GLADSTONE CAPITAL (GLAD) Company Report

Gladstone Capital Corporation (GLAD) reported net investment income of $11.3 million, or $0.50 per share, for the quarter ended December 31, 2025.
Net originations for the quarter were $46.3 million, with $99.1 million in fundings and $52.8 million in exits and prepayments.
As of December 31, 2025, NAV per share declined to $21.13 from $21.34, and gross leverage increased to 93.3% of net assets.
The company declared monthly distributions of $0.15 per common share for February and March 2026, representing an 8.8% annual yield based on the current stock price.
Since the quarter-end, GLAD experienced a $42.8 million prepayment from Vet's Choice and maintains a robust pipeline of over $100 million in late-stage deals.

1 day ago

Transcript

Gladstone Capital Corporation Reports Q1 2026 Results

GLAD

Earnings

Dividends

New Projects/Investments

Gladstone Capital Corporation reported net investment income of $11.3 million or $0.50 per share for Q1 2026, with total investment income at $24.5 million.
Net assets declined $4.7 million to $477 million, and NAV per share decreased from $21.34 to $21.13 as of December 31st.
The company achieved net originations of $46.3 million in Q1 2026, with $99.1 million in fundings and $52.8 million in exits and prepayments.
Monthly distributions for February and March are set at $0.15 per common share, representing an annual run rate of $1.80 per share and a yield of approximately 8.8%.
The company maintains a robust pipeline of over $100 million in late-stage deals and has more than $150 million in borrowing availability from its $365 million line of credit facility.

1 day ago

Transcript

Gladstone Capital Reports Q1 2026 Results with Increased Net Originations and Stable Dividend

GLAD

Earnings

Dividends

New Projects/Investments

Gladstone Capital reported net investment income of $11.3 million or $0.50 per share for the quarter ended December 31, 2025. Interest income rose to $23.9 million, with a weighted average debt yield of 12.2% for the period.
The company recorded fundings totaling $99.1 million and exits and prepayments of $52.8 million, resulting in net originations of $46.3 million. The current pipeline of late-stage deals is robust at over $100 million.
As of December 31, 2025, total assets rose to $923 million, with investments at fair value of $903 million. Net assets declined $4.7 million to $477 million, and NAV per share decreased from $21.34 to $21.13.
Gross leverage was 93.3% of net assets as of December 31, 2025. Monthly distributions for February and March 2026 are set at $0.15 per common share, an annual run rate of $1.80 per share, yielding approximately 8.8%.
The company has a $365 million line of credit with over $150 million in borrowing availability and is positioned to absorb a 50 to 75 basis point decline in SOFR rates to sustain its dividend.

1 day ago

Transcript

Gladstone Capital Corporation Reports Q1 2026 Financial Results

GLAD

Earnings

Dividends

New Projects/Investments

Gladstone Capital Corporation reported net investment income of $11.3 million, or $0.50 per common share, for the first quarter ended December 31, 2025, with total investment income increasing by 2.4% to $24.5 million.
The company's net asset value per common share was $21.13 as of December 31, 2025.
During the quarter, $37.8 million was invested in two new portfolio companies and $61.3 million in existing ones.
Subsequent to quarter-end, in January 2026, a $42.8 million debt investment paid off, and the revolving line of credit commitment was increased by $25.0 million on February 3, 2026.
The Board of Directors declared distributions of $0.15 per common share for January, February, and March 2026, totaling $0.45 for the quarter.

2 days ago

8-K

Gladstone Capital Corporation Reports Q4 2025 Earnings and Strategic Refinancing

GLAD

Earnings

Debt Issuance

Dividends

Gladstone Capital Corporation reported net investment income of $11.4 million, or $0.52 per share, for Q4 2025, with interest income increasing 14% to $23.8 million. The trailing twelve months return on equity (ROE) was 11.9%.
In Q4 2025, fundings totaled $126.6 million, resulting in $103.1 million in net originations. For fiscal year 2025, total originations were $397 million. The portfolio's first lien debt increased to 72% of fair value.
The company maintained a conservative leverage position with net debt at 82.5% of NAV and successfully refinanced its 2026 debt maturity with a $149 million convertible issue, also calling $57 million 7.75% 2028 notes.
Monthly distributions for November and December 2025 are set at $0.15 per common share, equating to an annual run rate of $1.80 per share and a yield of approximately 9.6%. The quarterly dividend was reduced to $0.45 to set expectations for 2026 given anticipated rate declines. Management expects accelerating portfolio growth in fiscal 2026 and is considering share repurchases.

