MCLEAN, Va., Nov. 2, 2011 /PRNewswire/ -- Gladstone Investment
Corporation (NASDAQ: GAIN) (the "Company") today announced earnings
for the second quarter ended September 30,
2011. All per share references are per basic and
diluted weighted average common share outstanding, unless noted
otherwise.
(Logo:
http://photos.prnewswire.com/prnh/20101005/GLADSTONEINVESTMENT
)
Net Investment Income for Three Months: Net
Investment Income for the quarters ended September 30, 2011 and 2010 was $3.3 million, or $0.15 per share, and $2.4
million, or $0.11 per share,
respectively, an increase in Net Investment Income of 35.6%.
The increase in Net Investment Income was primarily due to a
larger and higher-yielding interest-bearing portfolio, as well as a
decrease in the net base management fee when compared to the prior
year period, due to increased credits resulting from closing fees
generated from new portfolio company investments during the quarter
ended September 30, 2011.
Net Investment Income for Six Months: Net
Investment Income for the six months ended September 30, 2011 and 2010 was $6.8 million, or $0.31 per share, and $6.6
million, or $0.30 per share,
respectively, an increase in Net Investment Income of 2.5%.
The increase in Net Investment Income was primarily due to an
increase in interest income from holding higher-yielding debt
investments in the Company's portfolio during the six months ended
September 30, 2011, as well as a
decrease in incentive fee paid to the Adviser when compared to the
prior year period. The increase was largely offset by a
significant amount of other income recorded in the prior year
period as part of the exit of A. Stucki Corp. ("A. Stucki") in
June 2010.
Net Increase (Decrease) in Net Assets Resulting from
Operations for Three Months: Net Increase (Decrease) in
Net Assets Resulting from Operations for the quarters ended
September 30, 2011 and 2010 was
$12.7 million, or $0.57 per share, and ($6.9
million), or ($0.31) per
share, respectively. A net gain on investments and other of
$9.4 million was recorded for the
quarter ended September 30, 2011,
primarily due to appreciation experienced on certain control and
affiliate investments, as opposed to a net loss on investments and
other of $9.3 million for the prior
year quarter, primarily due to the restructuring of the Company's
investment in Galaxy Tool Holding Corp. ("Galaxy").
Net Increase (Decrease) in Net Assets Resulting from
Operations for Six Months: Net Increase (Decrease) in Net
Assets Resulting from Operations for the six months ended
September 30, 2011 and 2010 was
$16.9 million, or $0.76 per share, and ($1.5
million), or ($0.07) per
share, respectively. A net gain on investments and other of
$10.1 million was recorded for the
six months ended September 30, 2011,
primarily due to the gain realized on the restructuring of the
Company's investment in Cavert II Holding Corp., as well as
appreciation experienced on certain control and affiliate
investments. For the six months ended September 30, 2010, a net loss on investments and
other of $8.1 million was recorded,
primarily due to the Galaxy restructuring and the reversal of
previously-recorded unrealized appreciation on the A. Stucki sale,
partially offset by the gain realized on this sale.
Investment Portfolio Fair Value: The aggregate
investment portfolio appreciated during the quarter ended
September 30, 2011, primarily due to
the addition of two new proprietary investments during the quarter,
which were valued at cost as of September
30, 2011, as well as the appreciation experienced in certain
control and affiliate investments. As of September 30, 2011, the entire portfolio was fair
valued at 85.0% of cost, as compared to 77.7% as of March 31, 2011. The increase was primarily
due to appreciation experienced on certain control and affiliate
investments.
Net Asset Value: Net asset value was $9.48 per share outstanding at September 30, 2011, as compared to $9.00 per share outstanding at March 31, 2011.
Asset Characteristics: Total assets were
$295.4 million at September 30, 2011, as compared to $241.1 million at March
31, 2011. At September 30,
2011, the Company had investments in 18 portfolio companies
with an aggregate cost basis of $256.7
million and an aggregate fair value of $218.1 million. As of September 30, 2011, the Company's investment
portfolio at fair value was comprised of 75.7% in debt securities
and 24.3% in equity securities. Additionally, the Company
held $72.7 million in cash and cash
equivalents at September 30, 2011,
including $62.5 million from a
short-term loan that was repaid subsequent to quarter end.
