PennantPark Investment Corporation reported its financial results for the quarter ending December 31, 2024, revealing a net increase in net assets resulting from operations of $16.1 million, or $0.25 per share, compared to $10.7 million, or $0.16 per share, for the same period in 2023. The company generated total investment income of $34.2 million, slightly down from $34.3 million year-over-year, primarily due to changes in its portfolio and investment yields. The decrease in investment income was attributed to lower interest income from non-controlled, non-affiliated investments, which fell to $18.8 million from $21.1 million in the prior year.
Total assets as of December 31, 2024, stood at $1.41 billion, an increase from $1.39 billion at the end of the previous quarter. The company's investment portfolio, valued at $1.30 billion, included $575 million in first lien secured debt and $206 million in subordinated debt. The net asset value per share increased to $7.57 from $7.56 in the prior quarter. The company also reported a total of 65,296,094 shares of common stock outstanding as of February 10, 2025.
In terms of operational developments, PennantPark made significant investments totaling $295.7 million in 12 new and 61 existing portfolio companies during the quarter. The weighted average yield on these debt investments was 10.6%. The company also reported sales and repayments of investments totaling $353.7 million, reflecting a substantial increase compared to $71 million in the same quarter of the previous year. The overall portfolio consisted of 158 companies, with an average investment size of $7.4 million.
The company’s expenses for the quarter totaled $21.2 million, up from $18.7 million in the prior year, driven by increased interest expenses related to its debt. The annualized weighted average cost of debt was reported at 6.2%, slightly down from 6.4% in the previous year. Looking ahead, PennantPark remains focused on its strategy of investing in U.S. middle-market companies, with plans to continue utilizing its debt capital and proceeds from public and private offerings to finance its investment objectives. The company has also entered into equity distribution agreements to potentially raise up to $100 million through the sale of its common stock.
About PENNANTPARK INVESTMENT CORP
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