Companies /Financial Services

PennantPark Investment Corporation

NYSE: PNNT Asset Management
$3.70
▼ $0.04 (−1.07%) today
Markets closed · 8:13pm ET

Q4 2025 Earnings

Reported Nov 24, 2025, 4:05pm ET · SEC source
$0.15
Miss −13.09%
EPS · est. $0.17
$28.0M
Miss −4.55%
Revenue · est. $29.3M
−4.7%
Trailing market
PNNT vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−9%−6%−3%0Nov 24Nov 25report 4:05pm ETearnings+0.9%−4.9%
−9%−6%−3%0Nov 24Nov 25earnings+0.9%−4.9%
PNNT −4.9%S&P 500 +0.9%
−9%−6%−3%0Nov 24Nov 25report 4:05pm ETearnings+0.5%−4.9%
−9%−6%−3%0Nov 24Nov 25earnings+0.5%−4.9%
PNNT −4.9%NASDAQ +0.5%
−4%0+4%Nov 24Dec 2report 4:05pm ETearnings+1.9%−4.2%
−4%0+4%Nov 24Dec 2earnings+1.9%−4.2%
PNNT −4.2%S&P 500 +1.9%
−4%0+4%Nov 24Dec 2report 4:05pm ETearnings+2.7%−4.2%
−4%0+4%Nov 24Dec 2earnings+2.7%−4.2%
PNNT −4.2%NASDAQ +2.7%
−5.63%
Day of report
+0.50%
Next session
−4.81%
One week
−2.82%
30 days

S&P 500 over the same 30 days: +1.90%.

Did PNNT Beat Earnings? Q4 2025 Results

PennantPark Investment Corporation posted a disappointing fiscal fourth quarter, missing on both the top and bottom lines as a shrinking portfolio and compressed yields weighed heavily on results. The business development company reported net investment income of $0.15 per share, falling short of the $0.17 consensus estimate by 11.76%, while total investment income of $27.95 million trailed expectations of $29.23 million by 4.35% and slid 23.4% from the year-ago period. The core culprit was a combination of a smaller portfolio and a lower weighted average yield on debt investments, which fell to 11.0% from 12.3% a year ago, compressing income across the board. Net asset value per share also eroded to $7.11 from $7.56 a year ago, reflecting significant realized losses tied to controlled and affiliated investments. Despite the shortfall, management signaled confidence in the path ahead, noting that an estimated $0.73 per share in spillover income would be deployed to supplement dividend coverage, with the company continuing to declare $0.08 per share in monthly distributions while prioritizing capital redeployment into its core middle-market lending franchise.

Key Takeaways
  • Decrease in weighted average yield on debt investments from 12.3% to 11.0%
  • Decrease in total portfolio size from $1,328.1 million to $1,287.3 million
  • Decrease in dividend income
  • Lower interest and expenses on debt reduced total expenses
  • CLO VII partial refinancing reduced PSLF weighted average cost of capital from SOFR plus 3.31% to SOFR plus 2.63%
  • Net realized losses of $21.6 million primarily from controlled and affiliated investments

“The credit quality of our investment portfolio continues to perform well and we remain confident in the continued resilience of the portfolio, supported by our disciplined focus on the core middle market. Investments in the core middle market typically feature attractive credit spreads, lower leverage, and enhanced lender protections relative to the upper middle market.”

PennantPark Investment CEO, on the earnings call

Forward Guidance & Outlook

Management is focused on realizing equity holdings and redeploying capital to support net investment income. The company plans to utilize its estimated spillover income of $0.73 per share to supplement shortfalls in dividend coverage. Management remains confident in the resilience of the portfolio, supported by its disciplined focus on core middle market investments.

PNNT YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$20.0M$40.0M$36.5M$28.0MRevenue
$0$20.0M$40.0MRevenue

PNNT Revenue by Segment

First Lien Secured Debt$21.0M
First Lien Secured Debt Income
Subordinated Debt Income
Other Investments (Preferred and Common Equity)
Other Investments (Equity and Other)
Other Investments (Equity & Other)$5.4M
Other Investments Income
Subordinated Debt$1.2M

Figures from SEC filings and company reports. Not investment advice.