PNNT 8-K
Pennantpark Investment Corp (PNNT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM
_________________
CURRENT REPORT
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of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On May 12, 2025, PennantPark Investment Corporation (the "Company") issued a press release announcing its financial results for the second quarter ended March 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report pursuant to Item 2.02 on Form 8-K and Regulation FD.
The information in this report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of such section. The information in this report on Form 8-K shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Act, or under the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Forward-Looking Statements
This report on Form 8-K, including Exhibit 99.1 furnished herewith, 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 and Section 21E(b)(2)(B) of 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 report on Form 8-K, including Exhibit 99.1 furnished herewith, 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 Securities and Exchange Commission.
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. PennantPark Investment Corporation 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 its historical experience and present expectations.
(a) Financial statements:
None
(b) Pro forma financial information:
None
(c) Shell company transactions:
None
(d) Exhibits
| 99.1 | Press Release of PennantPark Investment Corporation dated May 12, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PennantPark Investment Corporation | ||
| Date: May 12, 2025 | By: | /s/ Richard T. Allorto, Jr. |
| Richard T. Allorto, Jr. | ||
| Chief Financial Officer & Treasurer | ||
EXHIBIT 99.1
PennantPark Investment Corporation Announces Financial Results for the Quarter Ended March 31, 2025
MIAMI, May 12, 2025 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (NYSE: PNNT) announced today its financial results for the second quarter ended March 31, 2025.
HIGHLIGHTS
Quarter ended March 31, 2025 (unaudited)
($ in millions, except per share amounts)
| Assets and Liabilities: | |||
| Investment portfolio (1) | $ | 1,213.6 | |
| Net assets | $ | 488.1 | |
| GAAP net asset value per share | $ | 7.48 | |
| Quarterly change in GAAP net asset value per share | (1.2 | )% | |
| Adjusted net asset value per share (2) | $ | 7.48 | |
| Quarterly change in adjusted net asset value per share (2) | (1.2 | )% | |
| Credit Facility | $ | 311.4 | |
| 2026 Notes | $ | 149.0 | |
| 2026-2 Notes | $ | 163.5 | |
| Regulatory debt to equity | 1.29x | ||
| Weighted average yield on debt investments | 12.0 | % | |
| Operating Results: | |||
| Net investment income | $ | 11.4 | |
| Net investment income per share | $ | 0.18 | |
| Core net investment income per share (3) | $ | 0.18 | |
| Distributions declared per share | $ | 0.24 | |
| Portfolio Activity: | |||
| Purchases of investments * | $ | 176.8 | |
| Sales and repayments of investments * | $ | 263.1 | |
| PSLF Portfolio data: | |||
| PSLF investment portfolio | $ | 1,392.9 | |
| Purchases of investments | $ | 169.9 | |
| Sales and repayments of investments | $ | 48.3 | |
* excludes U.S. Government Securities
- Includes investments in PennantPark Senior Loan Fund, LLC ("PSLF"), an unconsolidated joint venture, totaling $217.7 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 unrealized gain on the Company's 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 March 31, 2025, Core NII excluded: i) $0.3 million of credit facility amendment cost, and ii) $0.1 million of incentive fee expense offset.
CONFERENCE CALL AT 12:00 P.M. EST ON MAY 13, 2025
PennantPark Investment Corporation (“we,” “our,” “us” or the “Company”) will also host a conference call at 12:00 p.m. (Eastern Time) on Tuesday, May 13, 2025 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 #1509093 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.
PORTFOLIO AND INVESTMENT ACTIVITY
“We are pleased that our secured loan portfolio, with among the lowest portfolio company leverage and most meaningful covenants in the industry, is positioned defensively and continues to perform well,” said Art Penn, Chairman and CEO. “Additionally, our dividend stream is supported by substantial spillover income as we look to rotate equity investments over time.”
