Western Asset Investment Grade Income Fund Inc. (PAI)
The Western Asset Investment Grade Income Fund Inc. (PAI) functions as a closed-end mutual fund, concentrating its investments in fixed-income securities. Its oversight is primarily provided by Western Asset Management Company, with Western Asset Management Company Limited acting as a co-manager. The fund strategically allocates capital mainly within the debt markets of the United States. Its holdings are predominantly composed of investment-grade debt, which includes government bonds, bank-issued obligations, commercial paper, and highly liquid assets like cash. To evaluate its effectiveness, the fund's performance is benchmarked against both the Barclays U.S. Corporate High Yield Index and the Barclays U.S. Credit Index. This fund was founded in the U.S. on March 22, 1973.
Industry: Asset Management - Income
Western Asset Investment Grade Income Fund Inc.
NYSE:PAIFinancial Services · Asset Management - Income
+0.17%$11.52
Prev close$11.50+0.17%Close$11.520.00%AH close$11.52
AH$11.52+0.00%vs close
Mkt Cap$109.57M
Float9.51M
O/S9.51M
Inst Own35.8%
Div Yield5.47%
Dilution
Financials Summary
Revenue$4.09M
Net Income$9.65M
Total Assets$127.43M
Free Cash Flow$0
Debt & Equity
Equity 100%
Total Debt$0
Total Equity$125.89M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in PAI's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$127.43M
Liabilities$1.54M
Accounts Receivable$1.8M
Accounts Payable$1.33M
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Revenue | $4.09M | $5.97M | $4.05M | $7M | $7.2M | $6.7M | $21.04M | -$6.29M | $14.25M | $7.66M | $7.68M | $7.88M | $7.96M | $7.9M |
| YoY Growth | -31.6% | 47.4% | -42.1% | -2.8% | 7.4% | -68.1% | -434.8% | -144.1% | 86.2% | -0.4% | -2.4% | -1.0% | 0.8% | - |
| Cost of Revenue | $794K | $763K | $778K | $810K | $874K | $910K | $866K | $852K | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $3.29M | $5.21M | $10.89M | -$24.2M | $542K | $3.83M | $20.18M | -$7.14M | $14.25M | $7.66M | $7.68M | $7.88M | $7.96M | $7.9M |
| Gross Margin | 80.6% | 87.2% | 268.6% | -345.9% | 7.5% | 57.1% | 95.9% | 113.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Research and Development | $0 | $0 | $0 | -$3 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $197K | $181K | $221K | $177K | $217K | $286K | $359K | $300K | $245K | $969K | $973K | $950K | $965K | $906K |
| Other | -$6.55M | $66K | $80K | $107K | $96K | $806K | $73K | $72K | $64K | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | -$6.35M | $247K | $301K | $284K | $313K | $1.09M | $432K | $373K | $309K | $6.17M | $10.64M | $2.41M | $7.1M | $11.02M |
| Operating Income (EBIT) | $9.65M | $3.78M | $10.59M | -$24.49M | $230K | $5.61M | $20.61M | -$6.66M | $13.94M | $6.64M | $6.66M | $6.87M | $6.95M | $6.93M |
| Operating Margin | 236.0% | 63.3% | 261.2% | -350.0% | 3.2% | 83.7% | 97.9% | 105.9% | 97.8% | 86.7% | 86.7% | 87.3% | 87.3% | 87.8% |
| Interest Expense | $0 | $0 | $4K | $0 | $0 | $0 | $0 | $0 | $7 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $7.14M | $6.9M | $6.74M | $6.56M | $6.59M | $6.7M | $7.02M | $7.29M | $7.5M | $0 | $0 | $0 | $0 | $1K |
| Other Income (Expense) | $0 | $0 | $0 | $0 | $0 | $7.2M | $0 | $0 | $7.44M | $7.13M | -$9.66M | $3.36M | -$6.14M | $11.98M |
| Income Before Tax (EBT) | $9.65M | $3.78M | $10.59M | -$24.49M | $230K | $12.81M | $20.61M | -$6.66M | $13.94M | $13.82M | -$2.95M | $10.29M | $855K | $18.92M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4K | $8K | $3K | $0 | -$6.09M | $0 |
| Net Income | $9.65M | $3.78M | $10.59M | -$24.49M | $230K | $12.81M | $20.61M | -$6.66M | $13.94M | $13.81M | -$2.96M | $10.29M | $855K | $18.92M |
| Net Income Margin | 236.0% | 63.3% | 261.2% | -350.0% | 3.2% | 191.1% | 97.9% | 105.9% | 97.8% | 180.4% | -38.5% | 130.6% | 10.7% | 239.6% |
| Supplementary Data | ||||||||||||||
| EPS | 1.01 | 0.40 | 1.11 | -2.57 | 0.02 | 1.35 | 2.17 | -0.70 | 1.47 | 1.46 | -0.31 | 1.09 | 0.09 | 2.00 |
| Diluted EPS | 1.01 | 0.39 | 1.11 | -2.57 | 0.02 | 1.35 | 2.17 | -0.70 | 1.47 | 1.46 | -0.31 | 1.09 | 0.09 | 2.00 |
| Weighted Average OS | 9.51M | 9.51M | 9.51M | 9.51M | 9.51M | 9.51M | 9.50M | 9.48M | 9.48M | 9.47M | 9.46M | 9.46M | 9.46M | 9.46M |
| EBITDA | $9.65M | $3.78M | $10.59M | -$24.49M | $230K | $12.81M | $20.61M | $0 | $6.46M | $6.64M | $6.66M | $6.87M | $6.95M | $0 |
| EBITDA Margin | 236.0% | 63.3% | 261.2% | -350.0% | 3.2% | 191.1% | 97.9% | - | 45.3% | 86.7% | 86.7% | 87.3% | 87.3% | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and Cash Equivalents | $17K | $72K | -$1.28M | $9K | -$1.07M | $0 | -$28K | $172K | $111K | $2.7M | $1.53M | $1.03M | $37K | $740 |
| Short-Term Investments | $895K | $772K | $1.28M | $0 | $1.07M | $1.55M | $28K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $912K | $844K | $1.28M | $9K | $1.07M | $1.55M | $28K | $172K | $111K | $2.7M | $1.53M | $1.03M | $37K | $740 |
