PennantPark Investment Corporation (NYSE: PNNT) announced today
financial results for the third fiscal quarter ended June 30, 2022.
HIGHLIGHTS |
|
|
Quarter ended June 30,
2022 |
|
|
($ in millions, except per
share amounts) |
|
|
Assets and Liabilities: |
|
|
Investment portfolio(1) |
$ |
1,314.8 |
Net assets |
$ |
631.5 |
GAAP net asset value per share |
$ |
9.65 |
Quarterly decrease in GAAP net asset value per share |
|
3.9% |
Adjusted net asset value per share(2) |
$ |
9.57 |
Quarterly decrease in adjusted net asset value per share(2) |
|
4.8% |
|
|
|
Credit Facility |
$ |
412.0 |
2026 Notes |
$ |
146.3 |
2026 Notes-2 |
$ |
161.2 |
SBA Debentures |
$ |
27.0 |
Regulatory Debt to Equity |
|
1.16x |
Regulatory Net Debt to Equity(3) |
|
1.12x |
GAAP Net Debt to Equity(4) |
|
1.14x |
|
|
|
Weighted average yield on debt investments at quarter-end |
|
9.3% |
|
|
|
Operating Results: |
|
|
Net investment income |
$ |
10.6 |
Net investment income per share (GAAP) |
$ |
0.16 |
Distributions declared per share |
$ |
0.145 |
|
|
|
Portfolio Activity: |
|
|
Purchases of investments |
$ |
326.3 |
Sales and repayments of investments |
$ |
799.4 |
|
|
|
PSLF Portfolio data: |
|
|
PSLF investment portfolio |
$ |
608.4 |
Purchase of Investments |
$ |
200.5 |
Sales and repayments of investments |
$ |
35.1 |
_______________
(1) Includes investments in PennantPark
Senior Loan Fund, LLC, or PSLF, an unconsolidated joint venture,
totaling $141.1 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 the
$10.9 million unrealized loss on our multi-currency, senior secured
revolving credit facility with Truist Bank, as amended, or the
Credit Facility, and, together with our credit facility with BNP
Paribas, as amended, the Credit Facilities. 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) 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 net of $29.5 million of cash and
cash equivalents. 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.(4) 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 including
the impact of the $10.9 million unrealized loss on the Credit
Facility, and net of $29.5 million of cash and cash equivalents.
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.
CONFERENCE CALL AT 12:00 P.M. ET ON
AUGUST 4, 2022
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 4, 2022 to discuss its
financial results. All interested parties are welcome to
participate. You can access the conference call by dialing
toll-free (800) 289-0720 approximately 5-10 minutes prior to the
call. International callers should dial (646) 828-8073. All callers
should reference conference ID #9289526 or PennantPark Investment
Corporation. An archived replay of the call will be available
through August 18, 2022, by calling toll-free (888) 203-1112.
International callers please dial (719) 457-0820. For all phone
replays, please reference conference ID #9289526.
INCREASE OF QUARTERLY DISTRIBUTION TO
$0.15 PER SHARE
The Company declares an increase of its fourth
fiscal quarter 2022 distribution to $0.15 per share, payable on
October 3, 2022 to stockholders of record as of September 19, 2022.
The distribution is expected to be paid from taxable net investment
income. The final specific 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.
PORTFOLIO AND INVESTMENT
ACTIVITY
“We are pleased with the continued solid credit performance of
the Company and its positioning to grow Net Investment Income over
time” said Art Penn, Chairman and CEO. “We believe that the
combination of rising base rates, higher spreads on new loan
originations, a growing PSLF joint venture and the potential to
rotate equity proceeds into cash paying loans present the company
with multiple avenues of income growth.”
As of June 30, 2022, our portfolio totaled
$1,314.8 million, which consisted of $721.8 million of first lien
secured debt, $129.7 million of second lien secured debt, $121.2
million of subordinated debt (including $88.0 million in PSLF) and
$342.2 million of preferred and common equity (including $53.1
million in PSLF). Our debt portfolio consisted of 96% variable-rate
investments and 4% fixed-rate investments. As of June 30, 2022, we
had one portfolio company on non-accrual, representing 0.9% and
0.5% of our overall portfolio on a cost and fair value basis,
respectively. Overall, the portfolio had net unrealized
depreciation of $64.9 million as of June 30, 2022. Our overall
portfolio consisted of 118 companies with an average investment
size of $11.1 million, had a weighted average yield on interest
bearing debt investments of 9.3% and was invested 55% in first lien
secured debt, 10% in second lien secured debt, 9% in subordinated
debt (including 7% in PSLF) and 26% in preferred and common equity
(including 4% in PSLF). As of June 30, 2022, all of the investments
held by PSLF were first lien secured debt.
