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Pennant Investment Corp (PNNT) is a closed-end, non-diversified investment company with a primary objective of generating current income and capital appreciation through debt and equity investments. Founded in 2007 and managed by PennantPark Investment Advisers, the company focuses on investing in middle-market companies in the United States. PennantPark's experienced team, led by founder Arthur Penn, has a long history of delivering flexible capital solutions.
Headquartered in New York City, with offices in Chicago, Los Angeles, Houston, and London, the firm currently manages approximately $2.1 billion in assets. These assets are distributed across publicly-listed business development companies like PennantPark Investment Corporation (PNNT) and PennantPark Floating Rate Capital Ltd. (PFLT), as well as private vehicles for institutional partners such as PennantPark Credit Opportunities Fund II, LP (PCOF II).
The company’s investment strategies encompass a diversified portfolio that includes senior secured debt, mezzanine debt, and equity investments. As of September 30, 2022, the portfolio totaled $1,226.3 million, consisting of $631.0 million in first lien secured debt, $129.9 million in second lien secured debt, $141.3 million in subordinated debt, and $324.1 million in preferred and common equity. The interest-bearing debt portfolio is highly focused on variable-rate investments, accounting for 96% of it.
Recent achievements for PennantPark include substantial investment activities in new and existing portfolio companies. For the year ended September 30, 2022, the company invested $933.8 million in 40 new and 122 existing portfolio companies, achieving a weighted average yield on debt investments of 8.4%. The firm has managed to maintain a diversified portfolio with 123 companies, ensuring minimal exposure to risk with only one portfolio company on non-accrual status as of the same date.
Financial performance has shown a positive trend with net investment income reaching $65.5 million for the year ended September 30, 2023, up from $43.9 million the previous year. This increase is primarily attributed to higher investment income.
In terms of recent developments, PennantPark marked continued growth in its Middle Market CLO Platform, now managing seven CLOs. Additionally, the firm announced its financial results for the first quarter ended December 31, 2023, highlighting $86.2 million invested in six new and 29 existing portfolio companies.
PennantPark Investment Corp is dedicated to offering attractive risk-reward opportunities to investors while preserving capital. With a robust management team and a well-structured investment strategy, the company continues to be a significant player in the middle-market investment landscape.
PennantPark Investment Corporation (NASDAQ: PNNT) has announced a fiscal Q1 2022 distribution of $0.12 per share, set for payment on January 3, 2022. The record date for stockholders is December 20, 2021, with the distribution funded from taxable net investment income. Shareholders can expect detailed tax characteristics on Form 1099 after the calendar year-end. PennantPark focuses on middle-market private company investments, offering flexible financing solutions through various debt and equity instruments.
PennantPark Investment Corporation (NASDAQ: PNNT) reported its fourth-quarter and fiscal year results ending September 30, 2021, highlighting key financial metrics.
Total assets reached $1,295.1 million, with a net investment income of $11.3 million, or $0.17 per share. GAAP net asset value per share increased by 2.7% to $9.85.
This year, they invested $441.4 million across 30 new and existing portfolio companies, achieving an overall portfolio comprising 97 companies. The company declared a total distribution of $0.48 per share for the fiscal year.
PennantPark Investment Corporation (NASDAQ: PNNT) announced a public offering of $165 million in 4.00% unsecured notes due November 1, 2026. The notes will bear interest semi-annually, starting May 1, 2022, and can be redeemed at par after three months before maturity. Proceeds will be used to redeem 5.50% Notes due 2024 and for strategic investments in portfolio companies. The offering is set to close on October 21, 2021, with major financial firms acting as managers.
PennantPark Investment Corporation (NASDAQ: PNNT) is set to report its fourth fiscal quarter results ending September 30, 2021, on November 17, 2021, after market close. A conference call is scheduled for November 18, 2021, at 12:00 p.m. ET to discuss the financial results, accessible via toll-free numbers. PennantPark primarily invests in U.S. middle-market private companies through various debt and equity instruments, managing $5.2 billion in capital. The company advises caution regarding forward-looking statements due to inherent risks and uncertainties.
PennantPark Investment Corporation (NASDAQ: PNNT) declared its fourth fiscal quarter 2021 distribution of $0.12 per share, payable on October 1, 2021 to stockholders of record as of September 17, 2021. The distribution is expected to be paid from taxable net investment income. Tax characteristics will be reported on Form 1099 after the year-end. PennantPark primarily invests in U.S. middle-market private companies through various debt and equity instruments. Managed by PennantPark Investment Advisers, LLC, which oversees $5.2 billion of investable capital, the firm has been active since 2007.
PennantPark Investment Corporation (NASDAQ: PNNT) reported its financial results for Q3 FY2021, revealing a net investment income of $8.1 million, equivalent to $0.12 per share. The investment portfolio grew to $1,148.2 million, with a GAAP net asset value per share of $9.59, reflecting a 3.8% quarterly increase. The company declared distributions of $0.12 per share, consistent with prior periods. However, investment income decreased from $25.4 million in Q3 FY2020 to $20.5 million in Q3 FY2021, mainly due to a reduction in portfolio size. The credit facility remained robust with $220.5 million in unused borrowing capacity.
PennantPark Investment Corporation (NASDAQ: PNNT) announced it will report its third fiscal quarter results for the period ending June 30, 2021, on August 4, 2021, after market close. A conference call to discuss these results is scheduled for August 5, 2021, at 12:00 p.m. Eastern Time. Interested parties can join by calling (866) 548-4713 for U.S. participants or (323) 794-2093 for international callers, using conference ID #2597721. PennantPark focuses on investing in U.S. middle-market companies through various forms of secured and subordinated debt as well as equity investments.
PennantPark Investment Corporation (NASDAQ: PNNT) announced the appointment of Richard Cheung as its new Chief Financial Officer and Treasurer, effective June 21, 2021. Cheung previously held a senior position at Guggenheim Partners and has significant experience in financial services from Ernst & Young. CEO Arthur Penn expressed confidence in Cheung's ability to contribute positively to the company. Current CFO Aviv Efrat will transition to focus on strategic growth initiatives within the organization.
PennantPark Investment Corporation (NASDAQ: PNNT) has announced a distribution of $0.12 per share for the third fiscal quarter of 2021, scheduled for payment on July 1, 2021, to shareholders on record as of June 17, 2021. This distribution will come from the company's taxable net investment income. Shareholders will receive detailed tax information on Form 1099 after the calendar year ends. PennantPark focuses on investments in U.S. middle-market private companies through various debt and equity options, managed by PennantPark Investment Advisers, LLC.
PennantPark Investment Corporation (NASDAQ: PNNT) reported its Q2 2021 financial results, ending March 31, 2021. Key metrics include a total asset value of $1.175 billion and net assets of $619.2 million, with a GAAP net asset value per share of $9.24, reflecting a 5.2% increase. Net investment income was $8.8 million, or $0.13 per share, with distributions declared at $0.12 per share. The company invested $74.8 million in new and existing portfolio companies and experienced net unrealized appreciation of $33.2 million. Liquidity remains strong with $99.5 million in unused borrowing capacity under its credit facility.
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