PennantPark Investment Corporation (NYSE: PNNT) announced today its
financial results for the second quarter ended March 31, 2023.
HIGHLIGHTS
Quarter ended March 31, 2023 (unaudited)($ in millions, except per
share
amounts)
Assets and Liabilities: |
|
|
|
Investment portfolio (1) |
|
$ |
1,132.5 |
|
Net assets |
|
$ |
495.7 |
|
GAAP net asset value per share |
|
$ |
7.60 |
|
Quarterly decrease in GAAP net asset value per share |
|
|
(1.4 |
)% |
Adjusted net asset value per share (2) |
|
$ |
7.44 |
|
Quarterly decrease in adjusted net asset value per share (2) |
|
|
(2.1 |
)% |
|
|
|
|
Credit Facility |
|
$ |
362.3 |
|
2026 Notes |
|
$ |
147.2 |
|
2026-2 Notes |
|
$ |
161.8 |
|
Regulatory Debt to Equity |
|
1.43x |
|
Weighted average yield on debt
investments at quarter-end |
|
|
12.1 |
% |
|
|
|
|
Operating Results: |
|
|
|
Net investment income |
|
$ |
16.6 |
|
Net investment income per share |
|
$ |
0.26 |
|
Non-core income per share |
|
$ |
(0.05 |
) |
Core net investment income per share (3) |
|
$ |
0.21 |
|
Distributions declared per share |
|
$ |
0.185 |
|
|
|
|
|
Portfolio Activity: |
|
|
|
Purchases of investments |
|
$ |
58.3 |
|
Sales and repayments of investments |
|
$ |
114.2 |
|
|
|
|
|
PSLF Portfolio data: |
|
|
|
PSLF investment portfolio |
|
$ |
747.6 |
|
Purchases of investments |
|
$ |
38.5 |
|
Sales and repayments of investments |
|
$ |
24.9 |
|
__________________________________ |
1. |
|
Includes investments in PennantPark Senior Loan Fund, LLC, or PSLF,
an unconsolidated joint venture, totaling $148.7 million, at fair
value. |
2. |
|
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 $10.2
million, or $0.16 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. |
3. |
|
Core net investment income ("Core
NII") is a non-GAAP financial measure. The Company believes
that core net investment income 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, 2023, Core NII
excluded; i) $3.1 million of accelerated amortization income
associated with the early repayment of one of our loans; ii) a
non-recurring dividend of $0.6 million from PennantPark-TSO Senior
Loan Fund II, LP; and iii) and an addback of $0.6 million of
incentive fee expense. |
CONFERENCE CALL AT 12:00 P.M. EST ON MAY
11, 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, May 11, 2023 to discuss its
financial results. All interested parties are welcome to
participate. You can access the conference call by dialing
toll-free (888) 256-1007 approximately 5-10 minutes prior to the
call. International callers should dial (929) 477-0448. All callers
should reference conference ID #7357887 or PennantPark Investment
Corporation. An archived replay will also be available on a webcast
link located on the Quarterly Earnings page Investor section of
PennantPark’s website.
INCREASE OF QUARTERLY DISTRIBUTION TO
$0.20 PER SHARE
On May 9, 2023, the Company declared a
distribution of $0.20 per share, an increase of 8.1% from the most
recent distribution. The distribution is payable on July 3, 2023 to
stockholders of record as of June 15, 2023 and is expected to be
paid from taxable net investment income. 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,” said Arthur Penn, Chairman and CEO. “We are
positioned to capture this excellent vintage of investments, which
we believe will continue to enhance our earnings over
time.”
PORTFOLIO AND INVESTMENT
ACTIVITY
PennantPark Investment
Corporation
As of March 31, 2023, our portfolio totaled
$1,132.5 million, which consisted of $648.4 million of first lien
secured debt, $111.3 million of second lien secured debt, $147.9
million of subordinated debt (including $95.4 million in PSLF) and
$224.9 million of preferred and common equity (including $53.4
million in PSLF). Our debt portfolio consisted of 96% variable-rate
investments and 4% fixed-rate investments. As of March 31, 2023, we
had one portfolio company on non-accrual, representing 1.0% and
zero of our overall portfolio on a cost and fair value basis,
respectively. As of March 31, 2023, the portfolio had net
unrealized depreciation of $32.1 million. Our overall portfolio
consisted of 135 companies with an average investment size of $8.4
million, and a weighted average yield on interest bearing debt
investments of 12.1%.
