GAIN on Nasdaq
GLADSTONE INVESTMENT CORPORATION\DE
Corporation registered in the United States, based in McLean, active since 2005. Summary from the record
Price unavailable
Last updated Oct 19, 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
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
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.
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