Gladstone Capital

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  • Mon, Feb. 8, 4:57 PM
    • Gladstone Capital (NASDAQ:GLAD): FQ1 NII of $0.21 in-line.
    • Total investment income of $10.06M (+15.2% Y/Y) misses by $0.06M.
    • Press Release
    | Mon, Feb. 8, 4:57 PM | 6 Comments
  • Mon, Jan. 25, 3:16 PM
    • Modest declines in the major averages are masking the continued liquidation in a number of financial sectors.
    • Hotel REITs: Pebblebrook Hotel (PEB -2.4%), LaSalle Hotel (LHO -2.2%), FelCor Lodging (FCH -2.9%), DiamondRock Hospitality (DRH -3.3%)
    • Nonbank servicing: Ocwen Financial (OCN -6.9%), Walter Investment (WAC -10.5%), Nationstar Mortgage (NSM -6.7%), Altisource Portfolio (ASPS -4.6%), New Residential (NRZ -3.2%)
    • Mortgage REITs: Two Harbors (TWO -3.8%), Invesco (IVR -4.3%), American Capital Mortgage (MTGE -3.4%), Western Asset (WMC -3.7%), Apollo Residential (AMTG -3.8%), AG Mortgage (MITT -3.9%)
    • BDCs: Prospect Capital (PSEC -4%), Apollo Investment (AINV -2.2%), Medley Capital (MCC -4.1%), Gladstone Capital (GLAD -4.4%). A few in this sector are managing gains though: Main Street (MAIN +1%), TICC Capital (TICC +1.9%), Harris & Harris (TINY +1.8%)
    | Mon, Jan. 25, 3:16 PM | 78 Comments
  • Thu, Jan. 21, 1:29 PM
    • The market - at least for today - agrees with David Gladstone, who hasn't the foggiest idea of why the stock has fallen so low.
    • Gladstone (NASDAQ:GLAD) is ahead 24.4% to $6.19 per share following last night's announcement of a $7.5M buyback.
    • At the low yesterday, the stock changed hands at $4.71. The last reported NAV (Sept. 30) was $9.06.
    • Previously: Gladstone Capital launches $7.5M buyback plan (Jan. 20)
    • The BDC sector as a whole is enjoying a welcome bounce today, but Gladstone is easily the upside outlier.
    | Thu, Jan. 21, 1:29 PM | 1 Comment
  • Wed, Jan. 20, 4:16 PM
    • "We have no idea why the stock price has fallen so low and the stock is now yielding such a high return," says Gladstone (NASDAQ:GLAD) CEO David Gladstone.
    • At today's close of $4.97, $7.5M would be enough to buy back 1.5M shares or roughly 7% of the float.
    • The stock's lower by 32% YTD.
    • Source: Press release
    | Wed, Jan. 20, 4:16 PM | 5 Comments
  • Wed, Jan. 20, 11:05 AM
    • The S&P 500 is lower by 3%, oil is nearing a $26 handle, and high-yield is selling off, with HYG -1.4% and JNK -1.3%. Those two ETFs are lower by about 5% YTD and in the area of 15% Y/Y.
    • Leveraged to all the above data, BDC sector losses are eve worse. Prospect Capital (PSEC -3.6%), Fifth Street (FSC -7.4%), Ares Capital (ARCC -5.3%), FS Investment (FSIC -10.8%), Main Street (MAIN -6.4%), Blackrock Capital (BKCC -5.3%), Apollo Investment (AINV -7%), Triangle Capital (TCAP -7.9%), TICC Capital (TICC -3.1%), Pennant Park Investment (PNNT -6.5%), KCAP Financial (KCAP -7.7%), THL Credit (TCRD -8%), TCP Capital (TCPC -7.4%), Gladstone Capital (GLAD -5.6%), WhiteHorse Finance (WHF -9.3%), Garrison Capital (GARS -6.8%)
    | Wed, Jan. 20, 11:05 AM | 51 Comments
  • Thu, Jan. 14, 12:04 PM
    • A rally in the major averages and in the price of oil is failing to translate into a bounce for the roughed-up BDC sector.
