PennantPark Investment (PNNT) 8-K Results of Operations and Financial Condition

EXHIBIT 99.2

EXHIBIT 99.2

EXHIBIT 99.2

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022

(In thousands, except share data)

Issuer Name	Maturity / Expiration	Industry	Current  Coupon			Basis Point  Spread Above  Index (4)		Par /  Shares		Cost		Fair Value (3)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% of Net Assets (1), (2)
First Lien Secured Debt—100.5% of Net Assets
Ad.net Acquisition, LLC (Revolver) (7)	05/06/2026	Media		—			—		444	$	—	$	(3	)
Altamira Technologies, LLC (Revolver)	07/24/2025	Aerospace and Defense		11.67	%	3M L+800			50		50		48
Altamira Technologies, LLC (Revolver) (7)	07/24/2025	Aerospace and Defense		—			—		138		—		(5	)
American Insulated Glass, LLC	12/21/2023	Building Materials		7.79	%	3M L+550			3,329		3,310		3,329
Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7)	05/23/2024	Media		—			—		1,612		—		—
Any Hour Services	07/21/2027	Personal, Food and Miscellaneous Services		8.15	%	3M L+525			4,120		4,086		4,038
Any Hour Services (Revolver) (7)	07/21/2027	Personal, Food and Miscellaneous Services		—			—		1,147		—		(23	)
Apex Service Partners, LLC	07/31/2025	Personal, Food and Miscellaneous Services		7.60	%	1M L+550			1,331		1,331		1,324
Apex Service Partners, LLC Term Loan C	07/31/2025	Personal, Food and Miscellaneous Services		9.08	%	1M L+550			1,893		1,873		1,883
Apex Service Partners, LLC (Revolver)	07/31/2025	Personal, Food and Miscellaneous Services		6.72	%	3M L+525			62		62		62
Apex Service Partners, LLC (Revolver) (7)	07/31/2025	Personal, Food and Miscellaneous Services		—			—		870		—		(4	)
Applied Technical Services, LLC	12/29/2026	Environmental Services		7.59	%	3M L+575			1,402		1,388		1,367
Applied Technical Services, LLC (7)	04/21/2023	Environmental Services		—			—		1,595		—		(22	)
Applied Technical Services, LLC (Revolver)	12/29/2026	Environmental Services		10.25	%	3M P+475			200		200		195
Applied Technical Services, LLC (Revolver) (7)	12/29/2026	Environmental Services		—			—		800		—		(20	)
Arcfield Acquisition Corp. (Revolver) (7)	03/07/2028	Aerospace and Defense		—			—		2,263		—		(45	)
Berwick Industrial Park	04/28/2023	Buildings and Real Estate		11.00	%		—		4,000		3,953		3,934
Beta Plus Technologies, Inc.	07/01/2029	Business Services		7.56	%	SOFR+525			5,000		4,904		4,900
Blackhawk Industrial Distribution, Inc.	09/17/2024	Distribution		8.69	%	3M L+500			1,175		1,160		1,149
Blackhawk Industrial Distribution, Inc.(7)	09/17/2024	Distribution		—			—		4,043		—		(51	)
Blackhawk Industrial Distribution, Inc. (Revolver)	09/17/2024	Distribution		8.69	%	3M L+500			686		686		667
Blackhawk Industrial Distribution, Inc. (Revolver) (7)	09/17/2024	Distribution		—			—		2,746		—		(77	)
Broder Bros., Co.	12/02/2022	Consumer Products		7.39	%	3M L+600			10,096		10,096		10,096
Cartessa Aesthetics, LLC	05/13/2028	Distribution		9.55	%	1M L+600			39,401		38,644		38,810
Cartessa Aesthetics, LLC - (Revolver)	05/13/2028	Distribution		9.55	%	1M L+600			1,265		1,265		1,246
Cartessa Aesthetics, LLC - (Revolver) (7)	05/13/2028	Distribution		—			—		2,297		—		(34	)
CF512, Inc.	08/20/2026	Media		9.30	%	3M L+600			6,720		6,630		6,619
CF512, Inc.(Revolver) (7)	08/20/2026	Media		—			—		909		—		(14	)
Compex Legal Services, Inc.	02/09/2026	Business Services		7.48	%	3M L+525			853		843		853
Compex Legal Services, Inc. (Revolver)	02/07/2025	Business Services		8.92	%	3M L+525			361		361		361
Compex Legal Services, Inc. (Revolver) (7)	02/07/2025	Business Services		—			—		295		—		—
Connatix Buyer, Inc. (7)	01/13/2023	Media		—			—		3,158		—		(47	)
Connatix Buyer, Inc. (Revolver) (7)	07/13/2027	Media		—			—		1,859		—		(46	)
Crane 1 Services, Inc.	08/16/2027	Personal, Food and Miscellaneous Services		8.40	%	3M L+575			2,606		2,577		2,580
Crane 1 Services, Inc. (Revolver)	08/16/2027	Personal, Food and Miscellaneous Services		8.87	%	1M L+575			194		194		192
Crane 1 Services, Inc. (Revolver) (7)	08/16/2027	Personal, Food and Miscellaneous Services		—			—		97		—		(1	)
DermaRite Industries LLC	06/30/2023	Manufacturing / Basic Industries		10.67	%	1M L+700			8,755		8,734		7,030
Dr. Squatch, LLC	08/31/2027	Personal and Non-Durable Consumer Products		9.17	%	3M L+600			12,930		12,742		12,736
Dr. Squatch, LLC (7)	08/27/2026	Personal and Non-Durable Consumer Products		—			—		2,000		—		(10	)
Dr. Squatch, LLC (Revolver)	08/31/2027	Personal and Non-Durable Consumer Products		8.95	%	1M L+600			775		775		764
Dr. Squatch, LLC (Revolver) (7)	08/31/2027	Personal and Non-Durable Consumer Products		—			—		1,551		—		(23	)
DRS Holdings III, Inc. (Revolver) (7)	11/03/2025	Consumer Products		—			—		1,783		—		(57	)
ECL Entertainment, LLC	05/01/2028	Hotels, Motels, Inns and Gaming		10.62	%	1M L+750			19,156		19,019		18,869
ECM Industries, LLC (Revolver)	12/23/2025	Electronics		7.93	%	3M L+475			291		291		277
ECM Industries, LLC (Revolver) (7)	12/23/2025	Electronics		—			—		226		—		(11	)
Exigo Intermediate II, LLC	03/15/2027	Business Services		8.87	%	3M L+575			24,875		24,532		24,315
Exigo Intermediate II, LLC (7)	03/15/2024	Business Services		—			—		7,424		—		(111	)
Exigo Intermediate II, LLC (Revolver)	03/15/2027	Business Services		8.87	%	3M L+575			371		371		363
Exigo Intermediate II, LLC (Revolver) (7)	03/15/2027	Business Services		—			—		1,485		—		(33	)
Fairbanks Morse Defense	06/17/2028	Aerospace and Defense		7.00	%	3M L+475			738		735		682
Gantech Acquisition Corp.	05/14/2026	Business Services		9.37	%	1M L+625			16,809		16,548		16,305
Gantech Acquisition Corp. (Revolver)	05/14/2026	Business Services		9.37	%	1M L+625			132		133		129
Gantech Acquisition Corp. (Revolver) (7)	05/14/2026	Business Services		—			—		1,858		—		(56	)
Graffiti Buyer, Inc. (7)	08/10/2023	Distribution		—			—		892		—		(20	)
Graffiti Buyer, Inc. (Revolver)	08/10/2027	Distribution		9.16	%	3M L+575			372		372		357
Graffiti Buyer, Inc. (Revolver) (7)	08/10/2027	Distribution		—			—		397		—		(16	)
Hancock Roofing and Construction L.L.C. (7)	12/31/2022	Insurance		—			—		400		—		(6	)
Hancock Roofing and Construction L.L.C.	12/31/2026	Insurance		7.82	%	1M L+500			270		270		266
Hancock Roofing and Construction L.L.C. (Revolver) (7)	12/31/2026	Insurance		—			—		480		—		(7	)
Holdco Sands Intermediate, LLC	11/23/2028	Aerospace and Defense		10.17	%	3M L+600			1,918		1,883		1,879
Holdco Sands Intermediate, LLC (Revolver) (7)	11/23/2027	Aerospace and Defense		—			—		3,941		—		(79	)
HV Watterson Holdings, LLC	12/17/2026	Business Services		9.67	%	1M L+600			281		279		271
HV Watterson Holdings, LLC (7)	12/17/2026	Business Services		—			—		2,219		—		(61	)
HV Watterson Holdings, LLC - (Revolver)	12/17/2026	Business Services		9.63	%	3M L+600			200		200		193
HV Watterson Holdings, LLC - (Revolver)(7)	12/17/2026	Business Services		—			—		1,050		—		(37	)
HW Holdco, LLC	12/10/2024	Media		6.00	%	3M L+500			10,188		10,077		10,061
HW Holdco, LLC (7)	12/10/2024	Media		—			—		3,049		—		(8	)
HW Holdco, LLC (Revolver) (7)	12/10/2024	Media		—			—		3,387		—		(42	)
Icon Partners III, LP	05/11/2028	Auto Sector		7.55	%	3M L+475			995		834		727
IDC Infusion Services, Inc.	12/30/2026	Healthcare, Education and Childcare		10.70	%	3M L+600			3,685		3,576		3,574
IDC Infusion Services, Inc. (Revolver) (7)	12/30/2026	Healthcare, Education and Childcare		—			—		4,167		—		(187	)
IG Investments Holdings, LLC (Revolver) (7)	09/22/2027	Business Services		—			—		477		—		(5	)
Imagine Acquisitionco, LLC (7)	11/15/2027	Business Services		—			—		2,341		—		(35	)
Imagine Acquisitionco, LLC (Revolver) (7)	11/15/2027	Business Services		—			—		1,685		—		(42	)
Inception Fertility Ventures, LLC	12/07/2023	Healthcare, Education and Childcare		10.18	%	3M L+715			20,506		20,239		20,301

