Gladstone Capital Corporation Reports Financial Results for its Fourth Quarter and Fiscal Year Ended September 30, 2024
Gladstone Capital (GLAD) reported financial results for Q4 and fiscal year 2024. Q4 saw total investment income decrease 7.7% to $23.7M, while net investment income was $11.0M ($0.50 per share). For FY2024, total investment income increased 11.8% to $96.6M, with net investment income rising 12.3% to $46.1M ($2.11 per share). The company's portfolio showed strong performance with secured first lien assets over 70% of debt investments and a weighted average yield of 14.0%. Notable post-quarter events include the sale of Antenna Research Associates generating a $59.3M realized gain and a newly declared supplemental distribution of $0.40 per share.
Gladstone Capital (GLAD) ha riportato i risultati finanziari per il quarto trimestre e l'anno fiscale 2024. Nel Q4, il reddito totale dagli investimenti è diminuito del 7,7%, raggiungendo i 23,7 milioni di dollari, mentre il reddito netto dagli investimenti è stato di 11,0 milioni di dollari (0,50 dollari per azione). Per l'anno fiscale 2024, il reddito totale dagli investimenti è aumentato dell'11,8%, arrivando a 96,6 milioni di dollari, con un reddito netto dagli investimenti in crescita del 12,3%, pari a 46,1 milioni di dollari (2,11 dollari per azione). Il portafoglio dell'azienda ha mostrato una forte performance con beni garantiti da primo privilegio che superano il 70% degli investimenti in debito e un rendimento medio ponderato del 14,0%. Gli eventi significativi dopo il trimestre includono la vendita di Antenna Research Associates, che ha generato un guadagno realizzato di 59,3 milioni di dollari e una nuova distribuzione supplementare dichiarata di 0,40 dollari per azione.
Gladstone Capital (GLAD) reportó los resultados financieros para el cuarto trimestre y el año fiscal 2024. En el Q4, los ingresos totales por inversiones disminuyeron un 7,7% a 23,7 millones de dólares, mientras que los ingresos netos por inversiones fueron de 11,0 millones de dólares (0,50 dólares por acción). Para el año fiscal 2024, los ingresos totales por inversiones aumentaron un 11,8% a 96,6 millones de dólares, con un incremento del 12,3% en los ingresos netos por inversiones que alcanzaron los 46,1 millones de dólares (2,11 dólares por acción). El portafolio de la compañía mostró un sólido rendimiento con activos garantizados de primer gravamen que superan el 70% de las inversiones en deuda y un rendimiento promedio ponderado del 14,0%. Los eventos notables después del trimestre incluyen la venta de Antenna Research Associates, generando una ganancia realizada de 59,3 millones de dólares y una nueva distribución suplementaria declarada de 0,40 dólares por acción.
Gladstone Capital (GLAD)는 2024 회계연도 4분기 및 전체 연도 재무 결과를 보고했습니다. 4분기 총 투자 수익은 7.7% 감소한 2370만 달러였으며, 순 투자 수익은 1100만 달러(주당 0.50달러)였습니다. 2024 회계연도 동안 총 투자 수익은 11.8% 증가하여 9660만 달러에 이르렀고, 순 투자 수익은 12.3% 증가하여 4610만 달러(주당 2.11달러)로 증가했습니다. 회사의 포트폴리오는 채무 투자에서 70% 이상의 담보 첫 번째 담보 자산과 14.0%의 가중 평균 수익률로 강력한 성과를 보여줍니다. 분기 이후 주요 사건으로는 안테나 리서치 어소시에이츠의 판매가 5930만 달러의 실현 이익을 창출했으며, 주당 0.40달러의 새로운 보충 배당금이 공시되었습니다.
