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Dec 31, 2020
Gladstone Capital Q1 2021 Earnings Report
Announced earnings for its first fiscal quarter, marked by portfolio activity, performance, and net asset value increase.
Key Takeaways
Gladstone Capital Corporation reported an increase in net investment income and net asset value for the first fiscal quarter ended December 31, 2020. The company invested $29.0 million in new portfolio companies and received $34.1 million in repayments. Net asset value per share rose to $7.61.
Invested $29.0 million in two new proprietary portfolio companies.
Received $34.1 million in repayments and net proceeds.
Portfolio companies continued to perform well with non-accruals unchanged at 1.5% of the portfolio.
Net asset value increased 5.7% from September 30, 2020, to $247.1 million.
Gladstone Capital
Gladstone Capital
Forward Guidance
Gladstone Capital is well-positioned to expand its portfolio and earnings due to the recovery of capital markets and pent-up demand.
Positive Outlook
- Recovered the bulk of the unrealized portfolio depreciation of the prior quarters.
- Capital markets recovery and pent-up demand have supported an increase in leveraged financing investment opportunities.
- Note issuance last quarter bolstered balance sheet flexibility.
- Well positioned to capitalize on leverage capacity.
- Aims to expand portfolio and earnings derived from lower middle market investment strategy.