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 ...

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]

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) 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 ...

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 ...

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]

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 ...

PennantPark Investment Corporation (NYSE:PNNT) Q2 2024 Earnings Conference Call May 9, 2024 12:00 PM ET Company Participants Art Penn - Chairman and CEO Rick Allorto - CFO Conference Call Participants Brian Mckenna - Citizens JMP Robert Dodd - Raymond James Mickey Schleien - Ladenburg Mark Hughes - Truist Casey Alexander - Compass Point Kyle Joseph - Jefferies Operator Good afternoon, and welcome to the PennantPark Investment Corporation's Second Fiscal Quarter 2024 Earnings Conference Call. Today's confere ...

[PART I. CONSOLIDATED FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20CONSOLIDATED%20FINANCIAL%20INFORMATION) This section presents the unaudited consolidated financial statements for PennantPark Investment Corporation, including statements of assets and liabilities, operations, changes in net assets, and cash flows, along with detailed schedules of investments and comprehensive notes [Item 1. Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements for PennantPark Investment Corporation as of March 31, 2024, and for the three and six-month periods then ended [Consolidated Statements of Assets and Liabilities](index=4&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) As of March 31, 2024, total assets increased to $1.29 billion from $1.16 billion, primarily driven by a rise in the fair value of investments, while net assets remained stable at approximately $501.5 million Consolidated Balance Sheet Highlights (in thousands, except per share data) | Metric | March 31, 2024 (unaudited) | September 30, 2023 | | :--- | :--- | :--- | | Total Investments at Fair Value | $1,238,231 | $1,101,647 | | Total Assets | $1,291,239 | $1,156,977 | | Total Liabilities | $789,710 | $654,790 | | Total Net Assets | $501,529 | $502,187 | | Net Asset Value (NAV) per share | $7.69 | $7.70 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For the six months ended March 31, 2024, total investment income increased to $70.3 million, and net investment income rose to $29.9 million, resulting in a net decrease in net assets from operations of $26.7 million, a significant improvement from the prior year Key Operating Results (in thousands, except per share data) | Metric | Six Months Ended Mar 31, 2024 | Six Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Total Investment Income | $70,315 | $66,312 | | Net Expenses | $40,404 | $39,338 | | Net Investment Income | $29,911 | $26,974 | | Net Realized and Unrealized Loss | $(3,173) | $(93,994) | | Net Increase (Decrease) in Net Assets | $26,738 | $(67,020) | | Net Investment Income per Share | $0.46 | $0.41 | | Net Increase (Decrease) in Net Assets per Share | $0.41 | $(1.03) | [Consolidated Statements of Changes in Net Assets](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) For the six months ended March 31, 2024, net assets decreased by $0.7 million, primarily due to distributions to stockholders nearly offsetting the net increase from operations, a substantial improvement from the prior year's larger decrease Changes in Net Assets (in thousands) | Description | Six Months Ended Mar 31, 2024 | Six Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Net Increase (Decrease) from Operations | $26,738 | $(67,020) | | Distributions to Stockholders | $(27,396) | $(22,830) | | **Net Increase (Decrease) in Net Assets** | **$(658)** | **$(89,850)** | | Net Assets, Beginning of Period | $502,187 | $585,565 | | **Net Assets, End of Period** | **$501,529** | **$495,715** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended March 31, 2024, net cash used in operating activities was $150.9 million, a significant shift from the prior year, while net cash provided by financing activities was $147.5 million, driven by net borrowings Summary of Cash Flows (in thousands) | Activity | Six Months Ended Mar 31, 2024 | Six Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Net Cash (Used in) Provided by Operating Activities | $(150,868) | $60,484 | | Net Cash Provided by (Used in) Financing Activities | $147,511 | $(49,046) | | **Net (Decrease) Increase in Cash** | **$(3,357)** | **$11,438** | | Cash and Cash Equivalents, End