PennantPark Investment Corporation (PennantPark Investment) is a business development company focused to generate both income and capital appreciation through debt and equity investments in the United States middle-market companies in the form of senior secured loans, mezzanine debt and equity investments. The Company is a closed-end, externally managed, non-diversified investment company. During the fiscal year ended September 30, 2013 (fiscal 2013), it purchased investments issued by 14 new and 26 existing portfolio companies. As of September 30, 2013, its debt portfolio consisted of 52% fixed-rate investments and 48% variable-rate investments (including 44% with a LIBOR or prime floor). The variable-rate loans are usually based on a LIBOR rate and typically have durations of three months after which they reset to current market interest rates.