Pennant Park Investment (PNNT)

Market Price (8/9/2026): $3.71 | Market Cap: $242.2 MilSector: Financials | Industry: Asset Management & Custody Banks

Pennant Park Investment (PNNT)

Market Price (8/9/2026): $3.71
Market Cap: $242.2 Mil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 32%, Dividend Yield is 26%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 27%, FCF Yield is 48%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 447%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 447%

Low stock price volatility
Vol 12M is 30%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit.

Weak multi-year price returns
2Y Excs Rtn is -71%, 3Y Excs Rtn is -82%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 225%

Expensive valuation multiples
P/SPrice/Sales ratio is 9.4x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -55%, Rev Chg QQuarterly Revenue Change % is -104%

Key risks
PNNT key risks include [1] high leverage potentially magnified by hidden debt within unconsolidated joint ventures and [2] an unsustainable dividend resulting from a high payout ratio and declining net investment income.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 32%, Dividend Yield is 26%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 27%, FCF Yield is 48%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 447%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 447%
2	Low stock price volatility Vol 12M is 30%
3	Megatrend and thematic drivers Megatrends include Digital & Alternative Assets. Themes include Private Equity, and Private Credit.
4	Weak multi-year price returns 2Y Excs Rtn is -71%, 3Y Excs Rtn is -82%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 225%
6	Expensive valuation multiples P/SPrice/Sales ratio is 9.4x
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -55%, Rev Chg QQuarterly Revenue Change % is -104%
8	Key risks PNNT key risks include [1] high leverage potentially magnified by hidden debt within unconsolidated joint ventures and [2] an unsustainable dividend resulting from a high payout ratio and declining net investment income.

Valuation & Metrics

FYE: 9/30	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	8/9/26	2025	2024	2023	2022
Share Price			$3.71	$5.96	$7.08	$6.91	$5.75
Mkt Cap ($ Mil)			242.2	389.2	462.3	450.7	375.6
+ Debt ($ Mil)			587.2	738.9	772.0	516.8	704.5
- Cash ($ Mil)			44.8	51.8	49.9	38.8	54.8
TEV ($ Mil)			784.7	1,128.1	1,234.3	967.5	1,080.1
Valuation Ratios
P/S	2.4	2.4	9.4	9.3	7.9	-	-
P/EBIT	150.3	147.8	-	-	-	-	-
P/E	6.6	6.9	17.5	11.9	9.5	-13.3	-15.2
P/FCF	—	—	2.1	3.7	-2.7	2.0	-21.7
Sector Ratios (* = sector average)
P/S *			3.4	3.1	3.2	2.7	2.8
P/EBIT *			7.2	8.0	8.5	7.7	7.7
P/E *			12.0	11.2	11.6	10.0	9.6
P/FCF *			9.7	8.8	8.8	7.7	6.4

FYE: 9/30	Forward FYE		Now
	2027	2026	8/9/26
Share Price			$3.71
Mkt Cap ($ Mil)			242.2
+ Debt ($ Mil)			587.2
- Cash ($ Mil)			44.8
TEV ($ Mil)			784.7
Valuation Ratios
P/S	2.4	2.4	9.4
P/EBIT	150.3	147.8	-
P/E	6.6	6.9	17.5
P/FCF	—	—	2.1
Sector Ratios (* = sector average)
P/S *			3.4
P/EBIT *			7.2
P/E *			12.0
P/FCF *			9.7

FYE: 9/30	PNNT [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$25.6 Mil	—
FY 2026 Sales	$102.4 Mil	—
FY 2027 Sales	$100.7 Mil	—
FY 2026 Sales Growth	299.5%	—
FY 2027 Sales Growth	-1.6%	12.8%
EARNINGS
LTM Net Income (GAAP) [3]	$13.8 Mil	—
FY 2026 Net Income (Non-GAAP)	$35.1 Mil	—
FY 2027 Net Income (Non-GAAP)	$36.7 Mil	—
FY 2027 Net Income Growth	4.6%	18.8%
FY 2026 EPS (Non-GAAP)	$0.54	—
FY 2027 EPS (Non-GAAP)	$0.56	—
FY 2027 EPS Growth	3.3%	—
VALUATION
FY 2026 P/S	2.4	1.8
FY 2027 P/S	2.4	—
FY 2026 P/E	6.9	8.4
FY 2027 P/E	6.6	—

[1] PNNT forward figures are analyst consensus for the next two fiscal years (fiscal year end 9/30). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 8/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	PNNT	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	0.0
Rev Chg Q	-103.6%	9.4%
Rev Chg LTM	-55.0%	8.1%
Rev Chg 3Y Avg	30.6%	5.9%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.0
CFO/Rev LTM	447.0%	21.9%
Net Inc Mgn	53.9%	13.1%
VALUATION	HIGH
P/S	9.4	3.3
P/CFO	2.1	15.9
P/FCF	2.1	20.3
P/E	17.5	23.7

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Metric	Value	Date	Source
Assets Under Management	10 billion	3312025	Link
Number of Portfolio Companies	152	9302024	Link
Average Investment Size	8.1 million	9302024	Link
Yield-at-Cost on Debt Portfolio	12.3%	9302024	Link
Number of Unique Private Equity Sponsors	240+	3312025	Link
Total Portfolio Value	1,328.1 million	9302024	Link
Weighted Average Yield on Debt Investments	12.3%	9302024	Link
Portfolio Companies on Non-Accrual (Cost Basis)	4.1%	9302024	Link
Portfolio Companies on Non-Accrual (Fair Value Basis)	2.3%	9302024	Link
Number of Institutional Owners and Shareholders	123	10242025	Link

Price Chart

Upcoming
8/14/2026	Dividend	Amount: $0.08 Payment On: 9/01/2026

Why The Stock Moved

Qualitative Assessment

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Updated on 8/4/2026

Pennant Park Investment (PNNT) stock has lost about 15% since 4/30/2026 because of the following key factors:

1. Pennant Park Investment Corporation (PNNT) reported lower-than-expected fiscal Q2 2026 earnings.

The company announced its financial results for the second fiscal quarter ended March 31, 2026, on May 7, 2026. PNNT missed earnings per share estimates by $0.01 for this quarter. This earnings miss led to an immediate decline in the stock price, with PNNT shares dropping by 4.6% the day following the announcement to close at $4.29.