As of March 31, 2025, our portfolio totaled $1,213.6 million and consisted of $503.0 million or 41% of first lien secured debt, $124.6 million or 10% of U.S. Government Securities, $17.9 million or 2% of second lien secured debt, $216.8 million or 18% of subordinated debt (including $140.3 million or 12% in PSLF) and $351.3 million or 29% of preferred and common equity (including $77.4 million or 6% in PSLF). Our interest bearing debt portfolio consisted of 91% variable-rate investments and 9% fixed-rate investments. As of March 31, 2025, we had three portfolio companies on non-accrual, representing 1.6% and 0.4% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $40.7 million as of March 31, 2025. Our overall portfolio consisted of 158 companies with an average investment size of $6.9 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.0%.
As of September 30, 2024, our portfolio totaled $1,328.1 million and consisted of $667.9 million or 50% of first lien secured debt, $99.6 million or 8% of U.S. Government Securities, $67.2 million or 5% of second lien secured debt, $181.7 million or 14% of subordinated debt (including $115.9 million or 9% in PSLF) and $311.7 million or 23% of preferred and common equity (including $67.9 million or 5% in PSLF). Our interest bearing debt portfolio consisted of 94% variable-rate investments and 6% fixed-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 4.1% and 2.3% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $11.2 million as of September 30, 2024. Our overall portfolio consisted of 152 companies with an average investment size of $8.1 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.3%.
For the three months ended March 31, 2025, we invested $176.8 million in three new and 52 existing portfolio companies with a weighted average yield on debt investments of 10.7% (excluding U.S. Government Securities). For the three months ended March 31, 2025, sales and repayments of investments totaled $263.1 million (including $154.4 million was sold to PSLF) which excludes U.S. Government Securities. For the six months ended March 31, 2025, we invested $472.5 million in 15 new and 96 existing portfolio companies with a weighted average yield on debt investments of 10.6% (excluding U.S. Government Securities). For the six months ended March 31, 2025, sales and repayments of investments totaled $616.8 million (including $441.0 million was sold to PSLF) which excludes U.S. Government Securities.
For the three months ended March 31, 2024, we invested $188.5 million in six new and 43 existing portfolio companies with a weighted average yield on debt investments of 11.7% (excluding U.S. Government Securities). For the three months ended March 31, 2024, sales and repayments of investments totaled $176.2 million (including $103.1 million was sold to PSLF) which excludes U.S. Government Securities. For the six months ended March 31, 2024, we invested $419.6 million in 18 new and 60 existing portfolio companies with a weighted average yield on debt investments of 11.8% (excluding U.S. Government Securities). For the six months ended March 31, 2024, sales and repayments of investments totaled $247.2 million (including $154.0 million was sold to PSLF) which excludes U.S. Government Securities.
PennantPark Senior Loan Fund, LLC
As of March 31, 2025, PSLF’s portfolio totaled $1,392.9 million, consisted of 119 companies with an average investment size of $11.7 million and had a weighted average yield interest bearing debt investments of 10.4%.
As of September 30, 2024, PSLF’s portfolio totaled $1,031.2 million, consisted of 102 companies with an average investment size of $10.1 million and had a weighted average yield interest bearing debt investments of 11.3%.
For the three months ended March 31, 2025, PSLF invested $169.9 million (including $154.4 million were purchased from the Company) in eight new and 14 existing portfolio companies at weighted average yield interest bearing debt investments of 10.1%. PSLF’s sales and repayments of investments for the same period totaled $48.3 million. For the six months ended March 31, 2025, PSLF invested $523.7 million (including $441.0 million were purchased from the Company) in 23 new and 57 existing portfolio companies at weighted average yield interest bearing debt investments of 10.4%. PSLF’s sales and repayments of investments for the same period totaled $157.4 million.
For the three months ended March 31, 2024, PSLF invested $113.2 million (including $103.1 million were purchased from the Company) in 11 new and five existing portfolio companies at weighted average yield on interest bearing debt investments of 11.8%. PSLF’s sales and repayments of investments for the same period totaled $49.7 million. For the six months ended March 31, 2024, PSLF invested $194.2 million (including $154.0 million were purchased from the Company) in 16 new and 11 existing portfolio companies at weighted average yield on interest bearing debt investments of 12.2%. PSLF’s sales and repayments of investments for the same period totaled $78.9 million.
