Gladstone Investment Corporation Reports Financial Results for its Second Quarter Ended September 30, 2025
Gladstone Investment Corporation (Nasdaq: GAIN) reported results for the quarter ended September 30, 2025. Net investment income was $4.3M (or $0.11 per share), down from $9.1M the prior quarter. On an adjusted basis excluding capital gains-based incentive fees, adjusted net investment income was $9.176M (or $0.24 per share).
The company recorded a $29.9M realized loss related to the restructuring of J.R. Hobbs and reported $54.4M net unrealized appreciation, driving NAV to $13.53 per share (up from $12.99). Total investments at fair value were $1.1309B.
Portfolio actions included a $67.6M investment in Global GRAB and a $20.0M new loan to J.R. Hobbs; the company sold 2,238,361 shares via its ATM for approximately $31.1M net proceeds. The board declared monthly distributions totaling $0.24 per share for the October–December quarter. A conference call is scheduled for November 5, 2025 at 8:30 a.m. ET.
Gladstone Investment Corporation (Nasdaq: GAIN) ha riportato i risultati per il trimestre terminato il 30 settembre 2025. Il reddito netto da investimenti è stato 4,3 milioni di dollari (o 0,11 dollari per azione), in calo dai 9,1 milioni del trimestre precedente. Su base rettificata escludendo premi basati su guadagni di capitale, il reddito netto da investimenti rettificato è stato 9,176 milioni di dollari (ovvero 0,24 dollari per azione).
L'azienda ha registrato una perdita realizzata di 29,9 milioni di dollari legata al ristrutturazione di J.R. Hobbs e ha riportato 54,4 milioni di dollari di apprezzamento non realizzato, portando l'NAV a 13,53 dollari per azione (in aumento rispetto a 12,99). Le partecipazioni al fair value ammontavano a 1,1309 miliardi di dollari.
Tra le azioni del portafoglio vi è stato un investimento da 67,6 milioni di dollari in Global GRAB e un nuovo prestito da 20,0 milioni di dollari a J.R. Hobbs; l'azienda ha venduto 2.238.361 azioni tramite ATM per circa 31,1 milioni di dollari di proventi netti. Il consiglio ha dichiarato distribuzioni mensili pari a 0,24 dollari per azione per il trimestre ottobre–dicembre. Una conference call è prevista per 5 novembre 2025 alle 8:30 ET.
Gladstone Investment Corporation (Nasdaq: GAIN) informó resultados para el trimestre terminado al 30 de septiembre de 2025. El ingreso neto por inversiones fue de 4,3 millones de dólares (o 0,11 dólares por acción), frente a 9,1 millones en el trimestre anterior. En una base ajustada excluyendo las comisiones por incentivos basadas en ganancias de capital, el ingreso neto por inversiones ajustado fue de 9,176 millones de dólares (o 0,24 dólares por acción).
La empresa registró una pérdida realizada de 29,9 millones de dólares relacionada con la reorganización de J.R. Hobbs y reportó 54,4 millones de dólares de apreciación no realizada, elevando el NAV a 13,53 dólares por acción (frente a 12,99). Las inversiones totales a valor razonable fueron de 1.1309 millones de dólares.
Las acciones del portafolio incluyeron una inversión de 67,6 millones de dólares en Global GRAB y un nuevo préstamo de 20,0 millones de dólares a J.R. Hobbs; la empresa vendió 2,238,361 acciones a través de su ATM por aproximadamente 31,1 millones de dólares en ingresos netos. La junta directiva declaró distribuciones mensuales por un total de 0,24 dólares por acción para el trimestre octubre–diciembre. Se programó una llamada de conferencia para el 5 de noviembre de 2025 a las 8:30 a.m. ET.
Gladstone Investment Corporation (Nasdaq: GAIN) 은/는 2025년 9월 30일로 종료된 분기 실적을 발표했습니다. 투자 순이익은 430만 달러 (또는 주당 0.11달러)로, 직전 분기의 910만 달러에서 감소했습니다. 주식 매매 기반의 인센티브 수수료를 제외한 조정된 순투자수익은 9.176백만 달러 (또는 주당 0.24달러)였습니다.