As of September 30, 2021, our portfolio totaled
$1,255.3 million and consisted of $552.5 million of first lien
secured debt, $176.9 million of second lien secured debt, $121.2
million of subordinated debt (including $64.2 million in PSLF) and
$404.7 million of preferred and common equity (including $41.2
million in PSLF). Our debt portfolio consisted of 92% variable-rate
investments and 8% fixed-rate investments. As of September 30,
2021, we had no portfolio companies on non-accrual. Overall, the
portfolio had net unrealized appreciation of $34.2 million as of
September 30, 2021. Our overall portfolio consisted of 97 companies
with an average investment size of $12.9 million, had a weighted
average yield on interest bearing debt investments of 9.0% and was
invested 44% in first lien secured debt, 14% in second lien secured
debt, 10% in subordinated debt (including 5% in PSLF) and 32% in
preferred and common equity (including 3% in PSLF). As of September
30, 2021, all of the investments held by PSLF were first lien
secured debt.
For the three months ended June 30, 2022, we
invested $326.3 million in 11 new and 36 existing portfolio
companies with 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. For the nine months
ended June 30, 2022, we invested $799.4 million in 35 new and 95
existing portfolio companies with a weighted average yield on debt
investments of 8.2%. Sales and repayments of investments for the
nine months ended June 30, 2022 totaled $736.0 million.
For the three months ended June 30, 2021, we
invested $133.4 million in seven new and nine existing portfolio
companies with a weighted average yield on debt investments of
7.9%. Sales and repayments of investments for the three months
ended June 30, 2021 totaled $191.0 million. For the nine months
ended June 30, 2021, we invested $276.4 million in 14 new and 32
existing portfolio companies with a weighted average yield on debt
investments of 8.4%. Sales and repayments of investments for the
nine months ended June 30, 2021 totaled $358.6 million.
PennantPark Senior Loan Fund,
LLC
As of June 30, 2022, PSLF’s portfolio totaled
$608.4 million, consisted of 72 companies with an average
investment size of $8.5 million and had a weighted average yield on
debt investments of 7.9%.
As of September 30, 2021, PSLF’s portfolio
totaled $405.2 million, consisted of 47 companies with an average
investment size of $8.6 million and had a weighted average yield on
debt investments of 7.2%.
For the three months ended June 30, 2022, PSLF
invested $200.5 million (of which $176.0 million was purchased from
the Company) in 14 new and 17 existing portfolio companies with 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 (of which $235.6 million was purchased from the
Company) in 29 new and 19 existing portfolio companies with a
weighted average yield on debt investments of 7.3%. PSLF’s sales
and repayments of investments for the same period totaled $73.0
million.
For the three months ended June 30, 2021, PSLF
invested $54.1 million (of which $54.1 million was purchased from
the Company) in six new and two existing portfolio companies with a
weighted average yield on debt investments of 7.1%. PSLF’s sales
and repayments of investments for the same period totaled $50.9
million. For the nine months ended June 30, 2021, PSLF invested
$117.8 million (of which $91.9 million was purchased from the
Company) in 12 new and eight existing portfolio companies with a
weighted average yield on debt investments of 7.3%. PSLF’s sales
and repayments of investments for the same period totaled $91.6
million.
RESULTS OF OPERATIONS
Set forth below are the results of operations
for the three and nine months ended June 30, 2022 and 2021.
Investment Income
Investment income for the three and nine months
ended June 30, 2022 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. This compares to
investment income for the three and nine months ended June 30, 2021
of $20.5 million and $58.5 million, respectively, which was
attributable to $11.8 million and $33.9 million from first lien
secured debt, $5.2 million and $15.8 million from second lien
secured debt, $1.8 million and $5.2 million from subordinated debt
and $1.7 million and $3.6 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 size of our debt portfolio.
