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The internet is rife with fake reviews. Will AI make it worse?PARIS (AP) — Notre Dame Cathedral , its air thick with the smell of incense, hosted its first Mass on Sunday since the catastrophic fire of 2019, a moment that transcended religious significance to become a powerful symbol of Paris’ resilience. Beneath the glow of traditional chandeliers and modern spotlights, which illuminated its intricately carved stonework , the cathedral emerged reborn, its grandeur restored after five years of reconstruction. For Catholics, it marks the revival of the city’s spiritual heart, a place where faith has been nurtured for centuries. For the world, it signals the rebirth of one of global heritage's most famous landmarks. The event was both solemn and historic. Archbishop Laurent Ulrich presided over the morning Mass, including the consecration of a new bronze altar. The liturgy was attended by 2,500 people, including French President Emmanuel Macron — enjoying a brief respite from France's political tumult and economic troubles — clergy, dignitaries and a few lucky members of the general public who stood in long lines to enter. Nearly 170 bishops from France and around the world took part, along with one priest from each of the 113 parishes in the Paris diocese, accompanied by worshippers from these communities. Macron, in line with France’s strict division of state and church, did not take communion. Notre Dame’s journey from ruin to resurrection was defined by extraordinary craftsmanship, nearly $1 billion in global donations and a collective, unyielding determination to rebuild. After the Mass, faithful attendees, priests, nuns, and other guests lingered in the cathedral, their awe evident. Many took pictures and selfies in front of the altar, the baptistery, and vibrant rose windows, their joy mingling with reverence. Others knelt to pray at chapels dedicated to saints, savoring a spiritual intimacy many had not experienced since the fire. Later Sunday, the cathedral opened its doors to members of the public who secured reservations last week for the first fully public Mass. The Associated Press learned that tickets for this service were claimed within 25 minutes, underscoring Notre Dame’s enduring appeal. What’s more extraordinary is that this is taking place in a country with a strong emphasis on secularism and a low rate of church attendance. Public viewing areas along the Seine on Sunday morning drew hundreds of people who wished to witness the historic moment from afar, although their numbers were likely subdued by rainy and miserably cold weather conditions. Retired engineer Claude Lancrenon, watching from a viewing area, expressed both awe and disappointment. “There is so much security,” he said, gesturing toward the barriers. “Yesterday, that seemed appropriate. But today, I had hoped it would be more open so we could approach the cathedral. I still hope we’ll be able to get closer.” Tight security — akin to that of the Paris Olympic Games — reflected the importance of the occasion, ensuring the safety of dignitaries and the public alike. Nathalie Martino, a retired event organizer visiting Paris, recalled the anguish of watching the cathedral burn. “I cried so much that day,” she said. “And now, here I am. I had to come. It was something I needed to do.” Sunday’s Masses follow Saturday evening’s ceremonies in which Ulrich symbolically reopened the cathedral’s massive wooden doors by striking them three times with a crosier crafted from charred beams salvaged from the fire. As the doors swung open, choirs filled the air with song and the cathedral’s great organ — silent since the fire — resounded with majestic melodies. Inside, the restoration reveals a cathedral transformed with now-gleaming limestone walls cleaned of centuries of grime. The restored stained-glass windows project dazzling patterns of color across the nave. “No one alive has seen the cathedral like this,” said the Rev. Olivier Ribadeau Dumas, Notre Dame’s rector. "It is more than restored — it is reborn.” The consecration of the new altar was a pivotal moment in Notre Dame’s return to full liturgical life. The altar houses relics of five saints tied to Paris, including St. Catherine Labouré and St. Charles de Foucauld, continuing a centuries-old tradition of embedding sacred artifacts at the heart of worship spaces. The consecration, involving holy water, chrism oil, incense and prayer, transforms the altar into a sacred centerpiece of the cathedral. That was the most moving moment of the day for Marie Capucine, 37, a consecrated virgin representing her Parisian parish of Saint Germain des Prés at the reopening. She recalled the day the fire raged, and the ‘’communion in prayer all over the world'' for the cathedral to be saved. “That shows that the Church gathers, no matter whether people are believers or not, it says something to the world, something beautiful,” she concluded. The reopening of Notre Dame is also a moment of cultural and national unity. Macron, who vowed to restore the cathedral within five years after the fire, called the project “a jolt of hope” for France, a nation often divided by political crises. The Sunday Masses underscore Notre Dame’s dual role as a place of worship and a symbol of communal resilience. They also ensure that members of the broader Catholic community can partake in the cathedral’s spiritual revival. The path to restoration was fraught with challenges. Lead contamination forced work to pause, and the COVID-19 pandemic added delays. Yet the project, overseen by architect Philippe Villeneuve, has been hailed as a triumph of human ingenuity and collective resolve. Cutting-edge fire prevention systems, including thermal cameras and a misting system, have been installed to safeguard the cathedral’s future. Villeneuve described the effort as “restoring not just a