Q1 2025 Gladstone Investment Corp Earnings Call Transcript
Key Points
- Gladstone Investment Corp (GAIN) reported adjusted net investment income (NII) of $0.24 per share, consistent with the previous quarter.
- The company maintained a strong balance sheet with low leverage and good availability on its credit facility.
- GAIN invested $18.5 million in secured first lien debt for an add-on acquisition, enhancing its existing portfolio.
- The company continues to provide consistent monthly distributions of $0.08 per share, with a history of supplemental distributions.
- There is an increase in new acquisition opportunities, indicating a positive outlook for future growth.
- Total investment income decreased to $22.2 million from $23.6 million in the prior quarter, primarily due to decreased interest income.
- Four portfolio companies are on non-accrual status, representing about 7.8% of the fair value of debt investments.
- Net asset value (NAV) decreased to $13.01 per share from $13.43 per share in the previous quarter.
- Valuations in the aggregate were down by $18.9 million, driven by lower valuation multiples and decreased performance at some portfolio companies.
- The competitive environment for new acquisitions remains high, with upward pressure on valuations.
Greetings and welcome to the Gladstone Investment Corporation First Quarter Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, David Gladstone, Chairman of the Gladstone Investment Corporation. Thank you, Mr. Gladstone. You may begin.
Well, thank you. This is good morning. This is David Gladstone, Chairman of Gladstone Investment. This is the first quarter for a fiscal year ending June 30, 2024 earnings conference call for shareholders and analysts of Gladstone Investment listed on NASDAQ under the trading symbol GAIN for the common stock and GAINN and GAINZ and GAINL for the three different registered notes that we have outstanding.
Thank you all for calling in. We are always happy to provide an update for our shareholders and analysts and provide our view of the current business environment. Two goals of this call is to help you understand what happened to your
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