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212.905.1075 fax
Portfolio Companies
Overall Portfolio
Selected Investments
5th Anniversary at NASDAQ

PENNANTPARK INVESTMENT CORPORATION — SCHEDULE OF INVESTMENTS
DECEMBER 31, 2013

Issuer Name Maturity Industry Current Coupon Basis Points Above Index (4) Par / Shares Cost Fair Value (3)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 146.9% (1),(2)
First Lien Secured Debt - 38.3%
Aircell Business Aviation Services LLC Sponsor: Ripplewood Holdings and Oakleigh Thorne
Description: Aircell provides in-flight connectivity and other voice and data communications produc
6/21/2017 Communications 11.25% L+975(8) 23,759,966 $ 22,918,525 $ 25,660,763
AKA Diversified Holdings, Inc. Sponsor: Atlantic Street Capital
Description: Z Wireless is a Verizon Wireless premium retailer primarily in the Midwest.
12/21/2016 Retail 12.50%
(PIK 1.50%)
L+1,225 15,473,511 15,216,343 15,487,928
AP Gaming I, LLC Sponsor: Apollo
Description: AP Gaming I, LLC is a developer and manufacturer of Class II and Class III slot machines.
12/21/2020 Hotels, Motels, Inns and Gaming 9.25% L+825(8) 5,250,000 5,092,500 5,118,750
Ceva Group PLC (5),(10) Sponsor: Apollo
Description: Integrated logistics company with services that include contract logistics, freight forwarding, distribution management, and transportation management
10/1/2016 Cargo Transport 11.63% - 4,000,000 3,943,221 4,180,000
Columbus International, Inc. (5),(10) Sponsor: CFFI Venture Inc. AIC Global Holdings Inc.
Description: Commercial and Retail broadband services provider
11/20/2014 Communications 11.50% - 10,000,000 10,000,000 10,775,000
Cydcor LLC Description: Cydcor LLC is a customer acquisition company in North America. 6/12/2017 Business Services 9.75% L+725(8) 7,185,935 7,185,934 7,242,101
IDQ Holdings, Inc. (5) Sponsor: Castle Harlan
Description: Provider of air conditioning maintenance and repair solutions for the do-it-yourself automotive aftermarket.
3/30/2017 Auto Sector 11.50% - 11,500,000 11,336,576 11,960,000
InfuSystem Holdings, Inc. Description: Provides ambulatory infusion pump rental and related services, sources and deploys pre-owned medical equipment, and repairs biomedical equipment. The Company is publicly traded (NYSE: INFU). 11/30/2016 Healthcare, Education and Childcare 11.61% P+625(8) 11,600,000 11,600,000 11,864,868
Instant Web, Inc. Sponsor: Avista Capital Partners and Court Square
Description: Fully integrated provider of direct mail solutions
8/7/2014 Printing and Publishing 14.50% L+950(8) 23,872,262 23,768,582 23,633,539
Instant Web, Inc. Sponsor: Avista Capital Partners and Court Square
Description: Fully integrated provider of direct mail solutions
8/7/2014 Printing and Publishing 3.62% L+338 20,331,551 16,954,817 18,400,053
Interactive Health Solutions, Inc Sponsor: CI Capital Partners
Description: Designs and administers employee wellness programs
10/4/2016 Healthcare, Education and Childcare 11.50% L+950(8) 17,812,500 17,542,365 17,812,500
Jackson Hewitt Tax Service Inc. Sponsor: Bayside Capital
Description: Jackson Hewitt Tax Service Inc. is a leading provider of federal and state income tax return preparation services through franchised and companyowned retail stores.
10/16/2017 Personal, Food and Miscellaneous Services 10.00% L+850(8) 8,355,469 8,349,808 8,271,914
K2 Pure Solutions NoCal, L.P. Sponsor: Centre Partners
Description: Operates a chlor-alkali manufacturing facility that supplies water treatment, household and industrial end-markets.
8/19/2019 Chemicals, Plastics and Rubber 10.00% L+900(8) 22,342,352 21,916,241 22,116,757
Old Guard Risk Services, Inc. Description: Old Guard Risk Services, Inc. provides workers’ compensation claims administration solutions to insurance carriers. 11/27/2018 Insurance 12.50% L+1,150(8) 31,500,000 30,282,188 30,870,000
Prince Mineral Holding Corp. (5) Sponsor: Palladium Equity Partners
Description: A global processor and distributor of specialty industrial minerals.
12/16/2019 Mining, Steel, Iron and Non-Precious Metals 11.50% - 14,250,000 14,100,483 15,853,125
TRAK Acquisition Corp. Sponsor: HIG Capital
Description: Outsourced legal collections on consumer receivables
4/30/2018 Business Services 12.00% L+1,050(8) 33,833,300 33,364,161 33,833,300
Worley Claims Services, LLC Sponsor: Seaport Capital
Description: A provider of adjustment management and other services to the insurance and environmental industries and to federal and st
7/6/2017 Insurance 12.50% L+1,100(8) 12,199,559 12,199,559 12,443,550
Total First Lien Secured Debt   $265,771,303 $275,524,148
 