회사는 제16의 J.R. Hobbs 구조조정과 관련된 실현손실 2990만 달러를 기록했으며, 미실현 평가이익 54.4백만 달러를 보고해 주당 순자산가치(NAV) 13.53달러로 상승했습니다(이전 12.99). 공정가치로 평가된 총 투자액은 11.309억 달러였습니다.
포트폴리오 조치로는 Global GRAB에 6,760만 달러의 투자, J.R. Hobbs에 신규 대출 2천만 달러이 포함되며, 회사는 ATM을 통해 2,238,361주를 매각해 거의 3110만 달러의 순현금 수령을 거두었습니다. 이사회는 10월–12월 분기에 대해 주당 0.24달러의 월별 배당금을 선언했습니다. 컨퍼런스 콜은 2025년 11월 5일 오전 8시 30분 ET로 예정되어 있습니다.
Gladstone Investment Corporation (Nasdaq: GAIN) a publié les résultats pour le trimestre terminé le 30 septembre 2025. Le revenu net d'investissement était de 4,3 M$ (ou 0,11$ par action), en baisse par rapport à 9,1 M$ au trimestre précédent. Sur une base ajustée excluant les frais incitatifs basés sur des gains en capital, le revenu net d'investissement ajusté était de 9,176 M$ (ou 0,24$ par action).
L'entreprise a enregistré une perte réalisée de 29,9 M$ liée à la restructuration de J.R. Hobbs et a déclaré 54,4 M$ d'appréciation latente, portant la valeur nette d'inventaire (NAV) à 13,53$ par action (contre 12,99). Les investissements totaux à la juste valeur s'élevaient à 1,1309 Md$.
Les actions du portefeuille comprenaient une investissement de 67,6 M$ dans Global GRAB et un nouveau prêt de 20,0 M$ à J.R. Hobbs; la société a vendu 2 238 361 actions via son ATM pour environ 31,1 M$ de produits nets. Le conseil a déclaré des distributions mensuelles totalisant 0,24$ par action pour le trimestre octobre-décembre. Une conférence téléphonique est prévue pour le 5 novembre 2025 à 8h30, heure de l'Est.
Gladstone Investment Corporation (Nasdaq: GAIN) meldete Ergebnisse für das Quartal zum 30. September 2025. Nettoanlageerträge betrugen 4,3 Mio. USD (oder 0,11 USD pro Aktie), gegenüber 9,1 Mio. USD im Vorquartal. Bereinigt um Kapitalgewinne-basierten Incentive-Fees betrug das bereinigte Nettoanlageergebnis 9,176 Mio. USD (bzw. 0,24 USD pro Aktie).
Das Unternehmen verzeichnete eine realisierten Verlust von 29,9 Mio. USD im Zusammenhang mit der Restrukturierung von J.R. Hobbs und meldete 54,4 Mio. USD unrealisierten Wertzuwachs, wodurch der NAV auf 13,53 USD pro Aktie stieg (von 12,99). Die Nettovermögenswerte zu beizulegendem Zeitwert beliefen sich auf 1,1309 Mrd. USD.
Portfolioaktiva umfassten unter anderem ein Investition in Global GRAB im Wert von 67,6 Mio. USD und einen neuen Kredit über 20,0 Mio. USD an J.R. Hobbs; das Unternehmen verkaufte 2.238.361 Aktien über sein ATM-Programm für ca. 31,1 Mio. USD Nettomittelzufluss. Der Vorstand erklärte monatliche Ausschüttungen in Höhe von 0,24 USD pro Aktie für das Quartal Oktober–Dezember. Eine Conference Call ist geplant für 5. November 2025 um 8:30 Uhr ET.
Gladstone Investment Corporation (Nasdaq: GAIN) أبلغت عن النتائج للربع المنتهي في 30 سبتمبر 2025. دخل الاستثمار الصافي كان 4.3 مليون دولار (أو 0.11 دولار للسهم)، بانخفاض من 9.1 مليون دولار في الربع السابق. على أساس معدل معدل التعديل باستثناء الرسوم التحفيزية المستندة إلى الأرباح الرأسمالية، بلغ دخل الاستثمار الصافي المعدل 9.176 مليون دولار (أو 0.24 دولار للسهم).