RESULTS OF OPERATIONS
Set forth below are the results of operations for the three and six months ended March 31, 2025 and 2024.
Investment Income
For the three and six months ended March 31, 2025, investment income was $30.7 million and $64.9 million, respectively, which was attributable to $22.1 million and $47.3 million from first lien secured debt, $1.0 million and $3.0 million from second lien secured debt, $1.1 million and $2.2 million from subordinated debt and $6.5 million and $12.4 million from other investments, respectively. For the three and six months ended March 31, 2024, investment income was $36.0 million and $70.3 million, respectively, which was attributable to $27.8 million and $52.9 million from first lien secured debt, $2.8 million and $5.4 million from second lien secured debt, $0.1 million and $1.4 million from subordinated debt and $5.3 million and $10.6 million from preferred and common equity, respectively. The decrease in investment income for three and six months ended March 31, 2025, was primarily due to a decrease in our total portfolio size and a decrease in our weighted average yield on debt investments.
Expenses
For the three and six months ended March 31, 2025, expenses totaled $19.2 million and $40.4 million, respectively, and were comprised of $10.6 million and $22.4 million of debt related interest and expenses, $4.0 million and $8.3 million of base management fees, $2.4 million and $5.2 million of incentive fees, $1.6 million and $3.3 million of general and administrative expenses and $0.6 million and $1.3 million of provision for excise taxes, respectively. For the three and six months ended March 31, 2024, expenses totaled $21.7 million and $40.4 million, respectively, and were comprised of; $11.9 million and $21.4 million of debt-related interest and expenses, $4.1 million and $8.1 million of base management fees, $3.0 million and $6.3 million of incentive fees, $1.9 million and $3.3 million of general and administrative expenses and $0.8 million and $1.2 million of provision for excise taxes, respectively. The decrease in expenses for the three months ended March 31, 2025, was primarily due to decreases in interest and expenses on debt and incentive fees. Total expenses were flat for the six months ended March 31, 2025.
Net Investment Income
For the three and six months ended March 31, 2025, net investment income totaled $11.4 million and $24.4 million, or $0.18 per share and $0.37 per share, respectively. For the three and six months ended March 31, 2024, net investment income totaled $14.3 million and $29.9 million, or $0.22 per share and $0.46 per share, respectively. The decrease in net investment income was primarily due to a decrease in investment income and partially offset by a decrease in expenses.
Net Realized Gains or Losses
For the three and six months ended March 31, 2025, net realized gains (losses) totaled $(27.7) million and $(30.3) million, respectively. For the three and six months ended March 31, 2024, net realized gains (losses) totaled $(31.0) million and $(29.2) million, respectively. The change in realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized.
Unrealized Appreciation or Depreciation on Investments and Debt
For the three and six months ended March 31, 2025, we reported net change in unrealized appreciation (depreciation) on investments of $27.1 million and $29.5 million, respectively. For the three and six months ended March 31, 2024, we reported net change in unrealized appreciation (depreciation) on investments of $33.2 million and $28.3 million, respectively. As of March 31, 2025 and September 30, 2024, our net unrealized appreciation (depreciation) on investments totaled $40.7 million and $11.2 million, respectively. The net change in unrealized depreciation on our investments was primarily due to changes in the capital market conditions of our investments and the values at which they were realized.
For the three and six months ended March 31, 2025, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $(1.4) million and $1.9 million, respectively. For the three and six months ended March 31, 2024, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $0.5 million and $(1.6) million, respectively. As of March 31, 2025 and September 30, 2024, the net unrealized appreciation (depreciation) on the Truist Credit Facility totaled $3.0 million and $1.1 million, respectively. The net change in unrealized depreciation compared to the same periods in the prior period was primarily due to changes in the capital markets.
Net Change in Net Assets Resulting from Operations
For the three and six months ended March 31, 2025, net increase (decrease) in net assets resulting from operations totaled $9.5 million and $25.5 million or $0.14 per share and $0.39 per share, respectively. For the three and six months ended March 31, 2024, net increase (decrease) in net assets resulting from operations totaled $16.1 million and $26.7 million or $0.25 per share and $0.41 per share, respectively. The change in net assets from operations for the six months ended March 31, 2025 was primarily due to a change in the net realized and unrealized depreciation in the portfolio primarily driven by changes in market conditions and decrease in net investment income.
