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GSC Investment Corp. (GNV) Reports Decline in Net Investment Income in Fiscal 2010

GSC Investment Corp. reported net investment income of $5.7 million, or $0.54 per share, in the fiscal year ending 2/28/2010. Net investment income was $13.8 million in fiscal 2009. The company reported net investment income of $1.2 million, or $0.07 per share, in the final quarter of fiscal 2010. GSC Investment realized $5.1 million in net losses during the quarter.

GSC Investment is organized as a business development company and controls a portfolio of debt and leveraged loans issued to small to mid size companies based in the United States. The company’s investment portfolio at the end of fiscal 2010 totaled $89.4 million. GSC Investment was invested in 27 portfolio companies and a collateralized loan fund. The company reported net unrealized depreciation of $9.5 million and net realized losses of $6.7 million on this portfolio in fiscal 2010.

GSC Investment reported that 41.3% of its investment portfolio was composed of first and second lien term loans, and another 31% was in senior secured loans. The balance of the portfolio was in unsecured and subordinated loans and common stock.

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