Gladstone Investment Corporation Reports Financial Results for Fourth Quarter and Fiscal Year 2024

Gladstone Investment Corporation announced fiscal results for the fourth quarter and full year ended March 31, 2024. Highlights include a net investment income for the quarter of $5.3 million, down from $9.7 million compared to the previous quarter, affected primarily by increased total expenses. For the fiscal year, the total investment income rose by 7.1% to $87.3 million. Meanwhile, net asset value per common share increased from $13.01 to $13.43.

Significant portfolio activities were reported in the quarter, including a $14.7 million realized loss from investments in The Mountain Corporation. On the positive side, new investments totaled $61.3 million in two new portfolio companies, with emphasis on secured first lien debt and preferred equity.

The company's operational strategy saw new financing activities, notably an increase of their credit facility from $135.0 million to $200.0 million. Additionally, the fourth quarter saw $18.9 million raised through the sale of common stock under its ATM program.

Overall, the fiscal year noted an appreciable growth in overall assets, with total investments at fair value marking a 22.2% increase over the previous year, reaching $920.5 million. This fiscal year witnessed a blend of strategic investments and divestments aimed at optimizing the portfolio performance amidst varying market conditions.