Tue, May 13, 8:09 PM (41 days ago)
**Gladstone Investment Corporation (GAIN)** **Financial Performance:** - **Revenue:** $93.7 million (2025), $87.3 million (2024) - **Net Income:** $28.1 million (2025), $21.8 million (2024) - **Operating Expenses:** $65.6 million (2025), $65.5 million (2024) - **Earnings per Share:** $0.76 (2025), $0.63 (2024) **Strategic Overview:** - **Investment Focus:** Debt and equity securities of established private businesses in the U.S. - **Investment Objectives:** Achieve and grow current income and provide long-term capital appreciation. - **Investment Strategy:** Focus on Lower Middle Market businesses, with a portfolio consisting of approximately 75% in debt investments and 25% in equity investments. **Future Outlook:** - **Capital Raising:** Accessed capital markets through public offerings of unsecured notes and common and preferred stock. - **Market Position Changes:** The closing market price of common stock was $13.36 per share, representing a 1.4% discount to NAV of $13.55 per share as of March 31, 2025. **Risk Factors:** - **Market Conditions:** Volatility in the capital markets may affect the ability to raise capital and valuations of investments. - **Interest Rates:** Changes in interest rates may impact investments and financial condition. - **Liquidity:** The lack of liquidity in privately-held investments may adversely affect the business. - **Portfolio Concentration:** The portfolio is concentrated in a limited number of companies and industries, which subjects it to increased risk of significant loss. **Financial Condition:** - **Asset Coverage:** As of March 31, 2025, the asset coverage on senior securities representing indebtedness was 204.4%. - **Leverage:** The use of leverage magnifies the potential for gain or loss on invested capital. **Market Position Changes:** - **Common Stock:** Traded on Nasdaq under the symbol "GAIN." - **Market Price:** The closing market price of common stock was $13.36 per share, representing a 1.4% discount to NAV of $13.55 per share as of March 31, 2025.