G
GLADSTONE INVESTMENT CORPORATION\DE
GAINCIK 0001321741NasdaqNon-AcceleratedDelawareFY ends Mar 31
Period
FY 2025
Revenue
—
Net Income
$65.32M
Total Assets
$1.01B
Equity
$499.08M
Shares Out
39.82M
Op. Cash Flow
$16.31M
Business
GLADSTONE INVESTMENT CORPORATION operates as an externally managed, closed-end, non-diversified management investment company that has elected to be a business development company (BDC) and a regulated investment company (RIC). It invests primarily in debt and equity securities of established lower middle market private businesses, structuring investments across secured first lien and second lien debt, preferred and common equity and equity equivalents. The company’s investment activities are organized and managed through an external adviser and administrator and governed by board-approved policies and valuation procedures. Its investment focus is on U.S. private companies, with portfolio companies headquartered across multiple U.S. regions and Canada, and it sources opportunities through an extensive network of private equity sponsors, investment bankers, commercial banks and other referral channels.
Summary from filing dated 2025-05-13
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | Mar 31, 2026 2026-03-31 | Mar 31, 2025 2025-03-31 | Mar 31, 2024 2024-03-31 |
|---|---|---|---|---|
| INVESTMENT INCOME | — | — | — | |
| Interest income: | 90 | 84 | 82 | |
| Dividend income: | 6 | 3 | 2 | |
| Success fee income: | 3 | 7 | 4 | |
| Total investment income | 99 | 94 | 87 | |
| EXPENSES | — | — | — | |
| Base management fee | 23 | 19 | 18 | |
| Loan servicing fee | 12 | 10 | 9 | |
| Incentive fee | 38 | 12 | 21 | |
| Administration fee | 2 | 2 | 2 | |
| Interest expense on borrowings | 37 | 28 | 24 | |
| Amortization of deferred financing costs and discounts | 4 | 3 | 2 | |
| Professional fees | 2 | 2 | 1 | |
| Other general and administrative expenses | 2 | 5 | 3 | |
| Expenses before credits from Adviser | 120 | 80 | 80 | |
| Credits to base management fee – loan servicing fee | 12 | 10 | 9 | |
| Credits to fees from Adviser - other | 5 | 5 | 6 | |
| Total expenses, net of credits to fees | 103 | 66 | 66 | |
| NET INVESTMENT (LOSS) INCOME | −4 | 28 | 22 | |
| REALIZED AND UNREALIZED GAIN (LOSS) | — | — | — | |
| Net realized gain (loss): | −28 | 63 | 30 | |
| Net unrealized appreciation (depreciation): | 216 | −26 | 33 | |
| Net realized and unrealized gain | 189 | 37 | 64 | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | 185 | 65 | 85 | |
| BASIC AND DILUTED PER COMMON SHARE: | — | — | — | |
| Net investment (loss) income, basic (in USD per share) | −0.1 | 0.76 | 0.63 | |
| Net investment (loss) income, diluted (in USD per share) | −0.1 | 0.76 | 0.63 | |
| Net increase in net assets resulting from operations, basic (in USD per share) | 4.77 | 1.78 | 2.47 | |
| Net increase in net assets resulting from operations, diluted (in USD per share) | 4.77 | 1.78 | 2.47 | |
| WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | — | — | — | |
| Basic (in shares) | 39 | 37 | 34 | |
| Diluted (in shares) | 39 | 37 | 34 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | Mar 31, 2026 2026-03-31 | Mar 31, 2025 2025-03-31 |
|---|---|---|---|
| ASSETS | — | — | |
| Investments at fair value | 1,309 | 979 | |
| Cash | 1 | 13 | |
| Cash equivalents | 25,000 | 1 | |
| Restricted cash | 1 | 856,000 | |
| Interest receivable | 7 | 6 | |
| Due from administrative agent | — | — | |
| Deferred financing costs, net | 636,000 | 1 | |
| Other assets, net | 2 | 2 | |
| TOTAL ASSETS | 1,323 | 1,006 | |
| LIABILITIES | — | — | |
| Borrowings: | — | — | |
| Line of credit at fair value (Cost of $23,900 and $0, respectively) | 24 | 0 | |
| Notes payable, net of unamortized deferred financing costs of $8,460 and $8,029, respectively | 541 | 456 | |
| Total borrowings | 564 | 456 | |
| Accounts payable and accrued expenses | 1 | 1 | |
| Interest payable | 6 | 5 | |
| Fees due to related party | 81 | 45 | |
| Other liabilities | 1 | 857,000 | |
| TOTAL LIABILITIES | 655 | 507 | |
| Commitments and contingencies | — | — | |
| NET ASSETS | 668 | 499 | |
| ANALYSIS OF NET ASSETS | — | — | |
| Common stock, $0.001 par value per share, 100,000,000 shares authorized; 39,821,967 and 36,837,381 shares issued and outstanding, respectively | 40,000 | 37,000 | |
| Capital in excess of par value | 487 | 446 | |
| Total distributable earnings | 181 | 54 | |
| TOTAL NET ASSETS | 668 | 499 | |
| NET ASSET VALUE PER SHARE (in USD per share) | 16.78 | 13.55 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | Mar 31, 2026 2026-03-31 | Mar 31, 2025 2025-03-31 | Mar 31, 2024 2024-03-31 |
|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | — | — | — | |
| Net increase in net assets resulting from operations | 185 | 65 | 85 | |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: | — | — | — | |
| Purchase of investments | 174 | 221 | 184 | |
| Principal repayments of investments | 30 | 124 | 28 | |
| Net proceeds from the sale and recapitalization of investments | 4 | 76 | 52 | |
| Net realized loss (gain) on investments and other | −28 | 63 | 30 | |
| Net unrealized (appreciation) depreciation of investments and other | 216 | −26 | 33 | |
| Amortization of deferred financing costs and discounts | 4 | 3 | 2 | |
| Bad debt expense, net of recoveries | −202,000 | 2 | 1,000 | |
| Changes in assets and liabilities: | — | — | — | |
| (Increase) decrease in interest receivable | 1 | −761,000 | 5 | |
| Decrease in due from administrative agent | −856,000 | −536,000 | −472,000 | |
| Decrease (increase) in other assets, net | −559,000 | 436,000 | 181,000 | |
| (Decrease) increase in accounts payable and accrued expenses | −44,000 | 559,000 | −54,000 | |
| Increase in interest payable | 2 | 1 | 1 | |
| Increase (decrease) in fees due to related party | 37 | 2 | 12 | |
| Increase in other liabilities | 367,000 | 98,000 | 485,000 | |
| Net cash (used in) provided by operating activities | −102 | 16 | −70 | |
| CASH FLOWS FROM FINANCING ACTIVITIES | — | — | — | |
| Proceeds from issuance of common stock, net of discounts, commissions and offering costs | 42 | 2 | 44 | |
| Proceeds from line of credit | 295 | 214 | 242 | |
| Repayments on line of credit | 272 | 281 | 211 | |
| Deferred financing costs from line of credit | 333,000 | 763,000 | 2 | |
| Repayment of notes payable | 75 | 0 | 0 | |
| Proceeds from issuance of notes payable, net of deferred offering costs | 156 | 122 | 72 | |
| Distributions paid to common stockholders | 57 | 61 | 76 | |
| Net cash provided by (used in) financing activities | 89 | −4 | 70 | |
| NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | −13 | 12 | −28,000 | |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | — | — | — | |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | — | — | — | |
| CASH PAID FOR INTEREST | 34 | 25 | 22 |
Filings
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