Q3 2025 Gladstone Investment Corp Earnings Call Transcript
Key Points
- Gladstone Investment Corp (GAIN) reported consistent positive quarterly results with an increase in total assets to approximately $1.1 billion, up from $869 million in the prior quarter.
- The company successfully acquired three new companies and deployed over $187 million of new capital, marking its largest investment quarter.
- GAIN maintained its monthly distribution to shareholders at $0.08 per share and paid a supplemental distribution of $0.70 per share, reflecting its commitment to rewarding shareholders.
- The company issued $126.5 million in new publicly traded 7.875% notes maturing in 2030, strengthening its balance sheet with low leverage and positive liquidity.
- GAIN's net asset value (NAV) increased to $13.30 per share from $12.49 per share in the prior quarter, driven by net unrealized appreciation on investments and net investment income.
- Total investment income decreased to $21.4 million from $22.6 million in the prior quarter, primarily due to a decrease in dividend and interest income.
- Net expenses rose to $20.2 million from $15.3 million in the prior quarter, largely due to increased capital gains-based incentive fees.
- Adjusted net investment income per share slightly decreased to $0.23 from $0.24 in the prior quarter.
- Four portfolio companies remained on non-accrual status, although improvements were noted in two of these companies.
- The company faced a competitive M&A market with upward pressure on valuations, which could impact future acquisition opportunities.
Greetings and welcome to Gladstone Investment Corporation third-quarter earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Mr. David Gladstone, Chief Executive Officer. Thank you, sir. You may begin.
Well, thank you, Sherry. This is David Gladstone, Chairman of Gladstone Investment. This is the earnings conference call for the third quarter ending December 31, 2024, and we're now into the fiscal year for 2025 for shareholders. This is for shareholders and analysts of Gladstone Investment, listed on Nasdaq under the trading symbol GAIN. And as for the common stock, we've got some other ones that notes and preferred GAINN and GAINZ and GAINL and GAINI. Four different registered notes.
So thank you all for calling in. We're always happy to provide updates for our shareholders and analysts. And provide you on our current business environment, as well as our two goals; one, to help you
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