building but the soul of a nation,” emphasizing the personal and national significance of the work. With its spire once again piercing the Parisian sky, Notre Dame is poised to reclaim its role as a global beacon of faith and art. The cathedral, which previously welcomed 12 million annual visitors, is expected to draw 15 million in its new chapter. This monumental revival is not confined to a single day. Ulrich has announced an “octave” of celebrations — eight days of special religious services, each with its own theme, running through Dec. 15. These daily liturgies, open to diverse groups from local parishioners to international pilgrims, emphasize Notre Dame’s role as a unifying spiritual hub. John Leicester, Yesica Brumec and Bela Szandelszky in Paris contributed. Associated Press religion coverage receives support through The AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
James Glenday is announced as Michael Rowland's ABC News Breakfast replacementPeople started lining up at 3 p.m. on Thursday for the 5 o’clock start. Around 600 members of the community showed up Thursday at Hart High School in Newhall for the Hart High ASB Community Holiday Dinner, according to ASB co-director Jamie Clack. ASB students served free dinner, gave each family a blanket, offered those in need a food and clothing drive, and gave kids an opportunity to meet Santa Claus for pictures and presents. “We’re trying to bring the holiday spirit to the community,” Clack said Thursday after stepping away from the food line for just a moment to chat. “This is for anyone in the community, not just Hart High families.” Clack added that the donations came from Hart High staff and Hart families. Hart staff, for example, collected money to purchase over 600 tamales from Jazmin’s Bakery in Newhall. Students began collecting toys and gift cards back in November. Project Linus, which is a volunteer nonprofit organization that offers handmade blankets to children in need, donated about 350 blankets. Emblem Academy in Saugus gave about 200 blankets. The 52 ASB students spent weeks wrapping gifts, according to Clack. She said they often did that on their lunch breaks at school. They had gifts for babies, and for boys and girls up to 12 years old. Teens got gift cards. “It’s so wonderful,” Clack said. “It’s really a true community event.” Assistant Principal Rich Gutierrez added that Honu Coffee in Newhall donated coffee. Other local businesses like Egg Plantation and Firehouse Subs also provided goods for the meals. “To see everybody come together as a group is amazing, particularly during this time of the year,” Gutierrez said. “The effort from the kids and everything they put into this — that leadership that they show is awesome.” In the small gym on campus, Hart social workers and ASB students ran a food and clothing drive. Then, over in the bigger gym, guests got to meet Santa Claus and his helpers in a winter wonderland of Christmas trees and lights, snowmen, a gingerbread man and other characters from the North Pole. “We’ve been doing this for over 30 years,” said Nicole Keaton, ASB co-director. “There are a lot of families just in need, and if we have the means to help with all the donations from our families, I think it’s just something we can do to give back.” Hart High School Assistant Principal Liz Wilson said area families look forward to the event every year. People will wait in line for over an hour to get food. Then they’ll wait in line for blankets, for the food and clothing drive, and for Santa and gifts. Several families said they waited an hour to get into the event. Newhall resident Juana Villagomez and her family from Newhall got through the line in just 25 minutes. She said it was worth it — they enjoyed everything. Pedro Morales Sr. and his family came from Canyon Country to take part in the festivities. His kids, 2-year-old Pedro Jr. and 4-year-old Alison, had just met Santa Claus and received gifts. They were excited to open them and more excited for Christmas to come. They wouldn’t have to wait much longer.'Ten out of ten' Netflix film is dubbed 'the best movie ever' by fans
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Why would a vampire want to give up immortality? When this question was posted on a Facebook page that serves as a community for aspiring authors, many followers replied that it could be because a vampire falls in love with a human. Dr Parimmaphatra Waithayawongsakul, an aspiring author, disagreed with that reason but the post sparked the idea for her first novel, Tonmai Khong Vampire (The Vampire And The Tree). "I disagreed with the idea that a vampire would give up immortality even if it fell in love with a human. It does not make sense since vampires may view humans as nothing more than a source of food and not something they would love enough to give up their life for. That was how I came up with the plot of a story about a vampire," explained Dr Parimmaphatra. The Vampire And The Tree is a story of a nameless female vampire who has a female tree fairy as a friend. What they both share in common is immortality. For thousands of years, the nameless vampire travelled the world, explored various places and returned to share her journey with her sole friend who is unable to move, as the fairy lives in an acacia tree with deep roots. Parimmaphatra Waithayawongsakul after winning the 2024 Chommanard Book Prize. Dragonikonfoto The nameless vampire is an unusual one since she never consumes blood and prefers fruit instead. Dr Parimmaphatra revealed that the character of the tree fairy was inspired by the Tree of Ténéré in Niger, Africa. "I believe that a brutal, bloodthirsty vampire character does not fit the story. This nameless vampire is a nice creature. Normally, she does not unnecessarily involve herself with humans. She prefers to be an observer and watch the world with curiosity," she explained. "Before