v3.25.4

Fair value of Financial Instruments (Tables)

12 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Unobservable Inputs and Ranges

Our Level 3 valuation techniques, unobservable inputs and ranges were categorized as follows for ASC 820 purposes ($ in thousands):

Asset Category ($ in thousands)		Fair value at September 30, 2025				Valuation Technique		Unobservable Input		Range of Input (Weighted Average) (1)
First lien		$	31,018			Market Comparable		Broker/Dealer bids or quotes		N/A
First lien			550,259			Market Comparable		Market yield		4.0% - 24.5% (10.1%)
First lien			1,096			Enterprise Market Value		EBITDA multiple		7.5x - 8.3x (8.1x)
Second lien			14,750			Market Comparable		Market yield		13.2% - 15.5% (14.3%)
Second lien			3,411			Market Comparable		Broker/Dealer bids or quotes		N/A
Subordinated debt / corporate notes			201,220			Market Comparable		Market yield		7.0% - 25.4% (13.2%)
Equity			286,210			Enterprise Market Value		EBITDA multiple		1.5x - 28.3x (9.4x)
Total Level 3 investments		$	1,087,964
Debt Category ($ in thousands)
Truist Credit Facility		$	425,477			Market Comparable		Market yield		4.9%

(1)The weighted averages disclosed in the table above were weighted by their relative fair value.

Asset Category ($ in thousands)		Fair value at September 30, 2024				Valuation Technique		Unobservable Input		Range of Input (Weighted Average) (1)
First lien		$	13,841			Market Comparable		Broker/Dealer bids or quotes		N/A
First lien			621,998			Market Comparable		Market yield		7.0% – 21.4% (10.2%)
First lien			32,087			Enterprise Market Value		EBITDA multiple		0.9x - 8.4x (8.4x)
Second lien			63,803			Market Comparable		Market yield		13.1% - 18.5% (13.9%)
Second lien			3,377			Market Comparable		Broker/Dealer bids or quotes		N/A
Subordinated debt / corporate notes			181,690			Market Comparable		Market yield		5.0% - 16.5% (14.1%)
Equity			235,573			Enterprise Market Value		EBITDA multiple		0.4x - 18.8x (9.4x)
Total Level 3 investments		$	1,152,369
Debt Category ($ in thousands)
Truist Credit Facility		$	460,361			Market Comparable		Market yield		5.4%

(1)The weighted averages disclosed in the table above were weighted by their relative fair value.

Summary of Investments, Cash and Cash Equivalents, Credit Facility, SBA Debentures and Notes

Our investments, cash and cash equivalents, Credit Facility, 2026 Notes and 2026 Notes-2 were categorized as follows in the fair value hierarchy ($ in thousands):

		Fair value at September 30, 2025
Description ($ in thousands)		Fair Value				Level 1				Level 2				Level 3				Measured at Net Asset Value (1)
Debt investments		$	801,754			$	—			$	—			$	801,754			$	—
U.S. Government Securities(3)			124,788				—				124,788				—				—
Equity investments			360,731				—				—				286,210				74,521
Total investments			1,287,273				—				124,788				1,087,964				74,521
Cash and cash equivalents			51,783				51,783				—				—				—
Total investments and cash and cash equivalents		$	1,339,056			$	51,783			$	124,788			$	1,087,964			$	74,521
Truist Credit Facility		$	425,477			$	—			$	—			$	425,477			$	—
2026 Notes(2)			149,473				—				149,473				—				—
2026 Notes-2(2)			163,933				—				163,933				—				—
Total debt		$	738,883			$	—			$	313,406			$	425,477			$	—

(1)In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSLF and PTSF II is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value in accordance with the specialized accounting guidance for investment companies, and thus has not been classified in the fair value hierarchy.

(2)We elected not to apply ASC 825-10 to the 2026 Notes, and the 2026 Notes-2 and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value.

(3)Our U.S. Treasury Bills are classified as Level 2, as they were valued by the pricing service who utilize broker-supplied prices.

		Fair Value at September 30, 2024
Description ($ in thousands)		Fair Value				Level 1				Level 2				Level 3				Measured at Net Asset Value (1)
Debt investments		$	916,796			$	—			$	—			$	916,796			$	—
U.S. Government Securities(3)			99,632				—				99,632				—				—
Equity investments			311,622				—				—				235,573				76,049
Total investments			1,328,050				—				99,632				1,152,369				76,049
Cash and cash equivalents			49,861				49,861				—				—				—
Total investments and cash and cash equivalents		$	1,377,911			$	49,861			$	99,632			$	1,152,369			$	76,049
Truist Credit Facility		$	460,361			$	—			$	—			$	460,361			$	—
2026 Notes(2)			148,571				—				148,571				—				—
2026 Notes-2(2)			163,080				—				163,080				—				—
Total debt		$	772,012			$	—			$	311,651			$	460,361			$	—

(1)In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSLF and PTSF II is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value in accordance with the specialized accounting guidance for investment companies, and thus has not been classified in the fair value hierarchy.

(2)We elected not to apply ASC 825-10 to the 2026 Notes, and the 2026 Notes-2 and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value.

(3)Our U.S. Treasury Bills are classified as Level 2, as they were valued by the pricing service who utilize broker-supplied prices.

Reconciliation of Investments Measured at Fair Value Using Significant Unobservable Inputs Level 3

The tables below show a reconciliation of the beginning and ending balances for investments measured at fair value using significant unobservable inputs (Level 3) ($ in thousands):

		Year Ended September 30, 2025
Description ($ in thousands)		Debt  investments				Equity  investments				Totals
Beginning balance		$	916,796			$	235,573			$	1,152,369
Net realized gain (loss)			(45,658	)			(6,800	)			(52,458	)
Net change in unrealized appreciation (depreciation)			9,159				46,520				55,679
Purchases, PIK interest, net discount accretion and non-cash exchanges			726,966				15,830				742,796
Sales, repayments and non-cash exchanges			(805,509	)			(4,913	)			(810,422	)
Transfers in/out of Level 3			—			—					—
Ending balance		$	801,754			$	286,210			$	1,087,964
Net change in unrealized appreciation reported within the net change in    unrealized appreciation on investments in our consolidated statements of operations    attributable to our Level 3 assets still held at the reporting date		$	(1,219	)		$	40,305			$	39,086

		Year Ended September 30, 2024
Description ($ in thousands)		Debt  investments				Equity  investments				Totals
Beginning balance		$	764,275			$	163,053			$	927,328
Net realized gain (loss)			(23,028	)			(10,053	)			(33,081	)
Net change in unrealized appreciation (depreciation)			(5,374	)			35,990				30,616
Purchases, PIK interest, net discount accretion and non-cash exchanges			726,526				59,520				786,046
Sales, repayments and non-cash exchanges			(545,603	)			(12,937	)			(558,540	)
Transfers in/out of Level 3		—				—					—
Ending balance		$	916,796			$	235,573			$	1,152,369
Net change in unrealized appreciation reported within the net change in    unrealized appreciation on investments in our consolidated statements of operations    attributable to our Level 3 assets still held at the reporting date		$	(21,133	)		$	25,461			$	4,328

Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs Level 3

The table below shows a reconciliation of the beginning and ending balances for liabilities measured at fair value using significant unobservable inputs (Level 3) ($ in thousands):

		Year Ended September 30,
Long-Term Credit Facility		2025				2024
Beginning balance (cost – $461,456 and $212,420, respectively)		$	460,361			$	206,940
Net change in unrealized appreciation (depreciation) included in earnings			116				4,385
Borrowings (1)			207,000				524,036
Repayments (1)			(242,000	)			(275,000	)
Transfers in and/or out of Level 3			—				—
Ending balance (cost – $426,456 and $461,456, respectively)		$	425,477			$	460,361
Temporary draws outstanding, at cost			—				—
Ending balance (cost – $426,456 and $461,456, respectively)		$	425,477			$	460,361

(1)Excludes temporary draws.

Net Change in Fair Value on Foreign Currency Translation on Outstanding Borrowings

As of September 30, 2025, we had outstanding non-U.S. dollar borrowings on our Truist Credit Facility. Net change in fair value on foreign currency translation on outstanding borrowings is listed below (£, CAD and $ in thousands):

Foreign Currency		Amount Borrowed				Borrowing Cost				Current Value				Reset Date		Unrealized appreciation/ (depreciation)
British Pound		£	36,000			$	49,420			$	48,465			December 31, 2025		$	955
Canadian dollar			CAD 2,800			$	2,036			$	2,012			October 29, 2025		$	24

As of September 30, 2024, we had outstanding non-U.S. dollar borrowings on our Truist Credit Facility. Net change in fair value on foreign currency translation on outstanding borrowings is listed below (£, CAD and $ in thousands):

Foreign Currency		Amount Borrowed				Borrowing Cost				Current Value				Reset Date		Unrealized appreciation/ (depreciation)
British Pound		£	36,000			$	49,420			$	48,289			December 28, 2024		$	1,131
Canadian dollar			CAD 2,800			$	2,036			$	2,073			October 23, 2024		$	(37	)

X

- Definition

Net change in fair value on foreign currency translation on outstanding borrowings.

+ References

No definition available.

+ Details

Name:	pnnt_NetChangeInFairValueOnForeignCurrencyTranslationOnOutstandingBorrowingsTableTextBlock
Namespace Prefix:	pnnt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration