Business
Gladstone Capital Corporation Reports Financial Results for its Second Quarter Ended March 31, 2022
MCLEAN, VA / ACCESSWIRE / May 3, 2022 / Gladstone Capital Corporation (NASDAQ:GLAD) (the "Company") today announced earnings for its second fiscal quarter
About this update from Gladstone Capital Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / May 3, 2022 / Gladstone Capital Corporation (NASDAQ:GLAD) (the \"Company\") today announced earnings for its second fiscal quarter ended March 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: March 31,2022 December 31,2021 Change % Change Total investment income $17,260 $16,167 $1,093 6.8%Total expenses, net of credits (8,565) (7,007) (1,558) 22.2 Net investment income 8,695 9,160 (465) (5.1)Net investment income per common share 0.25 0.27 (0.02) (7.4)Cash distribution per common share 0.195 0.195 - - Net realized gain (loss) 233 13,180 (12,947) (98.2)Net unrealized appreciation (625) (10,237) 9,612 (93.9)Net increase in net assets resulting from operations 8,303 12,103 (3,800) (31.4)Weighted average yield on interest-bearing investments 10.2% 10.3% (0.1)% (1.0)Total invested $10,775 $110,794 $(100,019) (90.3)Total repayments and net proceeds 50,858 96,799 (45,941) (47.5)As of: March 31,2022 December 31,2021 Change % Change Total investments, at fair value $537,703 $576,595 $(38,892) (6.7)% Fair value, as a percent of cost 100.0% 100.1% (0.1)% (0.1) Net asset value per common share $9.49 $9.44 $0.05 0.5 First Fiscal Quarter 2022 Highlights:Portfolio Activity: Invested $10.8 million in existing portfolio companies. Received $50.9 million in repayments and net proceeds, primarily from the exits of two portfolio companies at par and the repayment of our debt investment in NetFortris Corp. at par.Net Investment Income: NII of $8.7 million for the quarter covered distributions by 130%.Net Asset Value: Increased from December 31, 2021, to $325.5 million, or $9.49 per share, as of March 31, 2022.Debt to Equity: As of March 31, 2022, our debt-to-equity ratio was a conservative 68.5%.First Fiscal Quarter 2022 Results:Total investment income during the quarters ended March 31, 2022 and December 31, 2021 was $17.3 million and $16.2 million, respectively. Interest income was relatively unchanged quarter over quarter whereas other income increased by $1.0 million, or 30.2%, over the previous ...