of Period | $35,418 | $66,436 | [Consolidated Schedules of Investments](index=8&type=section&id=Consolidated%20Schedules%20of%20Investments) As of March 31, 2024, the total investment portfolio's fair value increased to $1.24 billion, diversified across various company types, with First Lien Secured Debt remaining the largest category Portfolio Composition by Investment Type (Fair Value, in thousands) | Investment Type | March 31, 2024 | September 30, 2023 | | :--- | :--- | :--- | | First Lien Secured Debt | $678,605 | $527,657 | | Second Lien Secured Debt | $63,737 | $80,396 | | Subordinated Debt/Corporate Notes | $49,212 | $53,897 | | Subordinated notes in PSLF | $115,886 | $102,325 | | Equity & Warrants | $198,549 | $175,538 | | Equity in PSLF | $72,557 | $62,083 | | U.S. Government Securities | $59,685 | $99,751 | | **Total Investments** | **$1,238,231** | **$1,101,647** | [Notes to Consolidated Financial Statements](index=31&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's organization, accounting policies, related-party agreements, investment portfolio, fair value measurements, and debt structure, including fee arrangements and unfunded commitments - The company is a BDC focused on generating income and capital appreciation through debt and equity investments in U.S. middle-market companies[77](index=77&type=chunk) - A prior period error in cash classification related to affiliates PSLF and PTSF II was identified and corrected, with no impact on total net assets, NAV per share, or net investment income[87](index=87&type=chunk)[88](index=88&type=chunk) - The Investment Adviser earns a base management fee of **1.50%** on average adjusted gross assets, reduced to **1.00%** on assets exceeding 200% of net assets, plus a two-part incentive fee[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) - As of March 31, 2024, the company had **$242.1 million** in unfunded commitments to fund investments[186](index=186&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, portfolio activity, results of operations, and liquidity, highlighting the portfolio value increase, weighted average yield, and net investment income growth [Portfolio and Investment Activity](index=43&type=section&id=Portfolio%20and%20Investment%20Activity) The company's portfolio grew to $1.24 billion across 138 companies, primarily in first lien secured debt, with a weighted average yield of 12.5%, and significant investment and repayment activity during the period Portfolio Summary | Metric | March 31, 2024 | September 30, 2023 | | :--- | :--- | :--- | | Total Portfolio Value | $1,238.2 million | $1,101.7 million | | Number of Companies | 138 | 129 | | Average Investment Size | $8.5 million | $7.8 million | | Weighted Avg. Yield on Debt | 12.5% | 13.0% | | First Lien Secured Debt % | 55% | 48% | | Non-Accrual (at Fair Value) | 3.0% | 0.0% | - For the six months ended March 31, 2024, the company invested **$419.6 million** in 18 new and 60 existing portfolio companies and received **$247.2 million** from sales and repayments (excluding U.S. Government Securities)[221](index=221&type=chunk) [Results of Operations](index=47&type=section&id=Results%20of%20Operations) For the six months ended March 31, 2024, investment income increased to $70.3 million, and net investment income grew to $29.9 million, resulting in a net increase in net assets from operations of $26.7 million, a substantial improvement from the prior year - Investment income for the six months ended March 31, 2024, increased year-over-year primarily due to a higher cost of yield on the debt portfolio[250](index=250&type=chunk) - Expenses increased for the six months ended March 31, 2024, mainly due to higher debt-related interest and general and administrative expenses[251](index=251&type=chunk) - The net increase in net assets from operations for the six months ended March 31, 2024, was **$26.7 million**, compared to a net decrease of **$67.0 million** for the same period in 2023[256](index=256&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is sourced from operations, securities offerings, and debt financings, with $396.5 million outstanding on its Truist Credit Facility and an asset coverage ratio of 170% as of March 31, 2024 - The company's asset coverage ratio was **170%** as of March 31, 2024, above the required 150%[260](index=260&type=chunk) Debt and Liquidity Summary (as of March 31, 2024) | Item | Amount (in millions) | | :--- | :--- | | Truist Credit Facility Capacity | $475.0 | | Truist Credit Facility