Gladstone Capital Corporation Reports Financial Results for its First Quarter Ended December 31, 2024
Gladstone Capital (GLAD) reported financial results for Q1 FY2025 ended December 31, 2024. Total investment income decreased 7.4% to $21.96 million, while net investment income increased 2.5% to $11.22 million ($0.50 per share). The company declared a total cash distribution of $0.90 per share, including a $0.40 supplemental distribution.
The quarter saw significant portfolio activity with $151.6 million invested, including $107.2 million in six new portfolio companies. The company achieved net realized gains of $57.8 million, though this was partially offset by $41.9 million in net unrealized depreciation. Net asset value per share increased by $0.33 to $21.51.
The weighted average yield on interest-bearing investments decreased to 13.1% from 14.0% in the previous quarter. First lien secured assets increased to 73.4% of debt investments at fair value.
Gladstone Capital (GLAD) ha riportato i risultati finanziari per il primo trimestre dell'anno fiscale 2025, conclusosi il 31 dicembre 2024. Il reddito da investimenti totali 猫 diminuito del 7,4% a 21,96 milioni di dollari, mentre il reddito netto da investimenti 猫 aumentato del 2,5% a 11,22 milioni di dollari (0,50 dollari per azione). La societ脿 ha dichiarato una distribuzione totale in contante di 0,90 dollari per azione, inclusa una distribuzione supplementare di 0,40 dollari.
Durante il trimestre si sono verificate significative attivit脿 di portafoglio con un investimento totale di 151,6 milioni di dollari, di cui 107,2 milioni di dollari in sei nuove aziende del portafoglio. La societ脿 ha realizzato guadagni netti riconosciuti di 57,8 milioni di dollari, sebbene questo sia stato parzialmente compensato da una depreciabilit脿 netta non realizzata di 41,9 milioni di dollari. Il valore netto degli attivi per azione 猫 aumentato di 0,33 dollari a 21,51 dollari.
Il rendimento medio ponderato sugli investimenti a interesse 猫 diminuito al 13,1% rispetto al 14,0% del trimestre precedente. Gli attivi garantiti di primo grado sono aumentati al 73,4% degli investimenti in debito a valore equo.
Gladstone Capital (GLAD) inform贸 sobre los resultados financieros del primer trimestre del a帽o fiscal 2025, que finaliz贸 el 31 de diciembre de 2024. Los ingresos totales por inversiones disminuyeron un 7,4% a 21,96 millones de d贸lares, mientras que los ingresos netos por inversiones aumentaron un 2,5% a 11,22 millones de d贸lares (0,50 d贸lares por acci贸n). La compa帽铆a declar贸 una distribuci贸n total en efectivo de 0,90 d贸lares por acci贸n, que incluye una distribuci贸n suplementaria de 0,40 d贸lares.
Durante el trimestre hubo una actividad significativa en la cartera, con una inversi贸n de 151,6 millones de d贸lares, incluyendo 107,2 millones de d贸lares en seis nuevas empresas de la cartera. La compa帽铆a logr贸 ganancias netas realizadas de 57,8 millones de d贸lares, aunque esto fue parcialmente compensado por una depreciaci贸n neta no realizada de 41,9 millones de d贸lares. El valor neto de los activos por acci贸n aument贸 en 0,33 d贸lares a 21,51 d贸lares.
El rendimiento promedio ponderado de las inversiones que generan intereses disminuy贸 al 13,1% desde el 14,0% del trimestre anterior. Los activos garantizados de primer grado aumentaron al 73,4% de las inversiones en deuda a valor razonable.
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Gladstone Capital (GLAD) a publi茅 ses r茅sultats financiers pour le premier trimestre de l'exercice 2025, se terminant le 31 d茅cembre 2024. Les revenus d'investissement totaux ont diminu茅 de 7,4% pour atteindre 21,96 millions de dollars, tandis que les revenus d'investissement nets ont augment茅 de 2,5% 脿 11,22 millions de dollars (0,50 dollar par action). La soci茅t茅 a d茅clar茅 une distribution totale en esp猫ces de 0,90 dollar par action, y compris une distribution compl茅mentaire de 0,40 dollar.
Ce trimestre a vu une activit茅 significative de portefeuille avec 151,6 millions de dollars investis, dont 107,2 millions de dollars dans six nouvelles entreprises du portefeuille. La soci茅t茅 a enregistr茅 des gains nets r茅alis茅s de 57,8 millions de dollars, bien que cela ait 茅t茅 partiellement compens茅 par une d茅pr茅ciation nette non r茅alis茅e de 41,9 millions de dollars. La valeur nette des actifs par action a augment茅 de 0,33 dollar pour atteindre 21,51 dollars.
Le rendement moyen pond茅r茅 des investissements portant int茅r锚t a diminu茅 脿 13,1% contre 14,0% au trimestre pr茅c茅dent. Les actifs garantis de premier rang ont augment茅 pour repr茅senter 73,4% des investissements en dette 脿 valeur marchande.
