PennantPark Investment Corporation (NYSE: PNNT) announced today its
financial results for the third quarter ended June 30, 2023.
HIGHLIGHTS Quarter ended June 30,
2023 (unaudited) ($ in millions, except per share amounts)
Operating
Results: |
|
|
|
Net investment income |
|
$ |
23.0 |
|
Net investment income per share |
|
$ |
0.35 |
|
Core net investment income per share (3) |
|
$ |
0.22 |
|
Distributions declared per share |
|
$ |
0.20 |
|
|
|
|
|
Assets and
Liabilities: |
|
|
|
Investment portfolio (1) |
|
$ |
1,075.9 |
|
Net assets |
|
$ |
503.6 |
|
GAAP net asset value per share |
|
$ |
7.72 |
|
Quarterly increase in GAAP net asset value per share |
|
|
1.6 |
% |
Adjusted net asset value per share (2) |
|
$ |
7.67 |
|
Quarterly increase in adjusted net asset value per share (2) |
|
|
3.1 |
% |
|
|
|
|
Credit
Facility |
|
$ |
307.7 |
|
2026
Notes |
|
$ |
147.4 |
|
2026-2
Notes |
|
$ |
162.0 |
|
Regulatory
Debt to Equity |
|
1.26x |
|
Weighted
average yield on debt investments at quarter-end |
|
|
12.7 |
% |
|
|
|
|
Portfolio
Activity: |
|
|
|
Purchases of investments |
|
$ |
69.9 |
|
Sales and repayments of investments |
|
$ |
135.7 |
|
|
|
|
|
PSLF
Portfolio data: |
|
|
|
PSLF investment portfolio |
|
$ |
793.9 |
|
Purchases of investments |
|
$ |
64.0 |
|
Sales and repayments of investments |
|
$ |
20.0 |
|
|
|
|
|
|
- Includes investments in PennantPark Senior Loan Fund, LLC
("PSLF"), an unconsolidated joint venture, totaling $161.3 million,
at fair value.
- This is a non-GAAP financial measure. The Company believes that
this number provides useful information to investors and management
because it reflects the Company’s financial performance excluding
the impact of $3.1 million, or $0.05 per share, unrealized gain on
our multi-currency, senior secured revolving credit facility with
Truist Bank, as amended, the “Credit Facility." The presentation of
this additional information is not meant to be considered in
isolation or as a substitute for financial results prepared in
accordance with GAAP.
- Core net investment income ("Core NII") is a non-GAAP financial
measure. The Company believes that Core NII provides useful
information to investors and management because it reflects the
Company's financial performance excluding one-time or non-recurring
investment income and expenses. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for financial results prepared in accordance with GAAP.
For the quarter ended June 30, 2023, Core NII excluded: i) $10.6
million of dividend income related to our equity investment in
Dominion Voting Systems; ii) $0.5 million of accrued excise taxes,
and iii) $1.9 million of incentive fee expense.
CONFERENCE CALL AT 12:00 P.M. EST ON
AUGUST 10, 2023
PennantPark Investment Corporation (“we,” “our,”
“us” or the “Company”) will also host a conference call at 12:00
p.m. (Eastern Time) on Thursday, August 10, 2023 to discuss its
financial results. All interested parties are welcome to
participate. You can access the conference call by dialing
toll-free (888) 394-8218 approximately 5-10 minutes prior to the
call. International callers should dial (646) 828-8193. All callers
should reference conference ID #5118252 or PennantPark Investment
Corporation. An archived replay will also be available on a webcast
link located on the Quarterly Earnings page in the Investor section
of PennantPark’s website.
INCREASE OF QUARTERLY DISTRIBUTION TO
$0.21 PER SHARE
On August 9, 2023, the Company declared a
quarterly distribution of $0.21 per share, an increase of 5.0% from
the most recent distribution. The distribution is payable on
October 2, 2023 to stockholders of record as of September 18, 2023
and is expected to be paid from taxable net investment income.
