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.