creating the tree fairy character, I searched for living things that have long lifespans. I discovered that trees can live for 5,000 to 10,000 years and a tree seemed like the perfect fit for a character. Acacia was inspired by the Tree of Ténéré which was a solitary acacia tree in the Sahara Desert in Niger. There was nothing around it. People who crossed the Sahara Desert used it as a landmark. Unfortunately, the tree was destroyed by a truck driver in 1973." Due to her creative storytelling and exquisite writing, Dr Parimmaphatra, under her pseudonym P.J.Primphat, came first in the 2024 Chommanard Book Prize for The Vampire And The Tree. As the winner of the competition, which was organised by Praphansarn Publishing and Bangkok Bank, Dr Parimmaphatra received 100,000 baht. She will also receive royalties for both the Thai and English editions of her book. "When I received a message on Line that I was one of the eight finalists, it felt like a dream. I had never won participating in writing competitions, so I did not expect to receive an award. When I won, I was on cloud nine," she said. Dragonikonfoto The Vampire And The Tree is described by the publishing company as a fantasy novel which skilfully intertwines the story of a vampire with philosophical concepts of Buddhism. The vampire embarks on a solitary journey across the world to seek the meaning of life. After travelling for thousands of years to the ends of the earth, the vampire comes to realise that if she does not explore her inner self and remains attached to impermanent sensations of sight, sound, smell, taste and touch, immorality is meaningless. Growing up in a home filled with books, Dr Parimmaphatra developed a love of reading from a young age. She read a wide variety of genres, not limiting herself to just young adult literature. The short story compilation Mine, by National Artist Arjin Panjaphan, was a particular influence on her writing. "Arjin's stories are so realistic with vivid descriptions. I admire his writing style and the way the stories end with a little twist. His style had a profound impact on my writing," Dr Parimmaphatra said. Dr Parimmaphatra had always dreamed of being an author and publishing her own novel. However, her parents wanted her to become a doctor. She followed their wishes and eventually graduated from the Department of Paediatrics, Faculty of Medicine, Ramathibodi Hospital, Mahidol University. She is proud to be a doctor as it is a meaningful profession which offers great value and purpose. After being a full-time paediatric cardiologist for years, Dr Parimmaphatra decided to freelance and worked with over 10 hospitals. She spent her free time taking a writing course created by the famous author Pry Pansang. The course gave her confidence that she had the potential to write. "The course broke down my fear of writing. There was a group chat where participants could share their writing pieces and this exposed me to a diverse range of writing styles and ideas. It was truly eye-opening and give me the courage to write," she said Dr Parimmaphatra incorporated ideas from her experience as a doctor into her novel. For example, in a chapter titled Muang Rai Rang (City Of Emptiness), the city is a place where everything seems to be unreal. When animals or objects are touched, they break into tiny particles before reforming again. "This chapter was inspired by echocardiography, which is the use of ultrasound to examine the heart. Ultrasounds are sound waves with frequencies beyond the range of human hearing. This made me question how much we can trust our senses. Can we really call things that we cannot see or hear 'nothing'? Additionally, there is a hospital scene which was inspired by modern medical treatment, but it is portrayed with a more fantasy approach," Dr Parimmaphatra said. The Vampire And The Tree can be read in three different ways -- for entertainment; as a social commentary with satire; and/or a metaphilosophy piece. However, the novel includes many words readers may not be familiar with and they may have to look them up in a dictionary. If the novel was created for entertainment, why did it include many difficult words? Dr Parimmaphatra explained: "We need to separate the complexity of content from the beauty of language. Usually readers don't want to read literature with complicated content or symbols that require interpretation. This novel doesn't require much interpretation. It can be read for enjoyment. In terms of language, as a writer, I want the language to be as beautiful as possible." Currently, Dr Parimmaphatra is working as a research assistant at a hospital in Shiba, Japan, where she has been for the past four years. With many plots in mind, she spends her free time writing. "After winning the Chommanard Book Prize, I felt pressured to work on another book. Since each book has its own strengths and weaknesses which cannot be compared, I will try not to put too much pressure on myself and will strive to do my best for each. I currently have plots about sci-fi and Boy's Love [BL]. The BL plot was developed for a competition, but it was cancelled. I will develop this plot into a novel instead," said Dr Parimmaphatra.
