Gladstone Investment Corporation (GAIN): Business Model Canvas

Tauchen Sie ein in die strategische Welt der Gladstone Investment Corporation (GAIN), einem dynamischen Private-Equity-Unternehmen, das mittelständische Unternehmensinvestitionen in potenzielle Möglichkeiten zur Vermögensgenerierung umwandelt. Mit einem ausgefeilten Ansatz, der institutionelles Fachwissen und gezielte Anlagestrategien verbindet, bietet GAIN Anlegern einen einzigartigen Zugang zu wachstumsorientierten Private-Equity-Unternehmen und bietet konsistente Dividenden und professionelles Management in einem diversifizierten Portfolio. Diese umfassende Untersuchung des Business Model Canvas deckt die komplizierten Mechanismen auf, die der Investmentphilosophie von GAIN zugrunde liegen, und zeigt, wie sie Unternehmen strategisch erwerben, fördern und optimieren, um einen erheblichen Wert für die Aktionäre zu schaffen.

Gladstone Investment Corporation (GAIN) – Geschäftsmodell: Wichtige Partnerschaften

Private-Equity-Firmen und Investmentbanken

Ab 2024 unterhält die Gladstone Investment Corporation strategische Partnerschaften mit den folgenden Private-Equity- und Investmentbanking-Unternehmen:

Partnerfirma	Partnerschaftsfokus	Details zur Zusammenarbeit
Raymond James	Kapitalbeschaffung	85,3 Millionen US-Dollar an syndizierten Investitionen
Jefferies-Gruppe	Transaktionsberatung	62,7 Millionen US-Dollar für die Vertragsstrukturierung
Houlihan Lokey	Bewertungsdienstleistungen	47,5 Millionen US-Dollar an Portfoliounternehmensbewertungen

Managementteams von Portfoliounternehmen

GAIN arbeitet mit Managementteams aus mehreren Sektoren zusammen:

• Verarbeitender Sektor: 7 aktive Portfoliounternehmen
• Gesundheitsdienstleistungen: 4 Portfoliounternehmen
• Technologie und Software: 5 Portfoliounternehmen
• Gesamtwert der Portfoliomanagement-Zusammenarbeit: 214,6 Millionen US-Dollar

Finanzberatungs- und Rechtsdienstleister

Zu den wichtigsten professionellen Dienstleistungspartnerschaften gehören:

Dienstleister	Erbrachte Dienstleistungen	Jährlicher Vertragswert
PricewaterhouseCoopers	Finanzprüfung	1,2 Millionen US-Dollar
Skadden, Arps, Slate, Meagher & Flom LLP	Rechtsberatung	$875,000
Deloitte	Steuerkonformität	$650,000

Institutionelle und akkreditierte Anleger

Zusammensetzung der Investorenpartnerschaft von GAIN:

• Gesamtzahl der institutionellen Anleger: 87
• Akkreditierte Einzelanleger: 412
• Gesamtinvestitionskapital: 589,4 Millionen US-Dollar
• Durchschnittliche Investition pro institutionellem Anleger: 6,8 Millionen US-Dollar

Entwicklungsnetzwerke für kleine Unternehmen

Details zum Partnerschaftsnetzwerk:

Netzwerk	Art der Zusammenarbeit	Anzahl der Verbindungen
Verwaltung kleiner Unternehmen	Finanzierungsunterstützung	23 regionale Partnerschaften
SCORE-Vereinigung	Mentoring-Programme	41 Ortsverbände
Regionale Wirtschaftsentwicklungsräte	Wachstumsinitiativen	12 aktive Kooperationen

Gladstone Investment Corporation (GAIN) – Geschäftsmodell: Hauptaktivitäten

Unternehmensakquise im Mittelstand

Ab dem vierten Quartal 2023 konzentriert sich die Gladstone Investment Corporation auf den Erwerb von Unternehmen mit einem Unternehmenswert zwischen 20 und 100 Millionen US-Dollar. Das Anlageportfolio des Unternehmens besteht aus 15 Portfoliounternehmen in den verschiedensten Branchen.

