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Gladstone Capital Corporation Reports Financial Results for its Second Quarter Ended March 31, 2023
MCLEAN, VA / ACCESSWIRE / May 2, 2023 / 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 2, 2023 / Gladstone Capital Corporation (NASDAQ:GLAD) (the \"Company\") today announced earnings for its second fiscal quarter ended March 31, 2023. 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 31,2023 December 31,2022 Change % Change Total investment income $20,561 $19,294 $1,267 6.6%Total expenses, net of credits (10,929) (10,569) (360) 3.4 Net investment income 9,632 8,725 907 10.4 Net investment income per common share 0.26 0.25 0.01 4.0 Cash distribution per common share 0.225 0.21 0.015 7.1 Net realized gain (loss) 428 9,572 (9,144) (95.5)Net unrealized appreciation (depreciation) 1,926 (12,599) 14,525 (115.3)Net increase in net assets resulting from operations 11,986 5,698 6,288 110.4 Weighted average yield on interest-bearing investments 13.1% 12.3% 0.8% 6.5 Total invested in new and existing $64,090 $13,379 $50,711 379.0 Total repayments and net proceeds 9,761 39,183 (29,422) (75.1) As of: March 31,2023 December 31,2022 Change % Change Total investments, at fair value $678,759 $621,739 $57,020 9.2%Fair value, as a percent of cost 97.5% 97.0% 0.5% 0.5 Net asset value per common share $9.19 $9.06 $0.13 1.4 Second Fiscal Quarter 2023 Highlights:Portfolio Activity: Invested $48.0 million in two new portfolio companies and $16.1 million in existing portfolio companies. Received $9.8 million in repayments and net proceeds.Net Investment Income: Increased 10.4% over last quarter to $9.6 million, or $0.26 per share, driven primarily by higher interest income.Portfolio Mix/Yields: Secured first lien assets continued to be over 70% of the portfolio, at cost, while the weighted average yield on debt investments rose 80bp to 13.1%.Equity Issuance: Issued 1,370,967 shares of common stock through our at-the-market program at a weighted-average price of $10.21 per share, or 111% of net asset value, generating net proceeds of $13.8 million.Credit Facility Availability: Ended the quarter with availability in excess of $70 million.Second Fiscal Quarter 2023 Results:Total investment i...