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 March 31, 2023, we
invested $58.3 million in six new and 34 existing portfolio
companies with a weighted average yield on debt investments of
11.8%. For the three months ended March 31, 2023, sales and
repayments of investments totaled $106.2 million. For the six
months ended March 31, 2023, we invested $144.5 million in 12 new
and 64 existing portfolio companies with a weighted average yield
on debt investments of 11.5%. For the six months ended March
31, 2023, sales and repayment totaled $144.8 million.
For the three months ended March 31, 2022, we invested $178.0
million in eight new and 29 existing portfolio companies with a
weighted average yield on debt investments of 7.2%. Sales and
repayments of investments for the three months ended March 31, 2022
totaled $405.5 million. For the six months ended March 31,
2022, we invested $473.1 million in 24 new and 59 existing
portfolio companies with a weighted average yield on debt
investments of 7.8%. Sales and repayment of investments for
the six months ended March 31, 2022 totaled $537.7 million.
PennantPark Senior Loan Fund,
LLC
As of March 31, 2023, PSLF’s portfolio totaled
$747.6 million, consisted of 86 companies with an average
investment size of $8.7 million and had a weighted average yield on
debt investments of 11.3%.
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 March 31, 2023, PSLF
invested $38.5 million (of which $18.4 were purchased from the
Company) in one new and one existing portfolio company with a
weighted average yield on debt investments of 11.6%. PSLF’s sales
and repayments of investments for the same period totaled $24.9
million. For the six months ended March 31, 2023, PSLF
invested $55.3 million (of which $18.4 million was purchased from
the Company) in eight new and five existing portfolio companies
with a weighted average yield on debt investments of 11.5%.
PSLF's sales and repayments of investments for the same period
totaled $33.9 million.
For the three months ended March 31, 2022, PSLF
invested $27.4 million (of which $11.5 million was purchased from
the Company) in six new and two existing portfolio companies with a
weighted average yield on debt investments of 7.5%. PSLF’s sales
and repayments of investments for the same period totaled $2.3
million. For the six months ended March 31, 2022, PSLF
invested $78.1 million (of which $59.6 million was purchased from
the Company) in 15 new and two existing portfolio companies with a
weighted average yield on debt investment of 7.5%. PSLF's
sales and repayments of investments for the same period totaled
$37.9 million.
RESULTS OF OPERATIONS
Set forth below are the results of operations
during the three and six months ended March 31, 2023 and 2022.
Investment Income
For the three and six months ended March 31,
2023, investment income was $36.3 million and $66.3 million,
respectively, which was attributable to $26.8 million and $48.6
million from first lien secured debt, $3.7 million and $7.4 million
from second lien secured debt, $2.2 million and $1.1 million
from subordinated debt and $4.8 million from preferred and common
equity, respectively. For the three and six months ended March 31,
2022, investment income was $24.3 million and $52.7 million,
respectively, which was attributable to $14.5 million and $34.6
million from first lien secured debt, $6.3 million and $10.8
million from second lien secured debt, $0.4 million and $2.3
million from subordinated debt and $3.1 million and $4.9 million
from preferred and common equity, respectively. The increase in
investment income was primarily due to the increase in the cost
yield of our debt portfolio compared to the same periods in the
prior year.
Expenses
For the three and six months ended March 31,
2023, expenses totaled $19.7 million and $39.3 million,
respectively and were comprised of; $10.6 million and $20.3 million
of debt related interest and expenses, $4.0 million and $8.6
million of base management fees, $3.5 million and $5.7 million of
incentive fees, $1.1 million and $2.2 million of general and
administrative expenses and $0.5 million and $2.5 million of
provision for excise taxes. For the three and six months ended
March 31, 2022, expenses totaled $12.7 million and $28.5 million,
respectively, and were comprised of; $6.5 million and $13.4 million
of debt related interest and expenses, $5.0 million and $10.1
million of base management fees, zero, and $2.7 million of
incentive fees, $1.0 million and $1.9 million of general and
administrative expenses and $0.2 million and $0.4 million of
provision for excise taxes, respectively. The increase in expenses
was primarily due to the increase in financing costs of our
liabilities debt compared to the same periods in the prior
year.