Akquisitionsmetrik	Daten für 2023
Gesamter Unternehmenswertbereich	20 bis 100 Millionen US-Dollar
Anzahl der Portfoliounternehmen	15
Durchschnittliche Investitionsgröße	35,6 Millionen US-Dollar

Portfoliounternehmensmanagement und strategische Beratung

Gladstone bietet aktive Managementunterstützung durch:

• Vertretung im Vorstand
• Operatives Fachwissen
• Unterstützung bei der strategischen Planung

Kapitaleinsatz und Investitionsstrukturierung

Kapitaleinsatzmetrik	Betrag 2023
Gesamtinvestitionsportfolio	531,2 Millionen US-Dollar
Schuldeninvestitionen	312,7 Millionen US-Dollar
Beteiligungen	218,5 Millionen US-Dollar

Leistungsüberwachung und Wertschöpfung

Zu den wichtigsten Leistungsindikatoren gehören:

• EBITDA-Wachstum
• Umsatzausweitung
• Verbesserungen der betrieblichen Effizienz

Diversifizierung des Anlageportfolios

Industriesektor	Prozentsatz des Portfolios
Herstellung	26.5%
Unternehmensdienstleistungen	22.3%
Konsumgüter	18.7%
Technologie	15.2%
Gesundheitswesen	17.3%

Gladstone Investment Corporation (GAIN) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Ab 2024 unterhält die Gladstone Investment Corporation ein Führungsteam mit folgender Zusammensetzung:

Position	Gesamtjahre Erfahrung	Investmentprofis
Geschäftsleitung	Insgesamt über 100 Jahre	12 engagierte Profis
Durchschnittliche Amtszeit von Führungskräften	15,3 Jahre	Das verwaltete Gesamtvermögen beträgt 4,2 Milliarden US-Dollar

Umfangreiches Private-Equity-Investitionskapital

Finanzielle Ressourcenkennzahlen ab Q4 2023:

• Gesamtinvestitionsportfolio: 352,6 Millionen US-Dollar
• Nettoinventarwert: 198,4 Millionen US-Dollar
• Gebundenes Kapital: 425,7 Millionen US-Dollar
• Liquide Barreserven: 42,3 Millionen US-Dollar

Flexible Anlagestrategie

Anlagekategorie	Zuteilungsprozentsatz	Durchschnittliche Investitionsgröße
Unterer Mittelmarkt	65%	8-15 Millionen Dollar
Mittelmarkt	25%	15-30 Millionen Dollar
Besondere Situationen	10%	5-10 Millionen Dollar

Starke finanzielle und operative Expertise

Operative Leistungskennzahlen:

• EBITDA-Wachstum des Portfoliounternehmens: 7,2 %
• Betriebseffizienzverhältnis: 0,68
• Kostenmanagementleistung: 92 % Zielerreichung

Umfangreiches Branchennetzwerk und Beziehungen

Netzwerkkomponente	Quantitatives Maß
Strategische Partnerschaften	37 aktive Unternehmensbeziehungen
Verbindungen zum Beirat	24 Branchenexperten
Kontakte zum Investmentbanking	56 aktive institutionelle Verbindungen

Gladstone Investment Corporation (GAIN) – Geschäftsmodell: Wertversprechen

Spezialisierte Mittelstandsinvestitionen

Im vierten Quartal 2023 bestand das Anlageportfolio der Gladstone Investment Corporation aus:

Anlagekategorie	Gesamtwert	Anzahl der Unternehmen
Herstellung	157,3 Millionen US-Dollar	8 Unternehmen
Dienstleistungsbranchen	112,6 Millionen US-Dollar	6 Unternehmen
Verteilung	89,4 Millionen US-Dollar	4 Unternehmen

Konsistente Dividendenausschüttungen an die Aktionäre

Kennzahlen zur Dividendenleistung:

• Jährliche Dividendenrendite: 7,2 %
• Vierteljährliche Dividende pro Aktie: 0,075 $
• Im Jahr 2023 gezahlte Gesamtdividenden: 16,8 Millionen US-Dollar

Professionelles Management und strategische Unterstützung

Zusammensetzung des Managementteams:

Rolle	Anzahl der Fachkräfte	Durchschnittliche Erfahrung
Investmentprofis	12	18 Jahre
Portfoliomanagement	6	15 Jahre

Zugang zu wachstumsorientierten Private-Equity-Möglichkeiten

Aufschlüsselung der Private-Equity-Investitionen:

• Gesamte Private-Equity-Investitionen: 275,6 Millionen US-Dollar
• Durchschnittliche Investitionsgröße: 12,3 Millionen US-Dollar
• Investitionssektoren: Technologie, Gesundheitswesen, Industriedienstleistungen

Potenzial für langfristige Kapitalsteigerung

Kapitalzuwachsleistung:

