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PennantPark Investment (PNNT) - 2024 Q4 - Annual Results
2024-11-25 21:05
Financial Performance - For the fiscal year ended September 30, 2024, the investment portfolio totaled $1,328.1 million, with net assets of $493.9 million and an adjusted net asset value per share of $7.56, reflecting a quarterly increase of 0.5%[4] - Net investment income for the fourth quarter was $14.4 million, or $0.22 per share, while for the fiscal year it was $60.1 million, or $0.92 per share, showing a decrease from $15.6 million and $65.5 million in the prior year[20] - For the year ended September 30, 2024, total investment income was $143.8 million, a decrease from $145.4 million in the previous year, primarily due to a decrease in dividend income[17] - The company reported total investment income of $143.8 million for the year ended September 30, 2024, compared to $145.4 million in 2023[36] - The net increase in net assets resulting from operations was $48.9 million, or $0.75 per share, compared to a net decrease of $(33.8) million, or $(0.52) per share for the prior year[24] Distributions - The company declared distributions of $0.24 per share for the fourth quarter and $0.88 per share for the fiscal year, compared to $0.24 and $0.88 in the previous year[20] - The company declared distributions of $0.88 per share for the year ended September 30, 2024, totaling $57.4 million, an increase from $0.76 per share and $49.6 million in the prior year[30] Investment Activity - For the year ended September 30, 2024, the company invested $774.6 million in 41 new and 81 existing portfolio companies, with a weighted average yield of 11.7%[9] - The weighted average yield on debt investments at quarter-end was 12.3%, with a portfolio consisting of 152 companies and an average investment size of $8.1 million[7] - The company announced an additional investment of $52.5 million in the PennantPark Senior Loan Fund, increasing the joint venture's investment capacity to over $1.5 billion[12] Portfolio Status - As of September 30, 2024, the company had two portfolio companies on non-accrual status, representing 4.1% and 2.3% of the overall portfolio on a cost and fair value basis, respectively[7] - The total investments at fair value as of September 30, 2024, were $1.328 billion, compared to $1.101 billion in 2023, reflecting a significant increase in investment value[33] Expenses and Borrowings - Total expenses for the fiscal year were $83.7 million, up from $79.8 million in the prior year, mainly due to increased debt-related interest expenses[18] - As of September 30, 2024, the company had $461.5 million in outstanding borrowings under the Truist Credit Facility, with a weighted average interest rate of 7.2%[26] - The company had $13.5 million of unused borrowing capacity under the Truist Credit Facility as of September 30, 2024, down from $262.6 million in the previous year[26] Cash Flow - Operating activities used cash of $(172.4) million for the year ended September 30, 2024, while financing activities provided cash of $183.4 million[28] - Cash and cash equivalents as of September 30, 2024, were $49.9 million, up from $38.8 million in the previous year, indicating improved liquidity[27] Unrealized Gains and Losses - The company reported net realized gains of $2.5 million for the fourth quarter, while the fiscal year saw net realized losses of $(33.6) million[21] - The net change in unrealized appreciation (depreciation) on the Credit Facility for the year ended September 30, 2024, was $(4.4) million, compared to $(3.8) million in the prior year[23] Forward-Looking Statements - The company emphasizes that all statements other than historical facts are forward-looking and involve risks and uncertainties[41] - The company anticipates that actual results may differ materially from forward-looking statements due to various factors[42] - The information provided does not constitute specific legal, tax, or accounting advice, and the company advises consulting qualified professionals[43]
PennantPark (PNNT) Expected to Beat Earnings Estimates: Can the Stock Move Higher?
ZACKSยท 2024-11-18 16:00
PennantPark (PNNT) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on November 25, 2024, might help the stock move higher if these key numbers are better th ...
2 BDCs That Recently Hiked Dividends But Should Not Do That Again
Seeking Alphaยท 2024-10-04 03:15
While the long-term prospects for private credit players (e.g., BDCs) remain solid as driven by structural weakness in banking and increased preference for more flexible financing, the short to medium-term outlook is not that rosy. Roberts Berzins has over a decade of experience in the financial management helping top-tier corporates shape their financial strategies and execute large-scale financings. He has also made significant efforts to institutionalize REIT framework in Latvia to boost the liquidity of ...
PennantPark Investment Corporation Schedules Earnings Release of Fourth Fiscal Quarter 2024 Results
GlobeNewswire News Roomยท 2024-10-03 20:05
MIAMI, Oct. 03, 2024 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (the "Company") (NYSE: PNNT) announced that it will report results for the fourth fiscal quarter ended September 30, 2024 on Monday, November 25, 2024 after the close of the financial markets. The Company will also host a conference call at 12:00 p.m. (Eastern Time) on Tuesday, November 26, 2024 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-fre ...
