PennantPark Investment Corporation (NASDAQ: PNNT) announced today
financial results for the fourth quarter and fiscal year ended
September 30, 2019.
HIGHLIGHTS
Quarter ended September 30, 2019 |
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($ in millions, except per share amounts) |
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Assets and Liabilities: |
|
|
|
|
Investment portfolio |
|
$ |
1,219.40 |
|
Net assets |
|
$ |
581.9 |
|
Net asset value per share |
|
$ |
8.68 |
|
|
|
|
|
|
BNP Credit Facility |
|
$ |
170.1 |
|
SunTrust Credit Facility |
|
$ |
295.2 |
|
2024 Notes |
|
$ |
72.3 |
|
SBA Debentures |
|
$ |
146.1 |
|
|
|
|
|
|
Yield on debt investments at quarter-end |
|
|
9.8 |
% |
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|
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|
|
Quarter EndedSeptember 30, 2019 |
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Year EndedSeptember 30, 2019 |
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Operating Results: |
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|
|
|
|
|
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Net investment income |
|
$ |
9.6 |
|
|
$ |
44.6 |
|
GAAP net investment income per share |
|
$ |
0.14 |
|
|
$ |
0.66 |
|
Non-recurring net debt-related costs, net of |
|
$ |
0.03 |
|
|
$ |
0.06 |
|
incentive fees per share |
Core net investment income per share (1) |
|
$ |
0.17 |
|
|
$ |
0.72 |
|
Distributions declared per share |
|
$ |
0.18 |
|
|
$ |
0.72 |
|
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|
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|
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Portfolio Activity: |
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|
|
|
|
|
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Purchases of investments |
|
$ |
38.8 |
|
|
$ |
533.6 |
|
Sales and repayments of investments |
|
$ |
100.9 |
|
|
$ |
426.5 |
|
|
|
|
|
|
|
|
|
|
Number of new portfolio companies invested |
|
3 |
|
|
24 |
|
Number of existing portfolio companies |
|
11 |
|
|
49 |
|
invested |
Number of ending portfolio companies |
|
67 |
|
|
67 |
|
- Core net investment income 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 expenses related to the
make-whole premium on the repayment of the 4.50% notes due 2019,
the debt issuance costs on the revolving credit facility with BNP
Paribas and the costs associated with amending our multi-currency,
senior secured revolving credit facility, as amended and restated,
with SunTrust. 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 10:00 A.M. EST ON
NOVEMBER 22, 2019
PennantPark Investment Corporation (“we,” “our,”
“us” or the “Company”) will host a conference call at 10:00 a.m.
(Eastern Standard Time) on Friday, November 22, 2019 to discuss its
financial results. All interested parties are welcome to
participate. You can access the conference call by dialing
toll-free (800) 239-9838 approximately 5-10 minutes prior to the
call. International callers should dial (323) 794-2551. All callers
should reference conference ID #4224065 or PennantPark Investment
Corporation. An archived replay of the call will be available
through December 6, 2019 by calling toll-free (888) 203-1112.
International callers please dial (719) 457-0820. For all phone
replays, please reference conference ID #4224065.
PORTFOLIO AND INVESTMENT
ACTIVITY
“We are pleased that we made substantial
progress on the right hand side of our balance sheet this past
quarter. Our amended credit facility, new unsecured bonds and a
“green light” for a new SBIC should provide a solid pathway for
earnings growth,” said Arthur Penn, Chairman and CEO.
“Additionally, we are making progress on the left hand side of our
balance sheet by moving into more senior secured positions, which
we believe will result in even more steady and stable coverage of
our dividend over time.”
As of September 30, 2019, our portfolio
totaled $1,219.4 million and consisted of $695.3 million of first
lien secured debt, $269.3 million of second lien secured debt,
$61.2 million of subordinated debt and $193.7 million of preferred
and common equity. Our debt portfolio consisted of 87%
variable-rate investments. As of September 30, 2019, we had no
portfolio companies on non-accrual. Overall, the portfolio had net
unrealized depreciation of $37.6 million as of September 30, 2019.
Our overall portfolio consisted of 67 companies with an average
investment size of $18.2 million, had a weighted average yield on
interest bearing debt investments of 9.8% and was invested 57% in
first lien secured debt, 22% in second lien secured debt, 5% in
subordinated debt and 16% in preferred and common equity.
As of September 30, 2018, our portfolio totaled
$1,132.1 million and consisted of $531.4 million of first lien
secured debt, $391.1 million of second lien secured debt, $48.1
million of subordinated debt and $161.5 million of preferred and
common equity. Our debt portfolio consisted of 90% variable-rate
investments and 10% fixed-rate investments. As of September 30,
2018, we had no portfolio companies on non-accrual. Overall, the
portfolio had net unrealized depreciation of $111.8 million as of
September 30, 2018. Our overall portfolio consisted of 53 companies
with an average investment size of $21.4 million, had a weighted
average yield on interest bearing debt investments of 11.2% and was
invested 47% in first lien secured debt, 35% in second lien secured
debt, 4% in subordinated debt and 14% in preferred and common
equity.
For the three months ended September 30, 2019,
we invested $38.8 million in three new and 11 existing portfolio
companies with a weighted average yield on debt investments of
8.4%. Sales and repayments of investments for the same period
totaled $100.9 million.
For the year ended September 30, 2019, we
invested $533.6 million in 24 new and 49 existing portfolio
companies with a weighted average yield on debt investments of
9.4%. Sales and repayments of investments for the same period
totaled $426.5 million.
RECENT DEVELOPMENTS
Subsequent to quarter end, we issued an
additional $11.3 million in aggregate principal of the 2024 Notes
at par value, generating net proceeds of $10.9 million after
underwriting discounts and offering expenses payable by us, as a
result of the underwriters’ full exercise of the option to purchase
additional 2024 Notes we granted to them in connection with the
offering that closed in September 2019. In total, the Company has
issued $86.3 of 2024 Notes at par value, generating net proceeds of
$83.2 million.
Subsequent to quarter end, the SBA issued a
"green light" or "go forth" letter inviting the Company to file an
application to obtain a license to form and operate a third Small
Business Investment Company ("SBIC") subsidiary. Receipt of a green
light letter from the SBA does not assure an applicant that the SBA
will ultimately issue an SBIC license or of the timeframe in which
it would receive a license, should one ultimately be granted.
Subsequent to quarter end, we have invested
approximately $70 million.
RESULTS OF OPERATIONS
Set forth below are the results of operations
for the three month periods and fiscal years ended September 30,
2019 and 2018.
Investment Income
Investment income for the three months ended
September 30, 2019 and 2018 was $27.9 million and $27.6
million, respectively, and was primarily attributable to $17.0
million and $12.9 million from first lien secured debt, $8.7
million and $13.3 million from second lien secured debt and $2.2
million and $1.4 million from subordinated debt and preferred and
common equity, respectively.
Investment income for the years ended September
30, 2019 and 2018 was $112.1 million and $108.3 million,
respectively, and was attributable to $62.6 million and $49.5
million from first lien secured debt, $41.4 million and $49.8
million from second lien secured debt and $8.1 million and $9.0
million from subordinated debt and preferred and common equity,
respectively. The increase in investment income over the prior year
was primarily due to an increase in our portfolio at cost.
Expenses
Net expenses for the three months ended
September 30, 2019 and 2018 totaled $18.3 million and $13.6
million, respectively. Base management fee totaled $4.6 million and
$4.1 million, incentive fee totaled zero and $3.0 million, debt
related interest and expenses totaled $12.2 million (including
one-time debt related costs of $4.4 million) and $5.5 million,
general and administrative expenses totaled $1.2 million and $1.0
million and provision for taxes totaled $0.3 million and zero,
respectively, for the same periods.
Net expenses for the years ended September 30,
2019 and 2018 totaled $67.5 million and $54.9 million,
respectively. Base management fee totaled $18.2 million and $16.5
million (after a base management fee waiver of $0.9 million),
incentive fee totaled $5.1 million and $11.0 million (after an
incentive fee waiver of $0.5 million), debt related interest and
expenses totaled $38.2 million (including one-time debt related
cost of $9.2 million) and $22.8 million, general and administrative
expenses totaled $4.7 million and $4.6 million and provision for
taxes totaled $1.2 million and zero, respectively, for the same
periods. The increase in expenses over the prior year was primarily
due to an increase in debt related expenses and base management
fees, partially offset by smaller incentive fees.
Net Investment Income
Net investment income totaled $9.6 million or
$0.14 per share and $14.0 million or $0.20 per share, for the three
months ended September 30, 2019 and 2018, respectively.
Net investment income totaled $44.6 million or
$0.66 per share and $53.3 million or $0.75 per share, for the years
ended September 30, 2019 and 2018, respectively. The decrease
in net investment income per share compared to the prior year was
primarily due to an increase in debt related expenses associated
with the retirement of our 2019 Notes and amendments made to our
BNP and SunTrust Credit Facilities.