سجلت الشركة خسارة محققة قدرها 29.9 مليون دولار تتعلق بإعادة تنظيم شركة J.R. Hobbs وأفادت بــ تقدير غير محقق بقيمة 54.4 مليون دولار، مما أدى إلى ارتفاع صافي قيمة الأصول العائد على السهم NAV إلى 13.53 دولار للسهم (ارتفاع من 12.99). بلغت الاستثمارات الإجمالية عند القيمة العادلة 1.1309 مليار دولار.
شملت إجراءات المحافظـة استثماراً بقيمة 67.6 مليون دولار في Global GRAB وقرضاً جديداً بقيمة 20.0 مليون دولار لـ J.R. Hobbs؛ باع الشركة 2,238,361 سهماً عبر ATM الخاص بها بما يقرب من 31.1 مليون دولار من العوائد الصافية. قرر المجلس توزيعات شهرية بإجمالي 0.24 دولار للسهم للربع الممتد من أكتوبر إلى ديسمبر. من المقرر عقد مكالمة مؤتمر في 5 نوفمبر 2025 الساعة 8:30 صباحاً بتوقيت شرق الولايات المتحدة.
- NAV per share increased to $13.53 (up $0.54, 4.2%)
- Total investments at fair value $1,130.9M (up 9.1% QoQ)
- Adjusted net investment income $9.176M or $0.24 per share (stable QoQ)
- ATM equity sales raised approximately $31.1M in net proceeds
- New portfolio investment of $67.6M in Global GRAB
- Net investment income declined to $4.3M (down 52.9% QoQ)
- Realized loss of $29.9M from J.R. Hobbs restructure
- Total expenses increased to $21.0M (up 45.3% QoQ)
- Weighted-average yield on interest-bearing investments fell to 13.4% (down 0.7 pp)
Insights
Quarter shows NAV growth driven by unrealized gains, offset by a large realized loss and higher incentive accruals; adjusted income stable.
Business mechanism: The company reported a rise in net assets to
Dependencies and risks: The quarter includes a realized loss of
Concrete items to watch and time horizon: Monitor near‑term realized versus unrealized movements and incentive fee reversals in the remainder of fiscal
MCLEAN, VA / ACCESS Newswire / November 4, 2025 / Gladstone Investment Corporation (Nasdaq: GAIN) (the "Company") today announced earnings for its second fiscal quarter ended September 30, 2025. Please read the Company's Quarterly Report on Form 10-Q, filed today with the U.S. Securities and Exchange Commission (the "SEC"), which is available on the SEC's website at www.sec.gov or the investors section of the Company's website at www.gladstoneinvestment.com.
Summary Information: (dollars in thousands, except per share data (unaudited)):
September 30, | June 30, | Change | % Change | |||||||||||||
For the quarter ended: | ||||||||||||||||
Total investment income | $ | 25,279 | $ | 23,544 | $ | 1,735 | 7.4 | % | ||||||||
Total expenses, net(A) | 21,000 | 14,456 | 6,544 | 45.3 | % | |||||||||||
Net investment income(A) | 4,279 | 9,088 | (4,809 | ) | (52.9 | )% | ||||||||||
Net realized loss | (29,938 | ) | - | (29,938 | ) | NM | ||||||||||
Net unrealized appreciation (depreciation) | 54,368 | (1,316 | ) | 55,684 | NM | |||||||||||
Net increase in net assets resulting from operations(A) | $ | 28,709 | $ | 7,772 | $ | 20,937 | 269.4 | % | ||||||||
Net investment income per weighted-average common share(A) | $ | 0.11 | $ | 0.25 | $ | (0.14 | ) | (56.0 | )% | |||||||
Adjusted net investment income per weighted-average common share(B) | $ | 0.24 | $ | 0.24 | $ | - | - | % | ||||||||
Net increase in net assets resulting from operations per weighted-average common share(A) | $ | 0.75 | $ | 0.21 | $ | 0.54 | 257.1 | % | ||||||||
Cash distribution per common share from net investment income(C) | $ | 0.24 | $ | 0.27 | $ | (0.03 | ) | (11.1 | )% | |||||||
Cash distribution per common share from net realized gains(C) | $ | - | $ | 0.51 | $ | (0.51 | ) | (100.0 | )% | |||||||
Weighted-average yield on interest-bearing investments | 13.4 | % | 14.1 | % | (0.7 | )% | (5.0 | )% | ||||||||
Total dollars invested | $ | 71,036 | $ | 62,842 | $ | 8,194 | 13.0 | % | ||||||||
