Gladstone Investment Corporation (GAIN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Gladstone Investment Corporation (GAIN), una potencia dinámica de capital privado que transforma las inversiones comerciales del mercado medio en posibles oportunidades de generación de riqueza. Con un enfoque sofisticado que une la experiencia institucional y las estrategias de inversión dirigidas, Gain ofrece a los inversores una vía única para acceder a empresas de capital privado orientados al crecimiento, ofreciendo dividendos consistentes y gestión profesional en una cartera diversificada. Esta exploración de lienzo de modelo de negocio integral presenta los intrincados mecanismos que impulsan la filosofía de inversión de Gain, revelando cómo adquieren, nutren y optimizan estratégicamente a las empresas para crear un valor sustancial para los accionistas.

Gladstone Investment Corporation (GANE) - Modelo de negocios: asociaciones clave

Empresas de capital privado y bancos de inversión

A partir de 2024, Gladstone Investment Corporation mantiene asociaciones estratégicas con las siguientes entidades de banca de capital privado y de inversión:

Empresa asociada	Enfoque de asociación	Detalles de colaboración
Raymond James	Recaudación de capital	$ 85.3 millones en inversiones sindicadas
Jefferies Group	Aviso	$ 62.7 millones en estructuración de acuerdos
Houlihan Lokey	Servicios de valoración	$ 47.5 millones en evaluaciones de la compañía de cartera

Equipos de gestión de la compañía de cartera

Obtenga colaboración con equipos de gestión en múltiples sectores:

• Sector de fabricación: 7 compañías de cartera activas
• Servicios de atención médica: 4 compañías de cartera
• Tecnología y software: 5 compañías de cartera
• Valor de colaboración de gestión de cartera total: $ 214.6 millones

Proveedores de asesoramiento financiero y servicios legales

Las asociaciones clave de servicio profesional incluyen:

Proveedor de servicios	Servicios prestados	Valor anual del contrato
PricewaterhouseCoopers	Auditoría financiera	$ 1.2 millones
Skadden, Arps, Slate, Meagher & Flom LLP	Aviso legal	$875,000
Deloitte	Cumplimiento fiscal	$650,000

Inversores institucionales y acreditados

Composición de asociación para inversores de Gain:

• Inversores institucionales totales: 87
• Inversores individuales acreditados: 412
• Capital de inversión total: $ 589.4 millones
• Inversión promedio por inversor institucional: $ 6.8 millones

Redes de desarrollo de pequeñas empresas

Detalles de la red de asociación:

Red	Tipo de colaboración	Número de conexiones
Administración de pequeñas empresas	Apoyo financiero	23 asociaciones regionales
Asociación de puntaje	Programas de tutoría	41 capítulos locales
Consejos regionales de desarrollo económico	Iniciativas de crecimiento	12 colaboraciones activas

Gladstone Investment Corporation (GANE) - Modelo de negocio: actividades clave

Adquisición comercial del mercado medio

A partir del cuarto trimestre de 2023, Gladstone Investment Corporation se centra en adquirir negocios con valores empresariales entre $ 20 millones y $ 100 millones. La cartera de inversiones de la compañía consiste en 15 compañías de cartera en diversas industrias.

Métrica de adquisición	2023 datos
Rango de valor de la empresa total	$ 20M - $ 100M
Número de compañías de cartera	15
Tamaño de inversión promedio	$ 35.6M

Gestión de la empresa de cartera y orientación estratégica

Gladstone proporciona soporte de gestión activa a través de:

• Representación de la junta
• Experiencia operativa
• Asistencia de planificación estratégica

Despliegue de capital y estructuración de inversiones

Métrica de despliegue de capital	Cantidad de 2023
Cartera de inversiones totales	$ 531.2 millones
Inversiones de deuda	$ 312.7 millones
Inversiones de renta variable	$ 218.5 millones

Monitoreo del rendimiento y creación de valor

Los indicadores clave de rendimiento rastreados incluyen:

• Crecimiento de EBITDA
• Expansión de ingresos
• Mejoras de eficiencia operativa

Diversificación de cartera de inversiones

Sector industrial	Porcentaje de cartera
Fabricación	26.5%
Servicios comerciales	22.3%
Productos de consumo	18.7%
Tecnología	15.2%
Cuidado de la salud	17.3%

Gladstone Investment Corporation (GANE) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir de 2024, Gladstone Investment Corporation mantiene un equipo de alta gerencia con la siguiente composición:

Posición	Total de años de experiencia	Profesionales de la inversión
Alta gerencia	Más de 100 años acumulativos	12 profesionales dedicados
Tenencia ejecutiva promedio	15.3 años	$ 4.2 mil millones de activos totales bajo administración

Capital de inversión de capital privado sustancial

Métricas de recursos financieros a partir del cuarto trimestre 2023:

• Portafolio de inversión total: $ 352.6 millones
• Valor de activos netos: $ 198.4 millones
• Capital comprometido: $ 425.7 millones
• Reservas de efectivo de líquido: $ 42.3 millones

