Gladstone Capital(GLAD)- NASDAQ
  • Mon, Sep. 12, 10:04 AM
    • The sector has been a big beneficiary of the rates lower-for-longer thesis, the bounce in oil and the related major move higher in high-yield.
    • All three of those themes have been called into question since Labor Day. SA author BDC Buzz reminds not all BDCs are created equal, and says the higher risk ones will likely be underperformers in a correction ... Think Prospect Capital (PSEC -4%), TICC Capital (TICC -1%) and KCAP Financial (KCAP -2.7%). Fifth Street Finance (FSC -2%), Medley Capital (MCC -2.6%) and Full Circle Capital (FULL -0.4%) also fit the bill, and PennantPark (PNNT -1.5%), Gladstone (GLAD -3.4%), and Apollo Investment (AINV -1.2%) have the highest amount of oil exposure.
    • Those BDCs with "true" first-lien assets and stable NAV will be the outperformers: New Mountain Finance (NMFC -1.8%), Solar Senior (SUNS -0.1%), Goldman Sachs BDC (GSBD -0.7%), Golub Capital (GBDC -0.5%), FS Investment (FSIC -1.7%), Monroe Capital (MRCC -0.1%), TPG (TSLX -0.6%), Main Street (MAIN -0.1%), PennatPark Floating Rate (PFLT -0.1%), Hercules (HTGC -1.4%), Horizon (HRZN -1.8%), and TCP Capital (TCPC -0.7%) are worth a look.
    • ETFs: BDCL, BDCS, BIZD, FGB, LBDC
    | Mon, Sep. 12, 10:04 AM | 71 Comments
  • Wed, Aug. 3, 4:48 PM
    • Gladstone Capital (NASDAQ:GLAD): Q2 NII of $0.21 in-line.
    • Total investment income of $9.84M (-1.0% Y/Y) misses by $0.27M.
    • Press Release
    | Wed, Aug. 3, 4:48 PM
  • Tue, Jul. 12, 5:08 PM
    • Gladstone Capital (NASDAQ:GLAD) declares $0.07/share monthly dividend, in line with previous.
    • Forward yield 10.77%
    • Payable Aug. 2; for shareholders of record July 22; ex-div July 20.
    • Payable Aug. 31; for shareholders of record Aug. 22; ex-div Aug. 18.
    • Payable Sept. 30; for shareholders of record Sept. 21; ex-div Sept. 19.
    | Tue, Jul. 12, 5:08 PM
  • Wed, May 4, 4:51 PM
    • Gladstone Capital (NASDAQ:GLAD): FQ2 NII of $0.21 in-line.
    • Total investment income of $9.45M (+2.5% Y/Y) misses by $0.6M.
    • Press Release
    | Wed, May 4, 4:51 PM
  • Tue, Apr. 12, 5:22 PM
    • Gladstone Capital (NASDAQ:GLAD) declares $0.07/share monthly dividend, in line with previous.
    • Forward yield 11.55%
    • Payable May 2; for shareholders of record April 22; ex-div April 20.
    • Payable May 31; for shareholders of record May 19; ex-div May 17.
    • Payable June 30; for shareholders of record June 17; ex-div June 15.
    | Tue, Apr. 12, 5:22 PM | 7 Comments
  • 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.
    | 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.
    | 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%)
    • ETFs: BDCL, BDCS, BIZD, FGB
    | 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%).
    • ETFs: BDCL, BDCS, BIZD, FGB
    | 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%)
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Tue, Jan. 12, 11:28 AM | 60 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%).
    • ETFs: BDCL, BDCS, BIZD, FGB
    | 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.
    | 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