Total dollars repaid and collected from sales and recapitalization of investments | $ | 1,436 | $ | 4,370 | $ | (2,934 | ) | (67.1 | )% | |||||||
Weighted-average shares of common stock outstanding - basic and diluted | 38,445,643 | 36,908,943 | 1,536,700 | 4.2 | % | |||||||||||
Total shares of common stock outstanding | 39,591,037 | 37,352,676 | 2,238,361 | 6.0 | % | |||||||||||
As of: | ||||||||||||||||
Total investments, at fair value | $ | 1,130,859 | $ | 1,036,745 | $ | 94,114 | 9.1 | % | ||||||||
Fair value, as a percent of cost | 109.0 | % | 103.9 | % | 5.1 | % | 4.9 | % | ||||||||
Net assets | $ | 535,843 | $ | 485,304 | $ | 50,539 | 10.4 | % | ||||||||
Net asset value per common share | $ | 13.53 | $ | 12.99 | $ | 0.54 | 4.2 | % | ||||||||
Number of portfolio companies | 28 | 27 | 1 | 3.7 | % | |||||||||||
NM = Not Meaningful
(A) Inclusive of
(B) See Non-GAAP Financial Measure - Adjusted Net Investment Income, below, for a description of this non-GAAP measure and a reconciliation from Net investment income to Adjusted net investment income, including on a weighted-average per share basis. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes it is useful to investors as an additional tool to evaluate ongoing results and trends for the Company.
(C) Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date.
Highlights for the Quarter: During the quarter ended September 30, 2025, the following significant events occurred:
Portfolio Activity:
In July 2025, we invested
$67.6 million in a new portfolio company, Global GRAB Technologies, Inc. ("Global GRAB"), in the form of$46.5 million of secured first lien debt and$21.1 million of preferred equity. Global GRAB, headquartered in Franklin, Tennessee, is a provider of turnkey perimeter security and hostile vehicle mitigation systems, serving various government and commercial organizations.In September 2025, we entered into a new
$20.0 million secured first lien term loan with J.R. Hobbs Co. - Atlanta, LLC ("J.R. Hobbs"), restructuring our previously outstanding first lien term loans and line of credit with an aggregate total cost basis of$49.9 million , which resulted in a realized loss of$29.9 million .
Distributions and Dividends:
Paid an
$0.08 per common share distribution to common stockholders in each of July, August and September 2025.
At-the-market ("ATM") Program Activity:
Sold 2,238,361 shares of our common stock under our common stock ATM program at a weighted-average gross price of
$14.10 per share and raised approximately$31.1 million in net proceeds. These sales were above our then-current NAV per share.
Second Quarter Results: Net investment income for the quarter ended September 30, 2025 was
Total investment income for the quarters ended September 30, 2025 and June 30, 2025 was
Total expenses, net of credits, for the quarters ended September 30, 2025 and June 30, 2025 was
Net asset value per common share as of September 30, 2025 was
Subsequent Events: After September 30, 2025, the following significant events occurred:
Distributions and Dividends:
In October 2025, our Board of Directors declared the following monthly distributions to common stockholders:
Record Date | Payment Date | Distribution per Common Share | |||
October 24, 2025 | October 31, 2025 | $ | 0.08 | ||
November 17, 2025 | November 26, 2025 | 0.08 | |||
December 22, 2025 | December 31, 2025 | 0.08 | |||
Total for the Quarter: | $ | 0.24 | |||
ATM program activity:
Subsequent to September 30, 2025, we sold 55,414 shares of our common stock under our common stock ATM program at a weighted-average gross price of
$14.02 per share and raised approximately$0.8 million in net proceeds. These sales were above our then-current NAV per share.
Non-GAAP Financial Measure - Adjusted Net Investment Income: On a supplemental basis, the Company discloses Adjusted net investment income, including on a weighted-average per share basis, which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with GAAP. Adjusted net investment income represents net investment income, excluding capital gains-based incentive fees. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company. The Company's investment advisory agreement provides that a capital gains-based incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized appreciation) to the extent such realized capital gains exceed realized capital losses and unrealized depreciation on investments for such year. However, under GAAP, a capital gains-based incentive fee is accrued if realized capital gains and unrealized appreciation of investments exceed realized capital losses and unrealized depreciation of investments. Refer to Note 4 - Related Party Transactions in our Quarterly Report on Form 10-Q for further discussion. The Company believes that Adjusted net investment income is a useful indicator of operations exclusive of any capital gains-based incentive fees, as net investment income does not include realized or unrealized investment activity associated with the capital gains-based incentive fee.
The following table provides a reconciliation of net investment income (the most comparable GAAP measure) to Adjusted net investment income for the periods presented (dollars in thousands, except per share amounts; unaudited):
For the quarter ended | ||||||||||||||||
September 30, 2025 | June 30, 2025 | |||||||||||||||
Amount | Per Share Amount | Amount | Per Share Amount | |||||||||||||
Net investment income | $ | 4,279 | $ | 0.11 | $ | 9,088 | $ | 0.25 | ||||||||
Capital gains-based incentive fee | 4,897 | 0.13 | (209 | ) | (0.01 | ) | ||||||||||
Adjusted net investment income | $ | 9,176 | $ | 0.24 | $ | 8,879 | $ | 0.24 | ||||||||
Weighted-average shares of common stock outstanding - basic and diluted | 38,445,643 | 36,908,943 | ||||||||||||||
Adjusted net investment income may not be comparable to similar measures presented by other companies, as it is a non-GAAP financial measure that is not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies. In addition, Adjusted net investment income should be considered in addition to, not as a substitute for, or superior to, financial measures determined in accordance with GAAP.
Conference Call: The Company will hold its earnings release conference call on Wednesday, November 5, 2025, at 8:30 a.m. Eastern Time. Please call (866) 373-3416 to enter the conference call. An operator will monitor the call and set a queue for any questions. A replay of the conference call will be available through November 12, 2025. To hear the replay, please dial (877) 660-6853 and use the playback conference number 13755537. The replay will be available beginning approximately one hour after the call concludes. The live audio broadcast of the Company's quarterly conference call will also be available online at www.gladstoneinvestment.com. The event will be archived and available for replay on the Company's website.
About Gladstone Investment Corporation: Gladstone Investment Corporation is a publicly traded business development company that seeks to make secured debt and equity investments in lower middle market businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Information on the business activities of all the Gladstone funds can be found at www.gladstonecompanies.com.
To obtain a paper copy of our Quarterly Report on Form 10-Q, filed today with the SEC, please contact the Company at 1521 Westbranch Drive, Suite 100, McLean, VA 22102, ATTN: Investor Relations. The financial information above is not comprehensive and is without notes, so readers should obtain and carefully review the Company's Form 10-Q for the quarter ended September 30, 2025, including the notes to the consolidated financial statements contained therein.
Investor Relations Inquiries: Please visit ir.gladstoneinvestment.com or call (703) 287-5893.
Forward-looking Statements:
The statements in this press release regarding potential future distributions, earnings and operations of the Company are "forward-looking statements." These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on the Company's current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or otherwise, except as required by law.
SOURCE: Gladstone Investment Corporation
View the original press release on ACCESS Newswire
FAQ
What did GAIN report for net investment income in Q2 (ended Sep 30, 2025)?
Why did GAIN record a $29.9M realized loss in Q2 2025?
How did GAIN’s NAV change after the September 2025 quarter?
How much did GAIN raise from ATM stock sales in Q2 2025 and subsequent activity?
What material new investments did GAIN make in Q2 2025?
What distributions did GAIN declare for the October–December 2025 quarter?