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 the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations.
As of March 31, 2025 and September 30, 2024, we had $314.5 million and $461.5 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 6.7% and 7.2%, respectively, exclusive of the fee on undrawn commitment. As of March 31, 2025 and September 30, 2024, we had $185.5 million and $13.5 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions.
As of March 31, 2025 and September 30, 2024, we had cash and cash equivalents of $32.6 million and $49.9 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allows us to effectively operate our business.
For the six months ended March 31, 2025, our operating activities provided cash of $161.1 million and our financing activities used cash of $178.3 million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily for repayments of our credit facility and distributions paid to stockholders.
For the six months ended March 31, 2024, our operating activities used cash of $150.9 million and our financing activities provided cash of $147.5 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily from borrowings under the Truist Credit Facility.
DISTRIBUTIONS
During the three and six months ended March 31, 2025, we declared distributions of $0.24 and $0.48 per share, for total distributions of $15.7 million and $31.3 million, respectively. During the three and six months ended March 31, 2024, we declared distributions of $0.21 and $0.42 per share, for total distributions of $13.7 million and $27.4 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) | |||||||
| March 31, 2025 | September 30, 2024 | ||||||
| (unaudited) | |||||||
| Assets | |||||||
| Investments at fair value | |||||||
| Non-controlled, non-affiliated investments (amortized cost—$716,505 and $916,168, respectively) | $ | 723,808 | $ | 910,323 | |||
| Non-controlled, affiliated investments (amortized cost—$58,068 and $56,734, respectively) | 11,050 | 33,423 | |||||
| Controlled, affiliated investments (amortized cost—$398,359 and $343,970, respectively) | 478,752 | 384,304 | |||||
| Total investments (amortized cost—$1,172,932 and $1,316,872, respectively) | 1,213,610 | 1,328,050 | |||||
| Cash and cash equivalents (cost—$32,568 and $49,833, respectively) | 32,587 | 49,861 | |||||
| Interest receivable | 5,322 | 5,261 | |||||
| Distribution receivable | 6,040 | 5,417 | |||||
| Due from affiliates | 35 | 228 | |||||
| Prepaid expenses and other assets | 185 | 269 | |||||
| Total assets | 1,257,779 | 1,389,086 | |||||
| Liabilities | |||||||
| Truist Credit Facility payable, at fair value (cost—$314,456 and $461,456, respectively) | 311,412 | 460,361 | |||||
| 2026 Notes payable, net (par— $150,000) | 149,022 | 148,571 | |||||
| 2026 Notes-2 payable, net (par— $165,000) | 163,506 | 163,080 | |||||
| Payable for investment purchased | 124,609 | 100,096 | |||||
| Interest payable on debt | 6,349 | 6,406 | |||||
| Distributions payable | 5,224 | 5,224 | |||||
| Base management fee payable | 4,017 | 4,297 | |||||
| Accounts payable and accrued expenses | 3,108 | 4,053 | |||||
| Incentive fee payable | 2,425 | 3,057 | |||||
| Due to affiliate | 1 | 33 | |||||
| Total liabilities | 769,673 | 895,178 | |||||
| Commitments and contingencies | |||||||
| Net assets | |||||||
| Common stock, 65,296,094 and 65,296,094 shares issued and outstanding, respectively | |||||||
| Par value $0.001 per share and 200,000,000 shares authorized | 65 | 65 | |||||
| Paid-in capital in excess of par value | 743,968 | 743,968 | |||||
| Accumulated deficit | (255,927 | ) | (250,125 | ) | |||
| Total net assets | $ | 488,106 | $ | 493,908 | |||
| Total liabilities and net assets | $ | 1,257,779 | $ | 1,389,086 | |||