Investment Yield: The weighted average yield on the
Company's interest-bearing portfolio, excluding cash and cash
equivalents, was 12.4% for the quarter ended September 30, 2011, as compared to 10.6% for the
prior year quarter. The increase in the weighted average
yield for the quarter ended September 30,
2011, resulted primarily from the exits of lower
interest-bearing debt investments and the addition of
higher-yielding debt investments.
Highlights for the Quarter: During the quarter
ended September 30, 2011, the
following significant events occurred:
- Investment Payoff: In July
2011, the Company received repayment, at par, of its senior
syndicated loan to Survey Sampling, LLC, resulting in gross
proceeds of $2.3 million. At
March 31, 2011, this loan was valued
at 64.9% of cost.
- New Investment: In August
2011, the Company invested $28.1
million in a new control investment, SOG Specialty Knives
and Tools, LLC ("SOG"), consisting of senior debt and preferred
equity. SOG, headquartered in Lynnwood, WA, designs and produces specialty
knives and tools for the hunting/outdoors, military/law enforcement
and industrial markets.
- New Investment: In September 2011, the Company invested $13.8 million in a new control investment, SBS
Industries, Inc. ("SBS"), consisting of senior debt and preferred
and common equity. SBS, headquartered in Tulsa, OK, is a manufacturer and value-added
distributor of special fasteners and threaded screw products.
- Distributions: The Company paid monthly cash
distributions to stockholders of $0.05 per common share for each of July, August
and September 2011, an increase of
11.1% over April, May and June
2011.
Comments from the Company's President, Dave Dullum: "By increasing our line
of credit to $60.0 million in October
and extending its term by three years and by the successful
realized gains we achieved over the past year from exits of certain
of our equity investments, we are pleased with our overall
liquidity. Our investment activity is robust, and we are
excited about the two new investments this past quarter in SOG and
SBS. Through this activity and effort, we have been able to
increase the monthly dividend by 25% over the past two quarters.
We look to continue healthy investment activity and to carry
this momentum throughout the fiscal year."
Subsequent Events: After September 30, 2011, the following occurred:
- Line of Credit Increase and Extension: In
October 2011, the Company entered
into an agreement to increase its line of credit (the "Facility")
from $50.0 million to $60.0 million. The Facility was arranged by
Branch Banking and Trust Company as administrative agent and Key
Equipment Finance, Inc. and may be expanded up to $175.0 million through the addition of other
lenders. The Facility matures on October 25, 2014, and, if not renewed or extended
by that date, all principal and interest will be due and payable on
or before October 25, 2015.
Advances under the Facility will generally bear interest at
30-day LIBOR plus 3.75% per annum.
- Investment Payoff: In October
2011, the Company received full repayment of its senior
subordinated loan to Quench Holdings Corp., resulting in gross
proceeds of $8.0 million. At
June 30, 2011, this loan was valued
at 74.0% of cost.
