Exhibit 99.1

 

LOGO

Gladstone Investment Corporation Reports Financial Results for its

Third Quarter Ended December 31, 2020

 

 

McLean, VA, February 2, 2021:

Gladstone Investment Corporation (Nasdaq: GAIN) (the “Company”) today announced earnings for its third fiscal quarter ended December 31, 2020. Please read the Company’s Quarterly Report on Form 10-Q filed today with the U.S. Securities and Exchange Commission (the “SEC”), which is available on the SEC’s website at www.sec.gov or the investors section of the Company’s website at www.gladstoneinvestment.com.

Summary Information: (dollars in thousands, except per share data (unaudited)):

 

     December 31,
2020
    September 30,
2020
    Change     %
Change
 

For the quarter ended:

        

Total investment income

   $ 17,372     $ 11,840     $ 5,532       46.7

Total expenses, net(A)

     11,117       7,472       3,645       48.8  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(A)

     6,255       4,368       1,887       43.2  

Net realized gain

     9,105       621       8,484       NM  

Net unrealized (depreciation) appreciation

     (89     1,641       (1,730     NM  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in net assets resulting from operations(A)

     15,271       6,630       8,641       130.3  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income per weighted-average common share(A)

     0.19       0.13       0.06       46.2  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net investment income per weighted-average common share(B)

     0.24       0.15       0.09       60.0  

Net increase in net assets resulting from operations per weighted-average common share(A)

     0.46       0.20       0.26       130.0  

Cash distribution per common share from net investment income

     0.20       0.20       —         —    

Cash distribution per common share from net realized gains(C)

     0.01       0.01       —         —    

Weighted-average yield on interest-bearing investments

     11.9       12.1       (0.2     (1.7

Total dollars invested

   $ 32,189     $ 57,082     $ (24,893     (43.6

Total dollars repaid and collected from sales

     49,145       1,484       47,661       NM  

As of:

        

Total investments, at fair value

   $ 610,888     $ 608,962     $ 1,926       0.3

Fair value, as a percent of cost

     92.9     92.8     0.1     0.0  

Net assets

   $ 368,823     $ 360,526     $ 8,297       2.3  

Net asset value per common share

     11.11       10.86       0.25       2.3  

Number of portfolio companies

     28       29       (1     (3.4

 

(A)

Inclusive of $1.8 million, or $0.05 per weighted-average common share, and $0.5 million, or $0.02 per weighted-average common share, of capital gains-based incentive fees accrued during the three months ended December 31, 2020 and September 30, 2020, respectively. These fees were accrued in accordance with United States generally accepted accounting principles (“U.S. GAAP”), where such amounts were not contractually due under the terms of the investment advisory agreement for the respective periods. Also see discussion under Non-GAAP Financial Measure – Adjusted Net Investment Income, below.

 

-1-


The following information was filed by Gladstone Investment Corporationde (GAIN) on Tuesday, February 2, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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