GAIN on Nasdaq
GLADSTONE INVESTMENT CORPORATION\DE
Corporation registered in the United States, based in McLean, active since 20052
In its 2026 annual report the company says: “We operate as an externally managed, closed-end, non-diversified management investment company and have elected to be treated as a BDC under the Investment Company Act of 1940, as amended. We have also entered into an administration agreement with Gladstone Administration, LLC, an affiliate of ours and the Adviser.”5 Its shares trade on Nasdaq under the symbol GAIN.2
Price unavailable
Last updated Oct 21, 2026.
Overview
$184.8MNet income, fiscal 20263
- TickerGAIN on Nasdaq2
- HeadquartersMcLean, United States2
- Incorporated inDE4
- Business address1521 Westbranch Drive, Suite 100, Mclean, Va 221024
- Filer categoryNon-accelerated filer4
- Legal formCorporation2
- LEI549300HFFTVIBC98Z3622
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered addressC/O UNITED AGENT GROUP INC., 19803 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 39286202
See how the biggest companies compare on our leaderboards
We were incorporated under the General Corporation Law of the State of Delaware on February 18, 2005. On June 22, 2005, we completed our initial public offering and commenced operations. We operate as an externally managed, closed-end, non-diversified management investment company and have elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). For U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). To continue to qualify as a RIC for U.S. federal income tax purposes and obtain favorable RIC tax treatment, we must meet certain requirements, including certain minimum distribution requirements.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2026
Financial statements
Every line of the income statement as filed: the last 5 fiscal years, latest first.3
| Period ending | 2026-03-31 | 2025-03-31 | 2024-03-31 | 2023-03-31 | 2022-03-31 |
|---|---|---|---|---|---|
| Interest income: | $89.7M | $83.6M | $81.8M | ||
| Dividend income: | $6.1M | $3.3M | $1.9M | ||
| Success fee income: | $3.2M | $6.8M | $3.6M | ||
| Total investment income | $99.1M | $93.7M | $87.3M | ||
| Base management fee | $22.8M | $19.1M | $17.5M | ||
| Loan servicing fee | $11.8M | $9.6M | $9.1M | ||
| Incentive fee | $38.3M | $12.3M | $21.0M | ||
| Administration fee | $2.0M | $1.9M | $1.8M | ||
| Interest expense on borrowings | $37.1M | $28.2M | $24.1M | ||
| Amortization of deferred financing costs and discounts | $3.9M | $2.9M | $2.3M | ||
| Professional fees | $2.1M | $1.6M | $1.4M | ||
| Other general and administrative expenses | $2.1M | $4.7M | $3.0M | ||
| Expenses before credits from Adviser | $120.1M | $80.3M | $80.2M | ||
| Credits to base management fee loan servicing fee | -$11.8M | -$9.6M | -$9.1M | ||
| Credits to fees from Adviser - other | -$5.4M | -$5.1M | -$5.6M | ||
| Total expenses, net of credits to fees | $102.8M | $65.6M | $65.5M | ||
| NET INVESTMENT (LOSS) INCOME | -$3.8M | $28.1M | $21.8M | ||
| Net realized gain (loss): | -$27.6M | $63.2M | $30.3M | ||
| Net unrealized appreciation (depreciation): | $216.1M | -$26.0M | $33.3M | ||
| Net realized and unrealized gain | $188.5M | $37.2M | $63.5M | ||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $184.8M | $65.3M | $85.3M | ||
| Net investment (loss) income, basic (in USD per share) | -$0.10 | $0.76 | $0.63 | $1.11 | $0.45 |
| Net investment (loss) income, diluted (in USD per share) | -$0.10 | $0.76 | $0.63 | ||
