公司状况 格拉德斯通投资主营业务为投资管理。2026财年第四季度财报预计在2026年晚些时候发布，具体日期尚 未公告。 以上内容基于公开资料整理，不构成投资建议。 经济观察网格拉德斯通投资(NASDAQ:GAIN)近期发布了2026财年第三季度财报，投资者可关注其营 收、每股收益等核心财务指标。公司预计将在2026年晚些时候发布第四季度财报。 业绩经营情况 公司于2026年2月4日发布了10-Q季度报告，披露了2026财年第三季度的财务业绩。市场关注其营收、 每股收益等指标是否与预期一致。 ...

Core Viewpoint - Gladstone Investment Corporation has successfully priced a public offering of $100 million in 7.125% Notes due in 2031, indicating a strategic move to raise capital for future investments [1] Group 1: Offering Details - The public offering amounts to $100 million in aggregate principal [1] - The Notes will mature on May 1, 2031, providing a long-term investment option [1] - The Company has the option to redeem the Notes in whole or in part starting from May 1, 2028 [1]

Core Viewpoint - B. Riley analyst Sean-Paul Adams has raised the price target for Gladstone Investment (GAIN) to $14.50 from $14 while maintaining a Neutral rating on the shares [1] Summary by Category Price Target Adjustment - The price target for Gladstone Investment has been increased to $14.50 from $14 [1] Analyst Rating - B. Riley continues to hold a Neutral rating on Gladstone Investment shares [1] Model Adjustment - The firm's model for Gladstone Investment was adjusted following the fiscal Q3 report [1]

Core Viewpoint - Gladstone Investment Corporation plans to make a public offering of Notes due 2031, which will be listed on the Nasdaq Global Select Market under the trading symbol "GAING" within 30 days of issuance [1] Group 1 - The Company is based in McLean, VA and is involved in investment activities [1] - The public offering is part of the Company's strategy to raise capital through debt instruments [1] - The Notes are expected to provide investors with a fixed income investment opportunity [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Insights - Gladstone Investment reported strong performance in fiscal 2026, with significant portfolio growth and a focus on maintaining monthly distributions while pursuing buyout investments that combine debt and equity [3][6]. Investment Activity - In the first nine months of fiscal 2026, the company invested approximately $163 million across four new portfolio companies, a decrease from about $221 million in fiscal 2025 [1]. - The company completed one new buyout investment during the quarter, bringing the total to 29 operating companies, with a healthy acquisition pipeline [2][6]. Financial Performance - Adjusted net investment income (NII) was reported at $0.21 per share, with total assets rising to approximately $1.2 billion, an increase of about $92 million from the previous quarter [2][6]. - Total investment income was $25.1 million, slightly below the prior quarter's $25.3 million, primarily due to lower dividend and success fee income [7]. Asset Valuation and NAV - The net asset value (NAV) increased to $14.95 per share from $13.53, driven by $1.77 per share of net unrealized appreciation and $0.09 per share of net realized gains [14]. - Portfolio company valuations increased by $70.2 million due to improved performance and higher valuation multiples, partially offset by weaker performance in some areas [13][22]. Debt and Financing Strategy - The company redeemed $74.8 million of 8% notes and issued $60 million of 6.875% notes, reducing interest on approximately $75 million of debt by about 110 basis points [4][15]. - The weighted average yield of the debt portfolio remained robust at 12.9%, with over half of the portfolio at its interest rate floor of 12.1% [5][9]. Distributions and Spillover Income - Gladstone Investment maintained its monthly dividend at $0.08 per share, with an estimated spillover income of approximately $22.9 million, or $0.58 per share, as of Dec. 31 [18]. - Total distributable income was reported at $108.7 million, or $2.73 per share, reflecting net unrealized appreciation and the GAAP-adjusted spillover balance [19]. Credit Quality - The company had three portfolio companies on non-accrual status, unchanged from the prior quarter, representing 3.8% of the total portfolio at cost [20]. - Management expressed improved confidence in the non-accrual investments, noting positive EBITDA generation despite existing structural issues [21].

Financial Data and Key Metrics Changes - The company reported an adjusted net investment income (NII) of $0.21 per share, with total assets increasing to approximately $1.2 billion, up about $92 million from the previous quarter [6][15] - Total investment income for the quarter was $25.1 million, slightly down from $25.3 million in the prior quarter, primarily due to a decrease in dividend and success fee income [15][18] - The net investment loss for the quarter was $6.5 million compared to net investment income of $4.3 million in the prior quarter [18] Business Line Data and Key Metrics Changes - The company has invested approximately $163 million in four new portfolio companies for fiscal 2026, compared to $221 million for all of fiscal year 2025 [7] - The portfolio's weighted average yield decreased from 13.2% to 12.9%, in line with a decrease in SOFR [15][16] - The net asset value (NAV) increased to $14.95 per share from $13.53 per share at the end of the prior quarter, driven by net unrealized appreciation and net realized gains [20] Market Data and Key Metrics Changes - The company noted good liquidity in the M&A market, creating a competitive environment for new acquisitions [9][47] - The company has expanded its credit facility to include City National Bank, increasing the total commitment level to $300 million [22] Company Strategy and Development Direction - The company continues to focus on a buyout strategy, acquiring operating companies at attractive valuations and generally being the majority economic owner [7] - The management emphasized the importance of maintaining a strong and liquid balance sheet to support portfolio growth [13][21] - The company aims to provide both debt and equity in acquisitions, differentiating itself from traditional credit BDCs [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the portfolio's performance despite challenges such as supply chain disruptions and tariff costs [12] - The outlook for the remaining fiscal year is positive, with expectations of continued good earnings and distributions [13][26] Other Important Information - The company maintained its monthly distribution to shareholders at $0.08 per share, with a total distributable income of $108.7 million as of December 31 [24] - The company has three portfolio companies on non-accrual status, representing 3.8% of the total portfolio at cost [20] Q&A Session Summary Question: Can you discuss the operational or valuation changes that drove appreciation for Schylling, Old World, and SFE? - Management indicated that the appreciation was primarily due to EBITDA increases rather than multiple changes [28][29] Question: What differentiates Schylling and Old World in the current consumer sector? - Management attributed their performance to unique products and strong management, allowing them to maintain demand despite economic headwinds [32][33] Question: How did you underwrite the Rowan Energy investment? - Management highlighted the importance of having a quality and experienced team to evaluate energy-related investments [34][36] Question: Are you seeing any pressure on terms or structure in underwriting conditions? - Management stated that they have not experienced significant pressure and continue to adhere to their investment model [57][58] Question: What is the current outlook for asset quality and non-accrual investments? - Management expressed a positive outlook for the three non-accrual companies, noting improvements in their performance [66][68]

Financial Data and Key Metrics Changes - The company reported an adjusted net investment income (NII) of $0.21 per share, with total assets increasing to approximately $1.2 billion, up about $92 million from the previous quarter [6][20] - Total investment income for the third quarter was $25.1 million, slightly down from $25.3 million in the prior quarter, primarily due to a decrease in dividend and success fee income [15][18] - The net investment loss for the quarter was $6.5 million compared to a net investment income of $4.3 million in the prior quarter [18] Business Line Data and Key Metrics Changes - The company has invested approximately $163 million in four new portfolio companies for fiscal 2026, compared to $221 million for all of fiscal year 2025 [7] - The portfolio currently consists of 29 operating companies, with a healthy pipeline for new acquisitions [6][7] - The weighted average yield of the portfolio decreased from 13.2% to 12.9%, in line with a decrease in SOFR [15][16] Market Data and Key Metrics Changes - The company noted good liquidity in the M&A market, creating a competitive environment for new acquisitions [8][9] - The company has been actively looking for add-on acquisitions to existing portfolio companies, which could lead to new buyout investments [10] Company Strategy and Development Direction - The company differentiates itself from traditional credit BDCs by providing both debt and equity in acquisitions, which supports its monthly distributions to shareholders [8][9] - The management emphasized the importance of maintaining a strong and liquid balance sheet to support portfolio growth [21][22] - The company is focused on managing supply chain disruptions and cost efficiencies to navigate the current economic environment [12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the portfolio's performance despite challenges such as supply chain disruptions and tariff costs [12][13] - The outlook for the current portfolio is positive, with expectations of continued good earnings and distributions over the next year [13][24] - The company is actively working with three portfolio companies currently on non-accrual status, with a more positive outlook for their recovery [70][71] Other Important Information - The company maintained its monthly distribution to shareholders at $0.08 per share, with a total distributable income of $108.7 million as of the end of the quarter [24] - The company redeemed $74.8 million of its 8% notes and issued $60 million in 6.875% notes, reducing its interest burden [22][23] Q&A Session Summary Question: Can you discuss the operational or valuation changes that drove the appreciation for Schylling, Old World, and SFE-SFEG? - Management indicated that the appreciation was primarily due to EBITDA increases rather than multiple changes [30] Question: What differentiates Schylling and Old World in the current consumer sector? - Management attributed their success to unique products and strong management, allowing them to maintain demand despite economic headwinds [34] Question: How are current underwriting conditions affecting deal terms? - Management stated that they are maintaining their investment model and discipline despite competitive pressures [60] Question: What is the outlook for asset quality and non-accrual investments? - Management expressed a positive outlook for the three companies on non-accrual status, indicating improvements and potential exits [70][71]

