PNNT PennantPark Investment Corporation

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  August 7, 2024

_______________________________

PennantPark Investment Corporation

(Exact name of registrant as specified in its charter)

_______________________________

Maryland	814-00736	20-8250744
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1691 Michigan Avenue

Miami Beach, Florida 33139

(Address of Principal Executive Offices) (Zip Code)

(786) 297-9500

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PennantPark Investment Corporation
Date: August 7, 2024	By:	/s/ Richard T. Allorto, Jr.
		Richard T. Allorto, Jr.
		Chief Financial Officer & Treasurer

 

EXHIBIT 99.1

PennantPark Investment Corporation Announces Financial Results for the Quarter Ended June 30, 2024

MIAMI, Aug. 07, 2024 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (NYSE: PNNT) announced today its financial results for the third quarter ended June 30, 2024.

HIGHLIGHTS      
Quarter ended June 30, 2024 (unaudited)
($ in millions, except per share amounts)                          

Assets and Liabilities:
Investment portfolio (1)	$	1,259.9
Net assets	$	491.2
GAAP net asset value per share	$	7.52
Quarterly decrease in GAAP net asset value per share		(2.2	)%
Adjusted net asset value per share (2)	$	7.52
Quarterly increase in adjusted net asset value per share (2)		(2.2	)%
Credit Facility	$	446.6
2026 Notes	$	148.3
2026-2 Notes	$	162.9
Regulatory debt to equity	1.56x
Weighted average yield on debt investments		12.7	%
Operating Results:
Net investment income	$	15.7
Net investment income per share	$	0.24
Core net investment income per share (3)	$	0.21
Distributions declared per share	$	0.22
Portfolio Activity:
Purchases of investments*	$	163.1
Sales and repayments of investments*	$	132.9
PSLF Portfolio data:
PSLF investment portfolio	$	926.1
Purchases of investments	$	56.0
Sales and repayments of investments	$	54.9

_______________

* excludes U.S. Government Securities

1. Includes investments in PennantPark Senior Loan Fund, LLC ("PSLF"), an unconsolidated joint venture, totaling $185.6 million, at fair value.
2. This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of unrealized gain on the Company's multi-currency, senior secured revolving credit facility with Truist Bank, as amended, the “Credit Facility." The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
3. Core net investment income ("Core NII") is a non-GAAP financial measure.  The Company believes that Core NII provides useful information to investors and management because it reflects the Company's financial performance excluding one-time or non-recurring investment income and expenses.  The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.  For the quarter ended June 30, 2024, Core NII excluded:  i) $2.5 million of PSLF special dividend income, and ii) $0.4 million of incentive fee expense.

CONFERENCE CALL AT 12:00 P.M. EST ON AUGUST 8, 2024

PennantPark Investment Corporation (“we,” “our,” “us” or the “Company”) will also host a conference call at 12:00 p.m. (Eastern Time) on Thursday, August 8, 2024 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (646) 828-8193. All callers should reference conference ID #5909521 or PennantPark Investment Corporation. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark’s website.

PORTFOLIO AND INVESTMENT ACTIVITY 

“We are pleased to announce another quarter of solid Net Investment Income,” said Arthur Penn, Chairman and CEO.  “Our earnings stream continues to be robust and is driven in part by the  excellent returns generated by our PSLF Joint Venture."

As of June 30, 2024, our portfolio totaled $1,259.9 million and consisted of $675.9 million or 54% of first lien secured debt, $59.8 million or 5% of U.S. Government Securities, $65.6 million or 5% of second lien secured debt, $163.7 million or13% of subordinated debt (including $115.9 million or 9% in PSLF) and $294.9 million or 23% of preferred and common equity (including $69.7 million or 6% in PSLF). Our interest bearing debt portfolio consisted of 96% variable-rate investments and 4% fixed-rate investments. As of June 30, 2024, we had three portfolio companies on non-accrual, representing 4.2% and 2.5% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $6.9 million as of June 30, 2024. Our overall portfolio consisted of 144 companies with an average investment size of $8.3 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.7%.

As of September 30, 2023, our portfolio totaled $1,101.7 million and consisted of $527.7 million or 48% of first lien secured debt, $99.8 million or 9% of U.S. Government Securities, $80.4 million or 7% of second lien secured debt, $156.2 million or 14% of subordinated debt (including $102.3 million or 9% in PSLF) and $237.6 million or 22% of preferred and common equity (including $62.1 million or 6% in PSLF). Our interest bearing debt portfolio consisted of 95% variable-rate investments and 5% fixed-rate investments. As of September 30, 2023, we had one portfolio company on non-accrual, representing 1.2% and zero percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $(16.3) million as of September 30, 2023. Our overall portfolio consisted of 129 companies with an average investment size of $7.8 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 13.0%.

