10-Q Filing

PENNANTPARK INVESTMENT CORP CIK: 1383414 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-002167`
Period End Date	20221231
Filing Date	20230208
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	pnnt-20221231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 44 Cash Flow Statement 59

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Investments at cost	`InvestmentOwnedAtCost`	$1.30B	USD	Point-in-time
Investments at cost	`InvestmentOwnedAtCost`	$1.36B	USD	Point-in-time
Cash and cash equivalents, cost	`CashAndCashEquivalentsAtCost`	$28.56M	USD	Point-in-time
Cash and cash equivalents, cost	`CashAndCashEquivalentsAtCost`	$52.84M	USD	Point-in-time
Truist Credit Facility payable, cost	`LineOfCreditAtCost`	$380.92M	USD	Point-in-time
Total investments (cost-$1,363,502 and $1,302,029, respectively)	`InvestmentOwnedAtFairValue`	$1.20B	USD	Point-in-time
Total investments (cost-$1,363,502 and $1,302,029, respectively)	`InvestmentOwnedAtFairValue`	$1.23B	USD	Point-in-time
Truist Credit Facility payable, cost	`LineOfCreditAtCost`	$385.92M	USD	Point-in-time
Cash and cash equivalents (cost-$28,558 and $52,844, respectively)	`CashAndCashEquivalentsAtCarryingValue`	$52.67M	USD	Point-in-time
Cash and cash equivalents (cost-$28,558 and $52,844, respectively)	`CashAndCashEquivalentsAtCarryingValue`	$28.56M	USD	Point-in-time
SBA debentures payable, par	`SBADebenturesPayableNetPar`	$20.00M	USD	Point-in-time
SBA debentures payable, par	`SBADebenturesPayableNetPar`	$20.00M	USD	Point-in-time
Interest receivable	`InterestReceivable`	$3.59M	USD	Point-in-time
Interest receivable	`InterestReceivable`	$4.12M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	65.22M	shares	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	65.22M	shares	Point-in-time
Receivable for investments sold	`ReceivableForInvestmentsSold`	$29.49M	USD	Point-in-time
Distribution receivable	`DistributionReceivable`	$2.42M	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	65.22M	shares	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	65.22M	shares	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	67.05M	shares	Point-in-time
Distribution receivable	`DistributionReceivable`	$3.26M	USD	Point-in-time
Common stock par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$4.04M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$4.04M	USD	Point-in-time
Total assets	`Assets`	$1.32B	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total assets	`Assets`	$1.24B	USD	Point-in-time
Distributions payable	`DistributionsPayable`	$10.76M	USD	Point-in-time
Distributions payable	`DistributionsPayable`	$9.78M	USD	Point-in-time
Payable for investments purchased	`PayableForInvestmentsPurchased`	$8.32M	USD	Point-in-time
Truist Credit Facility payable, at fair value (cost-$380,920 and $385,920, respectively) (See Notes 5 and 10)	`LineOfCredit`	$367.31M	USD	Point-in-time
Truist Credit Facility payable, at fair value (cost-$380,920 and $385,920, respectively) (See Notes 5 and 10)	`LineOfCredit`	$376.69M	USD	Point-in-time
SBA debentures payable, net (par-$20,000) (See Notes 5 and 10)	`SBADebenturesPayableNet`	$19.69M	USD	Point-in-time
SBA debentures payable, net (par-$20,000) (See Notes 5 and 10)	`SBADebenturesPayableNet`	$19.70M	USD	Point-in-time
Base-management fee payable, net (See Note 3)	`ManagementFeePayable`	$4.60M	USD	Point-in-time
Base-management fee payable, net (See Note 3)	`ManagementFeePayable`	$4.85M	USD	Point-in-time
Incentive fee payable (See Note 3)	`IncentiveFeePayableNet`	$2.19M	USD	Point-in-time
Interest payable on debt	`InterestPayableCurrentAndNoncurrent`	$3.29M	USD	Point-in-time
Interest payable on debt	`InterestPayableCurrentAndNoncurrent`	$6.26M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrentAndNoncurrent`	$2.15M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrentAndNoncurrent`	$6.64M	USD	Point-in-time
Current tax liability	`TaxesPayableCurrent`	$6.18M	USD	Point-in-time