PennantPark Investment Corp: Dividend Likely At Cyclical Peak (Rating Downgrade)
Seeking Alphaยท 2024-08-14 13:30
Core Viewpoint - PennantPark Investment Corporation (PNNT) is positioned as a relatively safe income investment due to its focus on first-lien, secured loans, but faces cyclical challenges tied to interest rates [1] Financial Performance - For Q3 2024, PNNT reported GAAP investment income of $0.24 per share, covering the current monthly dividend rate of $0.08, with a year-to-date total of $0.70 per share [3] - The company's balance sheet has grown primarily through new debt, with CEO noting the company is "fully levered" and balancing dividend distributions with liquidity needs [5] - The net asset value (NAV) per share decreased by 2.2%, from $7.69 to $7.52, largely due to three companies on non-accrual status, which accounted for about 2.5% of the portfolio's fair value [5] Dividend Analysis - The annualized dividend rate is currently $0.96 per share, the highest in nearly a decade, but investment income is only narrowly sufficient to maintain this distribution [7][8] - A potential decline in interest rates could negatively impact PNNT's dividend, as 96% of the debt in its portfolio is floating rate, meaning lower SOFR rates would reduce investment income [8] - The joint venture (JV) investments have shown a 12-month return on invested capital of 19.3%, significantly higher than the 12% yield from new investments made in Q3 [9] Market Outlook - The current yield over 13% may not be sustainable in the long term due to downward pressure on dividends and the anticipated decline in floating-rate interest income [10] - The company is considered to be at the peak of its cycle, leading to a recommendation of a Hold status for investors [10]
PennantPark (PNNT) Reports Q3 Earnings: What Key Metrics Have to Say
ZACKSยท 2024-08-08 01:30
For the quarter ended June 2024, PennantPark (PNNT) reported revenue of $37 million, down 17.8% over the same period last year. EPS came in at $0.24, compared to $0.35 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $36.31 million, representing a surprise of +1.92%. The company delivered an EPS surprise of +9.09%, with the consensus EPS estimate being $0.22. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ...
PennantPark (PNNT) Beats Q3 Earnings and Revenue Estimates
ZACKSยท 2024-08-07 22:55
PennantPark (PNNT) came out with quarterly earnings of $0.24 per share, beating the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 9.09%. A quarter ago, it was expected that this business development company would post earnings of $0.23 per share when it actually produced earnings of $0.22, delivering a surprise of -4.35%. Over the last four quar ...
PennantPark Investment Corporation Announces Monthly Distribution of $0.08 per Share
Newsfilterยท 2024-07-02 20:05
MIAMI, July 02, 2024 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (the "Company") (NYSE: PNNT) declares its monthly distribution for July 2024 of $0.08 per share, payable on August 1, 2024 to stockholders of record as of July 15, 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 th ...
PennantPark Investment Corporation Announces Monthly Distribution of $0.08 per Share
GlobeNewswire News Roomยท 2024-07-02 20:05
Core Viewpoint - PennantPark Investment Corporation has declared a monthly distribution of $0.08 per share for July 2024, payable on August 1, 2024, to stockholders of record as of July 15, 2024, with the distribution expected to be sourced from taxable net investment income [1] Company Overview - PennantPark Investment Corporation is a business development company that primarily invests in U.S. middle-market private companies through various forms of debt and equity investments [2] - The company is managed by PennantPark Investment Advisers, LLC, which is a leading middle market credit platform managing $7.5 billion of investable capital [3] Management and Operations - PennantPark Investment Advisers, LLC has been operational since 2007, providing access to middle market credit and offering a range of financing solutions to private equity firms and their portfolio companies [3] - The firm is headquartered in Miami and has additional offices in New York, Chicago, Houston, Los Angeles, and Amsterdam [3]
PennantPark Investment: Dividend Increase Shows Confidence, But Investors Should Remain Speculative
Seeking Alphaยท 2024-06-10 12:00
Richard Drury As a dividend investor, I love when my investments give me pay raises in the form of dividends. In the words of Warren Buffett, "I get euphoric..." when this happens. I feel the same, knowing my hard-earned money is being put to good use by placing it in solid businesses that grow their dividends over time. A dividend increase usually shows that a company is not only performing well, but that it has confidence going forward that the business will continue growing. One BDC that recently raised ...