EXHIBIT 99.2

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2022

(In thousands, except share data)

Issuer Name	Maturity / Expiration	Industry	Current  Coupon			Basis Point  Spread Above  Index (4)		Par /  Shares		Cost		Fair Value (3)
Infolinks Media Buyco, LLC (7)	11/01/2023	Media		—			—		2,372	$	—	$	24
Integrity Marketing Acquisition, LLC	08/27/2025	Insurance		7.83	%	3M L+550			9,930		9,876		9,831
ITI Holdings, Inc.	03/03/2028	Business Services		8.67	%	3M L+550			8,927		8,784		8,749
ITI Holdings, Inc. (Revolver)	03/03/2028	Business Services		8.25	%	3M L+550			298		298		292
ITI Holdings, Inc. (Revolver) (7)	03/03/2028	Business Services		—			—		1,192		—		(24	)
K2 Pure Solutions NoCal, L.P.	12/20/2023	Chemicals, Plastics and Rubber		11.12	%	1M L+800			11,678		11,629		11,678
K2 Pure Solutions NoCal, L.P. (Revolver) (7)	12/20/2023	Chemicals, Plastics and Rubber		—			—		1,938		—		—
Kinetic Purchaser, LLC	11/10/2027	Consumer Products		9.67	%	3M L+600			24,341		23,807		23,855
Kinetic Purchaser, LLC (Revolver)	11/10/2026	Consumer Products		9.67	%	3M L+600			4,854		4,854		4,757
Lash OpCo, LLC	02/18/2027	Consumer Products		11.78	%	1M L+700			2,828		2,774		2,771
Lash OpCo, LLC (Revolver)	08/16/2026	Consumer Products		9.38	%	1M L+700			568		568		556
Lash OpCo, LLC (Revolver) (7)	08/16/2026	Consumer Products		—			—		1,252		—		(25	)
LAV Gear Holdings, Inc.	10/31/2024	Leisure, Amusement, Motion Pictures, Entertainment		9.95	%	1M L+750			2,061		2,036		2,013
			(PIK 5.50%)
Ledge Lounger, Inc.	11/09/2026	Consumer Products		9.92	%	3M L+625			9,177		9,021		9,040
Ledge Lounger, Inc. (Revolver) (7)	11/09/2026	Consumer Products		—			—		1,933		—		(29	)
Lightspeed Buyer Inc.	02/03/2026	Healthcare, Education and Childcare		8.87	%	1M L+575			2,220		2,205		2,148
Lightspeed Buyer Inc. (Revolver)	02/03/2026	Healthcare, Education and Childcare		8.87	%	1M L+575			505		505		489
Lightspeed Buyer Inc. (Revolver) (7)	02/03/2026	Healthcare, Education and Childcare		—			—		661		—		(21	)
Limerick Town Cener, LLC	09/27/2023	Real Estate		12.50	%		—		3,000		2,970		2,970
LSF9 Atlantis Holdings, LLC	03/31/2029	Retail		9.37	%	SOFR+725			6,000		5,772		5,685
Mars Acquisition Holdings Corp. (Revolver)(7)	05/14/2026	Media		—			—		806		—		(4	)
MBS Holdings, Inc. (Revolver) (7)	04/16/2027	Telecommunications		—			—		694		—		(7	)
MDI Buyer, Inc.	07/25/2028	Chemicals, Plastics and Rubber		8.98	%	3M L+600			14,400		14,117		14,112
MDI Buyer, Inc. Term Loan (7)	07/25/2028	Chemicals, Plastics and Rubber		—			—		5,196		—		(52	)
MDI Buyer, Inc. (Revolver) (7)	07/25/2028	Chemicals, Plastics and Rubber		—			—		2,227		—		(22	)
Meadowlark Acquirer, LLC	12/10/2027	Business Services		9.17	%	3M L+550			1,320		1,307		1,307
Meadowlark Acquirer, LLC Term Loan I (7)	12/10/2027	Business Services		—			—		1,676		—		—
Meadowlark Acquirer, LLC Term Loan II (7)	12/10/2027	Business Services		—			—		8,922		—		—
Meadowlark Acquirer, LLC (Revolver) (7)	12/10/2027	Business Services		—			—		1,685		—		(17	)
Municipal Emergency Services, Inc.	09/28/2027	Distribution		8.67	%	3M L+500			703		697		663
Municipal Emergency Services, Inc. (7)	09/28/2027	Distribution		—			—		1,175		—		(56	)
Municipal Emergency Services, Inc. (Revolver)	09/28/2027	Distribution		7.25	%	3M L+500			282		282		266
Municipal Emergency Services, Inc. (Revolver) (7)	09/28/2027	Distribution		—			—		1,598		—		(93	)
NBH Group LLC (Revolver) (7)	08/19/2026	Healthcare, Education and Childcare		—			—		1,163		—		—
Neptune Flood Incorporated	10/14/2026	Financial Services		7.10	%	1M L+525			4,379		4,352		4,423
OIS Management Services, LLC (Revolver) (7)	07/09/2026	Healthcare, Education and Childcare		—			—		333		—		—
One Stop Mailing, LLC	05/07/2027	Cargo Transport		8.77	%	3M L+625			7,008		6,889		6,798
ORL Acquisition, Inc.	09/03/2027	Business Services		8.92	%	3M L+525			4,454		4,378		4,454
ORL Acquisition, Inc. (Revolver) (7)	09/03/2027	Business Services		—			—		597		—		—
Ox Two, LLC	05/18/2026	Building Materials		9.81	%	1M L+700			15,391		15,189		15,083
Ox Two, LLC (Revolver)	05/18/2026	Building Materials		9.81	%	3M L+700			1,774		1,774		1,739
Ox Two, LLC (Revolver) (7)	05/18/2026	Building Materials		—			—		645		—		(13	)
PL Acquisitionco, LLC (Revolver) (7)	11/09/2027	Retail		—			—		3,236		—		(81	)
PRA Events, Inc.	08/07/2025	Business Services		14.17	%	3M L+1,050			24,907		21,694		24,907
			(PIK 10.5%)
PRA Events, Inc. (Revolver) (7)	08/07/2025	Business Services		—		3M L+1,050			2,000		—		—
Pragmatic Institute, LLC	07/06/2028	Business Services		9.30	%	3M L+575			35,340		34,826		34,987
Pragmatic Institute, LLC Term Loan (7)	07/06/2028	Business Services		—			—		7,193		—		—
Pragmatic Institute, LL (Revolver)	07/06/2028	Business Services		9.30	%	3M L+575			959		959		949
Pragmatic Institute, LL (Revolver) (7)	07/06/2028	Business Services		—			—		3,836		—		(38	)
Quantic Electronics, LLC	11/19/2026	Aerospace and Defense		8.00	%	1M L+625			679		673		666
Quantic Electronics, LLC (Revolver)	11/19/2026	Aerospace and Defense		9.51	%	3M L+600			211		211		207
Quantic Electronics, LLC (Revolver) (7)	11/19/2026	Aerospace and Defense		—			—		317		—		(6	)
Questex, LLC	09/09/2024	Media		7.45	%	3M L+500			21,600		21,436		21,168
Questex, LLC (Revolver) (7)	09/09/2024	Media		—			—		3,590		—		(72	)
Radius Aerospace, Inc. (Revolver)	03/31/2025	Aerospace and Defense		8.28	%	3M L+575			891		891		877
Radius Aerospace, Inc. (Revolver) (7)	03/31/2025	Aerospace and Defense		—			—		1,336		—		(20	)
Rancho Health MSO, Inc. (7)	12/18/2025	Healthcare, Education and Childcare		—			—		1,050		—		—
Rancho Health MSO, Inc. (Revolver) (7)	12/18/2025	Healthcare, Education and Childcare		—			—		525		—		—
Reception Purchaser, LLC	02/28/2028	Transportation		9.13	%	SOFR+600			5,970		5,885		5,701
Recteq, LLC (Revolver)	01/29/2026	Consumer Products		9.92	%	1M L+600			313		313		302
Recteq, LLC (Revolver) (7)	01/29/2026	Consumer Products		—			—		814		—		(28	)
Research Now Group, Inc. and Dynata, LLC	12/20/2024	Business Services		8.84	%	3M L+550			126		126		113
Riverpoint Medical, LLC (Revolver) (7)	06/20/2025	Healthcare, Education and Childcare		—			—		364		—		(9	)
Riverside Assessments, LLC	03/10/2025	Education		8.97	%	3M L+625			12,906		12,705		12,648
Sales Benchmark Index LLC (Revolver) (7)	01/03/2025	Business Services		—			—		732		—		(7	)
Sargent & Greenleaf Inc. (Revolver)	12/20/2024	Electronics		8.28	%	3M L+550			593		593		587
Sargent & Greenleaf Inc. (Revolver) (7)	12/20/2024	Electronics		—			—		5		-		-
Schlesinger Global, Inc.	07/14/2025	Business Services		11.11	%	3M L+700			4,689		4,636		4,571
Schlesinger Global, Inc. (Revolver)	07/14/2025	Business Services		9.09	%	3M L+600			30		30		30
			(PIK 0.5%)
Schlesinger Global, Inc. (Revolver)(7)	07/14/2025	Business Services		—			—		8		—		—
Seaway Buyer, LLC	06/13/2029	Chemicals, Plastics and Rubber		9.70	%	1M L+575			4,800		4,730		4,728
Seaway Buyer, LLC (Revolver)(7)	06/13/2029	Chemicals, Plastics and Rubber		—			—		3,126		—		(47	)
Shiftkey, LLC	06/21/2027	Business Services		9.56	%	1M L+575			17,955		17,784		17,722

EXHIBIT 99.2

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2022

(In thousands, except share data)

Issuer Name	Maturity / Expiration		Industry	Current  Coupon			Basis Point  Spread Above  Index (4)		Par /  Shares		Cost		Fair Value (3)
Sigma Defense Systems, LLC	12/18/2025		Telecommunications		12.17	%	1M L+850			31,680	$	31,004	$	31,047
Sigma Defense Systems, LLC (Revolver)	12/18/2025		Telecommunications		12.17	%	1M L+850			1,131		1,131		1,108
Sigma Defense Systems, LLC (Revolver) (7)	12/18/2025		Telecommunications		—			—		1,845		—		(37	)
Signature Systems Holding Company (Revolver) (7)	05/03/2024		Chemicals, Plastics and Rubber		—			—		2,016		—		(15	)
Solutionreach, Inc. (Revolver) (7)	01/17/2024		Communications		—			—		1,665		—		(40	)
Spear Education, LLC	02/26/2025		Education		9.42	%	3M L+575			12,018		11,947		12,018
Spendmend Holdings LLC	03/01/2028		Business Services		8.63	%	1M L+575			9,705		9,581		9,433
Spendmend Holdings LLC (7)	03/01/2023		Business Services		—			—		2,784		—		(57	)
Spendmend Holdings LLC - Funded Revolver	03/01/2028		Business Services		8.63	%	3M L+575			187		187		182
Spendmend Holdings LLC - Unfunded Revolver (7)	03/01/2028		Business Services		—			—		1,215		—		(34	)
System Planning and Analysis, Inc. - (Revolver) (7)  (f/k/a Management Consulting & Research, LLC)	08/16/2027		Aerospace and Defense		—			—		2,925		—		(47	)
The Bluebird Group LLC	07/27/2026		Business Services		10.67	%	3M L+700			4,884		4,796		4,933
The Bluebird Group LLC (Revolver) (7)	07/27/2026		Business Services		—			—		734		—		7
The Vertex Companies, LLC	08/30/2027		Business Services		8.18	%	3M L+550			1,754		1,737		1,745
The Vertex Companies, LLC (7)	08/30/2027		Business Services		—			—		466		—		2
The Vertex Companies, LLC (Revolver)	08/30/2027		Business Services		8.26	%	3M L+550			148		148		147
The Vertex Companies, LLC (Revolver) (7)	08/30/2027		Business Services		—			—		592		—		(3	)
TVC Enterprises, LLC	03/26/2026		Transportation		8.87	%	1M L+600			12,864		12,626		12,543
TVC Enterprises, LLC (Revolver) (7)	03/26/2026		Transportation		—			—		1,370		—		(34	)
TWS Acquisition Corporation	06/16/2025		Education		8.76	%	1M L+625			1,143		1,143		1,137
TWS Acquisition Corporation (Revolver) (7)	06/16/2025		Education		—			—		1,644		—		(8	)
Tyto Athene, LLC (Revolver) (7)	04/01/2026		Aerospace and Defense		—			—		364		—		(26	)
Unique Indoor Comfort, LLC	05/24/2027		Home and Office Furnishings		8.95	%	1M L+525			27,233		26,904		26,634
Unique Indoor Comfort, LLC (7)	05/24/2027		Home and Office Furnishings		—			—		16,140		—		(194	)
Unique Indoor Comfort, LLC (Revolver) (7)	05/24/2027		Home and Office Furnishings		—			—		3,000		—		(66	)
Walker Edison Furniture Company LLC	03/31/2027		Home and Office Furnishings		12.42	%	3M L+875			25,368		24,881		16,946
Wildcat Buyerco, Inc.	02/27/2026		Electronics		9.09	%	3M L+575			3,831		3,771		3,716
Wildcat Buyerco, Inc. (Revolver) (7)	02/27/2026		Electronics		—			—		574		—		(41	)
Zips Car Wash, LLC	03/01/2024		Auto Sector		10.13	%	3M L+725			2,627		2,608		2,562
Total First Lien Secured Debt												599,263		588,267
Second Lien Secured Debt—22.2% of Net Assets
Atlas Purchaser, Inc	05/07/2029		Telecommunications		11.19	%	3M L+900			17,000		16,551		14,909
Best Practice Associates LLC	06/29/2027		Aerospace and Defense		12.67	%	3M L+900			17,825		17,506		17,290
Burgess Point Purchaser Corporation	07/28/2030		Auto Sector		12.16	%	3M L+900			8,000		7,752		7,680
Data Axle, Inc.	04/03/2024		Other Media		12.92	%	3M L+925			20,400		20,288		20,196
ENC Parent Corporation	08/19/2029		Business Services		11.17	%	3M L+750			7,500		7,432		7,125
Halo Buyer, Inc.	07/06/2026		Consumer Products		11.37	%	1M L+825			32,500		32,164		31,769
Inventus Power, Inc.	09/29/2024		Electronics		12.17	%	3M L+850			16,593		16,387		16,344
QuantiTech LLC	02/04/2027		Aerospace and Defense		12.68	%	3M L+1,000			150		148		148
VT Topco, Inc.	08/17/2026		Business Services		9.87	%	3M L+675			15,000		14,932		14,475
Total Second Lien Secured Debt												133,160		129,936
Subordinated Debt/Corporate Notes—9.1% of Net Assets
Express Wash Acquisition Company, LLC	01/15/2029		Auto Sector		15.31	%	3M L+1,150			21,000		20,278		20,359
Flock Financial, LLC	05/26/2027		Financial Services		12.50	%		—		34,000		33,190		32,895
Total Subordinated Debt/Corporate Notes												53,468		53,254
Preferred Equity/Partnership Interests—1.3% of Net Assets (6)
Ad.net Holdings, Inc. (9)		—	Media		—			—		2,400		240		267
AH Newco Equityholdings, LLC		—	Healthcare, Education and Childcare		6.00	%		—		211		500		2,127
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)		—	Media		—			—		1,135		1,135		1,427
Imagine Topco, LP		—	Business Services		8.00	%		—		743,826		744		704
Mars Intermediate Holdings II, Inc (9)		—	Media		—			—		414		414		484
NXOF Holdings, Inc. (Tyto Athene, LLC)		—	Aerospace and Defense		—			—		160		160		227
ORL Holdco, Inc.		—	Business Services		—			—		575		57		62
Signature CR Intermediate Holdco, Inc.		—	Chemicals, Plastics and Rubber		12.00	%		—		1,527		1,527		1,932
TPC Holding Company, LP (8),(11)		—	Food		—			—		219		219		62
TWD Parent Holdings, LLC		—	Business Services		—			—		30		30		33
(The Vertex Companies, LLC)
Total Preferred Equity/Partnership Interests												5,026		7,325
Common Equity/Partnership Interests/Warrants—26.2% of Net Assets (6)
Ad.net Holdings, Inc. (9)		—	Media		—			—		2,667		27		35
Affinion Group Holdings, Inc. (Warrants)	04/10/2024		Consumer Products		—			—		77,190		2,126		—
AG Investco LP (9)		—	Business Services		—			—		805,164		805		1,127
AG Investco LP (7), (9)		—	Business Services		—			—		194,836		—		—
Altamira Intermediate Company II, Inc.		—	Aerospace and Defense		—			—		125,000		125		79
AMCSI Crash Co-Invest, LP		—	Auto Sector		—			—		2,419,200		2,419		2,470
AMCSI Crash Co-Invest, LP (7)		—	Auto Sector		—			—		580,800		—		—
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)		—	Media		—			—		1,135		—		270
Athletico Holdings, LLC		—	Healthcare, Education and Childcare		—			—		9,357		10,000		9,516
Atlas Investment Aggregator, LLC (9)		—	Telecommunications		—			—		1,700,000		1,700		1,219
Burgess Point Holdings, LP		—	Auto Sector		—			—		680		680		690
Cartessa Aesthetics, LLC		—	Distribution		—			—		3,562,500		3,563		3,716
CI (Allied) Investment Holdings, LLC		—	Business Services		—			—		120,962		1,243		1,651
(PRA Events, Inc.) (9)
Connatix Parent, LLC		—	Media		—			—		57,416		632		689
Cowboy Parent LLC		—	Distribution		—			—		26,360		2,782		4,011
(Blackhawk Industrial Distribution, Inc.)

EXHIBIT 99.2

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2022

(In thousands, except share data)

Issuer Name	Maturity / Expiration		Industry	Current  Coupon		Basis Point  Spread Above  Index (4)		Par /  Shares		Cost		Fair Value (3)
Crane 1 Acquisition Parent Holdings, L.P.		—	Personal, Food and Miscellaneous Services		—		—		113	$	104	$	122
Delta InvestCo LP		—	Telecommunications		—		—		698,889		684		1,425
(Sigma Defense Systems, LLC) (9)
Delta InvestCo LP (7)		—	Telecommunications		—		—		442,155		—		—
(Sigma Defense Systems, LLC) (7), (9)
ECM Investors, LLC (9)		—	Electronics		—		—		167,537		37		358
eCommission Holding Corporation (11)		—	Financial Services		—		—		80		1,005		1,391
Exigo, LLC (9)		—	Business Services		—		—		1,458,333		1,458		1,288
Express Wash Topco, LLC		—	Auto Sector		—		—		658,000		3,290		3,369
FedHC InvestCo LP (9)		—	Aerospace and Defense		—		—		14,186		478		1,441
FedHC InvestCo LP (7),(9)		—	Aerospace and Defense		—		—		6,384		—		—
FedHC InvestCo II LP (9)		—	Aerospace and Defense						20,357		2,290		2,253
Gauge Lash Coinvest LLC		—	Consumer Products		—		—		889,376		137		4,208
Gauge Schlesinger Coinvest, LLC		—	Business Services		—		—		9		9		10
Gauge TVC Coinvest, LLC		—	Transportation		—		—		810,645		—		3,229
(TVC Enterprises, LLC)
GCOM InvestCo LP (9)		—	Business Services		—		—		2,434		1,003		587
Go Dawgs Capital III, LP		—	Building Materials		—		—		675,325		675		783
(American Insulated Glass, LLC) (9)
Green Veracity Holdings, LP - Class A		—	Business Services		—		—		15,000		1,500		5,700
(VT Topco, Inc.)
Hancock Claims Consultants Investors, LLC (9)		—	Insurance		—		—		450,000		450		477
HV Watterson Holdings, LLC		—	Business Services		—		—		1,600,000		1,600		1,387
Icon Partners V C, L.P.		—	Business Services		—		—		1,111,111		1,111		1,194
Icon Partners V C, L.P. (7),(9)		—	Business Services		—		—		388,889		—		—
Imagine Topco, LP		—	Business Services		—		—		743,826		—		—
Infogroup Parent Holdings, Inc.		—	Other Media		—		—		181,495		2,040		3,270
(Data Axle, Inc.)
Ironclad Holdco, LLC		—	Environmental Services		—		—		4,566		450		592
(Applied Technical Services, LLC) (9)
ITC Infusion Co-invest, LP		—	Healthcare, Education and Childcare		—		—		113,839		1,138		1,199
ITC Rumba, LLC		—	Healthcare, Education and Childcare		—		—		375,675		8		42,031
(Cano Health, LLC) (9)
JWC-WE Holdings, L.P.		—	Home and Office Furnishings		—		—		2,688		783		—
(Walker Edison Furniture Company LLC) (9)
Kentucky Racing Holdco, LLC (Warrants)		—	Hotels, Motels, Inns and Gaming		—		—		161,252		—		1,774
Kinetic Purchaser, LLC		—	Consumer Products		—		—		1,308,814		1,309		1,854
KL Stockton Co-Invest LP		—	Personal, Food and Miscellaneous Services		—		—		382,353		382		643
(Any Hour Services) (9)
Lariat ecoserv Co-Invest Holdings, LLC (9)		—	Environmental Services		—		—		363,656		180		1,376
Lightspeed Investment Holdco LLC		—	Healthcare, Education and Childcare		—		—		273,143		273		373
Mars Intermidiate Holdings II, Inc. (9)		—	Media		—		—		414		—		126
MDI Aggregator, LP		—	Chemicals, Plastics and Rubber		—		—		1,925,990		1,930		1,926
Meadowlark Title, LLC (9)		—	Business Services		—		—		815,385		815		897
Municipal Emergency Services, Inc.		—	Distribution		—		—		3,920,145		3,984		2,990
NEPRT Parent Holdings, LLC		—	Consumer Products		—		—		1,299		1,261		243
(Recteq, LLC) (9)
North Haven Saints Equity Holdings, LP		—	Business Services		—		—		351,553		352		373
NXOF Holdings, Inc.		—	Aerospace and Defense		—		—		3,261		3		68
(Tyto Athene, LLC)
OceanSound Discovery Equity, LP		—	Aerospace and Defense		—		—		98,286		979		1,651
(Holdco Sands Intermediate, LLC) (9)
OHCP V BC COI, L.P.		—	Distribution		—		—		446,250		446		382
OHCP V BC COI, L.P. (7),(9)		—	Distribution		—		—		303,750		—		(44	)
Oral Surgery (ITC) Holdings, LLC (9)		—	Healthcare, Education and Childcare		—		—		2,904		63		173
ORL Holdco, Inc.		—	Business Services		—		—		638		6		113
PennantPark-TSO Senior Loan Fund II, LP		—	Financial Services		—		—		15,038,871		15,039		15,571
Pink Lily Holdco, LLC (9)		—	Retail		—		—		1,044		1,044		550
Pragmatic Institute, LLC		—	Business Services		—		—		1,918,047		1,918		1,918
QuantiTech InvestCo LP (9)		—	Aerospace and Defense		—		—		712		68		352
QuantiTech InvestCo LP (7),(9)		—	Aerospace and Defense		—		—		955		—		—
QuantiTech InvestCo II LP (9)		—	Aerospace and Defense		—		—		40		25		24
RFMG Parent, LP		—	Healthcare, Education and Childcare		—		—		1,050,000		1,050		1,090
(Rancho Health MSO, Inc.)
SBI Holdings Investments LLC		—	Business Services		—		—		36,585		366		359
(Sales Benchmark Index LLC)
Seaway Topco, LP		—	Chemicals, Plastics and Rubber		—		—		2,981		2,981		2,981
Signature CR Intermediate Holdco, Inc.		—	Chemicals, Plastics and Rubber		—		—		80		80		—
SP L2 Holdings, LLC		—	Consumer Products		—		—		881,966		882		913
SSC Dominion Holdings, LLC		—	Electronics		—		—		1,500		1,500		2,041
Class A (US Dominion, Inc.)
SSC Dominion Holdings, LLC		—	Electronics		—		—		1,500		—		4,389
Class B (US Dominion, Inc.)
StellPen Holdings, LLC		—	Media		—		—		153,846		154		152
(CF512, Inc.)
TAC LifePort Holdings, LLC (9)		—	Aerospace and Defense		—		—		232,558		233		296

EXHIBIT 99.2

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2022

(In thousands, except share data)

