PennantPark Investment Corporation (NASDAQ: PNNT) announced today
financial results for the second fiscal quarter ended March 31,
2019.
HIGHLIGHTS
Quarter ended March 31, 2019($ in millions, except per share
amounts)
Assets and Liabilities: |
|
|
Investment portfolio |
$ |
1,244.7 |
|
Net assets |
$ |
592.1 |
|
Net asset value per
share |
$ |
8.83 |
|
|
|
|
|
SunTrust Credit
Facility |
$ |
378.6 |
|
BNP Credit
Facility |
$ |
141.8 |
|
SBA Debentures |
$ |
145.9 |
|
|
|
|
|
Yield on debt
investments at quarter-end |
10.6 |
% |
|
|
|
|
|
|
Operating Results: |
|
|
Net investment income |
$ |
10.8 |
|
GAAP net investment income
per share |
$ |
0.16 |
|
Debt issuance costs and
make-whole premium, net of incentive fees per
share |
$ |
0.03 |
|
|
|
|
|
Core net investment
income per share (1) |
$ |
0.19 |
|
|
|
|
|
Distributions declared
per share |
$ |
0.18 |
|
|
|
|
|
Portfolio Activity: |
|
|
|
Purchases of
investments |
$ |
183.9 |
|
Sales and repayments of
investments |
$ |
115.1 |
|
|
|
|
|
Number of new portfolio
companies invested |
|
9 |
|
Number of existing
portfolio companies invested |
|
13 |
|
Number of ending
portfolio companies |
|
66 |
|
|
|
|
|
(1) 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, or 2019 Notes, and the debt issuance costs on
the revolving credit facility with BNP Paribas, or the BNP 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.
CONFERENCE CALL AT 10:00 A.M. ET ON MAY
10, 2019
PennantPark Investment Corporation (“we,” “our,”
“us” or the “Company”) will host a conference call at 10:00 a.m.
(Eastern Time) on Friday, May 10, 2019 to discuss its financial
results. All interested parties are welcome to participate. You can
access the conference call by dialing toll-free (888) 204-4368
approximately 5-10 minutes prior to the call. International callers
should dial (929) 477-0402. All callers should reference
PennantPark Investment Corporation. An archived replay of the call
will be available through May 24, 2019 by calling toll-free (888)
203-1112. International callers please dial (719) 457-0820. For all
phone replays, please reference conference ID #1553883.
PORTFOLIO AND INVESTMENT
ACTIVITY
“We are pleased that we have been making
substantial progress positioning the company to having a more
senior secured portfolio, which should result in even more steady
and stable coverage of our dividend over time,” said Art Penn,
Chairman and CEO. “Additionally, our earnings stream should improve
based on a gradual increase in our debt to equity ratio, while
still maintaining a prudent debt profile.” As of March 31, 2019,
our portfolio totaled $1,244.7 million and consisted of $686.6
million of first lien secured debt, $350.0 million of second lien
secured debt, $49.9 million of subordinated debt and $158.2 million
of preferred and common equity. Our debt portfolio consisted of 89%
variable-rate investments and 11% fixed-rate investments. As of
March 31, 2019, we had one portfolio company on non-accrual,
representing 1.4% of our overall portfolio on both cost and fair
value basis. Overall, the portfolio had net unrealized depreciation
of $152.3 million as of March 31, 2019. Our overall portfolio
consisted of 66 companies with an average investment size of $18.9
million, had a weighted average yield on interest bearing debt
investments of 10.6% and was invested 55% in first lien secured
debt, 28% in second lien secured debt, 4% in subordinated debt and
13% 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 March 31, 2019, we
invested $183.9 million in nine new and 13 existing portfolio
companies with a weighted average yield on debt investments of
9.1%. Sales and repayments of investments for the three months
ended March 31, 2019 totaled $115.1 million. For the six months
ended March 31, 2019, we invested $378.4 million in 15 new and 26
existing portfolio companies with a weighted average yield on debt
investments of 9.3%. Sales and repayments of investments for the
six months ended March 31, 2019 totaled $240.9 million.
For the three months ended March 31, 2018, we
invested $97.0 million in three new and six existing portfolio
companies with a weighted average yield on debt investments of
8.9%. Sales and repayments of investments for the three months
ended March 31, 2018 totaled $246.4 million. For the six months
ended March 31, 2018, we invested $235.4 million in eight new and
13 existing portfolio companies with a weighted average yield on
debt investments of 10.0%. Sales and repayments of investments for
the six months ended March 31, 2018 totaled $438.7 million.