Nov 18, 2025, 1:30 PM

Transcript

Gladstone Capital Corporation Reports Q4 2025 Results and Refinancing Activities

GLAD

Earnings

Debt Issuance

Dividends

Gladstone Capital Corporation reported Q4 2025 net investment income of $11.4 million or $0.52 per share, with interest income rising 14% to $23.8 million. For fiscal year 2025, total originations reached $397 million, increasing the investment portfolio's fair value by $63 million. NAV per share increased to $21.34 as of September 30, 2025.
The company maintains a conservative leverage position with net debt at 82.5% of NAV. Significant refinancing activities were completed, including a $149 million convertible issue and the calling of $57 million 7.75% 2028 notes and $150 million 5 1/8 notes due January 2026. Pro forma line of credit availability is approximately $130 million.
Monthly distributions for November and December 2025 are set at $0.15 per common share, an annual run rate of $1.80 per share. The quarterly dividend for the fiscal first quarter was reduced to $0.45 to maintain financial flexibility amidst potential rate declines, with the possibility of future supplemental dividends.
Management expressed cautious optimism for the lower middle market, expecting it to remain relatively insulated from spread erosion, and noted a healthy pipeline of deals with approximately $100 million of potential volume.

Nov 18, 2025, 1:30 PM

Transcript

Gladstone Capital Corporation Reports Strong Q4 and Fiscal Year 2025 Results, Completes Refinancing, and Adjusts Dividend

GLAD

Earnings

Debt Issuance

Dividends

For Q4 2025, Gladstone Capital Corporation reported net investment income of $11.4 million , with interest income rising 14% to $23.8 million. For fiscal year 2025, the company sourced $397 million in originations , contributing to a $63 million increase in the fair value of its investment portfolio.
The company's portfolio saw first lien debt increase to 72% of fair value, with total debt holdings at 90%. NAV per share rose to $21.34 as of September 30, 2025 , and gross leverage was 84.3% of net assets.
Gladstone Capital completed significant refinancing activities, including a $149 million convertible note issue and calling $57 million in 2028 notes , resulting in approximately $130 million in line of credit borrowings availability.
Monthly distributions for November and December 2025 are set at $0.15 per common share , and the company anticipates accelerating portfolio growth in fiscal year 2026 , with a healthy pipeline of attractive investment opportunities. The quarterly dividend for the fiscal first quarter was reduced to $0.45 , with the potential for supplemental dividends.

Nov 18, 2025, 1:30 PM

Transcript

Gladstone Capital Corporation Reports Q4 and Fiscal Year 2025 Results

GLAD

Earnings

Debt Issuance

Dividends

Gladstone Capital Corporation reported net investment income of $11.4 million, or $0.52 per common share, for the fourth quarter ended September 30, 2025, and $45.2 million, or $2.02 per common share, for the fiscal year ended September 30, 2025.
The company's net asset value per common share increased to $21.34 as of September 30, 2025, up from $21.25 in the prior quarter.
During Q4 2025, GLAD invested $106.7 million in five new portfolio companies and $19.9 million in existing ones, and issued $149.5 million in 5.875% Convertible Notes due 2030.
Subsequent to the quarter end, the company redeemed $57.0 million of 7.75% Notes due 2028 and $150.0 million of 5.125% Notes due 2026 in October 2025.
The Board of Directors declared monthly common stock distributions of $0.15 per share for October, November, and December 2025, totaling $0.45 for the quarter.

Nov 17, 2025, 9:26 PM

8-K

Gladstone Capital Corporation Issues 5.875% Convertible Notes Due 2030

GLAD

Debt Issuance

Convertible Preferred Issuance

Gladstone Capital Corporation announced the issuance and sale of $130,000,000 aggregate principal amount of 5.875% convertible notes due 2030.
The notes have an initial conversion rate of 38.4394 shares of common stock per $1,000 principal amount, equivalent to an initial conversion price of approximately $26.02 per share.
The company estimates net proceeds from the offering to be approximately $142.3 million, which it intends to use to repay a portion of its credit facility indebtedness and for general corporate purposes, including potentially redeeming outstanding 2026 and 2028 Notes.
The notes will pay interest semi-annually starting April 1, 2026, and are not redeemable by the company prior to October 6, 2028.