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PNNT on NYSE

PennantPark Investment Corporation

Logo: pennantpark.com4

BUSINESS DEVELOPMENT COMPANY based in New York, founded in 20071

In its 2025 annual report the company says: “PennantPark Investment Corporation is a BDC whose objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments.”8 Its shares trade on NYSE under the symbol PNNT.1

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Last updated Oct 21, 2026.

Overview

2007Founded1

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  • TickerPNNT on NYSE1
  • Industryfinancial services1
  • HeadquartersNew York City1
  • Founded inUnited States1
  • Websitewww.pennantpark.com
  • Legal formlimited company, public company1
  • Listed onTel Aviv Stock Exchange (PFLT), Nasdaq (PFLT)1
  • Business address590 Madison Avenue, 15Th Floor, New York, Ny 100225
  • Filer categoryAccelerated filer5
  • LEI529900OK432R4C6NQQ733
  • StatusActive3
  • LEI statusLapsed (not renewed)3
  • Registered address2405 York Road, Suite 201, 21093 Lutherville, United States3
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D116922173

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PennantPark Investment Corporation is a BDC whose objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments.8 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income9101112$66.4M in 2025+260% since 2020
0$25.0M$50.0M$75.0M$100.0M2020: $18.4M$18.4M20202021: $56.5M$56.5M2021+207%2022: $3.5M$3.5M2022−94%2023: $39.3M$39.3M2023+1037%2024: $91.8M$91.8M2024+134%2025: $66.4M$66.4M2025−28%

Every line of the income statement as filed: the last 5 fiscal years, latest first.16

Period ending2025-09-302024-09-302023-09-302022-09-302021-09-30
Total investment income$122.4M$143.8M$145.4M
Base management fee$16.2M$16.7M$16.5M
Incentive fee$9.8M$12.7M$13.9M
Interest and expenses on debt$41.3M$45.2M$39.4M
Administrative services expenses$1.9M$1.7M$1.8M
General and administrative expenses$4.3M$4.9M$3.8M
Expenses before provision for taxes and financing costs$73.4M$81.1M$75.5M
Provision for taxes on net investment income$2.6M$2.6M$4.3M
Credit facility amendment and debt issuance costs (See Notes 5 and 11)$324.0K$0$0
Net expenses$76.3M$83.7M$79.8M
Net investment income$46.1M$60.1M$65.5M
Net realized (gain) loss on debt extinguishment$0$0-$289.0K
Provision for taxes on realized gain on investments$26.0K$186.0K-$5.0M
Net realized gain (loss) on investments and debt-$52.4M-$33.6M-$156.8M
Provision for taxes on unrealized appreciation (depreciation) on investments$0-$680.0K$1.6M
Debt appreciation (depreciation) (See Notes 5 and 11)-$116.0K-$4.4M-$3.8M
Net change in unrealized appreciation (depreciation) on investments and debt$39.1M$22.4M$57.4M
Net realized and unrealized gain (loss) from investments and debt-$13.3M-$11.2M-$99.3M
Net increase (decrease) in net assets resulting from operations$32.7M$48.9M-$33.8M
Net increase (decrease) in net assets resulting from operations per common share$0.50$0.75-$0.52
Net investment income per common share$0.71$0.92$1.00$0.66$0.54

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Corporate structure

PennantPark Investment Corporation sits at the top of its group. 7 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of PennantPark Investment Corporation

  • ARES MANAGEMENT LLC Filed SC 13G/A on PennantPark Investment Corporation, latest Feb 13, 2024 (3 filings since Apr 14, 2022)
  • PennantPark Investment Corporation New York, NY, New York, United States
    • AKW Holdings Limited Subsidiary · Isle of Man
    • MSpark, LLC Subsidiary · Alabama, United States
    • PNNT Alabama Holdings Inc. Subsidiary · Delaware, United States
    • PNNT Investment Holdings II, LLC Subsidiary · Delaware, United States
    • PNNT Investment Holdings, LLC Subsidiary · Delaware, United States
    • RAM Energy Holdings LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What PennantPark Investment Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$51.8M16 Sep 30, 2025$49.9M16 Sep 30, 2024+3.9%

Properties, in its own words

As of September 30, 2025, we did not own any real estate or other physical properties materially important to our operation. We believe that the office facilities of the Investment Adviser and Administrator are suitable and adequate for our business as it is contemplated to be conducted.

