PennantPark Investment (PNNT)

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PennantPark Investment (PNNT) - 2020 Q3 - Earnings Call Transcript
2020-08-07 07:54
PennantPark Investment Corporation (NYSE:PNNT) Q3 2020 Earnings Conference Call August 6, 2020 12:00 PM ET Company Participants Art Penn - Chairman and Chief Executive Officer Aviv Efrat - Chief Financial Officer Conference Call Participants Kyle Joseph - Jefferies Robert Dodd - Raymond James Paul Johnson - Keefe, Bruyette & Woods Rick Shane - JPMorgan Operator Welcome to the PennantPark Investment CorporationÂ's Third Fiscal Quarter 2020 Earnings Conference Call. TodayÂ's conference is being recorded. At t ...
PennantPark Investment (PNNT) - 2020 Q3 - Earnings Call Presentation
2020-08-06 18:18
ミ PennantPark 06/30/2020 N E W Y O R K • C H I C A G O • H O U S T O N • L O S A N G E L E S Forward-looking Statements and Risk Factors This presentation may include forward-looking statements. These forward-looking statements include comments with respect to our objectives and strategies and results of our operations. However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that these statements may ...
PennantPark Investment (PNNT) - 2020 Q2 - Earnings Call Transcript
2020-05-12 22:12
PennantPark Investment (NYSE:PNNT) Q2 2020 Earnings Conference Call May 12, 2020 12:00 PM ET Company Participants Art Penn – Chairman and Chief Executive Officer Aviv Efrat – Chief Financial Officer Conference Call Participants Mickey Schleien – Ladenburg Thallman Kyle Joseph – Jefferies Robert Dodd – Raymond James Rick Shane – JPMorgan Ryan Lynch – KBW Casey Alexander – Compass Point Operator Welcome to the PennantPark Investment Corporation's Second Fiscal Quarter 2020 Earnings Conference. Today's confere ...
PennantPark Investment (PNNT) - 2020 Q2 - Earnings Call Presentation
2020-05-12 11:58
ミ PennantPark 03/31/2020 N E W Y O R K • C H I C A G O • H O U S T O N • L O S A N G E L E S Forward-looking Statements and Risk Factors This presentation may include forward-looking statements. These forward-looking statements include comments with respect to our objectives and strategies and results of our operations. However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that these statements may ...
PennantPark Investment (PNNT) - 2020 Q1 - Earnings Call Transcript
2020-02-07 19:30
PennantPark Investment (NYSE:PNNT) Q1 2020 Earnings Conference Call February 7, 2020 10:00 AM ET Company Participants Art Penn - Chairman and Chief Executive Officer Aviv Efrat - Chief Financial Officer and Treasurer Conference Call Participants Kyle Joseph - Jeffries Robert Dodd - Raymond James Mickey Schleien - Ladenburg Thalmann Ryan Lynch - KBW Rick Shane - JPMorgan Casey Alexander - Compass Point Research David Miyazaki - Confluence Investment Management Operator Good morning and welcome to the Pennant ...
PennantPark Investment (PNNT) - 2020 Q1 - Earnings Call Presentation
2020-02-06 22:34
ミ PennantPark December 31, 2019 N E W Y O R K • C H I C A G O • H O U S T O N • L O S A N G E L E S Forward-looking Statements and Risk Factors This presentation may include forward-looking statements. These forward-looking statements include comments with respect to our objectives and strategies and results of our operations. However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that these stateme ...
PennantPark Investment (PNNT) - 2019 Q4 - Earnings Call Transcript
2019-11-22 19:03
PennantPark Investment (NYSE:PNNT) Q4 2019 Results Earnings Conference Call November 22, 2019 10:00 AM ET Company Participants Art Penn - Chairman and Chief Executive Officer Aviv Efrat - Chief Financial Officer and Treasurer Conference Call Participants Robert Dodd - Raymond James Ryan Lynch - KBW Richard Shane - JPMorgan Mickey Schleien - Ladenburg Casey Alexander - Compass Point David Miyazaki - Confluence Investment Management Operator Good morning and welcome to the PennantPark Investment Corporation's ...