    • Leading the way lower today is Gladstone Capital (GLAD -16.3%) which is notable (as are others in the sector) for its exposure to energy. Popular names like Prospect Capital (PSEC -1.8%), Fifth Street FInance (FSC -3.1%), Ares Capital (ARES -2.3%), KCAP Financial (KCAP -6%), and Main Street Capital (MAIN -3.1%) also can't catch a bid.
    • As BDC Buzz points out on Seeking Alpha, the BDC sector hasn't done a whole lot worse than the broader averages this year (though that gap is surely widening today), and a large handful of names are in the green for 2016. Among them (along with how they're doing in today's session) are Goldman Sachs BDC (GSBD -1.3%), Golub Capital (GBDC -0.4%), PennantPark Floating Rate (PFLT -1.5%), TCP Capital (TCPC -1.2%), and TPG Specialty Lending (TSLX +2.3%).
    | Thu, Jan. 14, 12:04 PM | 51 Comments
  • Tue, Jan. 12, 11:28 AM
    • Up to one-third of American oil and gas producers could near bankruptcy and restructuring by the middle of next year, according to Wolfe Research, which suggests a rebound in crude to at least $50 per barrel would be necessary for survival.
    • Oil today is threatening a $29 handle, down 2.9% to $30.58.
    • A new report from Morgan Stanley says the environment is worse than the major 1986 oil patch bust which last for five years.
    • Plenty of P-E money is standing on the sidelines, but managers see no need to rush in - instead preferring to wait for bankruptcies and the wiping out of the debt.
    • “There’s no reason to be anybody’s savior,” says FBR's Chad Mabry. “If you can just get the assets out of bankruptcy, then you don’t have to save anyone.”
    • Prospect Capital (PSEC -3.8%), Fifth Street Finance (FSC -2.6%), TICC Capital (TICC -4%), PennantPark (PNNT -4.5%), KCAP Financial (KCAP -1.7%), OHA Investment (OHAI -2.4%), Gladstone Capital (GLAD -2.7%)
    | Tue, Jan. 12, 11:28 AM | 59 Comments
  • Dec. 11, 2015, 3:40 PM
    • Treasury yields are plunging, but high-yield is headed the other way again as investors mull a big selloff in the major averages and oil's plunge to below $36 per barrel.
    • The pain is widespread, but a panic in credit is particularly painful for BDCs. Hitting the tape a few minutes ago, Jeff Gundlach says "there's never just one cockroach" when credit melts down.
    • Prospect Capital (PSEC -5.5%), Ares Capital (ARCC -5.7%), FS Investment (FSIC -3.6%), BlackRock Capital (BKCC -3.8%), Apollo Investment (AINV -3.8%), PennantPark (PNNT -4.1%), Medley Capital (MCC -4.1%), TCP Capital (TCPC -2.5%), Gladstone Capital (GLAD -6.4%).
    | Dec. 11, 2015, 3:40 PM | 57 Comments
  • Nov. 23, 2015, 4:42 PM
    • FQ4 net investment income of $5.48M or $0.26 per share up 13.3% from FQ3. Dividend was $0.21.
    • Net decrease in net assets from operations of $4.696M vs. an increase of $3.307M.
    • Net asset value per share of $9.06 slips from $9.49, with the company noting estimated taxes on a large equity gain which closed subsequent to the quarter's end. This also provided a hit to net increase in net assets from operations. Today's closing price was $8.68.
    • Conference call tomorrow at 8:30 ET
    • Previously: Gladstone Capital beats by $0.02, beats on revenue (Nov. 23)
    • GLAD flat after hours
    | Nov. 23, 2015, 4:42 PM
  • Nov. 23, 2015, 4:34 PM
    • Gladstone Capital (NASDAQ:GLAD): FQ4 NII of $0.26 beats by $0.02.
    • Total Investment income of $10.17M (+17.2% Y/Y) beats by $0.42M.