Item 2 of the 10-K filed Nov 24, 2025.8

Leadership

Who has led PennantPark Investment Corporation, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Arthur H. Penn2007–2023
  2. Arthur H. Penn2011–2020

Chair

  1. Arthur H. Penn2007–2023
  2. Arthur H. Penn2011–2020

Chief financial officer

  1. Aviv Efrat2007–2020
  2. Aviv Efrat2011–2020
  3. Richard T. Allorto Jr.2022–now
2010201520202025
Board members and other officers (8)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • AKW Holdings Limited Isle of Man6
  • MSpark, LLC Alabama6
  • PFLT Investment Holdings II, LLC Delaware7
  • PFLT Investment Holdings, LLC Delaware7
  • PNNT Alabama Holdings Inc. Delaware6
  • PNNT Investment Holdings II, LLC Delaware6
  • PNNT Investment Holdings, LLC Delaware6
  • PennantPark CLO 11, LLC Delaware7
  • PennantPark CLO I Depositor, LLC Delaware7
  • PennantPark CLO I, LLC Delaware7
  • PennantPark CLO I, Ltd. Cayman Islands7
  • PennantPark CLO VIII, LLC Delaware7
  • PennantPark Floating Rate Funding I, LLC Delaware7
  • PennantPark Floating Rate Funding II, LLC Delaware7
  • PennantPark-TSO Senior Loan Fund, LP Delaware7
  • RAM Energy Holdings LLC Delaware6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Pennant Investment CORPJan 19, 2007 to Mar 5, 20075

Timeline

  1. Oct 6, 20268-K Regulation FD disclosure32
  2. Oct 6, 20268-K Regulation FD disclosure33
  3. Oct 2, 20268-K Regulation FD disclosure34
  4. Oct 2, 20268-K Regulation FD disclosure35
  5. Sep 2, 20268-K Regulation FD disclosure36
  6. Sep 2, 20268-K Regulation FD disclosure37
  7. Sep 1, 20268-K Entered a material agreement; New debt or obligation38
  8. Aug 10, 20268-K Results of operations39
  9. Aug 10, 20268-K Results of operations40
  10. Aug 4, 20268-K Regulation FD disclosure41
  11. Aug 4, 20268-K Regulation FD disclosure42
  12. Jul 6, 20268-K Regulation FD disclosure43
  13. Apr 8, 2011Went public Listed on NASDAQ1
  14. Apr 19, 2007New chief executive Arthur H. Penn becomes CEO20
  15. 2007Founded Founded in United States1

Calendar

Coming up

  1. Nov 23, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.15 a share, on Nov 24, 2025.44

When it reported results

  1. Aug 10, 2026Reported quarterly or annual results39
  2. Aug 10, 2026Reported quarterly or annual results40
  3. May 7, 2026Reported quarterly or annual results45
  4. May 7, 2026Reported quarterly or annual results46
  5. Feb 9, 2026Reported quarterly or annual results47
  6. Feb 9, 2026Reported quarterly or annual results48
  7. Jan 16, 2026Reported quarterly or annual results49
  8. Nov 24, 2025Reported quarterly or annual results50

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

431 filings to the SEC since October 2021: 15 annual reports, 32 quarterly reports, 252 major events, 45 insider forms, 3 large holders, 84 other. The latest 20:

  1. Oct 6, 20268-K EDGAR
  2. Oct 6, 20268-K EDGAR
  3. Oct 2, 20268-K EDGAR
  4. Oct 2, 20268-K EDGAR
  5. Sep 16, 2026N-2 EDGAR
  6. Sep 2, 20268-K EDGAR
  7. Sep 2, 20268-K EDGAR
  8. Sep 1, 20268-K EDGAR
  9. Aug 10, 202610-Q EDGAR
  10. Aug 10, 202610-Q EDGAR
  11. Aug 10, 20268-K EDGAR
  12. Aug 10, 20268-K EDGAR
  13. Aug 4, 20268-K EDGAR
  14. Aug 4, 20268-K EDGAR
  15. Jul 30, 2026CORRESP EDGAR
  16. Jul 6, 20268-K EDGAR
  17. Jul 6, 20268-K EDGAR
  18. Jul 2, 20268-K EDGAR
  19. Jul 2, 20268-K EDGAR
  20. Jul 1, 202610-K/A EDGAR

