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Gladstone Investment
Gladstone Investment (GAIN) investor relations material
Gladstone Investment Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Feb, 2026
Executive summary
Net asset value (NAV) per share increased to $14.95 as of December 31, 2025, up from $13.53 in the prior quarter, reflecting strong portfolio appreciation and capital activity.
Achieved strong performance in Q3 FY2026, with continued portfolio growth, robust results from existing companies, and a net increase in net assets from operations of $65.9 million for the quarter.
Adjusted net investment income (NII) was $0.21 per share, down from $0.24 per share sequentially, with a net investment loss of $6.5 million due to higher capital gains-based incentive fees.
Four new portfolio investments were completed during the nine months ended December 31, 2025, bringing the total to 29 operating companies and maintaining a healthy acquisition pipeline.
Maintained monthly shareholder distribution of $0.08 per share, or $0.96 annualized, with supplemental distributions totaling $0.54 per share in the current fiscal year.
Financial highlights
Total investment income was $25.1 million for the quarter, a slight decrease of 0.9% quarter-over-quarter but up 17.3% year-over-year.
Portfolio's weighted average yield decreased from 13.2% to 12.9%, in line with a 32 basis point SOFR decline, mitigated by interest rate floors.
Net expenses rose to $31.6 million, mainly from a $9.9 million increase in capital gains-based incentive fees.
Net investment loss of $6.5 million, compared to net investment income of $4.3 million in the prior quarter, primarily due to higher incentive expenses.
Net assets increased to $595.4 million as of December 31, 2025, from $499.1 million at March 31, 2025.
Outlook and guidance
Portfolio is in good shape with strong liquidity and a positive outlook for continued earnings and distributions, with management expecting continued investment activity in lower middle market companies.
Pipeline for new buyout investments remains healthy, with ongoing diligence on new and add-on opportunities.
Monthly distributions of $0.08 per share were declared for the first quarter of 2026.
Supplemental distributions are expected to remain a key part of shareholder returns, driven by realized capital gains.
Forward-looking statements caution that actual results may differ due to various risks and uncertainties.
What drove NII loss despite positive Adj NII?
Impact of falling SOFR on debt investment income?
Reconcile distributable earnings increase vs spillover drop.
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Next Gladstone Investment earnings date
Q4 20268 May, 2026
Gladstone Investment
Next Gladstone Investment earnings date
Q4 20268 May, 2026
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Frequently asked questions
Gladstone Investment Corporation is an externally managed, closed-end, non-diversified management investment company. The Company’s investment objective is to achieve and grow current income by investing in debt securities of established businesses that it believes will provide stable earnings and cash flow to pay expenses, make principal and interest payments on its outstanding indebtedness and make distributions to stockholders that grow over time. Its subsidiary company invests in mezzanine debt instruments such as subordinated loans issued by private companies and warrants or options.
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