Private Credit Portfolio Analysis | Gladstone Capital Reports Q1 2025 Results
- Editor
- Feb 11
- 2 min read
Whats New:
Gladstone Capital reported its Q1 2025 financial results, showing modest growth in total assets and stockholders' equity compared to the previous quarter. The fund's total assets increased to $815.6 million as of December 31, 2024, up from $812.5 million at the end of September 2024. Net Asset Value (NAV) per share improved to $21.51, up from $21.18 at the end of the previous quarter.
Portfolio Dynamics:
Total assets grew to $815.6 million as of December 31, 2024, compared to $812.5 million at the end of September 2024.
Investments owned at fair value increased to $799.5 million, up from $796.3 million at the end of September 2024.
Cash and cash equivalents decreased to $1.7 million from $2.2 million at the end of September 2024.
Investment Activty:
Due from administrative agent increased to $3.3 million from $2.8 million at the end of September 2024.
Other assets rose to $4.7 million from $4.1 million at the end of September 2024.
Interest receivable decreased to $5.5 million from $5.9 million at the end of September 2024.
Capital Structure:
Lines of credit decreased to $61.5 million from $70.6 million at the end of September 2024.
Notes payable slightly increased to $254.3 million from $254.0 million at the end of September 2024.
Total liabilities decreased to $325.2 million from $333.7 million at the end of September 2024.
Performance Profile:
Net asset value per share increased to $21.51 as of December 31, 2024, compared to $21.18 at the end of September 2024.
Stockholders' equity grew to $480.3 million from $470.9 million at the end of September 2024.
Accumulated net realized gain in excess of distributions improved to -$3.4 million from -$52.8 million at the end of September 2024.
Risk & Quality:
Accounts payable and accrued liabilities increased to $1.7 million from $1.2 million at the end of September 2024.
Interest payable rose to $4.3 million from $2.9 million at the end of September 2024.
Other liabilities slightly increased to $558,000 from $513,000 at the end of September 2024.
The Wrap:
Gladstone Capital demonstrated modest growth in Q1 2025, with slight increases in total assets, investments at fair value, and stockholders' equity. The fund's net asset value per share improved, reflecting positive performance. The decrease in liabilities, particularly in lines of credit, suggests a more conservative financial position. However, increases in accounts payable and interest payable indicate potential areas to monitor in future quarters.
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