PennantPark Investment Corporation (NYSE:PNNT) Q2 2024 Earnings Conference Call May 9, 2024 12:00 PM ET

Company Participants

Art Penn - Chairman and CEO
Rick Allorto - CFO

Conference Call Participants

Brian Mckenna - Citizens JMP
Robert Dodd - Raymond James
Mickey Schleien - Ladenburg
Mark Hughes - Truist
Casey Alexander - Compass Point
Kyle Joseph - Jefferies

Operator

Good afternoon, and welcome to the PennantPark Investment Corporation's Second Fiscal Quarter 2024 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 2024 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 include a 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 disclosures 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 our latest 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 the current market environment for private middle market credit, provide a summary of how we fared in the quarter ended March 31, how the portfolio is positioned for the upcoming quarters, a detailed review of the financials and then open it up for Q&A.

For the quarter ended March 31, our GAAP and core net investment income was $0.22 per share. We are pleased to announce that the Board of Directors has approved an increase in the monthly dividend to $0.08 per share. The increase will be effective beginning with the June monthly dividend, which will be payable on July 1 to shareholders of record as of June 14.