PennantPark Investment Corporation (NYSE:PNNT) Q3 2024 Results Conference Call August 8, 2024 12:00 PM ET

Company Participants

Art Penn - Founder, Chairman, Managing Partner & CEO
Rick Allorto - Chief Financial Officer

Conference Call Participants

Mark Hughes - Truist
Robert Dodd - Raymond James
Paul Johnson - KBW
Melissa Wedel - JPMorgan

Operator

Good afternoon, and welcome to the PennantPark Investment Corporation's Third 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 third 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 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 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, how we fared in the quarter ended June 30, 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 June 30, our GAAP net investment income was $0.24 per share and our core net investment income was $0.21 per share. GAAP and adjusted NAV decreased 2.2% to $7.52 per share from $7.69 per share. The decrease in NAV for the quarter was due primarily to valuation adjustments on the nonaccrual loans partially offset by increases in several equity investments.