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Gladstone Investment (GAIN) investor relations material
Gladstone Investment Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Nov, 2025
Executive summary
Net increase in net assets from operations was $28.7 million for the quarter, up 85.4% year-over-year and 269% sequentially, driven by higher investment income and significant unrealized appreciation, despite a $29.9 million realized loss from a loan restructuring.
Total investment income rose to $25.3 million, up 12.0% year-over-year and from $23.5 million sequentially, with interest income up 8.0% and dividend/success fee income up 66.3%.
Adjusted net investment income was $9.2 million or $0.24 per share, consistent with the prior quarter.
Portfolio fair value reached $1.13 billion across 28 companies, with the five largest investments comprising 38.7% of the portfolio.
Three new investments closed in the first six months, with a robust pipeline for further acquisitions.
Financial highlights
Net investment income for the quarter was $4.3 million, down from $9.1 million in the prior quarter and down 41.3% year-over-year due to higher incentive fees and interest expense.
Net realized loss of $29.9 million was recorded from the restructuring of J.R. Hobbs, offset by $54.5 million in net unrealized appreciation.
NAV per share rose to $13.53 from $12.99, nearly flat from $13.55 at prior year-end, reflecting appreciation and accretive share issuances.
Aggregate cash distributions to stockholders were $38.1 million for the six months ended September 30, 2025.
Total investments at fair value reached $1.13 billion, up 9.1% from the previous quarter.
Outlook and guidance
Management remains optimistic about closing additional buyouts in the fiscal year, supported by a strong deal pipeline and a focus on lower middle market buyouts, targeting a portfolio mix of 75% debt and 25% equity at cost.
Expectation to continue accessing equity and debt markets to fund new investments and refinance maturities.
Monthly distributions of $0.08 per share were declared for October, November, and December 2025.
Ongoing focus on maintaining monthly and supplemental distributions, with a targeted yield of 10.9%.
Forward-looking statements caution that actual results may differ due to various risks and uncertainties.
Rationale for J.R. Hobbs restructuring
Capital gains incentive fee GAAP vs. cash impact
Future ATM program utilization strategy
J.R. Hobbs: Expected income contribution?
M&A: How do you maintain attractive valuations?
Nonaccrual: What's the strategy for resolution?
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Next Gladstone Investment earnings date
Q3 202612 Feb, 2026
Next Gladstone Investment earnings date
Q3 202612 Feb, 2026
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Frequently asked questions
Gladstone Investment Corporation is an externally managed, closed-end, non-diversified management investment company. The Company’s investment objective is to achieve and grow current income by investing in debt securities of established businesses that it believes will provide stable earnings and cash flow to pay expenses, make principal and interest payments on its outstanding indebtedness and make distributions to stockholders that grow over time. Its subsidiary company invests in mezzanine debt instruments such as subordinated loans issued by private companies and warrants or options.
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