[1]	(1) No comparative information has been presented as the Company had not commenced investment activity prior to October 1, 2025.
[2]	Based on the weighted average shares outstanding for the three months ended December 31, 2025.
[3]	Based on the change in net asset value per share during the period and assumes distributions, if any, are reinvested. Total return is not annualized for periods less than one year.
[4]	Excludes interest and expenses on Credit Facility, which are annualized.
[5]	Ratios are annualized excluding one-time costs, which are not annualized. Excludes the effect of expense support payments (reimbursements) and management fee waivers, if any.
[6]	Includes interest and expenses on Credit Facility, which are annualized.
[7]	Ratios are annualized excluding one-time costs, which are not annualized. Includes the effect of expense support payments (reimbursements) and management fee waivers, if any.
[8]	The asset coverage ratio for a class of senior securities representing indebtedness is calculated on our total assets, less all liabilities and indebtedness not represented by senior securities, divided by the senior securities representing indebtedness at par (changed from fair value). This asset coverage ratio is multiplied by $1,000 to determine the asset coverage per unit. Ratio is not annualized.
[9]	Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized.

PennantPark Private Income Fund 10-Q