Issuer Name	Maturity / Expiration		Industry	Current  Coupon			Basis Point  Spread Above  Index (4)		Par /  Shares		Cost		Fair Value (3)
Tower Arch Infolinks Media, LP (9)		—	Media		—			—		531,293	$	511	$	896
Tower Arch Infolinks Media, LP (7), (9)		—	Media		—			—		364,151		—		—
TPC Holding Company, LP (8). (11)		—	Food		—			—		11,527		12		—
TWD Parent Holdings, LLC		—	Business Services		—			—		608		1		—
(The Vertex Companies, LLC)
U.S. Well Services, Inc. - Class A (5), (11)		—	Oil and Gas		—			—		60,057		3,022		304
UniVista Insurance (9)		—	Business Services		—			—		400		382		454
WCP Ivyrehab QP CF Feeder, LP		—	Healthcare, Education and Childcare		—			—		3,762,257		3,762		3,762
WCP Ivyrehab QP CF Feeder, LP - Unfunded (7)		—	Healthcare, Education and Childcare		—			—		237,743		—		—
Wildcat Parent, LP		—	Electronics		—			—		2,314		231		616
(Wildcat Buyerco, Inc.)
Total Common Equity/Partnership Interests/Warrants												91,596		153,373
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies												882,513		932,155
Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% of Net Assets (1), (2)
Preferred Equity/Partnership Interests—5.6% of Net Assets(6)
Cascade Environmental Holdings, LLC (9)		—	Environmental Services		—			—		5,887,236		32,791		32,791
Total Preferred Equity/Partnership Interests												32,791		32,791
Common Equity/Partnership Interests/Warrants—0.3% of Net Assets (6)
Cascade Environmental Holdings, LLC		—	Environmental Services		—			—		7,444,347		2,852		—
JF Intermediate, LLC		—	Distribution		—			—		19,687		1,969		1,969
Total Common Equity/Partnership Interests/Warrants												4,821		1,969
Total Investments in Non-Controlled, Affiliated Portfolio Companies												37,612		34,760
Investments in Controlled, Affiliated Portfolio Companies—44.3% of Net Assets (1), (2)
First Lien Secured Debt—7.3% of Net Assets
AKW Holdings Limited (8), (10), (11)	03/13/2024		Healthcare, Education and Childcare		8.67	%	3M L+700		£	38,250		52,792		42,698
Total First Lien Secured Debt												52,792		42,698
Second Lien Secured Debt—0% of Net Assets
Mailsouth Inc.	04/23/2025		Printing and Publishing		—			—		12,846		12,383		—
Total Second Lien Secured Debt												12,383		—
Subordinated Debt—15.0% of Net Assets
PennantPark Senior Loan Fund, LLC (11)	07/31/2027		Financial Services		10.79	%	3M L+800			88,011		88,011		88,011
Total Subordinated Debt												88,011		88,011
Common Equity—22.0% of Net Assets (6)
AKW Holdings Limited (8), (10), (11)		—	Healthcare, Education and Childcare		—			—	£	950		132		3,297
MSpark, LLC		—	Printing and Publishing		—			—		51,151		16,516		—
PennantPark Senior Loan Fund, LLC		—	Financial Services		—			—		49,298,789		49,362		51,098
RAM Energy Holdings LLC (9)		—	Energy and Utilities		—			—		180,805		162,708		74,282
Total Common Equity												228,718		128,677
Total Investments in Controlled, Affiliated Portfolio Companies												381,904		259,386
Total Investments—209.4% of Net Assets												1,302,029		1,226,301
Cash and Cash Equivalents—9.0% of Net Assets
BlackRock Federal FD Institutional 30												39,122		39,122
BNY Mellon Cash Reserve and Cash												13,722		13,544
Total Cash and Cash Equivalents												52,844		52,666
Total Investments and Cash Equivalents—218.4% of Net Assets											$	1,354,873	$	1,278,967
Liabilities in Excess of Other Assets—(118.4%) of Net Assets														(693,402	)
Net Assets—100.0%													$	585,565

(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 generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the 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 generally 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 (See Note 6).

(3)

Valued based on our accounting policy (See Note 2).

(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,” the Euro Interbank Offered Rate, or EURIBOR or “E,” , or Secured Overnight Financing Rate, or "SOFR", or Prime rate, or “P.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to a 30-day, 90-day or 180-day LIBOR rate (1M L, 3M L, or 6M L, respectively), and EURIBOR loans are typically indexed to a 90-day EURIBOR rate (3M E), SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M L, 3M L, or 6M L, respectively)at the borrower’s option. All securities are subject to a LIBOR, SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

(5)

The security was not valued using significant unobservable inputs. The value of all other securities was determined using significant unobservable inputs (See Note 5).

(6)

Non-income producing securities.

(7)

Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

(8)

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

(9)

Investment is held through our Taxable Subsidiary (See Note 1).

(10)

Par / Shares amount is denominated in British Pounds (£) as denoted.

(11)

The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2022, qualifying assets represent 88% of the Company’s total assets and non-qualifying assets represent 12% of the Company’s total assets.

EXHIBIT 99.2

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2021

(In thousands, except share data)

Issuer Name	Maturity / Expiration	Industry	Current  Coupon			Basis Point  Spread Above  Index (4)		Par /  Shares		Cost		Fair Value (3)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies—124.3% (1), (2)
First Lien Secured Debt—77.5%
18 Freemont Street Acquisition, LLC	08/11/2025	Hotels, Motels, Inns and Gaming		9.50	%	1M L+800			7,433	$	6,815	$	7,563
Ad.net Acquisition, LLC (Revolver)	05/06/2026	Media		7.00	%	3M L+600			76		76		74
Ad.net Acquisition, LLC (Revolver) (7)	05/06/2026	Media		—			—		369		—		(6	)
Altamira Technologies, LLC (Revolver)	07/24/2025	Aerospace and Defense		8.00	%	3M L+700			50		50		47
Altamira Technologies, LLC (Revolver) (7)	07/24/2025	Aerospace and Defense		—			—		138		—		(9	)
American Insulated Glass, LLC	12/21/2023	Building Materials		6.50	%	3M L+550			15,795		15,639		15,637
Any Hour Services (7)	07/21/2027	Personal, Food and Miscellaneous Services		—			—		3,824		—		(38	)
Any Hour Services (Revolver) (7)	07/21/2027	Personal, Food and Miscellaneous Services		—			—		1,147		—		(23	)
Apex Service Partners, LLC	07/31/2025	Personal, Food and Miscellaneous Services		6.25	%	1M L+525			1,331		1,331		1,317
Apex Service Partners, LLC Term Loan C	07/31/2025	Personal, Food and Miscellaneous Services		6.25	%	1M L+525			5,592		5,509		5,536
Apex Service Partners, LLC Term Loan C (7)	01/31/2022	Personal, Food and Miscellaneous Services		—			—		6,658		—		(8	)
Apex Service Partners, LLC (Revolver)	07/29/2024	Personal, Food and Miscellaneous Services		6.25	%	3M L+525			239		239		235
Apex Service Partners, LLC (Revolver) (7)	07/29/2024	Personal, Food and Miscellaneous Services		—			—		693		—		(12	)
Applied Technical Services, LLC (7)	06/29/2022	Environmental Services		—			—		6,235		—		(55	)
Applied Technical Services, LLC (Revolver) (7)	12/29/2026	Environmental Services		—			—		1,000		—		(20	)
Bottom Line Systems, LLC	02/13/2023	Healthcare, Education and Childcare		6.25	%	1M L+550			6,153		6,128		6,153
Broder Bros., Co.	12/02/2022	Consumer Products		9.75	%	3M L+850			25,333		25,333		25,333
CF512, Inc.	08/20/2026	Media		7.00	%	3M L+600			10,000		9,802		9,800
CF512, Inc. (7)	08/20/2026	Media		—			—		2,727		—		(27	)
CF512, Inc.(Revolver) (7)	08/20/2026	Media		—			—		909		—		(18	)
Compex Legal Services, Inc.	02/09/2026	Business Services		6.75	%	3M L+575			3,570		3,514		3,529
Compex Legal Services, Inc. (Revolver)	02/07/2025	Business Services		6.75	%	3M L+575			459		459		454
Compex Legal Services, Inc. (Revolver) (7)	02/07/2025	Business Services		—			—		197		—		(2	)
Connatix Buyer, Inc.	07/13/2027	Media		6.25	%	3M L+550			12,000		11,766		11,760
Connatix Buyer, Inc. (7)	01/13/2023	Media		—			—		3,158		—		(32	)
Connatix Buyer, Inc. (Revolver)	07/13/2027	Media		6.25	%	3M L+550			186		186		182
Connatix Buyer, Inc. (Revolver) (7)	07/13/2027	Media		—			—		1,673		—		(33	)
Crane 1 Services, Inc.	08/16/2027	Personal, Food and Miscellaneous Services		6.75	%	3M L+575			1,847		1,820		1,829
Crane 1 Services, Inc. (7)	08/16/2023	Personal, Food and Miscellaneous Services		—			—		778		—		(2	)
Crane 1 Services, Inc. (Revolver) (7)	08/16/2027	Personal, Food and Miscellaneous Services		—			—		292		—		(3	)
Crash Champions, LLC	08/05/2025	Auto Sector		6.00	%	3M L+500			4,751		4,704		4,656
Crash Champions, LLC (7)	05/14/2022	Auto Sector		—			—		6,749		—		(67	)
DermaRite Industries LLC	03/03/2022	Manufacturing / Basic Industries		8.00	%	1M L+700			8,055		8,041		7,720
Dr. Squatch, LLC	08/27/2026	Personal and Non-Durable Consumer Products		7.00	%	3M L+600			13,515		13,247		13,244
Dr. Squatch, LLC (Revolver)	08/27/2026	Personal and Non-Durable Consumer Products		7.00	%	3M L+600			1,706		1,706		1,671
Dr. Squatch, LLC (Revolver) (7)	08/27/2026	Personal and Non-Durable Consumer Products		—			—		620		—		(12	)
DRS Holdings III, Inc.	11/03/2025	Consumer Products		7.25	%	3M L+625			9,975		9,882		9,905
DRS Holdings III, Inc. (Revolver) (7)	11/03/2025	Consumer Products		—			—		1,783		—		(12	)
ECL Entertainment, LLC	03/31/2028	Hotels, Motels, Inns and Gaming		8.25	%	1M L+750			8,747		8,664		8,944
ECM Industries, LLC (Revolver) (7)	12/23/2025	Electronics		—			—		518		—		(3	)
Fairbanks Morse Defense	06/17/2028	Aerospace and Defense		5.50	%	3M L+475			3,500		3,487		3,500
Gantech Acquisition Corp.	05/14/2026	Business Services		7.25	%	1M L+625			19,900		19,522		19,502
Gantech Acquisition Corp. (Revolver)	05/14/2026	Business Services		7.25	%	1M L+625			498		498		488
Gantech Acquisition Corp. (Revolver) (7)	05/14/2026	Business Services		—			—		1,493		—		(30	)
Graffiti Buyer, Inc.	08/10/2027	Distribution		6.75	%	3M L+575			1,994		1,955		1,964
Graffiti Buyer, Inc. (7)	08/10/2023	Distribution		—			—		893		—		(4	)
Graffiti Buyer, Inc. (Revolver) (7)	08/10/2027	Distribution		—			—		769		—		(18	)
Hancock Roofing and Construction L.L.C. (7)	12/31/2022	Insurance		—			—		1,500		—		(15	)
Hancock Roofing and Construction L.L.C. (Revolver) (7)	12/31/2026	Insurance		—			—		750		—		(8	)
HW Holdco, LLC	12/10/2024	Media		5.50	%	3M L+450			2,541		2,526		2,516
HW Holdco, LLC (Revolver)	12/10/2024	Media		5.50	%	3M L+450			1,219		1,219		1,207
HW Holdco, LLC (Revolver) (7)	12/10/2024	Media		—			—		2,168		—		(22	)
IG Investments Holdings, LLC	09/22/2028	Business Services		6.75	%	3M L+600			4,518		4,428		4,428
IG Investments Holdings, LLC (Revolver) (7)	09/22/2027	Business Services		—			—		477		—		—
IMIA Holdings, Inc.	04/09/2027	Aerospace and Defense		6.75	%	3M L+575			13,589		13,341		13,317
IMIA Holdings, Inc. (Revolver) (7)	04/09/2027	Aerospace and Defense		—			—		1,674		—		(33	)
Integrity Marketing Acquisition, LLC	08/27/2025	Insurance		6.49	%	3M L+550			17,220		17,116		17,134
Integrity Marketing Acquisition, LLC (7)	07/09/2023	Insurance		—			—		4,278		—		11
Juniper Landscaping of Florida, LLC	12/22/2021	Personal, Food and Miscellaneous Services		6.50	%	1M L+550			2,615		2,611		2,615
K2 Pure Solutions NoCal, L.P.	12/20/2023	Chemicals, Plastics and Rubber		8.00	%	1M L+700			11,800		11,712		11,486
K2 Pure Solutions NoCal, L.P. (Revolver)	12/20/2023	Chemicals, Plastics and Rubber		8.00	%	1M L+700			872		872		849
K2 Pure Solutions NoCal, L.P. (Revolver) (7)	12/20/2023	Chemicals, Plastics and Rubber		—			—		1,066		—		(28	)
Lash OpCo, LLC	02/18/2027	Consumer Products		8.00	%	1M L+700			30,000		29,335		29,400
Lash OpCo, LLC (Revolver)	08/16/2026	Consumer Products		8.00	%	1M L+700			291		291		285
Lash OpCo, LLC (Revolver) (7)	08/19/2026	Consumer Products		—			—		1,528		—		(31	)
LAV Gear Holdings, Inc.	10/31/2024	Leisure, Amusement, Motion Pictures, Entertainment		8.50	%	1M L+750			790		785		741
			(PIK 5.00%)
Lightspeed Buyer Inc.	02/03/2026	Healthcare, Education and Childcare		6.75	%	1M L+575			4,994		4,922		4,994
Lightspeed Buyer Inc. (Revolver) (7)	02/03/2026	Healthcare, Education and Childcare		—			—		1,166		—		—
Lombart Brothers, Inc.	04/13/2023	Healthcare, Education and Childcare		7.25	%	1M L+625			1,036		1,036		1,036
Lombart Brothers, Inc. (Revolver)	04/13/2023	Healthcare, Education and Childcare		7.25	%	1M L+625			737		737		737