New Delhi: Delhi High Court halted the counting of votes in the student union elections at Delhi University and delayed the declaration of results till the walls and public properties defaced by election posters and graffiti were restored. While this intervention led to the sprucing up of campus property, the law, in actuality, is hardly a deterrent to the widespread pasting of posters and banners on public property and spaces across the city. When TOI took a round of the city, it saw walls littered by advertisements of all sizes and hues, ranging from detective services and promises of 100% cancer treatment to job recruitment offers and, of course, those with political messages. IPL 2025 mega auction IPL Auction 2025: Who went where and for how much IPL 2025: Complete list of players of each franchise Not surprisingly, police data shows a 106% increase in cases registered for defacement of public property this year from 2023. Till Oct 31, police filed 2,450 cases for the offence against 1,187 in the same period last year, 798 I 2022 and 87 three years ago. This year, the cops took in 2,256 violators when only 1,017 had been nabbed last year, 392 in 2022 and 60 in 2021. The mass pasting of posters and bills on public property is likely to blemish the city's look with assembly elections slated just months away. Already, Deen Dayal Upadhyaya Marg is plastered with posters or paintings put up by political parties announcing rallies. And while police claimed their investigators questioned the poster pasters, printing press and the beneficiaries of the content on posters, the impunity with which public properties are defaced indicates laxity in the enforcement of the Prevention of Defacement of Property Act. Hawker Mohammad Yasin Ansari said such acts tarnished the city's aesthetics. "But nobody objects to the pasting because doing so culminates in arguments and scuffles," he said. Lawyer Sube Singh pointed out how the posters were layered on top of each other. "If someone posts something, others paste theirs above it and more, in turn, place theirs on top of that, creating an overall unsightly scene," he said. On the flyover connecting Kashmere Gate to northeast Delhi, there are a plethora of posters of political parties. The flyover near Andrews Ganj in south Delhi is pockmarked by paper. In Saket, political party posters take up all the wall space along Birla Vidya Niketan Marg. Ajay Pratap, a resident of Chirag Delhi, said that these posters increase during elections. Near Tis Hazari Courts, the irony of signs warning against pasting of posters being merrily flouted couldn't be missed. Madan Kumar, 47, a Bhajanpura resident who was at the court, shrugged and said as soon as the authorities removed the posters and repainted the walls, new ones appeared routinely. At a flyover near Monastery Market, the beautiful graffiti inscribed for the G20 Summit last year has been marred by posters. Someone has scribbled six-seven lines in Hindi at one spot. The law prescribes a prison term of up to six months and a fine of up to Rs 1,000 or both for defacing public property by "writing or marking with ink, chalk, paint, or any other material, except for the purpose of indicating the memo and address of the owner or occupier of such property". A senior police officer said cases were registered based on complaints or when the cops take cognisance of the offence themselves. "We send notices and violators are made to join the investigation, or are bound down, or apprehended," the officer added. The cops revealed that most beneficiaries of posters plead they weren't directly involved in defacing public property.None
A version of this story originally ran Sept. 30, 2024. When Stacy Fox heard the news that Freehold Raceway — known as the oldest racing track in the country — was shutting down this December, she was crestfallen. “I literally cried because my whole childhood was at the track,” said Fox, 46, who now lives in Savannah, Georgia, but grew up in Browns Mills in Pemberton Township in Burlington County. Both of her parents worked at the Monmouth County track — her father was a head accountant there for more than 30 years, and her mother worked the simulcasting switchboard at night. Fox remembers driving to the raceway with her mother before her shift, and riding back home with her father, at the end of his work day. She often spent Sundays at the track, when her father would catch up on work. She knew dozens of people who worked at the raceway. Even decades later, she has vivid memories of the thrill of spending time there with her brother, the family’s two youngest siblings. They peeked into the track’s vault filled with money, walked through the cigar smoke-filled club, met the jockeys and stroked the horses. “My dad was a big part of that place,” Fox said of her father, who died in 2000. After she learned the raceway was closing, she visited the track one final time in October with her mother, when they traveled to New Jersey. Coincidentally, her parents’ anniversary falls on the track’s last day — Dec. 28. In September, officials announced the horse-racing track, which features harness racing, is ceasing all live racing and simulcasting operations at the end of the year. New Jersey’s other tracks — Monmouth Park and the Meadowlands — are not affected by the closure. “This was an extremely difficult decision, especially given the historical importance of Freehold Raceway to the local community and the New Jersey horse racing industry,” Howard Bruno, the raceway’s general manager, said in the announcement. “Unfortunately, the operations of the racetrack cannot continue under existing conditions, and we do not see a plausible way forward,” he said. “We are incredibly thankful for our dedicated employees, horsemen and fan base for their support and patronage for so many years.” News of the closure prompted a flood of reactions and hundreds of comments on social media. Some people cheered the demise of horse racing at one more racetrack across the country, saying it was best for the horses. Others lamented the possibility of developers building on the site. Many were incredibly saddened by the impending shutdown, recalling fond days spent at the track in their childhood with family members and friends. After he retired, Bob Barlow's stepfather landed a job as an usher at the trackway because he enjoyed spending time at the track so much. Barlow's stepfather, Tracy Hall, is in a red jacket and pictured with a winning horse after a race. Provided by Bob Barlow Bob Barlow, who now lives in Connecticut, previously lived in East