Gladstone Investment (GAIN) investor relations material

Executive summary

• Reported solid Q4 and FY2026 results with continued portfolio growth, strong liquidity, and leadership continuity as Erika Highland becomes President on October 1, 2026.

• Portfolio expanded to 29 operating companies, with major new investments in Smart Chemical, Sun State, Global GRAB, and Rowan Energy.

• Maintained monthly distribution of $0.08 per share and paid supplemental distributions from capital gains.

• Fiscal year ended March 31, 2026, saw a net investment loss of $3.8M, compared to net investment income of $28.1M in the prior year, due to higher expenses despite increased investment income.

• Net asset value per share rose to $16.78 from $13.55 year-over-year, primarily due to significant unrealized appreciation.

Financial highlights

• Adjusted net investment income per share was $0.88 for the year, down from $0.97 last year.

• Total investment income for the year was $99.1M, up 5.8% year-over-year; Q4 investment income was $25.2M, up 0.5% sequentially.

• Net increase in net assets from operations was $184.8M for the year, up 182.8% year-over-year.

• Portfolio valuations increased by $92.5M in Q4, driven by improved operating performance and higher valuation multiples.

• Distributions totaled $0.99 per share from net investment income and $0.51 per share from realized gains for the year.

Outlook and guidance

• Strong pipeline for new buyout and add-on acquisitions as fiscal 2027 begins.

• Expect supplemental distributions to remain a key part of shareholder returns, driven by realized capital gains.

• Monthly distributions of $0.08 per share declared for April, May, and June 2026.

• Cautious approach due to macroeconomic uncertainties, with ongoing focus on supply chain and cost efficiencies.

• Forward-looking statements caution on risks and uncertainties affecting future distributions and earnings.