Gladstone Capital Corporation Reports Financial Results for its Third Quarter Ended June 30, 2019
Summary Information (dollars in thousands, except per share data) (unaudited):
For the Quarter Ended:
|Total investment income||$||12,886||$||12,522||$||364||2.9||%|
|Total expenses, net of credits||(6,673||)||(6,505||)||(168||)||2.6|
|Net investment income||6,213||6,017||196||3.3|
|Net investment income per common share||0.21||0.21||—||—|
|Cash distribution per common share||0.21||0.21||—||—|
|Net realized gain (loss)||(807||)||2,302||(3,109||)||(135.1||)|
|Net unrealized appreciation||3,450||1,011||2,439||241.2|
|Net increase (decrease) in net assets resulting from operations||8,856||9,330||(474||)||(5.1||)|
|Weighted average yield on interest-bearing investments||11.8||%||12.0||%||(0.2||)%||(1.7||)|
|Total repayments and net proceeds||41,850||51,529||(9,679||)||(18.8||)|
|As of:||June 30,
|Total investments, at fair value||$||
|Fair value, as a percent of cost||96.3||%||95.3||%||1.0||%||1.0|
|Net asset value per common share||$||8.23||$||8.11||$||0.12||1.5|
Third Fiscal Quarter 2019 Highlights:
- Portfolio Activity: Invested
$58.0 millionin five new portfolio companies and $1.2 millionin existing portfolio companies. Received $41.2 millionin repayments, including the $30.0 millionpayoff of our investment in IA Tech, LLC, at par.
- Investment Income: Received
$1.7 millionin prepayment and other fee income, representing a 21.3% increase over the prior quarter and lifting total investment income to a record $12.9 million.
- Equity Issuance: Issued 939,015 shares of common stock at a weighted-average price of
$9.34per share, or 113% of NAV, through our at-the-market program generating net proceeds of $8.6 million.
- Distributions and Dividends: Maintained our monthly common stock distribution of
$0.07per share and monthly preferred stock dividend of $0.125per share on the Company’s 6.00% Series 2024 Term Preferred Stock.
Third Fiscal Quarter 2019 Results:
Interest income increased by
Net Investment Income for the quarter ended
The Net Increase in Net Assets Resulting from Operations for the quarter ended
Subsequent Events: Subsequent to
- Portfolio Activity:
July 2019, our debt investment in PIC 360, LLC was repaid at par for net proceeds of $2.6 million.
August 2019, we invested an additional $5.0 millionin Sea Link International IRB, Inc, an existing portfolio company, through secured second lien debt.
- Distributions and Dividends Declared: In
July 2019, our Board of Directors declared the following monthly distributions to common stockholders and monthly dividends to preferred shareholders:
|Record Date||Payment Date||Distribution per Common Share||Distribution per Series 2024 Term Preferred Share|
|July 22, 2019||July 31, 2019||$||0.07||$||0.125|
|August 20, 2019||August 30, 2019||0.07||0.125|
|September 17, 2019||September 30, 2019||0.07||0.125|
|Total for the Quarter||$||0.21||$||0.375|
Comments from Gladstone Capital’s President,
Conference Call for Stockholders: The Company will hold its earnings release conference call on
To obtain a paper copy of the Company’s most recent Form 10-Q, please contact the Company at
Investor Relations Inquiries: Please visit www.gladstonecompanies.com or +1-703-287-5893.
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
Source: Gladstone Capital Corporation