Second Lien Secured Debt - 53.4%
American Gilsonite Company (5) Sponsor: Palladium Equity Partners
Description: An industrial minerals company that mines and processes uintaite, asphaltite, and specialty hydrocarbon used in a variety of industrial applications.
9/1/2017 Diversified Natural Resources, Precious Metals and Minerals 11.50% - 25,400,000 25,400,000 24,384,000
Arsloane Acquisition, LLC Sponsor: Apollo Global Management
Description: Arsloane Acquisition, LLC provides outsourced mail, print and document management solutions.
10/1/2020 Business Services 11.75% L+1,050(8) 18,750,000 18,390,069 18,562,500
Ascensus, Inc. Sponsor: J.C. Flowers & Co
Description: Ascensus, Inc. is a leading retirement services company focused on the micro, small and mid-market segments
12/2/2020 Financial Services 9.00% L+800(8) 15,500,000 15,269,063 15,732,500
Bennu Oil & Gas, LLC Description: Bennu Oil & Gas, LLC is a Gulf of Mexico focused oil and gas exploration and production company. 11/1/2018 Oil and Gas 10.25% L+900(8) 11,733,858 11,629,358 11,821,862
Carolina Beverage Group, LLC Sponsor: SunTxCapital Partners
Description: Carolina Beverage, LLC is a manufacturer of specialty and functional beverages in North America, providing procurement, blending, filling, packaging and distribution capabilities to some of the world’s leading beverage brands
8/1/2018 Beverage, Food and Tobacco 10.63% - 13,125,000 13,125,000 13,781,250
CT Technologies Intermediate Holdings, Inc. Sponsor: ABRY Partners LLC
Description: CT Technologies Intermediate Holdings, Inc. provides outsourced release of information services to healthcare facilities.
10/5/2020 Business Services 9.25% L+800(8) 14,000,000 13,797,853 13,982,500
Envision Acquisition Company, LLC Sponsor: TPG Capital
Description: Envision Acquisition Company, LLC is a pharmacy benefit manager in the U.S.
11/4/2021 Healthcare, Education and Childcare 9.75% L+875(8) 19,000,000 18,622,830 19,190,000
Eureka Hunter Pipeline, LLC Sponsor: Magnum Hunter Resources
Description: Natural gas pipeline operator.
8/16/2018 Energy / Utilities 12.50% - 45,000,000 44,619,259 46,912,500
Foundation Bulding Materilas, LLC Sponsor: CI Capital Partners
Description: Foundation Building Materials, LLC is a distributor of drywall and other building products.
4/30/2019 Building Materials 13.00%
(PIK 1.00%)
L+1,200(8) 22,537,500 22,045,554 22,237,447
Foundation Bulding Materilas, LLC (9) Sponsor: CI Capital Partners
Description: Foundation Building Materials, LLC is a distributor of drywall and other building products.
10/30/2015 Building Materials - - 10,000,000 9,825,000 9,866,865
ILC Industries, LLC Sponsor: Behrman Capital
Description: ILC Industries, LLC is a supplier of defense electronics and advanced microelectronic components to the military and aerospace and defense end markets
6/14/2019 Electronics 11.50% L+1,000(8) 7,500,000 7,209,612 7,125,000
Intermediate Transportation 100, L.L.C. (5) Sponsor: Centerbridge Partners
Description: Transportation, third-party logistics, warehouse/distribution and truckload brokerage company
3/1/2017 Cargo Transport 11.00%
(PIK 11.00%)
L+700(8) 3,544,830 3,544,832 3,544,830
Jacobs Entertainment, Inc. Sponsor: Jacobs Investments, Inc.
Description: Jacobs Entertainment, Inc. operates gaming facilities in Colorado and Louisiana.
10/29/2019 Hotels, Motels, Inns and Gaming 13.00% L+1,175(8) 38,950,000 38,292,710 38,950,000
KIK Custom Products, Inc. Sponsor: CI Capital Partners
Description: KIK Custom Products Inc. is a contract manufacturer of consumer packaged goods, including household products, personal care products, and medicated products.
10/29/2019 Consumer Products 9.50% L+825(8) 9,500,000 9,357,500 9,547,500
Language Line, LLC Sponsor: ABRY Partners LLC
Description: Language Line, LLC is a provider of on demand spoken interpretation services, supporting clients in more than 170 languages, through telephone, video and in-person interpretation.
12/20/2016 Personal, Food and Miscellaneous Services 10.50% L+875(8) 33,750,000 33,306,658 33,370,312
Linc USA GP and Linc Energy Finance (USA), Inc. (5) Description: Linc is an oil and gas company engaged in the production, development, exploitation and acquisition of crude oil and gas producing properties. Linc’s parent is Linc Energy Ltd., a diversified global energy company headquartered in Australia. 10/31/2017 Oil and Gas 12.50% - 11,875,000 11,529,304 12,943,750
Penton Media, Inc. Sponsor: MidOcean Partners and Wasserstein & Co.
Description: Penton Media, Inc. is an independent Business-to-business media company that provides independent tradeshow and professional information services.
10/2/2020 Media 9.00% L+775(8) 21,000,000 20,699,519 20,947,500
Pre-Paid Legal Services, Inc. Sponsor: MidOcean Partners
Description: Pre-Paid Legal Services provides legal services and identity theft monitoring and protect
7/1/2020 Personal, Food and Miscellaneous Services 9.75% L+850(8) 56,750,000 55,954,600 56,040,625
Questex Media Group LLC, Term Loan A Description: Business to business media organization 12/15/2014 Other Media 9.50% L+550(8) 2,387,269 2,387,269 2,363,396
Questex Media Group LLC, Term Loan B Description: Business to business media organization 12/15/2015 Other Media 11.50%
(PIK 11.50%)
L+750(8) 2,575,569 2,575,569 2,524,058
Total Second Lien Secured Debt   $377,581,559 $383,828,395
 
