PennantPark Investment Corporation (NYSE:PNNT) Q2 2023 Earnings Conference Call May 11, 2023 ET

Company Participants

Art Penn - Chairman and CEO

Rick Allorto - CFO

Conference Call Participants

Paul Johnson - KBW

Robert Dodd - Raymond James

Kyle Joseph - Jefferies

Mickey Schleien - Ladenburg

Mark Hughes - Truist.

Melissa Wedel - JP Morgan

Casey Alexander - Compass Point

Operator

Good afternoon and welcome to the PennantPark Investment Corporation's Second Fiscal Quarter 2023 Earnings Conference Call. Today's conference is being recorded. [Operator Instructions] It is now my pleasure to turn the call over to Mr. Art Penn Chairman and Chief Executive Officer of PennantPark Investment Corporation. Mr. Penn, you may begin your conference.

Art Penn

Good afternoon, everyone. I'd like to welcome you to PennantPark Investment Corporation’s second fiscal quarter 2023 earnings conference call. I'm joined today by Rick Allorto our Chief Financial Officer. Rick, please start off by disclosing some general conference call information and included discussion about forward looking statements.

Rick Allorto

Thank you, Art. I'd like to remind everyone that Today's call is being recorded. Please note that this call is the property of PennantPark Investment Corporation. And that any unauthorized broadcast of this call in any form is strictly prohibited. An audio replay of the call will be available on our website. I'd also like to call your attention to the customary Safe Harbor disclosure in our press release regarding forward looking information. Today's conference call may also include forward-looking statements and projections, and we ask that you refer to our most recent filings with the SEC for important factors that could cause actual results to differ materially from these projections. We do not undertake to update our forward-looking statements unless required by law. To obtain copies of related SEC filings, please visit our website at pennantpark.com or call us at 212-905-1000.

At this time, I'd like to turn the call back to our Chairman and Chief Executive Officer Art Penn.

Art Penn

Thanks, Rick. We're going to spend a few minutes and comment on our target market environment provide a brief summary of how we fared in the quarter ended March 31st. How the portfolio is positioned for the upcoming quarters, a detailed review of the financials and open it up for Q&A. For the quarter ended March 31st.

Our net investment income was $0.26 per share. Core NII was $0.21 per share, and excluded $0.05 of one-time interest and dividend income. GAAP NAV decreased slightly to $7.60 per share from $7.71 per share, or 1.4%. This decrease was driven largely by valuation adjustments on equity call investments partially offset by net investment income in excess of the dividend.