Company Quick10K Filing
PennantPark Investment
10-Q 2020-03-31 Filed 2020-05-11
10-Q 2019-12-31 Filed 2020-02-06
10-K 2019-09-30 Filed 2019-11-21
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-09
10-Q 2018-12-31 Filed 2019-02-07
10-K 2018-09-30 Filed 2018-11-15
10-Q 2018-06-30 Filed 2018-08-08
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10-Q 2017-12-31 Filed 2018-02-07
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10-Q 2016-12-31 Filed 2017-02-08
10-K 2016-09-30 Filed 2016-11-21
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10-Q 2015-12-31 Filed 2016-02-03
10-K 2015-09-30 Filed 2015-11-10
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10-Q 2015-03-31 Filed 2015-05-06
10-Q 2014-12-31 Filed 2015-02-04
10-K 2014-09-30 Filed 2014-11-12
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10-Q 2013-03-31 Filed 2013-05-08
10-Q 2012-12-31 Filed 2013-02-06
10-K 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-02
10-Q 2011-12-31 Filed 2012-02-08
10-K 2011-09-30 Filed 2011-11-16
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-04
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10-Q 2009-12-31 Filed 2010-02-03
8-K 2020-06-02
8-K 2020-05-11
8-K 2020-04-09
8-K 2020-04-06
8-K 2020-04-01
8-K 2020-03-17
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8-K 2020-02-25
8-K 2020-02-06
8-K 2020-02-04
8-K 2020-01-10
8-K 2019-12-03
8-K 2019-11-21
8-K 2019-10-10
8-K 2019-09-24
8-K 2019-09-24
8-K 2019-09-24
8-K 2019-09-05
8-K 2019-09-04
8-K 2019-08-07
8-K 2019-07-29
8-K 2019-07-10
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8-K 2019-05-09
8-K 2019-04-08
8-K 2019-03-06
8-K 2019-02-22
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8-K 2019-01-31
8-K 2019-01-09
8-K 2018-12-05
8-K 2018-11-15
8-K 2018-10-10
8-K 2018-09-07
8-K 2018-08-08
8-K 2018-07-09
8-K 2018-06-06
8-K 2018-05-09
8-K 2018-05-09
8-K 2018-04-09
8-K 2018-03-14
8-K 2018-03-05
8-K 2018-02-27
8-K 2018-02-07
8-K 2018-02-06
8-K 2018-01-12

PNNT 10Q Quarterly Report

Part I - Consolidated Financial Information
Item 1. Consolidated Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-3.2 pnnt-ex32_163.htm
EX-31.1 pnnt-ex311_9.htm
EX-31.2 pnnt-ex312_7.htm
EX-32.1 pnnt-ex321_8.htm
EX-32.2 pnnt-ex322_6.htm

PennantPark Investment Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 pnnt-10q_20200331.htm 10-Q pnnt-10q_20200331.htm

`

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE TRANSITION PERIOD FROM              TO             

COMMISSION FILE NUMBER: 814-00736

 

PENNANTPARK INVESTMENT CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

MARYLAND

 

20-8250744

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

590 Madison Avenue, 15th Floor

New York, N.Y.

 

10022

(Address of principal executive offices)

 

(Zip Code)

 

(212) 905-1000

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

PNNT

The Nasdaq Stock Market LLC

5.50% Notes due 2024

PNNTG

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

☐  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐  No  

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of May 11, 2020 was 67,045,105.

 


 

PENNANTPARK INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2020

TABLE OF CONTENTS

 

 

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Consolidated Financial Statements

 

 

 

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2020 (unaudited) and September 30, 2019

 

4

 

 

 

Consolidated Statements of Operations for the three and six months ended March 31, 2020 and 2019 (unaudited)

 

5

 

 

 

Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2020 and 2019 (unaudited)

 

6

 

 

 

Consolidated Statements of Cash Flows for the six months ended March 31, 2020 and 2019 (unaudited)

 

7

 

 

 

Consolidated Schedules of Investments as of March 31, 2020 (unaudited) and September 30, 2019

 

8

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

15

 

 

 

Report of Independent Registered Public Accounting Firm

 

26

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

27

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

35

 

 

 

Item 4. Controls and Procedures

 

36

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

37

 

 

 

Item 1A. Risk Factors

 

37

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

38

 

 

 

Item 3. Defaults Upon Senior Securities

 

38

 

 

 

Item 4. Mine Safety Disclosures

 

38

 

 

 

Item 5. Other Information

 

38

 

 

 