Expenses
Expenses for the three and nine months ended
June 30, 2022 totaled $12.8 million and $41.3 million,
respectively. Base management fee for the same periods totaled $4.9
million and $15.0 million, performance base incentive fee for the
same periods totaled zero and $2.7 million, debt related interest
and expenses totaled $6.7 million and $20.1 million, general and
administrative expenses totaled $1.0 million and $3.0 million and
provision for taxes totaled $0.2 million and $0.6 million,
respectively. This compares to expenses for the three and nine
months ended June 30, 2021 that totaled $12.3 million and $33.2
million, respectively. Base management fee for the same periods
totaled $4.4 million and $12.8 million, debt related interest and
expenses totaled $6.9 million (including a one-time $1.1 million
payment, which is related to the early repayment of SBA Debt) and
$16.8 million, general and administrative expenses totaled $0.9
million and $3.2 million and provision for taxes totaled $0.2
million and $0.5 million, respectively. The increase in expenses
for the three months ended June 30, 2022 compared to the same
period in the prior year was primarily due to increased financing
costs.
Net Investment Income
Net investment income totaled $10.6 million and
$34.8 million, or $0.16 and $0.52 per share, for the three and nine
months ended June 30, 2022, respectively. Net investment income
totaled $8.1 million and $25.2 million, or $0.12 and $0.38 per
share, for the three and nine months ended June 30, 2021,
respectively. The increase in net investment income compared to the
same period in the prior year was primarily due to increased
investment income.
Net Realized Gains or
Losses
Sales and repayments of investments for the
three and nine months ended June 30, 2022 totaled $198.3 million
and $736.0 million, respectively, and net realized gains (losses)
totaled $(34.3) million and $82.4 million, respectively. Sales and
repayments of investments for the three and nine months ended June
30, 2021 totaled $191.0 million and $358.6 million, respectively,
and net realized gains (losses) totaled $41.7 million and $24.4
million, respectively. The change in realized gains 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 the Credit Facilities
For the three and nine months ended June 30,
2022, we reported net change in unrealized appreciation
(depreciation) on investments of $5.6 million and $(99.1) million,
respectively. For the three and nine months ended June 30, 2021, we
reported net change in unrealized appreciation (depreciation) on
investments of $(16.3) million and $110.4 million, respectively. As
of June 30, 2022, and September 30, 2021, our net unrealized
appreciation (depreciation) on investments totaled $(64.9) million
and $34.2 million, respectively. The net change in unrealized
depreciation on our investments compared to the same period in the
prior year was primarily due to the reversal of the unrealized
appreciation of PT Network Intermediate Holdings, LLC associated
with the realization of the investment.
For the three and nine months ended June 30,
2022, the Truist Credit Facility had a net change in unrealized
depreciation of $8.9 million and $9.2 million, respectively. For
the three and nine months ended June 30, 2021, the Truist Credit
Facility had a net change in unrealized appreciation of $1.6
million and $18.5 million, respectively. As of June 30, 2022, and
September 30, 2021, the net unrealized depreciation on the Truist
Credit Facility totaled $10.9 million and $1.7 million,
respectively. The net change in unrealized depreciation compared to
the same periods in the prior year was primarily due to changes in
the capital markets.
Net Change in Net Assets Resulting from
Operations
Net change in net assets resulting from
operations totaled $(18.5) million and $10.2 million, or $(0.28)
and $0.15 per share, for the three and nine months ended June 30,
2022, respectively. Net change in net assets resulting from
operations totaled $31.9 million and $141.5 million, or $0.48 and
$2.11 per share, for the three and nine months ended June 30, 2021,
respectively. The decrease in the net change in net assets from
operations for the three and nine months ended June 30, 2022
compared to the same periods in the prior year was primarily due to
a decrease in unrealized appreciation.
LIQUIDITY AND CAPITAL
RESOURCES
Our liquidity and capital resources are derived
primarily from proceeds of securities offerings, debt capital and
cash flows from operations, including investment sales and
repayments, and income earned. Our primary use of funds from
operations includes investments in portfolio companies and payments
of 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.