Outstanding | $396.5 | | Truist Credit Facility Unused Capacity | $78.5 | | 4.50% Notes due 2026 | $150.0 | | 4.00% Notes-2 due 2026 | $165.0 | | Cash and Cash Equivalents | $35.4 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to interest rate risk, with 97% of its debt portfolio in variable-rate investments, where a hypothetical 1% increase in base interest rates would increase net interest income by approximately $4.9 million annually - As of March 31, 2024, **97%** of the company's debt portfolio consisted of variable-rate investments, making it sensitive to changes in interest rates[298](index=298&type=chunk) Annualized Impact of Hypothetical Interest Rate Changes | Change in Interest Rates | Change in Net Interest Income (in thousands) | Change in Net Interest Income Per Share | | :--- | :--- | :--- | | Down 1% | $(4,948) | $(0.08) | | Up 1% | $4,948 | $0.08 | | Up 2% | $9,896 | $0.15 | | Up 3% | $14,843 | $0.23 | | Up 4% | $19,816 | $0.30 | [Item 4. Controls and Procedures](index=55&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, having remediated previously disclosed material weaknesses - Management concluded that disclosure controls and procedures were effective as of the quarter ended March 31, 2024[303](index=303&type=chunk) - The company has implemented remediation efforts for previously identified material weaknesses in internal controls related to cash/investment reconciliations and interest income/non-accrual analysis[302](index=302&type=chunk) [PART II. OTHER INFORMATION](index=56&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers other information including legal proceedings, risk factors, unregistered sales of equity securities, defaults on senior securities, mine safety disclosures, and exhibits [Item 1. Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) The company, its Investment Adviser, and its Administrator are not currently subject to any material legal proceedings - There are no material legal proceedings against the company, its Investment Adviser, or its Administrator[305](index=305&type=chunk) [Item 1A. Risk Factors](index=56&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023 - The report refers to the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended September 30, 2023, indicating no material changes[306](index=306&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered securities were sold during the quarter ended March 31, 2024, and the company's share repurchase program expired on March 31, 2023 - No unregistered securities were sold in the quarter ended March 31, 2024[307](index=307&type=chunk) - The company's share repurchase program expired on March 31, 2023, with a total of **1,820,605 shares** purchased at an average price of **$7.28 per share**[308](index=308&type=chunk) [Item 3. Defaults Upon Senior Securities](index=56&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the period - None[309](index=309&type=chunk) [Item 4. Mine Safety Disclosures](index=56&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[310](index=310&type=chunk) [Item 5. Other Information](index=56&type=section&id=Item%205.%20Other%20Information) No officers or directors of the company have adopted or terminated any Rule 10b5-1 trading arrangements during the period - No Rule 10b5-1 trading arrangements were adopted or terminated by officers or directors[311](index=311&type=chunk) [Item 6. Exhibits](index=57&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including certifications from the CEO and CFO, and XBRL data files

[Financial Highlights](index=1&type=section&id=Highlights) The company reported a **NAV per share of $7.69**, a 0.5% increase, with net investment income covering distributions and a growing investment portfolio Q2 2024 Key Financial Metrics | Metric | Value ($M) | | :--- | :--- | | **Assets & Liabilities** | | | Investment Portfolio | $1,238.2 | | Net Assets | $501.5 | | GAAP Net Asset Value per Share | $7.69 | | Quarterly Increase in GAAP NAV/share | 0.5% | | Regulatory Debt to Equity | 1.42x | | Weighted Average Yield on Debt | 12.5% | | **Operating Results** | | | Net Investment Income per Share | $0.22 | | Core Net Investment Income per Share | $0.22 | | Distributions Declared per Share | $0.21 | | **Portfolio Activity** | | | Purchases of Investments | $188.5 | | Sales and Repayments | $176.2 | - Core Net Investment Income (Core NII) for the quarter ended March 31, 2024, was equal to the GAAP Net Investment Income of **$0.22 per share**, as there were no one-time or non-recurring