Gladstone Capital (GLAD) hat die Finanzergebnisse f眉r das erste Quartal des Gesch盲ftsjahres 2025 bekannt gegeben, das am 31. Dezember 2024 endete. Die Gesamteinnahmen aus Investitionen sanken um 7,4% auf 21,96 Millionen Dollar, w盲hrend die netton Investitionseinkommen um 2,5% auf 11,22 Millionen Dollar (0,50 Dollar pro Aktie) anstiegen. Das Unternehmen erkl盲rte eine Gesamtaussch眉ttung von 0,90 Dollar pro Aktie, einschlie脽lich einer zus盲tzlichen Aussch眉ttung von 0,40 Dollar.
Im Quartal gab es erhebliche Portfolioaktivit盲ten mit Investitionen in H枚he von 151,6 Millionen Dollar, darunter 107,2 Millionen Dollar in sechs neuen Portfoliounternehmen. Das Unternehmen erzielte realisierte Nettogewinne von 57,8 Millionen Dollar, die jedoch teilweise durch eine nicht realisierte Wertminderung von 41,9 Millionen Dollar ausgeglichen wurden. Der Nettowert je Aktie erh枚hte sich um 0,33 Dollar auf 21,51 Dollar.
Die gewichtete durchschnittliche Rendite auf zinstragenden Anlagen sank von 14,0% im vorherigen Quartal auf 13,1%. Die erstrangig gesicherten Verm枚genswerte stiegen auf 73,4% der Schuldeninvestitionen zum fairen Wert.
- Net investment income increased 2.5% to $11.22 million
- Substantial realized gains of $57.8 million
- NAV per share increased by $0.33 to $21.51
- 80% increase in cash distribution to $0.90 per share
- Portfolio expansion with $151.6 million in new investments
- Total investment income decreased 7.4% to $21.96 million
- Weighted average yield declined from 14.0% to 13.1%
- Net unrealized depreciation of $41.89 million
- Weighted average principal balance decreased to $642.4 million from $659.5 million
Insights
The Q1 FY2025 results reveal a strategic transformation in GLAD's portfolio, marked by significant realized gains and robust origination activity. The $57.8 million in net realized gains demonstrates successful exit execution, while the $151.6 million in new investments, predominantly in first lien assets (now 73.4% of debt investments), signals a more conservative positioning.
The decline in total investment income warrants attention, driven by both yield compression (down 90 basis points to 13.1%) and a smaller interest-bearing portfolio base. However, efficient expense management, evidenced by a 15.9% reduction in total expenses, helped maintain stable NII at $0.50 per share.
The investment strategy shows encouraging developments:
- Portfolio quality enhancement through increased first lien exposure provides better downside protection
- Strong origination fees are supporting near-term earnings
- Post-quarter investment activity maintains momentum with $38.3 million deployed in new opportunities
The decrease in fair value as a percentage of cost to 98.0% from 103.3% suggests some market value pressure, but this is offset by realized gains and NAV growth. The company's ability to source and close new investments while maintaining underwriting discipline positions it well for sustainable earnings growth, supported by the enhanced first lien portfolio composition and strong origination pipeline.
MCLEAN, VA / / February 11, 2025 / (Nasdaq:GLAD) (the "Company") today announced earnings for its first quarter ended December 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 and the Investors section of the Company's website at .
Summary Information (dollars in thousands, except per share data) (unaudited):
For the Quarter Ended: |
| December 31, 2024 |
|
| September 30, 2024 |
|
| Change |
|
| % Change |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total investment income |
| $ | 21,960 |
|
| $ | 23,714 |
|
| $ | (1,754 | ) |
|
| (7.4 | )% |
Total expenses, net of credits |
|
| (10,736 | ) |
|
| (12,759 | ) |
|
| 2,023 |
|
|
| (15.9 | ) |
Net investment income |
|
| 11,224 |
|
|
| 10,955 |
|
|
| 269 |
|
|
| 2.5 |
|
Net investment income per common share |
|
| 0.50 |
|
|
| 0.50 |
|
|
| 0.00 |
|
|
| 0.0 |
|
Cash distribution per common share |
|
| 0.90 |
|
|
| 0.50 |
|
|
| 0.40 |
|
|
| 80.0 |
|
Net realized gain (loss) |
|
| 57,814 |
|
|
| 214 |
|
|
| 57,600 |
|
| NM |
| |
Net unrealized appreciation (depreciation) |
|
| (41,892 | ) |
|
| 20,767 |
|
|
| (62,659 | ) |
|
| (301.7 | ) |
Net increase (decrease) in net assets resulting from operations |
|
| 26,975 |
|
|
| 31,817 |
|
|
| (4,842 | ) |
|
| (15.2 | ) |
Weighted average yield on interest-bearing investments |
|
| 13.1 | % |
|
| 14.0 | % |
|
| (0.9 | )% |
|
| (6.4 | ) |
Total invested |
| $ | 151,616 |
|
| $ | 28,527 |
|
| $ | 123,089 |
|
|
| 431.5 |
|
Total repayments and net proceeds |
|
| 165,343 |
|
|
| 12,638 |
|
|
| 152,705 |
|
| NM |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
As of: |
| December 31, 2024 |
|
| September 30, 2024 |
|
| Change |
|
| % Change |
| ||||
Total investments, at fair value |
| $ | 799,497 |
|
| $ | 796,260 |
|
| $ | 3,237 |
|
|
| 0.4 | % |
Fair value, as a percent of cost |
|
| 98.0 | % |
|
| 103.3 | % |
|
| (5.3 | )% |
|
| (5.1 | ) |
Net asset value per common share |
| $ | 21.51 |
|
| $ | 21.18 |
|
| $ | 0.33 |
|
|
| 1.6 |
|
NM- not meaningful
First Fiscal Quarter 2025 Highlights:
Portfolio Activity: Invested
$107.2 million in six new portfolio companies and$44.5 million in existing portfolio companies.AG真人官方ized Gains/Distributions: Delivered net realized gains of
$57.8 million for the quarter which supported a supplemental cash distribution of$0.40 per common share.Net Asset Value per Share: Increased
$0.33 per share on$15.9 million net investment appreciation.Portfolio Mix: Reinvestment of equity gains increased debt investments by
$45.2 million over the prior quarter including raising secured first lien assets to73.4% of debt investments at fair value.