The annualized weighted average cost of debt for
the nine months ended June 30, 2022 and 2021, inclusive of the fee
on the undrawn commitment and amendment costs on the Truist Credit
Facility and amortized upfront fees on SBA debentures, was 4.0% and
3.5%, respectively.
As of June 30, 2022, and September 30, 2021, we
had $42.1 million and $118.5 million of unused borrowing capacity
under the Truist Credit Facility, respectively, subject to leverage
and borrowing base restrictions.
As of June 30, 2022, and September 30, 2021, we
had $422.9 million and $316.5 million, respectively, in outstanding
borrowings under the Truist Credit Facility. The Truist Credit
Facility had a weighted average interest rate of 3.9% and 2.4%,
respectively, exclusive of the fee on undrawn commitments, as of
June 30, 2022 and September 30, 2021.
As of June 30, 2022, and September 30, 2021, we
had cash and cash equivalents of $29.5 million and $20.4 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.
Our operating activities used cash of $97.5
million for the nine months ended June 30, 2022, and our financing
activities provided cash of $106.9 million for the same period. Our
operating activities used cash primarily due to our investment
activities and our financing activities provided cash primarily due
to borrowings under the Truist Credit Facility and proceeds from
our 2026-2 Notes.
Our operating activities provided cash of $95.7
million for the nine months ended June 30, 2021 and our financing
activities used cash of $107.4 million for the same period. Our
operating activities provided cash primarily from our investment
activities and our financing activities used cash primarily to pay
down the Truist Credit Facility and our SBA Debentures.
STOCK REPURCHASE PROGRAM
On February 9, 2022, we announced a share
repurchase program which allows 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 shares may be purchased from
time to time at prevailing market prices, through open market
transactions, including block transactions. Unless extended by our
board of directors, the program, which may be implemented at the
discretion of management, will expire on the earlier of March 31,
2023 and the repurchase of $25 million of common stock. During the
three and nine months ended June 30, 2022, we repurchased 717,709
and 1,631,163, respectively, shares of common stock in open market
transactions for an aggregate cost (including transaction costs) of
$4.9 million and $12.0 million, respectively. During the three and
nine months ended June 30, 2021, we did not make any repurchases of
shares of our common stock.
RECENT DEVELOPMENTS
On July 29, 2022, the Company entered into the
Fifth Amendment to the Truist Credit Facility. The Fifth Amendment
amends certain provisions of the Credit Agreement to, among other
things, (1) increase the facility size from $465.0 million to
$500.0 million, which may be further increased up to $750.0
million, subject to the terms of the Amended Credit Agreement, (2)
extend the term of the revolving period from September 4, 2023 to
July 29, 2026 and the stated maturity date from September 4, 2024
to July 29, 2027 for $475.0 million out of the total $500.0 million
commitments (with the revolving period with respect to the
remaining $25.0 million of commitments continuing to expire on
September 4, 2023 and the related obligations maturing on September
4, 2024), (3) adjust the applicable margin with respect to the
loans extended by the lenders of the extended $475.0 million
commitments and (4) replace the LIBOR benchmark provisions with
SOFR benchmark provisions, including applicable credit adjustment
spread. In connection with the facility increase contemplated by
the Fifth Amendment, Regions Bank joined the Amended Credit
Agreement as an additional multicurrency lender.
The foregoing descriptions of the Fifth
Amendment does not purport to be complete and is qualified in their
entirety by reference to the full text of the Fifth Amendment,
which is filed as an exhibit in the Company’s Quarterly Report on
Form 10-Q for the quarter ended June 30, 2022.
Subsequent to quarter end we and Pantheon
Ventures (UK) LLP, have agreed to increase our capital commitments
to PSLF from $234.8 million to $310.8 million. PNNT's portion of
this capital commitment increase is $45.9 million.
DISTRIBUTIONS
During 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. For
the same periods in the prior year, we declared distributions of
$0.12 and $0.36 per share, for total distributions of $8.0 million
and $24.1 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 such report on its website at www.pennantpark.com.
