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Jun 30, 2023
Gladstone Capital Q3 2023 Earnings Report
Announced earnings for the third fiscal quarter ended June 30, 2023.
Key Takeaways
Gladstone Capital Corporation reported a 21.2% increase in net investment income to $11.7 million, or $0.31 per share, driven primarily by higher interest income. The weighted average yield on debt investments rose 50bp to 13.6%.
Invested $53.5 million in three new portfolio companies and $17.1 million in existing portfolio companies.
Received $35.2 million in repayments and net proceeds.
Net investment income increased 21.2% over last quarter to $11.7 million, or $0.31 per share.
Secured first lien assets continued to be over 70% of the portfolio, at cost, while the weighted average yield on debt investments rose 50bp to 13.6%.
Forward Guidance
The competitive outlook for lower middle market investing continues to improve and should sustain our favorable investment margin and portfolio growth, which will be the primary drivers of our earnings momentum in the coming quarters.
Positive Outlook
- Favorable investment margin should be sustained.
- Portfolio growth should be sustained.
- Earnings momentum is expected.
- Competitive outlook for lower middle market investing continues to improve.
- Recent earnings have benefitted from the increase in interest rates.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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