| Net increase in net assets resulting from operations, basic (in USD per share) | $5 | $2 | $2 | ||
| Net increase in net assets resulting from operations, diluted (in USD per share) | $5 | $2 | $2 | ||
| Basic (in shares) | 38.7M shares | 36.7M shares | 34.5M shares | 33.3M shares | 33.2M shares |
| Diluted (in shares) | 38.7M shares | 36.7M shares | 34.5M shares | 33.3M shares | 33.2M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 11 quarters (quarterly), latest first.3
| Period ending | 2026-03-31 | 2025-03-31 | 2024-03-31 | 2023-03-31 | 2022-03-31 |
|---|---|---|---|---|---|
| Investments at fair value | $1.3B | $979.3M | |||
| Cash | $1.1M | $12.9M | |||
| Cash equivalents | $25.0K | $1.4M | |||
| Restricted cash | $1.2M | $856.0K | |||
| Interest receivable | $6.8M | $5.6M | |||
| Deferred financing costs, net | $636.0K | $1.5M | |||
| Other assets, net | $1.7M | $2.0M | |||
| TOTAL ASSETS | $1.3B | $1.0B | |||
| Line of credit at fair value (Cost of $23,900 and $0, respectively) | $23.9M | $0 | |||
| Notes payable, net of unamortized deferred financing costs of $8,460 and $8,029, respectively | $540.5M | $455.7M | |||
| Total borrowings | $564.5M | $455.7M | |||
| Accounts payable and accrued expenses | $1.2M | $1.3M | |||
| Interest payable | $6.4M | $4.9M | |||
| Other liabilities | $1.2M | $857.0K | |||
| TOTAL LIABILITIES | $654.6M | $507.3M | |||
| NET ASSETS | $668.2M | $499.1M | $492.7M | $439.7M | $445.8M |
| Common stock, $0.001 par value per share, 100,000,000 shares authorized; 39,821,967 and 36,837,381 shares issued and outstanding, respectively | $40.0K | $37.0K | |||
| Capital in excess of par value | $486.7M | $445.5M | |||
| Total distributable earnings | $181.5M | $53.5M | |||
| TOTAL NET ASSETS | $668.2M | $499.1M | $492.7M | $439.7M | |
| NET ASSET VALUE PER SHARE (in USD per share) | $16.78 | $13.55 | $13.43 | $13.09 | $13.43 |
| Cost | $1.1B | $939.1M | |||
| Line of credit at cost | $23.9M | $0 | |||
| Common stock, par value (in USD per share) | $0.00 | $0.00 | |||
| Common stock, shares authorized (in shares) | 100.0M shares | 100.0M shares | |||
| Common stock, shares, issued (In shares) | 39.8M shares | 36.8M shares | |||
| Common stock, shares, outstanding (in shares) | 39.8M shares | 36.8M shares | 36.7M shares | 33.6M shares | 33.2M shares |
| Period ending | 2026-03-31 | 2025-03-31 | 2024-03-31 | 2023-03-31 | 2022-03-31 | 2021-03-31 | 2020-03-31 | 2019-03-31 | 2018-03-31 | 2017-03-31 | 2016-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments at fair value | $1.3B | $979.3M | |||||||||
| Cash | $1.1M | $12.9M | |||||||||
| Cash equivalents | $25.0K | $1.4M | |||||||||
| Restricted cash | $1.2M | $856.0K | |||||||||
| Interest receivable | $6.8M | $5.6M | |||||||||
| Deferred financing costs, net | $636.0K | $1.5M | |||||||||
| Other assets, net | $1.7M | $2.0M | |||||||||
| TOTAL ASSETS | $1.3B | $1.0B | |||||||||
| Line of credit at fair value (Cost of $23,900 and $0, respectively) | $23.9M | $0 | |||||||||
| Notes payable, net of unamortized deferred financing costs of $8,460 and $8,029, respectively | $540.5M | $455.7M | |||||||||
| Total borrowings | $564.5M | $455.7M | |||||||||
| Accounts payable and accrued expenses | $1.2M | $1.3M | |||||||||
| Interest payable | $6.4M | $4.9M | |||||||||
| Other liabilities | $1.2M | $857.0K | |||||||||
| TOTAL LIABILITIES | $654.6M | $507.3M | |||||||||
| NET ASSETS | $668.2M | $499.1M | $492.7M | $439.7M | $445.8M | $382.4M | $369.0M | $407.1M | $354.2M | $301.1M | |