In addition, the Company will change the
frequency of distribution from quarterly to monthly beginning in
October. The final tax characteristics of the distribution will be
reported to stockholders on Form 1099 after the end of the calendar
year and in the Company’s periodic report filed with the Securities
and Exchange Commission.
“We are pleased to announce another increase in
our quarterly dividend, which is well covered by our net investment
income. We believe that the change to a monthly dividend will be
valued by our investors,” said Arthur Penn, Chairman and CEO. “Our
earnings stream continues to be robust due to strong credit
performance and the excellent returns generated by our PSLF Joint
Venture."
PORTFOLIO AND INVESTMENT
ACTIVITY
PennantPark Investment
Corporation
As of June 30, 2023, our portfolio totaled
$1,075.9 million, which consisted of $590.5 million of first lien
secured debt, $94.8 million of second lien secured debt, $154.7
million of subordinated debt (including $102.3 million in PSLF) and
$235.8 million of preferred and common equity (including $59.0
million in PSLF). Our debt portfolio consisted of 96% variable-rate
investments and 4% fixed-rate investments. As of June 30, 2023, we
had one portfolio company on non-accrual, representing 1.1% and
zero of our overall portfolio on a cost and fair value basis,
respectively. As of June 30, 2023, the portfolio had net unrealized
depreciation of $18.8 million. Our overall portfolio consisted of
129 companies with an average investment size of $8.3 million, and
a weighted average yield on interest bearing debt investments of
12.7%.
As of September 30, 2022, our portfolio totaled
$1,226.3 million and consisted of $631.0 million of first lien
secured debt, $129.9 million of second lien secured debt, $141.3
million of subordinated debt (including $88.0 million in PSLF) and
$324.1 million of preferred and common equity (including $51.1
million in PSLF). Our interest bearing debt portfolio consisted of
96% variable-rate investments and 4% fixed-rate investments. As of
September 30, 2022, we had one portfolio company on non-accrual,
representing 1% and zero percent of our overall portfolio on a cost
and fair value basis, respectively. As of September 30, 2022, the
portfolio had net unrealized depreciation of $71.0 million. Our
overall portfolio consisted of 123 companies with an average
investment size of $10.1 million, and a weighted average yield on
interest bearing debt investments of 10.8 %.
For the three months ended June 30, 2023, we
invested $69.9 million in three new and 43 existing portfolio
companies at a weighted average yield on debt investments of 12.6%.
For the three months ended June 30, 2023, sales and repayments of
investments totaled $135.7 million, including $61.8 million of
sales to PSLF. For the nine months ended June 30, 2023, we invested
$214.4 million in 15 new and 60 existing portfolio companies at a
weighted average yield on debt investments of 11.9%. For the nine
months ended June 30, 2023, sales and repayment totaled $280.5
million, including $80.2 million of sales to PSLF.
For the three months ended June 30, 2022, we
invested $326.3 million in 11 new and 36 existing portfolio
companies at a weighted average yield on debt investments of 8.7%.
Sales and repayments of investments for the three months ended June
30, 2022 totaled $198.3 million, including $176.0 million of sales
to PSLF. For the nine months ended June 30, 2022, we invested
$799.4 million in 35 new and 48 existing portfolio companies at a
weighted average yield on debt investments of 8.2%. Sales and
repayment of investments for the nine months ended June 30, 2022
totaled $736.0 million, including $235.6 million of sales to
PSLF.
PennantPark Senior Loan Fund,
LLC
As of June 30, 2023, PSLF’s portfolio totaled
$793.9 million, consisted of 92 companies with an average
investment size of $8.6 million and had a weighted average yield on
debt investments of 11.8%.
As of September 30, 2022, PSLF’s portfolio
totaled $730.1 million, consisted of 80 companies with an average
investment size of $9.1 million and had a weighted average yield on
debt investments of 9.4%.
