GAINN
Gladstone Investment
Q4 2025 Report
Gladstone Investment Corporation 500 Notes Due 2026 (GAINN) QQ4 2025 Financial Analysis...
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Executive Summary
Gladstone Investment Corporation 500 Notes Due 2026 (GAINN) reported QQ1 2026 results with revenue of $21.65 million, down 2.4% year over year and 15.9% quarter over quarter. The quarter was characterized by a meaningful rise in interest expense ( $8.50 million) and modest operating expenses (G&A and related costs totaling $1.58 million), contributing to a challenging near-term profitability backdrop. Net income and EPS are not disclosed in the provided data, which limits visibility on bottom-line profitability, but operating cash flow remained negative, with cash burn of $50.18 million for the period. Financing activities added $40.38 million, supporting portfolio activity, yet overall liquidity remained tight, evidenced by cash and cash equivalents of $5.36 million and short-term debt of $456.36 million, leaving net debt around $451.0 million and a current ratio well below 1x. The balance sheet shows total assets of approximately $1.0539 billion and stockholders’ equity of about $485.3 million, underscoring a leveraged asset-management platform with a sizable non-current asset base (portfolio investments) relative to cash. Given the quarterly cadence and the capital-intensive nature of BDC portfolios, the quarter underscores the ongoing need for disciplined liquidity management and portfolio performance to sustain distributable income and distributions to noteholders.
Market positioning in QQ1 2026 continues to hinge on the ability to monetize portfolio yield while controlling funding costs and refinancing risk. The results imply a cautious near-term outlook, with investors needing to monitor portfolio credit quality, refinancing risk on short-dated obligations, and the company’s ability to generate free cash flow to support ongoing distributions.
Note: Earnings-call transcript data and management quotes were not provided in the supplied material. Consequently, a qualitative synthesis of management commentary and quotes is not available from the current dataset.
Key Performance Indicators
Revenue
21.65M
QoQ: -15.90% | YoY:-2.40%
Revenue Trend
Margin Analysis
Key Insights
Revenue: $21,648,000; YoY: -2.40%; QoQ: -15.90% Gross Profit: N/A Operating Income: N/A Net Income: N/A EPS: N/A Interest Expense: $8,499,000 General and Administrative Expenses: $1,575,000 Selling, General and Administrative Expenses: $1,575,000 Total Operating Expenses: $1,575,000 Weighted Average Shares Outstanding: 36,908,943 Cash Flow and Liquidity Net Cash Provided By Operating Activities: -$50,181,000 Depreciation and Amortization: $1,047,000 Change in Working Capital: N/A Accounts Recei...