risks for an extended period of time. There can be no assurance that any investments will be profitable, not lose money, or achieve the other intended purposes for which they are made. In particular, the risks of investing in such funds may include: 1) Lack of liquidity in that withdrawals are generally not permitted, and there is no secondary market for Interests and none is expected to develop; 2) Restrictions on transferring Interests; 3) The use of leverage; and 4) Less regulation and higher fees than mutual funds. This is not intended to be a complete description of the risks of investing in such funds. Investors should rely on their own examination of the potential risks and rewards. The Offering Memorandum will discuss these and other important risk factors and considerations that should be carefully evaluated before making an investment. Prospective investors should consult with their own legal, tax, and financial advisers as to the consequences of an investment. In considering the prior performance information contained herein, recipients should bear in mind that past performance is not a guarantee, projection or prediction and it is not necessarily indicative of future results. Invested capital is at risk. There can be no assurance that any product or service referenced herein will achieve comparable results, or that they will be able to implement their investment strategies or achieve their investment objectives. Certain statements contained in this Presentation, including without limitation, statements containing the words “believes,” “anticipates,” “intends,” “expects,” and words of similar import constitute “forward looking statements.” Additionally, any forecasts and estimates provided herein are forward looking statements. Such statements and other forward looking statements are based on available information and the views of PennantPark as of the date hereof. Accordingly, such statements are inherently speculative as they are based on assumptions that may involve known and unknown risks and uncertainties. Actual results and events may differ materially from those in any forward looking statements. Further, any opinions expressed are the current opinions of PennantPark only and may be subject to change, without notice. There is no undertaking to update any of the information in this document. Certain information contained herein concerning economic trends and performance is based on or derived from information provided by independent third party sources. PennantPark believes that such information is accurate and that the sources from which it has been obtained are reliable. PennantPark cannot guarantee the accuracy of such information, however, and has not independently verified the assumptions on which such information is based. This presentation contains targets regarding future performance (the “Targets”). There can be no assurance that the Targets will be achieved. In considering the Targets, prospective investors should bear in mind that such targeted performance is not a guarantee, projection, or prediction and is not indicative of future results. The Manager believes that the Targets are reasonable based on a combination of factors, including the investment team’s general experience, the availability of leverage and financing at expected costs, other terms, and assessment of prevailing market conditions and investment opportunities. However, there are numerous assumptions that factor into the Targets that may not be consistent with future market conditions and that may significantly affect actual investment results. Actual results and events may differ significantly from the assumptions and estimates on which Targets are based. Further information regarding the Targets and projections is available upon request. The use of hypothetical performance in making investment decisions involves certain risks and limitations. Hypothetical results are not based on an actual portfolio available to investors. Hypothetical results may not reflect how the investment manager might have reacted when managing client investments to economic or market events. Hypothetical results may be sensitive to the selection criteria used to construct an extracted portfolio. Hypothetical results may include positions, position sizes, and sector weights that differ materially from actual client portfolios and do not reflect how the investment manager may have constructed an actual portfolio. References to “$,” “USD” or “dollars” throughout this Presentation are to United States dollars unless the context indicates otherwise. 16