Gladstone Investment Corporation Reports Financial Results for its Third Quarter Ended December 31, 2016
Summary Information: (dollars in thousands, except per share data (unaudited)):
|For the quarter ended:|
|Total investment income||$||13,374||$||11,744||$||1,630||13.9||%|
|Total expenses, net||8,170||6,632||1,538||23.2|
|Net investment income||5,204||5,112||92||1.8|
|Net realized loss||(3,137||)||(193||)||(2,944||)||NM|
|Net unrealized appreciation (depreciation)||8,888||(5,021||)||13,909||NM|
|Net increase (decrease) in net assets resulting from operations||10,955||(102||)||11,057||NM|
|Net investment income per common share||0.17||0.17||—||—|
|Cash distribution per common share||0.19||0.19||—||—|
|Distributions coverage ratio(A)||232.3||%||235.4||%||(3.1||)%||(1.3||)|
|Weighted average yield on interest-bearing investments||12.7|| ||12.5||0.2||1.6|
|Total dollars invested||$||—||$||2,210||$||(2,210||)||(100.0||)|
|Total dollars repaid and collected from sales||18,534||2,198||16,336||743.2|
|Total investments, at fair value||$||471,440||$||485,972||$||(14,532||)||(3.0||)%|
|Fair value, as a percent of cost||94.5||%||93.0||%||1.5||%||1.6|
|Net asset value per common share||9.82||9.65||0.17||1.8|
|Number of portfolio companies||35||36||(1||)||(2.8||)|
| (A) Distributions coverage ratio is calculated by dividing the sum of net investment income in excess of distributions at the
end of the period and |
distributions to common stockholders during the period by current period distributions to common stockholders.
|NM = Not Meaningful|
Highlights for the Quarter: During the quarter ended
- Portfolio Activity:
-Exited one investment, which resulted in full repayment of our debt investment of
$10.0 million, success fee income of $0.9 million, and a net realized gain of $5.8 million.
-Restructured one investment, which resulted in the exchange of debt with an aggregate cost basis of
$16.5 millionfor a new $8.8 millionsecured first lien term loan, relinquished our preferred equity with a cost basis of $2.5 million, and relinquished a portion of our common equity with a total cost basis of $3. The transaction resulted in a realized loss of $10.2 million.
- Line of Credit Amendment: Entered
into Amendment No. 2 to the Fifth Amended and Restated Credit Agreement with
Keybank National Association, Alostar Bank of Commerce, Manufacturers and Traders Trust, East West Bank, Chemical Bank, and Customers Bank on November 16, 2016.
- Distributions and Dividends: Paid the following monthly cash distributions to common and preferred stockholders for each of October, November, and
December 2016: -$0.0625per common share, per month; -$0.140625per share, per month, for the Company's 6.75% Series B Cumulative Term Preferred Stock ("Series B Term Preferred Stock"); -$0.135417per share, per month, for the Company's 6.50% Series C Cumulative Term Preferred Stock ("Series C Term Preferred Stock"); -$0.13020833per share to holders of our 6.25% Series D Cumulative Term Preferred Stock ("Series D Term Preferred Stock") for each of November and December 2016, and also paid a combined dividend for the pro-rated period from and including the issuance date, September 26, 2016, to and including September 30, 2016and the full month of October 2016, which totaled $0.15190972per share, to the holders of the Series D Term Preferred Stock.
Third Quarter Results: Net investment income for the quarters ended
Net asset value per common share as of
Subsequent Events: After
- Distributions and Dividends Declared: In
January 2017, our Board of Directors declared the following monthly cash distributions and dividends:
|Record Date||Payment Date||Distribution |
|Dividend per |
Series B Term
Series C Term
Series D Term
|Total for the Quarter:||$||0.1875||$||0.421875||$||0.406251||$||0.39062499|
Conference Call: The Company will hold its earnings release conference call on
To obtain a paper copy of our Quarterly Report on Form 10-Q filed today with the
Investor Relations Inquiries: Please visit www.gladstone.com or +1-703-287-5893.
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