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PennantPark Investment Corporation Announces Financial Results for the Quarter Ended March 31, 2025
PNNTPennantPark Investment (PNNT) GlobeNewswire·2025-05-12 20:05

Core Viewpoint - PennantPark Investment Corporation reported its financial results for the second quarter ended March 31, 2025, highlighting a decrease in net investment income and net asset value per share, alongside significant portfolio activity and investment performance metrics [1][2][4]. Financial Highlights - Investment portfolio totaled 1,213.6millionwithnetassetsof1,213.6 million with net assets of 488.1 million as of March 31, 2025 [2]. - GAAP net asset value per share was 7.48,reflectingaquarterlychangeof−1.27.48, reflecting a quarterly change of -1.2% [2]. - Net investment income for the quarter was 11.4 million, or 0.18pershare,downfrom0.18 per share, down from 14.3 million or 0.22pershareinthesamequarterofthepreviousyear[15].−Totalinvestmentincomeforthequarterwas0.22 per share in the same quarter of the previous year [15]. - Total investment income for the quarter was 30.7 million, compared to 36.0millionintheprioryear[13].PortfolioActivity−Thecompanymadepurchasesofinvestmentstotaling36.0 million in the prior year [13]. Portfolio Activity - The company made purchases of investments totaling 176.8 million and sales and repayments of investments amounting to 263.1millionduringthequarter[2][6].−Theportfolioconsistedof158companieswithanaverageinvestmentsizeof263.1 million during the quarter [2][6]. - The portfolio consisted of 158 companies with an average investment size of 6.9 million, and a weighted average yield on debt investments of 12.0% [4]. - As of March 31, 2025, the portfolio included 41% first lien secured debt and 29% preferred and common equity [4]. Investment Income and Expenses - Investment income for the three months ended March 31, 2025, was primarily derived from first lien secured debt, totaling 22.1million[13].−Totalexpensesforthequarterwere22.1 million [13]. - Total expenses for the quarter were 19.2 million, a decrease from 21.7millioninthesamequarterofthepreviousyear[14].−Thedecreaseinexpenseswasattributedtolowerinterestanddebt−relatedexpenses[14].RealizedandUnrealizedGains−Netrealizedlossesforthequarterwere21.7 million in the same quarter of the previous year [14]. - The decrease in expenses was attributed to lower interest and debt-related expenses [14]. Realized and Unrealized Gains - Net realized losses for the quarter were (27.7) million, compared to (31.0)millioninthesamequarterofthepreviousyear[17].−Thenetchangeinunrealizedappreciationoninvestmentswas(31.0) million in the same quarter of the previous year [17]. - The net change in unrealized appreciation on investments was 27.1 million for the quarter [18]. Liquidity and Capital Resources - As of March 31, 2025, the company had 314.5millioninoutstandingborrowingsundertheTruistCreditFacility,withaweightedaverageinterestrateof6.7314.5 million in outstanding borrowings under the Truist Credit Facility, with a weighted average interest rate of 6.7% [22]. - Cash and cash equivalents available for investing and corporate purposes were 32.6 million [23]. Distributions - The company declared distributions of 0.24pershareforthequarter,totaling0.24 per share for the quarter, totaling 15.7 million, compared to $0.21 per share in the same quarter of the previous year [27].