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 (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 ...

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 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 ...

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]

PennantPark Investment (NYSE:PNNT) Q1 2019 Earnings Conference Call February 8, 2019 10:00 AM ET Company Participants Art Penn - Chairman and CEO Aviv Efrat - CFO Conference Call Participants Casey Alexander - Compass Point Research & Trading Kyle Joseph - Jefferies Jim Young - West Family Investments Operator Good morning, and welcome to the PennantPark Investment Corporation's First Fiscal Quarter 2019 Earnings Call. Today's conference is being recorded. At this time, all participants have been placed in ...

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 • L O N D O N December 31, 2018 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 ...