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Sep 30, 2023
PennantPark Q4 2023 Earnings Report
Announced financial results for the fourth quarter and fiscal year ended September 30, 2023.
Key Takeaways
PennantPark Investment Corporation reported a solid performance in Q4 2023, with earnings exceeding the dividend by a healthy margin due to strong credit performance and excellent returns from the PSLF Joint Venture. The portfolio totaled $1,001.9 million, and the company had one portfolio company on non-accrual.
Portfolio totaled $1,001.9 million as of September 30, 2023.
Net investment income was $15.6 million, or $0.24 per share.
Invested $61.1 million in two new and 31 existing portfolio companies with a weighted average yield on debt investments of 12.3%.
Sales and repayments of investments totaled $138.2 million, including $47.6 million of sales to PSLF.
PennantPark
PennantPark
PennantPark Revenue by Segment
Revenue by Segment
First Lien Secured Debt Revenue
CapyFin.comSecond Lien Secured Debt Revenue
CapyFin.comSubordinated Debt Revenue
CapyFin.com Forward Guidance
The Company expects to report certain material weaknesses in internal control over financial reporting in Item 9A of its Annual Report on Form 10-K for the fiscal year ended September 30, 2023. The material weaknesses identified to date relate to the control environment over the Company's review process of its cash and par reconciliations and its interest income analysis. The material weaknesses are not expected to impact the accuracy of the Company's financial statements to be reported in the 2023 Annual Report.
Challenges Ahead
- Expects to report certain material weaknesses in internal control over financial reporting.
- Material weaknesses relate to the control environment over the Company's review process of its cash and par reconciliations.
- Material weaknesses relate to the control environment over the Company's interest income analysis.
- Preliminary unaudited results are based on current expectations and are subject to adjustment.
- The Company is completing its assessment of the effectiveness of its internal control over financial reporting as of September 30, 2023.