| Common stock, $0.001 par value per share, 100,000,000 shares authorized; 39,821,967 and 36,837,381 shares issued and outstanding, respectively | $40.0K | $37.0K | |||||||||
| Capital in excess of par value | $486.7M | $445.5M | |||||||||
| Total distributable earnings | $181.5M | $53.5M | |||||||||
| TOTAL NET ASSETS | $668.2M | $499.1M | $492.7M | $439.7M | |||||||
| NET ASSET VALUE PER SHARE (in USD per share) | $16.78 | $13.55 | $13.43 | $13.09 | $13.43 | $11.52 | $11.17 | $12.40 | $10.85 | $9.95 | $9.22 |
| Cost | $1.1B | $939.1M | |||||||||
| Line of credit at cost | $23.9M | $0 | |||||||||
| Common stock, par value (in USD per share) | $0.00 | $0.00 | |||||||||
| Common stock, shares authorized (in shares) | 100.0M shares | 100.0M shares | |||||||||
| Common stock, shares, issued (In shares) | 39.8M shares | 36.8M shares | |||||||||
| Common stock, shares, outstanding (in shares) | 39.8M shares | 36.8M shares | 36.7M shares | 33.6M shares | 33.2M shares | 33.2M shares | 33.0M shares | 32.8M shares | 32.7M shares | 30.3M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2026-03-31 | 2025-03-31 | 2024-03-31 |
|---|---|---|---|
| Net increase in net assets resulting from operations | $184.8M | $65.3M | $85.3M |
| Purchase of investments | -$173.6M | -$221.2M | -$183.9M |
| Principal repayments of investments | $29.9M | $123.6M | $28.0M |
| Net proceeds from the sale and recapitalization of investments | $3.6M | $76.0M | $52.2M |
| Net realized loss (gain) on investments and other | $27.6M | -$63.2M | -$30.3M |
| Net unrealized (appreciation) depreciation of investments and other | -$216.1M | $26.0M | -$33.3M |
| Amortization of deferred financing costs and discounts | $3.9M | $2.9M | $2.3M |
| Bad debt expense, net of recoveries | -$202.0K | $1.6M | $1.0K |
| (Increase) decrease in interest receivable | -$1.3M | $761.0K | -$4.6M |
| Decrease (increase) in other assets, net | $559.0K | -$436.0K | -$181.0K |
| (Decrease) increase in accounts payable and accrued expenses | -$44.0K | $559.0K | -$54.0K |
| Increase in interest payable | $1.5M | $1.4M | $1.2M |
| Increase in other liabilities | $367.0K | $98.0K | $485.0K |
| Net cash (used in) provided by operating activities | -$101.6M | $16.3M | -$69.9M |
| Proceeds from issuance of common stock, net of discounts, commissions and offering costs | $41.6M | $2.0M | $43.9M |
| Proceeds from line of credit | $295.4M | $214.1M | $242.3M |
| Repayments on line of credit | -$271.5M | -$281.1M | -$210.5M |
| Deferred financing costs from line of credit | -$333.0K | -$763.0K | -$1.9M |
| Repayment of notes payable | -$74.8M | $0 | $0 |
| Proceeds from issuance of notes payable, net of deferred offering costs | $155.5M | $122.3M | $72.2M |
| Distributions paid to common stockholders | -$57.2M | -$61.0M | -$76.1M |
| Net cash provided by (used in) financing activities | $88.8M | -$4.4M | $69.9M |
| NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | -$12.8M | $11.9M | -$28.0K |
| CASH PAID FOR INTEREST | $33.8M | $25.4M | $22.0M |
No quarter-by-quarter statement was filed.
Compare GLADSTONE INVESTMENT CORPORATION\DE with another company
What it owns
What GLADSTONE INVESTMENT CORPORATION\DE reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $14.3M8 Mar 31, 2025 | $2.5M8 Mar 31, 2024 | +481.2% |
Properties, in its own words
We do not own any real estate or other physical properties material to our operations. The Adviser is the current leaseholder of all properties in which we operate. We occupy these premises pursuant to our Advisory Agreement and Administration Agreement with the Adviser and Administrator, respectively.