Current tax liability	`TaxesPayableCurrent`	$896.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$733.10M	USD	Point-in-time
Total liabilities	`Liabilities`	$732.95M	USD	Point-in-time
Commitments and contingencies (See Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (See Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, 65,224,500 shares issued and outstanding Par value $0.001 per share and 100,000,000 shares authorized	`CommonStockValue`	$65.00K	USD	Point-in-time
Common stock, 65,224,500 shares issued and outstanding Par value $0.001 per share and 100,000,000 shares authorized	`CommonStockValue`	$65.00K	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$748.17M	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$748.17M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-162.67M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-245.32M	USD	Point-in-time
Total net assets	`StockholdersEquity`	$502.91M	USD	Point-in-time
Total net assets	`StockholdersEquity`	$585.57M	USD	Point-in-time
Total liabilities and net assets	`LiabilitiesAndStockholdersEquity`	$1.24B	USD	Point-in-time
Total liabilities and net assets	`LiabilitiesAndStockholdersEquity`	$1.32B	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$9.85	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$10.11	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$8.98	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$7.71	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Total investment income	`InvestmentIncomeNet`	$28.35M	USD	1 Quarter
Total investment income	`InvestmentIncomeNet`	$29.96M	USD	1 Quarter
Base management fee (See Note 3)	`ManagementFeeExpense`	$4.60M	USD	1 Quarter
Base management fee (See Note 3)	`ManagementFeeExpense`	$5.11M	USD	1 Quarter
Performance-based incentive fee (See Note 3)	`IncentiveFeeExpense`	$2.66M	USD	1 Quarter
Performance-based incentive fee (See Note 3)	`IncentiveFeeExpense`	$2.19M	USD	1 Quarter
Interest and expenses on debt (See Note 10)	`InterestAndDebtExpense`	$9.73M	USD	1 Quarter
Interest and expenses on debt (See Note 10)	`InterestAndDebtExpense`	$6.89M	USD	1 Quarter
Administrative services expenses (See Note 3)	`GeneralAndAdministrativeExpense`	$250.00K	USD	1 Quarter
Administrative services expenses (See Note 3)	`GeneralAndAdministrativeExpense`	$266.00K	USD	1 Quarter
Other general and administrative expenses	`OtherSellingGeneralAndAdministrativeExpense`	$841.00K	USD	1 Quarter
Other general and administrative expenses	`OtherSellingGeneralAndAdministrativeExpense`	$723.00K	USD	1 Quarter
Expenses before provision for taxes	`ExpensesBeforeManagementFeesWaiverProvisionForTaxesAndFinancingCosts`	$17.63M	USD	1 Quarter
Expenses before provision for taxes	`ExpensesBeforeManagementFeesWaiverProvisionForTaxesAndFinancingCosts`	$15.62M	USD	1 Quarter
Provision for taxes on net investment income	`ProvisionForTaxesOnNetInvestmentIncome`	$2.00M	USD	1 Quarter
Provision for taxes on net investment income	`ProvisionForTaxesOnNetInvestmentIncome`	$200.00K	USD	1 Quarter
Net expenses	`CostsAndExpenses`	$15.82M	USD	1 Quarter
Net expenses	`CostsAndExpenses`	$19.63M	USD	1 Quarter
Net investment income	`NetInvestmentIncome`	$10.33M	USD	1 Quarter
Net investment income	`NetInvestmentIncome`	$12.52M	USD	1 Quarter
Non-controlled, non-affiliated investments	`NetRealizedGainLossOnNonControlledNonAffiliatedInvestments`	$5.20M	USD	1 Quarter
Non-controlled, non-affiliated investments	`NetRealizedGainLossOnNonControlledNonAffiliatedInvestments`	$4.06M	USD	1 Quarter
Non-controlled and controlled, affiliated investments	`NetRealizedGainLossOnNonControlledAndControlledAffiliatedInvestments`	$-31.27M	USD	1 Quarter
Debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-1.67M	USD	1 Quarter
Net realized gain (loss) on investments and debt	`GainLossOnInvestments`	$-27.74M	USD	1 Quarter
Net realized gain (loss) on investments and debt	`GainLossOnInvestments`	$4.06M	USD	1 Quarter