Subordinated Debt / Corporate Notes - 43.1%
Acentia, LLC Sponsor: Snow Phipps
Description: Provider of information technology solutions to the government and healthcare markets.
10/2/2017 Electronics 13.75% - 19,000,000 18,630,454 18,574,063
Affinion Group Holdings, Inc. (5) Sponsor: Apollo
Description: Affinion Group Holdings, Inc. engages in the design, marketing and servicing of customer engagement and loyalty solutions.
9/14/2018 Consumer Products 14.50%
(PIK 14.50%)
- 40,949,500 34,047,690 34,602,328
Affinion Investments LLC (5) Sponsor: Apollo
Description: Affinion Group Holdings, Inc. engages in the design, marketing and servicing of customer engagement and loyalty solutions.
8/15/2018 Consumer Products 13.50% - 15,096,000 15,206,083 15,020,520
Alegeus Technologies, LLC Sponsor: Lightyear Capital
Description: Provides benefits administration, payment processing, card services, and explanation of benefits services to healthcare and financial institutions.
2/15/2019 Financial Services 12.00% - 8,930,000 8,780,963 8,847,229
Convergint Technologies LLC Sponsor: KRG Capital Partners
Description: Designs, installs and services electronic security, fire alarm and life safety and building automation systems.
3/26/2018 Electronics 12.00%
(PIK 1.00%)
- 23,574,586 23,190,338 23,928,205
Credit Infonet, Inc. Sponsor: Sentinel Capital Partners
Description: Credit Infonet, Inc. provides data solutions to attorneys.
10/26/2018 Personal, Food and Miscellaneous Services 12.25% - 10,600,000 10,406,446 10,694,878
JF Acquisition, LLC Sponsor: MidOcean Partners
Description: Provider of repair, maintenance, distribution and installation services to the fueling infrastructure industry.
6/30/2017 Distribution 14.00%
(PIK 2.00%)
- 17,604,973 17,266,788 17,604,973
Learning Care Group (US) Inc. Sponsor: Morgan Stanley Private Equity
Description: Child education and care services provider
5/8/2020 Education 15.00%
(PIK 15.00%)
- 7,757,188 7,328,702 7,757,188
LTI Flexible Products, Inc. Sponsor: Sentinel Capital Partners
Description: Manufactures components for OEMs in a variety of industries
1/19/2019 Chemicals, Plastics and Rubber 12.50% - 30,000,000 30,000,000 30,600,000
LTI Flexible Products, Inc. (9) Sponsor: Sentinel Capital Partners
Description: Manufactures components for OEMs in a variety of industries
1/11/2014 Chemicals, Plastics and Rubber - - 5,000,000 4,825,000 5,100,000
MSPark, Inc. Sponsor: Court Square Capital Partners, L.P.
Description: Provides direct mail solutions serving rural and suburban markets across the U.S.
6/15/2017 Printing and Publishing 14.50% (7) - 15,000,000 14,707,114 14,700,000
Power Products, LLC Sponsor: Sentinel Capital Partners
Description: Power Products, LLC designs, manufactures, and distributes branded electrical tools, components and power conversion solutions.
12/11/2020 Electronics 12.75%
(PIK 2.00%)
15,000,000 14,741,324 14,873,765
Randall-Reilly Publishing Company, LLC Sponsor: Investcorp
Description: Randall-Reilly Publishing Company, LLC operates as a business-to-business media and information company primarily to the trucking and construction end markets.
4/15/2019 Other Media 12.50%(7) - 30,400,000 29,808,958 30,232,475
Varel International Energy Mezzanine Funding Corp. Sponsor: Arcapita
Description: Varel is an independent global manufacturer of drill bits for the oil and gas and mining and industrial in
1/15/2018 Oil and Gas 14.00%
(PIK 4.00%)
- 37,449,581 36,857,509 37,183,523
Vestcom International, Inc. Sponsor: Court Square Capital Partners, L.P.
Description: The company is a developer and producer of printed shelf-edge media for the retail industry.
6/27/2019 Printing and Publishing 12.00% - 39,892,933 39,177,714 40,042,026
Total Subordinated Debt/Corporate Notes   $304,975,083 $309,761,173
 