Item 2 of the 10-K filed May 12, 2026.5
Leadership
Who has led GLADSTONE INVESTMENT CORPORATION\DE, and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerDavid Gladstone Dec 29, 2006 to Jan 25, 202112
- PresidentDavid A. R. Dullum Apr 23, 2008 to Oct 11, 202413
- Chief financial officerTaylor Ritchie Nov 15, 2024 to now14
- Chief financial officerRachael Z. Easton Dec 21, 2021 to Nov 7, 202315
- Chief financial officerDavid Hibbert Watson Jan 28, 2010 to Dec 10, 201416
- Chief financial officerMark Perrigo Feb 27, 2008 to Nov 13, 200817
- Chief operating officerTerry Lee Brubaker Apr 23, 2008 to Mar 24, 202018
Board members and other officers (21)
- Chief Investment OfficerJohn Sateri Mar 30, 2026 to now19
- Executive Vice PresidentErika P. Highland Apr 7, 2026 to now20
- Valuation OfficerJennifer A. Smith Jul 24, 2014 to Aug 19, 202221
- Asst. SecretaryMichael Licalsi Aug 9, 2010 to Mar 24, 201422
- Chief Investment OfficerGeorge Stelljes Iii. Jan 3, 2007 to Nov 13, 200823
- Chief Compliance OfficerJohn Dellafiora Oct 15, 2007 to Oct 15, 200724
- TreasurerGary Gerson Apr 18, 2006 to Apr 23, 200825
- Board memberKatharine C. Gorka Aug 27, 2024 to Aug 27, 202426
- Board memberPaula Novara Oct 18, 2022 to Oct 18, 202227
- Board memberWalter H. Wilkinson Oct 15, 2014 to Feb 7, 202328
- Board memberTerry Earhart Oct 12, 2012 to Oct 12, 201229
- Board memberJohn H. Outland Apr 23, 2008 to Jun 6, 200830
- Board memberMichela A. English Apr 23, 2008 to Apr 23, 200831
- Board memberTerry Lee Brubaker Apr 23, 2008 to Mar 24, 202018
- Board memberGeorge Stelljes Iii. Jan 3, 2007 to now23
- Board memberDavid A. R. Dullum Aug 13, 2007 to Dec 10, 201432
- Board memberGerard Mead Nov 29, 2006 to Sep 13, 201133
- Board memberPaul W. Adelgren Dec 11, 2006 to Mar 15, 201234
- Board memberDavid Gladstone Dec 29, 2006 to Jan 25, 202112
- General counselErich Michael Hellmold Jul 18, 2025 to now35
- General counselMichael Licalsi Mar 16, 2020 to Mar 16, 202036
Timeline
- Oct 1, 20268-K Executive or director change37
- Sep 4, 20268-K Shareholder vote38
- Aug 6, 20268-K Shareholder vote39
- Aug 6, 20268-K Results of operations40
- Jul 8, 20268-K Other events41
- Jun 11, 20268-K Entered a material agreement; New debt or obligation42
- Jun 2, 20268-K Executive or director change; Regulation FD disclosure43
- May 12, 20268-K Results of operations44
- Mar 23, 20268-K Executive or director change; Regulation FD disclosure45
- Feb 18, 20268-K Entered a material agreement; New debt or obligation46
- Feb 11, 20268-K Entered a material agreement47
- Feb 3, 20268-K Results of operations48
- Dec 29, 2006New chief executive David Gladstone becomes CEO12
- Feb 18, 2005Founded GLADSTONE INVESTMENT CORPORATION\DE is founded2
Calendar
Coming up
- Oct 23, 2026Dividend Ex-dividend; $0.08 a share; paid 2026-10-30.49
- Nov 9, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.24 a share, on Nov 4, 2025.50
- Nov 19, 2026Dividend Ex-dividend; $0.08 a share; paid 2026-11-30.49
- Dec 21, 2026Dividend Ex-dividend; $0.08 a share; paid 2026-12-31.49
When it reported results
- Aug 6, 2026Reported quarterly or annual results40
- May 12, 2026Reported quarterly or annual results44
- Feb 3, 2026Reported quarterly or annual results48