2. Concerns over dividend sustainability due to a high payout ratio created "yield pressure".

While PennantPark Investment Corporation consistently declared a monthly distribution of $0.08 per share for May, June, July, and August 2026, comprising a $0.04 base dividend and a $0.04 supplemental dividend, the company's dividend payout ratio of 228.57% in July 2026 was significantly above the desirable 75% threshold. This unsustainable payout ratio raised concerns among investors regarding the long-term viability of the dividend, leading analysts to cut fair value estimates and price targets due to "yield pressure".

3. A perceived overall reduction in dividends for fiscal year 2026 impacted investor confidence.

Despite the consistent monthly declarations of $0.08 in the specified period, aggregated dividend data indicated a substantial year-over-year decrease in the total dividend for 2026, down 50% compared to 2025. Historical dividend data shows payments of $0.04 per share for ex-dates in March, April, May, June, and July 2026. This perceived reduction in the overall dividend for the year, particularly the discrepancy between declared total dividends (including supplemental) and the $0.04 per share amounts shown in some historical data, likely eroded investor confidence regarding consistent payouts.

4. Negative analyst sentiment and reduced price targets contributed to downward pressure.

Around July 11, 2026, analysts adjusted their outlook for PennantPark Investment, lowering fair value estimates and cutting price targets. This negative sentiment from the analyst community, driven by factors such as dividend sustainability, contributed to investor uncertainty and exerted downward pressure on the stock price.

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Stock Movement Drivers

Fundamental Drivers

The -16.3% change in PNNT stock from 4/30/2026 to 8/8/2026 was primarily driven by a -32.6% change in the company's Total Revenues ($ Mil).

(LTM values as of)	4302026	8082026	Change
Stock Price ($)	4.41	3.69	-16.3%
Change Contribution By:
Total Revenues ($ Mil)	38	26	-32.6%
Net Income Margin (%)	67.3%	53.9%	-20.0%
P/E Multiple	11.2	17.4	55.1%
Shares Outstanding (Mil)	65	65	0.0%
Cumulative Contribution			-16.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/8/2026

	Return	Correlation
PNNT	-16.3%
Market (SPY)	7.6%	22.5%
Sector (XLF)	10.5%	34.4%

Fundamental Drivers

The -29.1% change in PNNT stock from 1/31/2026 to 8/8/2026 was primarily driven by a -38.6% change in the company's Total Revenues ($ Mil).

(LTM values as of)	1312026	8082026	Change
Stock Price ($)	5.20	3.69	-29.1%
Change Contribution By:
Total Revenues ($ Mil)	42	26	-38.6%
Net Income Margin (%)	78.4%	53.9%	-31.2%
P/E Multiple	10.4	17.4	68.1%
Shares Outstanding (Mil)	65	65	0.0%
Cumulative Contribution			-29.1%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/8/2026

	Return	Correlation
PNNT	-29.1%
Market (SPY)	12.1%	39.6%
Sector (XLF)	8.3%	44.1%

Fundamental Drivers

The -38.4% change in PNNT stock from 7/31/2025 to 8/8/2026 was primarily driven by a -55.0% change in the company's Total Revenues ($ Mil).

(LTM values as of)	7312025	8082026	Change
Stock Price ($)	5.99	3.69	-38.4%
Change Contribution By:
Total Revenues ($ Mil)	57	26	-55.0%
Net Income Margin (%)	83.7%	53.9%	-35.6%
P/E Multiple	8.2	17.4	112.5%
Shares Outstanding (Mil)	65	65	0.0%
Cumulative Contribution			-38.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/8/2026

	Return	Correlation
PNNT	-38.4%
Market (SPY)	23.4%	34.4%
Sector (XLF)	11.3%	36.8%

Fundamental Drivers

The -11.2% change in PNNT stock from 7/31/2023 to 8/8/2026 was primarily driven by a -467.8% change in the company's P/S Multiple.

(LTM values as of)	7312023	8082026	Change
Stock Price ($)	4.16	3.69	-11.2%
Change Contribution By:
Total Revenues ($ Mil)	-106	26	-124.2%
P/S Multiple	-2.6	9.4	-467.8%
Shares Outstanding (Mil)	65	65	-0.1%
Cumulative Contribution			-11.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/8/2026

	Return	Correlation
PNNT	-11.2%
Market (SPY)	74.9%	44.7%
Sector (XLF)	70.4%	47.0%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
PNNT Return	62%	-9%	37%	17%	-3%	-31%	58%
Peers Return	31%	-12%	34%	20%	-5%	-5%	68%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	105%
Monthly Win Rates [3]
PNNT Win Rate	92%	50%	67%	67%	50%	25%
Peers Win Rate	80%	45%	70%	72%	53%	50%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
PNNT Max Drawdown	-12%	-28%	-21%	-15%	-19%	-41%
Peers Max Drawdown	-8%	-26%	-10%	-10%	-22%	-20%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, OBDC, FSK, BXSL, TSLX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)

Event	PNNT	S&P 500
2025 US Tariff Shock
% Loss	-17.0%	-18.8%
% Gain to Breakeven	20.4%	23.1%
Time to Breakeven	85 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-15.1%	-7.8%
% Gain to Breakeven	17.8%	8.5%
Time to Breakeven	207 days	18 days
2023 SVB Regional Banking Crisis
% Loss	-14.0%	-6.7%
% Gain to Breakeven	16.3%	7.1%
Time to Breakeven	13 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-16.9%	-24.5%
% Gain to Breakeven	20.4%	32.4%
Time to Breakeven	268 days	427 days
2020 COVID-19 Crash
% Loss	-68.5%	-33.7%
% Gain to Breakeven	217.3%	50.9%
Time to Breakeven	319 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-14.5%	-19.2%
% Gain to Breakeven	16.9%	23.8%
Time to Breakeven	362 days	105 days

