GAIN earnings analysis
What we found in GAIN's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Gladstone Investment Corporation's 10-K for the fiscal year ended March 31, 2026, highlights significant growth in its investment portfolio, with a total investment at fair value of $1.3 billion. The company remains focused on investing in lower middle-market businesses, primarily through secured debt and preferred equity. Despite an increase in overall expenses, net investment income showed a resilient performance, supported by substantial unrealized appreciation in its investment portfolio.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Total investment income increased to $99.1M in FY 2026, up 5.8% from $93.7M in FY 2025.
- Net Asset Value Increase
- NAV per share rose to $16.78, up from $13.55 YoY, reflecting a 23.9% increase.
- Substantial Unrealized Gains
- Recorded net unrealized appreciation of investments totaling $216.1M in FY 2026.
- Successful Capital Raising
- Raised $100.0 million from the issuance of 7.125% Notes due 2031 and $60.0 million from 6.875% Notes.
- High Portfolio Coverage
- Debt investments represent 70.8% of total investments, maintaining focus on secured debt.
- Increased Monthly Distributions
- Declared monthly distributions of $0.08 per share totaling $0.24 for Q4 FY 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising Interest Expenses
- Interest expense on borrowings increased to $37.1M in FY 2026, a 31.5% increase.
- Non-Accrual Loans Impact
- Loans of $40.3M were placed on non-accrual status, affecting income recognition.
- High Competition Risks
- A highly competitive market for investment opportunities may reduce yields on new debt.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $4.77
What they said about what is next.
Management stated that asset coverage is strong at 213.8%, but further detailed numeric guidance was deferred to earnings call.
The filing reads better than the one before it.
What came before.
- 10-Q · February 3, 2026
- Gladstone Investment reported total investment income of $25,062,000 for the three months ended December 31, 2025 and a GAAP net increase in net assets from operations of $65,898,000 (or $1.66 per share). Investment…
- 10-Q · November 4, 2025
- Gladstone Investment Corporation reported total investment income of $25,279,000 for the three months ended September 30, 2025, up $2,714,000 (12.0%) versus $22,565,000 a year earlier. Net investment income fell to…
- 10-Q · November 7, 2024
- Gladstone Investment reported total investment income of $22,565,000 for the three months ended September 30, 2024, up from $20,277,000 a year ago, and net investment income turned positive to $7,291,000 versus a loss…
- 10-Q · August 5, 2024
- Gladstone Investment reported total investment income of $22,178,000 for Q1 ended June 30, 2024 and net investment income of $12,414,000 ($0.34/share). Mark-to-market losses drove a net unrealized depreciation of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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