- Nov 4, 2025Reported quarterly or annual results51
- Aug 12, 2025Reported quarterly or annual results52
- May 13, 2025Reported quarterly or annual results53
- Feb 12, 2025Reported quarterly or annual results54
- Nov 7, 2024Reported quarterly or annual results55
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
180 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 74 major events, 25 insider forms, 61 other. The latest 20:
- Oct 1, 20268-K EDGAR
- Sep 4, 20268-K EDGAR
- Aug 19, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Aug 6, 20268-K EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 2026DEFA14A EDGAR
- Aug 6, 20268-K EDGAR
- Jul 14, 2026DEFA14A EDGAR
- Jul 8, 20268-K EDGAR
- Jun 18, 2026DEF 14A EDGAR
- Jun 11, 20268-K EDGAR
- Jun 5, 20263/A AMENDED INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Jun 3, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Jun 2, 20268-K EDGAR
- May 19, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- May 12, 20268-K EDGAR
- May 12, 202610-K EDGAR
- May 4, 202625-NSE EDGAR
- May 4, 2026PRE 14A EDGAR
- Apr 7, 20263 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
The 180 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
16 open-market trades by officers, directors and large owners since October 2021: 16 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Ritchie TaylorChief Financial Officer | Buy | 1,500 | $16.20 | $24.3K | Form 4 |
| May 19, 2026 | Ritchie TaylorChief Financial Officer | Buy | 315 | $16.13 | $5.1K | Form 4 |
| May 18, 2026 | Ritchie TaylorChief Financial Officer | Buy | 150 | $16.29 | $2.4K | Form 4 |
| May 15, 2026 | Ritchie TaylorChief Financial Officer | Buy | 450 | $16.50 | $7.4K | Form 4 |
| Nov 6, 2023 | Easton Rachael Z.CFO and Treasurer | Buy | 650 | $14.67 | $9.5K | Form 4 |
| Aug 7, 2023 | DULLUM DAVID A RPresident | Buy | 5,000 | $13.39 | $67.0K | Form 4 |
| Mar 16, 2023 | Easton Rachael Z.CFO and Treasurer | Buy | 375 | $13.12 | $4.9K | Form 4 |
| Mar 14, 2023 | DULLUM DAVID A RPresident | Buy | 3,000 | $12.84 | $38.5K | Form 4 |
| Feb 6, 2023 | WILKINSON WALTER HDirector | Buy | 3,661 | $13.96 | $51.1K | Form 4 |
| Dec 16, 2022 | DULLUM DAVID A RPresident | Buy | 3,000 | $13.06 | $39.2K | Form 4 |
| Aug 19, 2022 | Smith Jennifer AChief Valuation Officer | Buy | 100 | $15.61 | $1.6K | Form 4 |
| Jun 14, 2022 | DULLUM DAVID A RPresident | Buy | 4,000 | $12.75 | $51.0K | Form 4 |
| May 20, 2022 | Easton Rachael Z.CFO and Treasurer | Buy | 175 | $14.52 | $2.5K | Form 4 |
| Feb 24, 2022 | DULLUM DAVID A RPresident | Buy | 5,500 | $14.56 | $80.1K | Form 4 |
| Feb 23, 2022 | Easton Rachael Z.CFO and Treasurer | Buy | 200 | $14.93 | $3.0K | Form 4 |
| Dec 3, 2021 | DULLUM DAVID A RPresident | Buy | 3,000 | $16.54 | $49.6K | Form 4 |
From Forms 4 filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 94. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Van Eck Associates Corp | 804,098 | $12.4M | 0.0% | +212,170 |
| Melia Wealth LLC | 656,313 | $10.1M | 5.8% | −413,173 |
| UBS Group AG | 618,149 | $9.6M | 0.0% | −114,082 |
| Two Sigma Investments, LP | 584,106 | $9.0M | 0.0% | −220,157 |
| Union Bancaire Privee, UBP SA | 3,570 | $8.8M | 0.1% | No change |