RESULTS OF OPERATIONS
Set forth below are the results of operations
for the three and six months ended March 31, 2019 and 2018.
Investment Income
Investment income for the three and six months
ended March 31, 2019 was $28.7 million and $56.1 million,
respectively, and was attributable to $15.7 million and $29.0
million from first lien secured debt, $11.2 million and $23.5
million from second lien secured debt and $1.8 million and $3.6
million from subordinated debt, respectively. This compares to
investment income for the three and six months ended March 31,
2018, which was $27.2 million and $55.9 million, respectively, and
was attributable to $12.7 million and $25.4 million from first lien
secured debt, $11.3 million and $24.2 million from second lien
secured debt and $3.2 million and $6.3 million from subordinated
debt, preferred and common equity. The increase in investment
income compared to the same periods in the prior year was primarily
due to the growth of our portfolio.
Expenses
Expenses for the three and six months ended
March 31, 2019 totaled $17.9 million and $32.7 million,
respectively. Base management fee for the same periods totaled $4.5
million and $8.9 million, incentive fee totaled less than $0.1
million and $2.7 million, debt related interest and expenses
totaled $11.9 million (including $2.2 million of make-whole premium
on the repayment of the 2019 Notes and $2.7 million in debt
issuance costs on the BNP Credit Facility) and $18.2 million
(including $2.2 million of make-whole premium on the repayment of
the 2019 Notes and $2.7 million in debt issuance costs on the BNP
Credit Facility), general and administrative expenses totaled $1.2
million and $2.3 million and provision for taxes totaled $0.3
million and $0.6 million, respectively. This compares to net
expenses for the three and six months ended March 31, 2018, which
totaled $13.8 million and $28.3 million, respectively. Base
management fee for the same periods totaled $3.9 million and $8.7
million (after a base management fee waiver of $0.9 million),
incentive fee totaled $2.8 million and $5.5 million (after an
incentive fee waiver of $0.5 million), debt related interest and
expenses totaled $5.9 million and $11.8 million and general and
administrative expenses totaled $1.2 million and $2.3 million,
respectively. The increase in expenses compared to the same periods
in the prior year was primarily due to the expenses related the
make-whole premium on the repayment of the 2019 Notes and the debt
issuance costs on the BNP Credit Facility.
Net Investment Income
Net investment income totaled $10.8 million and
$23.3 million, or $0.16 and $0.34 per share, for the three and six
months ended March 31, 2019, respectively. Net investment income
totaled $13.4 million and $27.6 million, or $0.19 and $0.39 per
share, for the three and six months ended March 31, 2018,
respectively. The decrease in net investment income compared to the
same periods in the prior year was primarily due to the expenses
related the make-whole premium on the repayment of the 2019 Notes
and the debt issuance costs on the BNP Credit Facility.
Net Realized Gains or
Losses
Sales and repayments of investments for the
three and six months ended March 31, 2019 totaled $115.1 million
and $240.9 million, respectively, and net realized gains totaled
$1.0 million and $9.5 million, respectively. Sales and repayments
of investments for the three and six months ended March 31, 2018
totaled $246.4 million and $438.7 million, respectively, and net
realized gains totaled $21.8 million and $25.5 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, the Credit Facilities and the 2019
Notes
For the three and six months ended March 31,
2019, we reported net change in unrealized depreciation on
investments of $20.1 million and $40.5 million, respectively. For
the three and six months ended March 31, 2018, we reported net
change in unrealized depreciation on investments of $29.5 million
and $36.3 million, respectively. As of March 31, 2019 and September
30, 2018, our net unrealized depreciation on investments totaled
$152.3 million and $111.8 million, respectively. The net change in
unrealized appreciation/depreciation on our investments compared to
the same periods in 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 and six months ended March 31,
2019, our BNP Credit Facility and the multi-currency, senior
secured revolving credit facility with SunTrust Bank, or the
SunTrust Credit Facility (collectively, the Credit Facilities), and
the 2019 Notes had a net change in unrealized depreciation of $3.7
million and $9.7 million, respectively. For the three and six
months ended March 31, 2018, the SunTrust Credit Facility and the
2019 Notes had a net change in unrealized depreciation of $0.4
million and $1.5 million, respectively. As of March 31, 2019, the
net unrealized depreciation on the Credit Facilities totaled $11.3
million. As of September 30, 2018, the net unrealized depreciation
on the SunTrust Credit Facility and the 2019 Notes totaled $1.6
million. The net change in net 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 $(4.7) million and $2.0 million, or $(0.07) and
$0.03 per share, for the three and six months ended March 31, 2019.
