Gladstone Invt Corp SEC Filings

Gladstone Investment Corporation (GAIN) issued and sold $60.0 million aggregate principal amount of 6.875% Notes due 2028 in a registered direct offering, closing on November 10, 2025. The company plans to use net proceeds to repay a portion of its credit facility, fund new investments, and for general corporate purposes.

The notes mature on November 1, 2028 and pay interest at 6.875% semiannually on May 1 and November 1, starting May 1, 2026. They are unsecured obligations ranking pari passu with GAIN’s existing 2026, 2028, and 2030 unsecured notes, and are effectively subordinated to secured debt and structurally subordinated to subsidiary obligations.

Redemption is permitted at any time prior to August 1, 2028 at par plus a make‑whole premium, and thereafter at par plus accrued interest. The notes were issued under a Sixth Supplemental Indenture with UMB Bank as trustee, with covenants tied to Investment Company Act leverage provisions.

Gladstone Investment Corporation (GAIN) launched a primary debt offering of $60,000,000 aggregate principal amount of 6.875% Notes due 2028. The Notes mature on November 1, 2028 and pay interest semiannually on May 1 and November 1, beginning May 1, 2026. Pricing was 100.000% with a 1.500% underwriting discount ($900,000), yielding $59,100,000 in proceeds before expenses and an estimated $58,700,000 in net proceeds after approximately $0.4 million of offering expenses.

The company intends to use the net proceeds to repay a portion of its revolving Credit Facility, to fund new investments, and for general corporate purposes. As of November 5, 2025, borrowings under the Credit Facility were approximately $96.9 million. The Notes are unsecured, rank equal with existing unsecured notes, and are structurally subordinated to subsidiary debt. They include optional redemption provisions, a change of control repurchase at 100% of principal plus accrued interest, and will not be listed on an exchange. B. Riley Securities acted as sole book‑running manager, with settlement expected on November 10, 2025.

Gladstone Investment Corporation (GAIN) reported its September 30, 2025 quarter with higher total investment income and strong fair value gains, offset by a sizable realized loss tied to a loan restructuring. Total investment income rose to $25,279 thousand from $22,565 thousand, while net expenses increased on higher interest and incentive fees. Net investment income was $4,279 thousand versus $7,291 thousand a year ago.

The company recorded a $29,938 thousand realized loss from restructuring J.R. Hobbs Co. – Atlanta, LLC debt, but this was more than offset by $54,368 thousand of net unrealized appreciation, driving a net increase in net assets from operations of $28,709 thousand (vs. $15,482 thousand). Assets grew to $1,144,439 thousand (from $1,006,404 thousand), and borrowings totaled $555,031 thousand. Net asset value per share was $13.53 (vs. $13.55 at March 31, 2025). Shares outstanding were 39,646,451 as of November 3, 2025.

Operating cash flow was a use of $110,839 thousand, reflecting new investment purchases, while financing provided $97,922 thousand, including common stock issuance and net line of credit activity.

Gladstone Investment Corporation reported mixed quarterly results with portfolio growth but pressure on income and net asset value. Total assets were $1.054 billion and investments at fair value rose to $1.037 billion, while net assets declined to $485.3 million, producing a net asset value of $12.99 per share compared with $13.55 at the prior quarter end.

The company generated $9.09 million of net investment income ($0.25 per share), down from $12.41 million a year earlier, and reported a $7.77 million net increase from operations after a $1.316 million net unrealized depreciation. Management paid total distributions of $28.79 million, including $18.66 million funded from net realized gains ($0.51 per share).

Leverage increased with total borrowings of $518.6 million (including a $62.3 million draw on the line of credit). Credit metrics show $90.3 million of loans on non-accrual at cost (12.6% of debt cost basis) with a $51.7 million fair value. New investments included Smart Chemical Solutions ($49.5 million) and Sun State Nursery ($12.8 million), and PSI Molded debt was restructured into preferred equity.