Q2 2025 Gladstone Capital Corp Earnings Call Transcript
Key Points
- Gladstone Capital Corp (GLAD) reported net investment income of $11.2 million for the quarter, maintaining a stable income level.
- The company successfully exited a large senior debt investment in Spaceco, generating $42 million following the company's IPO and debt recapitalization.
- Gladstone Capital Corp (GLAD) has a healthy pipeline of expected funding, which is anticipated to outpace repayments and support portfolio growth.
- The company maintains a conservative leverage position with debt at 62.5% of NAV, providing room for future growth.
- Gladstone Capital Corp (GLAD) continues to focus on growth-oriented, lower middle market businesses, which are expected to benefit from private equity partnerships and market opportunities.
- Net originations were negative $35 million due to elevated exits and repayments, indicating a decline in portfolio size.
- Interest income remained unchanged despite a 6.3% increase in average earning assets, due to a decline in the weighted average portfolio yield.
- The company experienced net realized and unrealized depreciation of $2.2 million on the balance of the portfolio.
- Total investment income decreased by $400,000 or 1.8% from the previous quarter, reflecting reduced levels of fees and other income.
- The net asset value per share fell by $0.10, indicating a decline in shareholder value.
Greetings. Welcome to Gladstone Capital Corporation. 2nd quarter earnings call.
(Operator Instructions)
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, and this is the earnings conference call for Gladstone Capital with a quarter ending March 31st, 2025.
Thank you for calling in. We're always happy to talk to our shareholders and analysts who follow us and welcome the opportunity to provide an update on our company and maybe give a little information about where we're going.
And now we'll start out with Eric Helmutt. He's standing in for Michael Lakowski on the general counsel side, and he's going to give us some information about forward-looking statements Eric.
Thank you, David, and
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