PENNANTPARK INVESTMENT CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES(In thousands, except share
data)
|
June 30, 2022 |
|
|
September 30, 2021 |
|
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$921,967 and
$729,811, respectively) |
$ |
961,032 |
|
|
$ |
820,500 |
|
Non-controlled, affiliated
investments (cost—$75,825 and $78,723, respectively) |
|
49,097 |
|
|
|
50,161 |
|
Controlled, affiliated
investments (cost—$381,904 and $412,587, respectively) |
|
304,699 |
|
|
|
384,629 |
|
Total investments
(cost—$1,379,696 and $1,221,121, respectively) |
|
1,314,828 |
|
|
|
1,255,290 |
|
Cash and cash equivalents
(cost—$29,630 and $20,383, respectively) |
|
29,547 |
|
|
|
20,357 |
|
Interest receivable |
|
3,312 |
|
|
|
4,958 |
|
Receivable for investments
sold |
|
57,407 |
|
|
|
12,793 |
|
Distribution receivable |
|
2,420 |
|
|
|
1,694 |
|
Prepaid expenses and other
assets |
|
23,571 |
|
|
|
— |
|
Total
assets |
|
1,4231,085 |
|
|
|
1,295,092 |
|
Liabilities |
|
|
|
|
|
Distributions payable |
|
9,504 |
|
|
|
8,045 |
|
Payable for investments
purchased |
|
20,435 |
|
|
|
8,407 |
|
Truist Credit Facility
payable, at fair value (cost—$422,920 and $316,545,
respectively) |
|
412,005 |
|
|
|
314,813 |
|
2024 Notes payable, net (par—
zero and $86,250, respectively) |
|
— |
|
|
|
84,503 |
|
2026 Notes payable, net (par—
$150,000) |
|
146,542 |
|
|
|
145,865 |
|
2026 Notes-2 payable, net
(par— $165,000 and zero, respectively) |
|
161,159 |
|
|
|
— |
|
SBA debentures payable, net
(par—$27,500 and $63,500, respectively) |
|
27,046 |
|
|
|
62,159 |
|
Base-management fee payable,
net |
|
4,887 |
|
|
|
4,580 |
|
Performance based-incentive
fee payable |
|
— |
|
|
|
575 |
|
Interest payable on debt |
|
3,387 |
|
|
|
4,943 |
|
Deferred tax liability |
|
8,127 |
|
|
|
— |
|
Accrued other expenses |
|
6,483 |
|
|
|
1,058 |
|
Total
liabilities |
|
799,575 |
|
|
|
634,948 |
|
Commitments and
contingencies |
|
|
|
|
|
Net
assets |
|
|
|
|
|
Common stock, 65,413,942 and
67,045,105, respectively, shares issued and outstanding Par value
$0.001 per share and 100,000,000 shares authorized |
|
65 |
|
|
|
67 |
|
Paid-in capital in excess of
par value |
|
795,865 |
|
|
|
786,993 |
|
Accumulated deficit |
|
(164,420 |
) |
|
|
(126,916 |
) |
Total net
assets |
$ |
631,510 |
|
|
$ |
660,144 |
|
Total liabilities and
net assets |
$ |
1,427,085 |
|
|
$ |
1,295,092 |
|
Net asset value per
share |
$ |
9.65 |
|
|
$ |
9.85 |
|
PENNANTPARK INVESTMENT CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)(In
thousands, except share and per share data)
|
Three Months Ended June 30, |
|
|
Nine Months Ended June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Investment
income: |
|
|
|
|
|
|
|
|
|
|
|
From non-controlled,
non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
Interest |
$ |
15,890 |
|
|
$ |
11,972 |
|
|
$ |
45,973 |
|
|
$ |
35,074 |
|
Payment-in-kind |
|
665 |
|
|
|
2,095 |
|
|
|
4,071 |
|
|
|
5,566 |
|
Other income |
|
1,247 |
|
|
|
475 |
|
|
|
8,050 |
|
|
|
980 |
|
From non-controlled,
affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
Payment-in-kind |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
457 |
|
From controlled, affiliated
investments: |
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
2,694 |
|
|
|
2,279 |
|
|
|
7,303 |
|
|
|
6,733 |
|
Payment-in-kind |
|
432 |
|
|
|
1,978 |
|
|
|
3,983 |
|
|
|
4,982 |
|
Dividend income |
|
2,420 |
|
|
|
1,694 |
|
|
|
6,655 |
|
