Gladstone Capital (GLAD) Q1 2026

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025

Earnings

Gladstone Capital delivered a largely in-line fiscal first quarter for 2026, posting net investment income of $0.50 per share on total investment income of $24.51 million, though a sharp swing in unrealized depreciation dimmed the headline results. T… Read more Gladstone Capital delivered a largely in-line fiscal first quarter for 2026, posting net investment income of $0.50 per share on total investment income of $24.51 million, though a sharp swing in unrealized depreciation dimmed the headline results. The business development company's top line grew 2.4% sequentially, lifted by a growing interest-bearing portfolio whose weighted average principal balance climbed to $772.30 million, but a compression in weighted average yield to 12.2% from 12.5% as SOFR declined kept gains in check. Expenses rose 6.0% to $13.25 million, pressured by a higher net base management fee, while $5.64 million in net unrealized depreciation pulled the net increase in net assets from operations down to just $5.45 million, or $0.24 per share, from $13.97 million the prior quarter. Net asset value per share slipped to $21.13, prompting at least one Wall Street firm to cut its price target and move to the sidelines citing a lack of near-term catalysts. Management nonetheless expressed confidence that dividend coverage remains sustainable, pointing to a healthy investment backlog and maintained discipline in its core lower middle market lending strategy heading into the remainder of 2026.