For the three months ended June 30, 2024, we invested $163.1 million in 11 new and 42 existing portfolio companies with a weighted average yield on debt investments of 12.0% (excluding U.S. Government Securities).  For the three months ended June 30, 2024, sales and repayments of investments totaled $132.9 million (excluding U.S. Government Securities).  For the nine months ended June 30, 2024, we invested $752.1 million in 29 new and 65 existing portfolio companies with a weighted average yield on debt investments of 11.9% (excluding U.S. Government Securities).  For the nine months ended June 30, 2024, sales and repayment of investments totaled $380.1 million (excluding U.S. Government Securities).

For the three months ended June 30, 2023, we invested $69.9 million in three new and 43 existing portfolio companies with a weighted average yield on debt investments of 12.6%. For the three months ended June 30, 2023, sales and repayments of investments totaled $135.7 million. For the nine months ended June 30, 2023, we invested $214.4 million in 15 new and 60 existing portfolio companies with a weighted average yield on debt investments of 11.9%.  For the nine month ended June 30, 2023, sales and repayment of investments totaled $280.5 million.

PennantPark Senior Loan Fund, LLC

As of June 30, 2024, PSLF’s portfolio totaled $926.1 million, consisted of 101 companies with an average investment size of $9.2 million and had a weighted average yield interest bearing debt investments of 11.8%.

As of September 30, 2023, PSLF’s portfolio totaled $804.2 million, consisted of 90 companies with an average investment size of $8.9 million and had a weighted average yield interest bearing debt investments of 12.1%.

For the three months ended June 30, 2024, PSLF invested $56.0 million (including $37.8 million were purchased from the Company) in five new and seven existing portfolio companies at weighted average yield interest bearing debt investments of 11.5%. PSLF’s sales and repayments of investments for the same period totaled $54.9 million. For the nine months ended June 30, 2024, PSLF invested $250.2 million (of which $191.8 million was purchased from the Company) in 21 new and 16 existing portfolio companies with a weighted average yield on debt investments of 12.0%.  PSLF sales and repayments of investments for the same period totaled $133.8 million.

For the three months ended June 30, 2023, PSLF invested $64.0 million (of which $61.8 were purchased from the Company) in eight new and one existing portfolio companies at weighted average yield on interest bearing debt investments of 12.0%. PSLF’s sales and repayments of investments for the same period totaled $20.0 million.  For the nine months ended June 30, 2023, PSLF invested $119.3 million (of which $80.2 million was purchased from the Company) in 16 new and six existing portfolio companies with a weighted average yield on debt investments of 11.8%.  PSLF's sales and repayments of investments for the same period totaled $54.0 million.

RESULTS OF OPERATIONS

Set forth below are the results of operations during the three and nine months ended June 30, 2024 and 2023.

Investment Income

For the three and nine months ended June 30, 2024, investment income was $37.0 million and $107.3 million, respectively, which was attributable to $25.9 million and $78.5 million from first lien secured debt, $2.1 million and $7.6 million from second lien secured debt, $0.6 million and $1.9 million from subordinated debt and $8.4 million and $19.3 million from other investments, respectively.  For the three and nine months ended June 30, 2023, investment income was $45.0 million and $111.3 million, respectively, which was attributable to $24.1 million and $72.7 million from first lien secured debt, $3.5 million and $10.9 million from second lien secured debt, $1.2 million and $3.4 million from subordinated debt and $16.2 million and $24.3 million from preferred and common equity, respectively. The decrease in investment income for the nine months ended June 30, 2024 was primarily due to the decrease in dividend income.

Expenses

For the three and nine months ended June 30, 2024, expenses totaled $21.3 million and $61.7 million, respectively and were comprised of; $11.5 million and $32.9 million of debt related interest and expenses, $4.2 million and $12.4 million of base management fees, $3.3 million and $9.7 million of incentive fees, $1.5 million and $4.8 million of general and administrative expenses and $0.7 million and $1.9 million of provision for excise taxes. For the three and nine months ended June 30, 2023, expenses totaled $22.1 million and $61.4 million, respectively and were comprised of; $10.1 million and $30.5 million of debt-related interest and expenses, $4.0 million and $12.6 million of base management fees, $4.9 million and $10.6 million of incentive fees, $1.9 million and $4.1 million of general and administrative expenses and $1.2 million and $3.6 million of provision for excise taxes, respectively. The increase in expenses for the nine months ended June 30, 2024 was primarily due an increase in debt related interest and expenses.