- Distributions Declared: The Company's board of
directors declared the following monthly, per-share distributions
to stockholders:
|
|
|
Declaration
Date
|
Record
Date
|
Payment
Date
|
Cash
Distribution
|
|
|
October 11,
2011
|
October 21,
2011
|
October 31,
2011
|
$
0.05
|
|
|
October 11,
2011
|
November 17,
2011
|
November 30,
2011
|
0.05
|
|
|
October 11,
2011
|
December 21,
2011
|
December 30,
2011
|
0.05
|
|
|
Total for
the Quarter:
|
$
0.15
|
|
|
|
|
|
|
|
Summary Information: The following chart is a
summary of some of the information reported above (dollars in
thousands, except per share data) (unaudited):
|
|
|
|
September
30, 2011
|
|
September
30, 2010
|
|
|
For the
Three Months Ended:
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
3,309
|
|
|
$
|
2,441
|
|
|
|
Net increase (decrease) in net
assets resulting from operations
|
|
12,695
|
|
|
(6,859)
|
|
|
|
Average yield on
interest-bearing investments
|
|
12.2
|
%
|
|
11.3
|
%
|
|
|
Total dollars
invested
|
|
$
|
44,918
|
|
|
$
|
3,640
|
|
|
|
Total dollars repaid
|
|
2,493
|
|
|
1,062
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months
Ended:
|
|
|
|
|
|
|
|
|
Net investment income
|
|
6,810
|
|
|
6,647
|
|
|
|
Net increase (decrease) in net
assets resulting from operations
|
|
16,883
|
|
|
(1,492)
|
|
|
|
Average yield on
interest-bearing investments
|
|
12.1
|
%
|
|
11.1
|
%
|
|
|
Total dollars
invested
|
|
$
|
67,378
|
|
|
$
|
4,994
|
|
|
|
Total dollars repaid
|
|
13,403
|
|
|
62,120
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, 2011
|
|
March 31,
2011
|
|
|
As
of:
|
|
|
|
|
|
|
|
|
Fair value as a percent of
cost
|
|
85.0
|
%
|
|
77.7
|
%
|
|
|
Net asset value per
share
|
|
$
|
9.48
|
|
|
$
|
9.00
|
|
|
|
Number of portfolio
companies
|
|
18
|
|
|
17
|
|
|
|
Total assets at fair
value
|
|
$
|
295,361
|
|
|
$
|
241,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conference Call for Stockholders: The Company will hold a
conference call Thursday, November 3,
2011, at 8:30 a.m. EDT.
Please call (800) 860-2442 to enter the conference. An
operator will monitor the call and set a queue for the questions. A
replay of the conference call will be available through
December 3, 2011. To hear the
replay, please dial (877) 344-7529 and use conference number
10003641. The replay will be available beginning
approximately one hour after the call concludes.
The live audio broadcast of the Company's quarterly conference
call will also be available online at www.GladstoneInvestment.com.
The event will be archived and available for replay on the
Company's website through January 3,
2012.
Warning: The financial statements below are without
footnotes, so readers should obtain and carefully review the
Company's Form 10-Q for the quarter ended September 30, 2011, including the footnotes to
the financial statements contained therein. The Company has
filed the Form 10-Q today with the Securities and Exchange
Commission (the "SEC"), which can be retrieved from the SEC's
website at www.sec.gov or from the Company's website at
www.GladstoneInvestment.com. To obtain a paper copy from us,
please contact us at 1521 Westbranch Drive, Suite 200, McLean, VA 22102.
About us: Gladstone Investment Corporation is a
publicly traded business development company that seeks to make
debt and equity investments in small and mid-sized businesses in
the United States in connection
with acquisitions, changes in control and recapitalizations.
Including payments expected to be made through December 2011, the Company will have paid 78
consecutive monthly cash distributions on its common stock.
Information on the business activities of all the
Gladstone funds can be found at
www.gladstonecompanies.com.
For Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds,
please visit www.gladstone.com.
The statements in this press release regarding the Company's
ability to make additional investments, the Company's other
projected investment activities, the Company's ability to make
future dividend payments and other such statements are
"forward-looking statements." These forward-looking
statements inherently involve certain risks and uncertainties,
although they are based on the Company's current plans that are
believed to be reasonable as of the date of this press release.
