Every 10-Q that Gladstone Investment Corporation (GAIN) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow GAIN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GAIN filings page.
Gladstone Investment Corporation, a BDC, reported for the quarter ended June 30, 2026 total investment income of $28,355 thousand, up from $23,544 thousand a year earlier. Net investment income rose to $15,927 thousand, or $0.40 per share, versus $9,088 thousand, or $0.25 per share.
Despite higher income, the company recorded a net decrease in net assets from operations of $11,855 thousand, or $(0.30) per share, reflecting a $9,000 thousand realized loss from restructuring the Home Concepts Acquisition, Inc. loan and $18,782 thousand of net unrealized depreciation, for total net realized and unrealized losses of $27,782 thousand. Net assets declined to $646,813 thousand and NAV per share to $16.24, from $668,225 thousand and $16.78 at March 31, 2026.
The investment portfolio totaled $1,282,020 thousand at fair value across 29 portfolio companies, with debt representing 70.6% of cost and equity 29.4%. Non-accrual loans to B+T Group Acquisition, Diligent Delivery Systems and Edge Adhesives had an aggregate cost of $40.3 million and fair value of $12.2 million. Borrowings were $570,835 thousand, including $157,600 thousand on the revolving credit line. Net cash provided by operating activities was $8,063 thousand, and common stockholders received cash distributions of $0.24 per share from net investment income.
Gladstone Investment Corporation grew its portfolio and net asset value in the quarter ended December 31, 2025. Total assets reached $1.24 billion, up from $1.01 billion as of March 31, 2025, while net assets rose to $595.4 million.
Net asset value per share increased from $13.55 to $14.95 as investments appreciated. Total investment income for the quarter was $25.1 million, higher than $21.4 million a year earlier, but higher management, incentive and interest expenses resulted in a net investment loss of $6.5 million.
Strong unrealized gains of $70.2 million on the investment portfolio drove a $65.9 million net increase in net assets from operations, compared with $38.5 million in the prior-year quarter. At fair value, investments grew to $1.22 billion, with 71.0% in debt and 29.0% in equity at cost.
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.