Gladstone Investment Corporation Reports Financial Results for Third Quarter

Earnings and portfolio updates for the quarter ended December 31, 2025

Published on Feb. 11, 2026

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Gladstone Investment Corporation (Nasdaq:GAIN) announced its financial results for the third fiscal quarter ended December 31, 2025. The company reported a net investment loss of $6.5 million, or $0.16 per share, compared to net investment income of $4.3 million, or $0.11 per share, in the prior quarter. This decrease was primarily due to an increase in total expenses, including higher accruals for capital gains-based incentive fees. Total investment income was $25.1 million, down slightly from $25.3 million in the prior quarter. The company's net asset value per share increased to $14.95 as of December 31, 2025, up from $13.53 as of September 30, 2025.

Why it matters

Gladstone Investment Corporation is a publicly traded business development company that provides financing to lower middle market businesses in the U.S. Its quarterly financial results provide insight into the performance of its investment portfolio and the overall health of its business model. The company's net asset value, investment income, and expenses are closely watched by investors to gauge the company's ability to generate returns and pay dividends.

The details

During the quarter, Gladstone Investment made a new $33.1 million investment in Rowan Energy Inc., a company that specializes in frac sand filtration and completion-equipment services. The company also issued $60 million in new 6.875% notes due 2028 and amended its credit facility to increase the size from $270 million to $300 million. Gladstone paid a $0.08 per share distribution to common shareholders in each month of the quarter.

  • In December 2025, Gladstone invested $33.1 million in a new portfolio company, Rowan Energy Inc.
  • Gladstone paid $0.08 per common share distributions in October, November, and December 2025.

The players

Gladstone Investment Corporation

A publicly traded business development company that provides financing to lower middle market businesses in the United States.

Rowan Energy Inc.

A company headquartered in Oklahoma that specializes in advanced frac sand filtration, completion-equipment deployment and field-operations support.

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