Compare to ARCC, OBDC, FSK, BXSL, TSLX

In The Past

Pennant Park Investment's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	PNNT	S&P 500
2020 COVID-19 Crash
% Loss	-68.5%	-33.7%
% Gain to Breakeven	217.3%	50.9%
Time to Breakeven	319 days	140 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-30.7%	-12.2%
% Gain to Breakeven	44.3%	13.9%
Time to Breakeven	149 days	62 days
2014-2016 Oil Price Collapse
% Loss	-49.3%	-6.8%
% Gain to Breakeven	97.3%	7.3%
Time to Breakeven	387 days	15 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-23.2%	-17.9%
% Gain to Breakeven	30.3%	21.8%
Time to Breakeven	108 days	123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
% Loss	-23.8%	-15.4%
% Gain to Breakeven	31.3%	18.2%
Time to Breakeven	178 days	125 days
2008-2009 Global Financial Crisis
% Loss	-76.8%	-53.4%
% Gain to Breakeven	330.2%	114.4%
Time to Breakeven	260 days	1085 days

Compare to ARCC, OBDC, FSK, BXSL, TSLX

In The Past

Pennant Park Investment's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Pennant Park Investment (PNNT)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

PennantPark Investment Corporation (PNNT) operates as a Business Development Company (BDC), functioning essentially as a private equity fund. Its core business revolves around providing capital to middle-market companies located in the United States. PNNT specializes in making direct investments across various parts of a company's financial structure, including senior secured loans, mezzanine debt, and equity investments. The company targets businesses with annual earnings before interest, taxes, depreciation, and amortization (EBITDA) typically ranging from $10 million to $50 million.

The primary services PNNT offers are structured financing solutions to these private companies. These "products" encompass a variety of debt instruments such as senior secured loans (which have priority in repayment), subordinated debt, and mezzanine loans, along with various equity investments like preferred stock, common stock, warrants, and options. Investment sizes typically fall between $10 million and $100 million for each portfolio company, often involving non-control equity and debt stakes designed to support growth, acquisitions, or recapitalization efforts.

PNNT serves a highly diverse market, providing financing to a broad spectrum of industries across the United States. Its extensive investment mandate covers nearly every sector imaginable, including but not limited to real estate, technology, healthcare, education, financial services, energy, manufacturing, and retail. This diversified approach allows PennantPark to support a wide array of middle-market companies, spreading its investment risk across numerous economic segments and contributing capital to help these businesses thrive.

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Here are 1-3 brief analogies for Pennant Park Investment (PNNT):

It's like a publicly traded mutual fund, but instead of buying stocks in large public companies, it invests in loans and equity stakes in a diverse portfolio of private, mid-sized businesses across the U.S.
Think of it as a publicly traded private equity firm (similar to a smaller KKR or Blackstone), specializing in providing debt and minority equity to mid-sized U.S. companies that often can't access traditional financing.
It functions as a publicly traded specialized bank for mid-sized private companies, offering them loans and equity investments that traditional commercial banks typically don't provide.

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Mezzanine Debt/Loans: A form of subordinated debt that often includes an equity component, providing capital for growth or acquisitions.
Senior Secured Loans: Loans collateralized by a borrower's assets, offering a senior position in the capital structure and typically lower risk.
Equity Investments: Acquisition of ownership stakes in private middle-market companies through various forms of stock, warrants, or options.

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PennantPark Investment Corporation (PNNT) operates as a business development company and private equity fund. Its "customers" are the middle market companies to which it provides financing in the form of mezzanine debt, senior secured loans, and equity investments.

The provided background information does not list the names of specific customer companies (portfolio companies). Therefore, it is not possible to provide a list of their names or symbols. However, the background describes the profile of the companies PNNT invests in:

Companies based in the United States.
Companies with EBITDA typically between $10 million and $50 million.
Companies operating across a wide range of diverse industries. These industries include, but are not limited to:
- Buildings and Real Estate
- Hotels, Gaming and Leisure
- Technology, Telecommunications, and Information Technology Services
- Transportation
- Electronics
- Healthcare & Pharmaceuticals
- Education and Childcare
- Financial Services
- Printing and Publishing
- Consumer Products
- Business Services
- Energy & Related Services and Utilities
- Distribution and Wholesale
- Oil and Gas
- Media
- Environmental Services
- Aerospace and Defense
- Building Materials
- Capital Equipment
- Chemicals, Plastics, & Rubber
- Food & Beverage
- Manufacturing and Basic Industries
- Retail

As PennantPark Investment Corporation is an investment fund providing capital to businesses, it does not sell products or services primarily to individuals.

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Arthur H. Penn, Chairman and Chief Executive Officer

Arthur H. Penn is the Founder and Managing Partner of PennantPark Investment Advisers. He has over 30 years of experience in the financial industry, including middle-market direct lending, mezzanine lending, leveraged finance, distressed debt, and private equity businesses. Prior to founding PennantPark, Mr. Penn co-founded Apollo Investment Management in 2004, serving as a Managing Partner from 2004 to 2006. He also held the positions of Chief Operating Officer of Apollo Investment Corporation from its inception in 2004 to 2006, and President and Chief Operating Officer in 2006. Mr. Penn was formerly a Managing Partner of Apollo Value Fund L.P. (formerly Apollo Distressed Investment Fund, L.P.) from 2003 to 2006. His prior experience also includes serving as Global Head of Leveraged Finance at UBS Warburg LLC (now UBS Investment Bank) from 1999 through 2001, Global Head of Fixed Income Capital Markets for BT Securities and BT Alex. Brown Incorporated from 1994 to 1999, and Head of High-Yield Capital Markets at Lehman Brothers from 1992 to 1994.

Richard T. Allorto, Jr., Chief Financial Officer and Treasurer

Richard T. Allorto, Jr. serves as the Principal Accounting Officer, Chief Financial Officer, and Treasurer of PennantPark Investment Corporation and PennantPark Floating Rate Capital Ltd.

Gerald Cummins, Chief Compliance Officer

Gerald Cummins is the Chief Compliance Officer of PennantPark Investment Corporation.

Frank Galea, Chief Compliance Officer

Frank Galea is also listed as a Chief Compliance Officer of PennantPark Investment Corporation and PennantPark Floating Rate Capital Ltd.