| Morgan Stanley | 349,848 | $5.4M | 0.0% | +11,776 |
| Legal & General Group Plc | 337,067 | $5.2M | 0.0% | +36,369 |
| PFG Advisors | 236,628 | $3.7M | 0.2% | −78,702 |
| BlackRock, Inc. | 220,759 | $3.4M | 0.0% | +13,356 |
| Outfitters Financial LLC | 203,370 | $3.1M | 2.2% | −1,750 |
| LPL Financial LLC | 185,176 | $2.9M | 0.0% | −2,262 |
| Blair William & Co/il | 143,679 | $2.2M | 0.0% | −2,075 |
| DAVENPORT & Co LLC | 142,530 | $2.2M | 0.0% | +2,668 |
| Tudor Investment Corp Et Al | 120,964 | $1.9M | 0.0% | −4,245 |
| Marshall Wace, Llp | 116,693 | $1.8M | 0.0% | New |
| Legacy Capital Wealth Partners, LLC | 113,833 | $1.8M | 0.3% | −5,235 |
| Advisors Asset Management, Inc. | 104,239 | $1.6M | 0.0% | −4,734 |
| Atlantic Union Bankshares Corp | 96,664 | $1.5M | 0.0% | −500 |
| Osaic Holdings, Inc. | 91,023 | $1.4M | 0.0% | −4,232 |
| Baird Financial Group, Inc. | 90,300 | $1.4M | 0.0% | No change |
| Invesco Ltd. | 72,620 | $1.1M | 0.0% | +29,379 |
| United Advisor Group, LLC | 72,190 | $1.1M | 0.1% | −5,422 |
| Albert D Mason Inc | 69,455 | $1.1M | 0.6% | +1,519 |
| Cassaday & Co Wealth Management LLC | 62,500 | $966.2K | 0.0% | −16,500 |
| Royal Bank Of Canada | 58,446 | $904.0K | 0.0% | +267 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How GLADSTONE INVESTMENT CORPORATION\DE is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARGLADSTONE INVESTMENT CORPORATION\DE1
- CIK0001321741
- Employer ID (EIN)83-04231165
- Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsMarch 311
- Business address1521 Westbranch Drive, Suite 100, Mclean, VA 221021
- Phone70328758001
- Shares outstanding39,821,967 as of Aug 5, 202611
- Public float$534.2M as of Sep 30, 20255
- AuditorPricewaterhouseCoopers LLP, Washington, District of Columbia PCAOB ID 238; no auditor attestation of internal control over financial reporting5
- On EDGAR sinceMar 31, 20051
- Filings928 in all: 8-K (270), 4 (146), 10-Q (64), DEFA14A (44), 3 (37), CORRESP (36), 497AD (32), 497 (29)1
All 44 form types
40-17G (25), DEF 14A (22), 10-K (21), PRE 14A (17), EFFECT (16), SC 13G (16), SC 13G/A (16), 424B2 (13), POS EX (12), 8-A12B (11), N-2/A (11), POS 8C (11), N-2 (10), 25-NSE (7), 4/A (6), 8-K/A (6), CERT (6), FWP (6), 40-APP/A (5), N-23C-2 (5), 424B3 (4), ARS (4), CERTNAS (4), 40-APP (2), DEFC14A (2), UPLOAD (2), 15-12G (1), 3/A (1), 305B2 (1), 424B5 (1), 5 (1), 8-A12B/A (1), 8-A12G (1), 8-A12G/A (1), N-2MEF (1), N-54A (1)
- Latest filingsAnnual report (10-K) May 12, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Jun 18, 2026
Latest 8-K (8-K) Oct 1, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $0.001 par value per share | GAIN | The Nasdaq Stock Market LLC |
| 4.875% Notes due 2028 | GAINZ | The Nasdaq Stock Market LLC |
| 7.875% Notes due 2030 | GAINI | The Nasdaq Stock Market LLC |
| 7.125% Notes due 2031 | GAING | The Nasdaq Stock Market LLC |
From the cover page of the 10-K filed May 12, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks GLADSTONE INVESTMENT CORPORATION\DE names in Item 1A of its 10-K filed May 12, 2026: 57 risks under these headings, as written.5
- Risks Related to the Economy
- Market conditions could negatively impact our business, results of operations, financial condition, and cash flows.
