Private Credit Portfolio Analysis | PennantPark Investment Corp Reports Q2 2025 Results
- Editor
- May 12
- 2 min read
Whats New:
PennantPark Investment Corp reported its Q2 2025 financial results, showing a decrease in total assets and net asset value per share compared to the previous quarter. The fund's total assets decreased to $1.26 billion as of March 31, 2025, down from $1.39 billion at the end of September 2024.
Portfolio Dynamics:
Total assets decreased to $1.26 billion as of March 31, 2025, compared to $1.39 billion at the end of September 2024.
Investments owned at fair value decreased to $1.21 billion, down from $1.33 billion at the end of September 2024.
Cash and cash equivalents declined to $32.59 million from $49.86 million at the end of September 2024.
Investment Activty:
Distribution receivable increased to $6.04 million from $5.42 million at the end of September 2024.
Interest receivable slightly increased to $5.32 million from $5.26 million at the end of September 2024.
Due from affiliate decreased to $35,000 from $228,000 at the end of September 2024.
Capital Structure:
Line of credit decreased to $311.41 million from $460.36 million at the end of September 2024.
Stockholders' equity decreased to $488.11 million from $493.91 million at the end of September 2024.
Total liabilities decreased to $769.67 million from $895.18 million at the end of September 2024.
Performance Profile:
Net asset value per share decreased to $7.48 as of March 31, 2025, compared to $7.56 at the end of September 2024.
Retained earnings deficit increased to $255.93 million from $250.13 million at the end of September 2024.
The fund reported a profit of $25.54 million for the six months ended March 31, 2025.
Risk & Quality:
Payable for investments purchased increased to $124.61 million from $100.10 million at the end of September 2024.
Management fee payable decreased to $4.02 million from $4.30 million at the end of September 2024.
Incentive fee payable decreased to $2.43 million from $3.06 million at the end of September 2024.
The Wrap:
PennantPark Investment Corp's Q2 2025 results show a contraction in total assets and net asset value per share. While the fund reported a profit for the six-month period, it faced decreases in investments at fair value, cash reserves, and stockholders' equity. The reduction in line of credit and total liabilities suggests a deleveraging effort, but the increase in payables for investments purchased indicates ongoing investment activity despite the overall portfolio contraction.
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