Factors that may cause the Company's actual results to differ
from these forward-looking statements include, among others, the
duration and effects of current economic instability, the Company's
ability to access debt and equity capital and those factors listed
under the caption "Risk Factors" of post-effective amendment no. 4
to the registration statement on Form N-2(file No. 333-160720),
filed with the SEC on August 17, 2011
(the "Form N-2"), and the Company's Quarterly Report on Form10-Q
for the quarter ended September 30,
2011, filed with the SEC on November
3, 2011 (the "Form 10-Q"). The risk factors set forth
in the Form N-2 and Form 10-Q under the caption "Risk
Factors" are specifically incorporated by reference into this press
release. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
|
GLADSTONE
INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF
ASSETS AND LIABILITIES
(DOLLAR
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
|
|
|
|
September
30,
|
|
March 31,
|
|
|
|
2011
|
|
2011
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Investments at fair
value
|
|
|
|
|
|
|
Control
investments (Cost of $184,831 and
$136,306, respectively)
|
|
$
|
153,521
|
|
$
|
104,062
|
|
|
Affiliate
investments (Cost of $59,013 and $45,145,
respectively)
|
|
52,165
|
|
34,556
|
|
|
Non-Control/Non-Affiliate investments (Cost of
$12,834 and $15,741,
respectively)
|
|
12,370
|
|
14,667
|
|
|
Total investments (Cost of $256,678 and
$197,192, respectively)
|
|
218,056
|
|
153,285
|
|
|
Cash and cash
equivalents
|
|
72,704
|
|
80,580
|
|
|
Restricted cash
|
|
1,386
|
|
4,499
|
|
|
Interest receivable
|
|
1,365
|
|
737
|
|
|
Due from custodian
|
|
725
|
|
859
|
|
|
Deferred financing
fees
|
|
265
|
|
373
|
|
|
Prepaid assets
|
|
436
|
|
224
|
|
|
Other assets
|
|
424
|
|
552
|
|
|
TOTAL ASSETS
|
|
$
|
295,361
|
|
$
|
241,109
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Borrowings at fair
value
|
|
|
|
|
|
|
Short-term loan (Cost
of $62,501 and $40,000,
respectively)
|
|
$
|
62,501
|
|
$
|
40,000
|
|
|
Credit Facility (Cost
of $21,000 and $0,
respectively)
|
|
21,405
|
|
—
|
|
|
Total borrowings (Cost
of $83,501 and
$40,000,
respectively)
|
|
83,906
|
|
40,000
|
|
|
Accounts payable and accrued
expenses
|
|
876
|
|
201
|
|
|
Fees due to Adviser
|
|
41
|
|
499
|
|
|
Fee due to
Administrator
|
|
135
|
|
171
|
|
|
Other liabilities
|
|
984
|
|
1,409
|
|
|
TOTAL LIABILITIES
|
|
85,942
|
|
42,280
|
|
|
NET ASSETS
|
|
$
|
209,419
|
|
$
|
198,829
|
|
|
|
|
|
|
|
|
ANALYSIS OF NET
ASSETS
|
|
|
|
|
|
|
Common stock, $0.001 par value
per share, 100,000,000 shares authorized, 22,080,133 shares issued
and outstanding at September 30, 2011 and March 31,
2011
|
|
$
|
22
|
|
$
|
22
|
|
|
Capital in excess of par
value
|
|
257,190
|
|
257,192
|
|
|
Net unrealized depreciation of
investment portfolio
|
|
(38,622)
|
|
(43,907)
|
|
|
Net unrealized depreciation of
other
|
|
(444)
|
|
(76)
|
|
|
Undistributed net investment
income
|
|
682
|
|
165
|
|
|
Accumulated net realized
losses
|
|
(9,409)
|
|
(14,567)
|
|
|
TOTAL NET ASSETS
|
|
$
|
209,419
|
|
$
|
198,829
|
|
|
|
|
|
|
|
|
NET ASSETS PER
SHARE
|
|
$
|
9.48
|
|
$
|
9.00
|
|
|
|
|
|
|
|
|
|
|
|
GLADSTONE
INVESTMENT CORPORATION
CONSOLIDATED
STATEMENTS OF OPERATIONS
(DOLLAR
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
|
|
|
|
Three Months
Ended
September 30,
|
|
Six Months
Ended
September 30,
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