The 431 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

34 open-market trades by officers, directors and large owners since October 2021: 27 buys and 7 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 11, 2026Allorto Richard T JRCFO and TreasurerBuy15,000$4.88$73.2KForm 4
Dec 8, 2025Flug JeffreyDirectorSale121,533$5.92$719.5KForm 4
Dec 5, 2025Flug JeffreyDirectorSale20,000$5.85$117.0KForm 4
Dec 4, 2025Flug JeffreyDirectorSale23,303$5.78$134.7KForm 4
Dec 3, 2025Flug JeffreyDirectorSale10,000$5.75$57.5KForm 4
Dec 1, 2025Briones Jose ADirectorBuy4,235$5.91$25.0KForm 4
Dec 1, 2025Flug JeffreyDirectorSale21,100$6.04$127.4KForm 4
Nov 28, 2025Flug JeffreyDirectorSale15,000$6.06$90.9KForm 4
Nov 26, 2025Flug JeffreyDirectorSale25,000$6.03$150.8KForm 4
May 21, 2025Briones Jose ADirectorBuy1,515$6.59$10.0KForm 4
May 14, 2025Briones Jose ADirectorBuy3,640$6.88$25.0KForm 4
Nov 27, 2024Briones Jose ADirectorBuy3,675$6.80$25.0KForm 4
Mar 12, 2024Allorto Richard T JRCFO and TreasurerBuy5,000$6.80$34.0KForm 4
Feb 26, 2024Briones Jose ADirectorBuy7,288$6.86$50.0KForm 4
Feb 13, 2024Briones Jose ADirectorBuy3,800$6.67$25.3KForm 4
Feb 9, 2024Briones Jose ADirectorBuy7,450$6.70$49.9KForm 4
Dec 5, 2023Briones Jose ADirectorBuy1,565$6.38$10.0KForm 4
Dec 4, 2023Briones Jose ADirectorBuy1,557$6.42$10.0KForm 4
Nov 22, 2023Briones Jose ADirectorBuy1,545$6.47$10.0KForm 4
Aug 22, 2023Briones Jose ADirectorBuy3,865$6.45$24.9KForm 4

All 34 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Invesco Ltd.1,836,639$6.4M0.0%No change
Two Sigma Investments, LP1,003,527$3.5M0.0%−657,014
Morgan Stanley766,499$2.7M0.0%−322,766
Millennium Management LLC628,605$2.2M0.0%+510,695
Legal & General Group Plc536,493$1.9M0.0%+19,205
Advisors Asset Management, Inc.405,260$1.4M0.0%−77,074
Marshall Wace, Llp391,726$1.4M0.0%New
Universal- Beteiligungs- und Servicegesellschaft mbH348,800$1.2M0.0%No change
NewEdge Wealth, LLC307,794$1.1M0.0%−11,746
Bank Of America Corp /de/306,780$1.1M0.0%+255,751
BlackRock, Inc.261,854$908.6K0.0%−107,868
Crossingbridge Advisors, LLC250,000$867.5K0.2%+94,050
AlphaCentric Advisors LLC250,000$867.5K0.7%+94,050
Citadel Advisors LLC246,746$856.2K0.0%New
Callodine Capital Management, LP224,000$777.3K0.1%New
Virtus Investment Advisers, LLC216,246$750.4K0.2%+50,706
Qube Research & Technologies Ltd207,521$720.1K0.0%New
GatePass Capital, LLC203,450$706.0K0.3%+65,450
Truvestments Capital LLC201,671$699.8K0.1%−20,151
Mangrove Partners Im, LLC191,563$664.7K0.0%+65,463
Tudor Investment Corp Et Al188,423$653.8K0.0%+178,010
XTX Topco Ltd169,160$587.0K0.0%+103,782
Kovack Advisors, Inc.108,393$379.3K0.0%+5,160
UBS Group AG95,967$333.0K0.0%−13,231
Sterneck Capital Management, LLC91,647$318.0K0.1%+14,209

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How PennantPark Investment Corporation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPENNANTPARK INVESTMENT CORP2
  • CIK0001383414
  • Employer ID (EIN)20-82507448
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company8
  • Incorporated inMaryland8
  • Fiscal year endsSeptember 302
  • Business address590 Madison Avenue, 15Th Floor, New York, NY 100222
  • Phone212-905-10002
  • Shares outstanding65,296,094 as of Aug 10, 202652
  • Public float$443.6M as of Mar 31, 20258
  • AuditorRSM US LLP, New York, New York PCAOB ID 49; it also attests to the company’s internal control over financial reporting8
  • On EDGAR sinceJan 19, 20072
  • Filings854 in all: 8-K (330), 4 (143), 10-Q (59), 497AD (31), CORRESP (29), DEF 14A (24), 497 (22), 40-17G (20)2
    All 45 form types