| Net asset value per share | $ | 7.48 | $ | 7.56 | |||
| PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (In thousands, except share data) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Investment income: | |||||||||||||||
| From non-controlled, non-affiliated investments: | |||||||||||||||
| Interest | $ | 14,987 | $ | 22,904 | $ | 33,753 | $ | 43,972 | |||||||
| Payment-in-kind | 1,564 | 187 | 2,985 | 189 | |||||||||||
| Dividend income | 499 | 623 | 1,006 | 1,315 | |||||||||||
| Other income | 120 | 778 | 702 | 2,203 | |||||||||||
| From non-controlled, affiliated investments: | |||||||||||||||
| Payment-in-kind | — | — | — | 347 | |||||||||||
| From controlled, affiliated investments: | |||||||||||||||
| Interest | 7,887 | 5,941 | 15,142 | 11,422 | |||||||||||
| Payment-in-kind | — | 857 | 823 | 1,489 | |||||||||||
| Dividend income | 5,579 | 4,689 | 10,430 | 9,378 | |||||||||||
| Other income | 27 | — | 27 | — | |||||||||||
| Total investment income | 30,663 | 35,979 | 64,868 | 70,315 | |||||||||||
| Expenses: | |||||||||||||||
| Interest and expenses on debt | 10,318 | 11,868 | 22,058 | 21,424 | |||||||||||
| Base management fee | 4,017 | 4,137 | 8,285 | 8,141 | |||||||||||
| Incentive fee | 2,425 | 3,018 | 5,180 | 6,339 | |||||||||||
| General and administrative expenses | 1,150 | 1,379 | 2,400 | 2,593 | |||||||||||
| Administrative services expenses | 450 | 550 | 950 | 739 | |||||||||||
| Expenses before amendment costs, debt issuance costs and provision for taxes | 18,360 | 20,952 | 38,873 | 39,236 | |||||||||||
| Provision for taxes on net investment income | 550 | 775 | 1,250 | 1,168 | |||||||||||
| Credit facility amendment and debt issuance costs | 324 | — | 324 | — | |||||||||||
| Net expenses | 19,234 | 21,727 | 40,447 | 40,404 | |||||||||||
| Net investment income | 11,429 | 14,252 | 24,421 | 29,911 | |||||||||||
| Realized and unrealized gain (loss) on investments and debt: | |||||||||||||||
| Net realized gain (loss) on investments and debt: | |||||||||||||||
| Non-controlled, non-affiliated investments | (27,714 | ) | (1,434 | ) | (30,274 | ) | 1,146 | ||||||||
| Non-controlled and controlled, affiliated investments | — | (29,419 | ) | — | (30,169 | ) | |||||||||
| Provision for taxes on realized gain on investments | (49 | ) | (177 | ) | (49 | ) | (177 | ) | |||||||
| Net realized gain (loss) on investments and debt | (27,763 | ) | (31,030 | ) | (30,323 | ) | (29,200 | ) | |||||||
| Net change in unrealized appreciation (depreciation) on: | |||||||||||||||
| Non-controlled, non-affiliated investments | 17,918 | (1,528 | ) | 13,141 | (13,798 | ) | |||||||||
| Non-controlled and controlled, affiliated investments | 9,214 | 34,751 | 16,352 | 42,075 | |||||||||||
| Provision for taxes on unrealized appreciation (depreciation) on investments | 37 | (830 | ) | — | (680 | ) | |||||||||
| Debt appreciation (depreciation) | (1,379 | ) | 470 | 1,949 | (1,570 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) on investments and debt | 25,790 | 32,863 | 31,442 | 26,027 | |||||||||||
| Net realized and unrealized gain (loss) from investments and debt | (1,973 | ) | 1,833 | 1,119 | (3,173 | ) | |||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 9,456 | $ | 16,085 | $ | 25,540 | $ | 26,738 | |||||||
| Net increase (decrease) in net assets resulting from operations per common share | $ | 0.14 | $ | 0.25 | $ | 0.39 | $ | 0.41 | |||||||
| Net investment income per common share | $ | 0.18 | $ | 0.22 | $ | 0.37 | $ | 0.46 | |||||||
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 approximately $10 billion of investable capital, including available 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, Los Angeles, and Amsterdam.
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 |