INVESTMENT INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
Control
investments
|
|
$
|
2,926
|
|
$
|
2,124
|
|
$
|
5,560
|
|
$
|
5,144
|
|
|
|
Affiliate
investments
|
|
1,363
|
|
978
|
|
2,732
|
|
2,061
|
|
|
|
Non-Control/Non-Affiliate
investments
|
|
401
|
|
380
|
|
806
|
|
784
|
|
|
|
Cash and cash
equivalents
|
|
2
|
|
14
|
|
6
|
|
15
|
|
|
|
Total interest
income
|
|
4,692
|
|
3,496
|
|
9,104
|
|
8,004
|
|
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
|
Control
investments
|
|
341
|
|
805
|
|
1,176
|
|
3,546
|
|
|
|
Non-Control/Non-Affiliate
investments
|
|
1
|
|
—
|
|
17
|
|
—
|
|
|
|
Total other
income
|
|
342
|
|
805
|
|
1,193
|
|
3,546
|
|
|
|
Total investment
income
|
|
5,034
|
|
4,301
|
|
10,297
|
|
11,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Loan servicing
fee
|
|
715
|
|
666
|
|
1,392
|
|
1,490
|
|
|
|
Base management
fee
|
|
348
|
|
303
|
|
679
|
|
503
|
|
|
|
Incentive fee
|
|
—
|
|
—
|
|
19
|
|
1,052
|
|
|
|
Administration
fee
|
|
135
|
|
261
|
|
286
|
|
439
|
|
|
|
Interest
expense
|
|
233
|
|
149
|
|
365
|
|
423
|
|
|
|
Amortization of deferred
financing fees
|
|
108
|
|
103
|
|
215
|
|
267
|
|
|
|
Professional
fees
|
|
105
|
|
98
|
|
315
|
|
222
|
|
|
|
Stockholder related
costs
|
|
246
|
|
115
|
|
372
|
|
220
|
|
|
|
Other expenses
|
|
346
|
|
226
|
|
570
|
|
467
|
|
|
|
Expenses before credits
from Adviser
|
|
2,236
|
|
1,921
|
|
4,213
|
|
5,083
|
|
|
|
Credits to fees from
Adviser
|
|
(511)
|
|
(61)
|
|
(726)
|
|
(180)
|
|
|
|
Total expenses net of
credits to fees
|
|
1,725
|
|
1,860
|
|
3,487
|
|
4,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INVESTMENT INCOME
|
|
3,309
|
|
2,441
|
|
6,810
|
|
6,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REALIZED AND UNREALIZED GAIN
(LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
Net realized (loss) gain
on sale of investments
|
|
(544)
|
|
—
|
|
5,196
|
|
16,976
|
|
|
|
Net realized loss on
other
|
|
—
|
|
—
|
|
(39)
|
|
—
|
|
|
|
Net unrealized
appreciation (depreciation) of investment portfolio
|
|
10,337
|
|
(9,291)
|
|
5,284
|
|
(25,089)
|
|
|
|
Net unrealized
depreciation of other
|
|
(407)
|
|
(9)
|
|
(368)
|
|
(26)
|
|
|
|
Net gain (loss) on
investments and other
|
|
9,386
|
|
(9,300)
|
|
10,073
|
|
(8,139)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS
|
|
$
|
12,695
|
|
$
|
(6,859)
|
|
$
|
16,883
|
|
$
|
(1,492)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
0.57
|
|
$
|
(0.31)
|
|
$
|
0.76
|
|
$
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES OF
COMMON STOCK OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
22,080,133
|
|
22,080,133
|
|
22,080,133
|
|
22,080,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GLADSTONE
INVESTMENT CORPORATION
CONSOLIDATED
FINANCIAL HIGHLIGHTS
(DOLLAR
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
|
|
|
Three months
ended September 30,
|
|
Six months
ended September 30,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
Per Share
Data(A)
|
|
|
|
|
|
|
|
|
|
|
Net asset value at beginning of
period
|
$
|
9.06
|
|
$
|
8.86
|
|
$
|
9.00
|
|
$
|
8.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment
operations:
|
|
|
|
|
|
|
|
|
|
|
Net investment
income(B)
|
0.15
|
|
0.11
|
|
0.31
|
|
0.30
|
|
|
|
Realized (loss) gain on
sale of investments and other(B)
|
(0.03)
|
|
—
|
|
0.23
|
|
0.77
|
|
|
|
Net unrealized
appreciation (depreciation) of investments and other(B)
|
0.45
|
|
(0.42)
|
|
0.22
|
|
(1.14)
|
|
