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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 $150 million public offering of 4.50% unsecured notes due in 2026. The notes will yield interest payable semi-annually, with the first payment due on November 1, 2021. The offering is slated to close on April 21, 2021, subject to standard closing conditions. Proceeds from the offering are intended to reduce credit facility obligations and invest in portfolio companies.
PennantPark Investment Corporation (NASDAQ: PNNT) announced it will report its second fiscal quarter results for the period ending March 31, 2021, on May 5, 2021, after market close. A conference call to discuss these results is scheduled for May 6, 2021, at 12:00 p.m. Eastern Time. PennantPark focuses on investing in U.S. middle-market private companies, utilizing first lien secured debt, second lien secured debt, subordinated debt, and equity investments. The firm manages a substantial $4.3 billion in investable capital.
PennantPark Investment Corporation (NASDAQ: PNNT) announced its second fiscal quarter 2021 distribution of $0.12 per share, set for payment on April 1, 2021, to stockholders of record as of March 18, 2021. This distribution is anticipated to originate from taxable net investment income. Detailed tax characteristics will follow on Form 1099 and in periodic SEC filings. PennantPark specializes in investments in U.S. middle-market private companies through various debt and equity structures, managed by PennantPark Investment Advisers, LLC, which oversees $4.3 billion in investable capital.
PennantPark Investment Corporation (NASDAQ: PNNT) reported financial results for the first fiscal quarter ending December 31, 2020. Key highlights include:
- Investment portfolio valued at $1,127.1 million.
- GAAP net asset value per share increased by 12.0% to $8.78.
- Net investment income totaled $8.3 million ($0.12 per share), down from $10.2 million ($0.15 per share) in Q1 2019.
- Net realized losses amounted to $17.6 million.
- Operating activities generated cash of $35.0 million.
Management expressed confidence in future income growth.
PennantPark Investment Corporation (NASDAQ: PNNT) will report its first fiscal quarter results for the period ending December 31, 2020, on February 9, 2021. Following this, a conference call is scheduled for February 10, 2021, at 1:00 p.m. ET to discuss the financial results. Interested participants can join the call by dialing toll-free (888) 394-8218 or for international callers at (323) 701-0225. PennantPark primarily invests in U.S. middle-market private companies through various debt and equity instruments.
PennantPark Investment Corporation (NASDAQ: PNNT) will report financial results for Q1, ended December 31, 2020, on February 9, 2021, after market close. A conference call to discuss these results will be held on February 10, 2021, at 12:00 p.m. ET. Interested participants can join by calling toll-free (888) 394-8218. PennantPark focuses on investing in U.S. middle-market private companies through various debt and equity instruments, under the management of PennantPark Investment Advisers, which oversees approximately $3.5 billion in assets.
PennantPark Investment Corporation (NASDAQ: PNNT) announced a distribution of $0.12 per share for the first fiscal quarter of 2021. This payment is scheduled for January 4, 2021, to stockholders on record as of December 17, 2020. The distribution will come from taxable net investment income, and specific tax characteristics will be reported on Form 1099 at year-end. The company primarily invests in U.S. middle-market private companies via secured debt and equity investments, managed by PennantPark Investment Advisers, which oversees approximately $3.5 billion in assets.
PennantPark Investment Corporation (NASDAQ: PNNT) reported its financial results for Q4 and fiscal year ended September 30, 2020. Total assets amounted to $1,081.8 million, with a net asset value (NAV) per share of $7.84, a slight increase of 0.3% from the previous quarter. Net investment income was $7.3 million, or $0.11 per share, down from $9.6 million, or $0.14 per share, in Q4 2019. The company recorded net unrealized depreciation of $83.8 million. During the fiscal year, investments totaled $319.3 million, while distributions declared were $0.60 per share. The company extended its incentive fee waiver through December 31, 2020.
PennantPark Investment Corporation (NASDAQ: PNNT) will report its fourth fiscal quarter results for the period ending September 30, 2020, on November 19, 2020. A conference call to discuss these results is scheduled for November 20, 2020, at 10:00 a.m. ET. The company primarily invests in middle-market private companies through various debt and equity instruments, managed by PennantPark Investment Advisers, LLC, which oversees approximately $3.6 billion in assets. Interested parties can participate in the call or access a replay afterward.
PennantPark Investment Corporation (NASDAQ: PNNT) will report its third fiscal quarter results for the period ending June 30, 2020, on August 5, 2020.
A conference call to discuss these financial results is scheduled for August 6, 2020, at 12:00 p.m. ET. The call will be accessible to all interested parties via a toll-free number.
Managed by PennantPark Investment Advisers, LLC, the Company focuses on investing in U.S. middle-market private companies through various secured and equity investments.
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