Gladstone Capital Corporation Reports Financial Results for its First Quarter Ended December 31, 2016
Summary Information (dollars in thousands, except per share data) (unaudited):
For the Quarter Ended:
|Total investment income||$||9,974||$||9,749||$||225||2.3||%|
|Total expenses, net of credits||(4,767||)||(4,847||)||80||(1.7||)|
|Net investment income||5,207||4,902||305||6.2|
|Net investment income per common share||0.21||0.21||—||—|
|Cash distribution per common share||0.21||0.21||—||—|
|Net realized loss||(3,448||)||(2,621||)||(827||)||31.6|
|Net unrealized (depreciation) appreciation||(843||)||18,414||(19,257||)||(104.6||)|
|Net increase in net assets resulting from operations||916||20,695||(19,781||)||(95.6||)|
|Weighted average yield on interest-bearing investments||11.3||%||11.0||%||0.3||2.7|
|Total repayments and net proceeds||50,453||22,719||27,734||122.1|
|Total investments, at fair value||$||288,246||$||322,114||$||(33,868||)||(10.5||)%|
|Fair value, as a percent of cost||82.6||%||84.4||%||(1.8||)%||(2.1||)|
|Net asset value per common share||$||8.36||$||8.62||$||(0.26||)||(3.0||)|
First Fiscal Quarter 2017 Highlights:
- Portfolio Activity: Invested
$17.2 millionin three new portfolio companies and $2.8 millionin existing portfolio companies. Received $50.5 millionin repayments and net proceeds from portfolio companies.
- Common Stock Offering: Completed a public offering of approximately 2.2 million shares of our common stock (inclusive of the overallotment). Gross proceeds totaled
$17.3 millionand net proceeds, after deducting underwriting discounts and offering costs borne by us, were approximately $16.4 million.
- Recurring Distributions: Paid monthly distributions for each of October, November, and
December 2016to common stockholders ( $0.07per common share) and to preferred stockholders ( $0.140625per share of the Company's 6.75% Series 2021 Term Preferred Stock).
First Fiscal Quarter 2017 Results:
Total investment income increased by 2.3% compared to the prior quarter primarily due to an increase in other income of
Net Investment Income for the quarter ending
Net Increase in Net Assets Resulting from Operations for the quarter ended
Subsequent Events: Subsequent to
- Portfolio Activity: In
February 2017, we invested $10 millionin Belnick, Inc.through secured second lien debt. Belnick, Inc.is an internet based seller of high volume, value oriented furniture which the Company sells to major e-commerce retailers and directly to consumers.
- Distributions Declared: Declared the following monthly cash distributions to stockholders in
|Record Date||Payment Date||Distribution per|
Series 2021 Term
|Total for the Quarter||$||0.21||$||0.421875|
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.gladstone.com or +1-703-287-5893.
News Provided by Acquire Media