Investor Presentaiton
Gladstone Capital 6/30/2023 Quarter Summary
Originations/Portfolio Activity:
Invested $53.5 million in three new portfolio companies and $17.1 million in existing portfolio companies.
Repayments and net proceeds totaled $35.2 million, resulting in strong net originations of $35.4 million for the
quarter and lifted the net portfolio growth to over $125 million (22%) for the past year.
Portfolio Yield / Net Investment Income (NII):
Interest income for the quarter rose 11.4% to $21.8 million as average earning assets rose 6.6% and the weighted
average yield rose 50 basis points from the prior quarter to 13.6%.
Other income was largely unchanged at $1.0 million and total investment income rose $2.3 million to $22.8 million
for the quarter.
Total expenses increased $0.2 million compared to the prior quarter with higher borrowing costs; however, net
management fees declined $0.5 million as closing and advisory fee credits more than offset higher incentive fees.
Net investment income for the quarter rose 21.2% to $11.7 million or $0.31 per share, covering approximately 125%
of the recently increased common stock distributions.
Portfolio Performance and Valuation:
☐
☐
☐
Our portfolio continues to perform well with generally modest leverage metrics and favorable liquidity, and we
ended the quarter with only one non-earning debt investment representing 0.4% of debt investments at fair value.
Conservative asset mix with 91% of investments in secured loans, 75% in lower risk 1st lien loans and weighted
average leverage across core proprietary loan portfolio of ~3.5x
Appreciation for the quarter of $0.2 million was primarily related to the net move in several equity positions as net
depreciation of the debt investment portfolio was nominal.
← GLADSTONE
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