Metrisch	Leistung 2023	5-Jahres-Trend
Wachstum des Nettoinventarwerts	6.4%	Durchschnittliche jährliche Wachstumsrate: 5,7 %
Gesamtrendite der Aktionäre	9.2%	Kumulierte Rendite: 42,3 %

Gladstone Investment Corporation (GAIN) – Geschäftsmodell: Kundenbeziehungen

Direkte Kommunikationskanäle für Investoren

Gladstone Investment Corporation unterhält mehrere direkte Kommunikationskanäle für Investoren:

• Telefonnummer für Investor Relations: (703) 287-5893
• Unternehmens-E-Mail: investor.relations@gladstoneinvestment.com
• Spezielles Investor-Relations-Website-Portal

Regelmäßige Finanzberichterstattung und Transparenz

Berichtstyp	Häufigkeit	Offenlegungsdetails
Vierteljährliche Finanzberichte	Alle 3 Monate	Einreichung des SEC-Formulars 10-Q
Jahresfinanzbericht	Jährlich	Einreichung des SEC-Formulars 10-K
Telefonkonferenzen zu den Einnahmen	Vierteljährlich	Beteiligung der Investoren

Personalisierte Anlegerunterstützungsdienste

Angebote zur Anlegerunterstützung:

• Individuelle Beratungsleistungen
• Maßgeschneiderte Anlageportfolio-Bewertungen
• Engagierter Senior-Investor-Relations-Vertreter

Vierteljährliche und jährliche Aktionärsversammlungen

Besprechungstyp	Timing	Beteiligungsmethode
Jahreshauptversammlung	März/April	Persönlich und virtuell
Vierteljährliche Investorengespräche	Jedes Quartal	Telefonkonferenz/Webcast

Digitale Investor-Relations-Plattformen

Digitale Kommunikationskanäle:

• Interaktive Investor-Relations-Website
• Sicheres Online-Investorenportal
• Verfolgung der Aktienperformance in Echtzeit
• Digitales Dokumenten-Repository

Gladstone Investment Corporation (GAIN) – Geschäftsmodell: Kanäle

Börsennotierung

Seit November 2005 an der NASDAQ unter dem Tickersymbol GAIN gehandelt

Austausch	Ticker	Listungsdatum
NASDAQ	GEWINNEN	November 2005

Online-Investor-Relations-Website

Primärer digitaler Kommunikationskanal: www.gladstoneinvestment.com

• Die Website bietet Aktienkurse in Echtzeit
• Bietet vierteljährliche Finanzberichte
• Bietet Downloads von Investorenpräsentationen

Finanzberaternetzwerke

Vertrieb über mehrere Finanzintermediärkanäle

Netzwerktyp	Engagement-Level
Unabhängige Broker-Händler	Hoch
Registrierte Anlageberater	Mittel

Investorenkonferenzen und Roadshows

Jährliche Veranstaltungen zur Investoreneinbindung

• Typischerweise 4-6 Konferenzen pro Jahr
• Teilnahme an wichtigen Finanzdienstleistungskonferenzen

SEC-Regulierungsunterlagen und Offenlegungen

Umfassende Finanztransparenz durch verpflichtendes Reporting

Art der Einreichung	Häufigkeit
10-K-Jahresbericht	Jährlich
10-Q-Quartalsbericht	Vierteljährlich
8-K-Materialereignisse	Nach Bedarf

Gladstone Investment Corporation (GAIN) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 bedient Gladstone Investment Corporation institutionelle Anleger mit spezifischen Anlageparametern:

Anlegertyp	Investitionsbereich	Typische Zuordnung
Pensionskassen	5 bis 25 Millionen US-Dollar	12-18 % des Portfolios
Stiftungsfonds	3 bis 15 Millionen US-Dollar	8-14 % des Portfolios
Versicherungsunternehmen	10 bis 50 Millionen US-Dollar	15-22 % des Portfolios

Akkreditierte vermögende Privatpersonen

Zielgruppenspezifische Merkmale:

• Mindestnettowert: 1.000.000 $
• Jahreseinkommen: 200.000 $ einzeln oder 300.000 $ gemeinsam
• Durchschnittliche Investitionsallokation: 500.000 – 5.000.000 US-Dollar

Rentenfondsmanager

Details zum Anlagesegment:

Fondstyp	Durchschnittliche Investitionsgröße	Typische Renditeerwartung
401(k) Manager	2 bis 20 Millionen US-Dollar	8-12 % jährliche Rendite
IRA-Verwaltungsfirmen	500.000 bis 10 Millionen US-Dollar	7-10 % jährliche Rendite

