Gladstone Investment Corporation Reports Financial Results for its First Quarter Ended June 30, 2020

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[{"type":"text","content":"MCLEAN, Va., July 28, 2020 (GLOBE NEWSWIRE) -- Gladstone Investment Corporation (Nasdaq: GAIN) (the “Company”) today announced earnings for its first quarter ended June 30, 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 or the investor relations section of the Company’s website at www.gladstoneinvestment.com. \n Summary Information: (dollars in thousands, except per share data (unaudited)): June 30, 2020 March 31, 2020 Change %Change For the quarter ended: Total investment income $10,707 $11,982 $(1,275)(10.6)%Total expenses, net(A) 6,534 (2,784)9,318 NM Net investment income(A) 4,173 14,766 (10,593)(71.7)Net realized gain (loss) 753 (10,879)11,632 NM Taxes on deemed distribution of long-term capital gains — (10,260)10,260 NM Net unrealized depreciation (4,887)(31,229)26,342 (84.4)Net increase (decrease) in net assets resulting from operations(A) 39 (37,602)37,641 NM Net investment income per weighted-average common share(A) 0.13 0.45 (0.32)(71.1)Adjusted net investment income per weighted-average common share(B) 0.11 0.19 (0.8)(42.1)Net increase (decrease) in net assets resulting from operations per weighted-average common share(A) — (1.15)1.15 (100.0)Cash distribution per common share from net investment income 0.28 0.19 0.09 47.4 Cash distribution per common share from net realized gains(C) 0.02 0.03 (0.01)(33.3) Weighted-average yield on interest-bearing investments 11.8 12.4 (0.6)(4.8)Total dollars invested $300 $50,145 $(49,845)(99.4)Total dollars repaid and collected from sales 620 2,943 (2,323)(78.9) As of: Total investments, at fair value $561,342 $565,924 $(4,582)(0.8)%Fair value, as a percent of cost 92.0%92.8%(0.8)%(0.9)Net assets $360,869 $369,031 $(8,162)(2.2)Net asset value per common share 10.87 11.17 (0.30)(2.7)Number of portfolio companies 28 28 — — (A) Inclusive of $(0.8) million, or $(0.02) per weighted-average common share, and $(8.4) million, or $(0.26) per weighted-average common share, of capital gains-based incentive fees reversed during the three months ended June 30, 2020 and March 31, 2020, respectively. These fees were accrued/(reversed) in accordance with United States generally accepted accounting principles (“U.S. GAAP”), where such amounts were not contra...

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