EXHIBIT 99.2

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2021

(In thousands, except share data)

Issuer Name	Maturity / Expiration	Industry	Current  Coupon			Basis Point  Spread Above  Index (4)		Par /  Shares		Cost		Fair Value (3)
Mars Acquisition Holdings Corp. (Revolver)(7)	5/14/2026	Media		—			—		806	$	-	$	(8	)
MBS Holdings, Inc. (Revolver) (7)	04/16/2027	Telecommunications		—			—		694		—		(14	)
MeritDirect, LLC	05/23/2024	Media		6.50	%	3M L+550			2,759		2,736		2,732
MeritDirect, LLC (Revolver) (7)	05/23/2024	Media		—			—		2,518		—		(25	)
Municipal Emergency Services, Inc.	09/28/2027	Distribution		6.00	%	3M L+500			6,953		6,814		6,814
Municipal Emergency Services, Inc. (7)	09/28/2027	Distribution		—			—		1,880		—		—
Municipal Emergency Services, Inc. (Revolver) (7)	09/28/2027	Distribution		—			—		1,880		—		—
NBH Group LLC	08/19/2026	Healthcare, Education and Childcare		6.50	%	1M L+550			7,561		7,413		7,410
NBH Group LLC (Revolver) (7)	08/19/2026	Healthcare, Education and Childcare		—			—		1,163		—		(23	)
OIS Management Services, LLC	07/09/2026	Healthcare, Education and Childcare		5.75	%	3M L+475			3,893		3,843		3,834
OIS Management Services, LLC (7)	07/09/2023	Healthcare, Education and Childcare		—			—		1,433		—		(11	)
OIS Management Services, LLC (Revolver) (7)	07/09/2026	Healthcare, Education and Childcare		—			—		333		—		(5	)
One Stop Mailing, LLC	05/07/2027	Cargo Transport		7.25	%	3M L+625			14,920		14,631		14,659
ORL Acquisition, Inc.	09/03/2027	Business Services		6.25	%	3M L+525			5,041		4,941		4,940
ORL Acquisition, Inc. (Revolver) (7)	09/03/2027	Business Services		—			—		597		—		—
Ox Two, LLC	05/18/2026	Building Materials		7.00	%	1M L+600			15,671		15,435		15,358
Ox Two, LLC (Revolver)	05/18/2026	Building Materials		7.00	%	1M L+600			645		645		632
Ox Two, LLC (Revolver) (7)	05/18/2026	Building Materials		—			—		1,774		—	��	(35	)
PRA Events, Inc.	08/07/2025	Business Services		11.50	%	3M L+1,050			23,675		20,421		22,373
			(PIK 11.50%)
PRA Events, Inc. (Revolver)	08/07/2025	Business Services		11.50	%	3M L+1,050			2,461		2,123		2,326
			(PIK 11.50%)
Quantic Electronics, LLC	11/19/2026	Aerospace and Defense		7.25	%	1M L+625			6,188		6,095		6,064
Quantic Electronics, LLC (7)	11/19/2026	Aerospace and Defense		—			—		2,094		—		(21	)
Quantic Electronics, LLC (Revolver) (7)	11/19/2026	Aerospace and Defense		—			—		528		—		(11	)
Questex, LLC	09/09/2024	Media		6.00	%	3M L+500			21,825		21,584		20,516
Questex, LLC (Revolver)	09/09/2024	Media		6.00	%	3M L+500			2,154		2,154		2,025
Questex, LLC (Revolver) (7)	09/09/2024	Media		—			—		1,436		—		(86	)
Radius Aerospace, Inc. (Revolver) (7)	03/31/2025	Aerospace and Defense		—			—		2,227		—		(63	)
Rancho Health MSO, Inc. (7)	12/18/2025	Healthcare, Education and Childcare		—			—		1,050		—		—
Rancho Health MSO, Inc. (Revolver) (7)	12/18/2025	Healthcare, Education and Childcare		—			—		525		—		—
Recteq, LLC (Revolver) (7)	01/29/2026	Consumer Products		—			—		1,127		—		(11	)
Research Horizons, LLC	06/28/2022	Media		7.25	%	1M L+625			28,796		28,682		28,508
Research Now Group, Inc. and Dynata, LLC	12/20/2024	Business Services		6.50	%	3M L+550			2,884		2,884		2,847
Riverpoint Medical, LLC (Revolver) (7)	06/20/2025	Healthcare, Education and Childcare		—			—		364		—		(4	)
Riverside Assessments, LLC	03/10/2025	Education		6.75	%	3M L+575			16,174		15,952		15,769
Sales Benchmark Index LLC (Revolver) (7)	01/03/2025	Business Services		—			—		732		—		(18	)
Sargent & Greenleaf Inc. (Revolver)	12/20/2024	Electronics		7.00	%	3M L+550			299		299		299
Sargent & Greenleaf Inc. (Revolver) (7)	12/20/2024	Electronics		—			—		299		—		—
Schlesinger Global, Inc.	07/14/2025	Business Services		8.00	%	3M L+700			512		507		489
			(PIK 1.00%)
Schlesinger Global, Inc. (Revolver)	07/14/2025	Business Services		8.00	%	3M L+700			24		24		23
			(PIK 1.00%)
Schlesinger Global, Inc. (Revolver)(7)	07/14/2025	Business Services		—			—		14		—		(1	)
Sigma Defense Systems, LLC	12/18/2025	Telecommunications		9.75	%	3M L+875			6,520		6,378		6,406
Sigma Defense Systems, LLC (Revolver) (7)	12/18/2025	Telecommunications		—			—		951		—		(17	)
Signature Systems Holding Company - Term Loan II	12/31/2021	Chemicals, Plastics and Rubber		8.50	%	3M L+750			806		802		798
Signature Systems Holding Company (Revolver)	05/03/2024	Chemicals, Plastics and Rubber		8.50	%	3M L+750			484		484		479
Signature Systems Holding Company (Revolver) (7)	05/03/2024	Chemicals, Plastics and Rubber		—			—		1,532		—		(15	)
Solutionreach, Inc. (Revolver) (7)	01/17/2024	Communications		—			—		1,665		—		—
Spear Education, LLC	02/26/2025	Education		6.00	%	3M L+500			14,898		14,781		14,898
Spear Education, LLC (7)	02/26/2022	Education		—			—		6,875		—		—
Spectacle Gary Holdings, LLC	12/23/2025	Hotels, Motels, Inns and Gaming		11.00	%	1M L+900			21,546		20,972		23,391
TAC LifePort Purchaser, LLC (Revolver) (7)	03/01/2026	Aerospace and Defense		—			—		620		—		(0	)
The Bluebird Group LLC	07/27/2026	Business Services		8.00	%	3M L+700			5,606		5,496		5,570
The Bluebird Group LLC (Revolver) (7)	07/27/2026	Business Services		—			—		734		—		(5	)
The Vertex Companies, LLC	08/30/2027	Business Services		6.50	%	1M L+550			4,577		4,486		4,491
The Vertex Companies, LLC (7)	08/30/2027	Business Services		—			—		2,221		—		(19	)
The Vertex Companies, LLC (Revolver) (7)	08/30/2027	Business Services		—			—		740		—		(14	)
TPC Canada Parent, Inc. and TPC US Parent, LLC (8),(11)	11/24/2025	Food		6.25	%	3M L+525			1,771		1,771		1,718
TVC Enterprises, LLC	03/26/2026	Transportation		6.75	%	1M L+575			15,506		15,347		15,506
TVC Enterprises, LLC (Revolver) (7)	03/26/2026	Transportation		—			—		2,702		—		—
TWS Acquisition Corporation	06/16/2025	Education		7.25	%	1M L+625			4,137		4,137		4,137
TWS Acquisition Corporation (Revolver) (7)	06/16/2025	Education		—			—		1,644		—		—
Tyto Athene, LLC (Revolver) (7)	04/01/2026	Aerospace and Defense		—			—		364		—		—
Walker Edison Furniture Company LLC	03/31/2027	Home and Office Furnishings		6.75	%	3M L+575			24,875		24,293		23,942
Wildcat Buyerco, Inc.	02/27/2026	Electronics		6.00	%	3M L+500			1,629		1,612		1,621
Wildcat Buyerco, Inc. (7)	02/27/2022	Electronics		—			—		2,574		—		16
Wildcat Buyerco, Inc. (Revolver) (7)	02/27/2026	Electronics		—			—		551		—		(7	)
Total First Lien Secured Debt											509,046		511,405
Second Lien Secured Debt—16.2%
Atlas Purchaser, Inc	05/07/2029	Telecommunications		9.75	%	3M L+900			17,000		16,506		16,873
Data Axle, Inc.	04/03/2024	Other Media		10.25	%	3M L+925			20,400		20,220		20,400
ENC Parent Corporation	08/19/2029	Business Services		8.25	%	3M L+750			7,500		7,426		7,425
Halo Buyer, Inc.	07/06/2026	Consumer Products		9.25	%	1M L+825			32,500		32,106		31,119
Inventus Power, Inc.	09/29/2024	Electronics		9.50	%	3M L+850			16,593		16,292		16,261
QuantiTech LLC	02/04/2027	Aerospace and Defense		11.00	%	3M L+1,000			150		147		147
VT Topco, Inc.	08/17/2026	Business Services		7.06	%	3M L+675			15,000		14,922		15,000
Total Second Lien Secured Debt										$	107,620	$	107,225

