GAIN
Gladstone Investment Corporation13.98
+0.09+0.65%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q3 '26
Q&A colors portfolio strength
Q&A unpacked NAV drivers, spotlighting Shilling's needle product and Old World's ornaments thriving amid consumer headwinds and tariffs thanks to unique demand and sharp management. Rowan Energy deal leveraged energy portfolio know-how for cycle upside at fair valuations. Non-accruals—1.5% of fair value—now trend positive toward accruals or exits. Pipeline mirrors last year, soft on consumer tariffs but firm in business services and aerospace; full-stack funding edges competition. Floors shield yields from SOFR drops. Answers reinforce prepared optimism. Investors watch non-accrual resolutions.
Key Stats
Market Cap
554.26MP/E (TTM)
5.57Basic EPS (TTM)
2.51Dividend Yield
0.07%Recent Filings
8-K
Closes $115M notes offering
Gladstone Investment closed its $115.0 million 7.125% Notes due 2031 on February 18, 2026, via a Seventh Supplemental Indenture with UMB Bank. Unsecured and pari passu with existing notes, they carry quarterly interest from May 1, 2026, and are redeemable after May 1, 2028. Proceeds repay credit facility debt. New capital fuels portfolio investments.
8-K
Issues $100M notes due 2031
8-K
Q3 loss on fees, NAV surges
Gladstone Investment swung to a $6.5M net investment loss for Q3 ended December 31, 2025, from $4.3M income prior quarter, hammered by $14.7M capital gains incentive fees despite $25.1M income. NAV jumped 10.5% to $14.95/share on $70.2M unrealized gains; portfolio grew to $1.22B with $33.1M in Rowan Energy. Expenses spiked. Issued $60M 6.875% notes due 2028, redeemed $74.8M 8% notes.
10-Q
Q3 FY2026 results
Gladstone Investment posted $25.1M total investment income for Q3 FY2026 ended December 31, 2025, up 17.3% y/y from $21.4M, driven by $22.8M interest income (up 11.2% y/y) and $2.2M dividend/success fees (up 164.2% y/y). Net investment loss was $6.5M versus $1.2M income y/y due to $14.7M GAAP incentive fees, yet $72.4M realized/unrealized gains lifted net increase in net assets from operations to $65.9M ($1.66/share, up 58.1% y/y), reconciling to 39.7M diluted shares. NAV rose to $14.95/share from $13.55 at FY start. Total borrowings stood at $571.8M ($129M line of credit, $442.9M notes), with $171M revolver availability. Portfolio grew to $1.22B fair value. Non-accrual loans fell to 5.4% of debt cost basis. Concentration in five largest holdings was 37.9%. Portfolio companies face competition.
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