Item 6. Exhibits

 

40

 

 

 

SIGNATURES

 

41

 

 

2


 

PART I—CONSOLIDATED FINANCIAL INFORMATION

 

We are filing this Quarterly Report on Form 10-Q, or the Report, in compliance with Rule 13a-13 as promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where context suggest otherwise, the terms “Company,” “we,” “our” or “us” refer to PennantPark Investment Corporation and its consolidated subsidiaries; “PennantPark Investment” refers to only PennantPark Investment Corporation; our” SBIC Fund” refers collectively to our consolidated subsidiaries, PennantPark SBIC II LP, or SBIC II, and its general partner, PennantPark SBIC GP II, LLC; “Funding I” refers to PennantPark Investment Funding I, LLC; “Taxable Subsidiaries” refers to PNNT Cascade Environmental Holdings, LLC, PNNT CI (Galls) Prime Investment Holdings, LLC, PNNT ecoserve, LLC, PNNT Investment Holdings, LLC and PNNT New Gulf Resources, LLC; “PennantPark Investment Advisers” or “Investment Adviser” refer to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refer to PennantPark Investment Administration, LLC; “SBA” refers to the Small Business Administration; “SBIC” refers to a small business investment company under the Small Business Investment Act of 1958, as amended, or the “1958 Act”; “BNP Credit Facility” refers to our revolving credit facility with BNP Paribas; “Truist Credit Facility” refers to our multi-currency, senior secured revolving credit facility with Truist Bank (formerly SunTrust Bank), as amended and restated; “Credit Facilities” refers to the BNP Credit Facility and Truist Credit Facility collectively; “2019 Notes” refers to our 4.5% notes due 2019, which we redeemed in March 2019; “2024 Notes” refers to our 5.5% Notes due 2024; “BDC” refers to a business development company under the Investment Company Act of 1940, as amended, or the “1940 Act”; “SBCAA” refers to the Small Business Credit Availability Act; “Code” refers to the Internal Revenue Code of 1986, as amended; and “RIC” refers to a regulated investment company under the Code. References to our portfolio, our investments and our business include investments we make through SBIC II and our other consolidated subsidiaries.

 

 

3


 

Item 1.

Consolidated Financial Statements

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

 

 

 

March 31, 2020

 

 

September 30, 2019

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$1,136,891,439 and $922,304,099, respectively)

 

$

1,127,578,177

 

 

$

936,632,099

 

Non-controlled, affiliated investments (cost—$77,628,920 and $77,600,816, respectively)

 

 

26,648,548

 

 

 

49,349,338

 

Controlled, affiliated investments (cost—$274,448,367 and $257,117,800, respectively)

 

 

199,820,217

 

 

 

233,451,359

 

Total of investments (cost—$1,488,968,726 and $1,257,022,715, respectively)

 

 

1,354,046,942

 

 

 

1,219,432,796

 

Cash and cash equivalents (cost—$25,174,710 and $59,546,438, respectively)

 

 

25,127,515

 

 

 

59,516,236

 

Interest receivable

 

 

6,872,137

 

 

 

6,226,539

 

Prepaid expenses and other assets

 

 

1,071,214

 

 

 

662,442

 

Total assets

 

 

1,387,117,808

 

 

 

1,285,838,013

 

Liabilities

 

 

 

 

 

 

 

 

Distributions payable

 

 

12,068,119

 

 

 

12,068,119

 

BNP Credit Facility payable, at fair value (cost—$245,000,000 and $171,000,000, respectively) (See Notes 5 and 10)

 

 

228,585,000

 

 

 

170,145,000

 

Truist Credit Facility payable, at fair value (cost—$441,636,000 and $301,636,000, respectively) (See Notes 5 and 10)

 

 

404,430,430

 

 

 

295,245,214

 

2024 Notes payable, net (par—$86,250,000 and $75,000,000, respectively) (See Notes 5 and 10)

 

 

83,504,809

 

 

 

72,256,607

 

SBA debentures payable, net (par—$133,500,000 and $150,000,000, respectively) (See Notes 5 and 10)

 

 

130,285,249

 

 

 

146,111,055

 

Base management fee payable, net (See Note 3)

 

 

4,880,699

 

 

 

4,641,480

 

Performance-based incentive fee payable, net (See Note 3)

 

 

1,913,047

 

 

 

 

Interest payable on debt

 

 

4,612,690

 

 

 

2,895,695

 

Accrued other expenses

 

 

158,528

 

 

 

569,175

 

Total liabilities

 

 