Net change in net assets resulting from operations totaled $6.0
million and $18.3 million, or $0.08 and $0.26 per share, for the
three and six months ended March 31, 2018. The decrease in the net
change in net assets from operations compared to the same periods
in the prior year was primarily due to depreciation of the
portfolio in the current period.
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 six months ended March 31, 2019 and 2018, inclusive of the fee
on the undrawn commitment under the SunTrust Credit Facility, debt
issuance costs on the BNP Credit Facility, prepayment penalties on
the 2019 Notes and amortized upfront fees on Small Business
Administration, or SBA, debentures, was 6.97% and 4.58%,
respectively (excluding debt issuance costs and prepayment
penalties, amounts were 5.90% and 4.58%, respectively).
As of March 31, 2019, PennantPark Investment
Funding I, LLC, or Funding I, had $142.5 million in outstanding
borrowings under the BNP Credit Facility. The BNP Credit Facility
had a weighted average interest rate of 5.10% as of March 31, 2019.
As of March 31, 2019, Funding I had $107.5 million of unused
borrowing capacity under the BNP Credit Facility, subject to the
regulatory restrictions.
As of March 31, 2019 and September 30, 2018, we
had $389.1 million and $80.5 million (including a $2.0 million
temporary draw), respectively, in outstanding borrowings under the
SunTrust Credit Facility. The SunTrust Credit Facility had a
weighted average interest rate of 4.58% and 3.79%, respectively,
exclusive of the fee on undrawn commitments of 0.375%, as of March
31, 2019 and September 30, 2018. As of the same periods, we had
$55.9 million and $364.5 million of unused borrowing capacity under
our SunTrust Credit Facility, respectively, subject to the
regulatory restrictions.
As of March 31, 2019 and September 30, 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 March 31, 2019 and September 30, 2018, we had
$150.0 million and $180.0 million in SBA debentures outstanding,
respectively.
As of March 31, 2019 and September 30, 2018, we
had cash and cash equivalents of $30.3 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 $121.3
million for the six months ended March 31, 2019, and our financing
activities provided cash of $132.0 million for the same period. Our
operating activities used cash primarily for our investment
activities and our financing activities provided cash primarily
from net borrowings under the Credit Facilities.
Our operating activities provided cash of $196.1
million for the six months ended March 31, 2018, and our financing
activities used cash of $64.2 million for the same period. Our
operating activities provided cash from sales and repayments on our
investments and our financing activities used cash primarily to pay
distributions to stockholders and for net repayments under the
SunTrust Credit Facility.
STOCK REPURCHASE PROGRAM
On May 9, 2018, we announced a share repurchase
program which allows us to repurchase up to $30 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 May 9, 2019
and the repurchase of $30 million of common stock. For the three
and six months ended March 31, 2019, we repurchased 1.0 million and
2.0 million shares of common stock in open market transactions for
an aggregate cost (including transaction costs) of $7.0 million and
$14.5 million, respectively. During both the three and six months
ended March 31, 2018, we did not make any repurchases of our common
stock. Over the last four fiscal quarters ended March 31, 2019, we
repurchased 4.0 million shares of common stock in open market
transactions for an aggregate cost (including transaction costs) of
$29.5 million.
DISTRIBUTIONS
During the three and six months ended March 31,
2019, we declared distributions of $0.18 and $0.36 per share, for
total distributions of $12.1 million and $24.3 million,
respectively. For the same periods in the prior year, we declared
distributions of $0.18 and $0.36 per share, for total distributions
of $12.8 million and $25.6 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.
RECENT DEVELOPMENTS
On April 12, 2019, we entered into an amended
and restated investment advisory management agreement with the
Investment Adviser, or the A&R Investment Management Agreement.
Pursuant to the A&R Investment Management Agreement, we reduced
our base management fee on gross assets that exceed 200% of our
total net assets as of the immediately preceding quarter-end from
1.50% to 1.00%. The A&R Investment Management Agreement is
effective as of February 5, 2019, the date our stockholders
approved the application of the modified asset coverage
requirements set forth in Section 61(a)(2) of the Investment
Company Act of 1940, as modified by Consolidated Appropriations Act
of 2018 (which included the Small Business Credit Availability
Act).
AVAILABLE INFORMATION
The Company makes available on its website its
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
SUBSIDIARIESCONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES
|
|
March 31, 2019 |
|
|
September 30, 2018 |
|
|
|
(unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$1,045,728,279 and
$896,720,950, respectively) |
|
$ |
1,040,563,420 |
|
|
$ |
905,271,258 |
|
Non-controlled, affiliated investments (cost—$74,369,962 and
$91,520,908, respectively) |
|
|
35,304,585 |
|
|
|
78,078,331 |
|
Controlled, affiliated investments (cost—$276,861,901 and
$255,574,317, respectively) |
|
|
168,804,208 |
|
|
|
148,735,885 |
|
Total of investments (cost—$1,396,960,142 and $1,243,816,175,
respectively) |
|
|
1,244,672,213 |
|
|
|
1,132,085,474 |
|
Cash and cash equivalents
(cost—$30,313,035 and $19,543,625, respectively) |
|
|
30,307,029 |
|
|
|
19,506,154 |
|
Interest receivable |
|
|
6,937,338 |
|
|
|
7,606,964 |
|
Prepaid expenses and other
assets |
|
|
271,393 |
|
|
|
920,235 |
|
Total assets |
|
|
1,282,187,973 |
|
|
|
1,160,118,827 |
|
Liabilities |
|
|
|
|
|
|
|
|
Distributions payable |
|
|
12,068,119 |
|
|
|
12,429,712 |
|
Payable for investments
purchased |
|
|
4,480,173 |
|
|
|
— |
|
BNP Credit Facility payable
(cost—$142,500,000 and zero, respectively) |
|
|
141,787,500 |
|
|
|
— |
|
SunTrust Credit Facility
payable (cost—$389,136,000 and $80,520,000, respectively) |
|
|
378,569,195 |
|
|
|
77,645,830 |
|
2019 Notes payable (par— zero
and $250,000,000, respectively) |
|
|
— |
|
|
|
251,322,500 |
|
SBA debentures payable, net
(par—$150,000,000 and $180,000,000, respectively) |
|
|
145,894,687 |
|
|
|
175,373,229 |
|
Base management fee payable,
net |
|
|
4,510,829 |
|
|
|
4,086,831 |
|
Performance-based incentive
fee payable, net |
|
|
8,340 |
|
|
|
2,964,265 |
|
Interest payable on debt |
|
|
2,443,285 |
|
|
|
6,576,393 |
|
Accrued other expenses |
|
|
277,054 |
|
|
|
818,172 |
|
Total liabilities |
|
|
690,039,182 |
|
|
|
531,216,932 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Net
assets |
|
|
|
|
|
|
|
|
Common stock, 67,045,105 and
69,053,958 shares issued and outstanding, respectively Par
value $0.001 per share and 100,000,000 shares authorized |
|
|
67,045 |
|
|
|
69,054 |
|
Paid-in capital in excess of
par value |
|
|
789,259,509 |
|
|
|
803,729,220 |
|
Accumulated distributable net
loss |
|
|
(197,177,763 |
) |
|
|
(174,896,379 |
) |
Total net assets |
|
$ |
592,148,791 |
|
|
$ |
628,901,895 |
|
Total liabilities and net assets |
|
$ |
1,282,187,973 |
|
|
$ |
1,160,118,827 |
|
Net asset value per
share |
|
$ |
8.83 |
|
|
$ |
9.11 |
|
PENNANTPARK INVESTMENT CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)
|
|
Three Months Ended March 31, |
|
|
Six Months Ended March 31, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Investment
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled,
non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
22,938,612 |
|
|
$ |
19,734,120 |
|
|
$ |
46,447,193 |
|
|
$ |
41,117,339 |
|
Payment-in-kind |
|
|
2,626,193 |
|
|
|
1,675,075 |
|
|
|
3,872,209 |
|
|
|
2,959,984 |
|
Other income |
|
|
1,016,381 |
|
|
|
2,486,424 |
|
|
|
1,634,452 |
|
|
|
4,073,066 |
|
From non-controlled,
affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
3,798 |
|
|
|
1,376,065 |
|
|
|
108,903 |
|
|
|