EXHIBIT 99.2

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2021

(In thousands, except share data)

Issuer Name	Maturity / Expiration		Industry	Current  Coupon			Basis Point  Spread Above  Index (4)			Par /  Shares		Cost		Fair Value (3)
Subordinated Debt/Corporate Notes—8.6%
Blackhawk Industrial Distribution, Inc.	03/17/2025		Distribution		12.00	%		—			14,335	$	14,165	$	14,335
				(PIK 2.00%)
Cascade Environmental LLC	12/30/2023		Environmental Services		13.00	%		—			42,468		42,150		42,680
				(PIK 13.00%)
Total Subordinated Debt/Corporate Notes													56,315		57,015
Preferred Equity/Partnership Interests—3.9% (6)
Ad.net Holdings, Inc. (9)		—	Media		—			—			2,400		240		240
AH Newco Equityholdings, LLC		—	Healthcare, Education and Childcare		6.00	%		—			211		500		944
Cascade Environmental LLC		—	Environmental Services		16.00	%		—			178,304		17,607		21,133
Mars Intermediate Holdings II, Inc			Media		—			—			414		414		432
MeritDirect Holdings, LP (9)		—	Media		—			—			540		540		693
NXOF Holdings, Inc. (Tyto Athene, LLC)		—	Aerospace and Defense		—			—			160		160		202
ORL Holdco, Inc.		—	Business Services		—			—			575		57		57
Signature CR Intermediate Holdco, Inc.		—	Chemicals, Plastics and Rubber		12.00	%		—			1,527		1,527		1,879
TPC Holding Company, LP (8),(11)		—	Food		—			—			219		219		262
TWD Parent Holdings, LLC (The Vertex Companies, LLC)		—	Business Services		—			—			30		30		30
Total Preferred Equity/Partnership Interests													21,295		25,873
Common Equity/Partnership Interests/Warrants—18.0% (6)
Ad.net Holdings, Inc. (9)		—	Media		—			—			2,667		27		49
Affinion Group Holdings, Inc. (Warrants)	04/10/2024		Consumer Products		—			—			77,190		2,126		—
AG Investco LP (9)		—	Business Services		—			—			805,164		805		1,192
AG Investco LP (7), (9)		—	Business Services		—			—	��		194,836		—		—
Altamira Intermediate Company II, Inc.		—	Aerospace and Defense		—			—			125,000		125		33
Atlas Investment Aggregator, LLC (9)		—	Telecommunications		—			—			1,700,000		1,700		1,710
Cascade Environmental Holdings, LLC (9)		—	Environmental Services		—			—			33,901		2,852		478
CI (Allied) Investment Holdings, LLC		—	Business Services		—			—			120,962		1,243		475
(PRA Events, Inc.) (9)
Connatix Parent, LLC		—	Media		—			—			57,416		632		635
Cowboy Parent LLC		—	Distribution		—			—			22,500		2,250		1,902
(Blackhawk Industrial Distribution, Inc.)
Crane 1 Acquisition Parent Holdings, L.P.		—	Personal, Food and Miscellaneous Services		—			—			113		104		104
Crash Champion Holdings, LLC (9)		—	Auto Sector		—			—			36		328		369
Delta InvestCo LP (Sigma Defense Systems, LLC) (9)		—	Telecommunications		—			—			570,522		571		488
Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (9)		—	Telecommunications		—			—			570,522		—		(82	)
ECM Investors, LLC (9)		—	Electronics		—			—			167,537		41		565
eCommission Holding Corporation (11)		—	Financial Services		—			—			80		1,005		1,153
FedHC InvestCo LP (9)		—	Aerospace and Defense		—			—			3,331		333		339
FedHC InvestCo LP (7),(9)		—	Aerospace and Defense		—			—			4,072		—		—
Gauge Lash Coinvest LLC		—	Consumer Products		—			—			889,376		136		3,558
Gauge Schlesinger Coinvest, LLC		—	Business Services		—			—			9		9		9
Gauge TVC Coinvest, LLC		—	Transportation		—			—			810,645		—		2,663
(TVC Enterprises, LLC)													—		—
GCOM InvestCo LP (9)		—	Business Services		—			—			1,855		809		352
GCOM InvestCo LP (7),(9)		—	Business Services		—			—			965		—		—
Go Dawgs Capital III, LP		—	Building Materials		—			—			675,325		675		844
(American Insulated Glass, LLC) (9)
Green Veracity Holdings, LP - Class A		—	Business Services		—			—			15,000		1,500		5,320
(VT Topco, Inc.)
Hancock Claims Consultants Investors, LLC (9)		—	Insurance		—			—			450,000		450		613
Infogroup Parent Holdings, Inc. (Data Axle, Inc.)		—	Other Media		—			—			181,495		2,040		3,221
Ironclad Holdco, LLC (Applied Technical Services, LLC) (9)		—	Environmental Services		—			—			3,960		390		434
ITC Rumba, LLC (Cano Health, LLC) (9)		—	Healthcare, Education and Childcare		—			—			375,675		—		60,808
JWC-WE Holdings, L.P.		—	Home and Office Furnishings		—			—			1,906,433		—		6,616
(Walker Edison Furniture Company LLC) (9)
Kadmon Holdings, Inc. (5)		—	Healthcare, Education and Childcare		—			—			252,014		2,266		2,195
Kentucky Racing Holdco, LLC (Warrants) (9)		—	Hotels, Motels, Inns and Gaming		—			—			161,252		—		1,147
KL Stockton Co-Invest LP (Any Hour Services) (9)		—	Personal, Food and Miscellaneous Services		—			—			382,353		382		382
Lariat ecoserv Co-Invest Holdings, LLC (9)		—	Environmental Services		—			—			363,656		364		1,044
Lightspeed Investment Holdco LLC		—	Healthcare, Education and Childcare		—			—			273,143		273		315
Mars Intermidiate Holdings II, Inc.		—	Media		—			—			414		—		169
MeritDirect Holdings, LP (9)		—	Media		—			—			540		—		126
Municipal Emergency Services, Inc.		—	Distribution		—			—			1,593,514		1,594		1,594
NEPRT Parent Holdings, LLC (Recteq, LLC) (9)		—	Consumer Products		—			—			1,299		1,262		1,537
NXOF Holdings, Inc.		—	Aerospace and Defense		—			—			3,261		3		186
(Tyto Athene, LLC)
OceanSound Discovery Equity, LP		—	Aerospace and Defense		—			—			98,286		979		1,625
(Holdco Sands Intermediate, LLC) (9)
Oral Surgery (ITC) Holdings, LLC (9)		—	Healthcare, Education and Childcare		—			—			2,904		63		63
ORL Holdco, Inc.		—	Business Services		—			—			638		6		6
QuantiTech InvestCo LP (9)		—	Aerospace and Defense		—			—			700		66		365
QuantiTech InvestCo LP (7),(9)		—	Aerospace and Defense		—			—			967		—		—
QuantiTech InvestCo II LP (9)		—	Aerospace and Defense		—			—			40		24		21

