Business
Gladstone Capital Corporation Reports Financial Results for its First Quarter Ended December 31, 2021
MCLEAN, VA / ACCESSWIRE / February 2, 2022 / 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 2, 2022 / Gladstone Capital Corporation (Nasdaq:GLAD) (the \"Company\") today announced earnings for its first fiscal quarter ended December 31, 2021. 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 31,2021 September 30,2021 Change % Change Total investment income $16,167 $14,361 $1,806 12.6%Total expenses, net of credits (7,007) (7,522) 515 (6.8)Net investment income 9,160 6,839 2,321 33.9 Net investment income per common share 0.27 0.20 0.07 35.0 Cash distribution per common share 0.195 0.195 - - Net realized gain (loss) 13,180 (110) 13,290 NM Net unrealized appreciation (10,237) 26,014 (36,251) (139.4)Net increase in net assets resulting from operations 12,103 32,743 (20,640) (63.0)Weighted average yield on interest-bearing investments 10.3% 10.3% -% - Total invested $110,794 $27,551 $83,243 302.1 Total repayments and net proceeds 96,799 2,791 94,008 NM As of: December 31, 2021 September 30, 2021 Change % Change Total investments, at fair value $576,595 $557,612 $18,983 3.4%Fair value, as a percent of cost 100.1% 102.0% (1.9)% (1.9)Net asset value per common share $9.44 $9.28 $0.16 1.7 NM - not meaningfulFirst Fiscal Quarter 2022 Highlights:Portfolio Activity: Invested $106.9 million in six new proprietary portfolio companies and $3.9 million in existing portfolio companies. Received $96.8 million in repayments and net proceeds, primarily from the exits of five portfolio companies including a $13.4 million net realized gain in conjunction with our exit of Lignetics, Inc. Of these new investments, 65% were first lien loans which rose to 72.4% of the portfolio at cost and the weighted average yield on the debt portfolio was unchanged at 10.3%.Net Investment Income/ROE: NII surged 34% over last quarter to $9.2 million, or $0.27 per share, driven by higher fee income and lower net management fees. Strong earnings and portfolio appreciation combined to lift the ROE for the quarter to 15.1%.Net Asset Value: Increased 1.7% from September 30, 2021, to $323.9 million, or $9.4...