Exhibit 99.1

Gladstone Capital Corporation Reports Results for the Fourth Quarter and Fiscal Year Ended September 30, 2008

  • Net Investment Income for the quarter ended September 30, 2008 was $6.1 million or $0.29 per common share
  • Net Investment Income for the fiscal year ended September 30, 2008 was $26.6 million or $1.35 per common share

MCLEAN, Va.--(BUSINESS WIRE)--December 2, 2008--Gladstone Capital Corp. (NASDAQ:GLAD) (the “Company”) today announced earnings for the quarter and fiscal year ended September 30, 2008. All per share references are per basic and diluted weighted average common shares outstanding, unless otherwise noted.

Net Investment Income for the quarter ended September 30, 2008 was $6.1 million, or $0.29 per share, as compared to $5.7 million, or $0.39 per share, for the quarter ended September 30, 2007, an increase in Net Investment Income of 7.0% but a decrease of 25.6% per share. The per share results were adversely impacted by the issuance of new shares in public offerings subsequent to September 30, 2007, while the proceeds of the offerings were not fully invested in income producing investments for the entire quarter ended September 30, 2008.

Net Investment Income for the fiscal year ended September 30, 2008 was $26.6 million, or $1.35 per share, as compared to $22.3 million, or $1.69 per share, for the fiscal year ended September 30, 2007, an increase in Net Investment Income of 19.3% but a decrease of 20.1% per share. The per share results were impacted by the issuance of new shares in public offerings subsequent to September 30, 2007, while the proceeds of the offerings were not fully invested in income producing investments for the entire fiscal year ended September 30, 2008.

Net Decrease in Net Assets Resulting from Operations for the quarter ended September 30, 2008 was ($14.1) million, or ($0.67) per share, as compared to a Net Increase in Net Assets Resulting from Operations of $0.7 million, or $0.05 per share, for the quarter ended September 30, 2007. Net Decrease in Net Assets Resulting from Operations for the fiscal year ended September 30, 2008 was ($21.3) million, or ($1.08) per share, as compared to a Net Increase in Net Assets Resulting from Operations for the fiscal year ended September 30, 2007 of $15.0 million, or $1.13 per share.

The primary difference between the current and prior year periods is the increase in net unrealized depreciation on the Company’s investment portfolio as well as the increase in weighted average shares as a result of public offerings completed after September 30, 2007. The Company recorded net unrealized depreciation of $19.5 million and $47.0 million for the quarter and fiscal year ended September 30, 2008, respectively, compared to net unrealized depreciation of $4.9 million and $7.4 million for the quarter and fiscal year ended September 30, 2007, respectively. The Company’s investment portfolio was valued as of September 30, 2008 at a depreciated value due primarily to the general instability of the loan markets and, to a lesser extent, the use of a modified valuation procedure for the Company’s non-control/non-affiliate investments. The change in valuation procedure accounted for $2.9 million, or 6.1%, of the net unrealized depreciation for the fiscal year ended September 30, 2008. The value of the Company’s portfolio is determined quarterly by its board of directors based in part on opinions of value provided by Standard and Poor’s Securities Evaluations, Inc. (“SPSE”). The aggregate investment portfolio had a slight decrease in fair value of approximately 4.0% for the quarter ended September 30, 2008. Although the investment portfolio has depreciated, the entire portfolio was fair valued at 89% of cost as of September 30, 2008. Despite this devaluation, of the 63 investments held by the Company, all except three are paying as agreed. These three loans had a cost basis of approximately $13.1 million at September 30, 2008, or less than 2.8% of the cost basis of all loans in our portfolio. The unrealized depreciation of the Company’s investments does not have an impact on its current ability to pay distributions to stockholders, although it may be an indication of future realized losses, which could ultimately reduce the Company’s income available for distribution.


The following information was filed by Gladstone Capital Corp (GLAD) on Tuesday, December 2, 2008 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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