2,591,899 |
|
Payment-in-kind |
|
|
— |
|
|
|
234,349 |
|
|
|
108,625 |
|
|
|
1,807,655 |
|
From controlled, affiliated
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
2,048,653 |
|
|
|
970,264 |
|
|
|
3,837,256 |
|
|
|
1,450,694 |
|
Payment-in-kind |
|
|
54,116 |
|
|
|
749,312 |
|
|
|
59,116 |
|
|
|
1,893,397 |
|
Total investment income |
|
|
28,687,753 |
|
|
|
27,225,609 |
|
|
|
56,067,754 |
|
|
|
55,894,034 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee |
|
|
4,510,830 |
|
|
|
3,873,739 |
|
|
|
8,930,092 |
|
|
|
9,608,876 |
|
Performance-based incentive fee |
|
|
8,340 |
|
|
|
2,845,616 |
|
|
|
2,675,610 |
|
|
|
6,030,820 |
|
Interest and expenses on debt |
|
|
7,032,019 |
|
|
|
5,940,893 |
|
|
|
13,310,866 |
|
|
|
11,798,271 |
|
Administrative services expenses |
|
|
532,625 |
|
|
|
521,625 |
|
|
|
1,054,250 |
|
|
|
1,043,250 |
|
Other general and administrative expenses |
|
|
692,177 |
|
|
|
628,290 |
|
|
|
1,310,544 |
|
|
|
1,256,580 |
|
Expenses before Management Fees waiver and provision for
taxes |
|
|
12,775,991 |
|
|
|
13,810,163 |
|
|
|
27,281,362 |
|
|
|
29,737,797 |
|
Debt issuance costs |
|
|
2,696,498 |
|
|
|
— |
|
|
|
2,696,498 |
|
|
|
— |
|
Make-whole premium |
|
|
2,162,526 |
|
|
|
— |
|
|
|
2,162,526 |
|
|
|
— |
|
Management Fees waiver |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,427,253 |
) |
Provision for taxes |
|
|
300,000 |
|
|
|
— |
|
|
|
600,000 |
|
|
|
— |
|
Net expenses |
|
|
17,935,015 |
|
|
|
13,810,163 |
|
|
|
32,740,386 |
|
|
|
28,310,544 |
|
Net investment income |
|
|
10,752,738 |
|
|
|
13,415,446 |
|
|
|
23,327,368 |
|
|
|
27,583,490 |
|
Realized and
unrealized loss on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain on
investments on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
972,448 |
|
|
|
12,876,286 |
|
|
|
4,710,367 |
|
|
|
14,669,329 |
|
Non-controlled and controlled, affiliated investments |
|
|
— |
|
|
|
8,877,164 |
|
|
|
4,792,067 |
|
|
|
10,857,604 |
|
Net realized gain on investments |
|
|
972,448 |
|
|
|
21,753,450 |
|
|
|
9,502,434 |
|
|
|
25,526,933 |
|
Net change in unrealized
depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(6,753,803 |
) |
|
|
(4,219,398 |
) |
|
|
(13,683,685 |
) |
|
|
(2,481,333 |
) |
Non-controlled and controlled, affiliated investments |
|
|
(13,379,363 |
) |
|
|
(25,313,724 |
) |
|
|
(26,842,060 |
) |
|
|
(33,824,685 |
) |
Debt depreciation |
|
|
3,661,483 |
|
|
|
399,236 |
|
|
|
9,727,635 |
|
|
|
1,526,002 |
|
Net change in unrealized depreciation on investments and
debt |
|
|
(16,471,683 |
) |
|
|
(29,133,886 |
) |
|
|
(30,798,110 |
) |
|
|
(34,780,016 |
) |
Net realized and
unrealized loss from investments and debt |
|
|
(15,499,235 |
) |
|
|
(7,380,436 |
) |
|
|
(21,295,676 |
) |
|
|
(9,253,083 |
) |
Net (decrease)
increase in net assets resulting from operations |
|
$ |
(4,746,497 |
) |
|
$ |
6,035,010 |
|
|
$ |
2,031,692 |
|
|
$ |
18,330,407 |
|
Net (decrease) increase in net
assets resulting from operations per common share |
|
$ |
(0.07 |
) |
|
$ |
0.08 |
|
|
$ |
0.03 |
|
|
$ |
0.26 |
|
Net investment income per
common share |
|
$ |
0.16 |
|
|
$ |
0.19 |
|
|
$ |
0.34 |
|
|
$ |
0.39 |
|
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.
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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