Gladstone Capital (GLAD) a publié ses résultats financiers pour le quatrième trimestre et l'exercice 2024. Au quatrième trimestre, le revenu total des investissements a diminué de 7,7 % à 23,7 millions de dollars, tandis que le revenu net des investissements était de 11,0 millions de dollars (0,50 dollar par action). Pour l'exercice 2024, le revenu total des investissements a augmenté de 11,8 % à 96,6 millions de dollars, avec un revenu net des investissements en hausse de 12,3 % à 46,1 millions de dollars (2,11 dollars par action). Le portefeuille de l'entreprise a montré une forte performance avec des actifs garantis en premier rang représentant plus de 70 % des investissements en dette et un rendement moyen pondéré de 14,0 %. Les événements notables après le trimestre incluent la vente d'Antenna Research Associates, générant un gain réalisé de 59,3 millions de dollars et une nouvelle distribution supplémentaire déclarée de 0,40 dollar par action.
Gladstone Capital (GLAD) hat die finanziellen Ergebnisse für das vierte Quartal und das Haushaltsjahr 2024 veröffentlicht. Im vierten Quartal sank das gesamte Investitionseinkommen um 7,7 % auf 23,7 Millionen Dollar, während das Nettoeinkommen aus Investitionen 11,0 Millionen Dollar (0,50 Dollar pro Aktie) betrug. Für das Geschäftsjahr 2024 stieg das gesamte Investitionseinkommen um 11,8 % auf 96,6 Millionen Dollar, während das Nettoeinkommen aus Investitionen um 12,3 % auf 46,1 Millionen Dollar (2,11 Dollar pro Aktie) anstieg. Das Portfolio des Unternehmens zeigte eine starke Leistung mit gesicherten Erstverpfändungen, die über 70 % der Schuldeninvestitionen ausmachten, und einer gewichteten durchschnittlichen Rendite von 14,0 %. Bemerkenswerte Ereignisse nach dem Quartal sind der Verkauf von Antenna Research Associates, der einen realisierten Gewinn von 59,3 Millionen Dollar generierte, sowie eine neu erklärte Zusatzdividende von 0,40 Dollar pro Aktie.
- Total investment income for FY2024 increased 11.8% to $96.6M
- Net investment income grew 12.3% to $46.1M in FY2024
- Portfolio yield increased from 13.3% to 13.9% year-over-year
- Realized gain of $59.3M from Antenna Research Associates sale
- Credit facility availability increased by $25M to $293.7M
- Q4 investment income decreased 7.7% quarter-over-quarter
- Q4 net investment income declined 11.6% to $11.0M
- Net realized gains decreased 52.9% year-over-year
- Total expenses increased 11.3% in FY2024
Insights
Gladstone Capital delivered strong fiscal year 2024 results with several positive indicators.
The successful exit of Antenna Research Associates generating approximately
The portfolio quality shows notable improvement with fair value as a percentage of cost increasing to
The increased credit facility capacity and substantial availability provide significant dry powder for new investments. The combination of strong realized gains, steady dividend growth and enhanced investment capacity positions GLAD well for earnings growth in 2025.