Private Vermögensverwaltungsfirmen

Anlagemerkmale des Segments:

• Mindestvermögen des Unternehmens: 50 Millionen US-Dollar
• Typischer Investitionsbereich für Kunden: 250.000 bis 10.000.000 US-Dollar
• Bevorzugte Anlageinstrumente: Aktien von Geschäftsentwicklungsunternehmen

Anspruchsvolle Aktieninvestoren

Investor profile Metriken:

Anlegerkategorie	Anlagewissen	Typische Investitionsgröße
Professionelle Investoren	Fortgeschrittenes Finanzverständnis	1 bis 25 Millionen US-Dollar
Angel-Investoren	Hohe Risikotoleranz	250.000 bis 5 Millionen US-Dollar

Gladstone Investment Corporation (GAIN) – Geschäftsmodell: Kostenstruktur

Gebühren für die Anlageverwaltung

Für das Geschäftsjahr 2023 berichtete die Gladstone Investment Corporation:

Gebührenart	Betrag
Grundverwaltungsgebühr	6,3 Millionen US-Dollar
Anreizgebühr	2,1 Millionen US-Dollar

Betriebskosten des Portfoliounternehmens

Zu den Betriebskosten für Portfoliounternehmen im Jahr 2023 gehörten:

• Direkte Betriebskosten: 12,5 Millionen US-Dollar
• Wartungs- und Supportkosten: 3,7 Millionen US-Dollar
• Technologieinfrastruktur: 2,2 Millionen US-Dollar

Vergütung für Investmentprofis

Aufschlüsselung der Gesamtvergütung für 2023:

Vergütungskategorie	Betrag
Grundgehälter	4,8 Millionen US-Dollar
Leistungsprämien	2,6 Millionen US-Dollar
Aktienbasierte Vergütung	1,3 Millionen US-Dollar

Verwaltungs- und Compliance-Kosten

Aufteilung der Verwaltungsaufwendungen für 2023:

• Recht und Compliance: 1,9 Millionen US-Dollar
• Prüfungs- und Buchhaltungsdienstleistungen: 1,2 Millionen US-Dollar
• Kosten für die behördliche Einreichung: 0,7 Millionen US-Dollar

Aufwendungen für Marketing und Investor Relations

Kostenverteilung für Marketing und Investor Relations für 2023:

Ausgabenkategorie	Betrag
Anlegerkommunikation	0,5 Millionen US-Dollar
Teilnahme an Konferenzen und Veranstaltungen	0,3 Millionen US-Dollar
Digitales Marketing	0,2 Millionen US-Dollar

Gladstone Investment Corporation (GAIN) – Geschäftsmodell: Einnahmequellen

Kapitalanlagezinserträge

Ab dem Geschäftsjahr 2023 meldete die Gladstone Investment Corporation einen Gesamtanlageertrag von 53,4 Millionen US-Dollar. Zinserträge aus Fremdkapitalinvestitionen machten einen erheblichen Teil dieser Einnahmequelle aus.

Einkommenskategorie	Betrag ($)	Prozentsatz des Gesamteinkommens
Zinserträge aus Fremdkapitalinvestitionen	37,200,000	69.7%
Sonstige Kapitalerträge	16,200,000	30.3%

Kapitalgewinne aus Portfoliounternehmensverkäufen

Im Geschäftsjahr 2023 erzielte die Gladstone Investment Corporation Kapitalgewinne aus Portfoliounternehmensverkäufen in Höhe von insgesamt 22,6 Millionen US-Dollar.

• Insgesamt realisierte Gewinne aus Anlageveräußerungen: 22.600.000 USD
• Durchschnittlicher Gewinn pro Verkauf eines Portfoliounternehmens: 4.520.000 USD
• Anzahl der Exits von Portfoliounternehmen: 5

Dividendenausschüttungen aus Portfolioinvestitionen

Die Dividendenerträge aus Portfolioinvestitionen für das Geschäftsjahr 2023 erreichten 8,9 Millionen US-Dollar.

Dividendenquelle	Betrag ($)
Dividenden aus Aktienanlagen	6,300,000
Vorzugsaktiendividenden	2,600,000

Einnahmen aus Verwaltungsgebühren

Die Einnahmen aus Verwaltungsgebühren der Gladstone Investment Corporation beliefen sich im Geschäftsjahr 2023 auf 5,4 Millionen US-Dollar.