Net Investment Income
For the three and six months ended March 31,
2023, net investment income totaled $16.6 million, and $27.0
million, or $0.26 and $0.41 per share, respectively. For the three
and six months ended March 31, 2022, net investment income totaled
$11.7 million, or $0.18 per share, and $24.2 million and $0.36 per
share. 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 periods in the prior
year.
Net Realized Gains or
Losses
For the three and six months ended March 31,
2023, net realized gains (losses) totaled $(148.7) million and
$(144.7) million, respectively. For the three and six months
ended March 31, 2022 net realized gains (losses) totaled $136.6
million and $108.9 million, respectively. The change in net
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 six months ended March 31,
2023, we reported net change in unrealized appreciation
(depreciation) on investments of $135.4 million and $43.8 million,
respectively. For the three and six months ended March 31, 2022, we
reported net change in unrealized appreciation (depreciation) on
investments of $(151.5) million and $(104.7) million, respectively.
As of March 31, 2023 and September 30, 2022, our net unrealized
appreciation (depreciation) on investments totaled $(32.1) million
and $(75.7) million, respectively. The net change in unrealized
appreciation or depreciation on investments compared to the same
period in the prior year was primarily due to the operating
performance of the portfolio companies within the portfolio and
changes in the capital market conditions of our investments.
For the three and six months ended March 31,
2023, our credit facility with Truist (the "Credit Facility") had a
net change in unrealized (appreciation) depreciation of $1.5
million and $5.9 million, respectively. For the three and six
months ended March 31, 2022, the Credit Facility had a net change
in unrealized (appreciation) depreciation of $1.3 million and $0.3
million, respectively. As of March 31, 2023 and September 30, 2022,
the net unrealized (appreciation) depreciation on the Credit
Facility totaled $15.2 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 six months ended March 31,
2023, the net increase (decrease) in net assets resulting from
operations totaled $4.9 million, and $(67.0) million, or $0.07 per
share, and $(1.03) per share, respectively. For the three and
six months ended March 31, 2022, the net increase (decrease) in net
assets resulting from operations totaled $3.2 million and $28.7
million, or $0.05 and $0.43 per share, respectively. The increase
or decrease in the net assets resulting from the operations
compared to the same periods in the prior year was primarily due to
an increase in realized loss.
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 March 31, 2023 and September 30, 2022, we
had $377.4 million and $385.9 million, in outstanding borrowings
under the Credit Facility, respectively and the weighted average
interest rate of 7.1% and 5.3%, respectively. As of March 31,
2023 and September 30, 2022, we had $122.6 million and $114.1
million of unused borrowing capacity under the Credit Facility,
respectively, subject to leverage and borrowing base
restrictions.
As of March 31, 2023 and September 30, 2022, we had cash and
cash equivalents of $63.1 million and $52.7 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, 2023, our
operating activities provided cash of $59.3 million and our
financing activities used cash of $49.0 million. Our operating
activities used cash primarily to fund our investment activities
and our financing activities used cash primarily to fund repayments
under the Credit Facility and SBA debentures.
For the six months ended March 31, 2022, our
operating activities provided cash of $89.8 million, and our
financing activities used cash of $83.9 million. Our operating
activities provided cash primarily from proceeds from fund our
investment activities and our financing activities used cash
primarily to fund repayments under the Credit Facility.
SHARE REPURCHASE PROGRAM
On February 9, 2022, we announced a share
repurchase program which allowed us to repurchase up to $25 million
of our outstanding common stock in the open market at prices below
our net asset value as reported in our then most recently published
consolidated financial statements. The program expired on March 31,
2023. During the three months ended March 31, 2023, we did not make
any repurchases of our common shares. During the three months
ended March 31, 2022, we repurchased 913,454 shares of common stock
in open market transactions for an aggregate cost (including
transaction costs) of $7.1 million.
RECENT DEVELOPMENTS
On April 18, 2023, Dominion Voting Systems
("Dominion") and Fox News Network ("Fox News") agreed to settle the
defamation lawsuit filed by Dominion against Fox News. As
part of the settlement Fox News agreed to pay Dominion $787.5
million. Dominion is a portfolio company of PNNT, which holds
a minority equity interest in the company. While Dominion may
retain some of the settlement proceeds for corporate purposes, the
company communicated its intention to distribute a substantial
amount portion of the proceeds, net of estimated taxes and
expenses, to its equity holders and PNNT's portion is estimated to
be approximately $12 million. The timing and amount of any
distribution is uncertain and subject to change.