Net Investment Income

For the three and nine months ended June 30, 2024, net investment income totaled $15.7 million and $45.7 million, or $0.24 per share, and $0.70 per share, respectively.  For the three and nine months ended June 30, 2023, net investment income totaled $23.0 million and $49.9 million, or $0.35 per share and $0.77 per share, respectively. The decrease in net investment income for the nine months ended June 30, 2024 was primarily due to decrease in investment income.

Net Realized Gains or Losses

For the three and nine months ended June 30, 2024, net realized gains (losses) totaled $(6.9) million and $(36.1) million, respectively.  For the three and nine months ended June 30, 2023, net realized gains (losses) totaled $(6.9) million and $(151.5) million, respectively.  The change in realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized

Unrealized Appreciation or Depreciation on Investments and Debt

For the three and nine months ended June 30, 2024, we reported net change in unrealized appreciation (depreciation) on investments of $(5.1) million and $23.2 million, respectively. For the three and nine months ended June 30, 2023, the net unrealized appreciation (depreciation) on investments totaled $13.3 million and $57.1 million, respectively. As of June 30, 2024 and September 30, 2023, our net unrealized appreciation (depreciation) on investments totaled $6.9 million and $(16.3) million, respectively. The net change in unrealized depreciation on our investments was primarily due to changes in the capital market conditions of our investments and the values at which they were realized.

For the three and nine months ended June 30, 2024, the Truist Credit Facility had a net change in unrealized (appreciation) depreciation less than $(0.1) million and $(1.6) million, respectively.  For the three and nine months ended June 30, 2023, the Truist Credit Facility had a net change in unrealized (appreciation) depreciation of $(8.4) million and $(2.5) million, respectively.  As of June 30, 2024 and September 30, 2023, the net unrealized depreciation on the Truist Credit Facility totaled $3.9 million and $5.5 million, respectively.  Net change in unrealized appreciation was primarily due to changes in the capital markets.

Net Change in Net Assets Resulting from Operations

For the three and nine months ended June 30, 2024, net increase (decrease) in net assets resulting from operations totaled $3.7 million and $30.5 million, or $0.06 per share, and $0.47per share, respectively.  For the three and nine months ended June 30, 2023, net increase (decrease) in net assets resulting from operations totaled $20.9 million and $(46.1) million, or $0.32 per share and $(0.71) per share, respectively. The increase in net assets from operations for the nine months ended June 30, 2024 was primarily due to a decrease in the net realized and unrealized depreciation in the portfolio primarily driven by changes in market conditions.

LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources are derived primarily from cash flows from operations, including income earned, proceeds from investment sales and repayments and proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of interest expense, fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations.

As of June 30, 2024 and September 30, 2023, we had $450.5 million and $212.4 million in outstanding borrowings under the Credit Facility, respectively, and the weighted average interest rate was 7.7% and 7.7%, respectively.  As of June 30, 2024 and September 30, 2023, we had $24.5 million and $262.6 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.

As of June 30, 2024 and September 30, 2023, we had cash and cash equivalents of $59.2 million and $38.8 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allow us to effectively operate our business.

For the nine months ended June 30, 2024, our operating activities used cash of $167.7 million and our financing activities provided cash of $188.1 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily from borrowings under the Truist Credit Facility.

For the nine months ended June 30, 2023, our operating activities provided cash of $115.7 million and our financing activities used cash of $124.1 million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily due to repayments under the Truist Credit Facility.

DISTRIBUTIONS

During the three and nine months ended June 30, 2024, we declared distributions of $0.22 and $0.64 per share, for total distributions of $14.4 million and $41.8 million. During the three and nine months ended June 30, 2023, we declared distributions of  $0.20 and $0.55 per share, for total distributions of $13.0 million and $35.9 million, respectively. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

AVAILABLE INFORMATION

The Company makes available on its website its Quarterly Report on Form 10-Q filed with the SEC and stockholders may find the report on our website at www.pennantpark.com.