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Here are the key risks to PennantPark Investment (PNNT):

1. Credit Risk and Borrower Defaults

PennantPark Investment Corporation, as a business development company specializing in debt investments in middle-market companies, is primarily exposed to credit risk. The quality of its investment portfolio significantly impacts its earnings, and the fund faces the risk that its borrowers may default on their payments. This risk is evidenced by increasing non-accruals, where portfolio companies struggle to meet their debt obligations, directly pressuring the company's net investment income and dividend sustainability.

2. Interest Rate Risk

As PNNT borrows money to make investments, its net investment income is directly dependent on the difference between its borrowing costs and the rates at which it invests funds. A significant increase in market interest rates could materially affect its net investment income, as its cost of capital may rise faster than the yields on its loans. Furthermore, portfolio companies with floating-rate securities may face challenges in paying escalating interest amounts, potentially leading to defaults. This also directly impacts the sustainability of distributions to shareholders.

3. Net Asset Value (NAV) Deterioration and Dividend Sustainability

PennantPark Investment has experienced a concerning decline in its net asset value (NAV), reflecting ongoing portfolio losses and operating earnings that have lagged behind dividend obligations. This has led to concerns about the sustainability of its dividend, with some analysts predicting a reduction in the payout. The insufficiency of net investment income to cover distributions and negative net investment activity further limit prospects for NAV growth.

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The addressable market for PennantPark Investment (PNNT), a business development company specializing in direct and mezzanine investments in U.S. middle-market companies, is the U.S. private credit market.

The size of the U.S. private credit market is currently estimated to be approximately $1.3 trillion. This market has experienced significant growth, expanding from $500 billion to $1.3 trillion over the last five years and is projected for continued expansion in 2026. Some analyses suggest the U.S. private credit market could range between $1.125 trillion and $1.575 trillion, based on global market estimates where approximately three-quarters of the market is in the United States. More specifically, Business Development Companies (BDCs), such as PennantPark Investment, constitute roughly $500 billion of the private credit market.

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Here are 3-5 expected drivers of future revenue growth for PennantPark Investment (PNNT) over the next 2-3 years:

1. Growth of the PennantPark Senior Loan Fund (PSLF) Joint Venture Portfolio: The PSLF joint venture continues to be a significant contributor to PennantPark Investment's core net investment income. The JV has the capacity to increase its portfolio to $1.5 billion, and potentially up to $1.6 billion, with this additional growth expected to enhance PNNT's earnings momentum in future quarters.

2. Expansion of the Investment Portfolio through New Originations: PennantPark Investment continues to originate attractive investment opportunities, with its experienced team and wide origination funnel producing active deal flow. This consistent ability to deploy capital into new investments, encompassing both new and existing portfolio companies, drives future interest and dividend income.

3. Strategic Rotation Towards Interest-Bearing Debt Investments: Management has indicated a strategic intention to rotate out of equity positions and to focus more on debt investments. This shift is aimed at enhancing core net investment income by prioritizing more stable and predictable interest income from debt securities.

4. Favorable Middle Market M&A Environment: An expected increase in M&A transaction activity within the private middle market is anticipated to expand the pipeline of new investment opportunities for PennantPark Investment. As a specialist in direct and mezzanine investments in middle-market companies, a robust M&A environment directly fuels PNNT's ability to identify and invest in new businesses.

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Here is a summary of PennantPark Investment (PNNT)'s capital allocation decisions over the last 3-5 years:

Share Repurchases

In February 2022, PennantPark Investment Corporation announced a share repurchase plan authorizing the company to repurchase up to $25.0 million of its outstanding common stock.
PennantPark Investment Corp spent $1.2 million on share buybacks in the third quarter of 2022.
A stock repurchase program is identified as a primary use of funds, as stated in a December 2023 SEC filing.

Share Issuance

The weighted average basic shares outstanding were approximately 65.30 million for the fiscal year ended September 30, 2024.
For the first quarter of fiscal year 2026 (ended December 31, 2025), the company had 65 million shares outstanding.

Outbound Investments

For the three months ended December 31, 2025 (Q1 Fiscal Year 2026), PNNT invested $115.1 million in three new and 51 existing portfolio companies, with sales and repayments of investments totaling $273.2 million.
For the fiscal year ended September 30, 2024, the company invested $774.6 million in 41 new and 81 existing portfolio companies, while sales and repayments of investments amounted to $175.3 million.
In December 2025, PNNT successfully exited its equity investment in JF Intermediate, LLC for $67.5 million, realizing a gain of $63.1 million.

Capital Expenditures

As a business development company, PennantPark Investment Corporation's capital expenditures are primarily reflected in its investment activities in portfolio companies.
The company reported $0 in traditional capital expenditures for several quarters, including Q1, Q2, Q3, and Q4 of 2025, and Q1, Q2, Q3, and Q4 of 2024.

Interactive Breakdown

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Better Bets vs. Pennant Park Investment (PNNT)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	How Low Can Pennant Park Investment Stock Really Go?	10/17/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to PNNT.

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Recent Active Movers

Top Gainers

Ticker	Company	Category	1D Rtn	YTD Rtn
RING	iShares MSCI Global Gold Miners ETF	Equity	7.8%	5.9%
NASA	Tema Space Innovators ETF	Equity	5.8%	1.5%
ARKK	ARK Innovation ETF	Equity	4.9%	3.3%
XOVR	EntrepreneurShares Series Trust ERSha...	Equity	4.5%	-0.0%
URA	Global X Uranium ETF	Equity	4.0%	5.1%
ARKX	ARK Space & Defense Innovation ETF	Equity	3.8%	-1.8%
ARKQ	ARK Autonomous Technology & Robotics ETF	Equity	3.8%	11.5%
IGV	iShares Expanded Tech-Software Sector...	Equity	3.3%	-2.8%
ARKW	ARK Next Generation Internet ETF	Equity	3.1%	0.1%
SLV	iShares Silver Trust	Commodity	3.0%	-10.7%

