PennantPark Investment Corporation (NYSE: PNNT) announced today
financial results for the fourth quarter and fiscal year ended
September 30, 2022.
HIGHLIGHTS Quarter ended September 30, 2022 ($ in
millions, except per share amounts) |
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Assets and Liabilities: |
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|
|
Investment portfolio (1) |
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|
|
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$ |
1,226.0 |
|
Net assets |
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|
|
$ |
585.6 |
|
GAAP net asset value per share |
|
|
|
|
$ |
8.98 |
|
Quarterly decrease in GAAP net asset value per share |
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|
|
(6.9 |
)% |
Adjusted net asset value per share (2) |
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$ |
8.98 |
|
Quarterly decrease in adjusted net asset value per share (2) |
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(6.2 |
)% |
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Credit Facility |
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$ |
376.7 |
|
2026 Notes |
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|
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$ |
146.8 |
|
2026-2 Notes |
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|
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$ |
161.4 |
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SBA Debentures |
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|
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$ |
19.7 |
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Regulatory Debt to Equity |
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|
|
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1.18x |
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GAAP Net Debt to Equity (3) |
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|
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1.11x |
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Weighted average yield on debt investments at quarter-end |
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10.8 |
% |
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Quarter Ended |
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Year Ended |
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September 30, 2022 |
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September 30, 2022 |
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Operating Results: |
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Net investment income |
|
$ |
9.2 |
|
|
$ |
43.9 |
|
Net investment income per share (GAAP) |
|
$ |
0.14 |
|
|
$ |
0.66 |
|
Credit facility amendment costs per share |
|
$ |
0.04 |
|
|
$ |
0.04 |
|
Core net investment income per share (4) |
|
$ |
0.18 |
|
|
$ |
0.70 |
|
Distributions declared per share |
|
$ |
0.15 |
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$ |
0.56 |
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Portfolio Activity: |
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Purchases of investments |
|
$ |
134.4 |
|
|
$ |
933.8 |
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Sales and repayments of investments |
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$ |
175.6 |
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$ |
911.6 |
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PSLF Portfolio data: |
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PSLF investment portfolio |
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|
|
|
$ |
730.1 |
|
Purchases of investments |
|
$ |
152.6 |
|
|
$ |
431.2 |
|
Sales and repayments of investments |
|
$ |
27.5 |
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$ |
100.5 |
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- Includes investments in PennantPark
Senior Loan Fund, LLC, or PSLF, an unconsolidated joint venture,
totaling $139.1 million, at fair value.
- 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 zero
unrealized loss on our multi-currency, senior secured revolving
credit facility with Truist Bank, as amended, the “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.
- 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 the Small
Business Act, “SBA”, Debentures and net of $52.7 million of cash
and 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.
- 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 a one-time expense of $5.1 million associated with
extension of our multi-currency senior secured revolving credit
facility with Truist Bank and other lenders on July 29, 2022 and
the associated incentive fee reduction of $2.5 million. 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. EST ON
NOVEMBER 17, 2022
PennantPark Investment Corporation (“we,” “our,”
“us” or the “Company”) will also host a conference call at 12:00
p.m. (Eastern Time) on Thursday, November 17, 2022 to discuss its
financial results. All interested parties are welcome to
participate. You can access the conference call by dialing
toll-free (888) 254-3590 approximately 5-10 minutes prior to the
call. International callers should dial (646) 828-8193. All callers
should reference conference ID #1722510 or PennantPark Investment
Corporation. An archived replay will also be available through
December 1, 2022 on a webcast link located on the Home page of the
Investor section of PennantPark’s website.
INCREASE OF QUARTERLY DISTRIBUTION TO
$0.165 PER SHARE
The Company declares a distribution of $0.165
per share, an increase of 10.0% from the most recent distribution.
The distribution is payable on January 3, 2023 to stockholders of
record as of December 19, 2022. The distribution is expected to be
paid from taxable net investment income. The final specific tax
characteristics of the distribution will be reported to
stockholders on Form 1099 after the end of the calendar year and in
the Company’s periodic report filed with the Securities and
Exchange Commission.
