PennantPark Investment Corporation Announces Monthly Distribution of $0.08 per Share

Rhea-AI Summary

PennantPark Investment (NYSE: PNNT) has announced its monthly distribution for October 2024. Shareholders will receive $0.08 per share, payable on November 1, 2024, to stockholders of record as of October 16, 2024. The distribution is expected to be paid from taxable net investment income.

PennantPark Investment is a business development company that primarily invests in U.S. middle-market private companies through various debt and equity instruments. It is managed by PennantPark Investment Advisers, , a leading middle market credit platform managing $8.0 billion of investable capital, including available leverage. The advisory firm, founded in 2007, offers a range of creative and flexible financing solutions to middle-market borrowers and private equity firms.

Positive

• Consistent monthly distribution of $0.08 per share
• Distribution expected to be paid from taxable net investment income
• PennantPark Investment Advisers manages $8.0 billion of investable capital

Negative

• None.

Insights

Financial Analyst

PennantPark Investment 's announcement of a $0.08 per share monthly distribution for October 2024 is a routine update for income-focused investors. This $0.08 distribution maintains consistency with previous months, suggesting stability in the company's cash flow and dividend policy. For a business development company (BDC) like PNNT, regular distributions are expected and important for attracting yield-seeking investors.

The distribution's expected source from taxable net investment income is positive, indicating that the company's core operations are generating sufficient returns to support the payout. However, investors should note that BDCs are required to distribute at least 90% of their taxable income to maintain their tax status, so this payout is also a regulatory necessity.

With a market cap of $448,584,166, PNNT's ability to maintain this distribution level is important for shareholder confidence. The company's focus on middle-market private companies through various debt and equity investments provides a diversified income stream, which supports the consistent dividend policy. However, the middle-market lending space can be competitive and subject to economic cycles, which investors should monitor for potential impacts on future distributions.

MIAMI, Oct. 02, 2024 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (the "Company") (NYSE: PNNT) declares its monthly distribution for October 2024 of $0.08 per share, payable on November 1, 2024 to stockholders of record as of October 16, 2024. 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.

ABOUT PENNANTPARK INVESTMENT CORPORATION

PennantPark Investment Corporation is a business development company which primarily invests in U.S. middle-market private 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 $8.0 billion of investable capital, including available 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, Los Angeles and Amsterdam.

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 and Section 21E(b)(2)(B) of 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 Securities and Exchange Commission. 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.

CONTACT:
Richard T. Allorto, Jr.
PennantPark Investment Corporation
(212) 905-1000
www.pennantpark.com

FAQ

What is the October 2024 monthly distribution amount for PennantPark Investment (PNNT)?

PennantPark Investment (PNNT) has declared a monthly distribution of $0.08 per share for October 2024.

When is the payment date for PNNT's October 2024 distribution?

The payment date for PNNT's October 2024 distribution is November 1, 2024.

What is the record date for PennantPark Investment 's October 2024 distribution?

The record date for PennantPark Investment 's October 2024 distribution is October 16, 2024.

How much investable capital does PennantPark Investment Advisers manage?

PennantPark Investment Advisers manages $8.0 billion of investable capital, including available leverage.