Guy Talarico resigned as the Company's Chief
Compliance Officer, effective as of the close of business on May 9,
2023. Mr. Talarico's resignation is not a result of any
disagreement with the Company's operations, policies, practices or
accounting matters. On May 9, 2023, the Company's Board of
Directors appointed Frank Galea as Chief Compliance Officer of the
Company, effective as of the close of business on May 9, 2023.
DISTRIBUTIONS
During the three and six months ended March 31,
2023, we declared distributions of $0.185 and $0.35 per share, for
total distributions of $12.1 million and $22.8 million,
respectively. For the three and six months ended March 31, 2022, we
declared distributions of $0.14 per share, and $0.26 per
share, for total distributions of $9.4 million and $17.4 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, 2023 (Unaudited) |
|
|
September 30, 2022 |
|
Assets |
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$876,705 and
$882,513 respectively) |
|
$ |
879,572 |
|
|
$ |
932,155 |
|
Non-controlled, affiliated investments (cost— $54,813 and $37,612,
respectively) |
|
|
51,807 |
|
|
|
34,760 |
|
Controlled, affiliated investments (cost— $233,082 and $381,904,
respectively) |
|
|
201,132 |
|
|
|
259,386 |
|
Total of investments (cost—$1,164,600 and $1,302,029,
respectively) |
|
|
1,132,511 |
|
|
|
1,226,301 |
|
Cash and cash equivalents
(cost—$63,105 and $52,844, respectively) |
|
|
63,135 |
|
|
|
52,666 |
|
Interest receivable |
|
|
4,419 |
|
|
|
3,593 |
|
Receivable for investments
sold |
|
|
— |
|
|
|
29,494 |
|
Distributions receivable |
|
|
4,834 |
|
|
|
2,420 |
|
Prepaid expenses and other
assets |
|
|
12,036 |
|
|
|
4,036 |
|
Total assets |
|
|
1,216,935 |
|
|
|
1,318,510 |
|
Liabilities |
|
|
|
|
|
|
Distributions payable |
|
|
12,067 |
|
|
|
9,784 |
|
Payable for investments
purchased |
|
|
15,149 |
|
|
|
— |
|
Credit Facility payable, at
fair value (cost—$377,420 and $385,920, respectively) |
|
|
362,268 |
|
|
|
376,687 |
|
2026 Notes payable, net
(par—$150,000, respectively) |
|
|
147,218 |
|
|
|
146,767 |
|
2026 Notes-2 payable, net
(par—$165,000, respectively) |
|
|
161,800 |
|
|
|
161,373 |
|
SBA Debentures payable, net
(par—$20,000, respectively) |
|
|
— |
|
|
|
19,686 |
|
Base management fee
payable |
|
|
4,040 |
|
|
|
4,849 |
|
Incentive fee payable |
|
|
3,530 |
|
|
|
— |
|
Interest payable on debt |
|
|
6,093 |
|
|
|
6,264 |
|
Accrued other expenses |
|
|
9,055 |
|
|
|
6,639 |
|
Deferred tax liability |
|
|
— |
|
|
|
896 |
|
Total liabilities |
|
|
721,220 |
|
|
|
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 |
|
|
(252,519 |
) |
|
|
(162,669 |
) |
Total net assets |
|
$ |
495,715 |
|
|
$ |
585,565 |
|
Total liabilities and net assets |
|
$ |
1,216,935 |
|
|
$ |
1,318,510 |
|
Net asset value per
share |
|
$ |
7.60 |
|
|
$ |
8.98 |
|
PENNANTPARK INVESTMENT CORPORATION AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(In thousands, except share data) |
|
|
|
Three Months Ended March 31, (Unaudited) |
|
|
Six Months Ended March 31, (Unaudited) |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Investment
income: |
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled,
non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
26,759 |
|
|
$ |
14,543 |
|
|
$ |
48,990 |
|
|
$ |
30,083 |
|
Payment-in-kind |
|
|
24 |
|
|
|
996 |
|
|
|
24 |
|
|
|
3,406 |
|
Dividend Income |
