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Gladstone Capital Corporation Reports Financial Results for its First Quarter Ended December 31, 2020
MCLEAN, VA / ACCESSWIRE / February 3, 2021 / Gladstone Capital Corporation (NASDAQ:GLAD) (the "Company") today announced earnings for its first fiscal quarter
About this update from Gladstone Capital Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / February 3, 2021 / Gladstone Capital Corporation (NASDAQ:GLAD) (the \"Company\") today announced earnings for its first fiscal quarter ended December 31, 2020. Please read the Company's Quarterly Report on Form 10-Q filed today with the U.S. Securities and Exchange Commission (the \"SEC\"), which is available on the SEC's website at www.sec.gov, and the investors section of the Company's website at www.GladstoneCapital.com.Summary Information (dollars in thousands, except per share data) (unaudited):For the Quarter Ended: December 31,2020 September 30,2020 Change % Change Total investment income $12,882 $12,579 $303 2.4%Total expenses, net of credits (6,602) (6,463) (139) 2.2 Net investment income 6,280 6,116 164 2.7 Net investment income per common share 0.195 0.195 - - Cash distribution per common share 0.195 0.195 - - Net realized gain (loss) (2,152) 135 (2,287) NM Net unrealized appreciation (depreciation) 8,175 3,996 4,179 104.6 Net increase (decrease) in net assets resulting from operations 12,303 10,247 2,056 20.1 Weighted average yield on interest-bearing investments 10.8% 10.9% (0.1)% (0.9)Total invested $29,098 $21,902 $7,196 32.9 Total repayments and net proceeds 34,142 22,635 11,507 50.8 As of: December 31,2020 September 30,2020 Change % Change Total investments, at fair value $ 452,359 $ 450,400 $ 1,959 0.4% Fair value, as a percent of cost 92.7% 91.1% 1.6% 1.8 Net asset value per common share $7.61 $7.40 $0.21 2.8 NM=Not MeaningfulFirst Fiscal Quarter 2021 Highlights:Portfolio Activity: Invested $29.0 million in two new proprietary portfolio companies. Received $34.1 million in repayments and net proceeds, including the exit of one proprietary investment at par and two previously restructured syndicated investments at our prior quarter end fair value.Portfolio Performance: Portfolio companies continued to perform well with non-accruals unchanged at 1.5% of the portfolio at fair value and collected $2.2 million of accrued PIK interest. Net Unrealized Appreciation: Market based recovery in loan valuations supported broad based appreciation of $8.2 million.Net Asset Value: Increased 5.7% from September 30, 2020 to $247.1 million and NAV per share rose 2.8% to $7.61 per share as of December 31, 2020.Conservative Capital Base: Maintained a debt-to-equity ratio of 85.9%. Credit Facility: Increas...