Top Losers

Ticker	Company	Category	1D Rtn	YTD Rtn
EWZ	iShares MSCI Brazil ETF	Equity	-1.3%	11.2%
XLE	State Street Energy Select Sector SPD...	Equity	-1.1%	29.4%
ILF	iShares Latin America 40 ETF	Equity	-0.8%	13.7%
USO	United States Oil Fund LP	Commodity	-0.7%	70.6%
FXN	First Trust Energy AlphaDEX Fund	Equity	-0.5%	30.7%
XOP	State Street SPDR S&P Oil & Gas Explo...	Equity	-0.4%	32.3%
KRE	State Street SPDR S&P Regional Bankin...	Equity	-0.4%	18.3%
XLF	State Street Financial Select Sector ...	Equity	-0.4%	5.7%
IYJ	iShares U.S. Industrials ETF	Equity	-0.1%	13.8%
JEPI	JPMorgan Equity Premium Income ETF	Equity	-0.0%	4.8%

Top Gainers

Ticker	Company	Category	1W Rtn	YTD Rtn
RING	iShares MSCI Global Gold Miners ETF	Equity	22.3%	5.9%
NASA	Tema Space Innovators ETF	Equity	18.2%	1.5%
URA	Global X Uranium ETF	Equity	14.9%	5.1%
ARKX	ARK Space & Defense Innovation ETF	Equity	12.0%	-1.8%
ARKK	ARK Innovation ETF	Equity	11.5%	3.3%
ARKQ	ARK Autonomous Technology & Robotics ETF	Equity	11.1%	11.5%
GDE	WisdomTree Efficient Gold Plus Equity...	Equity	10.2%	-4.3%
SLV	iShares Silver Trust	Commodity	9.8%	-10.7%
MISL	First Trust Indxx Aerospace & Defense...	Equity	9.7%	10.4%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	9.2%	74.5%

Top Losers

Ticker	Company	Category	1W Rtn	YTD Rtn
USO	United States Oil Fund LP	Commodity	-8.7%	70.6%
XOP	State Street SPDR S&P Oil & Gas Explo...	Equity	-6.2%	32.3%
EWZ	iShares MSCI Brazil ETF	Equity	-3.6%	11.2%
XLE	State Street Energy Select Sector SPD...	Equity	-3.4%	29.4%
UNG	United States Natural Gas Fund LP	Commodity	-3.2%	-20.6%
FXN	First Trust Energy AlphaDEX Fund	Equity	-3.0%	30.7%
ILF	iShares Latin America 40 ETF	Equity	-2.1%	13.7%
DBC	Invesco DB Commodity Index Tracking Fund	Commodity	-1.8%	29.3%
PDBC	Invesco Optimum Yield Diversified Com...	Commodity	-1.8%	30.2%
XLU	State Street Utilities Select Sector ...	Equity	-1.7%	2.9%

Top Gainers

Ticker	Company	Category	1M Rtn	YTD Rtn
RING	iShares MSCI Global Gold Miners ETF	Equity	19.8%	5.9%
PALL	ETFS Physical Palladium Shares	Commodity	10.4%	-13.8%
ETHA	iShares Ethereum Trust ETF	Cryptocurrency	9.7%	-35.5%
IGV	iShares Expanded Tech-Software Sector...	Equity	9.4%	-2.8%
PPLT	ETFS Physical Platinum Shares	Commodity	8.4%	-15.0%
COWZ	Pacer US Cash Cows 100 ETF	Equity	8.3%	15.4%
FXI	iShares China Large-Cap ETF	Equity	8.3%	-5.5%
KWEB	KraneShares CSI China Internet ETF	Equity	8.2%	-15.8%
USO	United States Oil Fund LP	Commodity	8.2%	70.6%
AKRE	Akre Focus ETF	Equity	7.5%	-10.1%

Top Losers

Ticker	Company	Category	1M Rtn	YTD Rtn
EWY	iShares MSCI South Korea ETF	Equity	-10.1%	70.8%
UNG	United States Natural Gas Fund LP	Commodity	-10.1%	-20.6%
SOXX	iShares Semiconductor ETF	Equity	-6.6%	80.5%
ICLN	iShares Global Clean Energy ETF	Equity	-5.3%	11.4%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-4.7%	74.5%
XOVR	EntrepreneurShares Series Trust ERSha...	Equity	-4.5%	-0.0%
NASA	Tema Space Innovators ETF	Equity	-4.3%	1.5%
XBI	State Street SPDR S&P Biotech ETF	Equity	-4.2%	29.1%
SMH	VanEck Semiconductor ETF	Equity	-4.1%	61.8%
MTUM	iShares MSCI USA Momentum Factor ETF	Equity	-3.7%	23.7%

Peer Comparisons

Peers to compare with:

Financials

	PNNT	ARCC	OBDC	FSK	BXSL	TSLX	Median
Name	Pennant .	Ares Cap.	Blue Owl.	FS KKR C.	Blacksto.	Sixth St.
Mkt Price	3.69	20.01	11.64	12.44	24.54	19.10	15.77
Mkt Cap	0.2	14.4	5.8	3.5	5.7	1.8	4.6
Rev LTM	26	1,174	375	-307	341	132	237
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	115	-680	2,207	1,923	148	103	131
FCF 3Y Avg	89	-1,213	1,336	1,297	-798	117	103
CFO LTM	115	-680	2,207	1,923	148	103	131
CFO 3Y Avg	89	-1,213	1,336	1,297	-798	117	103

Growth & Margins

	PNNT	ARCC	OBDC	FSK	BXSL	TSLX	Median
Name	Pennant .	Ares Cap.	Blue Owl.	FS KKR C.	Blacksto.	Sixth St.
Rev Chg LTM	-55.0%	-24.5%	-49.6%	-201.0%	-48.4%	-45.6%	-49.0%
Rev Chg 3Y Avg	30.6%	16.6%	-23.2%	-46.3%	-3.3%	-12.5%	-7.9%
Rev Chg Q	-103.6%	-46.2%	-43.9%	82.6%	-84.3%	-27.8%	-45.1%
QoQ Delta Rev Chg LTM	-32.6%	-13.8%	-15.7%	33.1%	-29.6%	-13.0%	-14.7%
Op Inc Chg LTM	-	-	-	-	-	-	-
Op Inc Chg 3Y Avg	-	-	-	-	-	-	-
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	447.0%	-57.9%	588.7%	-	43.3%	78.3%	78.3%
CFO/Rev 3Y Avg	235.9%	-77.1%	277.0%	-	-106.9%	59.9%	59.9%
FCF/Rev LTM	447.0%	-57.9%	588.7%	-	43.3%	78.3%	78.3%
FCF/Rev 3Y Avg	235.9%	-77.1%	277.0%	-	-106.9%	59.9%	59.9%

Valuation

	PNNT	ARCC	OBDC	FSK	BXSL	TSLX	Median
Name	Pennant .	Ares Cap.	Blue Owl.	FS KKR C.	Blacksto.	Sixth St.
Mkt Cap	0.2	14.4	5.8	3.5	5.7	1.8	4.6
P/S	9.4	12.2	15.4	-	16.7	13.7	13.7
P/Op Inc	-	-	-	-	-	-	-
P/EBIT	-	-	-	-	-	-	-
P/E	17.4	15.0	20.0	-9.3	19.5	20.4	18.4
P/CFO	2.1	-21.1	2.6	1.8	38.6	17.5	2.4
Total Yield	31.7%	15.9%	18.1%	10.0%	17.1%	13.6%	16.5%
Dividend Yield	26.0%	9.3%	13.1%	20.7%	12.0%	8.7%	12.5%
FCF Yield 3Y Avg	28.1%	-8.8%	22.2%	33.4%	-12.3%	5.8%	14.0%
D/E	2.4	1.1	1.4	1.9	1.3	1.1	1.3
Net D/E	2.3	1.1	1.3	1.8	1.3	1.0	1.3

Returns

	PNNT	ARCC	OBDC	FSK	BXSL	TSLX	Median
Name	Pennant .	Ares Cap.	Blue Owl.	FS KKR C.	Blacksto.	Sixth St.
1M Rtn	11.2%	8.7%	8.4%	17.8%	6.2%	14.6%	9.9%
3M Rtn	-13.9%	8.0%	5.5%	19.4%	4.8%	9.2%	6.7%
6M Rtn	-27.2%	9.2%	8.2%	5.6%	5.2%	-0.3%	5.4%
12M Rtn	-38.8%	-2.2%	-7.2%	-17.2%	-9.2%	-12.7%	-10.9%
3Y Rtn	-12.0%	35.6%	18.4%	-2.6%	18.1%	28.0%	18.2%
1M Excs Rtn	8.3%	5.9%	5.5%	15.0%	3.4%	11.7%	7.1%
3M Excs Rtn	-23.6%	2.5%	-0.6%	12.5%	-1.7%	3.8%	0.9%
6M Excs Rtn	-40.6%	-1.9%	-0.5%	-7.6%	-7.4%	-15.5%	-7.5%
12M Excs Rtn	-61.2%	-24.0%	-29.1%	-49.1%	-30.4%	-34.8%	-32.6%
3Y Excs Rtn	-82.4%	-35.0%	-54.0%	-74.1%	-50.8%	-41.4%	-52.4%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 9/30	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2026	9/30/2025	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020
Filing Date	5/7/2026	11/24/2025	11/26/2024	12/8/2023	11/17/2022	11/17/2021	11/19/2020
Key Financials
Total Revenue	26	42	59	-20	-5	171	-10
Net Income	14	33	49	-34	-25	167	-16
EPS	0.21	0.50	0.75	-0.52	-0.37	2.49	-0.24
Growth Rates
Total Revenue Growth	-55.0%	-28.6%	390.1%	-306.6%	-102.9%	1837.6%	-134.0%
Net Income Growth	-71.0%	-33.0%	244.5%	-36.6%	-114.8%	1143.3%	-200.3%
Margins
Net Income Margin	53.9%	78.4%	83.5%	-	-	97.3%	-
Cash & Debt
Total Cash	45	52	50	39	55	20	26
Total Debt	587	739	772	517	705	607	568
Net Debt / (Cash)	542	687	722	478	650	587	543
Cash Flows & CapEx
Net Cash from Operations	115	105	-172	223	-17	8	-130
Total CapEx	0	0	0	0	0	0	0
Free Cash from Operations	115	105	-172	223	-17	8	-130
Returns to Shareholders
Dividends	63	68	66	46	35	32	44
Share Repurchases	-0	-0	-0	-0	13	-0	-0

$ Mil \| FY: 9/30	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Filing Date	5/7/2026	2/9/2026	11/24/2025	8/11/2025	5/12/2025	2/10/2025	11/26/2024	8/7/2024	5/8/2024	2/7/2024	12/8/2023	8/9/2023
Key Financials Quarterly
Total Revenue	-0	15	1	10	12	19	20	6	20	12	16	26
Net Income	-2	9	-1	8	9	16	18	4	16	11	12	21
EPS	-0.04	0.14	-0.01	0.12	0.14	0.25	-0.30	0.06	0.25	0.16	0.19	0.32
Key Financials TTM
Total Revenue TTM	26	38	42	61	57	65	59	54	74	62	-20	-72
Net Income TTM	14	26	33	52	48	54	49	43	60	49	-34	-81
Growth Rates Quarterly
Total Revenue Growth	-103.6%	-20.2%	-95.5%	73.1%	-39.7%	51.0%	24.8%	-76.8%	166.4%	117.6%	145.8%	419.0%
Net Income Growth	-124.6%	-44.3%	-105.2%	117.6%	-41.2%	51.0%	49.8%	-82.1%	230.2%	114.8%	135.1%	213.4%
Margins Quarterly
Net Income Margin	-	60.5%	-103.7%	79.0%	79.2%	86.6%	89.8%	62.8%	81.3%	86.6%	74.9%	81.5%
Cash & Debt
Total Cash	45	46	52	71	33	56	50	59	35	37	39	43
Total Debt	587	609	739	629	624	772	772	758	703	695	517	617
Net Debt / (Cash)	542	563	687	559	591	716	722	699	668	658	478	574
Cash Flows Quarterly
FCF from Operations	36	135	-108	51	142	19	-5	-17	4	-155	107	55
Cash Flows TTM
FCF from Operations TTM	115	221	105	208	140	1	-172	-61	12	77	223	196
Returns to Shareholders Quarterly
Dividends	16	10	21	16	16	16	16	14	14	23	13	12
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-0.6%	2.7%	-0.1%	2.5%	2.8%	4.4%	5.0%	1.0%	4.5%	3.0%	4.0%	6.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	1.1%	2.0%	2.3%	4.0%	3.6%	3.7%	3.3%	3.0%	4.2%	3.5%	-2.1%	-6.1%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Single Segment	109	133	50	46	212
Total	109	133	50	46	212