PORTFOLIO AND INVESTMENT
ACTIVITY
“We are pleased with the underlying credit
performance of our debt portfolio and PNNT is well positioned as a
leading provider of capital to the core middle market,” said Arthur
Penn, Chairman and CEO. “Additionally, PNNT continues to target
executing on its strategy to grow Net Investment Income through
growing assets on balance sheet, growing the PSLF joint venture and
rotating equity investments into yielding instruments. We are
looking forward to investing in the late 2022 and 2023 vintage of
new loans that should benefit from more conservative structures at
higher yields.”
As of September 30, 2022, our portfolio totaled
$1,226.3 million and consisted of $631.0 million of first lien
secured debt, $129.9 million of second lien secured debt, $141.3
million of subordinated debt (including $88.0 million in PSLF) and
$324.1 million of preferred and common equity (including $51.1
million in PSLF). Our interest bearing debt portfolio consisted of
96% variable-rate investments and 4% fixed-rate investments. As of
September 30, 2022, we had one portfolio company on non-accrual,
representing 1% and zero percent of our overall portfolio on a cost
and fair value basis, respectively. Overall, the portfolio had net
unrealized depreciation of $71.0 million as of September 30, 2022.
Our overall portfolio consisted of 123 companies with an average
investment size of $10.1 million, had a weighted average yield on
interest bearing debt investments of 10.8%.
As of September 30, 2021, our portfolio totaled
$1,255.3 million and consisted of $552.5 million of first lien
secured debt, $176.9 million of second lien secured debt, $121.2
million of subordinated debt (including $64.2 million in PSLF) and
$404.7 million of preferred and common equity (including $41.2
million in PSLF). Our debt portfolio consisted of 92% variable-rate
investments and 8% fixed-rate investments. As of September 30,
2021, we had no portfolio companies on non-accrual and the
portfolio had net unrealized appreciation of $34.2 million. Our
overall portfolio consisted of 97 companies with an average
investment size of $12.9 million, had a weighted average yield on
interest bearing debt investments of 9.0%.
For the three months ended September 30, 2022,
we invested $134.4 million in five new and 27 existing portfolio
companies with a weighted average yield on debt investments of
10.2%. Sales and repayments of investments for the same period
totaled $175.6 million. This compares to the three months ended
September 30, 2021, in which we invested $165.0 million in 16 new
and 17 existing portfolio companies with a weighted average yield
on debt investments of 7.5%. Sales and repayments of investments
for the same period totaled $75.8 million.
For the year ended September 30, 2022, we
invested $933.8 million of investments in 40 new and 122 existing
portfolio companies with a weighted average yield on debt
investments of 8.4%. Sales and repayments of investments for the
same period totaled $911.6 million.
For the year ended September 30, 2021, we
invested $441.4 million of investments in 30 new and 49 existing
portfolio companies with a weighted average yield on debt
investments of 8.1%. Sales and repayments of investments for the
same period totaled $434.5 million.
PennantPark Senior Loan Fund,
LLC
As of September 30, 2022, PSLF’s portfolio
totaled $730.1 million, consisted of 80 companies with an average
investment size of $9.1 million and had a weighted average yield on
debt investments of 9.4%. For the year ended September 30, 2021,
PSLF’s portfolio totaled $405.2 million, consisted of 47 companies
with an average investment size of $8.6 million and had a weighted
average yield on debt investments of 7.1%.
For the three months ended September 30, 2022,
PSLF invested $152.6 million in 10 new and nine existing portfolio
company with a weighted average yield on debt investments of 8.5%.
Sales and repayments of investments for the same period totaled
$27.5 million. This compares to the three months ended September
30, 2021, in which PSLF invested $31.6 million in six new and one
existing portfolio company with a weighted average yield on debt
investments of 7.0%. Sales and repayments of investments for the
same period totaled $11.4 million.
For the year ended September 30, 2022, PSLF
invested $431.2 million (of which $387.4 million was purchased from
the Company) in 39 new and 28 existing portfolio companies with a
weighted average yield on debt investments of 7.8%. PSLF’s sales
and repayments of investments for the same period totaled $100.5
million.