Non-controlled, non-affiliated investments	`NetChangeInChangeInUnrealizedDepreciationAppreciationOnNonControlledNonAffiliatedInvestments`	$-50.52M	USD	1 Quarter
Non-controlled, non-affiliated investments	`NetChangeInChangeInUnrealizedDepreciationAppreciationOnNonControlledNonAffiliatedInvestments`	$-49.60M	USD	1 Quarter
Non-controlled and controlled, affiliated investments	`NetChangeInChangeInUnrealizedDepreciationAppreciationNonControlledAndControlledAffiliatedInvestments`	$-41.05M	USD	1 Quarter
Non-controlled and controlled, affiliated investments	`NetChangeInChangeInUnrealizedDepreciationAppreciationNonControlledAndControlledAffiliatedInvestments`	$96.37M	USD	1 Quarter
Provision for taxes on unrealized appreciation (depreciation) on investments	`NetChangeInProvisionForTaxesOnUnrealizedAppreciationOnInvestments`	$-5.04M	USD	1 Quarter
Provision for taxes on unrealized appreciation (depreciation) on investments	`NetChangeInProvisionForTaxesOnUnrealizedAppreciationOnInvestments`	$896.00K	USD	1 Quarter
Debt appreciation (depreciation) (See Notes 5 and 10)	`NetChangeInChangeInUnrealizedDepreciationAppreciationOnDebt`	$4.38M	USD	1 Quarter
Debt appreciation (depreciation) (See Notes 5 and 10)	`NetChangeInChangeInUnrealizedDepreciationAppreciationOnDebt`	$-996.00K	USD	1 Quarter
Net change in unrealized appreciation (depreciation) on investments and debt	`NetChangeInUnrealizedDepreciationAppreciationOnInvestmentsAndDebt`	$86.29M	USD	1 Quarter
Net change in unrealized appreciation (depreciation) on investments and debt	`NetChangeInUnrealizedDepreciationAppreciationOnInvestmentsAndDebt`	$-40.73M	USD	1 Quarter
Net realized and unrealized gain (loss) from investments and debt	`NetRealizedAndChangeInUnrealizedGainLossFromInvestmentsAndDebt`	$12.99M	USD	1 Quarter
Net realized and unrealized gain (loss) from investments and debt	`NetRealizedAndChangeInUnrealizedGainLossFromInvestmentsAndDebt`	$-82.23M	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations	`InvestmentCompanyNetAssetsFromOperationsIncreaseDecrease`	$-71.89M	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations	`InvestmentCompanyNetAssetsFromOperationsIncreaseDecrease`	$25.51M	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations per common share (See Note 7)	`InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare`	$-1.10	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations per common share (See Note 7)	`InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare`	$0.38	USD	1 Quarter
Net investment income per common share	`InvestmentCompanyInvestmentIncomeLossPerShare`	$0.19	USD	1 Quarter
Net investment income per common share	`InvestmentCompanyInvestmentIncomeLossPerShare`	$0.16	USD	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$-71.89M	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$25.51M	USD	1 Quarter
Net change in net unrealized (appreciation) depreciation on investments	`NetChangeInNetUnrealizedAppreciationDepreciationOnInvestments`	$91.56M	USD	1 Quarter
Net change in net unrealized (appreciation) depreciation on investments	`NetChangeInNetUnrealizedAppreciationDepreciationOnInvestments`	$-46.77M	USD	1 Quarter
Net change in unrealized appreciation (depreciation) on debt	`NetChangeInUnrealizedAppreciationDepreciationOnDebt`	$996.00K	USD	1 Quarter
Net change in unrealized appreciation (depreciation) on debt	`NetChangeInUnrealizedAppreciationDepreciationOnDebt`	$-4.38M	USD	1 Quarter
Net realized (gain) loss on investments	`RealizedInvestmentGainsLosses`	$-26.07M	USD	1 Quarter
Net realized (gain) loss on investments	`RealizedInvestmentGainsLosses`	$4.06M	USD	1 Quarter
Net accretion of discount and amortization of premium	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$822.00K	USD	1 Quarter
Net accretion of discount and amortization of premium	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$2.06M	USD	1 Quarter