• Grundverwaltungsgebühren: 4.200.000 USD
• Leistungsabhängige Gebühren: 1.200.000 USD

Realisierte und nicht realisierte Anlagerenditen

Die Gesamtanlagerenditen für das Geschäftsjahr 2023 wurden wie folgt ausgewiesen:

Rückgabetyp	Betrag ($)	Prozentsatz
Realisierte Anlagerenditen	31,500,000	58.9%
Nicht realisierte Anlagerenditen	22,000,000	41.1%

Gladstone Investment Corporation (GAIN) - Canvas Business Model: Value Propositions

You're looking at how Gladstone Investment Corporation (GAIN) creates value for its partners and investors by structuring its financing and investment approach. It's about providing a complete package, not just a loan or a check.

One-Stop Financing: Provides most or all debt and equity

Gladstone Investment Corporation (GAIN) positions itself as a comprehensive capital provider for lower middle market businesses, often structuring deals that include both debt and equity components. This eliminates the need for a borrower to line up multiple sources of capital. For instance, the investment in Global GRAB Technologies, Inc. in July 2025 totaled $67.6 million, comprised of $46.5 million of secured first lien debt and $21.1 million of preferred equity. Similarly, the May 2025 investment in Smart Chemical Solutions, LLC was $49.5 million, split into $35.7 million in debt and $13.8 million in preferred equity. The company signaled aggressive deployment, investing over $187 million in new capital across three new companies during the third fiscal quarter of 2025.

Patient Capital: Offers long-term investment horizon without forced exit deadlines

As a business development company (BDC), Gladstone Investment Corporation (GAIN) structure inherently supports a longer-term view, focusing on investments in connection with acquisitions, changes in control, and recapitalizations. This contrasts with shorter-term private equity funds that have defined lifecycles. The focus on middle-market acquisitions suggests investments are held until the portfolio company is ready for a strategic exit, not based on an arbitrary fund deadline. The company's total assets stood at $1.1 billion as of the third quarter of fiscal year 2025.

Certainty of Closing: Eliminates the need for multiple third-party financing sources

By offering a one-stop solution, Gladstone Investment Corporation (GAIN) streamlines the financing process, which is a significant value driver for businesses needing speed and certainty. This single-source approach reduces execution risk for the borrower. The company maintains a healthy pipeline for new acquisitions, indicating consistent deal flow evaluation and execution capability. The total investment income for the second quarter ended September 30, 2025, was $25.3 million, showing active deployment and management of its capital base.

Balanced Return Profile: Combines current income (debt) with capital appreciation (equity)

Gladstone Investment Corporation (GAIN) structures its portfolio to capture both steady income from its debt holdings and upside potential from its equity stakes. This balance is key to its return profile. As of March 31, 2025, 36% of the portfolio was allocated to Equity investments. The weighted average yield on its debt investments was reported at 13.4% during the second quarter of fiscal year 2025. The Net Asset Value (NAV) per common share increased to $13.53 as of September 30, 2025, driven in part by net unrealized appreciation of $35.3 million in that quarter.

Value Proposition Metric	Financial/Statistical Data Point (Late 2025)	Reference Period/Context
Single Largest Investment Deployment	$187 million	Q3 Fiscal Year 2025 (Total new capital)
Example Debt + Equity Investment Size	$67.6 million (Total)	Global GRAB Technologies, Inc. (July 2025)
Example Debt Allocation in a Deal	$46.5 million (Secured first lien debt)	Global GRAB Technologies, Inc.
Example Equity Allocation in a Deal	$21.1 million (Preferred equity)	Global GRAB Technologies, Inc.
Portfolio Equity Allocation	36%	As of March 31, 2025
Debt Investment Yield (Weighted Avg)	13.4%	Q2 Fiscal Year 2025
Total Investment Income	$25.3 million	Q2 Fiscal Year 2025
Net Asset Value per Share	$13.53	As of September 30, 2025

The ability to commit significant capital, like the $187 million deployed in Q3 2025, underscores the capacity to act as a primary capital source. The regular monthly distribution was $0.08 per common share for October, November, and December 2025, totaling $0.24 for the quarter, supplemented by a focus on capital gains.

• Focus on lower middle market businesses.
• Total assets reached $1.1 billion.
• Net investment income for Q2 2025 was $4.3 million.
• Debt portfolio weighted average yield was 13.4% in Q2 2025.
• Equity portion of portfolio at 36% as of March 31, 2025.

Gladstone Investment Corporation (GAIN) - Canvas Business Model: Customer Relationships

Gladstone Investment Corporation (GAIN) investment professionals actively oversee each investment by continuously evaluating the portfolio company's performance. They typically work collaboratively with the portfolio company's management to identify and incorporate best resources and practices.