For the three months ended June 30, 2023, PSLF
invested $64.0 million (including $61.8 million purchased from the
Company) in eight new and one existing portfolio company at a
weighted average yield on debt investments of 12.0%. PSLF’s sales
and repayments of investments for the same period totaled $20.0
million. For the nine months ended June 30, 2023, PSLF invested
$119.3 million (including $80.2 million purchased from the Company)
in 16 new and six existing portfolio companies at a weighted
average yield on debt investments of 11.8%. PSLF's sales and
repayments of investments for the same period totaled $54.0
million.
For the three months ended June 30, 2022, PSLF
invested $200.5 million (including $176.0 million purchased from
the Company) in 14 new and 17 existing portfolio companies at a
weighted average yield on debt investments of 7.3%. PSLF’s sales
and repayments of investments for the same period totaled $35.1
million. For the nine months ended June 30, 2022, PSLF invested
$278.6 million (including $235.6 million was purchased from the
Company) in 29 new and 13 existing portfolio companies at a
weighted average yield on debt investment of 7.3%. PSLF's sales and
repayments of investments for the same period totaled $73.0
million.
RESULTS OF OPERATIONS
Set forth below are the results of operations
during the three and nine months ended June 30, 2023 and 2022.
Investment Income
For the three and nine months ended June 30,
2023, investment income was $45.0 million and $111.3 million,
respectively, which was attributable to $24.1 million and $72.7
million from first lien secured debt, $3.5 million and $10.9
million from second lien secured debt, $1.2 million and $3.4
million from subordinated debt and $16.2 million and $24.3 million
from preferred and common equity, respectively. For the three and
nine months ended June 30, 2022, investment income was $23.3
million and $76.0 million, respectively, which was attributable to
$17.6 million and $52.2 million from first lien secured debt, $2.9
million and $13.7 million from second lien secured debt, $0.3
million and $2.6 million from subordinated debt and $2.5 million
and $7.4 million from preferred and common equity, respectively.
The increase in investment income compared to the same periods in
the prior year was primarily due to the increase in the cost yield
of our debt portfolio and a dividend related to our equity
investment in Dominion Voting Systems.
Expenses
For the three and nine months ended June 30,
2023, expenses totaled $22.1 million and $61.4 million,
respectively, and were comprised of; $10.1 million and $30.5
million of debt related interest and expenses, $4.0 million and
$12.6 million of base management fees, $4.9 million and $10.6
million of incentive fees, $1.9 million and $4.1 million of general
and administrative expenses and $1.2 million and $3.6 million of
provision for excise taxes. For the three and nine months ended
June 30, 2022, expenses totaled $12.8 million and $41.3 million,
respectively, and were comprised of $6.7 million and $20.1 million
of debt related interest and expenses, $4.9 million and $15.0
million of base management fees, zero and $2.7 million of incentive
fees, $1.0 million and $3.0 million of general and administrative
expenses and $0.2 million and $0.6 million of provision for excise
taxes, respectively. The increase in expenses was primarily due to
the increased financing costs of our debt liabilities and increased
incentive fees compared to the same period in the prior year.
Net Investment Income
For the three and nine months ended June 30, 2023,
net investment income totaled $23.0 million and $49.9 million, or
$0.35 per share and $0.77 per share, respectively. For the three
and nine months ended June 30, 2022, net investment income totaled
$10.6 million and $34.8 million, or $0.16 per share and $0.52 per
share, respectively. The increase in net investment income was
primarily due to an increase in investment income partially offset
by an increase in expenses compared to the same period in the prior
year.
Net Realized Gains or
Losses
For the three and nine months ended June 30,
2023, net realized gains (losses) totaled $(6.9) million and
$(151.5) million, respectively. For the three and nine months ended
June 30, 2022 net realized gains (losses) totaled $(35.4) million
and $73.5 million, respectively. The change in realized gains or
losses was primarily due to changes in the market conditions of our
investments and the values at which they were realized compared to
the same periods in the prior year.
