BDC Quick Recap: Gladstone Corporation (GAIN)
BDC Quick Recap: Gladstone Investment Corporation as of December 31st, 2022
BDC filing season is upon us. Gladstone Investment Corp. filed its earnings on Wednesday and data was available in the SOLVE’s BDC workstation within minutes. Here is a quick recap of the credit stats for Gladstone Investment Corp. for the three-month period ended Dec. 31st, 2022.
Portfolio Stats
| FMV | $760.5M |
| # of Investments | 63 |
| Total unused commitments to extend financing | $0.0M |
| Portfolio Companies | 26 |
| Portfolio Composition | |
|---|---|
| First Lien | 58.9% |
| Second Lien | 10.0% |
| Equity and Other | 31.1% |
Source: SOLVE & Gladstone Investment Corporation
Portfolio Credit Quality
| Non-Accruals Cost | $66.6M |
| # of Non-Accruals | 8 |
| % of portfolio at cost | 9.23% |
| New Non-Accruals | Edge Adhesives Hldgs Inc. |
Source: SOLVE & Gladstone Investment Corporation
Select New Originations and Add-ons
| Company | Investment Type | Industry | Cost | Maturity | Coupon |
|---|---|---|---|---|---|
| Old World Christmas | Secured First Lien Term Loan | Home and Office Furnishings, Housewares, and Durable Consumer Products | $15.5M | 12/31/2025 | L+950 |
| Nocturne Villa Rentals Inc. | Secured First Lien Debt-Term Debt | Hotels, Motels, Inns, and Gaming Total | $8.4M | 6/30/2026 | L+1050 |
Source: SOLVE & Gladstone Investment Corporation
Exits & Sales
| Company | Investment Type | Industry | Net Proceeds |
|---|---|---|---|
| Country Club Enterprises LLC | Secured Second Lien Debt-Term Debt | Automobile | $1.5M |
Source: SOLVE & Gladstone Investment Corporation
Unrealized Loss
| Company | Net Loss |
|---|---|
| The Mountain Inc. | $10.0M |
Source: SOLVE & Gladstone Investment Corporation
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