The methods for this high-touch advisory include:

• monthly analysis of financial and operating performance;
• frequent assessment of the portfolio company's performance against its business plan;
• attendance at and/or participation in the portfolio company's board of directors or management meetings;
• assessment of portfolio company management, governance and strategic direction; and
• review and assessment of the portfolio company's operating outlook and financial projections.

The Adviser's investment professionals interact with various parties involved with an investment by actively engaging with internal and external constituents, including management.

Long-Term Partnership Focus

Gladstone Investment Corporation (GAIN) differs from other private equity funds because it has no partnership end-of-life deadlines. This structure allows GAIN to provide truly patient, long-term capital. The company aims to generate current income and capital gain potential throughout the economic cycle.

The portfolio size reflects this ongoing commitment:

Reporting Period End Date	Number of Portfolio Companies
March 31, 2025 (FY End)	25
June 30, 2025	27
September 30, 2025 (Q2 FY2026)	28

Direct and Personal

GAIN typically provides most, if not all, of the equity and debt capital required to close a transaction, which increases certainty and speed of closing. The investment team handles due diligence and ongoing support. The company added experienced talent to its investing team in support of continuing portfolio growth and managing the current portfolio.

Investment activity during the period demonstrates this direct involvement:

• In May 2025, GAIN invested $49.5 million in a new portfolio company.
• In July 2025, GAIN invested $67.6 million in a new portfolio company.
• Total investment for the fiscal year ended March 31, 2025, was $221 million.

The total fair value of the portfolio at March 31, 2025, was $979 million. The total assets for Gladstone Investment Corporation were $1.1 billion as of Q3 2025.

Gladstone Investment Corporation (GAIN) - Canvas Business Model: Channels

You're looking at how Gladstone Investment Corporation (GAIN) actually gets its deals and connects with the market to fund them. It's not just one road; it's a few distinct paths that all feed into their core business of providing debt and equity capital to established private businesses in the U.S.

Direct Deal Sourcing: Leveraging relationships with independent sponsors and management

Gladstone Investment Corporation (GAIN) relies heavily on its network to find deals that fit its lower middle-market focus. This channel is about the relationships they cultivate, not just cold calls. They target established businesses, often in sectors like manufacturing, consumer products, and business services. Specifically, they look for firms with an EBITDA generally between $3 million and $20 million and revenues ranging from $20 million to $100 million.

When a deal is sourced, the typical size for an individual investment is up to $75 million, though this can change based on the opportunity. The intended long-term portfolio composition guides this sourcing, aiming for approximately 75% in debt securities and 25% in equity securities, measured at cost.

The activity from this channel was robust in the most recently reported period; for the quarter ended September 30, 2025 (Q2 FY2025), Gladstone Investment Corporation (GAIN) deployed over $187 million of new capital, which was noted as their single largest investment quarter to date.

Investment Team: The primary channel for transaction execution and monitoring

The Investment Team acts as the internal engine that vets, executes, and manages the capital deployed through the sourcing channels. They are the ones turning relationships into funded investments. This team is responsible for structuring the combined debt and equity investments that support buyouts, recapitalizations, and growth financings.

The execution of this channel directly impacts the income statement. For the quarter ended September 30, 2025, Total Investment Income reached $25.3 million. The team's management of the portfolio is reflected in the Net Asset Value (NAV) per common share, which stood at $13.53 as of September 30, 2025. This team also manages the portfolio's interest-bearing assets, which saw their weighted-average principal balance increase, contributing to a $1.0 million rise in interest income quarter-over-quarter for Q2 FY2025.

The team's involvement often goes beyond just capital provision; they maintain active involvement, sometimes taking majority ownership stakes in portfolio companies.

Public Markets (NASDAQ: GAIN): For raising capital and distributing returns to shareholders

The NASDAQ listing for Gladstone Investment Corporation (GAIN) is the critical external channel for both funding the investment pipeline and returning capital to you, the shareholder. This public presence allows for capital raises outside of traditional debt markets. For instance, in the quarter ended September 30, 2025, the company sold 2,238,361 shares of common stock under its At-the-Market (ATM) program at a weighted-average gross price of $14.10 per share, raising approximately $31.1 million in net proceeds.

The distribution side is very regular. Gladstone Investment Corporation (GAIN) pays dividends monthly. The expected next dividend per share was $0.08 USD, with an ex-dividend date around December 22, 2025. This results in an annual dividend of $2.20 per share, translating to a reported yield of 15.75% or 6.87% depending on the specific market data source used for the calculation at that time. The Payout Ratio relative to the annual dividend was listed as 60.15%.

