Core Insights - PennantPark Investment Corporation reported its financial results for the fourth quarter and fiscal year ended September 30, 2025, highlighting a decrease in net investment income and net asset value per share compared to the previous year [1][19][23]. Financial Performance - For the year ended September 30, 2025, the company had a net investment income of $46.1 million, or $0.71 per share, down from $60.1 million, or $0.92 per share in the previous year, reflecting a decrease of approximately 23% [19][23]. - The net asset value per share decreased to $7.11 from $7.56, representing a decline of 5.9% [2][32]. - Total investment income for the year was $122.4 million, down from $143.8 million in the prior year [16][35]. Portfolio and Investment Activity - As of September 30, 2025, the investment portfolio totaled $1,287.3 million, with 45% in first lien secured debt and 28% in preferred and common equity [2][6]. - The company made purchases of investments totaling $746.6 million for the year, while sales and repayments amounted to $810.4 million [2][8]. - The weighted average yield on debt investments was 11.0% for the year [2][6]. Expenses and Liabilities - Total expenses for the year were $76.3 million, a decrease from $83.7 million in the previous year, primarily due to lower interest expenses [17][19]. - The company had outstanding borrowings of $426.5 million under the Truist Credit Facility as of September 30, 2025, with a weighted average interest rate of 6.5% [25][26]. Distributions - During the year ended September 30, 2025, the company declared total distributions of $62.7 million, or $0.96 per share, compared to $57.4 million, or $0.88 per share in the previous year [29]. Market Position and Strategy - The company maintains a focus on the core middle market, which is characterized by attractive credit spreads and lower leverage, aiming to support net investment income through realizations of equity holdings [5][37].

Core Insights - PennantPark Floating Rate Capital Ltd. reported its financial results for the second quarter ended March 31, 2025, highlighting a decrease in net asset value per share by 2.4% [2][18] - The company experienced an increase in investment income, totaling $61.9 million for the quarter, compared to $44.4 million in the same period last year [16][38] - The overall portfolio value increased to $2,344.1 million, with a significant portion in first lien secured debt [7][11] Financial Performance - Net investment income for the quarter was $25.0 million, or $0.28 per share, up from $19.1 million, or $0.31 per share, in the previous year [18][38] - Total expenses for the quarter were $36.9 million, compared to $25.3 million in the same quarter of 2024, primarily due to increased interest expenses [17][38] - The company declared distributions of $0.31 per share for the quarter, totaling $27.7 million, compared to $18.8 million in the same period last year [32] Portfolio and Investment Activity - The investment portfolio consisted of $2,100.2 million in first lien secured debt, $4.4 million in subordinated debt, and $239.5 million in preferred and common equity [7][11] - During the quarter, the company made purchases of investments totaling $293.3 million and sales and repayments of $122.4 million [9][12] - The weighted average yield on debt investments at quarter-end was 10.5% [2][7] Debt and Capital Structure - The company completed a $474.6 million term debt securitization in February 2025, retaining $85.1 million of subordinated notes [25] - As of March 31, 2025, the company had a regulatory debt to equity ratio of 1.29x [2] - The annualized weighted average cost of debt decreased to 6.8% from 7.1% year-over-year [26] Recent Developments - In April 2025, the company amended its credit facility agreement, reducing pricing and extending the reinvestment period [33] - The PennantPark Senior Secured Loan Fund I LLC (PSSL) closed a $301 million debt securitization, expected to be fully funded at close [34] - The company continues to monitor available net investment income to determine potential returns of capital for tax purposes [32]