Gladstone Investment Corp.
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Range $17 – $17
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About the company
Gladstone Investment Corporation is business development company, specializes in lower middle market, mature stage, buyouts; refinancing existing debt; senior debt securities such as senior loans, senior term loans, lines of credit, and senior notes; senior subordinated debt securities such as senior subordinated loans and senior subordinated notes; junior subordinated debt securities such as subordinated notes and mezzanine loans; limited liability company interests, and warrants or options. The fund does not invest in start-ups. The fund seeks to invest in manufacturing, consumer products and business/consumer services sector.
- CEO
- David A. R. Dullum
- IPO
- 2005
- Employees
- 78
- HQ
- McLean, VA, US
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Similar companies
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- Market Cap
- $649.94M
- P/E
- 3.90
- Fwd P/E
- 16.16
- PEG
- 0.04
- P/S
- 6.14
- P/B
- 1.00
- EV/EBITDA
- 10.66
- Div Yield
- 5.88%
- Gross Margin
- 63.51%
- Op Margin
- 107.81%
- Net Margin
- 155.95%
- ROE
- 27.00%
- ROIC
- 9.36%
Latest fiscal year · YoY change
- Revenue
- $71.48M-20.5%
- Gross Profit
- $13.85M-77.5%
- Op Income
- $225.77M
- Net Income
- $184.75M+182.8%
- EPS
- $4.77+168.0%
- OCF Growth
- -189.2%
- FCF Growth
- -189.2%
- 52W High
- $17.14
- 52W Low
- $13.11
- 50D MA
- $15.96
- 200D MA
- $14.88
- Beta
- 0.75
- RSI (14)
- 50
- Avg Volume
- 221.75K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Gladstone Investment delivered solid quarterly earnings, covered its dividend with adjusted NII, and remains positioned for gains from new investments and a pending SFEG exit.· August 7, 2026
- Adjusted NII was $0.26 per share, enough to cover the monthly dividend for the quarter.
- Net investment income was $15.9 million, or $0.40 per share, versus a net investment loss of $10.6 million in the prior quarter.
- The portfolio ended at $1.3 billion fair value, with weighted average yield at 12.9% and interest-bearing investments around $706 million.
- Management highlighted active deal flow: Extrude Hone was signed, DHE Computer Systems closed in July, and an add-on was completed for Global GRAB Technologies.
- SFEG is expected to close in coming months with a full repayment and a very significant capital gain, though timing and distribution treatment are still being evaluated.
For the first quarter ended June 30, 2026, Gladstone Investment reported net investment income of $15.9 million, or $0.40 per share, versus a net investment loss of $10.6 million in the prior quarter. Adjusted net investment income was $10.4 million, or $0.26 per share, versus $7.9 million, or $0.20 per share previously, and total investment income was $28.4 million versus $25.2 million. Net expenses declined to $12.4 million from $35.8 million, while portfolio valuations declined by $18.8 million and NAV fell to $16.24 per share from $16.78. The company said adjusted NII covered the monthly distribution, and it ended with spillover income of $22.5 million, or $0.56 per share, and total distributable income of $160.4 million, or $4.03 per share. Looking ahead, management did not give formal quarterly or full-year EPS guidance, but said the portfolio is positioned for continued strong earnings, with more investment activity expected and SFEG likely to produce a meaningful realized gain when it closes.
David Dullum emphasized that the quarter reflected active portfolio management, new deal activity, and an ongoing buyout strategy that combines debt and equity to support monthly distributions and potential capital gains. He said the company has a strong liquid balance sheet, a good pipeline, and expects continued earnings and distributions over the next year, while acknowledging the uncertain economic backdrop. His tone was confident but cautious, especially around the timing and treatment of the SFEG exit proceeds.
Taylor Ritchie said earnings were supported by higher investment income and lower expenses, including the reversal of $5.6 million of accrued capital gains-based incentive fees, which helped bring net investment income to $15.9 million. He noted the portfolio yield was 12.9%, the weighted average principal balance was about $706 million, and a 50 to 150 basis point rise in SOFR would add approximately $0.02 to $0.09 per share in annual NII. On capital structure, he highlighted the amended credit facility, which lowered the spread over SOFR by 40 basis points, increased commitment to $405 million, and extended maturity to 2031; quarter-end borrowings were approximately $158 million, asset coverage was 209%, and debt-to-equity was 0.88x. He also pointed to spillover income of $22.5 million and said the company intends to make supplemental distributions as it realizes capital gains.
Analysts focused on the $5.6 million other income line, which management said was success fee income from SFEG paid in advance of its pending exit, not the incentive fee reversal. They also pressed on SFEG’s valuation and expected gain; management said the current valuation approximates what they expect to collect, though it is discounted for transaction costs and escrows, and they have not yet decided how much of the gain to distribute versus retain. Questions on Detroit Defense drew a response that the company is fundamentally performing well, but valuation was pressured by delayed contract funding in Washington; management said those contracts are now starting to come through and should support a reversal. On the broader economy, management said most portfolio companies are trending up, defense spending appears to be flowing into the sector, and deal sourcing in aerospace and defense is picking up.
The call showed a company with dividend coverage, healthy spillover income, and multiple near-term catalysts from acquisitions and exits. Management also pointed to improving operating performance across much of the portfolio, favorable rate sensitivity, and a stronger balance sheet after refinancing and credit facility expansion.
Management acknowledged ongoing macro uncertainty, including elevated energy prices, supply chain disruption, and tariff costs that could pressure demand and margins. There are also three nonaccrual investments, SFEG’s exit still needs approvals and final timing, and some portfolio marks such as Detroit Defense were hurt by contract timing and government funding delays.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 97.7%
- Shares Outstanding
- 39.82M
- Float Shares
- 38.93M
of shares held by institutions
95 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Van Eck Associates Corp | 804.10K | ▲ 212.17K |
| Melia Wealth LLC | 656.31K | ▼ 413.17K |
| Ubs Group AG | 618.15K | ▼ 114.08K |
| Two Sigma Investments, LP | 584.11K | ▼ 220.16K |
| Cooper Creek Partners Management LLC | 576.29K | ▲ 576.29K |
| Morgan Stanley | 349.85K | ▲ 11.78K |
| Legal & General Group PLC | 337.07K | ▲ 36.37K |
| Pfg Advisors | 236.63K | ▼ 78.70K |
| Blackrock, Inc. | 220.76K | ▲ 13.36K |
| Outfitter Financial LLC | 203.37K | ▼ 1.75K |
| Lpl Financial LLC | 185.18K | ▼ 2.26K |
| Blair William & Co/Il | 143.68K | ▼ 2.08K |
Held by 13 ETFs
Biggest fund positions in GAIN by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 18, 26 | Ritchie Taylor | buy | 1,500 |
| Jun 1, 26 | STELLJES GEORGE III | other | 0 |
| May 19, 26 | Ritchie Taylor | buy | 155 |
| May 19, 26 | Ritchie Taylor | buy | 160 |
| May 18, 26 | Ritchie Taylor | buy | 150 |
| May 15, 26 | Ritchie Taylor | buy | 450 |
| Mar 20, 26 | Highland Erika P | other | 0 |
| Mar 20, 26 | Lee Christopher James | other | 0 |
| Mar 20, 26 | Sateri John | other | 0 |
| Jul 10, 25 | Hellmold Erich Michael | other | 0 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our GAIN coverage
Recent articles, reports, and earnings notes.
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