|
|
4,667 |
|
Total investment
income |
|
23,348 |
|
|
|
20,493 |
|
|
|
76,035 |
|
|
|
58,459 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Base management fee |
|
4,887 |
|
|
|
4,358 |
|
|
|
14,977 |
|
|
|
12,755 |
|
Performance-based incentive
fee |
|
— |
|
|
|
— |
|
|
|
2,657 |
|
|
|
— |
|
Interest and expenses on
debt |
|
6,737 |
|
|
|
6,942 |
|
|
|
20,122 |
|
|
|
16,836 |
|
Administrative services
expenses |
|
250 |
|
|
|
380 |
|
|
|
750 |
|
|
|
1,390 |
|
Other general and
administrative expenses |
|
723 |
|
|
|
518 |
|
|
|
2,169 |
|
|
|
1,805 |
|
Expenses before
provision for taxes |
|
12,597 |
|
|
|
12,198 |
|
|
|
40,675 |
|
|
|
32,786 |
|
Provision for taxes on net
investment income |
|
200 |
|
|
|
150 |
|
|
|
600 |
|
|
|
450 |
|
Net
expenses |
|
12,797 |
|
|
|
12,348 |
|
|
|
41,275 |
|
|
|
33,236 |
|
Net investment
income |
|
10,551 |
|
|
|
8,145 |
|
|
|
34,760 |
|
|
|
25,223 |
|
Realized and
unrealized gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on
investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated
investments |
|
113 |
|
|
|
41,687 |
|
|
|
7,203 |
|
|
|
44,137 |
|
Non-controlled and controlled,
affiliated investments |
|
(34,381 |
) |
|
|
— |
|
|
|
75,243 |
|
|
|
(19,708 |
) |
Debt extinguishment |
|
— |
|
|
|
— |
|
|
|
(2,801 |
) |
|
|
— |
|
Provision for taxes on
realized gain on investments |
|
(1,123 |
) |
|
|
— |
|
|
|
(6,183 |
) |
|
|
— |
|
Net realized gain
(loss) on investments and debt |
|
(35,391 |
) |
|
|
41,687 |
|
|
|
73,462 |
|
|
|
24,429 |
|
Net change in unrealized
appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated
investments |
|
14,317 |
|
|
|
(41,842 |
) |
|
|
(193,348 |
) |
|
|
45,770 |
|
Non-controlled and controlled,
affiliated investments |
|
(8,725 |
) |
|
|
25,512 |
|
|
|
94,257 |
|
|
|
64,581 |
|
Provision for taxes on
unrealized appreciation on investments |
|
(8,127 |
) |
|
|
— |
|
|
|
(8,127 |
) |
|
|
— |
|
Debt (appreciation)
depreciation |
|
8,894 |
|
|
|
(1,622 |
) |
|
|
9,183 |
|
|
|
(18,494 |
) |
Net change in
unrealized appreciation (depreciation) on investments and
debt |
|
6,359 |
|
|
|
(17,952 |
) |
|
|
(98,035 |
) |
|
|
91,857 |
|
Net realized and
unrealized gain (loss) from investments and debt |
|
(29,032 |
) |
|
|
23,735 |
|
|
|
(24,573 |
) |
|
|
116,286 |
|
Net increase
(decrease) in net assets resulting from operations |
|
(18,481 |
) |
|
|
31,880 |
|
|
$ |
10,187 |
|
|
|
141,509 |
|
Net increase (decrease) in net
assets resulting from operations per common share |
$ |
(0.28 |
) |
|
$ |
0.48 |
|
|
$ |
0.15 |
|
|
$ |
2.11 |
|
Net investment income per
common share |
$ |
0.16 |
|
|
$ |
0.12 |
|
|
$ |
0.52 |
|
|
$ |
0.38 |
|
ABOUT PENNANTPARK INVESTMENT
CORPORATION
PennantPark Investment Corporation is a business
development company which 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 $6.0 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, or
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 we file 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 as well as changes in the economy
and risks associated with possible disruption in the Company’s
operations or the economy generally due to terrorism, natural
disasters or pandemics such as COVID-19. The Company 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.
CONTACT: |
Richard T.
Allorto, Jr. |
|
PennantPark Investment Corporation |
|
(212) 905-1000 |
|
www.pennantpark.com |
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