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…
Earnings analysis · 10-K
GAIN earnings analysis
Filed May 12, 2026 · Our reading of the company's report
The latest report
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…
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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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.77
What stood out
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Strong Revenue Growth
Total investment income increased to $99.1M in FY 2026, up 5.8% from $93.7M in FY 2025.
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Net Asset Value Increase
NAV per share rose to $16.78, up from $13.55 YoY, reflecting a 23.9% increase.
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Substantial Unrealized Gains
Recorded net unrealized appreciation of investments totaling $216.1M in FY 2026.
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Successful Capital Raising
Raised $100.0 million from the issuance of 7.125% Notes due 2031 and $60.0 million from 6.875% Notes.
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High Portfolio Coverage
Debt investments represent 70.8% of total investments, maintaining focus on secured debt.
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Increased Monthly Distributions
Declared monthly distributions of $0.08 per share totaling $0.24 for Q4 FY 2026.
What to watch
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Rising Interest Expenses
Interest expense on borrowings increased to $37.1M in FY 2026, a 31.5% increase.
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Non-Accrual Loans Impact
Loans of $40.3M were placed on non-accrual status, affecting income recognition.
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High Competition Risks
A highly competitive market for investment opportunities may reduce yields on new debt.
Management's outlook
Management stated that asset coverage is strong at 213.8%, but further detailed numeric guidance was deferred to earnings call.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.