870,438,571

 

 

 

703,932,345

 

Commitments and contingencies (See Note 11)

 

 

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

 

 

Common stock, 67,045,105 and 67,045,105 shares issued and outstanding, respectively

   Par value $0.001 per share and 100,000,000 shares authorized

 

 

67,045

 

 

 

67,045

 

Paid-in capital in excess of par value

 

 

788,192,159

 

 

 

788,192,159

 

Accumulated distributable net loss

 

 

(271,579,967

)

 

 

(206,353,536

)

Total net assets

 

$

516,679,237

 

 

$

581,905,668

 

Total liabilities and net assets

 

$

1,387,117,808

 

 

$

1,285,838,013

 

Net asset value per share

 

$

7.71

 

 

$

8.68

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

22,748,529

 

 

$

22,938,612

 

 

$

43,133,443

 

 

$

46,447,193

 

Payment-in-kind

 

 

1,978,894

 

 

 

2,626,193

 

 

 

3,863,400

 

 

 

3,872,209

 

Other income

 

 

751,284

 

 

 

1,016,381

 

 

 

941,202

 

 

 

1,634,452

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

3,798

 

 

 

 

 

 

108,903

 

Payment-in-kind

 

 

 

 

 

 

 

 

 

 

108,625

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

559,934

 

 

 

2,048,653

 

 

 

1,204,624

 

 

 

3,837,256

 

Payment-in-kind

 

 

1,496,251

 

 

 

54,116

 

 

 

4,395,988

 

 

 

59,116

 

Total investment income

 

 

27,534,892

 

 

 

28,687,753

 

 

 

53,538,657

 

 

 

56,067,754

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

4,880,699

 

 

 

4,510,830

 

 

 

9,623,129

 

 

 

8,930,092

 

Performance-based incentive fee (See Note 3)

 

 

1,913,047

 

 

 

8,340

 

 

 

2,657,673

 

 

 

2,675,610

 

Interest and expenses on debt (See Note 10)

 

 

8,962,513

 

 

 

7,032,019

 

 

 

17,828,583

 

 

 

13,310,866

 

Administrative services expenses (See Note 3)

 

 

521,520

 

 

 

532,625

 

 

 

1,043,040

 

 

 

1,054,250

 

Other general and administrative expenses

 

 

648,881

 

 

 

692,177

 

 

 

1,292,841

 

 

 

1,310,544

 

Expenses before financing costs and provision for taxes

 

 

16,926,660

 

 

 

12,775,991

 

 

 

32,445,266

 

 

 

27,281,362

 

Debt issuance costs (See Notes 5 and 10)

 

 

 

 

 

2,696,498

 

 

 

 

 

 

2,696,498

 

Make-whole premium (See Notes 5 and 10)

 

 

 

 

 

2,162,526

 

 

 

 

 

 

2,162,526

 

Provision for taxes

 

 

300,000

 

 

 

300,000

 

 

 

600,000

 

 

 

600,000

 

Net expenses

 

 

17,226,660

 

 

 

17,935,015

 

 

 

33,045,266

 

 

 

32,740,386

 

Net investment income

 

 

10,308,232

 

 

 

10,752,738

 

 

 

20,493,391

 

 

 

23,327,368

 

Realized and unrealized (loss) gain on investments and debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on investments on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

1,424,778

 

 

 

972,448

 

 

 

(10,609,375

)

 

 

4,710,367

 

Non-controlled and controlled, affiliated investments

 

 

 

 

 

 

 

 

 

 

 

4,792,067

 

Net realized gain (loss) on investments

 

 

1,424,778

 

 

 

972,448

 

 

 

(10,609,375

)

 

 

9,502,434

 

Net change in unrealized (depreciation) appreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(40,710,987

)

 

 

(6,753,803

)

 

 

(23,658,391

)

 

 

(13,683,685

)

Non-controlled and controlled, affiliated investments

 

 

(80,260,831

)

 

 

(13,379,363

)

 

 

(73,690,603

)

 

 

(26,842,060

)

Debt depreciation (See Notes 5 and 10)

 

 

48,946,105

 

 

 

3,661,483

 

 

 

46,374,785

 

 

 

9,727,635

 

Net change in unrealized (depreciation) appreciation on investments and debt

 

 

(72,025,713

)

 

 

(16,471,683

)

 

 

(50,974,209

)

 

 

(30,798,110

)

Net realized and unrealized (loss) gain from investments and debt

 

 

(70,600,935

)

 

 

(15,499,235

)

 

 