| Accounts Receivable | $1.8M | $1.73M | $1.7M | $1.61M | $1.65M | $1.69M | $1.8M | $1.75M | $1.85M | $1.84M | $1.73M | $1.83M | $1.78M | $2.06M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $2.07M | $2.19M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | -$423 | -$1.73M | $241K | -$499 | -$1.07M | -$3.24M | -$2.07M | $262K | $355K | $369K | $392K | $360K | $1.8M | $761K |
| Total Current Assets | $2.71M | $844K | $1.94M | $1.62M | $1.65M | $0 | $1.84M | $1.92M | $1.99M | $4.92M | $3.66M | $3.24M | $3.64M | $2.82M |
| Long-Term Assets | ||||||||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $124.33M | $120.88M | $121.6M | $117.92M | $147.45M | $152.53M | $145.14M | $130.74M | $143.8M | $133.61M | $127.44M | $138.5M | $133.15M | $139.63M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $394K | $122.82M | $1.3M | $119.83M | $149.37M | $0 | $0 | -$130.74M | -$143.8M | $14K | $14K | $0 | $0 | -$139.63M |
| Total Long-Term Assets | $124.72M | $120.88M | $122.9M | $117.92M | $147.45M | $152.53M | $145.14M | $130.74M | $143.8M | $133.62M | $127.45M | $138.5M | $133.15M | $139.63M |
| Other Assets | $0 | $1.17M | $0 | $297K | $275K | $154.46M | $264K | $281K | $337K | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $127.43M | $122.89M | $124.84M | $119.84M | $149.37M | $154.46M | $147.25M | $132.94M | $146.13M | $138.55M | $131.11M | $141.74M | $136.79M | $142.45M |
| Liabilities | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accounts Payable | $1.33M | $0 | $0 | $264K | $0 | $0 | $63K | $59K | $61K | $0 | $0 | $1.15M | $0 | $0 |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $13K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $44K | $43K | $0 | $0 | $46K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $0 | $22K | $9K | $393K | -$121K | -$180K | -$56 | -$110K | -$94K | $64K | $41K | $29K | $0 | $124K |
| Total Current Liabilities | $1.39M | $173K | $157K | $264K | $136K | $162K | $63K | $59K | $61K | $198K | $157K | $1.3M | $108K | $124K |
| Long-Term Liabilities | ||||||||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $1.54M | $173K | $0 | $129K | $0 | $13K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $1.54M | $173K | $157K | $129K | $136K | $13K | $126K | $59K | $61K | $0 | $0 | $0 | $0 | $0 |
| Other Liabilities | $0 | $0 | $0 | -$134K | -$136K | $175K | -$126K | $65K | $49K | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.54M | $173K | $157K | $393K | $136K | $175K | $63K | $182K | $172K | $198K | $157K | $1.3M | $108K | $124K |
| Stockholders' Equity | ||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $1 | $1 | $0 | $0 | $0 |
| Common Stock | $95K | $95K | $95K | $95K | $95K | $95K | $95K | $95K | $95K | $95K | $95K | $95K | $95K | $95K |
| Retained Earnings | -$6.24M | -$9.42M | -$7.45M | -$12.69M | $17.1M | $22.18M | $15.13M | $1.05M | $1.2M | -$4.01M | -$11.98M | -$2.47M | -$6.23M | -$554K |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $132.03M | $132.04M | $132.04M | $132.04M | $132.04M | $132.02M | $131.89M | $131.62M | $144.67M | $142.26M | $142.84M | $142.82M | $142.82M | $142.78M |
| Total Equity | $125.89M | $122.72M | $124.68M | $119.44M | $149.24M | $154.29M | $147.12M | $132.76M | $145.96M | $138.35M | $130.95M | $140.44M | $136.68M | $142.32M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $127.43M | $122.89M | $124.84M | $119.84M | $149.37M | $154.46M | $147.18M | $132.94M | $146.13M | $138.55M | $131.11M | $141.74M | $136.79M | $142.45M |
| Supplementary Data | ||||||||||||||
| Total Debt | $0 | $0 | $0 | $0 | $0 | $13K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Debt | -$17K | -$72K | $1.28M | -$9K | $1.07M | $1.56M | $28K | -$172K | -$111K | -$2.7M | -$1.53M | -$1.03M | -$37K | -$740 |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Operating Activities | ||||||||||||||
| Net Income | $9.65M | $3.78M | $10.59M | -$24.49M | $230K | $12.81M | $20.61M | -$6.66M | $13.94M | $13.81M | -$2.96M | $10.29M | $855K | $18.92M |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Working Capital Change | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Non-Cash Items | -$9.65M | -$3.78M | -$10.59M | $24.49M | -$230K | -$12.81M | -$20.61M | $6.66M | -$13.94M | -$13.81M | $2.96M | -$10.29M | -$855K | -$18.92M |
| Net Cash from Operating | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investing Activities | ||||||||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Financing Activities | ||||||||||||||
| Debt Repaid | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Financing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash at Beginning | $0 | $0 | $0 | $0 | $0 | $0 | $172K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash at End | $0 | $0 | $0 | $0 | $0 | $0 | $172K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |