morning, Thanks, Mike. everyone. Good
Investment So today pleased another strong fiscal that had to I'm X/XX/XX. ended report which quarter Gladstone
quarter also million to share asset which a we this result at and the last net share new share is a closing investment over value, of during period. had net book income Our per a as appreciation increased increased primarily by investment. The value, also realized our $X.XX one of a $X.X $X.XX $X.XX buyout
October our share we or share $X.XXX to increase $X.XX X.X% announce rate per over of in to monthly roughly were results, our also annually from per in annually. or common on our based So $X.XXX that's and to per share $X.XX able shareholders distribution an monthly
be to planned distribution supplemental distribution. our indeed additional an supplemental semiannual announced of per is paid which in also second December $X.XX We common share
capital gains. we So again primarily paid similar June, be to December in the the to from distribution distribution made expect
as roughly the XX, from past our year XX% stock to have closing $X.XX $X.XX also of share per $XX.XX yesterday seen increase price of about increase at which XXXX. an or October We is over
is the success share in because of is that is now business So stock model $XX.XX. also per beginning the me the that what believe this to recognize I roughly price NAV is encouraging to above market our now certainly our of
the position. about Well of the depreciation The the million generally buyouts low business end for use combination This from say, known the ranges that saying, which what amortization, we that we focus is as with before on interest, taxes, investment we oriented and in second keep significant well buyouts a credit debt, a between may on our in is $X equity direct very the traditional that in in the million portfolio are and to the $XX with otherwise means, is at debt of debt you EBITDA, the lien bucket or for in funding equity secured on differentiated a proportion So for and and ownership model? the XX% annual structure equity cost. end. bucket US about that roughly investments earnings businesses these the of of consists we target upper first XX% BDCs about
XX% So that are as compares debt. to XX% more as generally around equity that and other most BDCs we far know
them, credit income upside. So to are with more equity we to the again, also that oriented and orientation
So this leads of proposition as to like follows. it I think value stockholder the as
debt provides expect grow distributions. monthly to our that income our steady investments time to portion the over First, of we pay, and
per mentioned I earlier, annual share. rate an increase As our run month distributions of last monthly indeed did we to $X.XX
value that, that with therefore in exit. the positions an with the investment, own so life the and invest along in to direct investment other capital each equity over equity upon portfolio in company the or we along debt gains of income helps and equity increase provide Secondly, significant do we
gains that the what point, the again paid to such that income first the And calling this stockholders are the then planned transactions, we significant our $X.XX So as planned us portion other these potential is securities, provider common really distributions. equity most supplemental just generate of of flexibility amount this in distributed our in and we the share gives generate term of may of be capital in on June, the and establishing paid the to the and that a they the of of distributions helps debt with rate recently to and we debt the be And of XXXX supplemental us some companies interest per a to of maturity the in in the and stockholders December, debt the then certainly to risk recently. further that periods yield prior seen distributions in our third, also and reduces form of downside. approach we've influence This such XXXX. where our compression which provide in declared there second advantage being to supplemental our refinanced of to is
performance a that, an look at take was talk report, the made thought In we scorecard May this results with March from XXXX. quarterly continue of ended to beginning year highlights really fiscal our And let's on will time initial performance Now our we about our of important it these historical our now XX, time start doing relative basis. and to performance. to provide
in September per of excellent $X.XX, XXXX through as to following. of recently growth at the So the NAV March the highlights include assets, share by X/XX/XX. $XX.XX of from One, net increasing XXXX from $X.XX X/XX/XXXX
annual October, strategy. delivering of common from about our the distributions share in per $X.XX as rate on share recently And run increasing regular $X.XX announced our importantly, by as to XXXX. buyout monthly Secondly, per $X.XX, going
these capital buyout investments significant from the near September in XXXX we net gains very hope exited which has and results. have through so to term, helped add frankly, we And XX XX, to generate to
in the distribution, supplemental semiannual exit and pay one that hope in the to again distributions paid the activity first, be certainly which basis. allowed a has this June continue these one December. anticipate Now first supplemental us We and second will to on
with return our you liquidity investment portfolio, preserving for assets, that building we buyout XXXX, our portfolio to the assets continue and sale, approximately to the $XXX our of and From our achieved of new in will events and hold a the in our And through monthly remain strategy. regard we the produce exit about managed our actually also sensitive we net September, exit of with we an income portfolio. consistent in equity of buyouts continuing on which cash-on-cash obviously total an if XXXX, in will have to with X.Xx, helps this by increase as those be portion conditions, very inception or distributions. the investments this aggregate million. Now investment to of versus market are mentioned, We certainly I as return is always assessing turnover, risk guided exiting,
our Now we will grow, in X in as exercised XXXX, Since which raising equity June. in have raising common we this of inclusive recently IPO responsible we that consider efforts. year each raised transactions, manner. was May offerings followed issued We X.X equity over-allotment, when most which in our a market responsible million capital believe of we actually the these of capital shares, secondary was
process our on gives high comfort occur we a new create gains. investments the from adherence that And that constructively priority. is And in equity, debt income with From portfolio in of management a or is teams and investments package deal which other that is sell factor partnering investment enabled business, to elevated, as approach are the Our financing will consistent we secure still supplemental our the to in as distributions these it asset a income been new a structure, Generally, believe to a are of we that environment independent forward to provide the origination? the which do able are and least reviewing bankers very degree results of we sponsors, investment continue that these market which reduce thorough NAV generate our distribution actively to today both as growing it investment and a of capital Therefore, new expected operating our both How have we paid returns. mention, we've result. still that competitive and to majority include advantage middle while I regular where standpoint, this deals the in as producing mindful our on activities that competition distributions, as origination also high, are help to generally conservative potential resulted invest perspective. in financing given we of due important I well to deal very team value purchase or high investment the difficulty of sources investments a a we generating number our proceeds buyout show caution company, look and on have purchase the doing and opportunities, call our stockholders. proprietary purchase for believe the increases our conducting a prices at to being includes this maintaining us a shareholders whenever we and Well, due returns monthly investments closing may opportunities. the management generation us new fundamentals and base diligence therefore diligence and financial seller announcements the are
new Although, equity are Well made cash-on-cash of Brands value the the we acquisition returns. target for expectations? August the is a we Xx return. Pioneer was portion with our in a expectation consistent at which minimum X to which What of Square is investments believe our of of those
a primarily carry on a mid-teens. portion that produce of exit. The the blended stockholder investment a sale balances control investments, supports contingent current investment typically do lien enhancement first helping our or that change is is debt cash a which total typically component, has debt our yield of success also as is secure yield expectation. a to in equity distribution Our loans, the generally yield low which This such fee our on cash
of of flow the and may be again, portfolio consistent one focus? companies fees areas manufacturing, The with potential to circumstances, in really. invest paid operating that However, falls at obviously specialty category. We company's GI our in interest option. expand. like generally changed in these consumer investment Well EBITDA a products light that What's good Plastic, advance are portfolio with and in we Specialty hasn't our companies, services. cash limited
that and some acquired Our of and and that And company call Pioneer selectively category. have Square Industrial in category. we recent JR in services, Hobbs, called do we Galaxy energy in Brands aerospace which that's such do as products Tools a earlier acquisition we year. the
look September our for XX. at let's a take investment So ended the quarter quick activity
and closed diverse sectors. base, earlier, we mobile mentioned manufactures buyout primarily services in cases corporate designs, for was and premium a investment the Pioneer and million markets Brands and this which As very was bags education about but one new which customer technology of $XX.X Square which
about invested existing companies. portfolio million also We $X.X in
So continue we we look on as will execution forward, plan. our
made in with expected supplemental leave, Board our undistributed but of will as to semi-annual investments accretive second distributions generating, the I'm to which equity is our timing income Julia our mature exits, to from the very on These debt amount Ryan, able adding funds' supplemental I continues realize temporary to here include or and such semi-annual will gains, time. to we anticipate her strategy. the Since forward and give also of exits the declared time We recently to net and quick stockholders distributions manage to capital paid supplemental undistributed portfolio both distribution as if for while from investment income kind and December. we these the assets may and continue distribution of to be be evaluate be maximize portion for stockholders generally grow common the positioning are going CFO, paying our the in Directors to as capital We thus financial update portfolio on of fill portion, a do these are the may. distributions will net to potential helping performance gains. We
