PNNT Stock Recent News

Private credit and BDC sectors have faced steep losses, with the BDC index down nearly 15% YTD, worse than the S&P 500. Economic uncertainties, stagnant M&A/LBO markets, potential Fed rate cuts negatively impact BDCs, especially those with weak margin of safety. In the article I discuss two BDCs, which are, in my view, about to cut their dividends this year.

MIAMI, April 03, 2025 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (the "Company") (NYSE: PNNT) announced that it will report results for the second fiscal quarter ended March 31, 2025 on Monday, May 12, 2025 after the close of the financial markets.

MIAMI, April 02, 2025 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (the "Company") (NYSE: PNNT) declares its monthly distribution for April 2025 of $0.08 per share, payable on May 1, 2025 to stockholders of record as of April 15, 2025. The distribution is expected to be paid from taxable net investment income. The final specific tax characteristics of the distribution will be reported to stockholders on Form 1099 after the end of the calendar year and in the Company's periodic report filed with the Securities and Exchange Commission.

As a structural BDC bull I have to admit that the period of BDCs consistently surprising us on the upside has come to an end. Many lower quality BDCs have already cut their dividends to sync their cash flows with less favorable private credit lending environment. I would say that the moment of truth for high quality BDCs is also very close, where we will see how really durable their base dividends are.

The market has become more volatile. As it is usually the case, higher volatility tends to open interesting opportunity for long-term investors. In this article, I discuss two 9%+ yielding picks, which even before the uncertainty level spiked higher, were bargains, and now have become an even more attractive buys.

MIAMI, March 04, 2025 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (the "Company") (NYSE: PNNT) declares its monthly distribution for March 2025 of $0.08 per share, payable on April 1, 2025 to stockholders of record as of March 14, 2025. The distribution is expected to be paid from taxable net investment income.

BDC Dividend Cut Party Has Begun, Here Are Next 2 In Line

PennantPark Investment's dividend coverage is bolstered by two years' worth of undistributed spillover income, but net investment income remains insufficient to support the base distribution. PNNT's portfolio strategy includes a mix of first lien senior secured investments and equity-based investments, with a growing emphasis on its Joint Venture. Despite a high dividend yield of 13.3%, PNNT's valuation appears expensive given the lack of significant NAV growth and persistent non-accrual issues.

PennantPark Investment trades at a discount of ~5%. While the discount certainly makes the entry point interesting, the real question is whether the discount is enough to justify the risks. Looking at the underlying fundamentals, I don't see this to be a case.

PennantPark Investment Corporation (NYSE:PNNT ) Q1 2025 Earnings Conference Call February 11, 2025 12:00 PM ET Company Participants Art Penn - Chairman & Chief Executive Officer Rick Allorto - Chief Financial Officer Conference Call Participants Mark Hughes - Truist Robert Dodd - Raymond James Brian McKenna - Citizens JMP Paul Johnson - KBW Mickey Schleien - Ladenburg Melissa Wedel - JPMorgan Casey Alexander - Compass Point Operator Good afternoon, and welcome to the PennantPark Investment Corporation's First Fiscal Quarter 2025 Earnings Conference Call. Today's conference is being recorded.