Windsor in Mercer County and would visit the track as a child with his stepfather, who loved watching the horses race and placing bets. Barlow said his stepfather, Tracy Hall, once won $800 from betting on the races in one day. Although Barlow doesn’t remember the horse’s name, he easily recalls the jockey’s name: Wilbur. “My stepfather winds up getting up, standing on top of the chair and screaming, ‘Come on Wilbur, come on Wilbur,’” said Barlow, 72. The horse won, and Hall was elated. “I literally thought he was going to pass out and have a heart attack,” Barlow said, “he was so excited.” When Hall retired from his security guard position at a research facility, he landed an usher job at the track, allowing him to get paid for something he enjoyed, Barlow said. If the track wasn’t busy, he could place his own bets. Occasionally, he would be invited onto the field after the race, when the winning horse — adorned with a bouquet of flowers around its neck — and its owner took photos. He was employee of the month in May 1995, and officials named a race after him, Barlow said. The track’s attendance declined in recent years. Carl Cito celebrated his 11th birthday at Freehold Raceway's restaurant, called the Renaissance Room, with his two grandfathers. Provided by Carl Cito Carl Cito, 26, would regularly visit the track with his two grandfathers — his mother’s father and his father’s father — starting when he was about 4, he said. His father trained and raced horses there, and although Cito still goes to the track now, he notices a difference in attendance. “Before me, it used to be super popular,” he said, referring to the time before he was born. Though he sees some younger people at the track today, it’s mostly an aging crowd. “My friends from the racetrack are mostly older than me,” Cito said. When the closure was announced, Freehold Borough Mayor Kevin Kane blamed track officials for the shutdown. There has been declining interest in standardbred harness racing, despite the raceway’s “long and storied history” in the borough, he said in a statement at the time. Track officials didn’t try to reverse the trends, Kane previously said. Freehold is jointly owned by Penn Entertainment and Greenwood Racing. “Management seemed disinterested in promoting or marketing the venue and failed to capitalize on the advent of sports betting in New Jersey,” Kane previously said. “The facility had become shopworn and dated with little capital improvements to attract new customers,” Kane said. “Attempts to meet with management to discuss promotional opportunities, band nights, car shows and other event-based strategies designed to get new customers into the facility were rebuffed.” In September, Stephen Gallo, the borough’s business administrator, said the horses will be retained by their owners once the track shuts down. The borough, which doesn’t own any of the property involved, plans to authorize a redevelopment study to determine if the area meets the criteria for an “area in need of redevelopment.” That could lead to proposals for a new use for the land. But, the raceway could potentially remain a horse-racing track. The borough has been in communication with state Sen. Vin Gopal, D-Monmouth, who represents the area, and is seeing if anyone is interested in continuing the raceway’s operations, Gallo previously said. “We have received several inquiries from parties interested in racing operations which we are following up on,” he previously said. Freehold Raceway is the nation’s oldest and fastest daytime half-mile harness racing track, according to its website . It first opened in 1853. It features live harness racing for trotters and pacers, and is open seven days and nights a week. It also hosts year-round thoroughbred and harness racing simulcasts from tracks throughout North America. Stacy Fox remembers growing up at Freehold Raceway — both of her parents worked at the track. She was given a mug that's branded with the track's name. Provided by Stacy Fox Fox, who was given a Freehold Raceway-branded mug years ago and has kept the keepsake, said the track is like a “security blanket” to her. Over the years, she spent many weekends and occasional evenings at the track. Its closure is “heartbreaking,” she said. But, “life goes on, the world changes, and things evolve,” Fox said. “And I guess it’s just time for it to close. I guess it’s just not what it once was.” “But, when it was, it was an amazing place,” she added. Stories by Brianna Kudisch Our journalism needs your support. Please subscribe today to NJ.com. Brianna Kudisch may be reached at bkudisch@njadvancemedia.com .Deadpool Creator Rob Liefeld’s Very Good, Very Lucrative YearMIAMI, Nov. 25, 2024 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation PNNT (the "Company") announced today financial results for the fourth quarter and fiscal year ended September 30, 2024. HIGHLIGHTS Year ended September 30, 2024 ($ in millions, except per share amounts) Assets and Liabilities: Investment portfolio (1) $ 1,328.1 Net assets $ 493.9 Adjusted net asset value per share (2) $ 7.56 Quarterly increase in adjusted net asset value per share (2) 0.5 % GAAP net asset value per share $ 7.56 Quarterly increase in GAAP net asset value per share 0.5 % Credit Facility $ 460.4 2026 Notes $ 148.6 2026-2 Notes $ 163.1 Regulatory Debt to Equity 1.58x Weighted average yield on debt investments at quarter-end 12.3 % Quarter Ended Year Ended September 30, 2024 September 30, 2024 Operating Results: Net investment income $ 14.4 $ 60.1 Net investment income per share $ 0.22 $ 0.92 Core net investment income per share (3) $ 0.22 $ 0.89 Distributions declared per share $ 0.24 $ 0.88 Portfolio Activity: Purchases of investments $ 291.6 $ 1,043.6 Sales and repayments of investments $ 235.2 $ 824.6 PSLF Portfolio data: PSLF investment portfolio $ 1,031.2 $ 1,031.2 Purchases of investments $ 145.9 $ 396.1 Sales and repayments of investments $ 39.1 $ 172.9 Includes investments in PennantPark Senior Loan Fund, LLC ("PSLF"), an unconsolidated joint venture, totaling $183.8 million, at fair value. 