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PennantPark Investment Corporation Announces Financial Results for the Fourth Quarter and Fiscal Year Ended September 30, 2025

PNNT
  • PennantPark Investment Corporation (NYSE: PNNT) reported financial results for the fourth quarter & fiscal year ended September 30, 2025.
  • The investment portfolio totaled $1,287.3 million as of September 30, 2025, down from $1,328.1 million in the prior year.
  • Net assets were $464.0 million, resulting in a net asset value (NAV) per share of $7.11, a quarterly decline of 3.4%.
  • Net investment income for the quarter ended September 30, 2025, was $9.8 million ($0.15 per share), compared to $14.4 million ($0.22 per share) in the prior year quarter.
  • Net investment income for the fiscal year ended September 30, 2025, was $46.1 million ($0.71 per share), compared to $60.1 million ($0.92 per share) in the prior year.
  • Core net investment income per share matched reported net investment income per share at $0.15 for the quarter & $0.71 for the year.
  • Distributions declared were $0.24 per share for the quarter & $0.96 per share for the year.
  • Portfolio purchases for the quarter were $186.4 million, while sales & repayments totaled $61.4 million.
  • Portfolio purchases for the year were $746.6 million, while sales & repayments totaled $810.4 million.
  • The portfolio consisted of 45% first lien secured debt, 28% preferred & common equity, 16% subordinated debt, 10% U.S. Government Securities, & 1% second lien secured debt.
  • Weighted average yield on debt investments was 11.0% as of September 30, 2025, down from 12.3% in the prior year.
  • The company had four portfolio companies on non-accrual status, representing 1.3% of the portfolio on a cost basis.
  • Net realized losses totaled $52.4 million for the year & $21.6 million for the quarter.
  • Net unrealized appreciation on investments was $50.4 million as of September 30, 2025.
  • Outstanding debt included a $425.5 million credit facility, $149.5 million in 2026 Notes, & $163.9 million in 2026-2 Notes.
  • Regulatory debt-to-equity ratio was 1.60x.
  • PennantPark Senior Loan Fund (PSLF) portfolio totaled $1,265.9 million as of September 30, 2025.
  • PSLF refinanced $63 million in debt in July 2025, reducing its weighted average cost of capital from SOFR plus 3.31% to SOFR plus 2.63%.
  • Cash & cash equivalents were $51.8 million as of September 30, 2025.
  • Operating activities provided $104.8 million in cash for the year, while financing activities used $102.9 million.
  • A conference call to discuss results is scheduled for November 25, 2025, at 12:00 p.m. EST.