Net Realized Gains or
Losses
Sales and repayments of investments for the
three months ended September 30, 2019 and 2018 totaled $100.9
million and $74.1 million, respectively, and net realized (losses)
gains totaled $(18.4) million and $2.9 million, respectively, for
the same periods.
Sales and repayments of investments for the
years ended September 30, 2019 and 2018 totaled $426.5 million and
$630.5 million, respectively, and net realized (losses) gains
totaled $(108.5) million and $45.9 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, including the net realized loss on Superior Digital
Displays, LLC during the year ended September 30, 2019.
Unrealized Appreciation or Depreciation
on Investments, Credit Facilities, the 2019 Notes and the 2025
Notes
For the three months ended September 30, 2019
and 2018, we reported a net change in unrealized appreciation
(depreciation) on investments of $21.2 million and $(5.2) million,
respectively. For the years ended September 30, 2019 and 2018,
we reported a net change in unrealized appreciation (depreciation)
on investments of $74.1 million and $(55.3) million,
respectively.
As of September 30, 2019 and 2018, our net
unrealized depreciation on investments of $37.6 million and $111.8
million, respectively. The net change in unrealized
appreciation/depreciation on our investments for the year ended
September 30, 2019 compared to the prior year was primarily due to
changes in the capital market conditions, the financial performance
of certain portfolio companies and the reversal of unrealized
appreciation/depreciation on investments that were realized.
For the three months ended September 30, 2019
and 2018, our Credit Facilities had a net change in unrealized
(appreciation) depreciation of $(4.2) million and $0.8 million,
respectively. For the year ended September 30, 2019 and 2018, our
Credit Facilities and the 2019 Notes, had a net change in
unrealized depreciation of $5.7 million and $3.9 million,
respectively. As of September 30, 2019 and 2018 our net unrealized
depreciation on our Credit Facilities and, prior to their
redemption, the 2019 Notes totaled $7.2 million and $1.6 million,
respectively. The net change in unrealized depreciation for the
year ended September 30, 2019 compared to 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 $8.2 million or $0.13 per share and $12.5
million or $0.18 per share, for the three months ended September
30, 2019 and 2018, respectively.
Net change in net assets resulting from
operations totaled $15.9 million or $0.24 per share and $47.7
million or $0.68 per share, for the years ended September 30, 2019
and 2018, respectively. The decrease in the net change in net
assets from operations for the year ended September 30, 2019
compared to the prior year was primarily due to a lower yielding
portfolio, depreciation and net realized losses on our investments
and credit facility amendment and debt issuance costs.
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 years ended September 30, 2019 and 2018, inclusive of undrawn
commitment fees and amendment costs under the SunTrust Credit
Facility, debt issuance costs on the BNP Credit Facility,
prepayment penalties on the 2019 Notes and amortized upfront fees
on SBA debentures, was 6.0% and 4.5%, respectively.
As of September 30, 2019, PennantPark Investment
Funding I, LLC, or Funding I, had $171.0 million in outstanding
borrowings under the BNP Credit Facility. The BNP Credit Facility
had a weighted average interest rate of 4.6% as of September 30,
2019. As of September 30, 2019, Funding I had $79.0 million of
unused borrowing capacity under the BNP Credit Facility, subject to
the regulatory restrictions.
As of September 30, 2019 and 2018, we had $301.6
million and $80.5 million (including a $2.0 million temporary
draw), respectively, in borrowings under the SunTrust Credit
Facility. The SunTrust Credit Facility had a weighted average
interest rate of 4.2% and 3.8%, respectively, exclusive of undrawn
commitment fees, as of September 30, 2019 and 2018. As of the same
periods, we had $173.4 million and $364.5 million of unused
borrowing capacity under the SunTrust Credit Facility,
respectively, subject to the regulatory restrictions.
As of September 30, 2019 and 2018, we had $75.0
and zero in aggregate principal amount of 2024 Notes outstanding,
respectively, with a fixed interest rate of 5.50% per year. As of
September 30, 2019 and 2018, we had zero and $250.0 million in
aggregate principal amount of 2019 Notes outstanding, respectively,
with a fixed interest rate of 4.50% per year. As of September 30,
2019 and 2018, we had $150.0 million and $180.0 million in SBA
debentures outstanding, respectively.
As of September 30, 2019 and 2018, we had cash
and cash equivalents of $59.5 million and $19.5 million,
respectively, available for investing and general corporate
purposes. We believe our liquidity and capital resources are
sufficient to take advantage of market opportunities.
