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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 at 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 four new portfolio investments.
Portfolio includes 29 companies across 20 states and Canada, diversified by industry and geography.
Since inception, invested over $2.2B and exited 33 companies, generating significant realized gains and a 4.0x cash-on-cash equity return.
Consistent and increasing monthly distributions, with a 100% increase in annual run-rate since FY11.
Financial highlights
Total investment income was $25.1 million for the quarter, up 17.3% year-over-year but slightly down 0.9% quarter-over-quarter.
Net investment income for the nine months ended December 31, 2025 was $6.9 million; adjusted NII was $26.3 million.
Net investment loss of $6.5 million for the quarter, compared to net investment income of $4.3 million in the prior quarter, mainly due to higher capital gains-based incentive fees.
Aggregate cash distributions to common stockholders for the nine months were $47.6 million ($1.26 per share), including $0.54 supplemental.
NAV per share grew to $14.95 at 12/31/2025 from $9.00 at 3/31/2011, a 7% annual growth rate.
Outlook and guidance
Portfolio is in good shape with strong liquidity and a positive outlook for continued earnings and distributions.
Plans to expand the portfolio through disciplined underwriting and active ownership, maintaining and growing regular and supplemental distributions.
Pipeline for new buyout investments remains healthy, with ongoing diligence on new and add-on opportunities.
Management expects continued investment activity in lower middle market companies, with a focus on a balanced mix of debt and equity.
Monthly distributions of $0.08 per share declared for the first quarter of 2026.
What drove NII loss despite positive Adj NII?
Impact of falling SOFR on debt investment income?
Reconcile distributable earnings increase vs spillover drop.
What drove Schylling, Old World, SFEG EBITDA growth?
Quantify SOFR decline impact on portfolio yield?
Underwriting discipline in competitive M&A market
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Latest events from Gladstone Investment
- Consistent NAV growth, strong returns, and disciplined buyout strategy drive shareholder value.GAIN
Investor Day presentation20 Mar 2026 - Consistent outperformance, strong distributions, and disciplined buyout strategy drive shareholder value.GAINInvestor Day presentation20 Mar 2026
- Net investment income rose, but NAV per share fell on unrealized losses; distributions stayed stable.GAINQ1 20254 Feb 2026
- $42.3M realized gains and $7.3M net investment income, but NAV per share fell to $12.49.GAINQ2 20254 Feb 2026
- Record new investments and NAV growth highlight a strong quarter with robust distributions.GAINQ3 20254 Feb 2026
- Record realized gains and income drove higher NAV and strong distributions in FY25.GAINQ4 20254 Feb 2026
- Net investment income reached $9.1M, NAV per share was $12.99, and distributions stayed strong.GAINQ1 20264 Feb 2026
- NAV per share rose to $13.53 on strong portfolio growth and stable adjusted NII.GAINQ2 20264 Feb 2026
- Stockholders will vote on director elections and auditor ratification, with strong governance oversight.GAINProxy Filing1 Dec 2025
Next Gladstone Investment earnings date
Q4 20268 May, 2026
Gladstone Investment
Next Gladstone Investment earnings date
Q4 20268 May, 2026
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