Business
Gladstone Capital Corporation Reports Financial Results for its First Quarter Ended December 31, 2022
MCLEAN, VA / ACCESSWIRE / February 6, 2023 / 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 6, 2023 / Gladstone Capital Corporation (Nasdaq:GLAD) (the \"Company\") today announced earnings for its first fiscal quarter ended December 31, 2022. 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 31,2022 September 30,2022 Change % Change Total investment income $19,294 $15,939 $3,355 21.0%Total expenses, net of credits (10,569) (8,462) (2,107) 24.9 Net investment income 8,725 7,477 1,248 16.7 Net investment income per common share 0.25 0.22 0.03 13.6 Cash distribution per common share 0.21 0.2025 0.0075 3.7 Net realized gain (loss) 9,572 (91) 9,663 NM Net unrealized appreciation (12,599) (2,279) (10,320) 452.8 Net increase in net assets resulting from operations 5,698 5,107 591 11.6 Weighted average yield on interest-bearing investments 12.3% 11.2% 1.1% 9.8 Total invested in new and existing $13,379 $86,047 $(72,668) (84.5)Total repayments and net proceeds 39,183 21,801 17,382 79.7 As of: December 31,2022 September 30,2022 Change % Change Total investments, at fair value $621,739 $649,615 $(27,876) (4.3)%Fair value, as a percent of cost 97.0% 99.0% (2.0)% (2.0)Net asset value per common share $9.06 $9.08 $(0.02) (0.2)NM - not meaningfulFirst Fiscal Quarter 2023 Highlights:Portfolio Activity: Invested $11.0 million in existing portfolio companies primarily through draws on existing delayed draw term loan and line of credit commitments. Received $39.2 million in repayments and net proceeds primarily from successful portfolio company exits.Net Investment Income: Increased 16.7% over last quarter to $8.7 million, or $0.25 per share, driven primarily by higher interest income.Capital Structure: As of the end of the quarter, our debt-to-equity ratio declined to 97.2% and 65% of our debt was at fixed rates.Equity Issuance: Issued 1,079,806 shares of common stock through our at-the-market program at a weighted-average price of $9.93 per share or 110% of net asset value, generating net proceeds of $10.5 million.Credit Facility Availability: Increased the committed facility am...