Unrealized Appreciation or Depreciation
on Investments and Debt
For the three and nine months ended June 30,
2023, net change in unrealized appreciation (depreciation) on
investments was $13.3 million and $57.1 million, respectively. For
the three and nine months ended June 30, 2022, net change in
unrealized appreciation (depreciation) on investments was $5.6
million and $(99.1) million, respectively. As of June 30, 2023 and
September 30, 2022, our net unrealized appreciation (depreciation)
on investments totaled $(18.8) million and $(75.7) million,
respectively. The net change in unrealized appreciation or
depreciation on our investments compared to the same period in the
prior year was primarily due to the operating performance of the
portfolio companies within our portfolio and changes in the capital
market conditions of our investments.
For the three and nine months ended June 30,
2023, our Credit Facility had a net change in unrealized
(appreciation) depreciation of $(8.4) million and $(2.5) million,
respectively. For the three and nine months ended June 30, 2022,
the Credit Facility had a net change in unrealized (appreciation)
depreciation of $8.9 million and $9.2 million, respectively. As of
June 30, 2023 and September 30, 2022, the net unrealized
depreciation on the Credit Facility totaled $6.8 million and $9.2
million, respectively. The net change in unrealized appreciation or
depreciation compared to the same periods in the prior year was
primarily due to changes in the capital markets.
Net Increase (Decrease) in Net Assets
Resulting from Operations
For the three and nine months ended June 30,
2023, net increase (decrease) in net assets resulting from
operations totaled $20.9 million and $(46.1) million, or $0.32 per
share and $(0.71) per share, respectively. For the three and nine
months ended June 30, 2022, net increase (decrease) in net assets
resulting from operations totaled $(18.5) million and $10.2
million, or $(0.28) and $0.15 per share, respectively. The increase
or decrease from operations compared to the same periods in the
prior year was primarily due to changes in net investment income
and changes in net realized and unrealized gains or losses.
LIQUIDITY AND CAPITAL
RESOURCES
Our liquidity and capital resources are derived
primarily from cash flows from operations, including income earned,
proceeds from investment sales and repayments and proceeds of
securities offerings and debt financings. Our primary use of funds
from operations includes investments in portfolio companies and
payments of interest expense, fees and other operating expenses we
incur. We have used, and expect to continue to use, our debt
capital, proceeds from of our portfolio and proceeds from public
and private offerings of securities to finance our investment
objectives and operations.
As of June 30, 2023 and September 30, 2022, we
had $314.4 million and $385.9 million in outstanding borrowings
under the Credit Facility, respectively, and the weighted average
interest rate was 7.4% and 5.3%, respectively. As of June 30, 2023
and September 30, 2022, we had $185.6 million and $114.1 million of
unused borrowing capacity under the Credit Facility, respectively,
subject to leverage and borrowing base restrictions.
As of June 30, 2023 and September 30, 2022, we
had cash and cash equivalents of $42.8 million and $52.7 million,
respectively, available for investing and general corporate
purposes. We believe our liquidity and capital resources are
sufficient to allow us to effectively operate our business.
For the nine months ended June 30, 2023, our
operating activities provided cash of $113.9 million and our
financing activities used cash of $124.1 million. Our operating
activities provided cash primarily due to our investment activities
and our financing activities used cash primarily to fund repayments
under the Credit Facility.
For the nine months ended June 30, 2022, our
operating activities used cash of $97.5 million, and our financing
activities provided cash of $106.9 million. Our operating
activities used cash primarily due to our investment activities and
our financing activities provided cash primarily due to borrowing
under the Credit Facility and proceeds from our 2026-2 Notes.
RECENT DEVELOPMENTS
On July 26, 2023, PSLF, through its wholly-owned
and consolidated subsidiary, PennantPark CLO VII, LLC (“CLO VII”),
closed a $300.0 million debt securitization in the form of a
collateralized loan obligation. PSLF retained all of the
subordinated notes, which totaled $54.0 million. The reinvestment
period for the term debt securitization ends in July 2027 and the
debt is scheduled to mature in July 2035.
