Gladstone Capital Corporation

Gladstone Capital Corporation Earnings Recaps

GLAD Financials 3 recaps
Q2 2026 May 8, 2026

Gladstone Capital’s shares rose 4.0% post-earnings, reflecting investor approval of stable asset levels, incremental net investment income growth, and ample liquidity supporting ongoing investment opportunities despite a modest decline in interest income.

Key takeaways
  • Interest income declined 2.9% sequentially to $23.2 million driven by a 40 basis point decline in portfolio yield to 11.8%, partially offset by a 2.8% increase in earning assets.
  • Net investment income increased by $574,000 to $11.8 million, covering 116% of cash distributions and supporting a $0.52 per share payout.
  • Prepayment fees and dividends contributed an additional $2.2 million boost to other income compared to the prior quarter.
  • Total assets rose modestly to $925 million, with liabilities declining slightly to $442 million, leaving net assets at $483 million and NAV per share up from $21.13 to $21.36.
  • Leverage remains conservative at 92% of NAV, and borrowing capacity exceeds $150 million on a $365 million credit facility, providing flexibility to capitalize on new private equity-backed deals.
Full recap
Q1 2026 Feb 5, 2026

Gladstone Capital Corporation reported a robust first quarter, achieving a net investment income of $11.3 million despite increased expenses and unrealized losses impacting performance.

Key takeaways
  • Fundings totaled $99.1 million, leading to net originations of $46.3 million, evidencing strong investment activity.
  • Interest income rose 1% to $23.9 million, although net investment income per share declined to $0.50.
  • Total assets increased to $923 million, fueled by robust investment performance despite rising liabilities.
  • Monthly distributions remain unchanged at $0.15 per share, sustaining an attractive yield of approximately 8.8%.
  • A conservative leverage position maintained with net debt at 93% of NAV, supporting continued investment flexibility.
Full recap
Q4 2025 Nov 18, 2025

Gladstone Capital Corporation reported strong fiscal year-end results, with significant fundings and portfolio appreciation despite facing challenges from repayment spikes. The firm maintains a robust pipeline of investments and a conservative leverage position.

Key takeaways
  • Fundings for Q4 totaled $126.6 million, with net originations at a healthy $103.1 million.
  • Interest income rose 14% to $23.8 million, supported by a 16.2% increase in average earning assets.
  • Net investment income increased to $11.4 million, despite net realized losses of $6.3 million from a legacy investment exit.
  • The portfolio's fair value increased by $63 million for the fiscal year, underscoring strong investment performance and growth in private equity sponsor relationships.
  • Conservative leverage with net debt at 2.5% of NAV positions the company well for future investment opportunities.
Full recap