|
|
1,131 |
|
|
|
— |
|
|
|
1,131 |
|
|
|
— |
|
Other income |
|
|
346 |
|
|
|
2,612 |
|
|
|
833 |
|
|
|
6,803 |
|
From non-controlled,
affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
81 |
|
|
|
— |
|
|
|
81 |
|
|
|
— |
|
From controlled, affiliated
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
3,648 |
|
|
|
2,343 |
|
|
|
6,506 |
|
|
|
4,609 |
|
Payment-in-kind |
|
|
658 |
|
|
|
1,425 |
|
|
|
1,789 |
|
|
|
3,551 |
|
Other Income |
|
|
3,702 |
|
|
|
2,420 |
|
|
|
6,958 |
|
|
|
4,235 |
|
Total investment income |
|
|
36,349 |
|
|
|
24,339 |
|
|
|
66,312 |
|
|
|
52,687 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee |
|
|
4,040 |
|
|
|
4,981 |
|
|
|
8,642 |
|
|
|
10,090 |
|
Performance-based incentive fee |
|
|
3,530 |
|
|
|
— |
|
|
|
5,721 |
|
|
|
2,657 |
|
Interest and expenses on debt |
|
|
10,587 |
|
|
|
6,498 |
|
|
|
20,316 |
|
|
|
13,385 |
|
Administrative services expenses |
|
|
267 |
|
|
|
250 |
|
|
|
533 |
|
|
|
500 |
|
Other general and administrative expenses |
|
|
835 |
|
|
|
723 |
|
|
|
1,676 |
|
|
|
1,446 |
|
Expenses before provision for taxes |
|
|
19,259 |
|
|
|
12,452 |
|
|
|
36,888 |
|
|
|
28,078 |
|
Provision for taxes on net investment income |
|
|
450 |
|
|
|
200 |
|
|
|
2,450 |
|
|
|
400 |
|
Total expenses |
|
|
19,709 |
|
|
|
12,652 |
|
|
|
39,338 |
|
|
|
28,478 |
|
Net investment income |
|
|
16,640 |
|
|
|
11,687 |
|
|
|
26,974 |
|
|
|
24,209 |
|
Realized and
unrealized gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on
investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(14,613 |
) |
|
|
1,889 |
|
|
|
(10,549 |
) |
|
|
7,090 |
|
Non-controlled and controlled, affiliated investments |
|
|
(133,098 |
) |
|
|
140,898 |
|
|
|
(133,098 |
) |
|
|
109,624 |
|
Debt extinguishment |
|
|
(289 |
) |
|
|
(1,132 |
) |
|
|
(289 |
) |
|
|
(2,801 |
) |
Provision for taxes on realized gain on investments |
|
|
(717 |
) |
|
|
(5,060 |
) |
|
|
(717 |
) |
|
|
(5,060 |
) |
Net realized gain (loss) on investments and
debt |
|
|
(148,717 |
) |
|
|
136,595 |
|
|
|
(144,653 |
) |
|
|
108,853 |
|
Net change in unrealized
appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
3,950 |
|
|
|
(158,062 |
) |
|
|
(46,567 |
) |
|
|
(207,665 |
) |
Non-controlled and controlled, affiliated investments |
|
|
131,459 |
|
|
|
6,610 |
|
|
|
90,411 |
|
|
|
102,982 |
|
Provision for taxes on unrealized appreciation (depreciation) on
investments |
|
|
— |
|
|
|
5,045 |
|
|
|
896 |
|
|
|
— |
|
Debt (appreciation) depreciation |
|
|
1,540 |
|
|
|
1,285 |
|
|
|
5,919 |
|
|
|
289 |
|
Net change in unrealized appreciation (depreciation) on
investments and debt |
|
|
136,949 |
|
|
|
(145,122 |
) |
|
|
50,659 |
|
|
|
(104,394 |
) |
Net realized and
unrealized gain (loss) from investments and debt |
|
|
(11,768 |
) |
|
|
(8,527 |
) |
|
|
(93,994 |
) |
|
|
4,459 |
|
Net increase
(decrease) in net assets resulting from operations |
|
|
4,872 |
|
|
|
3,160 |
|
|
$ |
(67,020 |
) |
|
|
28,668 |
|
Net increase
(decrease) in net assets resulting from operations per common
share |
|
$ |
0.07 |
|
|
$ |
0.05 |
|
|
$ |
(1.03 |
) |
|
$ |
0.43 |
|
Net investment income per
common share |
|
$ |
0.26 |
|
|
$ |
0.18 |
|
|
$ |
0.41 |
|
|
$ |
0.36 |
|
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 $6.2 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 |
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