Quick Read PennantPark Investment (PNNT) pays a 20.8% annualized yield but earnings cover only $0.14 per share quarterly against $0.24 in distributions, with roughly half the monthly payment funded by a spillover income reserve set to expire in December 2026. The company’s portfolio is 89% variable-rate debt, so declining interest rates have compressed yields from 12.3% to 10.9% year-over-year, pushing total investment income down 20.3% in Q1 FY2026. Federal Reserve rate cuts are structurally eroding Pe ...