For the year ended September 30, 2021, PSLF
invested $149.4 million (of which $123.4 million was purchased from
the Company) in 18 new and nine existing portfolio companies with a
weighted average yield on debt investments of 7.3%. PSLF’s sales
and repayments of investments for the same period totaled $104.9
million.
RESULTS OF OPERATIONS
Set forth below are the results of operations
during the three months and years ended September 30, 2022 and
2021.
Investment Income
Investment income for the three months ended
September 30, 2022 and 2021 was $28.9 million and $23.1 million,
respectively, and was attributable to $22.2 million and $13.1
million from first lien secured debt, $3.3 million and $4.4 million
from second lien secured debt and $3.4 million and $5.6 million
from subordinated debt and preferred and common equity,
respectively.
Investment income for the years ended September
30, 2022 and 2021 was $105.0 million and $81.6 million,
respectively, and was attributable to $74.4 million and $47.0
million from first lien secured debt, $17.0 million and $20.2
million from second lien secured debt and $13.6 million and $14.4
million from subordinated debt and preferred and common equity,
respectively. The increase in investment income compared to the
same periods in the prior year was primarily due to an increase in
LIBOR and SOFR base rates and an increase in the size of our
interest bearing portfolio.
Expenses
Expenses for the three months ended September
30, 2022 and 2021 totaled $19.7 million and $11.9 million,
respectively. Base management fee totaled $4.9 million and $4.6
million, incentive fee totaled zero and $0.6 million, debt related
interest and other financing costs totaled $13.7 million (including
one-time costs of $5.1 million associated with the Credit Facility
amendment) and $5.7 million, general and administrative expenses
totaled $1.0 million and $0.9 million and provision for taxes
totaled $0.2 million and $0.2 million, respectively, for the same
periods.
Expenses for the years ended September 30, 2022
and 2021 totaled $61.0 million and $45.1 million, respectively.
Base management fee totaled $19.8 million and $17.3 million,
incentive fee totaled $2.7 million and $0.6 million, debt related
interest and other financing expenses totaled $33.8 (including
one-time costs of $5.1 million associated with the Credit Facility
amendment) and $22.5 million, general and administrative expenses
totaled $3.9 million and $4.1 million and provision for taxes
totaled $0.8 million and $0.6 million, respectively, for the same
periods The increase in net expenses over the prior year was
primarily due to an increase in debt related interest and other
financing expenses and an increase in base management and incentive
fees.
Net Investment Income
Net investment income totaled $9.2 million, or
$0.14 per share, and $11.3 million, or $0.17 per share, for the
three months ended September 30, 2022 and 2021, respectively.
Net investment income totaled $43.9 million, or
$0.66 per share, and $36.5 million, or $0.54 per share, for the
years ended September 30, 2022 and 2021, respectively. The increase
in net investment income per share compared to the prior year was
primarily due to an increase in investment income partially offset
by an increase in expenses.
Net Realized Gains or
Losses
Net realized gains (losses) on sales and
repayments of investments totaled ($38.7) million and $5.6 million,
respectively, for the three months ended September 30, 2022 and
2021.
Net realized gain (loss) on sales and repayments
of investments totaled $34.8 million and $30.0 million,
respectively for the years ended September 30, 2022 and 2021. The
change in realized gains/losses was primarily due to changes in
market conditions of our investments and the values at which they
were realized, primarily due to including the realized appreciation
of PT Network Intermediate Holdings, LLC in the second quarter of
2022, and the fluctuations in the market and in the economy.
Unrealized Appreciation or Depreciation
on Investments and Credit Facilities
For the three months ended September 30, 2022
and 2021, we reported a net change in unrealized appreciation
(depreciation) on investments of ($11.0) million and $7.6 million,
respectively. For the years ended September 30, 2022 and 2021, we
reported net change in unrealized appreciation (depreciation) on
investments of ($110.0) million and $117.9 million, respectively.
As of September 30, 2022 and 2021, our net unrealized appreciation
(depreciation) on investments totaled ($75.7) million and $34.2
million, respectively. The net change in unrealized
appreciation/depreciation on our investments for the year ended
September 30, 2022 compared to the prior year was primarily due to
changes in the capital market conditions as well as the financial
performance of certain portfolio companies.