Price Behavior

Price Behavior

Market Price	$3.69
Market Cap ($ Bil)	0.2
First Trading Date	04/19/2007
Distance from 52W High	-39.5%
	50 Days	200 Days
DMA Price	$3.46	$4.47
DMA Trend	down	down
Distance from DMA	6.8%	-17.5%
	3M	1YR
Volatility	35.0%	29.8%
Downside Capture	109.12	119.75
Upside Capture	22.31	35.81
Correlation (SPY)	21.7%	33.8%

PNNT Betas & Captures as of 7/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.50	0.53	0.45	0.93	0.73	0.69
Up Beta	-1.41	-0.47	-0.01	0.55	0.68	0.68
Down Beta	-0.43	0.21	0.69	0.91	0.78	0.71
Up Capture	113%	53%	-24%	40%	20%	26%
Bmk +ve Days	11	22	35	67	138	427
Stock +ve Days	10	20	28	55	116	384
Down Capture	156%	127%	120%	150%	113%	94%
Bmk -ve Days	11	21	28	59	114	326
Stock -ve Days	12	23	33	68	124	331

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with PNNT
PNNT	-39.0%	29.7%	-1.65	-
Sector ETF (XLF)	12.3%	14.6%	0.57	36.7%
Equity (SPY)	23.3%	12.8%	1.36	34.4%
Gold (GLD)	28.5%	28.4%	0.87	8.4%
Commodities (DBC)	32.9%	19.8%	1.32	-15.0%
Real Estate (VNQ)	14.2%	13.8%	0.72	22.7%
Bitcoin (BTCUSD)	-43.7%	43.0%	-1.21	16.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with PNNT
PNNT	2.3%	24.0%	0.06	-
Sector ETF (XLF)	11.4%	18.4%	0.48	47.5%
Equity (SPY)	13.5%	17.2%	0.61	45.6%
Gold (GLD)	18.6%	18.6%	0.81	7.1%
Commodities (DBC)	8.2%	19.6%	0.31	12.1%
Real Estate (VNQ)	2.3%	18.9%	0.02	37.2%
Bitcoin (BTCUSD)	9.0%	53.0%	0.36	19.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with PNNT
PNNT	5.6%	33.0%	0.25	-
Sector ETF (XLF)	13.6%	22.1%	0.56	53.4%
Equity (SPY)	15.4%	17.9%	0.73	49.3%
Gold (GLD)	12.1%	16.2%	0.61	4.4%
Commodities (DBC)	7.4%	18.0%	0.33	20.4%
Real Estate (VNQ)	4.8%	20.7%	0.20	49.3%
Bitcoin (BTCUSD)	58.4%	66.2%	0.98	15.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	7152026
Short Interest: Shares Quantity	2.3 Mil
Short Interest: % Change Since 6302026	18.4%
Average Daily Volume	0.6 Mil
Days-to-Cover Short Interest	3.6 days
Basic Shares Quantity	65.3 Mil
Short % of Basic Shares	3.5%

Returns Analyses

	Title
0	How Low Can Pennant Park Investment Stock Really Go?

Earnings Returns History

Updated 8/4/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/7/2026	-4.6%	-11.7%	-18.9%
2/9/2026	-5.8%	-9.1%	-14.8%
11/24/2025	-5.6%	-10.2%	-7.0%
8/11/2025	0.8%	-1.1%	-0.2%
5/12/2025	3.3%	5.1%	4.8%
2/10/2025	-0.7%	0.6%	-1.3%
11/25/2024	-0.4%	-3.3%	2.5%
8/7/2024	1.0%	3.2%	2.8%
...
SUMMARY STATS
# Positive	13	11	13
# Negative	11	13	11
Median Positive	2.2%	4.0%	4.2%
Median Negative	-2.6%	-3.3%	-5.1%
Max Positive	6.1%	12.3%	18.4%
Max Negative	-8.3%	-11.7%	-18.9%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/7/2026	-4.6%	-11.7%	-18.9%
2/9/2026	-5.8%	-9.1%	-14.8%
11/24/2025	-5.6%	-10.2%	-7.0%
8/11/2025	0.8%	-1.1%	-0.2%
5/12/2025	3.3%	5.1%	4.8%
2/10/2025	-0.7%	0.6%	-1.3%
11/25/2024	-0.4%	-3.3%	2.5%
8/7/2024	1.0%	3.2%	2.8%
5/8/2024	2.2%	2.4%	7.8%
2/7/2024	-1.2%	-2.5%	0.2%
11/15/2023	-0.3%	-1.2%	0.5%
8/9/2023	3.9%	-0.3%	-0.8%
5/10/2023	5.9%	12.3%	18.4%
2/8/2023	-8.3%	-4.5%	-10.3%
11/16/2022	-0.5%	1.8%	-2.8%
8/3/2022	-2.9%	-3.0%	-5.1%
5/4/2022	-2.6%	-6.7%	-7.5%
2/9/2022	6.1%	7.2%	5.4%
11/17/2021	1.9%	3.5%	-0.6%
8/4/2021	5.8%	5.5%	1.4%
5/5/2021	3.1%	-4.6%	4.2%
2/9/2021	1.6%	-1.3%	5.0%
11/19/2020	1.2%	9.3%	8.6%
8/5/2020	2.0%	4.0%	0.9%
SUMMARY STATS
# Positive	13	11	13
# Negative	11	13	11
Median Positive	2.2%	4.0%	4.2%
Median Negative	-2.6%	-3.3%	-5.1%
Max Positive	6.1%	12.3%	18.4%
Max Negative	-8.3%	-11.7%	-18.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	05/07/2026	10-Q
12/31/2025	02/09/2026	10-Q
09/30/2025	11/24/2025	10-K
06/30/2025	08/11/2025	10-Q
03/31/2025	05/12/2025	10-Q
12/31/2024	02/10/2025	10-Q
09/30/2024	11/26/2024	10-K
06/30/2024	08/07/2024	10-Q
03/31/2024	05/08/2024	10-Q
12/31/2023	02/07/2024	10-Q
09/30/2023	12/08/2023	10-K
06/30/2023	08/09/2023	10-Q
03/31/2023	05/11/2023	10-Q
12/31/2022	02/08/2023	10-Q
09/30/2022	11/17/2022	10-K
06/30/2022	08/03/2022	10-Q