The overall scale of the company, which this channel represents to the public, was noted with Total Assets reaching $1.1 billion as of Q3 2025.

Here's a quick snapshot of the key financial metrics tied to these channels as of late 2025:

Metric	Value	Context/Period
Total Assets	$1.1 billion	Q3 2025
New Capital Deployed	$187.094 million	Q3 2025
New Companies Acquired	3	Q3 2025
Public Capital Raised (Net Proceeds)	$31.1 million	Q2 FY2025 (ATM Program)
Monthly Distribution per Share	$0.080 USD	As of late 2025
Annual Dividend per Share	$2.20	As of late 2025
Reported Dividend Yield	15.75% or 6.87%	As of late 2025
Target Max Individual Investment Size	$75 million	Investment Strategy

The operational flow through these channels can be seen in the recent income figures:

• Total Investment Income (Q2 2025): $25.3 million.
• Net Investment Income (Q2 2025): $4.3 million or $0.11 per common share.
• Net Asset Value per Share (Sept 30, 2025): $13.53.
• Debt Issuance Rate (Notes due 2030): 7.875%.

The ability to issue $126.5 million in new publicly traded notes due 2030 at 7.875% directly supports the deal pipeline sourced by the relationships. Also, the company paid a supplemental distribution of $0.70 per share during Q3 2025, which is supported by realized capital gains, a different outcome from the regular monthly channel.

Gladstone Investment Corporation (GAIN) - Canvas Business Model: Customer Segments

You're looking at the specific types of established private businesses Gladstone Investment Corporation (GAIN) targets for its debt and equity investments. These are not typically companies that can easily access public capital markets.

The core focus remains on U.S.-based businesses that fit a specific financial profile, often seeking capital for growth, recapitalization, or change of control events.

Lower Middle Market Companies are defined by their earnings power:

• US-based businesses with $4 million to $15 million in EBITDA.
• Companies must have a proven business model.
• They need predictable and stable cash flow with consistent earnings.

Gladstone Investment Corporation (GAIN) targets businesses that are market leaders in stable industries and possess strong management teams capable of performing across economic cycles.

The structure of the customer segment is further detailed by the type of transaction they are seeking capital for:

• Management Buyout Teams: Existing management seeking capital to execute a change in control transaction.
• Independent Sponsors: Financial partners who require committed capital to close on acquisition opportunities.

For Mature Businesses, the key characteristic is the stability of their operations:

• Stable cash flow history.
• Minimal market or technology risk exposure.
• Demonstrated potential for future cash flow expansion.
• Long-term customer relationships are a positive indicator.

Here's a look at the typical capital deployment metrics associated with these customer segments, based on recent activity and stated criteria. The total invested from the IPO through March 31, 2025, was approximately $2.0 billion in 62 companies, excluding syndicated loans.

Metric	Typical Range/Value	Source Context
EBITDA Range (Target)	$4 million to $15 million	Investment Criteria
Maximum Single Transaction Size (Debt & Equity)	Up to $75 million	Investment Criteria
Typical Debt Investment Size Range	$5 million to $30 million	Debt Investment Range
Recent New Investment Example (July 2025)	$67.6 million total ($46.5M debt, $21.1M equity)	Global GRAB Technologies, Inc.
Recent New Investment Example (May 2025)	$49.5 million total ($35.7M debt, $13.8M equity)	Smart Chemical Solutions, LLC
Total Companies Invested In (IPO through March 31, 2025)	62 (excluding syndicated loans)	Cumulative Investment History

The net asset value per common share as of September 30, 2025, was $13.53.

The geographic requirement for these customer segments is a Continental United States location.

Finance: draft 13-week cash view by Friday.

Gladstone Investment Corporation (GAIN) - Canvas Business Model: Cost Structure

You're looking at the expense side of Gladstone Investment Corporation's operations, which is heavily influenced by its structure as a Business Development Company (BDC) managed by an external adviser. The costs here are critical because they directly impact the Net Investment Income (NII) available for distribution to you, the investor.

The total expenses, net of credits, for the quarter ended September 30, 2025 (Q2 2026), jumped to $21.0 million from $14.5 million in the prior quarter, a significant increase of 45.3%. This spike was driven by variable incentive fees and rising debt costs.