PennantPark Investment (PNNT) - 2019 Q3 - Earnings Call Presentation
2019-08-09 12:47
ミ PennantPark June 30, 2019 N E W Y O R K • C H I C A G O • H O U S T O N • L O S A N G E L E S Forward-looking Statements and Risk Factors This presentation may include forward-looking statements. These forward-looking statements include comments with respect to our objectives and strategies and results of our operations. However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that these statements ...
PennantPark Investment (PNNT) - 2019 Q3 - Earnings Call Transcript
2019-08-08 21:20
PennantPark Investment Corp (NYSE:PNNT) Q3 2019 Earnings Conference Call August 8, 2019 11:00 AM ET Company Participants Arthur Penn - Founder, Chairman & CEO Aviv Efrat - Treasurer & CFO Conference Call Participants Kyle Joseph - Jefferies Michael Ramirez - SunTrust Robinson Humphrey Ryan Lynch - KBW Richard Shane - JPMorgan Chase & Co. Mickey Schleien - Ladenburg Thalmann & Co. Robert Dodd - Raymond James & Associates Casey Alexander - Compass Point Research & Trading Operator Good morning, and welcome to ...
PennantPark Investment (PNNT) - 2019 Q2 - Earnings Call Transcript
2019-05-10 20:38
Financial Data and Key Metrics Changes - For the quarter ended March 31, 2019, the company invested $184 million primarily in first lien secured debt at an average yield of 9.1% [7] - Core net investment income totaled $0.19 per share, including $0.01 per share of other income, while GAAP net investment income was $0.16 per share [19] - The net asset value (NAV) decreased from $9.5 per share to $8.83 per share [20] Business Line Data and Key Metrics Changes - The overall debt portfolio has a weighted average yield of 10.6%, with 55% invested in first lien secured debt, 28% in second lien secured debts, 4% in subordinated debt, and 13% in preferred and common equity [21] - The company has managed relationships with about 400 private equity sponsors and has done business with approximately 180 sponsors [10] Market Data and Key Metrics Changes - The company noted that the small business credit availability has improved since the law was signed in March 2018, and the asset coverage test was reduced from 200% to 250% [9] - The overall market for middle market M&A activity has been lighter in 2019 compared to 2018, with increased skepticism among buyers and financers regarding pro forma adjustments [31] Company Strategy and Development Direction - The company aims to generate attractive risk-adjusted returns through income while preserving capital, focusing on less risky middle market companies with high free cash flow conversion [23] - The strategic direction includes a more diversified portfolio with smaller bite sizes and a focus on higher positions in the capital stack [16][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying portfolio, indicating a strong U.S. economy with no signs of recession [12] - The company anticipates being active in the remainder of 2019 due to growth and M&A-driven financings, supported by a strong sourcing network and client relationships [17] Other Important Information - The company has completed a stock repurchase program, purchasing $29.5 million of stock, which is accretive to both NAV and income per share [8] - The company prepaid $250 million of its notes and closed on a new $250 million credit facility with BNP [10] Q&A Session Summary Question: Thoughts on yields going forward - Management noted that yields for first lien secured debt have remained stable, ranging from L plus 475 to L plus 700 [27] Question: Competitive changes in the industry - Management indicated that there have not been significant changes in competition, with rational competitors in the market [28] Question: Details on the non-accrual Hollander - Management explained that the non-accrual was due to integration issues following multiple acquisitions, leading to operational challenges [33] Question: Concerns about other assets in the portfolio - Management stated that they do not see similar issues in the rest of the portfolio, emphasizing the importance of thorough due diligence [35] Question: Managing downside risk to portfolio yield - Management acknowledged the need to consider LIBOR trends and the potential for fixed-rate deals in the current market environment [40] Question: Breakdown of realized gains and unrealized appreciation - Management provided details on the key downward movers and upward movers in the portfolio, highlighting specific investments [43] Question: Update on RAM's focus on Austin Chalk assets - Management explained that RAM is concentrating on its Austin Chalk position due to its attractiveness and potential for future acquisitions [47] Question: Evolution of investment strategy - Management discussed a shift towards smaller, more diversified investments at the top of the capital stack, moving away from concentrated positions [49]