Business
Gladstone Capital Corporation Reports Financial Results for Its Second Quarter Ended March 31, 2024
MCLEAN, VA / ACCESSWIRE / May 1, 2024 / 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 1, 2024 / Gladstone Capital Corporation (Nasdaq:GLAD) (the \"Company\") today announced earnings for its second fiscal quarter ended March 31, 2024. 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 31,2024 December 31,2023 Change % Change Total investment income $23,997 $23,221 $776 3.3%Total expenses, net of credits (13,220) (11,287) (1,933) 17.1 Net investment income 10,777 11,934 (1,157) (9.7)Net investment income per common share 0.25 0.27 (0.02) (7.4)Cash distribution per common share 0.2475 0.2475 (0.00) (0.0)Net realized gain (loss) 2,168 262 1,906 727.5 Net unrealized appreciation (depreciation) 10,695 7,805 2,890 37.0 Net increase (decrease) in net assets resulting from operations 23,632 20,001 3,631 18.2 Weighted average yield on interest-bearing investments 14.0% 13.9% 0.1% 0.7 Total invested $44,735 $57,998 $(13,263) (22.9)Total repayments and net proceeds 15,146 22,066 (6,920) (31.4) As of: March 31,2024 December 31,2023 Change % Change Total investments, at fair value $791,588 $749,985 $41,603 5.5%Fair value, as a percent of cost 100.1% 98.7% 1.4% 1.4 Net asset value per common share $9.90 $9.61 $0.29 3.0 Second Fiscal Quarter 2024 Highlights:Portfolio Activity: Invested $15.0 million in one new portfolio company and $29.7 million in existing portfolio companies.Portfolio Mix: Secured first lien assets continue to be over 70% of our debt investments, at cost, while the weighted average yield on debt investments was consistent at 14.0%.Credit Facility Availability: Increased the committed facility amount by $10.0 million to $243.7 million and ended the quarter with availability in excess of $100 million.Second Fiscal Quarter 2024 Results:Total investment income increased by $0.8 million, or 3.3%, for the quarter ended March 31, 2024, compared to the prior quarter ended December 31, 2023, driven by a $0.7 million increase in interest income. The increase in interest income was driven by a 3.5% increase in the weighted average principal balance of our interest-bearing in...