DISTRIBUTIONS
During the three and nine months ended June 30,
2023, we declared distributions of $0.20 and $0.55 per share, for
total distributions of $13.0 million and $35.9 million,
respectively. For the three and nine months ended June 30, 2022, we
declared distributions of $0.145 and $0.405 per share, for total
distributions of $9.4 million and $26.8 million, respectively. We
monitor available net investment income to determine if a return of
capital for tax purposes may occur for the fiscal year. To the
extent our taxable earnings fall below the total amount of our
distributions for any given fiscal year, stockholders will be
notified of the portion of those distributions deemed to be a tax
return of capital. Tax characteristics of all distributions will be
reported to stockholders subject to information reporting on Form
1099-DIV after the end of each calendar year and in our periodic
reports filed with the SEC.
AVAILABLE INFORMATION
The Company makes available on its website its
Quarterly report on Form 10-Q filed with the SEC and stockholders
may find the report on our website at www.pennantpark.com.
PENNANTPARK INVESTMENT CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES (In thousands, except share data)
|
|
|
|
|
|
|
|
|
June 30, 2023 (Unaudited) |
|
|
September 30, 2022 |
|
Assets |
|
|
|
|
|
|
Investments
at fair value |
|
|
|
|
|
|
Non-controlled, non-affiliated investments (amortized cost—$794,387
and $882,513, respectively) |
|
$ |
810,303 |
|
|
$ |
932,155 |
|
Non-controlled, affiliated investments (amortized cost—$55,373 and
$37,612, respectively) |
|
|
50,197 |
|
|
|
34,760 |
|
Controlled, affiliated investments (amortized cost—$244,940 and
$381,904, respectively) |
|
|
215,380 |
|
|
|
259,386 |
|
Total investments (amortized cost—$1,094,700 and $1,302,029,
respectively) |
|
|
1,075,880 |
|
|
|
1,226,301 |
|
Cash and
cash equivalents (cost—$42,720 and $52,844, respectively) |
|
|
42,776 |
|
|
|
52,666 |
|
Interest
receivable |
|
|
4,970 |
|
|
|
3,593 |
|
Receivable
for investments sold |
|
|
15,630 |
|
|
|
29,494 |
|
Distribution
receivable |
|
|
5,079 |
|
|
|
2,420 |
|
Prepaid
expenses and other assets |
|
|
12,036 |
|
|
|
4,036 |
|
Total assets |
|
|
1,156,371 |
|
|
|
1,318,510 |
|
Liabilities |
|
|
|
|
|
|
Distributions payable |
|
|
13,045 |
|
|
|
9,784 |
|
Truist
Credit Facility payable, at fair value (cost—$314,420 and $385,920,
respectively) |
|
|
307,661 |
|
|
|
376,687 |
|
2026 Notes
payable, net (par— $150,000) |
|
|
147,443 |
|
|
|
146,767 |
|
2026 Notes-2
payable, net (par— $165,000) |
|
|
162,013 |
|
|
|
161,373 |
|
SBA
debentures payable, net (par—zero and $20,000, respectively) |
|
|
- |
|
|
|
19,686 |
|
Base
management fee payable |
|
|
3,993 |
|
|
|
4,849 |
|
Incentive
fee payable |
|
|
4,870 |
|
|
|
— |
|
Interest
payable on debt |
|
|
2,800 |
|
|
|
6,264 |
|
Accounts
payable and accrued expenses |
|
|
10,927 |
|
|
|
6,639 |
|
Deferred tax
liability |
|
|
- |
|
|
|
896 |
|
Total liabilities |
|
|
652,752 |
|
|
|
732,945 |
|
Commitments
and contingencies |
|
|
|
|
|
|
Net
assets |
|
|
|
|
|
|
Common
stock, 65,224,500 shares issued and outstanding, Par value
$0.001 per share and 100,000,000 shares authorized |
|
|
65 |
|
|
|
65 |
|
Paid-in
capital in excess of par value |
|
|
748,169 |
|
|
|
748,169 |
|
Accumulated
deficit |
|
|
(244,615 |
) |
|
|
(162,669 |
) |
Total net assets |
|
$ |
503,619 |
|
|
$ |
585,565 |
|
Total liabilities and net assets |
