PennantPark Investment Corporation is a publicly traded investment management firm focused on middle-market debt and equity investments, generating income through interest and dividends.

# Company Overview: PennantPark Investment Corporation

**Name:** PennantPark Investment Corporation  
**Location:** 1691 Michigan Avenue, Miami, Florida 33319  
**Industry:** Investment Management / Financial Services  
**Stock Ticker:** PNNT (traded on The New York Stock Exchange)  

---

## Business Description
PennantPark Investment Corporation is a Maryland-incorporated company engaged in investment activities focused on debt and equity securities primarily within the middle-market and direct lending sectors. The company manages investment portfolios that generate income through interest and dividends, and it is structured to provide financing to middle-market companies.

---

## Key Details
- **Form Filed:** Amended Annual Report (Form 10-K/A) for fiscal year ending September 30, 2024.
- **Transparency & Regulation:** The company is a registered investment company, subject to SEC regulations, with filings that include audited financial statements and disclosures.

## Financial Highlights (from the provided document, where available)
- **Market Value of Stock (as of March 31, 2024):** Approximately $433.6 million (based on 65,296,094 shares outstanding as of February 10, 2025, and a share price of $6.88).
- **Number of Shares Outstanding:** 65,296,094 as of February 10, 2025.
- **Employees:** Not specified in the provided document.
- **Customers:** Not explicitly detailed; the document focuses on securities and investments rather than individual clients or customers.
- **Revenue and Income:** Not specified; the document primarily discusses SEC filings, financial statements, and legal disclosures rather than operational financial metrics.

---

## Additional Information
- The company has structured its filings to include detailed financial statements for its investments, notably in unconsolidated portfolio companies like JF Holdings.
- The company’s governance includes multiple certifications and attestations, such as Chief Executive and Financial Officer certifications, as well as disclosures related to internal controls and policies.
- The document indicates that the company may have various debt securities and credit arrangements, as evidenced by references to multiple indentures and credit agreements.

---

## Summary
PennantPark Investment Corporation is a publicly traded investment management firm focusing on middle-market debt and equity investments. It manages portfolios that primarily generate income through interest and dividends on investments in private companies and financial securities. While specific operational metrics like total revenue, net income, or number of clients are not provided in this excerpt, the company's market value and stock data as of early 2025 are included, indicating its presence as a significant investment vehicle in the small and middle-market sector.

PennantPark Investment Corporation is a Business Development Company that specializes in providing debt and equity investments to U.S. middle-market companies to generate income and capital appreciation while preserving capital.

# Summary of PennantPark Investment Corporation

## Overview
PennantPark Investment Corporation is a Business Development Company (BDC) that primarily focuses on providing debt and equity investments to U.S. middle-market companies. The company aims to generate both current income and capital appreciation while seeking to preserve capital. 

## Investment Strategy
- **Investment Types:** 
  - First lien secured debt
  - Second lien secured debt 
  - Subordinated debt 
  - Equity investments 

- **Investment Size:** The company typically invests between **$10 million to $50 million** in the securities of middle-market firms, which are defined as having annual revenues between **$50 million and $1 billion**.

- **Portfolio Characteristics:** 
  - Most portfolio companies are **not rated** by national rating agencies and would likely receive ratings below investment grade if they were rated (between BB and CCC).
  - The portfolio consists of investments that typically have maturities ranging from **three to ten years**. 

## Market Opportunity
- The company targets middle-market companies due to the limited amount of capital available to them, creating attractive investment opportunities.
- The market environment is characterized by reduced competition and a focus on providing flexible capital solutions to businesses that encounter challenges in raising debt through traditional sources.

## Financial Details
- **Revenue:** Specific revenue figures are not disclosed in the available content.
- **Income:** The company is focused on generating net investment income from its portfolio, however, actual net income figures are not provided.
- **Customers:** PennantPark's customers are primarily **middle-market companies** across various industries; no specific number of customers is given.
- **Employees:** The company currently does not have any direct employees. It relies on the team at its **Investment Adviser**, which includes seasoned professionals with over **25 years** of collective experience in senior lending, mezzanine lending, leveraged finance, distressed debt, and private equity businesses.

## Competitive Advantages
- An **experienced management team** providing in-depth credit expertise.
- A **value-oriented investment approach** aimed at capital preservation.
- Strong **relationship networks** in financial markets which enhance deal origination capabilities.

## Risks and Regulatory Environment
- As a BDC, it must comply with regulations concerning its operations, which influences investment opportunities and financial structure.
- The company is affected by market conditions, regulatory changes, and competitive pressures that can impact its business operations and portfolio valuations.

## Conclusion
PennantPark Investment Corporation operates in a niche market aimed at middle-market companies, focusing on debt and equity investments while maintaining a strategy centered on risk management, portfolio diversification, and compliance with regulations inherent to a BDC structure.

PENNANTPARK INVESTMENT CORP

10-K / May 2, 2025

10-K / November 26, 2024

10-K / May 2, 2025

Company Overview: PennantPark Investment Corporation

Business Description

Key Details

Financial Highlights (from the provided document, where available)

Additional Information

Summary