Our operating activities used cash of $81.1
million for the year ended September 30, 2019, and our financing
activities provided cash of $121.1 million for the same period. Our
operating activities provided cash from sales and repayments on our
investments and our financing activities provided cash primarily
for net borrowings under our Credit Facilities as well as the
issuance of the 2024 Notes, partially offset by cash used by our
stock repurchase program.
Our operating activities provided cash of $66.9
million for the year ended September 30, 2018, and our financing
activities used cash of $85.6 million for the same period. Our
operating activities provided cash primarily from sales and
repayments on our investments and our financing activities used
cash primarily for net repayments of SBA debentures and our stock
repurchase program.
DISTRIBUTIONS
During the year ended September 30, 2019 and
2018, we declared distributions of $0.72 and $0.72 per share, for
total distributions of $48.4 million and $50.6 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 Securities
and Exchange Commission, or the SEC.
AVAILABLE INFORMATION
The Company makes available on its website its
report on Form 10-K filed with the SEC and stockholders may find
the report on our website at www.pennantpark.com.
PENNANTPARK INVESTMENT
CORPORATION AND
SUBSIDIARIESCONSOLIDATED
STATEMENTS OF ASSETS AND LIABILITIES
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
Assets |
|
|
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$922,304,099 and
$896,720,950, respectively) |
|
$ |
936,632,099 |
|
|
$ |
905,271,258 |
|
Non-controlled, affiliated investments (cost—$77,600,816 and
$91,520,908, respectively) |
|
|
49,349,338 |
|
|
|
78,078,331 |
|
Controlled, affiliated investments (cost—$257,117,800 and
$255,574,317, respectively) |
|
|
233,451,359 |
|
|
|
148,735,885 |
|
Total of investments (cost—$1,257,022,715 and $1,243,816,175,
respectively) |
|
|
1,219,432,796 |
|
|
|
1,132,085,474 |
|
Cash and cash equivalents (cost—$59,546,438 and $19,543,625,
respectively) |
|
|
59,516,236 |
|
|
|
19,506,154 |
|
Interest receivable |
|
|
6,226,539 |
|
|
|
7,606,964 |
|
Prepaid expenses and other assets |
|
|
662,442 |
|
|
|
920,235 |
|
Total assets |
|
|
1,285,838,013 |
|
|
|
1,160,118,827 |
|
Liabilities |
|
|
|
|
|
|
|
|
Distributions payable |
|
|
12,068,119 |
|
|
|
12,429,712 |
|
BNP Credit Facility payable, at fair value (cost—$171,000,000 and
zero, respectively) |
|
|
170,145,000 |
|
|
|
— |
|
SunTrust Credit Facility payable, at fair value '
(cost—$301,636,000 and $80,520,000, respectively) |
|
|
295,245,214 |
|
|
|
77,645,830 |
|
2024 Notes payable, net (par—$75,000,000 and zero,
respectively) |
|
|
72,256,607 |
|
|
|
— |
|
2019 Notes payable, at fair value (par—zero and $250,000,000,
respectively) |
|
|
— |
|
|
|
251,322,500 |
|
SBA debentures payable, net (par—$150,000,000 and $180,000,000,
respectively) |
|
|
146,111,055 |
|
|
|
175,373,229 |
|
Base management fee payable, net |
|
|
4,641,480 |
|
|
|
4,086,831 |
|
Performance-based incentive fee payable, net |
|
|
— |
|
|
|
2,964,265 |
|
Interest payable on debt |
|
|
2,895,695 |
|
|
|
6,576,393 |
|
Accrued other expenses |
|
|
569,175 |
|
|
|
818,172 |
|
Total liabilities |
|
|
703,932,345 |
|
|
|
531,216,932 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Net assets |
|
|
|
|
|
|
|
|
Common stock, 67,045,105 and 69,053,958 shares issued and
outstanding, respectively. |
|
|
67,045 |
|
|
|
69,054 |
|
Par value $0.001 per share and 100,000,000 shares
authorized |
Paid-in capital in excess of par value |
|
|
788,192,159 |
|
|
|
803,729,220 |
|
Accumulated distributable loss |
|
|
(206,353,536 |
) |
|
|
(174,896,379 |
) |
Total net assets |
|
$ |
581,905,668 |
|
|
$ |
628,901,895 |
|
Total liabilities and net assets |
|
$ |
1,285,838,013 |
|
|
$ |
1,160,118,827 |
|
Net asset value per share |
|
$ |
8.68 |
|
|
$ |
9.11 |
|
|
|
|
|
|
|
|
|
|