|
$ |
1,156,371 |
|
|
$ |
1,318,510 |
|
Net
asset value per share |
|
$ |
7.72 |
|
|
$ |
8.98 |
|
PENNANTPARK INVESTMENT CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except share data)
|
|
Three Months Ended June 30,
(Unaudited) |
|
|
Nine Months Ended June 30,
(Unaudited) |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
From
non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
23,189 |
|
|
$ |
15,890 |
|
|
$ |
72,179 |
|
|
$ |
45,973 |
|
Payment-in-kind |
|
|
5 |
|
|
|
665 |
|
|
|
16 |
|
|
|
4,071 |
|
Dividend Income |
|
|
11,786 |
|
|
|
— |
|
|
|
12,917 |
|
|
|
— |
|
Other income |
|
|
595 |
|
|
|
1,247 |
|
|
|
1,428 |
|
|
|
8,050 |
|
From
non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
— |
|
|
|
— |
|
|
|
81 |
|
|
|
— |
|
Payment-in-kind |
|
|
297 |
|
|
|
— |
|
|
|
310 |
|
|
|
— |
|
From
controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
4,392 |
|
|
|
2,694 |
|
|
|
10,898 |
|
|
|
7,303 |
|
Payment-in-kind |
|
|
361 |
|
|
|
432 |
|
|
|
2,150 |
|
|
|
3,983 |
|
Dividend Income |
|
|
4,386 |
|
|
|
2,420 |
|
|
|
11,344 |
|
|
|
6,655 |
|
Total investment income |
|
|
45,011 |
|
|
|
23,348 |
|
|
|
111,323 |
|
|
|
76,035 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee |
|
|
3,993 |
|
|
|
4,887 |
|
|
|
12,635 |
|
|
|
14,977 |
|
Incentive fee |
|
|
4,870 |
|
|
|
— |
|
|
|
10,591 |
|
|
|
2,657 |
|
Interest and expenses on debt |
|
|
10,139 |
|
|
|
6,737 |
|
|
|
30,455 |
|
|
|
20,122 |
|
Administrative services expenses |
|
|
840 |
|
|
|
250 |
|
|
|
1,373 |
|
|
|
750 |
|
General and administrative expenses |
|
|
1,032 |
|
|
|
723 |
|
|
|
2,707 |
|
|
|
2,169 |
|
Expenses before provision for taxes |
|
|
20,874 |
|
|
|
12,597 |
|
|
|
57,761 |
|
|
|
40,675 |
|
Provision for taxes on net investment income |
|
|
1,181 |
|
|
|
200 |
|
|
|
3,631 |
|
|
|
600 |
|
Total expenses |
|
|
22,055 |
|
|
|
12,797 |
|
|
|
61,392 |
|
|
|
41,275 |
|
Net investment income |
|
|
22,956 |
|
|
|
10,551 |
|
|
|
49,931 |
|
|
|
34,760 |
|
Realized and unrealized gain (loss) on investments and
debt: |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized
gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(5,193 |
) |
|
|
113 |
|
|
|
(15,742 |
) |
|
|
7,203 |
|
Non-controlled and controlled, affiliated investments |
|
|
— |
|
|
|
(34,381 |
) |
|
|
(133,098 |
) |
|
|
75,243 |
|
Debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
(289 |
) |
|
|
(2,801 |
) |
Provision for taxes on realized gain on investments |
|
|
(1,700 |
) |
|
|
(1,123 |
) |
|
|
(2,417 |
) |
|
|
(6,183 |
) |
Net realized gain (loss) on investments and
debt |
|
|
(6,893 |
) |
|
|
(35,391 |
) |
|
|
(151,546 |
) |
|
|
73,462 |
|
Net change
in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
13,056 |
|
|
|
14,317 |
|
|
|
(33,513 |
) |
|
|
(193,348 |
) |
Non-controlled and controlled, affiliated investments |
|
|
223 |
|
|
|
(8,725 |
) |
|
|
90,634 |
|
|
|
94,257 |
|
Provision for taxes on unrealized appreciation (depreciation) on
investments |
|
|
— |
|
|
|
(8,127 |
) |
|
|
896 |
|
|
|
(8,128 |
) |
Debt appreciation (depreciation) |
|
|
(8,393 |
) |
|
|
8,894 |
|
|
|
(2,474 |
) |
|
|
9,183 |
|
Net change in unrealized appreciation (depreciation) on
investments and debt |
|
|
4,886 |
|
|
|
6,359 |
|
|
|
55,543 |
|
|
|
(98,036 |
) |
Net
realized and unrealized gain (loss) from investments and
debt |
|
|
(2,007 |
) |
|
|
(29,032 |
) |
|
|
(96,003 |
) |
|
|
(24,574 |
) |
Net