|
|
Total from investment
operations
|
0.57
|
|
(0.31)
|
|
0.76
|
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions
from:
|
|
|
|
|
|
|
|
|
|
|
Net investment
income
|
(0.15)
|
|
(0.12)
|
|
(0.28)
|
|
(0.24)
|
|
|
|
Total
distributions(C)
|
(0.15)
|
|
(0.12)
|
|
(0.28)
|
|
(0.24)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value at end of
period
|
$
|
9.48
|
|
$
|
8.43
|
|
$
|
9.48
|
|
$
|
8.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share market value at
beginning of period
|
$
|
7.18
|
|
$
|
5.62
|
|
$
|
7.79
|
|
$
|
6.01
|
|
|
|
Per share market value at end of
period
|
6.80
|
|
6.70
|
|
6.80
|
|
6.70
|
|
|
|
Total return(D)
|
(3.21)
|
%
|
21.47
|
%
|
(9.16)
|
%
|
15.93
|
%
|
|
|
Shares outstanding at end of
period
|
22,080,133
|
|
22,080,133
|
|
22,080,133
|
|
22,080,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Assets and
Liabilities Data:
|
|
|
|
|
|
|
|
|
|
|
Net assets at end of
period
|
$
|
209,419
|
|
$
|
186,197
|
|
$
|
209,419
|
|
$
|
186,197
|
|
|
|
Average net assets(E)
|
202,101
|
|
191,384
|
|
200,213
|
|
192,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Securities
Data:
|
|
|
|
|
|
|
|
|
|
|
Total borrowings
|
$
|
83,906
|
|
$
|
25,000
|
|
$
|
83,906
|
|
$
|
25,000
|
|
|
|
Asset coverage
ratio(F)
|
333
|
%
|
715
|
%
|
333
|
%
|
715
|
%
|
|
|
Average coverage per
unit(G)
|
$
|
3,325
|
|
$
|
7,153
|
|
$
|
3,325
|
|
$
|
7,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data:
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net
assets(H)(I)
|
4.43
|
%
|
4.01
|
%
|
4.21
|
%
|
5.29
|
%
|
|
|
Ratio of net expenses to average
net assets(H)(J)
|
3.41
|
|
3.89
|
|
3.48
|
|
5.10
|
|
|
|
Ratio of net investment income
to average net assets(H)
|
6.55
|
|
5.10
|
|
6.80
|
|
6.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
Based on actual shares
outstanding at the end of the corresponding period.
|
|
|
(B)
|
Based on weighted average basic
per share data.
|
|
|
(C)
|
Distributions are determined
based on taxable income calculated in accordance with income tax
regulations, which may differ from amounts determined under
GAAP.
|
|
|
(D)
|
Total return equals the change
in the market value of the Company's common stock from the
beginning of the period, taking into account dividends reinvested
in accordance with the terms of the Company's dividend reinvestment
plan.
|
|
|
(E)
|
Calculated using the average of
the balance of net assets at the end of each month of the reporting
period.
|
|
|
(F)
|
As a BDC, the Company is
generally required to maintain an asset coverage ratio of at least
200% of total consolidated assets, less all liabilities and
indebtedness not represented by senior securities, to total
borrowings and guaranty commitments. Asset coverage ratio is the
ratio of the carrying value of the Company's total consolidated
assets, less all liabilities and indebtedness not represented by
senior securities, to the aggregate amount of senior securities
representing indebtedness.
|
|
|
(G)
|
Asset coverage per unit is the
asset coverage ratio expressed in terms of dollar amounts per one
thousand dollars of indebtedness.
|
|
|
(H)
|
Amounts are
annualized.
|
|
|
(I)
|
Ratio of expenses to average net
assets is computed using expenses before credits from the
Adviser.
|
|
|
(J)
|
Ratio of net expenses to average
net assets is computed using total expenses net of credits to the
management fee.
|
|
|
|
|
|
SOURCE Gladstone Investment Corporation