items[4](index=4&type=chunk) [Distribution Announcement](index=2&type=section&id=INCREASE%20OF%20MONTHLY%20DISTRIBUTION) The company announced a **14.3% increase** in its monthly distribution to **$0.08 per share**, driven by strong portfolio performance and robust earnings - On May 8, 2024, the company declared a monthly distribution of **$0.08 per share** for June 2024, a **14.3% increase** from the prior distribution[6](index=6&type=chunk) - The distribution is payable on July 1, 2024, to stockholders of record as of June 14, 2024, and is expected to be paid from taxable net investment income[6](index=6&type=chunk) - Chairman and CEO Arthur Penn stated the increase is based on "continued strong underlying credit performance" and a "robust" earnings stream, highlighting returns from the PSLF Joint Venture[7](index=7&type=chunk) [Portfolio and Investment Activity](index=2&type=section&id=PORTFOLIO%20AND%20INVESTMENT%20ACTIVITY) The investment portfolio grew to **$1.24 billion**, primarily in first lien secured and variable-rate debt, with increased non-accrual investments [Overall Portfolio Composition](index=2&type=section&id=Overall%20Portfolio%20Composition) The investment portfolio grew to **$1.24 billion**, with a higher allocation to first lien secured debt and an increase in non-accrual investments Portfolio Composition Comparison | Metric | March 31, 2024 ($M) | September 30, 2023 ($M) | | :--- | :--- | :--- | | **Total Portfolio** | **$1,238.2** | **$1,101.7** | | First Lien Secured Debt | 55% | 48% | | Second Lien Secured Debt | 5% | 7% | | Subordinated Debt | 13% | 14% | | Preferred & Common Equity | 22% | 22% | | **Debt Portfolio** | | | | Variable-Rate Investments | 97% | 95% | | Weighted Avg. Yield | 12.5% | 13.0% | | **Credit Quality** | | | | Companies on Non-Accrual | 2 | 1 | | Non-Accrual (% of Fair Value) | 3.0% | 0.0% | [Investment Activity](index=2&type=section&id=Investment%20Activity) Investment activity significantly increased, with **$188.5 million** invested and **$176.2 million** in sales and repayments for the quarter Investment Activity (Three Months Ended March 31) | Activity | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | | Investments | $188.5 | $58.3 | | Sales & Repayments | $176.2 | $114.2 | | Weighted Avg. Yield on New Debt | 11.7% | 11.8% | Investment Activity (Six Months Ended March 31) | Activity | 2024 ($M) | 2023 ($M) | | :--- | :--- | :--- | | Investments | $419.6 | $144.8 | | Sales & Repayments | $247.2 | $136.8 | | Weighted Avg. Yield on New Debt | 11.8% | 11.5% | [PennantPark Senior Loan Fund (PSLF) Activity](index=3&type=section&id=PennantPark%20Senior%20Loan%20Fund%20%28PSLF%29%20Activity) The PSLF portfolio grew to **$923.9 million**, with significant investment activity including purchases from the Company - PSLF's portfolio increased to **$923.9 million** as of March 31, 2024, from **$804.2 million** as of September 30, 2023[12](index=12&type=chunk) - For the three months ended March 31, 2024, PSLF invested **$113.2 million** and had sales/repayments of **$49.7 million**, with investment activity substantially higher than the **$38.5 million** invested in the same period of 2023[13](index=13&type=chunk)[14](index=14&type=chunk) [Results of Operations](index=3&type=section&id=RESULTS%20OF%20OPERATIONS) Net investment income decreased to **$14.3 million**, or **$0.22 per share**, while net assets from operations significantly increased due to unrealized appreciation [Investment Income](index=3&type=section&id=Investment%20Income) Total investment income slightly decreased to **$36.0 million** for the quarter but increased to **$70.3 million** for the six-month period Investment Income Breakdown (in millions) | Period | Q2 2024 ($M) | Q2 2023 ($M) | Six Months 2024 ($M) | Six Months 2023 ($M) | | :--- | :--- | :--- | :--- | :--- | | **Total Investment Income** | **$36.0** | **$36.3** | **$70.3** | **$66.3** | [Expenses](index=3&type=section&id=Expenses) Total expenses increased to **$21.7 million** for the quarter, primarily due to higher debt-related interest and administrative costs Expenses Breakdown (in millions) | Period | Q2 2024 ($M) | Q2 2023 ($M) | Six Months 2024 ($M) | Six Months 2023 ($M) | | :--- | :--- | :--- | :--- | :--- | | **Total Expenses** | **$21.7** | **$19.7** | **$40.4** | **$39.3** | [Net Investment Income (NII)](index=3&type=section&id=Net%20Investment%20Income) Net investment income decreased to **$14.3 million**, or **$0.22 per share**, primarily due to higher expenses outpacing