Preferred Equity/Partnership Interests - 1.2%(6)
AH Holdings, Inc. Sponsor: Great Point Partners
Description: Provides professional surgical assistant services to patients, surgeons, and healthcare institutions.
- Healthcare, Education and Childcare 6.00% - 211 500,000 831,461
AHC Mezzanine, LLC Sponsor: Veronis Suhler
Description: Business to business media company
- Other Media - - 7,505 318,896 0
Alegeus Technologies Holding Corp.,
Series A (Alegeus Technologies, LLC) Sponsor: Lightyear Capital
Description: Provides benefits administration, payment processing, card services, and explanation of benefits services to healthcare and financial institutions.
- Financial Services - - 949 949,050 701,561
CI (IHS) Investment Holdings, LLC
(Interactive Health Solutions, Inc.) Sponsor: CI Capital Partners
Description: Designs and administers employee wellness programs
- Healthcare, Education and Childcare 8.00% - 76,357 765,307 1,406,567
CI (IHS) Investment Holdings, LLC
(Interactive Health Solutions, Inc.) (9) Sponsor: CI Capital Partners
Description: Designs and administers employee wellness programs
- Healthcare, Education and Childcare - - 38,179 382,654 703,284
Convergint Technologies Holdings, LLC
(Convergint Technologies LLC) Sponsor: KRG Capital Partners
Description: Designs, installs and services electronic security, fire alarm and life safety and building automation systems.
- Electronics 8.00% - 2,375 2,375,000 2,581,944
HW Topco, Inc. Sponsor: CCMP
Description: B2B media company serving residential and commercial construction sectors.
- Other Media 8.00% - 3,591 24,177 36,795
TZ Holdings, L.P., Series A Sponsor: Apax Partners
Description: Leading healthcare information technology, software and consulting service provider
- Insurance - - 686 685,820 685,820
TZ Holdings, L.P., Series B Sponsor: Apax Partners
Description: Leading healthcare information technology, software and consulting service provider
- Insurance 6.50% - 1,312 1,312,006 1,223,425
VRide Holdings, Inc. Sponsor: TPG Growth
Description: Provider of professionally managed commuter vanpools in the U.S.
- Personal Transportation 8.00% - 1,824,167 1,824,167 121,104
Total Preferred Equity/Partnership Interests   $9,137,077 $8,291,961
 