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 our 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. 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 year ended September 30, 2024, Core NII excluded: i) $2.5 million of PSLF special dividend income, and ii) $0.4 million of incentive fee expense offset. CONFERENCE CALL AT 12:00 P.M. EST ON NOVEMBER 26, 2024 PennantPark Investment Corporation ("we," "our," "us" or the "Company") will also host a conference call at 12:00 p.m. (Eastern Time) on Tuesday, November 26, 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 #3424889 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 performance from both an NAV and Net Investment Income perspective," said Arthur Penn, Chairman and CEO. "Our earnings stream continues to be robust due to strong credit performance and the excellent returns generated by our PSLF joint venture." As of September 30, 2024, our portfolio totaled $1,328.1 million and consisted of $667.9 million or 50% of first lien secured debt, $99.6 million or 7% of U.S. Government Securities, $67.2 million or 5% of second lien secured debt, $181.7 million or 14% of subordinated debt (including $115.9 million or 9% in PSLF) and $311.7 million or 23% of preferred and common equity (including $67.9 million or 5% in PSLF). Our interest bearing debt portfolio consisted of 94% variable-rate investments and 6% fixed-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 4.1% and 2.3% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $11.2 million as of September 30, 2024. Our overall portfolio consisted of 152 companies with an average investment size of $8.1 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.3%. 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 US 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 September 30, 2024, we invested $191.9 million in 12 new and 44 existing portfolio companies at a weighted average yield on debt investments of 11.4% (excluding U.S. Government Securities). For the three months ended September 30, 2024, sales and repayments of investments totaled $175.3 million (excluding U.S. Government Securities), including $117.0 million of sales to PSLF. For the year ended September 30, 2024, we invested $774.6 million of investments in 41 new and 81 existing portfolio companies with a weighted average yield on debt investments of 11.7 % (excluding U.S. Government Securities). Sales and repayments of investments for the same period totaled $555.4 million (excluding U.S. Government Securities), including $308.7 million of sales to PSLF. For the three months ended September 30, 2023, we invested $61.1 million in two new and 31 existing portfolio companies at a weighted average yield on debt investments of 12.3% (excluding U.S. Government Securities). For the three months ended September 30, 2023, sales and repayments of investments totaled $138.2 million (excluding U.S. Government Securities), including $47.6 million of sales to PSLF. For the year ended September 30, 2023, we invested $275.4 million in 17 new and 69 existing portfolio companies at a weighted average yield on debt investments of 12.0% (excluding U.S. Government Securities). For the year ended September 30, 2023, sales and repayment totaled $418.6 million (excluding U.S. Government Securities), including $127.8 million of sales to PSLF. PennantPark Senior Loan Fund, LLC PNNT has agreed to invest an additional $52.5 million and its joint venture partner has agreed to invest an additional $75.0 million of capital in PSLF. In addition, PSLF increased its senior secured credit facility provided by BNP Paribas from $325 million to $400 million, thereby allowing the JV to scale its investment portfolio to over $1.5 billion, representing a nearly $500 million increase in the JV's investment capacity. As of September 30, 2024, PSLF's portfolio totaled $1,031.2 million, consisted of 102 companies with an average investment size of $10.1 million and had a weighted average yield interest bearing debt investments of 11.3%. 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 on debt investments of 12.1%. For the three months ended September 30, 2024, PSLF invested $145.9 million (including $117.0 million purchased from the Company) in three new and seven existing portfolio companies at a weighted average yield on debt investments of 11.5%. PSLF's sales and repayments of investments for the same period totaled $39.1 million. For the year ended September 30, 2024, PSLF invested $396.1 million (of which $308.8 million was purchased from the Company) in 20 new and 24 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 $172.9 million. For the three months ended September 30, 2023, PSLF invested $56.9 million (including $47.6 million purchased from the Company) in five new and 18 existing portfolio companies at a weighted average yield on debt investments of 11.8%. PSLF's sales and repayments of investments for the same period totaled $52.6 million. For the year ended September 30, 2023, PSLF invested $176.2 million (including $127.8 million purchased from the Company) in 21 new and 23 existing portfolio companies at a weighted average yield on debt investments of 11.8%. PSLF's sales and repayments of investments for the same period totaled $106.6 million. RESULTS OF OPERATIONS Set forth below are the results of operations for the three months ended and years ended September 30, 2024 and 2023. Investment Income For the three months and year ended September 30, 2024, investment income was $36.5 million and $143.8 million, respectively, which was attributable to $27.2 million and $104.8 million from first lien secured debt, $2.2 million and $9.8 million from second lien secured debt, $1.1 