the million $XXX So end in at about September of $XXX consisted equivalent, which and other value, cash million in $X in assets. at nearly sheet fair $X investments we and balance million cash million in of assets the have on about about
at the credit over other facility, assets. at liabilities, on in borrowings stock quarter million about $XXX million $X $XX.X liquidation about million end of Our term million the of in liabilities $XXX net in and leaves which our value, in consisted outstanding preferred
investment to for unrealized of was $X.X June Total From Our in net to of income up the quarter, investment which million versus expenses credits prior in approximately the net resulted $X.X in income million per million compared asset is about $XX.X $X.X to income, Other as in value XX, quarter standpoint, total quarter is which $X.X appreciation was $XX.X XX% $XX.XX compares from the This of of compared current prior leaves prior quarter. in was And an mentioned in were XX% investment the quarter. income our which million portfolio. again, prior share primarily us, earlier about million total important as million this the quarter. $X.X in from XX. the to net of $X.XX September million income quarter. investment
As fee previous the indicated which is calls, but we from success income debt driven credits primarily of expect current Net $XXX,XXX meaningful which category, be other as to on will we've component, also the composed variable income, mentioned a dividend is in by about expenses adviser. decrease decreased $XXX,XXX a quarter. $XXX,XXX quarter to in from a the increase bad and primarily quarter expense by be in
significant able these from again share of was net per increase net by our result from per quarter. a prior factors, current As quarter a investment prior period income distributions investment in covered and the the Current $X.XX share up net income investment $X.XX in to to margin. income quarter, current
about million XX, per distribution $X.XX coverage approximately ratio As gains XXXX, September and this our distributions reflected in of in undistributed After or totaled and as $XX of realized share. net our XXX% over supplemental quarter. income June common
realized over our continue with to manage income cover distributions to our time goal increase actively net the So and undistributed the and gains we to stockholders.
cost our investments. recorded realized value quarter. do net XX. other Overall, of portfolio improved for We valuation $X.X use Certain and to appreciation, third-party to about certain regular companies do assets of regarding in distributions on the and to making XX.X% besides the From external paid X% in companies multiples was for performance we certain which versus to generally unrealized comps fair made of predominantly one about and related to which information monthly due portfolio helps So distributions our an as paid from quarter basis investment operating data last our expect the comparable an million again in in X% some XXXX of cost represents the we these September June continue the which specialist additional like non-accrual and equity of continue realized significant companies. We recorded XX, XX.X% provide increase December. minimal more was are a and these debt unrealized X one ended of to supplemental value loans portfolio that fair portfolio to in total market be are points of activity. September in change our of income, operating
in as term. always We with and performance are in to at operating least and working effort accrual that the actively certainly will the near improve these we we these to do companies an of one liquidity status are return actually very hopeful
rate a for XX% mentioned weighted is positioned quarter-over-quarter The XX. to minimum variable yield a floor in about having rates. is as fixed is approximate and of interest-bearing average increased XX% about rates versus XX.X% as at the XX% debt having our prior which about investments September excludes with portfolio XX.X% of made or in Keeping on the portfolio equity interest any in cash well up, debt yield investments. remaining Our X% increases the this debt loans debt earlier, cost and fees of in slightly success The on quarter. with mind
so we to prior some was our yield and in actually what quarter. or be average similar debt do with fees, weighted XX%, And closer investments to paid called it if comparison in about the total interest, what's would PIK had actually purposes, success on the accrued for BDCs kind
about up in from share $X.XX September $XX As his unrecognized $XX.X million XX, of which XXXX, success per prior per or contractual million share or the total fees $X.XX quarter. actually
no priority remaining portfolio of have the companies of at of XX% secured any success over the loans credit are a that's lien a a our will and that or and having first having priority all structure respective lien cost. timing second capital priority XXX% is in XX% the with actually control be fees we guarantee standpoint, the collect of From to again, any collection. these Now able there or
So overall Investments, performance successes. operational Gladstone well transaction quarter as as strong another of we at investment consistently had
declared regular distribution subsequent to while distributions with In again, distribution and our increased supplemental remaining quarter end, another our committed rate addition, our income. covering we to
So comments. it with Gladstone that, David his to over I'll for back turn
