PennantPark Investment Corp. (PNNT, Financial) filed Quarterly Report for the period ended 2010-03-31.
Pennantpark Investment Corp. has a market cap of $280.2 million; its shares were traded at around $10.86 with a P/E ratio of 9.5 and P/S ratio of 6.2. The dividend yield of Pennantpark Investment Corp. stocks is 9.6%.
As of September 30, 2009, our portfolio totaled $469.8 million and consisted of $157.1 million of subordinated debt, $134.4 million of second lien secured debt, $150.6 million of senior secured loans and $27.7 million of preferred and common equity investments. Our core assets totaled $427.1 million and consisted of investments in thirty different companies with an average investment size of $14.2 million per company and a weighted average yield of 12.5% on debt investments. Our non-core senior secured loan portfolio totaled $42.7 million and consisted of thirteen different companies (including one company also in our core portfolio) with an average investment size of $3.3 million and a weighted average yield of 3.1%. Our debt portfolio consisted of 53% fixed-rate (including 15% with a LIBOR floor) and 47% variable-rate investments. Overall, the portfolio had an unrealized depreciation of $27.5 million. Our overall portfolio consisted of forty-two companies with an average investment size of $11.2 million and a weighted average yield on debt investments of 11.4%, and was invested 33% in subordinated debt, 29% in second lien secured debt, 32% in senior secured loans and 6% in preferred and common equity investments.
Investment income for the three and six months ended March 31, 2010, was $13.5 million and $27.1 million, respectively, and was primarily attributable to $5.9 million and $11.3 million from subordinated debt investments, $3.3 million and $6.5 million from second lien secured debt investments and $3.2 million and $6.7 million from senior secured loan investments, respectively. The remaining investment income was primarily attributed to net accretion of discount and amortization of premium and other income. The increase in investment income compared with the same periods in the prior year is due to the growth of our portfolio and the transition of the portfolio from temporary to long-term core investments offset by lower interest rates on our variable rate portfolio of investments.
Investment income for the three and six months ended March 31, 2009, was $10.4 million and $22.5 million, respectively, of which $2.5 million and $5.0 million was attributable to subordinated debt investments, $3.4 million and $7.3 million was attributable to second lien secured debt investments, and $4.3 million and $9.3 million was attributable to senior secured loan investments, respectively. The remaining investment income was primarily attributed to interest income from short-term investments and to net accretion of discount and amortization of premium. The change in investment income compared with the same periods in the prior year is due to the growth of our portfolio, the transition of the portfolio from temporary to long-term core investments offset by lower interest rates.
Expenses for the three and six months ended March 31, 2010, totaled $6.5 million and $12.8 million, respectively. For the same respective periods, base management fees totaled $2.8 million and $5.3 million, performance-based incentive fees totaled $1.8 million and $3.6 million, credit facility related expenses totaled $0.8 million and $1.6 million, general and administrative expenses totaled $1.1 million and $2.2 million, respectively. For the six months ended March 31, 2010, an excise tax of $0.1 million was incurred.
Expenses for the three and six months ended March 31, 2009, totaled $5.2 million and $11.5 million, respectively. For the same respective periods, base management fees totaled $1.8 million and $3.6 million, performance-based incentive fees totaled $1.3 million and $2.8 million, credit facility related expenses totaled $1.2 million and $3.0 million, general and administrative expenses totaled $0.9 million and $2.1 million.
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Pennantpark Investment Corp. has a market cap of $280.2 million; its shares were traded at around $10.86 with a P/E ratio of 9.5 and P/S ratio of 6.2. The dividend yield of Pennantpark Investment Corp. stocks is 9.6%.
Highlight of Business Operations:
As of March 31, 2010, our portfolio totaled $587.7 million and consisted of $203.3 million of subordinated debt, $151.8 million of second lien secured debt, $202.3 million of senior secured loans and $30.3 million of preferred and common equity investments. Our core assets totaled $555.6 million and consisted of investments in thirty-eight different companies with an average investment size of $14.6 million per company and a weighted average yield of 12.4% on debt investments. Our non-core senior secured loan portfolio totaled $32.1 million and consisted of nine different companies with an average investment size of $3.6 million, and a weighted average yield of 3.0% on debt investments. Our debt portfolio consisted of 66% fixed-rate (including 23% with a LIBOR floor) and 34% in variable-rate investments. Overall, the portfolio had an unrealized appreciation of $6.3 million as of March 31, 2010. Our overall portfolio consisted of forty-seven companies with an average investment size of $12.5 million and a weighted average yield on debt investments of 11.7%, and was invested 35% in subordinated debt, 26% in second lien secured debt, 34% in senior secured loans and 5% in preferred and common equity investments.As of September 30, 2009, our portfolio totaled $469.8 million and consisted of $157.1 million of subordinated debt, $134.4 million of second lien secured debt, $150.6 million of senior secured loans and $27.7 million of preferred and common equity investments. Our core assets totaled $427.1 million and consisted of investments in thirty different companies with an average investment size of $14.2 million per company and a weighted average yield of 12.5% on debt investments. Our non-core senior secured loan portfolio totaled $42.7 million and consisted of thirteen different companies (including one company also in our core portfolio) with an average investment size of $3.3 million and a weighted average yield of 3.1%. Our debt portfolio consisted of 53% fixed-rate (including 15% with a LIBOR floor) and 47% variable-rate investments. Overall, the portfolio had an unrealized depreciation of $27.5 million. Our overall portfolio consisted of forty-two companies with an average investment size of $11.2 million and a weighted average yield on debt investments of 11.4%, and was invested 33% in subordinated debt, 29% in second lien secured debt, 32% in senior secured loans and 6% in preferred and common equity investments.
Investment income for the three and six months ended March 31, 2010, was $13.5 million and $27.1 million, respectively, and was primarily attributable to $5.9 million and $11.3 million from subordinated debt investments, $3.3 million and $6.5 million from second lien secured debt investments and $3.2 million and $6.7 million from senior secured loan investments, respectively. The remaining investment income was primarily attributed to net accretion of discount and amortization of premium and other income. The increase in investment income compared with the same periods in the prior year is due to the growth of our portfolio and the transition of the portfolio from temporary to long-term core investments offset by lower interest rates on our variable rate portfolio of investments.
Investment income for the three and six months ended March 31, 2009, was $10.4 million and $22.5 million, respectively, of which $2.5 million and $5.0 million was attributable to subordinated debt investments, $3.4 million and $7.3 million was attributable to second lien secured debt investments, and $4.3 million and $9.3 million was attributable to senior secured loan investments, respectively. The remaining investment income was primarily attributed to interest income from short-term investments and to net accretion of discount and amortization of premium. The change in investment income compared with the same periods in the prior year is due to the growth of our portfolio, the transition of the portfolio from temporary to long-term core investments offset by lower interest rates.
Expenses for the three and six months ended March 31, 2010, totaled $6.5 million and $12.8 million, respectively. For the same respective periods, base management fees totaled $2.8 million and $5.3 million, performance-based incentive fees totaled $1.8 million and $3.6 million, credit facility related expenses totaled $0.8 million and $1.6 million, general and administrative expenses totaled $1.1 million and $2.2 million, respectively. For the six months ended March 31, 2010, an excise tax of $0.1 million was incurred.
Expenses for the three and six months ended March 31, 2009, totaled $5.2 million and $11.5 million, respectively. For the same respective periods, base management fees totaled $1.8 million and $3.6 million, performance-based incentive fees totaled $1.3 million and $2.8 million, credit facility related expenses totaled $1.2 million and $3.0 million, general and administrative expenses totaled $0.9 million and $2.1 million.
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