million and $3.0 million from subordinated debt and $6.0 million and $26.2 million from other investments, respectively. For the three months and year ended September 30, 2023, investment income was $34.0 million and $145.4 million, respectively, which was attributable to $24.5 million and $97.2 million from first lien secured debt, $2.9 million and $13.8 million from second lien secured debt, $1.3 million and $4.7 million from subordinated debt and $5.4 million and $29.7 million from preferred and common equity, respectively. The decrease in investment income for the year compared to the same period in the prior year was primarily due to a decrease in dividend income. Expenses For the three months and year ended September 30, 2024, expenses totaled $22.0 million and $83.7 million, respectively, and were comprised of $12.3 million and $45.2 million of debt related interest and expenses, $4.3 million and $16.7 million of base management fees, $3.1 million and $12.7 million of incentive fees, $1.8 million and $6.6 million of general and administrative expenses and $0.7 million and $2.6 million of provision for excise taxes. For the three months and year ended September 30, 2023, expenses totaled $18.4 million and $79.8 million, respectively, and were comprised of $9.0 million and $39.4 million of debt related interest and expenses, $3.9 million and $16.5 million of base management fees, $3.3 million and $13.9 million of incentive fees, $1.6 million and $5.7 million of general and administrative expenses and $0.7 million and $4.3 million of provision for excise taxes. The increase in expenses over the prior year was primarily due to an increase in debt related interest and expenses. Net Investment Income For the three months and year ended September 30, 2024, net investment income totaled $14.4 million and $60.1 million, or $0.22 per share and $0.92 per share, respectively. For the three months and year ended September 30, 2023, net investment income totaled $15.6 million and $65.5 million, or $0.24 per share and $1.00 per share, respectively. The decrease in net investment income per share compared to the prior year was primarily due to an increase in debt-related interest expenses and decrease in dividend income. Net Realized Gains or Losses For the three months and year ended September 30, 2024, net realized gains (losses) totaled $2.5 million and $(33.6) million, respectively. For the three months and year ended September 30, 2023, net realized gains (losses) totaled $(5.2) million and $(156.8) million, respectively. The change in realized gains/losses was primarily due to changes in market conditions of our investments and the values at which they were realized and the fluctuations in the market and in the economy. Unrealized Appreciation or Depreciation on Investments and Debt For the three months ended and year ended September 30, 2024, net change in unrealized appreciation (depreciation) on investments was $4.3 million and $26.8 million, respectively. For the three months ended and year ended September 30, 2023, net change in unrealized appreciation (depreciation) on investments was $2.5 million and $61.2 million, respectively. As of September 30, 2024 and September 30, 2023, our net unrealized appreciation (depreciation) on investments totaled $11.2 million and $(16.3) million, respectively. The net change in unrealized appreciation/depreciation on our investments for the year ended September 30, 2024 compared to the prior year was primarily due to changes in the capital market conditions of our investments and the values at which they were realized and the fluctuation in the market and in the economy. For the three months and year ended September 30, 2024, our Credit Facility had a net change in unrealized appreciation (depreciation) of $(2.8) million and $(4.4) million, respectively. For the three months and year ended September 30, 2023, our Credit Facility had a net change in unrealized appreciation (depreciation) of $(1.3) million and $(3.8) million, respectively. As of September 30, 2024 and September 30, 2023, the net unrealized appreciation (depreciation) on the Credit Facility totaled $1.1 million and $5.5 million, respectively. The net change in unrealized depreciation for the year ended September 30, 2024 compared to the prior year was primarily due to changes in the capital markets. Net Change in Net Assets Resulting from Operations For the three months and year ended September 30, 2024, net increase (decrease) in net assets resulting from operations totaled $18.4 million and $48.9 million, or $0.28 per share and $0.75 per share, respectively. For the three months and year ended September 30, 2023, net increase (decrease) in net assets resulting from operations totaled $12.3 million and $(33.8) million, or $0.19 per share and $(0.52) per share, respectively. The increase in net assets from operations for the year ended September 30, 2024 compared to the prior year was primarily due to larger depreciation of the portfolio in the prior year primarily driven by changes in market conditions. LIQUIDITY AND CAPITAL RESOURCES Our liquidity and capital resources are derived primarily from proceeds of securities offerings, debt capital and cash flows from operations, including investment sales and repayments, and income earned. 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 the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives. As of September 30, 2024 and 2023, we had $461.5 million and $212.4 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 7.2% and 7.7%, respectively, exclusive of the fee on undrawn commitments. As of September 30, 2024 and 2023, we had $13.5 million and $262.6 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions. As of September 30, 2024 and 2023, we had cash and cash equivalents of $49.9 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 year ended September 30, 2024, our operating activities used cash of $(172.4) million and our financing activities provided cash of $183.4 million for the same period. Our operating activities used cash primarily for our investment activities and our financing activities provided cash primarily from borrowings under our Truist Credit Facility. For the year ended September 30, 2023, our operating activities provided cash of $222.9 million and our financing activities used cash of $239.2 million for the same period. Our operating activities provided cash primarily from our investment activities and our financing activities used cash primarily from the proceeds of our 2026-2 Notes and net repayments under our Truist Credit Facility. DISTRIBUTIONS During the three months and year ended September 30, 2024, we declared distributions of $0.24 and $0.88 per share, for total distributions of $15.7 million and $57.4 million, respectively. During the three months and year ended September 30, 2023, we declared distributions of $0.21 and $0.76 per share, for total distributions of $13.7 million and $49.6 million, respectively. We monitor available net 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 annual report on Form 10-K 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) September 30, 2024 September 30, 2023 Assets Investments at fair value Non-controlled, non-affiliated investments (amortized cost—$916,168 and $816,754, respectively) $ 910,323 $ 830,808 Non-controlled, affiliated investments (amortized cost—$56,734 and $55,787, respectively) 33,423 54,771 Controlled, affiliated investments (amortized cost—$343,970 and $245,386, respectively) 384,304 216,068 Total investments (amortized cost—$1,316,872 and $1,117,927, respectively) 1,328,050 1,101,647 Cash and cash equivalents (cost—$49,833 and $38,784, respectively) 49,861 38,775 Interest receivable 5,261 6,820 Distribution receivable 5,417 5,079 Due from affiliates 228 — Prepaid expenses and other assets 269 4,656 Total assets 1,389,086 1,156,977 Liabilities Truist Credit Facility payable, at fair value (cost—$461,456 and $212,420, respectively) 460,361 206,940 2026 Notes payable, net (par— $150,000) 148,571 147,669 2026 Notes-2 payable, net (par— $165,000) 163,080 162,226 Payable for investment purchased 100,096 99,949 Interest payable on debt 6,406 6,231 Distributions payable 5,224 13,697 Base management fee payable 4,297 3,915 Incentive fee payable 3,057 3,310 Accounts payable and accrued expenses 4,053 6,754 Due to affiliates 33 4,099 Total liabilities 895,178 654,790 Net assets Common stock, 65,296,094 and 65,224,500 shares issued and outstanding, respectively Par value $0.001 per share and 200,000,000 shares authorized 65 65 Paid-in capital in excess of par value 743,968 746,466 Accumulated deficit (250,125 ) (244,344 ) Total net assets $ 493,908 $ 502,187 Total liabilities and net assets $ 1,389,086 $ 1,156,977 Net asset value per share $ 7.56 $ 7.70 PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share data) Three Months Ended Sept 30, Year Ended Ended Sept 30, 2024 2023 2024 2023 Investment income: From non-controlled, non-affiliated investments: Interest $ 19,174 $ 21,240 $ 80,527 $ 93,420 Payment-in-kind 3,047 1,221 5,140 1,236 Dividend income 577 1,028 2,869 13,945 Other income 913 888 3,508 2,316 From non-controlled, affiliated investments: Interest — — — 73 Payment-in-kind — 308 347 625 From controlled, affiliated investments: Interest 6,349 4,527 25,738 15,425 Payment-in-kind 1,600 446 4,084 2,596 Dividend income 4,840 4,386 21,605 15,730 Total investment income 36,500 34,044 143,818 145,366 Expenses: Base management fee 4,297 3,915 16,654 16,549 Incentive fee 3,057 3,310 12,741 13,901 Interest and expenses on debt 12,281 8,953 45,188 39,408 Administrative services expenses 500 469 1,689 1,843 General and administrative expenses 1,250 1,129 4,874 3,837 Expenses before provision for taxes 21,385 17,776 81,146 75,538 Provision for taxes on net investment income 700 663 2,602 4,295 Net expenses 22,085 18,439 83,748 79,833 Net investment income 14,415 15,605 60,070 65,533 Realized and unrealized gain (loss) on investments and debt: Net realized gain (loss) on investments and debt: Non-controlled, non-affiliated investments (442 ) (2,676 ) 1,166 (18,418 ) Non-controlled and controlled, affiliated investments (35,474 ) — (34,999 ) (133,098 ) Debt extinguishment — — — (289 ) Provision for taxes on realized gain on investments 363 (2,535 ) 186 (4,952 ) Net realized gain (loss) on investments and debt (35,553 ) (5,211 ) (33,647 ) (156,757 ) Net change in unrealized appreciation (depreciation) on: Non-controlled, non-affiliated investments (5,483 ) (1,928 ) (20,895 ) (35,440 ) Non-controlled and controlled, affiliated investments 9,796 4,400 48,388 95,034 Provision for taxes on unrealized appreciation (depreciation) on investments — 680 (680 ) 1,576 Debt appreciation (depreciation) (2,807 ) (1,279 ) (4,385 ) (3,753 ) Net change in unrealized appreciation (depreciation) on investments and debt 1,506 1,873 22,428 57,417 Net realized and unrealized gain (loss) from investments and debt (34,047 ) (3,338 ) (11,219 ) (99,340 ) Net increase (decrease) in net assets resulting from operations (19,632 ) 12,267 48,851 (33,807 ) Net increase (decrease) in net assets resulting from operations per common share $ (0.30 ) $ 0.19 $ 0.75 $ (0.52 ) Net investment income per common share $ 0.22 $ 0.24 $ 0.92 $ 1.00 ABOUT PENNANTPARK INVESTMENT CORPORATION PennantPark Investment Corporation is a business development company which primarily invests in U.S. middle-market private 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 $8.3 billion of investable capital, including potential 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 AND OTHER 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 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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