    • Press Release
    | Nov. 23, 2015, 4:34 PM
  • Nov. 2, 2015, 8:46 AM
    • Gladstone Investment (NASDAQ:GAIN) and Gladstone Capital (NASDAQ:GLAD) made identical equity and debt investments in Funko LLC in May 2013. Both will recognize a "significant capital gain" on the sale of their equity investments (the debt investments were also sold).
    • Gladstone Capital President Robert Marcotte says the reinvestment of the proceeds in interest-yielding loans will materially enhance NII and could support an increase in the distribution.
    | Nov. 2, 2015, 8:46 AM | 3 Comments
  • Oct. 27, 2015, 9:39 AM
    • Gladstone Capital (NASDAQ:GLAD) agrees to sell 2M shares at a public offering price of $8.55 each for $16M in net proceeds. The underwriters have an option to buy another 300K shares at that price.
    • The stock's lower by 6.5% to $8.30.
    | Oct. 27, 2015, 9:39 AM
  • Oct. 14, 2015, 4:56 PM
    • Gladstone Capital (NASDAQ:GLAD) declares $0.07/share monthly dividend, in line with previous.
    • Forward yield 9.51%
    • Payable Nov. 4; for shareholders of record Oct. 26; ex-div Oct. 22
    • Payable Nov. 30; for shareholders of record Nov. 17; ex-div Nov. 13.
    • Payable Dec. 31; for shareholders of record Dec. 18; ex-div Dec. 16.
    | Oct. 14, 2015, 4:56 PM
  • Oct. 14, 2015, 4:53 PM
    • Alongside announcement of its $0.07 per share per month payout this quarter, Gladstone Capital (NASDAQ:GLAD) says it's amended its external advisory agreement with Gladstone Management, and will pay 1.75% per annum (0.4375% per quarter) of average total assets, down 25 basis points from the previous level.
    | Oct. 14, 2015, 4:53 PM | 2 Comments
  • Sep. 28, 2015, 11:16 AM
    • A weekend WSJ story highlighting growing spreads in the high-yield market and the solvency of commodity giant Glencore being called into question are possibly teaming to spook investors in BDCs today.
    • On Friday, Altice sold $4.8B of junk bonds to fund its purchase of Cablevision, well less than the $6.3B it hoped to sell. The 10-year paper on the deal priced to yield 10.875%, more than 100 bps higher than what had been initially expected. Olin on Friday sold $1.2B of paper to fund an acquisition. It had hoped to sell $1.5B. For the privilege, Olin is paying 10% for the 10-year notes, up from 7% expected earlier this month.
    • Prospect Capital (PSEC -4.2%), Fifth Street (FSC -3%), Ares (ARCC -3.2%), FS Investment (FSIC -2.3%), Main Street (MAIN -3.4%), Triangle (TCAP -5.6%), Medley (MCC -2.5%), KCAP (KCAP -3.7%), Gladstone (GLAD -3.9%), WhiteHorse (WHF -5.6%).
    | Sep. 28, 2015, 11:16 AM | 60 Comments
  • Sep. 1, 2015, 10:23 AM
    • The company has a high level of oil exposure - 15.4%  vs. the peer group average of 5.9% - says Cantor analyst David Chiaverini, downgrading Gladstone Capital (GLAD -3.1%) to Hold, with price target lowered fifty cents to $9.
    • “We fear that BDC portfolio companies exposed to oil and gas may face valuation write-downs in coming quarters given the still-low price of oil despite last week’s bounce-off the lows.”
    • He notes a weakening in GLAD's credit quality in Q2, with the NPL ratio rising 70 basis points on a fair value basis to 3.5%, and 320 bps on a cost basis to 13.4%. Peers reported similar ratios up just 30 bps and 100 bps, respectively.
    • The dividend remains safe, says Chiaverini, thanks to the external advisor's promise to waive advisory fees indefinitely.
    • Previously: Apollo Investment and Gladstone Capital downgraded (Sept. 1)
    | Sep. 1, 2015, 10:23 AM | 5 Comments
Company Description
Gladstone Capital Corp is an externally managed, closed-end, non-diversified management investment company.
Sector: Financial
Country: United States