First Fiscal Quarter 2025 Results:
Total investment income decreased by
Total expenses decreased by
Net investment income for the quarter ended December 31, 2024 was
The net increase in net assets resulting from operations was
Subsequent Events: Subsequent to December 31, 2024, the following significant events occurred:
Portfolio Activity:
In January 2025, our
$20.6 million debt investment in Fix-It Group, LLC paid off at par. We also received a$0.1 million prepayment penalty.In January 2025, our
$5.4 million debt investment in Sokol and Company, LLC ("Sokol") paid off at par. Additionally, in February 2025, we received$5.8 million related to the partial sale of our common equity investment in Sokol.In February 2025, we invested
$18.9 million in a food processor and distribution business through secured second lien debt and common equity.In February 2025, we invested
$19.4 million in Viron International, LLC through secured first lien debt and common equity.
Distributions and Dividends Declared:
In January 2025, our Board of Directors declared the following distributions to common and preferred stockholders:
Record Date |
| Payment Date |
| Distribution per |
| |
January 24, 2025 |
| January 31, 2025 |
| $ | 0.165 |
|
February 19, 2025 |
| February 28, 2025 |
|
| 0.165 |
|
March 19, 2025 |
| March 31, 2025 |
|
| 0.165 |
|
Total for the Quarter |
| $ | 0.495 |
| ||
Record Date |
| Payment Date |
| Distribution per |
| |
January 27, 2025 |
| February 5, 2025 |
| $ | 0.130208 |
|
February 25, 2025 |
| March 5, 2025 |
|
| 0.130208 |
|
March 26, 2025 |
| April 4, 2025 |
|
| 0.130208 |
|
Total for the Quarter |
| $ | 0.390624 |
| ||
Comments from Gladstone Capital's President, Bob Marcotte: "The exit of our largest investment position generated a material realized gain, which supported the supplemental cash distribution paid, increased our NAV per share and lifted our ROE to the top of our peer group. Additionally, the surge in investment originations for the quarter, while maintaining our underwriting and pricing discipline, bolstered our NII via closing fees and will enhance our net interest margin and earnings available for cash distributions in the coming quarters."
Conference Call for Stockholders: The Company will hold its earnings release conference call on Wednesday, February 12, 2025, at 8:30 a.m. Eastern Time. Please call (866) 424-3437 to enter the conference call. An operator will monitor the call and set a queue for any questions. A replay of the conference call will be available through February 19, 2025. To hear the replay, please dial (877) 660-6853 and use playback conference number 13750254. The replay of the conference call will be available beginning approximately one hour after the call concludes. The live audio broadcast of the Company's quarterly conference call will also be available online at . The event will be archived and available for replay on the investors section of the Company's website.
About Gladstone Capital Corporation: is a publicly-traded business development company that invests in debt and equity securities, consisting primarily of secured first and second lien term loans to lower middle market businesses in the United States. Information on the business activities of Gladstone Capital and the other publicly-traded Gladstone funds can be found at .
To obtain a paper copy of the Company's most recent Form 10-Q, please contact the Company at 1521 Westbranch Drive, Suite 100, McLean, VA 22102, ATTN: Investor Relations. The financial information above is not comprehensive and is without notes, so readers should obtain and carefully review the Company's Form 10-Q for the quarter ended December 31, 2024, including the notes to the consolidated financial statements contained therein.
Investor Relations Inquiries: Please visit or (703) 287-5893.
Forward-looking Statements:
The statements in this press release about future growth and shareholder returns are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on our current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in our filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or otherwise, except as required by law.
SOURCE: Gladstone Capital Corporation
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FAQ
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