Gladstone Investment Corporation Reports Financial Results for its Second Quarter Ended September 30, 2017
Summary Information: (dollars in thousands, except per share data (unaudited)):
2017 | 2017 | Change | % Change | |||||||||||
For the quarter ended: | ||||||||||||||
Total investment income | $ | 13,132 | $ | 13,620 | $ | (488 | ) | (3.6 | )% | |||||
Total expenses, net | 7,382 | 8,185 | (803 | ) | (9.8 | ) | ||||||||
Net investment income | 5,750 | 5,435 | 315 | 5.8 | ||||||||||
Net realized (loss) gain | (43 | ) | 1,165 | (1,208 | ) | NM | ||||||||
Net unrealized appreciation | 7,849 | 1,541 | 6,308 | 409.3 | ||||||||||
Net increase in net assets resulting from operations | 13,556 | 8,141 | 5,415 | 66.5 | ||||||||||
Net investment income per weighted average common share | 0.18 | 0.17 | 0.01 | 5.9 | ||||||||||
Net increase in net assets resulting from operations per weighted average common share | 0.42 | 0.26 | 0.16 | 61.5 | ||||||||||
Cash distribution per common share from net investment income | 0.19 | 0.19 | — | — | ||||||||||
Cash distribution per common share from realized gains | — | 0.06 | (0.06 | ) | (100.0 | ) | ||||||||
Distributions coverage ratio(A) | 208.6 | % | 214.9 | % | (6.3 | )% | (2.9 | ) | ||||||
Weighted average yield on interest-bearing investments | 12.8 | 12.6 | 0.2 | 1.6 | ||||||||||
Total dollars invested | $ | 29,500 | $ | 2,148 | $ | 27,352 | NM | |||||||
Total dollars repaid and collected from sales | 3,949 | 19,457 | (15,508 | ) | (79.7 | ) | ||||||||
As of: | ||||||||||||||
Total investments, at fair value | $ | 520,174 | $ | 486,770 | $ | 33,404 | 6.9 | % | ||||||
Fair value, as a percent of cost | 97.3 | % | 95.7 | % | 1.6 | % | 1.7 | |||||||
Net assets | $ | 328,548 | $ | 321,235 | $ | 7,313 | 2.3 | |||||||
Net asset value per common share | 10.10 | 9.88 | 0.22 | 2.2 | ||||||||||
Number of portfolio companies | 34 | 33 | 1 | 3.0 | ||||||||||
(A) Distributions coverage ratio is calculated by dividing (i) the sum of net investment income in excess of distributions at the end of the period and distributions to common stockholders from net investment income during the period by (ii) current period distributions from net investment income to common stockholders. |
NM = Not Meaningful
Highlights for the Quarter: During the quarter ended
• Portfolio Activity:
- Invested
$28.3 million through a combination of secured first lien debt and preferred equity into one new portfolio company; and - Invested
$1.2 million in existing portfolio companies.
• Distributions and Dividends:
- Paid the following monthly cash distributions to common stockholders and dividends to preferred stockholders for each of July, August, and
September 2017 :
--$0.064 per common share, per month;
--$0.140625 per share, per month, for the Company's 6.75% Series B Cumulative Term Preferred Stock ("Series B Term Preferred Stock");
--$0.135417 per share, per month, for the Company's 6.50% Series C Cumulative Term Preferred Stock ("Series C Term Preferred Stock"); and
--$0.13020833 per share to holders of our 6.25% Series D Cumulative Term Preferred Stock ("Series D Term Preferred Stock").
Second Quarter Results: Net investment income for the quarters ended
Net asset value per common share as of
Subsequent Events: After
- Distributions and Dividends Declared: In
October 2017 , our Board of Directors declared the following monthly distributions to common stockholders and monthly dividends to holders of our three series of term preferred stock:
Record Date | Payment Date | Distribution per Common Share | Dividend per Series B Term Preferred Share | Dividend per Series C Term Preferred Share |
Dividend per Series D Term Preferred Share | |||||||||||||
$ | 0.065 | $ | 0.140625 | $ | 0.135417 | $ | 0.13020833 | |||||||||||
0.065 | 0.140625 | 0.135417 | 0.13020833 | |||||||||||||||
0.060 | (A) | — | — | — | ||||||||||||||
0.065 | 0.140625 | 0.135417 | 0.13020833 | |||||||||||||||
Total for the Quarter: | $ | 0.255 | $ | 0.421875 | $ | 0.406251 | $ | 0.39062499 |
(A) | Denotes supplemental distribution to common stockholders. |
Conference Call: The Company will hold its earnings release conference call on
About
To obtain a paper copy of our Quarterly Report on Form 10-Q filed today with the
Source:
Investor Relations Inquiries: Please visit www.gladstone.com or +1-703-287-5893.
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