PennantPark (NASDAQ:PNNT) has elected to keep its dividend level. The business development company declared a distribution for its Q4, which will be $0.28 per share paid on Oct. 1 to shareholders of record as of Sept. 20. That amount matches each of the company's preceding seven payouts, the most recent of which was dispensed at the beginning of July. Previous to that, PennantPark paid a penny less, or $0.27 per share.

The company has been a reliable dividend payer almost from the beginning of its existence. Since the closing of its IPO in April 2007, it has handed out a distribution in every quarter. The disbursement has climbed from $0.17 per share to the current level.

The just-declared dividend annualizes to $1.12 per share. That yields just under 10% at PennantPark's most recent closing stock price of $11.26.

Fool contributor Eric Volkman has no position in PennantPark. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.