Seeking Alpha

Net asset value slips further at PennantPark Investment

|About: PennantPark Investment (PNNT)|By:, SA News Editor

FQ2 net investment income of $20.8M or $0.29 per share vs. $16.8M and $0.25 in FQ1. Distributions of $0.28.

Net asset value per share of $8.83 down from $9.02 three months ago. Today's close was $6.17.

The company's manager has agreed to waive 16% of both its base and incentive fees for the three and six months ended March 31, saving PNNT $1.7M and $3.4M ($0.02 and $0.05 per share), respectively. That 16% is correlated to the company's 16% energy exposure at cost as of Dec. 31.

700K shares bought back during quarter for $3.7M.

Conference call tomorrow at 10 ET

Previously: PennantPark Investment EPS in-line, beats on total invetsment income (May 4)

Shares flat after hours

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