The following is a summary of the PennantPark Investment Corporation (PNNT) Q2 2024 Earnings Call Transcript:

Financial Performance:

• PennantPark Investment Corporation reported GAAP and core net investment income of $0.22 per share for Q2 2024.

• The company's Board of Directors approved a 14% increase in the monthly dividend, beginning in June.

• GAAP and adjusted NAV showed a 0.5% increase to $7.69 per share.

• A minor portfolio growth to $1.2 billion occurred, marking a 2% increase from the previous quarter.

Business Progress:

• Investment of $188 million was made in six new and 43 existing portfolio companies, offering a weighted average yield of 11.7%.

• Two new additions to nonaccrual status and one removal took place, representing 3.7% of the portfolio at cost and 3% at market value.

• The Joint Venture portfolio stood at $924 million as of March 31, with a $1.1 billion growth target.

• PennantPark anticipates increased activity and deal flow towards end-year from both new and existing ventures.

• The company continues to prioritize credit focus and is ready to accept a slightly lower yield for well-underwritten credit.

• Plans are in place for potential sale or growth of recapped specialty finance company Flock Financial.

• The credit statistics constituted 4.3x debt-to-EBITDA, interest coverage of 2.1x, and 40% in loan-to-value ratio.

More details: PennantPark Investment IR

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