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PennantPark Investment Corporation Announces Financial Results for the Quarter Ended December 31, 2024
PNNTPennantPark Investment (PNNT) GlobeNewswire·2025-02-10 21:05

Core Viewpoint - PennantPark Investment Corporation reported its financial results for the first quarter ended December 31, 2024, highlighting a stable net asset value and strong investment performance despite a slight decrease in net investment income compared to the previous year [1][2][6]. Financial Highlights - The investment portfolio totaled 1,298.1million,withnetassetsof1,298.1 million, with net assets of 494.3 million and a GAAP net asset value per share of 7.57,reflectingaquarterlyincreaseof0.17.57, reflecting a quarterly increase of 0.1% [2][31]. - Net investment income for the quarter was 13.0 million, or 0.20pershare,downfrom0.20 per share, down from 15.7 million, or 0.24pershare,inthesamequarterofthepreviousyear[16][32].−Totalinvestmentincomewas0.24 per share, in the same quarter of the previous year [16][32]. - Total investment income was 34.2 million, slightly lower than 34.3millionintheprioryear,primarilyduetochangesintheportfolioandinvestmentyields[14][32].PortfolioActivity−Thecompanymadepurchasesofinvestmentstotaling34.3 million in the prior year, primarily due to changes in the portfolio and investment yields [14][32]. Portfolio Activity - The company made purchases of investments totaling 295.7 million and sales and repayments of investments amounting to 353.7millionduringthequarter[8][11].−Theportfolioconsistedof158companieswithanaverageinvestmentsizeof353.7 million during the quarter [8][11]. - The portfolio consisted of 158 companies with an average investment size of 7.4 million, and the weighted average yield on interest-bearing debt investments was 12.0% [6][10]. Investment Income and Expenses - Investment income was derived from various sources, including 25.2millionfromfirstliensecureddebtand25.2 million from first lien secured debt and 5.9 million from other investments [14][32]. - Total expenses for the quarter were 21.2million,anincreasefrom21.2 million, an increase from 18.7 million in the previous year, mainly due to higher debt-related interest and expenses [15][32]. Net Realized and Unrealized Gains - The company reported net realized losses of (2.6)millionforthequarter,comparedtoagainof(2.6) million for the quarter, compared to a gain of 1.8 million in the same period last year [17][32]. - There was a net change in unrealized appreciation of 2.4million,leadingtototalnetunrealizedappreciationof2.4 million, leading to total net unrealized appreciation of 13.6 million as of December 31, 2024 [18][32]. Liquidity and Capital Resources - As of December 31, 2024, the company had 464.5millioninoutstandingborrowingsundertheTruistCreditFacility,withaweightedaverageinterestrateof6.8464.5 million in outstanding borrowings under the Truist Credit Facility, with a weighted average interest rate of 6.8% [23][24]. - Cash and cash equivalents available for investing and corporate purposes were 55.9 million [24][32]. Distributions - The company declared distributions of 0.24pershareforatotalof0.24 per share for a total of 15.7 million during the quarter, an increase from 0.21persharetotaling0.21 per share totaling 13.7 million in the previous year [27][32]. Recent Developments - The Truist Credit Facility was upsized to 500.0millionfrom500.0 million from 475 million in February 2025, enhancing the company's liquidity position [28].