Common Equity/Warrants/Partnership Interests - 10.9%(6)
Acentia, LLC - Class A Units (12) Sponsor: Snow Phipps
Description: Provider of information technology solutions to the government and healthcare markets.
- Electronics - - 1,998 2,000,000 1,300,534
Affinion Group Holdings, Inc., Series A (Warrants) Sponsor: Apollo
Description: Affinion Group Holdings, Inc. engages in the design, marketing and servicing of customer engagement and loyalty solutions.
12/12/2023 Consumer Products 1,888,055 2,380,193 2,380,193
Affinion Group Holdings, Inc., Series B (Warrants) Sponsor: Apollo
Description: Affinion Group Holdings, Inc. engages in the design, marketing and servicing of customer engagement and loyalty solutions.
12/12/2023 Consumer Products 9,822,196 0 0
AH Holdings, Inc. (Warrants) Sponsor: Great Point Partners
Description: Provides professional surgical assistant services to patients, surgeons, and healthcare institutions.
3/23/2021 Healthcare, Education and Childcare - - 753 0 2,510,880
Alegeus Technologies Holding Corp., Class A
(Alegeus Technologies, LLC) Sponsor: Lightyear Capital
Description: Provides benefits administration, payment processing, card services, and explanation of benefits services to healthcare and financial institutions.
Financial Services - - 1 950 702
Autumn Games, LLC Sponsor: CEA Autumn
Description: Global video game publisher
- Broadcasting and Entertainment - - 1,333,330 3,000,000 0
CI (FBM) Holdings, LLC
(Foundation Building Materials, LLC) (14) Sponsor: CI Capital Partners
Description: Foundation Building Materials, LLC is a distributor of drywall and other building products.
- Building Materials 207,242 2,250,000 2,250,000
CI (FBM) Holdings, LLC
(Foundation Building Materials, LLC) (9)(14) Sponsor: CI Capital Partners
Description: Foundation Building Materials, LLC is a distributor of drywall and other building products.
- Building Materials 103,621 1,125,000 1,125,000
CI (Galls) Prime Investment Holdings, LLC (11) Sponsor: CI Capital Partners
Description: Distributor of public safety, private security and defense products in the United States.
- Distribution - - 1,505,000 1,505,000 2,131,025
CI (IHS) Investment Holdings, LLC
(Interactive Health Solutions, Inc.) Sponsor: CI Capital Partners
Description: Designs and administers employee wellness programs
- Healthcare, Education and Childcare - - 23,416 234,693 431,367
CI (IHS) Investment Holdings, LLC
(Interactive Health Solutions, Inc.) (9) Sponsor: CI Capital Partners
Description: Designs and administers employee wellness programs
- Healthcare, Education and Childcare - - 11,708 117,346 215,683
Convergint Technologies Holdings, LLC
(Convergint Technologies LLC) Sponsor: KRG Capital Partners
Description: Designs, installs and services electronic security, fire alarm and life safety and building automation systems.
Electronics - - 2,375 0 701,911
CT Technologies Holdings, LLC Sponsor: ABRY
Description: Leading outsource provider of "release of information" services to healthcare facilities
- Business Services - - 5,556 545,887 5,048,020
HW Topco, Inc. Sponsor: CCMP
Description: B2B media company serving residential and commercial construction sectors.
- Other Media - - 386,770 2,697,834 3,524,036
Kadmon Holdings, LLC, Class A Sponsor: Kadmon Holdings, LLC
Description: Develops, manufactures, and markets generic pharmaceutical drug products, with significant focus on Hepatitis C drugs
- Healthcare, Education and Childcare - - 1,079,920 1,236,832 8,935,569
Kadmon Holdings, LLC, Class D Sponsor: Kadmon Holdings, LLC
Description: Develops, manufactures, and markets generic pharmaceutical drug products, with significant focus on Hepatitis C drugs
- Healthcare, Education and Childcare - - 1,079,920 1,028,807 1,028,807
Learning Care Group (US) Inc. (Warrants) Sponsor: Morgan Stanley Private Equity
