Gladstone Capital (NASDAQ:GLAD) Corporation (NASDAQ:GLAD), a business development company currently valued at $595 million, has announced the departure of a board member, according to a recent filing with the Securities and Exchange Commission. Paul W. Adelgren will resign from his position on the company's board of directors, effective December 15, 2024. According to InvestingPro data, GLAD maintains a healthy financial profile with a "GOOD" overall health score.
Adelgren's decision to step down was communicated to the company on December 3, 2024. The filing did not specify a reason for his departure. His resignation comes during a period of strong performance for the company, with the stock delivering a 38.5% return year-to-date. The company has not indicated any immediate plans for appointing a successor or how this change might affect the board's composition and governance.
Gladstone Capital Corporation specializes in providing financing to small and medium-sized businesses. The company stands out for its impressive dividend track record, having maintained payments for 24 consecutive years with a current yield of 8.8%. The company's stock is traded on The Nasdaq Stock Market under the ticker symbol GLAD, and its 7.75% notes due 2028 are listed as GLADZ. InvestingPro subscribers can access 10+ additional insights about GLAD's financial health and growth prospects.
The company’s headquarters is located in McLean, Virginia, and it operates under the jurisdiction of Maryland state law. The announcement of Adelgren's resignation is part of the company's regulatory obligations to keep the public and its investors informed about significant corporate governance matters.
In other recent news, Gladstone Capital Corporation has reported a slight increase in total interest income to $23.4 million for the quarter ending September 30, 2024, while the annual net investment income grew by 12% to $46.1 million. However, the net investment income for the quarter decreased by 12% to $11 million. Furthermore, the company announced a significant equity exit from its investment in ARA, resulting in $63.7 million in proceeds.
In addition to these financial results, Gladstone Capital has launched an offering of 5,561,275 shares of its 6.25% Series A Cumulative Redeemable Preferred Stock. This move is part of the company's strategy to raise capital for its operations and investments.
In recent developments, the company has also announced a supplemental distribution of $0.40 per share in December. Gladstone's net assets increased to $471 million, while maintaining a conservative leverage ratio with debt at 73% of Net Asset Value. The company anticipates an active quarter of new originations and continues to seek attractive financing opportunities in the lower middle market.
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