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 è diminuito del 7,4% a 21,96 milioni di dollari, mentre il reddito netto da investimenti è aumentato del 2,5% a 11,22 milioni di dollari (0,50 dollari per azione). La società 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 attività 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 società ha realizzato guadagni netti riconosciuti di 57,8 milioni di dollari, sebbene questo sia stato parzialmente compensato da una depreciabilità netta non realizzata di 41,9 milioni di dollari. Il valore netto degli attivi per azione è aumentato di 0,33 dollari a 21,51 dollari.
Il rendimento medio ponderato sugli investimenti a interesse è 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) informó sobre los resultados financieros del primer trimestre del año fiscal 2025, que finalizó el 31 de diciembre de 2024. Los ingresos totales por inversiones disminuyeron un 7,4% a 21,96 millones de dólares, mientras que los ingresos netos por inversiones aumentaron un 2,5% a 11,22 millones de dólares (0,50 dólares por acción). La compañía declaró una distribución total en efectivo de 0,90 dólares por acción, que incluye una distribución suplementaria de 0,40 dólares.
Durante el trimestre hubo una actividad significativa en la cartera, con una inversión de 151,6 millones de dólares, incluyendo 107,2 millones de dólares en seis nuevas empresas de la cartera. La compañía logró ganancias netas realizadas de 57,8 millones de dólares, aunque esto fue parcialmente compensado por una depreciación neta no realizada de 41,9 millones de dólares. El valor neto de los activos por acción aumentó en 0,33 dólares a 21,51 dólares.
El rendimiento promedio ponderado de las inversiones que generan intereses disminuyó 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.
Gladstone Capital (GLAD)는 2024년 12월 31일 종료된 2025 회계연도 1분기 재무 결과를 발표했습니다. 총 투자 수익은 7.4% 감소한 2,196만 달러로 나타났고, 순 투자 수익은 2.5% 증가한 1,122만 달러(주당 0.50달러)로 집계되었습니다. 회사는 주당 0.90달러의 총 현금 배당금을 선언했으며, 여기에는 0.40달러의 추가 배당금이 포함됩니다.
이번 분기에는 1억 5,160만 달러가 투자되는 등 포트폴리오 활동이 활발히 이루어졌고, 이 중 1억 720만 달러는 여섯 개의 새로운 포트폴리오 회사에 투자되었습니다. 회사는 5,780만 달러의 순 실현 이익을 기록했지만, 이는 4,190만 달러의 순 미실현 손실로 부분적으로 상쇄되었습니다. 주당 순자산 가치는 0.33달러 증가하여 21.51달러가 되었습니다.
이자 발생 투자에 대한 가중 평균 수익률은 이전 분기의 14.0%에서 13.1%로 감소했습니다. 1순위 담보 자산은 공정 가치 기준으로 부채 투자의 73.4%를 차지했습니다.
Gladstone Capital (GLAD) a publié ses résultats financiers pour le premier trimestre de l'exercice 2025, se terminant le 31 décembre 2024. Les revenus d'investissement totaux ont diminué de 7,4% pour atteindre 21,96 millions de dollars, tandis que les revenus d'investissement nets ont augmenté de 2,5% à 11,22 millions de dollars (0,50 dollar par action). La société a déclaré une distribution totale en espèces de 0,90 dollar par action, y compris une distribution complémentaire de 0,40 dollar.
Ce trimestre a vu une activité significative de portefeuille avec 151,6 millions de dollars investis, dont 107,2 millions de dollars dans six nouvelles entreprises du portefeuille. La société a enregistré des gains nets réalisés de 57,8 millions de dollars, bien que cela ait été partiellement compensé par une dépréciation nette non réalisée de 41,9 millions de dollars. La valeur nette des actifs par action a augmenté de 0,33 dollar pour atteindre 21,51 dollars.
Le rendement moyen pondéré des investissements portant intérêt a diminué à 13,1% contre 14,0% au trimestre précédent. Les actifs garantis de premier rang ont augmenté pour représenter 73,4% des investissements en dette à valeur marchande.
Gladstone Capital (GLAD) hat die Finanzergebnisse für das erste Quartal des Geschäftsjahres 2025 bekannt gegeben, das am 31. Dezember 2024 endete. Die Gesamteinnahmen aus Investitionen sanken um 7,4% auf 21,96 Millionen Dollar, während die netton Investitionseinkommen um 2,5% auf 11,22 Millionen Dollar (0,50 Dollar pro Aktie) anstiegen. Das Unternehmen erklärte eine Gesamtausschüttung von 0,90 Dollar pro Aktie, einschließlich einer zusätzlichen Ausschüttung von 0,40 Dollar.
Im Quartal gab es erhebliche Portfolioaktivitäten mit Investitionen in Höhe 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 erhöhte 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 Vermögenswerte 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 / ACCESS Newswire / February 11, 2025 / Gladstone Capital Corporation (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 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: |
| 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.Realized 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 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-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 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 ACCESS Newswire
FAQ
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