EXHIBIT 99.2

NNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2021

(In thousands, except share data)

Issuer Name	Maturity / Expiration		Industry	Current  Coupon			Basis Point  Spread Above  Index (4)		Par /  Shares		Cost		Fair Value (3)
RFMG Parent, LP (Rancho Health MSO, Inc.)		—	Healthcare, Education and Childcare		—			—		1,050,000	$	1,050	$	1,253
SBI Holdings Investments LLC		—	Business Services		—			—		36,585		366		278
(Sales Benchmark Index LLC)												—		—
Signature CR Intermediate Holdco, Inc.		—	Chemicals, Plastics and Rubber		—			—		80		80		—
SSC Dominion Holdings, LLC		—	Electronics		—			—		1,500		1,500		1,890
Class A (US Dominion, Inc.)												—		—
SSC Dominion Holdings, LLC		—	Electronics		—			—		1,500		—		3,534
Class B (US Dominion, Inc.)												—		—
StellPen Holdings, LLC (CF512, Inc.)		—	Media		—			—		153,846		154		154
TAC LifePort Holdings, LLC (9)		—	Aerospace and Defense		—			—		232,558		233		260
TPC Holding Company, LP (8). (11)		—	Food		—			—		11,527		12		33
TWD Parent Holdings, LLC (The Vertex Companies, LLC)		—	Business Services		—			—		608		1		1
U.S. Well Services, Inc. - Class A (5), (11)		—	Oil and Gas		—			—		1,261,201		3,022		914
UniVista Insurance		—	Business Services		—			—		400		400		405
Wildcat Parent, LP (Wildcat Buyerco, Inc.)		—	Electronics		—			—		2,314		231		411
ZS Juniper L.P.		—	Personal, Food and Miscellaneous Services		—			—		1,056		1,056		5,227
(Juniper Landscaping of Florida, LLC) (9)
Total Common Equity/Partnership Interests/Warrants												35,536		118,982
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies												729,811		820,500
Investments in Non-Controlled, Affiliated Portfolio Companies—7.6% (1), (2)
Preferred Equity/Partnership Interests—6.2% (6)
ETX Energy, LLC (9)		—	Oil and Gas		—			—		61,732		6,173		—
ETX Energy, LLC - Series X (9)		—	Oil and Gas		—			—		10,944		1,094		—
MidOcean JF Holdings Corp.		—	Distribution		—			—		153,922		15,392		41,023
Total Preferred Equity/Partnership Interests												22,660		41,023
Common Equity/Partnership Interests/Warrants—1.4% (6)
ETX Energy, LLC (9)		—	Oil and Gas		—			—		1,658,389		29,712		—
ETX Energy Management Company, LLC		—	Oil and Gas		—			—		1,754,104		1,562		—
MidOcean JF Holdings Corp.		—	Distribution		—			—		65,933		24,790		9,139
Total Common Equity/Partnership Interests/Warrants												56,064		9,139
Total Investments in Non-Controlled, Affiliated Portfolio Companies												78,723		50,161
Investments in Controlled, Affiliated Portfolio Companies—58.3% (1), (2)
First Lien Secured Debt—6.2%
AKW Holdings Limited (8), (10), (11)	03/13/2024		Healthcare, Education and Childcare		7.50	%	3M L+700		£	30,500		42,389		41,125
Total First Lien Secured Debt												42,389		41,125
Second Lien Secured Debt—10.6%
Mailsouth Inc.	04/23/2025		Printing and Publishing		15.00	%		—		11,087		11,087		11,087
				(PIK 15.00%)
PT Network Intermediate Holdings, LLC	11/30/2024		Healthcare, Education and Childcare		11.00	%	3M L+1,000			58,582		58,276		58,582
				(PIK 11.00%)
Total Second Lien Secured Debt												69,363		69,668
Subordinated Debt—9.7%
PennantPark Senior Loan Fund, LLC (11)	07/31/2027		Financial Services		9.00	%	3M L+800			64,155		64,155		64,155
Total Subordinated Debt												64,155		64,155
Preferred Equity—2.0% (6)
CI (PTN) Investment Holdings II, LLC		—	Healthcare, Education and Childcare		—			—		36,450		547		—
(PT Network, LLC) (9)
PT Network Intermediate Holdings, LLC (9)			Healthcare, Education and Childcare		11.00	%	3M L+1,000			833		10,725		13,412
Total Preferred Equity												11,272		13,412
Common Equity—29.7% (6)
AKW Holdings Limited (8), (10), (11)		—	Healthcare, Education and Childcare		—			—	£	950		132		254
CI (PTN) Investment Holdings II, LLC		—	Healthcare, Education and Childcare		—			—		333,333		5,000		—
(PT Network, LLC) (9)
MSpark, LLC		—	Printing and Publishing		—			—		51,151		16,516		11,013
PennantPark Senior Loan Fund, LLC (11)		—	Financial Services		—			—		33,830,005		33,893		41,160
PT Network Intermediate Holdings, LLC (9)			Healthcare, Education and Childcare		—			—		621		7,159		62,131
RAM Energy Holdings LLC		—	Energy and Utilities		—			—		180,805		162,708		81,710
Total Common Equity												225,408		196,269
Total Investments in Controlled, Affiliated Portfolio Companies												412,587		384,628
Total Investments—190.2%												1,221,121		1,255,290
Cash and Cash Equivalents—3.1%
BlackRock Federal FD Institutional 30												18,220		18,220
BNY Mellon Cash Reserve and Cash												2,163		2,137
Total Cash and Cash Equivalents												20,383		20,357
Total Investments and Cash Equivalents—193.2%											$	1,241,504	$	1,275,647
Liabilities in Excess of Other Assets—(93.2%)														(615,503	)
Net Assets—100.0%													$	660,144

(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 generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the 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 generally 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 (See Note 6).

(3)

Valued based on our accounting policy (See Note 2).

(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,” the Euro Interbank Offered Rate, or EURIBOR or “E,” or Prime rate, or “P.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to a 30-day, 90-day or 180-day LIBOR rate (1M L, 3M L, or 6M L, respectively), and EURIBOR loans are typically indexed to a 90-day EURIBOR rate (3M E), at the borrower’s option. All securities are subject to a LIBOR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

(5)

The security was not valued using significant unobservable inputs. The value of all other securities was determined using significant unobservable inputs (See Note 5).

(6)

Non-income producing securities.

(7)

Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

(8)

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

(9)

Investment is held through our Taxable Subsidiary (See Note 1).

(10)

Par / Shares amount is denominated in British Pounds (£) as denoted.

EXHIBIT 99.2

(11)

The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2021, qualifying assets represent 87% of the Company’s total assets and non-qualifying assets represent 12% of the Company’s total assets.