Collapse to Preview

Report Date	Filing Date	Filing
03/31/2026	05/07/2026	10-Q
12/31/2025	02/09/2026	10-Q
09/30/2025	11/24/2025	10-K
06/30/2025	08/11/2025	10-Q
03/31/2025	05/12/2025	10-Q
12/31/2024	02/10/2025	10-Q
09/30/2024	11/26/2024	10-K
06/30/2024	08/07/2024	10-Q
03/31/2024	05/08/2024	10-Q
12/31/2023	02/07/2024	10-Q
09/30/2023	12/08/2023	10-K
06/30/2023	08/09/2023	10-Q
03/31/2023	05/11/2023	10-Q
12/31/2022	02/08/2023	10-Q
09/30/2022	11/17/2022	10-K
06/30/2022	08/03/2022	10-Q
03/31/2022	05/05/2022	10-Q
12/31/2021	02/09/2022	10-Q
09/30/2021	11/17/2021	10-K
06/30/2021	08/04/2021	10-Q
03/31/2021	05/05/2021	10-Q
12/31/2020	02/09/2021	10-Q
09/30/2020	11/19/2020	10-K
06/30/2020	08/05/2020	10-Q
03/31/2020	05/11/2020	10-Q
12/31/2019	02/06/2020	10-Q
09/30/2019	11/21/2019	10-K
06/30/2019	08/07/2019	10-Q

Recent Forward Guidance

Updated 7/27/2026

Latest: Q2 2026 Earnings Reported 5/7/2026

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Prior: Q1 2026 Earnings Reported 2/9/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Monthly Base Dividend		0.04
2026 Monthly Supplemental Dividend		0.04

Insider Activity

Updated 4/26/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Allorto, Richard T JR	CFO and Treasurer	Direct	Buy	3122026	4.88	15,000	73,200	146,400	Form
2	Flug, Jeffrey		Held by various related trusts	Sell	12092025	5.92	121,533	719,123	191,608	Form
3	Flug, Jeffrey		Held by various related trusts	Sell	12092025	5.85	20,000	117,040	900,711	Form
4	Flug, Jeffrey		Held by various related trusts	Sell	12052025	5.78	23,303	134,605	1,004,585	Form
5	Flug, Jeffrey		Held by various related trusts	Sell	12052025	5.75	10,000	57,511	1,134,220	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Allorto, Richard T JR	CFO and Treasurer	Direct	Buy	3122026	4.88	15,000	73,200	146,400	Form
2	Flug, Jeffrey		Held by various related trusts	Sell	12092025	5.92	121,533	719,123	191,608	Form
3	Flug, Jeffrey		Held by various related trusts	Sell	12092025	5.85	20,000	117,040	900,711	Form
4	Flug, Jeffrey		Held by various related trusts	Sell	12052025	5.78	23,303	134,605	1,004,585	Form
5	Flug, Jeffrey		Held by various related trusts	Sell	12052025	5.75	10,000	57,511	1,134,220	Form
6	Briones, Jose A		Direct	Buy	12032025	5.91	4,235	25,016	1,622,783	Form
7	Flug, Jeffrey		Held by various related trusts	Sell	12022025	6.04	21,100	127,423	1,251,390	Form
8	Flug, Jeffrey		Held by various related trusts	Sell	12022025	6.06	15,000	90,944	1,384,269	Form
9	Flug, Jeffrey		Held by various related trusts	Sell	12012025	6.03	25,000	150,702	1,466,745	Form
10	Briones, Jose A		Direct	Buy	5232025	6.59	1,515	9,985	1,782,726	Form
11	Briones, Jose A		Direct	Buy	5152025	6.88	3,640	25,043	1,850,527	Form

Investor Activity (13F)

Updated

13F holdings as of

PNNT Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Status	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing PNNT?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What PNNT Makes & Who Pays

TTM figures based on

PNNT Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Pennant Park Investment — Investor Video Playlist

Products & Services

PennantPark: Your Core Middle Market Credit Partner

PennantPark · 2026-04-21

Products & Services

What is Payment In Kind (PIK)? Jose Briones, Senior Partner

PennantPark · 2025-11-24

Leadership

Middle Market Lending Competitors & Opportunities Explained

PennantPark · 2025-09-24

Products & Services

Attractive Lending Environment Why Rates are High Today

PennantPark · 2025-09-19

Leadership

Direct Lending Market Trends & Cash Flow Insights

PennantPark · 2025-09-18

Leadership

NYSE & PennantPark | Founder Art Penn on the Private Credit Industry

PennantPark · 2025-08-25

Products & Services

NYSE & PennantPark | Floating Rate Loans

PennantPark · 2025-08-25

Industry Resources

Financials Resources

Federal Reserve Economic Data

Asset Management & Custody Banks Resources

Pensions & Investments

Institutional Investor

Ignites

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 8/8/2026

Pennant Park Investment (PNNT)

Market Price (8/9/2026): $3.71 | Market Cap: $242.2 MilSector: Financials | Industry: Asset Management & Custody Banks

Pennant Park Investment (PNNT)

Market Price (8/9/2026): $3.71Market Cap: $242.2 MilSector: FinancialsIndustry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Pennant Park Investment (PNNT)

1. Credit Risk and Borrower Defaults

2. Interest Rate Risk

3. Net Asset Value (NAV) Deterioration and Dividend Sustainability

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Pennant Park Investment (PNNT)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

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Peer Comparisons

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Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance

Insider Activity

Investor Activity (13F)

PNNT Trade Sentinel

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CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

Market Price (8/9/2026): $3.71
Market Cap: $242.2 Mil
Sector: Financials
Industry: Asset Management & Custody Banks