PENNANTPARK INVESTMENT
CORPORATION AND
SUBSIDIARIESCONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
Years Ended September 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2017 |
|
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
88,060,418 |
|
|
$ |
83,255,593 |
|
|
$ |
84,685,961 |
|
Payment in kind |
|
|
6,445,122 |
|
|
|
5,645,535 |
|
|
|
3,819,996 |
|
Other income |
|
|
3,122,988 |
|
|
|
6,981,507 |
|
|
|
7,079,034 |
|
From non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
— |
|
|
|
3,013,976 |
|
|
|
10,339,444 |
|
Payment in kind |
|
|
— |
|
|
|
2,031,589 |
|
|
|
5,475,491 |
|
Other income |
|
|
— |
|
|
|
— |
|
|
|
1,609,935 |
|
From controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
9,381,881 |
|
|
|
4,499,350 |
|
|
|
734,163 |
|
Payment in kind |
|
|
4,319,300 |
|
|
|
2,850,498 |
|
|
|
10,790,300 |
|
Other income |
|
|
776,945 |
|
|
|
— |
|
|
|
— |
|
Total investment income |
|
|
112,106,654 |
|
|
|
108,278,048 |
|
|
|
124,534,324 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee |
|
|
18,225,229 |
|
|
|
17,468,376 |
|
|
|
24,218,029 |
|
Performance-based incentive fee |
|
|
5,146,696 |
|
|
|
11,492,928 |
|
|
|
11,077,956 |
|
Interest and expenses on debt |
|
|
28,943,312 |
|
|
|
22,818,492 |
|
|
|
26,642,113 |
|
Administrative services expenses |
|
|
2,113,895 |
|
|
|
2,086,500 |
|
|
|
3,576,000 |
|
Other general and administrative expenses |
|
|
2,637,820 |
|
|
|
2,504,853 |
|
|
|
2,662,640 |
|
Expenses before management fee waiver, provision for taxes
and financing costs |
|
|
57,066,952 |
|
|
|
56,371,149 |
|
|
|
68,176,738 |
|
Management Fees waiver |
|
|
— |
|
|
|
(1,427,253 |
) |
|
|
(5,647,358 |
) |
Provision for taxes |
|
|
1,200,000 |
|
|
|
— |
|
|
|
1,700,000 |
|
Make-whole premium |
|
|
2,162,526 |
|
|
|
— |
|
|
|
— |
|
Credit facility amendment and debt issuance costs |
|
|
7,080,205 |
|
|
|
— |
|
|
|
3,866,633 |
|
Net expenses |
|
|
67,509,683 |
|
|
|
54,943,896 |
|
|
|
68,096,013 |
|
Net investment income |
|
|
44,596,971 |
|
|
|
53,334,152 |
|
|
|
56,438,311 |
|
Realized and change in unrealized (loss) gain on
investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized (loss) gain on investments on: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(51,940,526 |
) |
|
|
34,813,876 |
|
|
|
2,567,041 |
|
Non-controlled and controlled, affiliated investments |
|
|
(56,575,132 |
) |
|
|
11,042,330 |
|
|
|
(33,594,078 |
) |
Net realized (loss) gain on investments |
|
|
(108,515,658 |
) |
|
|
45,856,206 |
|
|
|
(31,027,037 |
) |
Net change in change in unrealized appreciation (depreciation)
on: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
22,788,117 |
|
|
|
(16,751,386 |
) |
|
|
16,950,900 |
|
Non-controlled and controlled, affiliated investments |
|
|
51,361,260 |
|
|
|
(38,586,621 |
) |
|
|
26,904,281 |
|
Debt depreciation (appreciation) |
|
|
5,694,116 |
|
|
|
3,861,111 |
|
|
|
(7,554,954 |
) |
Net change in unrealized appreciation (depreciation) on
investments and debt |
|
|
79,843,493 |
|
|
|
(51,476,896 |
) |
|
|
36,300,227 |
|
Net realized and change in unrealized (loss) gain from
investments and debt |
|
|
(28,672,165 |
) |
|
|
(5,620,690 |
) |
|
|
5,273,190 |
|
Net increase in net assets resulting from
operations |
|
$ |
15,924,806 |
|
|
$ |
47,713,462 |
|
|
$ |
61,711,501 |
|
Net increase in net assets resulting from operations per common
share |
|
$ |
0.24 |
|
|
$ |
0.68 |
|
|
$ |
0.87 |
|
Net investment income per common share |
|
$ |
0.66 |
|
|
$ |
0.75 |
|
|
$ |
0.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, which today has more than
$3.2 billion of assets under management. 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 New York and has offices in 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. 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: Aviv EfratPennantPark Investment
Corporation(212) 905-1000www.pennantpark.com
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