- Volatility in the capital markets could make it more difficult to raise capital and may adversely affect the valuations of our investments.
- Tariffs may adversely affect us or our portfolio companies.
- We may experience fluctuations in our quarterly and annual results based on the impact of inflation in the U.S.
- Risks Related to Interest Rates
- Market interest rates may have an effect on the value of our securities.
- Changes in interest rates may negatively impact our investments and have an adverse effect on our business, financial condition, results of operations, and cash flows.
- A change in interest rates may adversely affect our profitability and any hedging strategy may expose us to additional risks.
- Risks Related to Our Investments
- We operate in a highly competitive market for investment opportunities.
- Our investments in Lower Middle Market portfolio companies are extremely risky and could cause you to lose all or a part of your investment.
The other 48 risks
- Because the majority of the loans we make and equity securities we invest in are not publicly traded, there is uncertainty regarding the value of our privately-held securities.
- The valuation process for certain of our portfolio holdings creates a conflict of interest.
- The lack of liquidity of our privately-held investments may adversely affect our business.
- Our financial results could be negatively affected if a significant portfolio investment fails to perform as expected.
- We typically invest in transactions involving acquisitions, buyouts and recapitalizations of companies, which subjects us to the risks associated with change in control transactions.
- Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and/or we could be subject to lender liability claims.
- Our portfolio is concentrated in a limited number of companies and industries, which subjects us to an increased risk of significant loss if any one of these companies does not repay us or if the industries experience downturns.
- Volatility of oil and natural gas prices could impair certain of our portfolio companies’ operations and ability to satisfy obligations to their respective lenders and investors, including us, which could negatively impact our financial condition.
- Our investments are typically long-term and will require several years to realize liquidation events.
- The disposition of our investments may result in contingent liabilities.
- Portfolio company litigation or other litigation or claims against us or our personnel could result in additional costs and the diversion of management time and resources.
- Any unrealized depreciation we experience on our investment portfolio may be an indication of future realized losses, which could reduce any gains available for distribution.
- Risks Related to Our External Financing
- In addition to regulatory limitations on our ability to raise capital, our Credit Facility contains various covenants which, if not complied with, could accelerate our repayment obligations under the facility, thereby materially and adversely affecting our liquidity, financial condition, results of operations, cash flows, and ability to pay distributions.
- Any inability to renew, extend or replace our Credit Facility on terms favorable to us, or at all, could adversely impact our liquidity and ability to fund new investments or maintain distributions to our stockholders.
- Because we expect to distribute substantially all of our Investment Company Taxable Income, at least 90%, on an annual basis, our business plan is dependent upon external financing, which is constrained by the limitations of the 1940 Act.
- We financed certain of our investments with borrowed money and capital from the issuance of senior securities, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us.
- Risks Related to Our Regulation and Structure
- We will be subject to corporate-level tax if we are unable to satisfy the Code requirements for RIC qualification.
- If we do not invest a sufficient portion of our assets in “qualifying assets,” we could fail to qualify as a BDC under the 1940 Act or be precluded from investing according to our current business strategy.
- Provisions of the Delaware General Corporation Law and of our certificate of incorporation and bylaws could restrict a change in control and have an adverse impact on the price of our common stock.
- We may not be permitted to declare a dividend or make any distribution to stockholders or repurchase shares until such time as we satisfy the asset coverage tests under the provisions of the 1940 Act that apply to BDCs.
- Risks Related to Our External Management
- We are dependent upon our key management personnel and the key management personnel of the Adviser, particularly David Dullum, Erika Highland and Christopher Lee, and on the continued operations of the Adviser, for our future success.