Description: Child education and care services provider
4/27/2020 Education - - 6,649 779,920 4,653,477
Magnum Hunter Resources Corporation
(Eureka Hunter Pipeline, LLC) Description: Independent exploration and production company
- Oil and Gas - - 1,221,932 3,057,500 8,932,323
Magnum Hunter Resources Corporation (Warrants)
(Eureka Hunter Pipeline, LLC) Description: Independent exploration and production company
4/16/2016 Oil and Gas - - 122,193 182,499 272,259
MidOcean JF Holdings Corp.
(JF Acquisitions, LLC) Sponsor: MidOcean Partners
Description: Provider of repair, maintenance, distribution and installation services to the fueling infrastructure industry.
- Distribution - - 1,850 1,850,294 1,761,027
MidOcean PPL Holdings, Inc.
(Pre-Paid Legal Services, Inc.) Sponsor: MidOcean Partners
Description: Provides legal services and identity theft monitoring and protection to its members.
- Personal, Food and Miscellaneous Services - - 3,000 3,000,000 6,307,135
Old Guard Risk Services, Inc. (Warrants) Description: Old Guard Risk Services, Inc. provides workers’ compensation claims administration solutions to insurance carriers. 11/27/2023 Insurance 35,490 495,086 519,154
Paradigm Acquisition Corp. Sponsor: Lightyear Capital
Description: Provider of catastrophic and pain management services to injured workers.
- Healthcare, Education and Childcare - - 20,000 2,000,000 3,938,082
Power Products Holdings, LLC, Class A Units (Power Products, LLC) Sponsor: Sentinel Capital Partners
Description: Power Products, LLC designs, manufactures, and distributes branded electrical tools, components and power conversion solutions.
- Electronics 1,350,000 1,350,000 1,350,000
Power Products Holdings, LLC, Class B Units (Power Products, LLC) Sponsor: Sentinel Capital Partners
Description: Power Products, LLC designs, manufactures, and distributes branded electrical tools, components and power conversion solutions.
- Electronics 150,000 150,000 150,000
QMG Holdco, LLC, Class A
(Questex Media Group, LLC) Description: Business to business media organization
- Other Media - - 4,325 1,306,166 2,303,044
QMG Holdco, LLC, Class B
(Questex Media Group, LLC) Description: Business to business media organization
- Other Media - - 531 0 282,755
SPG Boyd Holdings Corp.
(LTI Flexible Products, Inc.) Sponsor: Snow Phipps
Description: A manufacturer of components for OEMs in a variety of industries.
- Chemical, Plastic and Rubber - - 3,000 3,000,000 6,486,623
TRAK Acquisition Corp. (Warrants) Sponsor: HIG Capital
Description: Outsourced legal collections on consumer receivables
12/29/2019 Business Services - - 3,500 29,400 596,304
Transportation 100 Holdco, L.L.C.(13)
(Intermediate Transporation 100, L.L.C.) Sponsor: Centerbridge Partners
Description: Transportation, third-party logistics, warehouse/distribution and truckload brokerage company
- Cargo Transport - - 137,923 2,111,588 433,133
TZ Holdings, L.P. Sponsor: Apax Partners
Description: Leading healthcare information technology, software and consulting service provider
- Insurance - - 2 9,567 0
Vestcom Parent Holdings, Inc.
(Vestcom International, Inc.) Sponsor: Court Square Capital Partners, L.P.
Description: The company is a developer and producer of printed shelf-edge media for the retail i
- Printing and Publishing - - 211,797 2,325,555 3,298,311
VRide Holdings Inc. Sponsor: TPG Growth
Description: Provider of professionally managed commuter vanpools in the U.S.
- Personal Transportation - - 9,166 9,166 0
VText Holdings, Inc. Sponsor: Investcorp
Description: Provider of deposition and litigation support to law firms, corporations and regulatory agencies
- Business Services - - 35,526 4,050,000 5,629,236
Total Common Equity/Warrants/Partnership Interests   $43,829,283 $78,496,590
 