Purchases of investments	`PaymentsForPurchaseOfSecuritiesOperatingActivities`	$86.18M	USD	1 Quarter
Purchases of investments	`PaymentsForPurchaseOfSecuritiesOperatingActivities`	$295.14M	USD	1 Quarter
Payment-in-kind income	`PaymentInKindIncome`	$4.45M	USD	1 Quarter
Payment-in-kind income	`PaymentInKindIncome`	$1.13M	USD	1 Quarter
Proceeds from dispositions of investments	`ProceedsFromSaleOfSecuritiesOperatingActivities`	$132.25M	USD	1 Quarter
Proceeds from dispositions of investments	`ProceedsFromSaleOfSecuritiesOperatingActivities`	$30.62M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$565.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$454.00K	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$531.00K	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$449.00K	USD	1 Quarter
Receivables from investments sold	`IncreaseDecreaseInReceivablesFromInvestmentsSold`	$12.82M	USD	1 Quarter
Receivables from investments sold	`IncreaseDecreaseInReceivablesFromInvestmentsSold`	$-29.49M	USD	1 Quarter
Distribution receivable	`IncreaseDecreaseInDistributionReceivable`	$121.00K	USD	1 Quarter
Distribution receivable	`IncreaseDecreaseInDistributionReceivable`	$836.00K	USD	1 Quarter
Payable for investments purchased	`IncreaseDecreaseInPayableForInvestmentsPurchased`	$-8.32M	USD	1 Quarter
Payable for investments purchased	`IncreaseDecreaseInPayableForInvestmentsPurchased`	$7.81M	USD	1 Quarter
Interest payable on debt	`IncreaseDecreaseInInterestPayableNet`	$-931.00K	USD	1 Quarter
Interest payable on debt	`IncreaseDecreaseInInterestPayableNet`	$-2.97M	USD	1 Quarter
Base management fee payable, net	`IncreaseDecreaseInBaseManagementFeePayableNet`	$-247.00K	USD	1 Quarter
Base management fee payable, net	`IncreaseDecreaseInBaseManagementFeePayableNet`	$529.00K	USD	1 Quarter
Performance-based incentive fee payable, net	`IncreaseDecreaseInPerformanceBasedIncentiveFeePayableNet`	$2.08M	USD	1 Quarter
Performance-based incentive fee payable, net	`IncreaseDecreaseInPerformanceBasedIncentiveFeePayableNet`	$2.19M	USD	1 Quarter
Deferred tax liability	`IncreaseDecreaseInDeferredLiabilities`	$5.04M	USD	1 Quarter
Deferred tax liability	`IncreaseDecreaseInDeferredLiabilities`	$5.29M	USD	1 Quarter
Accrued other expenses	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-4.49M	USD	1 Quarter
Accrued other expenses	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$159.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-177.35M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.61M	USD	1 Quarter
Distributions paid to stockholders	`PaymentsOfDividends`	$9.78M	USD	1 Quarter
Distributions paid to stockholders	`PaymentsOfDividends`	$8.04M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.78M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$196.57M	USD	1 Quarter
Net increase (decrease) in cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-24.39M	USD	1 Quarter
Net increase (decrease) in cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$19.22M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$280.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.00K	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.56M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$39.58M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$52.67M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$20.36M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.56M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$39.58M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$52.67M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$20.36M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$7.25M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$12.25M	USD	1 Quarter
Taxes paid	`IncomeTaxesPaidNet`	$695.00K	USD	1 Quarter
Taxes paid	`IncomeTaxesPaidNet`	$299.00K	USD	1 Quarter
Non-cash exchanges and conversions	`NonCashExchangesAndConversions`	$-31.27M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.