investment income Net Investment Income Comparison | Period | Q2 2024 ($M) | Q2 2023 ($M) | | :--- | :--- | :--- | | Net Investment Income | $14.3 | $16.6 | | NII per Share | $0.22 | $0.26 | [Realized and Unrealized Gains/Losses](index=4&type=section&id=Realized%20and%20Unrealized%20Gains%2FLosses) The company recorded a net realized loss of **$31.0 million** offset by **$33.2 million** in unrealized appreciation, resulting in a net gain from valuation changes - Net realized losses for Q2 2024 were **$(31.0) million**, a substantial improvement from **$(148.7) million** in Q2 2023[20](index=20&type=chunk) - The net change in unrealized appreciation on investments for Q2 2024 was **$33.2 million**, compared to **$135.4 million** in Q2 2023[21](index=21&type=chunk) - Overall net unrealized appreciation on investments stood at **$12.0 million** as of March 31, 2024, reversing the net unrealized depreciation of **$(16.3) million** as of September 30, 2023[21](index=21&type=chunk) [Net Change in Net Assets Resulting from Operations](index=4&type=section&id=Net%20Change%20in%20Net%20Assets%20Resulting%20from%20Operations) The company reported a net increase in net assets from operations of **$16.1 million**, or **$0.25 per share**, a significant improvement year-over-year Net Increase in Net Assets from Operations | Period | Q2 2024 ($M) | Q2 2023 ($M) | | :--- | :--- | :--- | | Net Increase in Net Assets | $16.1 | $4.9 | | Per Share | $0.25 | $0.07 | [Liquidity and Capital Resources](index=4&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company maintained **$35.4 million** in cash and **$78.5 million** in unused borrowing capacity, with increased credit facility utilization for investments - Cash and cash equivalents were **$35.4 million** as of March 31, 2024[26](index=26&type=chunk) Credit Facility Status | Metric | March 31, 2024 ($M) | September 30, 2023 ($M) | | :--- | :--- | :--- | | Outstanding Borrowings | $396.5 | $212.4 | | Unused Capacity | $78.5 | $262.6 | | Weighted Avg. Interest Rate | 7.7% | 7.7% | - For the six months ended March 31, 2024, cash used in operating activities was **$150.9 million**, primarily for investment activities, while cash provided by financing activities was **$147.5 million**, mainly from credit facility borrowings[26](index=26&type=chunk)[27](index=27&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) Total assets increased to **$1.29 billion**, driven by portfolio growth, while liabilities also rose, resulting in a slight decrease in net assets to **$501.5 million** [Consolidated Statements of Assets and Liabilities](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20ASSETS%20AND%20LIABILITIES) Total investments reached **$1.24 billion**, total assets **$1.29 billion**, and total net assets **$501.5 million**, with NAV per share at **$7.69** Key Balance Sheet Items (in thousands) | Account | March 31, 2024 ($K) | September 30, 2023 ($K) | | :--- | :--- | :--- | | Total Investments (Fair Value) | $1,238,231 | $1,101,647 | | Total Assets | $1,291,239 | $1,156,977 | | Total Liabilities | $789,710 | $654,790 | | **Total Net Assets** | **$501,529** | **$502,187** | | **Net Asset Value per Share** | **$7.69** | **$7.70** | [Consolidated Statements of Operations](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For the quarter, total investment income was **$36.0 million**, leading to **$14.3 million** in net investment income and a **$16.1 million** net increase in net assets Key Income Statement Items (Three Months Ended March 31, in thousands) | Account | 2024 ($K) | 2023 ($K) | | :--- | :--- | :--- | | Total Investment Income | $35,979 | $36,349 | | Net Expenses | $21,727 | $19,709 | | **Net Investment Income** | **$14,252** | **$16,640** | | Net Realized/Unrealized Gain (Loss) | $1,833 | $(11,768) | | **Net Increase in Net Assets** | **$16,085** | **$4,872** | | **EPS (from operations)** | **$0.25** | **$0.07** | | **NII per Share** | **$0.22** | **$0.26** | [Corporate Information](index=7&type=section&id=Corporate%20Information) PennantPark Investment Corporation is a BDC investing in U.S. middle-market companies, managed by PennantPark Investment Advisers, LLC, with **$7.2 billion** in capital - The company is a BDC that invests primarily in U.S. middle-market companies via first and second lien secured debt, subordinated debt, and equity[36](index=36&type=chunk) - The company is managed by PennantPark Investment Advisers, LLC, which manages **$7.2 billion** of investable capital[37](index=37&type=chunk)