increase (decrease) in net assets resulting from
operations |
|
$ |
20,949 |
|
|
$ |
(18,481 |
) |
|
$ |
(46,072 |
) |
|
$ |
10,186 |
|
Net
increase (decrease) in net assets resulting from operations per
common share |
|
$ |
0.32 |
|
|
$ |
(0.28 |
) |
|
$ |
(0.71 |
) |
|
$ |
0.15 |
|
Net
investment income per common share |
|
$ |
0.35 |
|
|
$ |
0.16 |
|
|
$ |
0.77 |
|
|
$ |
0.52 |
|
ABOUT PENNANTPARK INVESTMENT
CORPORATION
PennantPark Investment Corporation, or the
Company, is a business development company that invests primarily
in U.S. middle-market companies in the form of first lien secured
debt, second lien secured debt, subordinated debt and equity
investments. PennantPark Investment Corporation is managed by
PennantPark Investment Advisers, LLC.
ABOUT PENNANTPARK INVESTMENT ADVISERS,
LLC
PennantPark Investment Advisers, LLC is a
leading middle market credit platform, managing $6.6 billion of
investable capital, including potential leverage. Since its
inception in 2007, PennantPark Investment Advisers, LLC has
provided investors access to middle market credit by offering
private equity firms and their portfolio companies as well as other
middle-market borrowers a comprehensive range of creative and
flexible financing solutions. PennantPark Investment Advisers, LLC
is headquartered in Miami and has offices in New York, Chicago,
Houston, and Los Angeles.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. You should understand that under Section
27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section
21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 do not apply to
forward-looking statements made in periodic reports PennantPark
Investment Corporation files under the Exchange Act. All statements
other than statements of historical facts included in this press
release are forward-looking statements and are not guarantees of
future performance or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in
the forward-looking statements as a result of a number of factors,
including those described from time to time in filings with the
SEC. PennantPark Investment Corporation undertakes no duty to
update any forward-looking statement made herein. You should not
place undue influence on such forward-looking statements as such
statements speak only as of the date on which they are made.
We may use words such as “anticipates,”
“believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and
similar expressions to identify forward-looking statements. Such
statements are based on currently available operating, financial
and competitive information and are subject to various risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations.
The information contained herein is based on
current tax laws, which may change in the future. The Company
cannot be held responsible for any direct or incidental loss
resulting from applying any of the information provided in this
publication or from any other source mentioned. The information
provided in this material does not constitute any specific legal,
tax or accounting advice. Please consult with qualified
professionals for this type of advice.
Contact: |
Richard T. Allorto, Jr. |
|
PennantPark
Investment Corporation |
|
(212)
905-1000 |
|
www.pennantpark.com |
PennantPark Investment (NYSE:PNNT)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
PennantPark Investment (NYSE:PNNT)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024