Financial Data and Key Metrics Changes - The company reported an adjusted net investment income (NII) of $0.21 per share, with total assets increasing to approximately $1.2 billion, up about $92 million from the previous quarter [6][15] - Total investment income for the quarter was $25.1 million, slightly down from $25.3 million in the prior quarter, primarily due to a decrease in dividend and success fee income [15][18] - The net investment loss for the quarter was $6.5 million compared to a net investment income of $4.3 million in the prior quarter [19] Business Line Data and Key Metrics Changes - The company has invested approximately $163 million in four new portfolio companies for fiscal 2026, compared to $221 million for all of fiscal year 2025 [7] - The weighted average yield of the portfolio's interest-bearing investments decreased from 13.2% to 12.9% [15][16] - The net asset value (NAV) increased to $14.95 per share from $13.53 per share at the end of the prior quarter, driven by net unrealized appreciation and net realized gains [21] Market Data and Key Metrics Changes - The company noted good liquidity in the M&A market, creating a competitive environment for new acquisitions [9][50] - The interest rate environment is characterized by a decline in SOFR, which has led to a decrease in yield, but the company has protections in place through interest rate floors [12][17] Company Strategy and Development Direction - The company aims to grow its portfolio through the acquisition of operating companies at attractive valuations, utilizing both equity and debt [7][10] - The strategy includes a focus on maintaining a strong and liquid balance sheet while navigating challenges in the economic landscape [14][22] - The company is actively looking for add-on acquisitions to existing portfolio companies to enhance overall investment value [11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the portfolio's performance despite challenges such as supply chain disruptions and tariff costs [13] - The outlook for the current portfolio is positive, with expectations of continued good earnings and distributions over the next year [14] - Management is working closely with companies on non-accrual status to support their return to accrual status or pursue exits where appropriate [21][71] Other Important Information - The company maintained its monthly distribution to shareholders at $0.08 per share, with a total distributable income of $108.7 million, or $2.73 per share [25] - The company redeemed $74.8 million of its 8% notes and issued $60 million in 6.875% notes, reducing its interest burden [22] Q&A Session Summary Question: What drove the appreciation in NAV for specific investments? - Management indicated that the appreciation was primarily due to EBITDA increases rather than multiple changes for the mentioned companies [30] Question: How are consumer-oriented companies performing amid economic headwinds? - Management noted that the unique products and strong management of these companies have allowed them to maintain demand and perform well [34][35] Question: What is the current state of underwriting conditions? - Management stated that they have not seen significant pressure on terms or structure, maintaining their investment strategy [60] Question: How does the company view the current M&A market? - Management believes there is good liquidity in the M&A market, but competition remains strong due to varying access to leverage among competitors [49][50] Question: What is the outlook for asset quality regarding non-accrual investments? - Management expressed a positive outlook for the three companies on non-accrual status, indicating improvements and potential exits [71][72]

Core Viewpoint - Gladstone Investment Corporation (GAIN) reported disappointing earnings and revenue figures for the third fiscal quarter, indicating ongoing challenges despite some growth in year-over-year revenue and significant net asset increases from operations [2][3][4][5]. Financial Performance - GAIN reported an earnings per share (EPS) of -$0.16, missing the estimated EPS of $0.23, marking a negative surprise of 169% [2][6]. - Revenue for the quarter was approximately $25.1 million, slightly below the estimated $25.8 million, but showing growth from $21.37 million reported a year ago [3][6]. - Total investment income decreased by 0.9% to $25.1 million from $25.3 million in the previous quarter, while total expenses increased significantly by 50.3% to $31.6 million from $21 million [4]. Investment Gains - Despite the financial challenges, GAIN experienced a net realized gain of $2.2 million and a net unrealized appreciation of $70.2 million, which is a 29.2% increase from $54.4 million [5][6]. - The net increase in net assets resulting from operations surged by 129.5% to $65.9 million [5][6].