    10-K (19), SC 13G/A (17), EFFECT (14), SC 13G (13), 3 (12), N-2/A (12), 40-APP/A (11), POS 8C (11), 10-K/A (9), N-2 (8), PRE 14A (8), 144 (7), POS EX (6), 424B2 (5), 40-APP (4), 8-A12B (4), 8-K/A (4), DEFA14A (4), N-23C-2 (3), 25-NSE (2), 4/A (2), APP NTC (2), APP ORDR (2), CERT (2), FWP (2), UPLOAD (2), 10-Q/A (1), 25 (1), 25-NSE/A (1), 305B2 (1), CERTNAS (1), CERTNYS (1), N-2MEF (1), N-54A (1), N-6F (1), POS462B (1), PRER14A (1)

  • Latest filingsAnnual report (10-K) Nov 24, 2025
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Dec 17, 2025
    Latest 8-K (8-K) Oct 6, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per sharePNNTThe New York Stock Exchange

From the cover page of the 10-K filed Nov 24, 2025 (Section 12(b) of the Exchange Act).8

Risk factors and legal proceedings

The risks PennantPark Investment Corporation names in Item 1A of its 10-K filed Nov 24, 2025: 74 risks under these headings, as written.8

  • RISKS RELATING TO OUR BUSINESS AND STRUCTURE
  • We are subject to various covenants under our Truist Credit Facility which, if not complied with, could result in reduced availability and/or mandatory prepayments under our Truist Credit Facility.
  • We operate in a highly competitive market for investment opportunities.
  • Our borrowers may default on their payments, which may have a materially negative effect on our financial performance.
  • Any unrealized losses we experience on our investment portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • We are dependent upon our Investment Adviser’s key personnel for our future success, and if our Investment Adviser is unable to hire and retain qualified personnel or if our Investment Adviser loses any member of its management team, our ability to achieve our investment objectives could be significantly harmed.
  • We are exposed to risks associated with changes in interest rates that may affect our cost of capital and net investment income.
  • Our financial condition and results of operation depend on our ability to manage future growth effectively.
  • We are highly dependent on information systems and systems failures could have a material adverse effect on our business, financial condition and results of operations.
  • If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock.
  • We have identified material weaknesses in our internal control over financial reporting. If we fail to remediate these material weaknesses, our ability to report our
  • financial condition and result of operations accurately and on a timely basis could be adversely affect.
The other 63 risks
  • We may not replicate the historical performance of other investment companies and funds with which our senior and other investment professionals have been or are affiliated.
  • Any failure on our part to maintain our status as a BDC would reduce our operating flexibility.
  • Loss of RIC tax status would substantially reduce our net assets and income available for debt service and distributions.
  • We may have difficulty paying our Annual Distribution Requirement if we recognize income before or without receiving cash representing such income.
  • Legislation enacted in 2018 allows us to incur additional leverage.
  • Because we intend to distribute substantially all of our income to our stockholders to maintain our ability to be subject to tax as a RIC, we may need to raise additional capital to finance our growth. If funds are not available to us, we may need to curtail new investments, and our common stock value could decline.
  • Regulations governing our operation as a BDC will affect our ability to, and the way in which we raise additional capital.
  • We currently use borrowed funds to make investments and are exposed to the typical risks associated with leverage.
  • If we incur additional debt, it could increase the risk of investing in our shares.
  • We may in the future determine to fund a portion of our investments with preferred stock, which is another form of leverage and would magnify the potential for loss and the risks of investing in us.
  • We may in the future determine to fund a portion of our investments with debt securities, which would magnify the potential for loss and the risks of investing in us.
  • Our credit ratings may not reflect all risks of an investment in our debt securities.
  • A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us, our 2026 Notes or our 2026 Notes-2, if any, or change in the debt markets could cause the liquidity or market value of our 2026 Notes or our 2026 Notes-2 to decline significantly.
  • Market conditions may make it difficult to extend the maturity of or refinance our existing indebtedness and any failure to do so could have a material adverse effect on our business.
  • There are significant potential conflicts of interest which could impact our investment returns.
  • We may experience fluctuations in our quarterly results.
  • Holders of any preferred stock that we may issue will have the right to elect members of the board of directors and have class voting rights on certain matters.
  • If we issue preferred stock, debt securities or convertible debt securities, the NAV and market value of our common stock may become more volatile.
  • The trading market or market value of any publicly issued debt or convertible debt securities may be volatile.
  • Terms relating to debt redemption may have a material adverse effect on the return on any debt securities.
  • If we issue subscription rights or warrants for our common stock, your interest in us may be diluted as a result of such rights or warrants offering.
  • Changes in laws or regulations governing our operations or those of our portfolio companies may adversely affect our business.
  • Our board of directors may change our investment objectives, operating policies and strategies without prior notice or stockholder approval.
  • Our business and operations could be negatively affected if we become subject to stockholder activism, which could cause us to incur significant expense, hinder the execution of our investment strategy or impact our stock price.
  • RISKS RELATING TO THE ILLIQUID NATURE OF OUR PORTFOLIO ASSETS