For the three months ended September 30, 2022
and 2021, our Credit Facilities had a net change in unrealized
(depreciation) appreciation of $1.7 million and ($0.7) million,
respectively. For the years ended September 30, 2022 and 2021, our
Credit Facilities had a net change in unrealized appreciation
(depreciation) of ($7.5) million and $17.8 million, respectively.
As of September 30, 2022 and 2021, our net unrealized depreciation
on our Credit Facilities totaled $9.2 million and $1.7 million,
respectively. The net change in unrealized depreciation for the
year ended September 30, 2022 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 ($30.2) million, or ($0.45) per share, and $25.1
million, or $0.37 per share, for the three months ended September
30, 2022 and 2021, respectively.
Net change in net assets resulting from
operations totaled ($24.7) million, or ($0.37) per share, and
$166.6 million, or $2.49 per share, for the years ended September
30, 2022 and 2021, respectively. The decrease in net assets from
operations for the year ended September 30, 2022 compared to the
prior year was primarily due to depreciation of the portfolio
primarily driven by changes in market conditions.
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 interest expense, 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, 2022 and 2021, inclusive of the fee
on the undrawn commitment and amendment costs on the Credit
Facility, amortized upfront fees on SBA debentures and debt
retirement and issuance costs, was 4.8% and 3.5%, respectively. As
of September 30, 2022 and 2021, we had $114.1 million and $118.5
million of unused borrowing capacity under the Credit Facility,
respectively, subject to leverage and borrowing base
restrictions.
As of September 30, 2022 and 2021, we had $385.9
million and $316.5 million, respectively, in outstanding borrowings
under the Credit Facility. The Credit Facility had a weighted
average interest rate of 3.5% and 2.4%, respectively, exclusive of
the fee on undrawn commitment, as of September 30, 2022 and
2021.
On July 29, 2022 the Company increased the size
of the Credit Facility by $35.0 million from $465.0 million to
$500.0 million. At the same time the Company extended maturity date
of the Credit Facility to July 29, 2027.
As of September 30, 2022 and 2021, we had cash
and cash equivalents of $52.7 million and $20.4 million,
respectively, available for investing and general corporate
purposes. We believe our liquidity and capital resources are
sufficient to tallow us to operate our business.
Our operating activities used cash of $19.0
million for the year ended September 30, 2022, and our financing
activities provided cash of $52.0 million for the same period. Our
operating activities used cash primarily for our investment
activities and our financing activities provided cash primarily
from the issuance of our 2026-2 Notes and net repayments under our
Credit Facility and the repayment of the SBA debentures.
Our operating activities provided cash of $7.9
million for the year ended September 30, 2021, and our financing
activities used cash of $(13.4) million for the same period. Our
operating activities used cash primarily for our investment
activities and our financing activities provided cash primarily for
net borrowings under our Credit Facility and the repayment of the
SBA debentures.
STOCK REPURCHASE PROGRAM
On February 9, 2022, we announced a share
repurchase program which allows us to repurchase up to $25 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 March 31,
2023 and the repurchase of $25 million of common stock. During the
three months and year ended September 30, 2022, we repurchased
189,442 and 1,820,605, respectively, shares of common stock in open
market transactions for an aggregate cost (including transaction
costs) of $1.2 million and $13.2 million, respectively.
DISTRIBUTIONS
During the years ended September 30, 2022 and
2021, we declared distributions of $0.555 and $0.480 per share, for
total distributions of $36.6 million and $32.2 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
annual 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
SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES (In thousands, except share data)
|
|
September 30, 2022 |
|
|
September 30, 2021 |
|
Assets |
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$882,513 and
$729,811, respectively) |
|
$ |
932,155 |
|
|
$ |
820,500 |
|
Non-controlled, affiliated investments (cost—$ 37,612 and $78,723,
respectively) |
|
|
34,760 |
|
|
|
50,161 |
|
Controlled, affiliated investments (cost—$381,904 and $412,586,
respectively) |
|
|
259,386 |
|
|
|
384,629 |
|
Total of investments (cost—$1,302,029 and $1,221,121,
respectively) |
|
|
1,226,301 |
|
|
|
1,255,290 |
|
Cash and cash equivalents (cost—$52,844 and $20,383,
respectively) |
|
|
52,666 |
|
|
|
20,357 |
|
Interest receivable |
|
|
3,593 |
|
|
|
4,958 |
|
Receivable for investments sold |
|
|
29,494 |
|
|
|
12,793 |
|
Distribution receivable |
|
|
2,420 |
|
|
|
1,694 |
|
Prepaid expenses and other assets |
|
|
4,036 |
|
|
|
— |
|
Total assets |
|
|
1,318,510 |
|
|
|
1,295,092 |
|
Liabilities |
|
|
|
|
|
|
Distributions payable |
|
|
9,784 |
|
|
|
8,045 |
|
Payable for investments purchased |
|
|
— |
|
|
|
8,407 |
|
Truist Credit Facility payable, at fair value (cost—$385,920 and
$316,545, respectively) |
|
|
376,687 |
|
|
|
314,813 |
|
2024 Notes payable, net (par— zero and $86,250, respectively) |
|
|
— |
|
|
|
84,503 |
|
2026 Notes payable, net (par—$150,000) |
|
|
146,767 |
|
|
|
145,865 |
|
2026-2 Notes payable, net (par—$165,000 and zero,
respectively) |
|
|
161,373 |
|
|
|
— |
|
SBA debentures payable, net (par—$20,000 and $63,500,
respectively) |
|
|
19,686 |
|
|
|
62,159 |
|
Base management fee payable |
|
|
4,849 |
|
|
|
4,580 |
|
Incentive fee payable |
|
|
— |
|
|
|
575 |
|
Interest payable on debt |
|
|
6,264 |
|
|
|
4,943 |
|
Accrued other expenses |
|
|
6,639 |
|
|
|
1,058 |
|
Deferred tax liability |
|
|
896 |
|
|
|
— |
|
Total liabilities |
|
|
732,945 |
|
|
|
634,948 |
|
Commitments and contingencies |
|
|
|
|
|
|
Net assets |
|
|
|
|
|
|
Common stock, 65,224,500 and 67,045,105 shares issued and
outstanding, respectively |
|
|
|
|
|
|
|
|
Par value $0.001 per share and 100,000,000 shares authorized |
|
|
65 |
|
|
|
67 |
|
Paid-in capital in excess of par value |
|
|
748,169 |
|
|
|
786,993 |
|
Accumulated deficit |
|
|
(162,669 |
) |
|
|
(126,916 |
) |
Total net assets |
|
$ |
585,565 |
|
|
$ |
660,144 |
|
Total liabilities and net assets |
|
$ |
1,318,510 |
|
|
$ |
1,295,092 |
|
Net asset value per share |
|
$ |
8.98 |
|
|
$ |
9.85 |
|
|
|
|
|
|
|
|
|
|
PENNANTPARK INVESTMENT CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except share data)
|
|
Three Months Ended September
30, |
|
|
Year Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
21,022 |
|
|
$ |
10,944 |
|
|
$ |
66,995 |
|
|
$ |
46,018 |
|
Payment-in-kind |
|
|
434 |
|
|
|
3,001 |
|
|
|
4,505 |
|
|
|
8,567 |
|
Other income |
|
|
411 |
|
|
|
3,157 |
|
|
|
8,461 |
|
|
|
4,137 |
|
From non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Payment-in-kind |
|
|
1,361 |
|
|
|
— |
|
|
|
1,361 |
|
|
|
457 |
|
From controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
3,283 |
|
|
|
3,092 |
|
|
|
10,586 |
|
|
|
9,825 |
|
Payment-in-kind |
|
|
— |
|
|
|
1,241 |
|
|
|
3,983 |
|
|
|
6,223 |
|
Dividend income |
|
|
2,420 |
|
|
|
1,694 |
|
|
|
9,075 |
|
|
|
6,361 |
|
Total investment income |
|
|
28,931 |
|
|
|
23,129 |
|
|
|
104,966 |
|
|
|
81,588 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee |
|
|
4,850 |
|
|
|
4,580 |
|
|
|
19,827 |
|
|
|
17,335 |
|
Performance-based incentive fee |
|
|
— |
|
|
|
575 |
|
|
|
2,657 |
|
|
|
575 |
|
Interest and expenses on debt |
|
|
8,638 |
|
|
|
5,671 |
|
|
|
28,760 |
|
|
|
22,507 |
|
Administrative services expenses |
|
|
250 |
|
|
|
381 |
|
|
|
1,000 |
|
|
|
1,771 |
|
Other general and administrative expenses |
|
|
723 |
|
|
|
519 |
|
|
|
2,892 |
|
|
|
2,324 |
|
Expenses before provision for taxes |
|
|
14,461 |
|
|
|
11,726 |
|
|
|
55,136 |
|
|
|
44,512 |
|
Provision for taxes on net investment income |
|
|
200 |
|
|
|
150 |
|
|
|
800 |
|
|
|
600 |
|
Credit facility amendment and debt issuance costs |
|
|
5,087 |
|
|
|
— |
|
|
|
5,087 |
|
|
|
— |
|
Net expenses |
|
|
19,748 |
|
|
|
11,876 |
|
|
|
61,023 |
|
|
|
45,112 |
|
Net investment income |
|
|
9,183 |
|
|
|
11,253 |
|
|
|
43,943 |
|
|
|
36,476 |
|
Realized and unrealized gain (loss) on investments and
debt: |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(38,585 |
) |
|
|
5,592 |
|
|
|
(31,382 |
) |
|
|
49,729 |
|
Non-controlled and controlled, affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
75,243 |
|
|
|
(19,708 |
) |
Debt extinguishment |
|
|
(121 |
) |
|
|
— |
|
|
|
(2,922 |
) |
|
|
— |
|
Provision for taxes on realized gain on investments |
|
|
— |
|
|
|
— |
|
|
|
(6,183 |
) |
|
|
— |
|
Net realized gain (loss) on investments and
debt |
|
|
(38,706 |
) |
|
|
5,592 |
|
|
|
34,756 |
|
|
|
30,021 |
|
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
10,485 |
|
|
|
4,360 |
|
|
|
(182,863 |
) |
|
|
50,130 |
|
Non-controlled and controlled, affiliated investments |
|
|
(21,438 |
) |
|
|
3,227 |
|
|
|
72,819 |
|
|
|
67,808 |
|
Provision for taxes on unrealized appreciation on investments |
|
|
7,231 |
|
|
|
— |
|
|
|
(896 |
) |
|
|
— |
|
Debt (appreciation) depreciation |
|
|
(1,682 |
) |
|
|
676 |
|
|
|
7,501 |
|
|
|
(17,818 |
) |
Net change in unrealized appreciation (depreciation) on
investments and debt |
|
|
(5,404 |
) |
|
|
8,263 |
|
|
|
(103,439 |
) |
|
|
100,120 |
|
Net realized and unrealized gain (loss) from investments
and debt |
|
|
(44,110 |
) |
|
|
13,855 |
|
|
|
(68,683 |
) |
|
|
130,141 |
|
Net increase (decrease) in net assets resulting from
operations |
|
|
(34,927 |
) |
|
|
25,108 |
|
|
$ |
(24,740 |
) |
|
|
166,617 |
|
Net increase (decrease) in net assets resulting from operations per
common share |
|
$ |
(0.52 |
) |
|
$ |
0.37 |
|
|
$ |
(0.37 |
) |
|
$ |
2.49 |
|
Net investment income per common share |
|
$ |
0.14 |
|
|
$ |
0.17 |
|
|
$ |
0.66 |
|
|
$ |
0.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 $6.4 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 Miami and has offices in New York, 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
(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 PennantPark
Investment Corporation files 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. PennantPark Investment Corporation 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.
The information contained herein is based on
current tax laws, which may change in the future. The Company
cannot be held responsible for any direct or incidental loss
resulting from applying any of the information provided in this
publication or from any other source mentioned. The information
provided in this material does not constitute any specific legal,
tax or accounting advice. Please consult with qualified
professionals for this type of advice.
Contact: |
Richard T. Allorto, Jr. |
|
PennantPark
Investment Corporation |
|
(212)
905-1000 |
|
www.pennantpark.com |
|
|
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