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Gladstone Capital Corporation Reports Financial Results for its Third Quarter Ended June 30, 2022
MCLEAN, VA / ACCESSWIRE / July 27, 2022 / Gladstone Capital Corporation (Nasdaq:GLAD) (the "Company") today announced earnings for its third fiscal quarter
About this update from Gladstone Capital Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / July 27, 2022 / Gladstone Capital Corporation (Nasdaq:GLAD) (the \"Company\") today announced earnings for its third fiscal quarter ended June 30, 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: June 30,2022 March 31,2022 Change % Change Total investment income $13,784 $17,260 $(3,476) (20.1)%Total expenses, net of credits (6,837) (8,565) 1,728 (20.2)Net investment income 6,947 8,695 (1,748) (20.1)Net investment income per common share 0.2025 0.25 (0.0475) (19.0)Cash distribution per common share 0.2025 0.195 0.0075 3.8 Net realized gain (loss) (8,149) 233 (8,382) NM Net unrealized appreciation (depreciation) (4,397) (625) (3,772) 603.5 Net increase (decrease) in net assets resulting from operations (5,599) 8,303 (13,902) (167.4)Weighted average yield on interest-bearing investments 10.0% 10.2% (0.2)% (2.0)Total invested $67,282 $10,775 $56,507 524.4 Total repayments and net proceeds 6,292 50,858 (44,566) (87.6) As of: June 30,2022 March 31,2022 Change % ChangeTotal investments, at fair value $586,462 $ 537,703 $48,759 9.1%Fair value, as a percent of cost 99.3% 100.0% (0.7)% (0.7)Net asset value per common share $9.12 $ 9.49 $(0.37) (3.9)NM - not meaningfulThird Fiscal Quarter 2022 Highlights:Portfolio Activity: Invested $48.7 million in three new portfolio companies and $18.6 million in existing portfolio companies. Received $6.3 million in repayments and net proceeds.Portfolio Mix/Yields: Secured first lien assets rose to 75% of the portfolio, at cost, while maintaining a 10.0% weighted average yield on debt investments.Portfolio Performance: Portfolio companies continued to perform well with no non-accrual investments.Net Asset Value: $312.9 million or $9.12 per share, as of June 30, 2022. The decrease over the prior quarter was driven mainly by valuation adjustments associated with elevated market yields and reduced equity valuation multiples.Debt to Equity: As of June 30, 2022, debt-to-equity ratio was a conservative 90.9%.Third Fiscal Quarter 2022 Results:Total investment i...