  • We invest in illiquid assets, and our valuation procedures with respect to such assets may result in recording values that are materially different than the values we ultimately receive upon disposition of such assets.
  • The lack of liquidity in our investments may adversely affect our business.
  • A general disruption in the credit markets could materially damage our business.
  • We may invest in over-the-counter securities, which have and may continue to face liquidity constraints, to provide us with liquidity.
  • RISKS RELATING TO OUR INVESTMENTS
  • Our investments in prospective portfolio companies may be risky, and you could lose all or part of your investment.
  • Under the 1940 Act, we may invest up to 30% of our assets in investments that are not qualifying assets for BDCs. If we do not invest a sufficient portion of our assets in qualifying assets, we could be precluded from investing in assets that we deem to be attractive.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we generally are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • If we fail to make follow-on investments in our portfolio companies, this could materially impair the value of our portfolio.
  • Because we generally do not hold controlling equity interests in our portfolio companies, we are not in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
  • An investment strategy focused primarily on privately held companies, including controlling equity interests, presents certain challenges, including the lack of available or comparable information about these companies, a dependence on the talents and efforts of only a few key portfolio company personnel and a greater vulnerability to economic downturns.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and our portfolio companies may be highly leveraged.
  • Our incentive fee may induce the Investment Adviser to make speculative investments.
  • Any investments in distressed debt may not produce income and may require us to bear large expenses in order to protect and recover our investment.
  • Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.
  • We may make investments that cause our stockholders to bear investment advisory fees and other expenses on such investments in addition to our management fees and expenses.
  • We may be obligated to pay our Investment Adviser incentive compensation even if we incur a loss.
  • We may invest in derivatives or other assets that expose us to certain risks, including market risk, liquidity risk, counterparty risk, operational and legal risk and other risks similar to those associated with the use of leverage.
  • RISKS RELATING TO AN INVESTMENT IN OUR COMMON STOCK
  • We may obtain the approval of our stockholders to issue shares of our common stock at prices below the then current NAV per share of our common stock. If we receive such approval from stockholders in the future, we may issue shares of our common stock at a price below the then current NAV per share of common stock. Any such issuance could materially dilute your interest in our common stock and reduce our NAV per share.
  • There is a risk that our stockholders may not receive distributions or that our distributions may not grow over time.
  • Sales of substantial amounts of our securities may have an adverse effect on the market price of our securities.
  • We may allocate the net proceeds from any offering of our securities in ways with which you may not agree.
  • Our shares may trade at discounts from NAV or at premiums that are unsustainable over the long term.
  • The market price of our common stock may fluctuate significantly.
  • We may be unable to invest the net proceeds raised from offerings on acceptable terms, which would harm our financial condition and operating results.
  • You may have current tax liabilities on distributions you reinvest in our common stock.
  • There is a risk that our common stockholders may receive our stock as distributions in which case they may be required to pay taxes in excess of the cash they receive.
  • Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.
  • RISKS RELATING TO AN INVESTMENT IN OUR DEBT SECURITIES
  • The 2026 Notes and the 2026 Notes-2 are unsecured and therefore are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.
  • The 2026 Notes and the 2026-2 Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.
  • The indenture under which each of the 2026 Notes and the 2026-2 Notes were issued contains limited protection for their respective holders.
  • The optional redemption provision may materially adversely affect your return on the 2026 Notes and the 2026 Notes-2.
  • There is no active trading market for the Notes. If an active trading market does not develop for the Notes, you may not be able to sell them.
  • If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the 2026 Notes or the 2026 Notes-2.
  • FATCA withholding may apply to payments to certain foreign entities.
  • GENERAL RISK FACTORS
  • We and our portfolio companies may maintain cash balances at financial institutions and exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.
  • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.
  • Global capital markets could enter a period of severe disruption and instability due to future recessions, disease pandemics and other serious health events, political instability, geopolitical turmoil and foreign hostilities. These market conditions have historically had and could again have a materially adverse effect on debt and equity capital markets in the United States, which could have a materially negative impact on our business, financial condition and results of operations.
  • Volatility or a prolonged disruption in the credit markets could materially damage our business.

Legal proceedings

None of us, our Investment Adviser or our Administrator, is currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, or against our Investment Adviser or Administrator. From time to time, we, our Investment Adviser or Administrator may be a party to certain legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.8

Sources

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