PennantPark Investment Corporation (NASDAQ: PNNT) announced today
financial results for the second fiscal quarter ended March 31,
2021.
|
|
HIGHLIGHTS |
Quarter ended March 31, 2021 |
($ in millions, except per share amounts) |
Assets and
Liabilities: |
|
|
Investment portfolio (1) |
$ |
1,175.2 |
|
PSLF investment portfolio |
$ |
381.7 |
|
Net assets |
$ |
619.2 |
|
GAAP net asset value per share |
$ |
9.24 |
|
Quarterly increase in GAAP net asset value per share |
|
5.2% |
|
Adjusted net asset value per share (2) |
$ |
9.20 |
|
Quarterly increase in adjusted net asset value per share (2) |
|
5.9% |
|
|
|
|
Credit Facility |
$ |
372.9 |
|
2024 Notes |
$ |
84.2 |
|
SBA Debentures |
$ |
106.1 |
|
Regulatory Debt to Equity |
|
0.75x |
|
Regulatory Net Debt to Equity (3) |
|
0.69x |
|
GAAP Net Debt to Equity (4) |
|
0.85x |
|
|
|
|
Yield on debt investments at quarter-end |
|
9.3% |
|
|
|
|
Operating
Results: |
|
|
|
Net investment income |
$ |
8.8 |
|
Net investment income per share |
$ |
0.13 |
|
Distributions declared per share |
$ |
0.12 |
|
|
|
|
|
Portfolio
Activity: |
|
|
|
Purchases of investments |
$ |
74.8 |
|
Sales and repayments of investments |
$ |
65.0 |
|
|
|
|
|
Number of new portfolio companies invested |
|
3 |
|
Number of existing portfolio companies invested |
|
8 |
|
Number of ending portfolio companies |
|
83 |
|
______________(1) Includes investments in
PennantPark Senior Loan Fund, LLC, or PSLF, an unconsolidated joint
venture, totaling $104.4 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 $2.6 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 $33.9 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 $2.6 million unrealized loss on the Credit Facility, Small
Business Act, or SBA, Debentures and net of $33.9 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 MAY
6, 2021
PennantPark Investment Corporation (“we,” “our,”
“us” or the “Company”) will host a conference call at 12:00 p.m.
(Eastern Time) on Thursday, May 6, 2021 to discuss its financial
results. All interested parties are welcome to participate. You can
access the conference call by dialing toll-free (800) 263-0877
approximately 5-10 minutes prior to the call. International callers
should dial (646) 828-8143. All callers should reference conference
ID #3330373 PennantPark Investment Corporation. An archived replay
of the call will be available through May 20, 2021 by calling
toll-free (888) 203-1112. International callers please dial (719)
457-0820. For all phone replays, please reference conference ID
#3330373.
PORTFOLIO AND INVESTMENT
ACTIVITY
“We are pleased with the substantial increase in
net asset value this past quarter due to material appreciation in
the value of several equity investments,” said Arthur Penn,
Chairman and CEO. “We believe that we can generate increased income
over time by rotating those equity positions into yield generating
debt instruments. We are starting to see some progress on the exit
of those equity investments. Additionally, we have the ability to
grow the PNNT balance sheet and our PSLF JV which should also
generate additional income for the Company.”
As of March 31, 2021, our portfolio totaled
$1,175.2 million, which consisted of $443.5 million of first lien
secured debt, $194.6 million of second lien secured debt, $118.2
million of subordinated debt (including $64.2 million in PSLF) and
$419.0 million of preferred and common equity (including $40.2
million in PSLF). Our debt portfolio consisted of 92% variable-rate
investments. As of March 31, 2021, we did not have any portfolio
companies on non-accrual. Overall, the portfolio had net unrealized
appreciation of $42.9 million as of March 31, 2021. Our overall
portfolio consisted of 83 companies with an average investment size
of $14.2 million, had a weighted average yield on interest bearing
debt investments of 9.3% and was invested 38% in first lien secured
debt, 16% in second lien secured debt, 10% in subordinated debt
(including 5% in PSLF) and 36% in preferred and common equity
(including 3% in PSLF). As of March 31, 2021, all of the
investments held by PSLF were first lien secured debt.
