THL Credit, Inc. (NASDAQ:TCRD) Q3 2019 Earnings Conference Call - Final Transcript
Nov 05, 2019 • 10:30 am ET
Good morning, and welcome to THL Credit Incorporated's Earnings Conference Call for its Third Fiscal Quarter Ended September 30, 2019.
It is my pleasure to turn the call over to Ms. Sabrina Rusnak-Carlson, General Counsel of THL Credit Incorporated. Ms. Rusnak-Carlson, you may begin.
Thank you, operator. Good morning, and thank you for joining us. With me today are Chris Flynn, our Chief Executive Officer; Jim Fellows, our Chief Investment Officer; and Terry Olson, our Chief Operating and Chief Financial Officer.
Before we begin, please note that the statements made on this call may constitute forward-looking statements within the meaning of the Securities Act of 1933 as amended. Such statements reflect various assumptions by THL Credit concerning anticipated results that are not guarantees of future performance and are subject to known and unknown uncertainties and other factors that could cause actual results to differ materially from such statements. The uncertainties and other factors are, in some ways beyond management's control and include the factors included in the section entitled Risk Factors in our most recent annual report on Form 10-K, as updated by our quarterly report on Form 10-Q and our periodic and other filings with the Securities and Exchange Commission.
Although we believe that the assumptions on which any forward-looking statements are based on are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. THL Credit undertakes no duty to update any forward-looking statements made herein. All forward-looking statements speak only as of the date of this call.
Our earnings announcement and 10-Q were released yesterday afternoon, copies of which can be found on our website along with the Q3 earnings presentation that we may refer to during this call. The webcast replay of this call will be available until November 15, 2019, approximately two hours after we conclude this morning. To access the replay, please visit our website at www.thlcreditbdc.com.
With that, I'll turn the call over to Chris.
Christopher J. Flynn
Thanks Sabrina, and good morning, everyone. I will begin today's call with an update on our Q3 financial results and we'll then move on to the progress we've made in managing and repositioning our portfolio.
Our net investment income for the quarter was $0.22 per share versus our dividend of $0.21 per share. Our NAV was $8.34 per share as of September 30, representing a modest decline of less than 2% quarter-over-quarter. The NAV decline was primarily isolated to one credit, Holland, which we've highlighted on our last few earnings calls as a credit that we're closely monitoring. Our interest in the Logan JV were also marked down this quarter largely due to market technicals in the syndicated market and we took a small markdown on our equity holdings in OEM. These changes were offset by the incremental NAV gains on our sale of Copperweld and a 5% accretion from our stock repurchase. Holland