- Our success depends on the Adviser’s ability to attract and retain qualified personnel in a competitive environment.
- The Adviser can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
- The Adviser’s liability is limited under the Advisory Agreement, and we are required to indemnify our investment adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.
- Our incentive fee may induce the Adviser to make certain investments, including speculative investments.
- We may be obligated to pay the Adviser incentive compensation even if we incur a net decrease in net assets.
- We may be required to pay the Adviser incentive compensation on income accrued, but not yet received in cash.
- The Adviser’s failure to identify and invest in securities that meet our investment criteria or perform its responsibilities under the Advisory Agreement would likely adversely affect our ability for future growth.
- There are significant potential conflicts of interest, including with the Adviser, which could impact our investment returns.
- The Adviser is not obligated to provide credits of the base management fee or incentive fees, which could negatively impact our earnings and our ability to maintain our current level of distributions to our stockholders.
- Our business model is dependent upon developing and sustaining strong referral relationships with investment bankers, business brokers and other intermediaries and any change in our referral relationships may impact our business plan.
- Our base management fee may induce the Adviser to incur leverage.
- Risks Related to an Investment in Our Securities
- There is a risk that you may not receive distributions or that distributions may not grow over time.
- Distributions to our common stockholders have included and may in the future include a return of capital.
- Common stockholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share.
- Risks Related to the 4.875% 2028 Notes, 6.875% 2028 Notes, 7.875% 2030 Notes and 7.125% 2031 Notes (collectively, the "Notes")
- The Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we may incur in the future and will rank pari passu with, or equal to, all outstanding and future unsecured indebtedness issued by us and our general liabilities (total liabilities, less debt).
- The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.
- The indenture under which the Notes were issued contains limited protection for holders of the Notes.
- An active trading market for the Notes may not exist, which could limit your ability to sell the Notes or affect the market price of the Notes.
- If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes.
- We may choose to redeem the Notes when prevailing interest rates are relatively low.
- A downgrade, suspension or withdrawal of any credit rating assigned by a rating agency to us or the Notes could cause the liquidity or market value of the Notes to decline significantly.
- General Risk Factors
- Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, or the operations of businesses in which we invest, a compromise or corruption of our confidential information and/or damage to our business relationships, all of which could negatively impact our business, financial condition and operating results.
- We are subject to risks associated with artificial intelligence and machine learning technology.
- We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends.
- Changes in laws or regulations governing our operations, or changes in the interpretation thereof, and any failure by us to comply with laws or regulations governing our operations may adversely affect our business.
- We may experience fluctuations in our quarterly and annual operating results.
Legal proceedings
We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13SEC EDGARDavid A. R. Dullum, President
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21SEC EDGARJennifer A. Smith, Valuation Officer
- 22SEC EDGARMichael Licalsi, Asst. Secretary
- 23
- 24
- 25SEC EDGARGary Gerson, Treasurer
- 26SEC EDGARKatharine C. Gorka, Board member
- 27SEC EDGARPaula Novara, Board member
- 28SEC EDGARWalter H. Wilkinson, Board member
- 29SEC EDGARTerry Earhart, Board member
- 30SEC EDGARJohn H. Outland, Board member
- 31SEC EDGARMichela A. English, Board member
- 32SEC EDGARDavid A. R. Dullum, Board member
- 33SEC EDGARGerard Mead, Board member
- 34SEC EDGARPaul W. Adelgren, Board member
- 35
- 36SEC EDGARMichael Licalsi, General counsel
- 37SEC EDGARExecutive or director change
- 38SEC EDGARShareholder vote
- 39SEC EDGARShareholder vote
- 40SEC EDGARResults of operations
- 41SEC EDGAROther events
- 42
- 43
- 44SEC EDGARResults of operations
- 45
- 46
- 47SEC EDGAREntered a material agreement
- 48SEC EDGARResults of operations
- 49NasdaqNasdaq calendar
- 50NasdaqNasdaq calendar
- 51
- 52
- 53
- 54
- 55