(61,583,584

)

 

 

(21,295,676

)

Net (decrease) increase in net assets resulting from operations

 

$

(60,292,703

)

 

$

(4,746,497

)

 

$

(41,090,193

)

 

$

2,031,692

 

Net (decrease) increase in net assets resulting from operations per common share (See Note 7)

 

$

(0.90

)

 

$

(0.07

)

 

$

(0.61

)

 

$

0.03

 

Net investment income per common share

 

$

0.15

 

 

$

0.16

 

 

$

0.31

 

 

$

0.34

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

5


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net (decrease) increase in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

10,308,232

 

 

$

10,752,738

 

 

$

20,493,391

 

 

$

23,327,368

 

Net realized gain (loss) on investments

 

 

1,424,778

 

 

 

972,448

 

 

 

(10,609,375

)

 

 

9,502,434

 

Net change in unrealized (depreciation) on investments

 

 

(120,971,818

)

 

 

(20,133,166

)

 

 

(97,348,994

)

 

 

(40,525,745

)

Net change in unrealized depreciation on debt

 

 

48,946,105

 

 

 

3,661,483

 

 

 

46,374,785

 

 

 

9,727,635

 

Net (decrease) increase in net assets resulting from operations

 

 

(60,292,703

)

 

 

(4,746,497

)

 

 

(41,090,193

)

 

 

2,031,692

 

Distributions to stockholders

 

 

(12,068,119

)

 

 

(12,068,119

)

 

 

(24,136,238

)

 

 

(24,313,076

)

Capital transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

(6,977,698

)

 

 

 

 

 

(14,471,720

)

Net decrease in net assets

 

 

(72,360,822

)

 

 

(23,792,314

)

 

 

(65,226,431

)

 

 

(36,753,104

)

Net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

589,040,059

 

 

 

615,941,105

 

 

 

581,905,668

 

 

 

628,901,895

 

End of period

 

$

516,679,237

 

 

$

592,148,791

 

 

$

516,679,237

 

 

$

592,148,791

 

Capital share activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares of common stock repurchased

 

 

 

 

 

(982,432

)

 

 

 

 

 

(2,008,853

)

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Six Months Ended March 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net (decrease) increase in net assets resulting from operations

 

$

(41,090,193

)

 

$

2,031,692

 

Adjustments to reconcile net (decrease) increase in net assets resulting from

   operations to net cash used in operating activities:

 

 

 

 

 

 

 

 

Net change in net unrealized depreciation on investments

 

 

97,348,994

 

 

 

40,525,745

 

Net change in unrealized depreciation on debt

 

 

(46,374,785

)

 

 

(9,727,635

)

Net realized loss (gain) on investments

 

 

10,609,375

 

 

 

(9,502,434

)

Net accretion of discount and amortization of premium

 

 

(1,352,104

)

 

 

(1,505,849

)

Purchases of investments

 

 

(280,494,214

)

 

 

(378,352,580

)

Payment-in-kind income

 

 

(8,245,142

)

 

 

(4,723,070

)

Proceeds from dispositions of investments

 

 

47,535,202

 

 

 

240,886,539

 

Amortization of deferred financing costs

 

 

1,037,172

 

 

 

521,458

 

(Increase) decrease in interest receivable

 

 

(645,598

)

 

 

669,626

 

(Decrease) increase in prepaid expenses and other assets

 

 

(408,772

)

 

 

648,842

 

Increase in payable for investments purchased

 

 

 

 

 

4,480,173

 

Increase (decrease) in interest payable on debt

 

 

1,716,995

 

 

 

(4,133,108

)

Increase in base management fee payable, net

 

 

239,219

 

 

 

423,998

 

Increase (decrease) in performance-based incentive fee payable, net

 

 

1,913,047

 

 

 

(2,955,925

)

Decrease in accrued other expenses

 

 

(410,647

)

 

 

(541,118

)

Net cash used in operating activities

 

 

(218,621,451

)

 

 

(121,253,646

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

(14,471,720

)

Distributions paid to stockholders

 

 

(24,136,238

)

 

 

(24,674,669

)

Proceeds from 2024 Notes issuance

 

 

10,912,500

 

 

 

 

Repayments of 2019 Notes

 

 

 

 

 

(250,000,000

)

Repayments under SBA debentures

 

 

(16,500,000

)

 

 

(30,000,000

)

Borrowings under BNP Credit Facility

 

 

90,000,000

 

 

 

142,500,000

 

Repayments under BNP Credit Facility

 

 

