Gladstone Investment Corporation Reports Financial Results for its Second Quarter Ended September 30, 2024
ACCESSWIRE · Gladstone Investment Corporation

In This Article:

MCLEAN, VA / ACCESSWIRE / November 7, 2024 / Gladstone Investment Corporation (Nasdaq:GAIN) (the "Company") today announced earnings for its second fiscal quarter ended September 30, 2024. Please read the Company's Quarterly Report on Form 10-Q, filed today with the U.S. Securities and Exchange Commission (the "SEC"), which is available on the SEC's website at www.sec.gov or the investors section of the Company's website at www.gladstoneinvestment.com.

Summary Information: (dollars in thousands, except per share data (unaudited)) :

September 30,
2024

June 30,
2024

$

Change

%

Change

For the quarter ended:

Total investment income

$

22,565

$

22,178

$

387

1.7

%

Total expenses, net (A)

15,274

9,764

5,510

56.4

%

Net investment income (A)

7,291

12,414

(5,123)

(41.3)

%

Net realized gain

42,303

2

42,301

NM

Net unrealized (depreciation)

(34,112)

(18,942)

(15,170)

80.1

%

Net increase (decrease) in net assets resulting from operations (A)

$

15,482

$

(6,526)

$

22,008

NM

Net investment income per weighted-average common share (A)

$

0.20

$

0.34

$

(0.14)

(41.2)

%

Adjusted net investment income per weighted-average common share (B)

$

0.24

$

0.24

$

-

-

%

Net increase (decrease) in net assets resulting from operations per weighted-average common share (A)

$

0.42

$

(0.18)

$

0.60

NM

Cash distribution per common share from net investment income

$

0.24

$

0.24

$

-

-

%

Cash distribution per common share from net realized gains (C)(D)

$

0.70

$

-

$

0.70

100.0

%

Weighted-average yield on interest-bearing investments

14.5

%

14.5

%

-

%

-

%

Total dollars invested

$

19,500

$

598

$

18,902

NM

Total dollars repaid and collected from sales and recapitalization of investments

$

73,522

$

3,024

$

70,498

NM

Weighted-average shares of common stock outstanding - basic and diluted

36,688,667

36,688,667

-

-

%

Total shares of common stock outstanding

36,688,667

36,688,667

-

-

%

As of:

Total investments, at fair value

$

853,307

$

899,138

$

(45,831)

(5.1)

%

Fair value, as a percent of cost

101.6

%

105.5

%

(3.9)

%

(3.7)

%

Net assets

$

458,375

$

477,380

$

(19,005)

(4.0)

%

Net asset value per common share

$

12.49

$

13.01

$

(0.52)

(4.0)

%

Number of portfolio companies

22

23

(1)

(4.3)

%

NM = Not Meaningful

(A)

Inclusive of $1.6 million, or $0.04 per weighted-average common share, of capital gains-based incentive fees accrued during the three months ended September 30, 2024 and $3.8 million , or $0.10 per weighted-average common share, of capital gains-based incentive fees reversed during the three months ended June 30, 2024 , respectively. These fees were accrued/ (reversed) in accordance with United States generally accepted accounting principles ("U.S. GAAP"), where such amounts were not contractually due under the terms of the investment advisory agreement for the respective periods. Also see discussion under Non-GAAP Financial Measure - Adjusted Net Investment Income below.

(B)

See Non-GAAP Financial Measure - Adjusted Net Investment Income, below, for a description of this non-GAAP measure and a reconciliation from Net investment income to Adjusted net investment income, including on a weighted-average per share basis. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes it is useful to investors as an additional tool to evaluate ongoing results and trends for the Company.

(C)

Includes $0.70 per common share of distributions declared and unpaid as of September 30, 2024, as such distribution was a supplemental distribution declared on September 17, 2024 with a record date of October 4, 2024 and a pay date of October 15, 2024.

(D)

Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date.

Highlights for the Quarter: During the quarter ended September 30, 2024, the following significant events occurred:


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