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Gladstone Capital Corporation Reports Financial Results for its Second Quarter Ended March 31, 2020
MCLEAN, Va,, May 04, 2020 (GLOBE NEWSWIRE) -- Gladstone Capital Corporation (Nasdaq: GLAD) (the “Company”) today announced earnings for its second fiscal
About this update from Gladstone Capital Corporation
[{"type":"text","content":"MCLEAN, Va,, May 04, 2020 (GLOBE NEWSWIRE) -- Gladstone Capital Corporation (Nasdaq: GLAD) (the “Company”) today announced earnings for its second fiscal quarter ended March 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 investor relations section of the Company’s website at www.GladstoneCapital.com. \n Summary Information (dollars in thousands, except per share data) (unaudited): For the Quarter Ended: March 31,2020 December 31,2019 Change % Change Total investment income $11,492 $12,159 $(667)(5.5)%Total expenses, net of credits (4,945)(5,742)797 (13.9)Net investment income 6,547 6,417 130 2.0 Net investment income per common share 0.21 0.21 — — Cash distribution per common share 0.21 0.21 — — Net realized gain (loss) (3,070)(5,841)2,771 (47.4)Net unrealized appreciation (depreciation) (31,252)122 (31,374)NM Net increase (decrease) in net assets resulting from operations (27,775)698 (28,473)NM Weighted average yield on interest-bearing investments 10.9%11.3%(0.4)%(3.5)Total invested $29,792 $42,535 $(12,743)(30.0)Total repayments and net proceeds 26,405 12,631 13,774 109.0 As of: March 31,2020 December 31,2019 Change % Change Total investments, at fair value $ 398,316 $429,008 $(30,692)(7.2)%Fair value, as a percent of cost 87.5%94.4%(6.9)%(7.3)Net asset value per common share $6.99 $8.08 $(1.09)(13.5) NM=Not Meaningful Second Fiscal Quarter 2020 Highlights: Net Investment Income: Increased to $6.5 million and covered 100% of shareholder distributions.Net Unrealized Depreciation: Increased to $31.3 million with the elevated market yields and economic uncertainty associated with the COVID-19 pandemic. Portfolio Activity: Invested $19.0 million in one new portfolio company and $10.8 million in existing portfolio companies to support acquisitions or growth expenditures. Received $26.4 million in repayments and net proceeds.Equity Issuance: Issued 141,685 shares of common stock at a weighted-average price of $10.46 per share, through our at-the-market program, generating net proceeds of $1.5 million. Conservative Capital Base: Maintained a debt-to-equity ratio of 86.3%.Net Asset Value: $217.9 million or $6.99 per share as of March 31, 2020.Distributions: Paid a monthly common ...