Investments in Non-Controlled, Non-Affiliated Portfolio Companies $1,001,294,305 $1,055,902,267
Investments in Non-Controlled, Affiliated Portfolio Companies - 11.7%(1),(2)
Second Lien Secured Debt - 1.2%
EnviroSolutions Real Property Holdings, Inc. Description: Diversified environmental services provider 12/26/2017 Environmental Services 9.00% L+800(8) 9,409,740 $ 9,129,208 $ 9,127,448
 
Subordinated Debt/Corporate Notes - 5.4%
DirectBuy Holdings, Inc. Sponsor: Trivest Partners
Description: One of the largest membership-based consumer buying clubs in North America.
11/5/2019 Consumer Products 12.00%
(PIK 12.00%)
- 10,645,053 10,645,053 10,645,054
Service Champ, Inc. Sponsor: Snow Phipps Group is the sponsor
Description: Service Champ, Inc. is a specialty distributor of consumable maintenance parts and accessories to oil change shops
10/2/2017 Auto Sector 12.50% - 28,000,000 27,506,329 28,391,235
Total Subordinated Debt/Corporate Notes   $38,151,382 $39,036,289
 
Preferred Equity - 0.1%(6)
PAS International Holdings, Inc. Sponsor: KRG Capital Partners
Description: Provides repair and overhaul services to the aerospace, oilfield and industrial markets.
Aerospace and Defense 53,071 20,059,340 523,407
 
Common Equity/Warrants/Partnership Interest - 5.0%(6)
DirectBuy Holdings, Inc. Sponsor: Trivest Partners
Description: One of the largest membership-based consumer buying clubs in North America.
- Consumer Products 104,719 21,492,822 4,656,003
DirectBuy Holdings, Inc. (Warrants) Sponsor: Trivest Partners
Description: One of the largest membership-based consumer buying clubs in North America.
11/5/2022 Consumer Products 15,486 0 688,382
EnviroSolutions Holdings, Inc.
(EnviroSolutions Real Property Holdings, Inc.) Description: Diversified environmental services provider
- Environmental Services 142,684 11,891,822 23,136,931
NCP-Performance Sponsor: North Castle Partners
Description: Independent bike dealer and bicycles and cycling accessories direct marketer
Leisure, Amusement, Motion Pictures and Entertainment 375,000 3,750,000 1,288,200
New Service Champ Holdings, Inc.
(Service Champ, Inc.) Sponsor: Snow Phipps
Description: A specialty distributor of consumable maintenance parts and accessories to oil change shops
- Auto Sector 16,800 2,721,600 5,990,614
PAS International Holdings, Inc. Sponsor: KRG Capital Partners
Description: Provides repair and overhaul services to the aerospace, oilfield and industrial markets.
Aerospace and Defense 53,071 202,620 0
Total Common Equity/Partnership Interest   $40,058,864 $35,760,130
 
Investments in Non-Controlled, Affiliated Portfolio Companies $107,398,794 $84,447,274
Investments in Controlled, Affiliated Portfolio Companies - 9.6%(1),(2)
First Lien Secured Debt - 6.3%
Superior Digital Displays, LLC Description: Superior Digital Displays, LLC is a digital media company which operates digital billboards in and around Times Square. 12/31/2018 Media 13.50% L+1,250(8) 12,000,000 $ 10,639,835 $ 10,638,720
Superior Digital Displays, LLC (9) Description: Superior Digital Displays, LLC is a digital media company which operates digital billboards in and around Times Square. 12/31/2018 Media 13,000,000 11,526,821 11,525,280
SuttonPark Holdings, Inc. Description: Purchases and re-sells high-quality deferred payment annuity obligations from brokers and individual holders 6/30/2020 Business Services 14.00%(7) 9,250,000 9,250,000 9,549,190
Universal Pegasus International, LLC Sponsor: KRG Capital Partners
Description: Leading energy engineering services provider
12/31/2015 Oil and Gas 6.50%(8) L+500 1,040,624 8,206,775 9,839,812
Universal Pegasus International, LLC (9) Sponsor: KRG Capital Partners
Description: Leading energy engineering services provider
12/31/2015 Oil and Gas 3,500,000 3,166,724 3,500,000
Total First Lien Secured Debt   $42,790,155 $45,053,002
 
Second Lien Secured Debt - 2.4%
Universal Pegasus International, LLC Sponsor: KRG Capital Partners
Description: Leading energy engineering services provider
12/31/2015 Oil and Gas 15.00%
(PIK 15.00%)
17,252,578 15,522,063 16,907,526
 
Subordinated Debt/Corporate Notes - 0.2%
SuttonPark Holdings, Inc. (7) Description: Purchases and re-sells high-quality deferred payment annuity obligations from brokers and individual holders 6/30/2020 Business Services 14.00% 2,250,000 2,250,000 1,967,514
 
Preferred Equity - 0.4%(6)
SuttonPark Holdings, Inc. Description: Purchases and re-sells high-quality deferred payment annuity obligations from brokers and individual holders - Business Services 14.00% 2,000 2,000,000 1,983,296
Universal Pegasus International Holdings, Inc.
(Universal Pegasus International, LLC) Sponsor: KRG Capital Partners
Description: Leading energy engineering services provider
- Oil and Gas 8.00% 376,988 34,420,612 809,543
Total Preferred Equity   $36,420,612 $2,792,839
 
Common Equity - 0.3%(6)
Superior Digital Displays Holdings, Inc.
(Superior Digital Displays, LLC) Description: Superior Digital Displays, LLC is a digital media company which operates digital billboards in and around Times Square.
Media 4,750 2,211,000 2,211,000
SuttonPark Holdings, Inc. Description: Purchases and re-sells high-quality deferred payment annuity obligations from brokers and individual holders - Business Services 100 100 0
Total Common Equity   $2,211,100 $2,211,000
 
Investments in Controlled, Affiliated Portfolio Companies $99,193,930 $68,931,881
 
 
Total Investments - 168.2% $1,207,887,029 $1,209,281,422
Cash and Cash Equivalents - 4.3%
BlackRock Liquidity Funds, Temp Cash, Institutional Shares 924,316 924,316
BNY Mellon Cash Reserve 29,879,319 29,879,319
Total Cash and Cash Equivalents 30,803,635 30,803,635
Total Investments and Cash Equivalents - 172.5% $1,238,690,664 $1,240,085,057
Liabilities in Excess of Other Assets - (72.5%)     ($521,219,870)
Net Assets - 100.0%     $718,865,187

(1)

The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is deemed as “non-controlled” when we own less than 25% of a portfolio company’s voting securities and “controlled” when we own 25% or more of a portfolio company’s voting securities.

(2)

The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.

(3)

Valued based on our accounting policy.

(4)

Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable London InterBank Offered Rate, or LIBOR, or “L” or Prime, or “P” rate.

(5)

Security is exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, or the Securities Act. The security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers.

(6)

Non-income producing securities.

(7)

Coupon is payable in cash and/or payment-in-kind or PIK.

(8)

Coupon is subject to a LIBOR or Prime rate floor.

(9)

Represents the purchase of a security with delayed settlement (unfunded investments). This security does not have a basis point spread above an index.

(10)

Non-U.S. company or principal place of business outside the U.S.

(11)

Investment is held through PNNT CI (Galls) Prime Investment Holdings, LLC, a consolidated subsidiary.

(12)

Investment is held through PNNT Acentia LLC, a consolidated subsidiary.

(13)

Investment is held through PNNT Transportation 100 Holdco, L.L.C., a consolidated subsidiary.

(14)

Investment is held through PNNT CI (FBM) Holdings, LLC, a consolidated subsidiary.

Our Family of Funds
PennantPark Investment Corporation
PennantPark Floating Rate Capital Ltd.

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