Q2 26 EPS
$0.14
MISS 4.31%
Est. $0.15
Q2 26 Revenue
$24.9M
MISS 7.01%
Est. $26.8M
vs S&P Since Q2 26
-31.3%
TRAILING MARKET
PNNT -28.9% vs S&P +2.3%
Market Reaction
Did PNNT Beat Earnings? Q2 2026 Results
PennantPark Investment Corporation delivered a disappointing fiscal second quarter ended March 31, 2026, missing on both the top and bottom lines as a shrinking portfolio and yield compression weighed on results. The business development company post… Read more PennantPark Investment Corporation delivered a disappointing fiscal second quarter ended March 31, 2026, missing on both the top and bottom lines as a shrinking portfolio and yield compression weighed on results. The business development company posted net investment income of $0.14 per share, falling short of the $0.15 consensus estimate by 4.31%, while total investment income of $24.93 million trailed expectations by 7.01% and slid 18.7% from the year-ago period. The primary culprit was portfolio contraction paired with a decline in the weighted average yield on debt investments to 10.9%, which pulled total investment income down from $30.66 million a year earlier. Net asset value per share also retreated to $6.73 from $7.11 at September 30, 2025, reflecting $12.20 million in unrealized depreciation during the quarter. Looking ahead, management is actively rotating out of equity positions and redeploying capital into debt investments to rebuild core net investment income, and the company recently declared a monthly distribution of $0.08 per share for May 2026, signaling continued income commitment to shareholders.
Key Takeaways
- • Decrease in total portfolio size reduced investment income
- • Decrease in weighted average yield on debt investments from approximately 11.0% to 10.9%
- • Lower borrowings under Truist Credit Facility reduced interest expense
- • Portfolio rotation from equity to debt investments ongoing
- • 88% variable-rate debt portfolio exposed to rate movements
PNNT Forward Guidance & Outlook
Management is focused on rotating out of equity positions and redeploying capital into debt investments to drive growth in core net investment income. The company maintains significant unused borrowing capacity of $333.5 million under its Truist Credit Facility and believes its liquidity and capital resources are sufficient to operate effectively. The 2026 Notes were repaid in full on May 1, 2026, simplifying the capital structure.
PNNT YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
PNNT Revenue by Segment
With YoY comparisons, source: SEC Filings
“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. Investment in the core middle market typically feature attractive credit spreads, lower leverage, and enhanced lender protections relative to the upper middle market.”
— Art Penn, Q2 2026 Earnings Press Release
PNNT Earnings Trends
PNNT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PNNT EPS Trend
Earnings per share: estimate vs actual
PNNT Revenue Trend
Quarterly revenue: estimate vs actual
PNNT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.15 | $0.14 | -4.31% | $24.9M | -7.01% |
| Q1 26 MISS | $0.16 | $0.11 | -29.12% | $27.3M | -4.45% |
| Q4 25 MISS FY | $0.17 | $0.15 | -13.09% | $28.0M | -4.55% |
| FY Full Year | $0.74 | $0.71 | -3.57% | $122.4M | -1.03% |
| Q3 25 MISS | $0.18 | $0.18 | -1.15% | $29.6M | -1.02% |
| Q2 25 MISS | $0.19 | $0.18 | -4.56% | $30.7M | -7.38% |