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In thousands, except share data)
	June 30, 2024				September 30, 2023
	(unaudited)
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost—$854,364 and $816,754, respectively)	$	854,027			$	830,808
Non-controlled, affiliated investments (amortized cost—$56,193 and $55,787, respectively)		33,274				54,771
Controlled, affiliated investments (amortized cost—$342,429 and $245,386, respectively)		372,574				216,068
Total investments (amortized cost—$1,252,986 and $1,117,927, respectively)		1,259,875				1,101,647
Cash and cash equivalents (cost—$59,151 and $38,784, respectively)		59,152				38,775
Interest receivable		5,568				6,820
Distribution receivable		7,964				5,079
Due from affiliates		139			—
Prepaid expenses and other assets	—					4,656
Total assets		1,332,698				1,156,977
Liabilities
Truist Credit Facility payable, at fair value (cost—$450,456 and $212,420, respectively)		446,554				206,940
2026 Notes payable, net (par— $150,000)		148,345				147,669
2026 Notes-2 payable, net (par— $165,000)		162,866				162,226
Payable for investment purchased		64,551				99,949
Distributions payable		5,224				13,697
Base management fee payable		4,216				3,915
Incentive fee payable		3,345				3,310
Accounts payable and accrued expenses		3,218				6,754
Interest payable on debt		3,124				6,231
Due to affiliates		33				4,099
Total liabilities		841,476				654,790
Net assets
Common stock, 65,296,094 and 65,224,500 shares issued and outstanding, respectively
Par value $0.001 per share and 100,000,000 shares authorized		65				65
Paid-in capital in excess of par value		746,768				746,466
Accumulated deficit		(255,611	)			(244,344	)
Total net assets	$	491,222			$	502,187
Total liabilities and net assets	$	1,332,698			$	1,156,977
Net asset value per share	$	7.52			$	7.70

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data)
(Unaudited)
	Three Months Ended June 30,								Nine Months Ended June 30,
	2024				2023				2024				2023
Investment income:
From non-controlled, non-affiliated investments:
Interest	$	17,383			$	23,189			$	61,353			$	72,179
Payment-in-kind		1,904				5				2,093				16
Dividend income		977				11,786				2,292				12,917
Other income		392				595				2,595				1,428
From non-controlled, affiliated investments:
Interest	—				—				—				81
Payment-in-kind	—					297				347				310
From controlled, affiliated investments:
Interest		7,966				4,392				19,389				10,898
Payment-in-kind		995				361				2,484				2,150
Dividend income		7,387				4,386				16,765				11,344
Total investment income		37,004				45,011				107,318				111,323
Expenses:
Interest and expenses on debt		11,482				10,139				32,906				30,455
Base management fee		4,216				3,993				12,357				12,635
Incentive fee		3,345				4,870				9,684				10,591
General and administrative expenses		1,030				1,032				3,623				2,707
Administrative services expenses		450				840				1,189				1,373
Expenses before provision for taxes		20,523				20,874				59,759				57,761
Provision for taxes on net investment income		735				1,181				1,902				3,631
Net expenses		21,258				22,055				61,661				61,392
Net investment income		15,746				22,956				45,657				49,931
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments and debt:
Non-controlled, non-affiliated investments		(1,590	)			(5,193	)			(444	)			(15,742	)
Non-controlled and controlled, affiliated investments		(5,305	)		—					(35,474	)			(133,098	)
Debt extinguishment	—				—				—					(289	)
Provision for taxes on realized gain on investments	—					(1,700	)			(177	)			(2,417	)
Net realized gain (loss) on investments and debt		(6,895	)			(6,893	)			(36,095	)			(151,546	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments		(1,614	)			13,056				(15,412	)			(33,513	)
Non-controlled and controlled, affiliated investments		(3,483	)			223				38,592				90,634
Provision for taxes on unrealized appreciation (depreciation) on investments	—				—					(680	)			896
Debt appreciation (depreciation)		(8	)			(8,393	)			(1,578	)			(2,474	)
Net change in unrealized appreciation (depreciation) on investments and debt		(5,105	)			4,886				20,922				55,543
Net realized and unrealized gain (loss) from investments and debt		(12,000	)			(2,007	)			(15,173	)			(96,003	)
Net increase (decrease) in net assets resulting from operations		3,746				20,949			$	30,484				(46,072	)
Net increase (decrease) in net assets resulting from operations per common share	$	0.06			$	0.32			$	0.47			$	(0.71	)
Net investment income per common share	$	0.24			$	0.35			$	0.70			$	0.77

ABOUT PENNANTPARK INVESTMENT CORPORATION

PennantPark Investment Corporation, or the Company, is a business development company that invests primarily in U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing $7.7 billion of investable capital, including available leverage.  Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions.  PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam.

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.

The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

Contact:	Richard T. Allorto, Jr.
	PennantPark Investment Corporation
	(212) 905-1000
	www.pennantpark.com

v3.24.2.u1

Cover	Aug. 07, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 07, 2024
Entity File Number	814-00736
Entity Registrant Name	PennantPark Investment Corporation
Entity Central Index Key	0001383414
Entity Tax Identification Number	20-8250744
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	1691 Michigan Avenue
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33139
City Area Code	786
Local Phone Number	297-9500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PNNT
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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