Here's a breakdown of the key cost components, focusing on the latest reported figures and year-over-year context:

• Operating Costs: General and administrative expenses, which fall under the broader operating costs, totaled $49.214 million for the fiscal year ended March 31, 2025.
• Interest Expense: Costs associated with borrowed capital showed an upward trend. For the full fiscal year ending March 31, 2025, the Interest Expense was $28,246 thousand. This expense increased again in Q2 2026 due to the timing of borrowings for new investment activity. Specifically, interest expense increased by $1.1 million in Q2 2026 compared to Q1 2026 due to increased borrowings on the credit facility.
• Incentive Fees: These are tied to performance. Gladstone Investment Corporation accrued $4.9 million for capital gains-based incentive fees in Q2 2026. This accrual was the primary driver of the drop in GAAP NII per share to $0.11 from $0.25 in the prior quarter.
• Management Fees: The base management fees paid to the Adviser also saw an uptick. The base management fee increased by $0.4 million in Q2 2026 compared to Q1 2026.

To give you a clearer picture of the cost drivers in the most recent quarter (Q2 2026), here is how the increase in total expenses was composed:

Expense Component Driver	Change in Q2 2026 vs. Q1 2026 (USD Thousands)	Source of Change
Capital Gains-Based Incentive Fees Accrual	$5,100 increase	Net impact of realized/unrealized gains/losses
Interest Expense	$1,100 increase	Increased borrowings on the credit facility
Base Management Fee	$400 increase	General fee adjustment
Income-Based Incentive Fees	$300 increase	Performance-based fee accrual

It's important to note that the capital gains-based incentive fee is accrued under US GAAP each quarter based on unrealized appreciation but is only contractually due annually on realized gains. Management often points to the Adjusted NII (which excludes this fee) as a better measure of ongoing performance, which was $0.24 per share in Q2 2026, covering the $0.08 monthly dividend.

Gladstone Investment Corporation (GAIN) - Canvas Business Model: Revenue Streams

You're looking at how Gladstone Investment Corporation (GAIN) actually brings in the money to support those monthly distributions. For the quarter ended September 30, 2025, the total top-line revenue from investments hit $25.3 million. That was a nice bump up from the $23.5 million booked in the quarter ended June 30, 2025. So, the engine is running a bit hotter, which is what we want to see.

The primary drivers for that quarter-over-quarter revenue lift were clear. Interest income saw a $1.0 million increase, which they tied directly to a higher weighted-average principal balance in their interest-bearing portfolio. Then, you had a $0.7 million uptick in dividend and success fee income, which, honestly, is the variable part of the equation; timing matters a lot there.

Here's a quick look at the key revenue figures for the most recent reported quarter:

Revenue Component	Amount for Quarter Ended September 30, 2025
Total Investment Income	$25.3 million
Total Investment Income (Prior Quarter)	$23.5 million
Increase in Interest Income (QoQ)	$1.0 million
Increase in Dividend and Success Fee Income (QoQ)	$0.7 million

Interest Income: From secured first lien and subordinated debt investments.

This is the bread and butter for Gladstone Investment Corporation (GAIN). They structure their portfolio to generate steady cash flow from the debt they provide to middle-market companies. Their stated long-term intent for the investment portfolio, measured at cost, is to hold approximately 75% in debt securities, which directly fuels this interest income stream. The other 25% is targeted for equity securities.

• Debt securities target: 75% of portfolio (at cost).
• Equity securities target: 25% of portfolio (at cost).
• Income goal: Grow current income from debt interest payments.

Realized Capital Gains: From the successful sale of equity positions.

While the core income is interest, the long-term capital appreciation from selling equity stakes is crucial for supplemental payouts. For instance, the company has invested in 65 buyout portfolio companies since inception in 2005, exiting 33 of those to date. Though the September 30, 2025 quarter saw a net realized loss of $29.9 million, the structure relies on successful exits generating capital gains to supplement regular distributions.

Dividend and Success Fee Income: Variable income from portfolio company performance.

This is the performance kicker. It includes dividends from portfolio holdings and, importantly, success fees. These fees are tied to realized capital gains, meaning they are not a steady monthly feature but rather lumpy income when investments are sold profitably. You saw this stream increase by $0.7 million quarter-over-quarter for the period ending September 30, 2025. The regular monthly distribution was maintained at $0.08 per share, or $0.96 annually, but shareholders also received a supplemental distribution of $0.70 per share in October, which was declared in the prior quarter, showing the impact of realized gains.

The structure is designed to deliver consistent monthly income plus supplemental income derived from potential capital gains. That's the whole model, really.