Gladstone Capital Corporation (GLAD) — Dividend Yield, NAV & Valuation Analysis
GLAD · NASDAQ
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Overview
Gladstone Capital Corporation is an externally managed BDC advised by Gladstone Management Corporation, focused on senior secured debt, mezzanine debt, and selected equity co-investments in U.S. middle-market companies. GLAD targets borrowers with EBITDA between $3 million and $15 million and emphasizes conservatively structured, lower-middle-market loans. The portfolio is diversified across industrial and service industries.
Key Metrics
| Metric | Value |
|---|---|
| 1-Year Total Return | 12.3% |
| 3-Year Total Return | 28.5% |
| 5-Year Total Return | 41.2% |
| Expense Ratio | 7.5% |
| Leverage Ratio | 1.1x |
| Portfolio Companies | 60 |
| Total Assets | $0.7B |
Discount / Premium to NAV
| Stock Price | $20.1 |
| NAV per Share | $19.2 |
| Premium / (Discount) to NAV | 4.7% |
| Implied per-share NAV gap | $-0.9 |
The premium / discount to NAV compares the current stock price to the per-share net asset value of Gladstone Capital Corporation's investment portfolio. A negative reading (a discount) means the market is pricing GLAD below the value of its underlying assets and is one of the most-watched valuation metrics for any BDC. A positive reading (a premium) means the market is paying a premium over the stated NAV, often reflecting confidence in future dividend coverage and portfolio credit quality. Gladstone Capital Corporation currently trades at a 4.7% premium to NAV.
Investment Strategy
Gladstone Capital Corporation focuses on senior secured loans, mezzanine debt, equity co-investments in the manufacturing, business services, healthcare, consumer products sectors. The company targets lower middle-market companies and maintains a portfolio of 60 investments totaling $0.7B in assets.
Management
CEO: David Gladstone | Employees: 30
Suitability
GLAD is suitable for income-focused investors seeking monthly dividend income with a 9.5% yield. The BDC's focus on senior secured loans provides defensive portfolio characteristics. Investors should consider their risk tolerance and investment objectives before investing.