MCLEAN, VA / ACCESSWIRE / November 13, 2024 / Gladstone Capital Corporation (Nasdaq:GLAD) (the "Company") today announced earnings for its fourth quarter and fiscal year ended September 30, 2024. Please read the Company's Annual Report on Form 10-K 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: |
| September 30, 2024 |
|
| June 30, 2024 |
|
| Change |
|
| % Change |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total investment income |
| $ | 23,714 |
|
| $ | 25,689 |
|
| $ | (1,975 | ) |
|
| (7.7 | )% |
Total expenses, net of credits |
|
| (12,759 | ) |
|
| (13,296 | ) |
|
| 537 |
|
|
| (4.0 | ) |
Net investment income |
|
| 10,955 |
|
|
| 12,393 |
|
|
| (1,438 | ) |
|
| (11.6 | ) |
Net investment income per common share(A) |
|
| 0.50 |
|
|
| 0.57 |
|
|
| (0.07 | ) |
|
| (12.3 | ) |
Cash distribution per common share(A) |
|
| 0.50 |
|
|
| 0.50 |
|
|
| 0.00 |
|
|
| 0.0 |
|
Net realized gain (loss) |
|
| 214 |
|
|
| 3,315 |
|
|
| (3,101 | ) |
|
| (93.5 | ) |
Net unrealized appreciation (depreciation) |
|
| 20,767 |
|
|
| 3,436 |
|
|
| 17,331 |
|
|
| 504.4 |
|
Net increase (decrease) in net assets resulting from operations |
|
| 31,817 |
|
|
| 19,056 |
|
|
| 12,761 |
|
|
| 67.0 |
|
Weighted average yield on interest-bearing investments |
|
| 14.0 | % |
|
| 13.9 | % |
|
| 0.1 | % |
|
| 0.7 |
|
Total invested |
| $ | 28,527 |
|
| $ | 46,389 |
|
| $ | (17,862 | ) |
|
| (38.5 | ) |
Total repayments and net proceeds |
|
| 12,638 |
|
|
| 86,420 |
|
|
| (73,782 | ) |
|
| (85.4 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
As of: |
| September 30, 2024 |
|
| June 30, 2024 |
|
| Change |
|
| % Change |
| ||||
Total investments, at fair value |
| $ |
|
|
| $ | 757,745 |
|
| $ | 38,515 |
|
|
| 5.1 | % |
Fair value, as a percent of cost |
|
| 103.3 | % |
|
| 100.6 | % |
|
| 2.7 | % |
|
| 2.7 |
|
Net asset value per common share(A) |
| $ | 21.18 |
|
| $ | 20.18 |
|
| $ | 1.00 |
|
|
| 5.0 |
|
(A) |
| Per common share amounts have been adjusted on a retroactive basis to reflect the 1-for-2 reverse stock split effected on April 4, 2024. |
For the Year Ended: |
| September 30, |
|
| September 30, 2023 |
|
| Change |
|
| % Change |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total investment income |
| $ | 96,621 |
|
| $ | 86,434 |
|
| $ | 10,187 |
|
|
| 11.8 | % |
Total expenses, net of credits |
|
| (50,562 | ) |
|
| (45,414 | ) |
|
| (5,148 | ) |
|
| 11.3 |
|
Net investment income |
|
| 46,059 |
|
|
| 41,020 |
|
|
| 5,039 |
|
|
| 12.3 |
|
Net investment income per common share(A) |
|
| 2.11 |
|
|
| 2.20 |
|
|
| (0.09 | ) |
|
| (4.1 | ) |
Cash distribution per common share(A) |
|
| 1.98 |
|
|
| 1.89 |
|
|
| 0.09 |
|
|
| 4.8 |
|
Net realized gain (loss) |
|
| 5,959 |
|
|
| 12,664 |
|
|
| (6,705 | ) |
|
| (52.9 | ) |
Net unrealized appreciation (depreciation) |
|
| 42,703 |
|
|
| (11,016 | ) |
|
| 53,719 |
|
|
| (487.6 | ) |
Net increase (decrease) in net assets resulting from operations |
|
| 94,506 |
|
|
| 42,668 |
|
|
| 51,838 |
|
|
| 121.5 |
|
Weighted average yield on interest-bearing investments |
|
| 13.9 | % |
|
| 13.3 | % |
|
| 0.6 | % |
|
| 4.5 |
|
Total invested |
| $ | 177,649 |
|
| $ | 175,477 |
|
| $ | 2,172 |
|
|
| 1.2 |
|
Total repayments and proceeds |
|
| 136,270 |
|
|
| 125,191 |
|
|
| 11,079 |
|
|
| 8.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
As of: |
| September 30, |
|
| September 30, 2023 |
|
| Change |
|
| % Change |
| ||||
Total investments, at fair value |
| $ | 796,260 |
|
| $ | 704,815 |
|
| $ | 91,445 |
|
|
| 13.0 | % |
Fair value as a percent of cost |
|
| 103.3 | % |
|
| 97.6 | % |
|
| 5.7 | % |
|
| 5.8 |
|
Net asset value per common share(A) |
| $ | 21.18 |
|
| $ | 18.79 |
|
| $ | 2.39 |
|
|
| 12.7 |
|
(A) |
| Per common share amounts have been adjusted on a retroactive basis to reflect the 1-for-2 reverse stock split effected on April 4, 2024. |
Fourth Fiscal Quarter 2024 Highlights:
Portfolio Activity: Invested
$28.5 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 at14.0% .Credit Facility Availability: Increased the committed facility amount by
$25.0 million to$293.7 million and ended the quarter with availability in excess of$200 million .
Fourth Fiscal Quarter 2024 Results:
Total investment income decreased by
Total expenses decreased by
Net investment income for the quarter ended September 30, 2024 was
The net increase in net assets resulting from operations was
Fiscal Year Ended 2024 Results:
Total investment income during the years ended September 30, 2024 and 2023 was
Expenses, net of any non-contractual, unconditional and irrevocable credits to fees from the Adviser, increased
Net investment income for the year ended September 30, 2024 was
The net increase in net assets resulting from operations was
Subsequent Events: Subsequent to September 30, 2024, the following significant events occurred:
Portfolio Activity:
In October 2024, our debt investment in Perimeter Solutions Group paid off at par for net cash proceeds of
$15.5 million , including a$0.5 million prepayment penalty.In October 2024, our investment in Antenna Research Associates, Inc. was sold, which resulted in a realized gain of approximately
$59.3 million and the repayment of our debt investment of$31.3 million at par.In November 2024, we invested an additional
$28.9 million in Giving Home Health Care, LLC, an existing portfolio company, through secured first lien debt.
Distributions and Dividends Declared:
In October 2024, our Board of Directors declared the following distributions to common and preferred stockholders:
Record Date | Payment Date |
| Distribution per Common Share |
| |
October 22, 2024 | October 31, 2024 |
| $ | 0.165 |
|
November 20, 2024 | November 29, 2024 |
|
| 0.165 |
|
December 20, 2024 | December 31, 2024 |
|
| 0.165 |
|
Total for the Quarter |
| $ | 0.495 |
| |
Record Date | Payment Date |
| Distribution per Series A Preferred Stock |
| |
October 24, 2024 | November 4, 2024 |
| $ | 0.130208 |
|
November 27, 2024 | December 4, 2024 |
|
| 0.130208 |
|
December 23, 2024 | January 3, 2025 |
|
| 0.130208 |
|
Total for the Quarter |
| $ | 0.390624 |
| |
In November 2024, our Board of Directors declared the following supplemental distribution to common stockholders:
Record Date | Payment Date |
| Distribution per Common Share |
| |
December 4, 2024 | December 18, 2024 |
| $ | 0.40 |
|
Comments from Gladstone Capital's President, Bob Marcotte: "We are pleased to report the successful exit of our largest investment position after the end of the quarter at a material gain, a portion of which is reflected in the supplemental distribution recently announced. While the pacing of our direct originations picked up last quarter, the fundings carried over to the current quarter which, combined with the reinvestment of the majority of the equity gain proceeds, are expected to enhance our net interest margin and earnings available for cash distributions in FY 2025."
Conference Call for Stockholders: The Company will hold its earnings release conference call on Thursday, November 14, 2024, 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 November 21, 2024. To hear the replay, please dial (877) 660-6853 and use playback conference number 13748838. 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 www.GladstoneCapital.com. The event will be archived and available for replay on the investors section of the Company's website.
About Gladstone Capital Corporation: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 www.GladstoneCompanies.com.
To obtain a paper copy of the Company's most recent Form 10-K, 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-K for the year ended September 30, 2024, including the notes to the consolidated financial statements contained therein.
Investor Relations Inquiries: Please visit www.gladstonecompanies.com 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
View the original press release on accesswire.com
FAQ
What was Gladstone Capital's (GLAD) net investment income per share for Q4 2024?
How much did GLAD's total investment income increase in fiscal year 2024?
What was the realized gain from GLAD's sale of Antenna Research Associates in October 2024?
What is GLAD's supplemental distribution amount announced for December 2024?
