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Sep 30, 2024
Gladstone Capital Q4 2024 Earnings Report
Gladstone Capital reported earnings for the fourth quarter and fiscal year ended September 30, 2024.
Key Takeaways
Gladstone Capital Corporation reported a net investment income of $11.0 million, or $0.50 per share, for the quarter ended September 30, 2024. The net increase in net assets resulting from operations was $31.8 million, or $1.46 per share, driven primarily by $20.8 million of net unrealized appreciation. Total investment income decreased by 7.7% compared to the prior quarter, while total expenses decreased by 4.0%.
Total investment income decreased by $2.0 million, or 7.7%, driven by a $2.2 million decrease in other income.
Total expenses decreased by $0.5 million, or 4.0%, primarily due to a $0.5 million decrease in the net incentive fee.
Net investment income was $11.0 million, or $0.50 per share.
Net increase in net assets resulting from operations was $31.8 million, or $1.46 per share, primarily driven by $20.8 million of net unrealized appreciation.
Forward Guidance
Gladstone Capital anticipates that fundings from direct originations and the reinvestment of equity gain proceeds are expected to enhance net interest margin and earnings available for cash distributions in FY 2025.
Positive Outlook
- Successful exit of largest investment position after the end of the quarter at a material gain.
- Pacing of direct originations picked up last quarter.
- Fundings carried over to the current quarter.
- Reinvestment of the majority of the equity gain proceeds.
- Expectation to enhance net interest margin and earnings available for cash distributions in FY 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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