Gladstone Capital Corporation (GLAD)
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Gladstone Capital (GLAD) Q4 2025 Earnings Call Transcript
Gladstone Capital ( GLAD ) Q4 2025 Earnings Call November 18, 2025 8:30 AM EST Company Participants David Gladstone - Chairman & CEO Catherine Gerkis - Director of Investor Relations & ESG Robert Marcotte - President Nicole Schaltenbrand - CFO & Treasurer Conference Call Participants Erik Zwick - Lucid Capital Markets, LLC, Research Division Christopher Nolan - Ladenburg Thalmann & Co. Inc., Research Division Robert Dodd - Raymond James & Associates, Inc., Research Division Presentation Operator Greetings, and welcome to the Gladstone Capital Corporation Fourth Quarter 2025 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.
Gladstone Capital (GLAD) Tops Q4 Earnings and Revenue Estimates
Gladstone Capital (GLAD) came out with quarterly earnings of $0.52 per share, beating the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.5 per share a year ago.
Gladstone Capital: Premium Valuation Isn't Justified By Q3 Earnings
I maintain a Hold rating on GLAD due to underwhelming earnings, declining NAV, and weak dividend coverage despite its attractive yield. GLAD trades at a significant premium to NAV, which I find unjustified given flat earnings, limited new investments, and modest portfolio growth. Dividend coverage is thin, with net investment income barely supporting distributions, making the payout vulnerable to negative portfolio shifts or lower rates.
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Gladstone Capital Corporation Profile
| Capital Markets Industry | Financials Sector | David John Gladstone CEO | NASDAQ (NGS) Exchange | 376535878 CUSIP |
| US Country | 73 Employees | 22 Dec 2025 Last Dividend | 5 Apr 2024 Last Split | 2 Aug 2002 IPO Date |
Overview
Gladstone Capital Corporation operates as a pivotal entity within the financial sector, primarily focusing on the lower middle market tier. It has carved out a unique niche for itself by specializing in a wide array of financial operations, including growth capital provision, facilitating acquisitions, steering change of control scenarios, and orchestrating buy & build strategies. Additionally, the corporation has a strong foothold in debt refinancing and offers a comprehensive suite of debt investment options. It holds the status of a business development company and extends its financial expertise across various sectors. Gladstone Capital's investment approach is designed to be industry-agnostic, thereby offering versatile financial solutions to a broad spectrum of small and medium-sized enterprises within the United States. With an investment range between $7 million and $30 million, it targets companies boasting sales figures ranging from $20 million to $150 million and EBITDA between $3 million and $25 million. The corporation's strategic investment exits hinge on acquisitions, initial public offerings, or other capital market transactions, ensuring versatility and adaptability in its financial undertakings.
Products and Services
- Debt Investments
Includes senior term loans, revolving loans, first and second lien term loans, senior subordinated loans, unitranche loans, junior subordinated loans, and mezzanine loans. These products are tailored to assist companies in refinancing existing debts or supporting their growth and operational needs through flexible financial solutions.
- Equity Investments
Comprises investments in the forms of common stock, preferred stock, limited liability company interests, or warrants. These equity solutions aim at facilitating company growth, supporting acquisitions, buyouts, recapitalizations, and refinancing, thereby fostering the long-term development and expansion of the companies.
- Private Equity Investments
Focuses on acquisitions, buyouts, recapitalizations, and the refinancing of existing debts. Gladstone Capital employs private equity investments as a versatile tool to inject capital into companies for immediate financial needs or long-term strategic objectives, often leading to significant transformations within the target companies.
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