(16,000,000

)

 

 

 

 

Borrowings under Truist Credit Facility

 

 

273,000,000

 

 

 

571,000,000

 

Repayments under Truist Credit Facility

 

 

(133,000,000

)

 

 

(262,384,000

)

Net cash provided by financing activities

 

 

184,276,262

 

 

 

131,969,611

 

Net (decrease) increase in cash equivalents

 

 

(34,345,189

)

 

 

10,715,965

 

Effect of exchange rate changes on cash

 

 

(43,532

)

 

 

84,910

 

Cash and cash equivalents, beginning of period

 

 

59,516,236

 

 

 

19,506,154

 

Cash and cash equivalents, end of period

 

$

25,127,515

 

 

$

30,307,029

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

15,074,416

 

 

$

16,922,515

 

Taxes paid

 

$

805,976

 

 

$

516,156

 

Non-cash exchanges and conversions

 

$

91,204,799

 

 

$

12,697,510

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

MARCH 31, 2020

(Unaudited)

 

Issuer Name

 

Maturity /

Expiration

 

Industry

 

Current

Coupon

 

 

Basis Point

Spread Above

Index (4)

 

 

Par /

Shares

 

 

Cost

 

 

Fair Value (3)

 

Investments in Non-Controlled, Non-Affiliated Portfolio Companies—218.2 (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—151.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18 Freemont Street Acquisition, LLC

 

08/11/2025

 

Hotels, Motels, Inns and Gaming

 

 

9.50

%

 

1M L+800

 

 

 

8,302,303

 

 

$

7,487,422

 

 

$

7,721,142

 

Advantage Sales & Marketing (5)

 

07/23/2021

 

Grocery

 

 

4.70

%

 

1M L+325

 

 

 

10,541,790

 

 

 

10,134,574

 

 

 

10,120,118

 

Altamira Technologies, LLC (5)

 

07/24/2025

 

Aerospace and Defense

 

 

7.78

%

 

3M L+600

 

 

 

987,500

 

 

 

973,833

 

 

 

967,750

 

Altamira Technologies, LLC (Revolver) (7)

 

07/24/2025

 

Aerospace and Defense

 

 

 

 

 

 

 

 

187,500

 

 

 

 

 

 

(3,750

)

American Insulated Glass, LLC (5)

 

12/21/2023

 

Building Materials

 

 

7.40

%

 

3M L+550

 

 

 

30,888,073

 

 

 

30,404,870

 

 

 

29,652,550

 

Apex Service Partners, LLC

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

6.25

%

 

1M L+500

 

 

 

6,191,490

 

 

 

6,130,578

 

 

 

6,145,054

 

Apex Service Partners, LLC (7)

 

07/31/2021

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,792,953

 

 

 

 

 

 

(13,447

)

Bazaarvoice, Inc. (5)

 

02/01/2024

 

Printing and Publishing

 

 

7.35

%

 

1M L+575

 

 

 

14,701,965

 

 

 

14,591,077

 

 

 

13,966,867

 

Bottom Line Systems, LLC (5)

 

02/13/2023

 

Healthcare, Education and Childcare

 

 

6.57

%

 

1M L+550

 

 

 

21,722,525

 

 

 

21,536,172

 

 

 

20,923,137

 

Broder Bros., Co.

 

12/02/2022

 

Consumer Products

 

 

9.77

%

 

3M L+850

 

 

 

26,931,337

 

 

 

26,931,337

 

 

 

26,662,024

 

Cano Health, LLC (5)

 

12/23/2021

 

Healthcare, Education and Childcare

 

 

7.84

%

 

1M L+625

 

 

 

38,433,140

 

 

 

38,125,379

 

 

 

38,433,140

 

Compex Legal Services, Inc.

 

02/09/2026

 

Business Services

 

 

7.34

%

 

3M L+575

 

 

 

3,624,014

 

 

 

3,553,272

 

 

 

3,438,102

 

Compex Legal Services, Inc. (7)

 

02/09/2026

 

Business Services

 

 

 

 

 

 

 

 

1,549,743

 

 

 

 

 

 

(79,502

)

Compex Legal Services, Inc. (Revolver)

 

02/09/2026

 

Business Services

 

 

6.82

%

 

3M L+575

 

 

 

655,660

 

 

 

655,660

 

 

 

622,025

 

Datalot Inc.

 

01/24/2025

 

Insurance

 

 

6.25

%

 

3M L+525

 

 

 

7,152,659

 

 

 

7,014,558

 

 

 

6,867,983