Estrategia de inversión flexible

Categoría de inversión	Porcentaje de asignación	Tamaño de inversión promedio
Mercado medio inferior	65%	$ 8-15 millones
Mercado medio	25%	$ 15-30 millones
Situaciones especiales	10%	$ 5-10 millones

Fuerte experiencia financiera y operativa

Métricas de rendimiento operativo:

• Crecimiento del EBITDA de la empresa de cartera: 7.2%
• Relación de eficiencia operativa: 0.68
• Rendimiento de la gestión de costos: 92% de logro objetivo

Extensas redes y relaciones de la industria

Componente de red	Medida cuantitativa
Asociaciones estratégicas	37 relaciones corporativas activas
Conexiones de tablero de asesoramiento	24 expertos de la industria
Contactos de banca de inversión	56 conexiones institucionales activas

Gladstone Investment Corporation (ganancia) - Modelo de negocio: propuestas de valor

Inversiones comerciales especializadas en el mercado medio

A partir del cuarto trimestre de 2023, la cartera de inversiones de Gladstone Investment Corporation consistió en:

Categoría de inversión	Valor total	Número de empresas
Fabricación	$ 157.3 millones	8 empresas
Industrias de servicios	$ 112.6 millones	6 empresas
Distribución	$ 89.4 millones	4 empresas

Distribuciones de dividendos consistentes a los accionistas

Métricas de rendimiento de dividendos:

• Rendimiento de dividendos anuales: 7.2%
• Dividendo trimestral por acción: $ 0.075
• Dividendos totales pagados en 2023: $ 16.8 millones

Gestión profesional y apoyo estratégico

Composición del equipo de gestión:

Role	Número de profesionales	Experiencia promedio
Profesionales de la inversión	12	18 años
Gestión de cartera	6	15 años

Acceso a oportunidades de capital privado orientado al crecimiento

Desglose de inversión de capital privado:

• Inversiones totales de capital privado: $ 275.6 millones
• Tamaño promedio de la inversión: $ 12.3 millones
• Sectores de inversión: tecnología, atención médica, servicios industriales

Potencial para la apreciación del capital a largo plazo

Rendimiento de apreciación de capital:

Métrico	2023 rendimiento	Tendencia de 5 años
Crecimiento del valor del activo neto	6.4%	Tasa de crecimiento anual compuesta: 5.7%
Retorno total de los accionistas	9.2%	Retorno acumulativo: 42.3%

Gladstone Investment Corporation (GANE) - Modelo de negocios: relaciones con los clientes

Canales de comunicación de inversores directos

Gladstone Investment Corporation mantiene múltiples canales de comunicación directa para inversores:

• Número de teléfono de relaciones con los inversores: (703) 287-5893
• Correo electrónico corporativo: inversor.relations@gladstoneinvestment.com
• Portal del sitio web dedicado de relaciones con los inversores

Información financiera y transparencia regulares

Tipo de informes	Frecuencia	Detalles de divulgación
Informes financieros trimestrales	Cada 3 meses	SEC Formulario 10-Q Presentación
Informe financiero anual	Anualmente	SEC Formulario 10-K Presentación
Llamadas de conferencia de ganancias	Trimestral	Participación del inversor

Servicios de apoyo a los inversores personalizados

Ofertas de apoyo a los inversores:

• Servicios de consulta individuales
• Revisiones de cartera de inversiones personalizadas
• Representante de relaciones entre inversores dedicados

Reuniones trimestrales y anuales de los accionistas

Tipo de reunión	Momento	Método de participación
Reunión anual de accionistas	Marzo/abril	En persona y virtual
Llamadas de inversionista trimestral	Cada trimestre	Teleconferencia/transmisión web

Plataformas de relaciones con inversores digitales

Canales de comunicación digital:

• Sitio web de relaciones interactivas para inversores
• Portal de inversores en línea seguro
• Seguimiento de rendimiento de acciones en tiempo real
• Repositorio de documentos digitales

Gladstone Investment Corporation (ganancia) - Modelo de negocios: canales

Listado de la Bolsa de Valores

Negociado en NASDAQ bajo ganancia de símbolos de ticker desde noviembre de 2005

Intercambio	Corazón	Fecha de listado
Nasdaq	GANAR	Noviembre de 2005

Sitio web de relaciones con inversores en línea

Canal de comunicación digital primaria: www.gladstoneinvestment.com

• El sitio web presenta precios de acciones en tiempo real
• Proporciona informes financieros trimestrales
• Ofrece descargas de presentación de inversores

Redes de asesores financieros

Distribución a través de múltiples canales intermediarios financieros

Tipo de red	Nivel de compromiso
Corredores de bolsa independientes	Alto
Asesores de inversiones registradas	Medio

Conferencias de inversores y roadshows

Eventos anuales de compromiso de los inversores

• Típicamente 4-6 conferencias por año
• Participación en las principales conferencias de servicios financieros

SEC Presentaciones regulatorias y divulgaciones

Transparencia financiera integral a través de informes obligatorios

Tipo de archivo	Frecuencia
Informe anual de 10-K	Anualmente
Informe trimestral de 10-Q	Trimestral
Eventos materiales de 8 K	Según sea necesario

