Gladstone Capital ( GLAD ) is one of the few BDCs in my portfolio that is underwater on a total return basis. For example, since my previous article that was published in September, 2025, GLAD has declined by ~18%. Granted, theRoberts Berzins has over a decade of experience in the financial management helping top-tier corporates shape their financial strategies and execute large-scale financings. He has also made significant efforts to institutionalize REIT framework in Latvia to boost the liquidity of pan- ...

In this articleP911-DEThe 2026 Porsche Cayenne Electric SUVPorschePorsche on Wednesday revealed an all-electric version of its Cayenne SUV, calling it the "most powerful" production vehicle ever made by the German sports car manufacturer.The 2026 Cayenne EV is capable of 1,139 horsepower, 0-60 mph in 2.4 seconds and up to 1,106 foot-pounds of torque, according to Porsche. Its top speed is up to 162 mph, the company said. The car that previously had the title of "most powerful road-legal Porsche" was the Tay ...

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Gladstone Capital (NasdaqGS:GLAD) Q4 2025 Earnings Call November 18, 2025 08:30 AM ET Company ParticipantsBob Marcotte - PresidentChristopher Nolan - Senior VPNone - Company RepresentativeNicole Schaltenbrand - CFODavid Gladstone - Chairman and CEOConference Call ParticipantsErik Zwick - AnalystRobert Dodd - AnalystOperatorGreetings and welcome to the Gladstone Capital Corporation Fourth Quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will ...

Gladstone Capital (NasdaqGS:GLAD) Q4 2025 Earnings Call November 18, 2025 08:30 AM ET Company ParticipantsBob Marcotte - PresidentChristopher Nolan - Senior VPNone - Company RepresentativeNicole Schaltenbrand - CFODavid Gladstone - Chairman and CEOConference Call ParticipantsErik Zwick - AnalystRobert Dodd - AnalystOperatorGreetings and welcome to the Gladstone Capital Corporation Fourth Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will ...

Financial Data and Key Metrics Changes - Fundings for the last quarter totaled $126.6 million, with net originations at $103.1 million, while exits and prepayments declined to $23.5 million [4] - Interest income rose 14% to $23.8 million, driven by a 16.2% increase in average earning assets, although the weighted average portfolio yield declined by 30 basis points to 12.5% [4][9] - Net investment income for the period was $11.4 million, with net realized losses of $6.3 million related to the exit of FES Resources [5][9] - Total assets increased to $908 million, with net assets rising to $482 million, and NAV per share increased from $21.25 to $21.34 [10][11] Business Line Data and Key Metrics Changes - The portfolio turnover did not materially impact the investment mix, with new originations predominantly in first lien debt, which rose to 72% of the portfolio's fair value [5] - PIC income increased to $2 million, representing 8.4% of interest income, largely from two recent investments [6] Market Data and Key Metrics Changes - The company experienced a significant increase in fair value of the investment portfolio by $63 million for the fiscal year, despite challenges in fiscal 2025 [6][7] - The company maintained a conservative leverage position with net debt at 82.5% of NAV [8] Company Strategy and Development Direction - The company continues to focus on investing in growth-oriented lower middle market businesses, supporting mid-sized private equity funds [15] - The strategy includes expanding private equity sponsor relationships and positioning as the lead lender in most deals [7][15] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the lower middle market remaining insulated from spread erosion and leverage escalation [7] - The company is well-positioned to increase investments as new private equity platforms seek growth through acquisitions [7] Other Important Information - Monthly distributions for November and December will be $0.15 per common share, with an annual run rate of $1.80 per share [11] - The company is considering share repurchases due to the stock price being at a discount [33] Q&A Session Summary Question: Update on the pipeline and mix of new versus add-on opportunities - The company is tracking approximately $100 million of potential volume, with a mix of new and follow-on acquisition opportunities [20][21] Question: Decline in portfolio yield - The decline was primarily due to lower base rates, with new deals still maintaining attractive spreads [25][26] Question: Consideration of share repurchases - The company is tempted to consider share repurchases given the stock price and low leverage [33] Question: Dividend reduction reasoning - The reduction was a proactive measure to maintain financial flexibility in light of potential rate compressions [39][41] Question: Outlook for elevated repayment activity - Management believes that while some larger transactions may turn over, the overall portfolio remains stable, and they are not overly concerned about repayment activity [46][48] Question: Credit concerns in the portfolio - Management noted that while there are some challenges in certain businesses, the overall leverage position remains secure [49][51]

Earnings Per Share (EPS) of $0.52, surpassing the estimated $0.50 and the Zacks Consensus Estimate of $0.51.Revenue for the quarter was approximately $23.94 million, exceeding the estimated $22.72 million and the Zacks Consensus Estimate by 5.09%.Cash Distribution per common share grew by 18% to $0.59, reflecting GLAD's commitment to returning value to shareholders.Gladstone Capital Corporation (NASDAQ: GLAD) is a business development company that provides debt and equity capital to small and medium-sized b ...

Core Insights - Gladstone Capital (GLAD) reported quarterly earnings of $0.52 per share, exceeding the Zacks Consensus Estimate of $0.51 per share, and showing an increase from $0.50 per share a year ago, resulting in an earnings surprise of +1.96% [1] - The company generated revenues of $23.94 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 5.09%, and showing a slight increase from $23.71 million year-over-year [2] - The stock has underperformed significantly, losing about 32.1% since the beginning of the year compared to the S&P 500's gain of 14.5% [3] Earnings Outlook - The future performance of Gladstone Capital's stock will largely depend on management's commentary during the earnings call and the revisions of earnings estimates [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.50 on revenues of $24.18 million, and for the current fiscal year, it is $1.98 on revenues of $101.56 million [7] Industry Context - The Financial - SBIC & Commercial Industry, to which Gladstone Capital belongs, is currently ranked in the bottom 20% of over 250 Zacks industries, indicating a challenging environment [8] - Empirical research suggests that the performance of stocks is closely tied to trends in earnings estimate revisions, with a strong correlation observed [5]

Investment Income - Total investment income for Q4 2025 was $23.9 million, a 10.5% increase from $21.7 million in Q3 2025[3] - Net investment income for Q4 2025 was $11.4 million, or $0.52 per share, compared to $11.3 million, or $0.50 per share in Q3 2025, reflecting a 1.3% increase[3][8] - For the fiscal year ended September 30, 2025, total investment income was $89.1 million, a decrease of 7.8% from $96.6 million in 2024[4][10] Cash Distribution - Cash distribution per common share increased to $0.59 in Q4 2025, up 18.0% from $0.50 in Q3 2025[3] Expenses - Total expenses for Q4 2025 rose to $12.5 million, a 20.5% increase from $10.4 million in Q3 2025, primarily due to higher interest expenses[3][6] Investments - Total investments at fair value increased to $859.1 million as of September 30, 2025, a 14.4% increase from $751.3 million as of June 30, 2025[3] - The company invested $106.7 million in five new portfolio companies during Q4 2025[7] Net Assets - The net increase in net assets resulting from operations for FY 2025 was $57.2 million, or $2.56 per share, down from $94.5 million, or $4.34 per share in FY 2024[4][13] Yield - The weighted average yield on interest-bearing investments decreased to 12.5% in Q4 2025 from 12.8% in Q3 2025[3][5] Financing - The company issued 5.875% Convertible Notes due 2030, raising gross proceeds of $149.5 million[7]

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