As of September 30, 2020, our portfolio totaled
$1,081.8 million, which consisted of $439.0 million of first lien
secured debt, $220.8 million of second lien secured debt, $113.6
million of subordinated debt (including $63.0 million in PSLF) and
$308.3 million of preferred and common equity (including $36.3
million in PSLF). Our debt portfolio consisted of 93% variable-rate
investments. As of September 30, 2020, we had two portfolio
companies on non-accrual, representing 4.9% and 3.4% of our overall
portfolio on a cost and fair value basis, respectively. Overall,
the portfolio had net unrealized depreciation of $83.8 million as
of September 30, 2020. Our overall portfolio consisted of 80
companies with an average investment size of $13.5 million, had a
weighted average yield on interest bearing debt investments of 8.9%
and was invested 41% in first lien secured debt, 20% in second lien
secured debt, 10% in subordinated debt (including 6% in PSLF) and
29% in preferred and common equity (including 3% in PSLF). As of
September 30, 2020, all of the investments held by PSLF were first
lien secured debt.
For the three months ended March 31, 2021, we
invested $74.8 million in three new and eight existing portfolio
companies with a weighted average yield on debt investments of
7.9%. Sales and repayments of investments for the three months
ended March 31, 2021 totaled $65.0 million. For the six months
ended March 31, 2021, we invested $143.0 million in seven new and
23 existing portfolio companies with a weighted average yield on
debt investments of 8.8%. Sales and repayments of investments for
the six months ended March 31, 2021 totaled $167.6 million.
For the three months ended March 31, 2020, we
invested $106.8 million in eight new and 24 existing portfolio
companies with a weighted average yield on debt investments of
8.2%. Sales and repayments of investments for the three months
ended March 31, 2020 totaled $16.4 million. For the six months
ended March 31, 2020, we invested $280.5 million in 21 new and 39
existing portfolio companies with a weighted average yield on debt
investments of 8.6%. Sales and repayments of investments for the
six months ended March 31, 2020 totaled $47.5 million.
PennantPark Senior Loan Fund,
LLC
As of March 31, 2021, PSLF’s portfolio totaled
$381.7 million, consisted of 40 companies with an average
investment size of $9.5 million and had a weighted average yield on
debt investments of 7.3%.
As of September 30, 2020, PSLF’s portfolio
totaled $353.4 million, consisted of 37 companies with an average
investment size of $9.6 million and had a weighted average yield on
debt investments of 7.3%.
For the three months ended March 31, 2021, PSLF
invested $32.5 million (of which $15.5 million was purchased from
the Company) in four new and two existing portfolio companies with
a weighted average yield on debt investments of 8.0%. PSLF’s sales
and repayments of investments for the same period totaled $4.9
million. For the six months ended March 31, 2021, PSLF invested
$63.3 million (of which $37.8 million was purchased from the
Company) in six new and six existing portfolio companies with a
weighted average yield on debt investments of 7.5%. PSLF’s sales
and repayments of investments for the same period totaled $40.7
million.
RESULTS OF OPERATIONS
Set forth below are the results of operations
for the three and six months ended March 31, 2021 and 2020.
Investment Income
Investment income for the three and six months
ended March 31, 2021 was $19.2 million and $38.0 million,
respectively, and was attributable to $10.9 million and $22.1
million from first lien secured debt, $5.8 million and $10.6
million from second lien secured debt, $1.7 million and $3.4
million from subordinated debt and $0.9 million and $1.9 million
from preferred and common equity, respectively. This compares to
investment income for the three and six months ended March 31, 2020
of $27.5 million and $53.5 million, respectively, and was
attributable to $17.5 million and $33.5 million from first lien
secured debt, $7.7 million and $15.4 million from second lien
secured debt and $2.3 million and $4.6 million from subordinated
debt, respectively. The decrease in investment income compared to
the same periods in the prior year was primarily due to decreases
in the size of our debt portfolio and the London Interbank Offered
Rate.
Expenses
Expenses for the three and six months ended
March 31, 2021 totaled $10.5 million and $20.9 million,
respectively. Base management fee for the same periods totaled $4.3
million and $8.4 million, debt related interest and expenses
totaled $4.9 million and $9.9 million, general and administrative
expenses totaled $1.1 million and $2.3 million and provision for
taxes totaled $0.2 million and $0.3 million, respectively. This
compares to net expenses for the three and six months ended March
31, 2020, which totaled $17.2 million and $33.0 million,
respectively. Base management fee for the same periods totaled $4.9
million and $9.6 million, incentive fee totaled $1.9 million and
$2.7 million, debt related interest and expenses totaled $9.0
million and $17.8 million, 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. The decrease
in expenses for the three and six months ended March 31, 2021
compared to the same period in the prior year was primarily due to
lower leverage costs and lower management fees and incentive
fees.
Net Investment Income
Net investment income totaled $8.8 million and
$17.1 million, or $0.13 and $0.25 per share, for the three and six
months ended March 31, 2021, respectively. Net investment income
totaled $10.3 million and $20.5 million, or $0.15 and $0.31 per
share, for the three and six months ended March 31, 2020,
respectively. The decrease in net investment income compared to the
same periods in the prior year was primarily due to lower
investment income.
Net Realized Gains or
Losses
Sales and repayments of investments for the
three and six months ended March 31, 2021 totaled $65.0 million and
$167.6 million, respectively, and net realized gains (losses)
totaled $0.3 million and ($17.3) million, respectively. Sales and
repayments of investments for the three and six months ended March
31, 2020 totaled $16.4 million and $47.5 million, respectively, and
net realized gains (losses) totaled $1.4 million and ($10.6)
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 and the Credit Facilities
For the three and six months ended March 31,
2021, we reported net change in unrealized appreciation on
investments of $33.2 million and $126.7 million, respectively. For
the three and six months ended March 31, 2020, we reported net
change in unrealized depreciation on investments of $121.0 million
and $97.3 million, respectively. As of March 31, 2021 and September
30, 2020, our net unrealized appreciation (depreciation) on
investments totaled $42.9 million and ($83.8) million,
respectively. The net change in unrealized
appreciation/depreciation on our investments compared to the same
period in the prior year was primarily due to unrealized gains in
our equity co-investment program, including ITC Rumba, LLC (Cano
Health, LLC).
For the three and six months ended March 31,
2021, the Truist Credit Facility had a net change in unrealized
appreciation of $3.8 million and $16.9 million, respectively. For
the three and six months ended March 31, 2020, our Credit
Facilities had a net change in unrealized depreciation of $48.9
million and $46.4 million, respectively, respectively. As of March
31, 2021 and September 30, 2020, the net unrealized depreciation on
the Credit Facilities totaled $2.7 million and $19.6 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 $38.5 million and $109.6 million, or $0.57 and
$1.64 per share, for the three and six months ended March 31, 2021,
respectively. Net change in net assets resulting from operations
totaled ($60.3) million and ($41.1) million, or ($0.90) and ($0.61)
per share, for the three and six months ended March 31, 2020. The
increase in the net change in net assets from operations for the
three and six months ended March 31, 2021 compared to the same
periods in the prior year was primarily due to unrealized gains in
our equity co-investment program, including ITC Rumba, LLC (Cano
Health, LLC).
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. For
more information on how the COVID-19 pandemic may impact our
ability to comply with the covenants of the Credit Facility, see
our Quarterly Report on Form 10-Q for the quarter ended March 31,
2021, including “Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations – COVID-19
Developments”.
The annualized weighted average cost of debt for
the six months ended March 31, 2021 and 2020, inclusive of the fee
on the undrawn commitment under the Credit Facilities and amortized
upfront fees on SBA debentures, was 3.5% and 5.1%, respectively. As
of March 31, 2021 and September 30, 2020, we had $99.5 million and
$86.7 million of unused borrowing capacity under the Truist Credit
Facility, respectively, subject to leverage and borrowing base
restrictions.
As of March 31, 2021 and September 30, 2020, we
had $375.5 million and $388.3 million, respectively, in outstanding
borrowings under the Truist Credit Facility. The Truist Credit
Facility had a weighted average interest rate of 2.5% and 2.5%,
exclusive of the fee on undrawn commitments, as of March 31, 2021
and September 30, 2020, respectively.
As of March 31, 2021 and September 30, 2020, we
had cash and cash equivalents of $33.9 million and $25.8 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 provided cash of $46.8
million for the six months ended March 31, 2021, and our financing
activities used cash of $38.8 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.
Our operating activities used cash of $218.6
million for the six months ended March 31, 2020 and our financing
activities provided cash of $184.3 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.
RECENT DEVELOPMENTS
On April 14, 2021, we entered into an
underwriting agreement, or the Underwriting Agreement, by and among
the Company, PennantPark Investment Advisers, LLC, PennantPark
Investment Administration, LLC and Raymond James & Associates,
Inc., Keefe, Bruyette & Woods, Inc. and Truist Securities,
Inc., as representatives of the several underwriters named on
Schedule A to the Underwriting Agreement, in connection with the
issuance and sale of $150.0 million aggregate principal amount of
the Company’s 4.5% Notes due 2026, or the 2026 Notes. On April 21,
2021, we closed the transaction and issued $150.0 million in
aggregate principal amount of our 2026 Notes at a public offering
price per note of 99.4%. Interest on the 2026 Notes is paid
semi-annually on May 1 and November 1 of each year, at a rate of
4.5% per year, commencing November 1, 2021. The 2026 Notes mature
on May 1, 2026 and may be redeemed in whole or in part at our
option subject to a make-whole premium if redeemed more than three
months prior to maturity. The 2026 Notes are general, unsecured
obligations and rank equal in right of payment with all of our
existing and future senior unsecured indebtedness. The 2026 Notes
are effectively subordinated to all of our existing and future
secured indebtedness to the extent of the value of the assets
securing such indebtedness and structurally subordinated to all
existing and future indebtedness and other obligations of any of
our subsidiaries, financing vehicles, or similar facilities. We do
not intend to list the 2026 Notes on any securities exchange or
automated dealer quotation system.
DISTRIBUTIONS
During the three and six months ended March 31,
2021, we declared distributions of $0.12 and $0.24 per share, for
total distributions of $8.0 million and $16.1 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 $12.1 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 Securities and Exchange Commission, or 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 |
|
|
|
|
|
|
|
|
|
March 31, 2021 |
|
|
September 30, 2020 |
|
|
|
(unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$646,758,885 and
$713,683,209, respectively) |
|
$ |
773,788,326 |
|
|
$ |
735,674,666 |
|
Non-controlled, affiliated investments (cost—$104,463,115 and
$77,628,920, respectively) |
|
|
71,404,648 |
|
|
|
27,753,893 |
|
Controlled, affiliated investments (cost—$381,150,760 and
$374,260,162, respectively) |
|
|
330,044,569 |
|
|
|
318,342,859 |
|
Total of investments (cost—$1,132,372,760 and $1,165,572,291,
respectively) |
|
|
1,175,237,543 |
|
|
|
1,081,771,418 |
|
Cash and cash equivalents
(cost—$33,833,269 and $25,801,087, respectively) |
|
|
33,855,496 |
|
|
|
25,806,002 |
|
Interest receivable |
|
|
4,916,119 |
|
|
|
5,005,715 |
|
Distribution receivable |
|
|
1,452,000 |
|
|
|
1,393,716 |
|
Prepaid expenses and other
assets |
|
|
376,932 |
|
|
|
376,030 |
|
Total assets |
|
|
1,215,838,090 |
|
|
|
1,114,352,881 |
|
Liabilities |
|
|
|
|
|
|
|
|
Distributions payable |
|
|
8,045,413 |
|
|
|
8,045,413 |
|
Payable for investments
purchased |
|
|
18,581,995 |
|
|
|
5,461,508 |
|
Truist Credit Facility payable,
at fair value (cost—$375,544,900 and $388,252,000,
respectively) |
|
|
372,867,465 |
|
|
|
368,701,972 |
|
2024 Notes payable, net
(par—$86,250,000) |
|
|
84,170,310 |
|
|
|
83,837,560 |
|
SBA debentures payable, net
(par—$108,500,000 and $118,500,000, respectively) |
|
|
106,128,698 |
|
|
|
115,772,677 |
|
Base management fee payable,
net |
|
|
4,282,129 |
|
|
|
4,369,637 |
|
Interest payable on debt |
|
|
2,007,332 |
|
|
|
2,022,614 |
|
Accrued other expenses |
|
|
507,853 |
|
|
|
432,648 |
|
Total liabilities |
|
|
596,591,195 |
|
|
|
588,644,029 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Net
assets |
|
|
|
|
|
|
|
|
Common stock, 67,045,105
shares issued and outstanding Par value $0.001 per
share and 100,000,000 shares authorized |
|
|
67,045 |
|
|
|
67,045 |
|
Paid-in capital in excess of
par value |
|
|
787,625,031 |
|
|
|
787,625,031 |
|
Accumulated distributable net
loss |
|
|
(168,445,181 |
) |
|
|
(261,983,224 |
) |
Total net assets |
|
$ |
619,246,895 |
|
|
$ |
525,708,852 |
|
Total liabilities and net assets |
|
$ |
1,215,838,090 |
|
|
$ |
1,114,352,881 |
|
Net asset value per
share |
|
$ |
9.24 |
|
|
$ |
7.84 |
|
|
|
|
|
|
|
|
|
|
|
PENNANTPARK INVESTMENT CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
Six Months Ended March 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled,
non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
11,668,772 |
|
|
$ |
22,748,529 |
|
|
$ |
23,101,282 |
|
|
$ |
43,133,443 |
|
Payment-in-kind |
|
|
2,011,940 |
|
|
|
1,978,894 |
|
|
|
3,470,739 |
|
|
|
3,863,400 |
|
Other income |
|
|
23,942 |
|
|
|
751,284 |
|
|
|
505,067 |
|
|
|
941,202 |
|
From non-controlled,
affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment-in-kind |
|
|
380,271 |
|
|
|
— |
|
|
|
456,998 |
|
|
|
— |
|
From controlled, affiliated
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
2,177,259 |
|
|
|
559,934 |
|
|
|
4,454,035 |
|
|
|
1,204,624 |
|
Payment-in-kind |
|
|
1,518,971 |
|
|
|
1,496,251 |
|
|
|
3,004,494 |
|
|
|
4,395,988 |
|
Dividend income |
|
|
1,452,000 |
|
|
|
— |
|
|
|
2,973,000 |
|
|
|
— |
|
Total investment income |
|
|
19,233,155 |
|
|
|
27,534,892 |
|
|
|
37,965,615 |
|
|
|
53,538,657 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee |
|
|
4,282,129 |
|
|
|
4,880,699 |
|
|
|
8,396,558 |
|
|
|
9,623,129 |
|
Performance-based incentive fee |
|
|
— |
|
|
|
1,913,047 |
|
|
|
— |
|
|
|
2,657,673 |
|
Interest and expenses on debt |
|
|
4,889,854 |
|
|
|
8,962,513 |
|
|
|
9,893,985 |
|
|
|
17,828,583 |
|
Administrative services expenses |
|
|
505,020 |
|
|
|
521,520 |
|
|
|
1,010,040 |
|
|
|
1,043,040 |
|
Other general and administrative expenses |
|
|
643,480 |
|
|
|
648,881 |
|
|
|
1,286,963 |
|
|
|
1,292,841 |
|
Expenses before performance-based incentive fee waiver and
provision for taxes |
|
|
10,320,483 |
|
|
|
16,926,660 |
|
|
|
20,587,546 |
|
|
|
32,445,266 |
|
Performance-based incentive fee waiver |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Provision for taxes |
|
|
150,000 |
|
|
|
300,000 |
|
|
|
300,000 |
|
|
|
600,000 |
|
Net expenses |
|
|
10,470,483 |
|
|
|
17,226,660 |
|
|
|
20,887,546 |
|
|
|
33,045,266 |
|
Net investment income |
|
|
8,762,672 |
|
|
|
10,308,232 |
|
|
|
17,078,069 |
|
|
|
20,493,391 |
|
Realized and
unrealized gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on
investments on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
319,431 |
|
|
|
1,424,778 |
|
|
|
2,450,389 |
|
|
|
(10,609,375 |
) |
Non-controlled and controlled, affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
(19,708,359 |
) |
|
|
— |
|
Net realized gain (loss) on investments |
|
|
319,431 |
|
|
|
1,424,778 |
|
|
|
(17,257,970 |
) |
|
|
(10,609,375 |
) |
Net change in unrealized
appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
11,206,850 |
|
|
|
(40,710,987 |
) |
|
|
87,612,267 |
|
|
|
(23,658,391 |
) |
Non-controlled and controlled, affiliated investments |
|
|
21,969,487 |
|
|
|
(80,260,831 |
) |
|
|
39,069,096 |
|
|
|
(73,690,603 |
) |
Debt (appreciation) depreciation |
|
|
(3,763,322 |
) |
|
|
48,946,105 |
|
|
|
(16,872,593 |
) |
|
|
46,374,785 |
|
Net change in unrealized appreciation (depreciation) on
investments and debt |
|
|
29,413,015 |
|
|
|
(72,025,713 |
) |
|
|
109,808,770 |
|
|
|
(50,974,209 |
) |
Net realized and
unrealized gain (loss) from investments and debt |
|
|
29,732,446 |
|
|
|
(70,600,935 |
) |
|
|
92,550,800 |
|
|
|
(61,583,584 |
) |
Net increase
(decrease) in net assets resulting from operations |
|
|
38,495,118 |
|
|
$ |
(60,292,703 |
) |
|
$ |
109,628,869 |
|
|
$ |
(41,090,193 |
) |
Net increase (decrease) in net
assets resulting from operations per common share |
|
$ |
0.57 |
|
|
$ |
(0.90 |
) |
|
$ |
1.64 |
|
|
$ |
(0.61 |
) |
Net investment income per
common share |
|
$ |
0.13 |
|
|
$ |
0.15 |
|
|
$ |
0.25 |
|
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 $4.7 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 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 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: |
Aviv EfratPennantPark Investment Corporation(212)
905-1000www.pennantpark.com |
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