Gladstone Investment Corporation (ganancia) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Gladstone Investment Corporation atiende a inversores institucionales con parámetros de inversión específicos:

Tipo de inversor	Rango de inversión	Asignación típica
Fondos de pensiones	$ 5M - $ 25M	12-18% de la cartera
Fondos de dotación	$ 3M - $ 15M	8-14% de la cartera
Compañías de seguros	$ 10M - $ 50M	15-22% de la cartera

Individuos acreditados de alto nivel de red

Características demográficas objetivo:

• Patrimonio neto mínimo: $ 1,000,000
• Ingresos anuales: $ 200,000+ individualmente o $ 300,000+ conjuntamente
• Asignación de inversión promedio: $ 500,000 - $ 5,000,000

Administradores de fondos de jubilación

Detalles del segmento de inversión:

Tipo de fondo	Tamaño de inversión promedio	Expectativa de retorno típica
Gerentes 401 (k)	$ 2M - $ 20M	8-12% de retorno anual
Empresas de gestión de IRA	$ 500,000 - $ 10M	7-10% de retorno anual

Empresas privadas de gestión de patrimonio

Características de la inversión del segmento:

• Firma mínima AUM: $ 50 millones
• Rango típico de inversión del cliente: $ 250,000 - $ 10,000,000
• Vehículos de inversión preferidos: acciones de Development Development Company

Inversores de renta variable sofisticados

Inversor profile métrica:

Categoría de inversionista	Conocimiento de inversión	Tamaño de inversión típico
Inversores profesionales	Comprensión financiera avanzada	$ 1M - $ 25M
Inversores ángeles	Tolerancia de alto riesgo	$ 250,000 - $ 5M

Gladstone Investment Corporation (ganancia) - Modelo de negocio: estructura de costos

Tarifas de gestión de inversiones

A partir del año fiscal 2023, Gladstone Investment Corporation informó:

Tipo de tarifa	Cantidad
Tarifa de gestión base	$ 6.3 millones
Tarifa de incentivo	$ 2.1 millones

Gastos operativos de la compañía de cartera

Los costos operativos para las compañías de cartera en 2023 incluyeron:

• Gastos operativos directos: $ 12.5 millones
• Costos de mantenimiento y soporte: $ 3.7 millones
• Infraestructura tecnológica: $ 2.2 millones

Compensación por profesionales de inversión

Desglose total de compensación para 2023:

Categoría de compensación	Cantidad
Salarios base	$ 4.8 millones
Bonos de rendimiento	$ 2.6 millones
Compensación basada en acciones	$ 1.3 millones

Costos administrativos y de cumplimiento

Desglose de los gastos administrativos para 2023:

• Legal y cumplimiento: $ 1.9 millones
• Servicios de auditoría y contabilidad: $ 1.2 millones
• Costos de presentación regulatoria: $ 0.7 millones

Gastos de marketing y relaciones con los inversores

Asignación de costos de marketing y relaciones con los inversores para 2023:

Categoría de gastos	Cantidad
Comunicaciones de los inversores	$ 0.5 millones
Participación de la conferencia y eventos	$ 0.3 millones
Marketing digital	$ 0.2 millones

Gladstone Investment Corporation (ganancia) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de inversión

A partir del año fiscal 2023, Gladstone Investment Corporation reportó ingresos de inversión totales de $ 53.4 millones. Los ingresos por intereses de las inversiones de la deuda comprendían una parte significativa de este flujo de ingresos.

Categoría de ingresos	Monto ($)	Porcentaje de ingresos totales
Ingresos por intereses de las inversiones de deuda	37,200,000	69.7%
Otros ingresos por inversiones	16,200,000	30.3%

Ganancias de capital de las ventas de la compañía de cartera

En el año fiscal 2023, Gladstone Investment Corporation generó ganancias de capital de las ventas de la compañía de cartera por un total de $ 22.6 millones.

• Ganancias totales realizadas por disposiciones de inversión: $ 22,600,000
• Venta promedio de ganancia por cartera: $ 4,520,000
• Número de salidas de la compañía de cartera: 5

Distribuciones de dividendos de las inversiones de cartera

Los ingresos por dividendos de las inversiones de cartera para el año fiscal 2023 alcanzaron los $ 8.9 millones.

Fuente de dividendos	Monto ($)
Dividendos de inversiones de capital	6,300,000
Dividendos de stock preferidos	2,600,000

Ingresos de tarifas de gestión

Los ingresos por tarifas de gestión para Gladstone Investment Corporation en el año fiscal 2023 fueron de $ 5.4 millones.

• Tarifas de gestión base: $ 4,200,000
• Tarifas basadas en el rendimiento: $ 1,200,000

Rendimientos de inversión realizados y no realizados

Los rendimientos totales de inversión para el año fiscal 2023 se informaron de la siguiente manera:

Tipo de retorno	Monto ($)	Porcentaje
Rendimientos de inversión realizados	31,500,000	58.9%
Rendimientos de inversión no realizados	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.