Gladstone Investment Corporation (Gain): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde stratégique de Gladstone Investment Corporation (GAIN), une puissance dynamique de capital-investissement qui transforme les investissements commerciaux du marché intermédiaire en opportunités potentielles de génération de richesse. Avec une approche sophistiquée qui prie l'expertise institutionnelle et les stratégies d'investissement ciblées, Gain offre aux investisseurs une voie unique pour accéder à des entreprises de capital-investissement axées sur la croissance, à fournir des dividendes cohérents et une gestion professionnelle dans un portefeuille diversifié. Cette exploration complète du modèle de modèle commercial dévoile les mécanismes complexes qui stimulent la philosophie d'investissement de Gain, révélant comment ils acquièrent stratégiquement, entretiennent et optimisent les entreprises pour créer une valeur substantielle pour les actionnaires.

Gladstone Investment Corporation (Gain) - Modèle d'entreprise: partenariats clés

Sociétés de capital-investissement et banques d'investissement

En 2024, Gladstone Investment Corporation maintient des partenariats stratégiques avec les entités de banc de capital-investissement et d'investissement suivantes:

Entreprise partenaire	Focus de partenariat	Détails de collaboration
Raymond James	Levage de capitaux	85,3 millions de dollars en investissements syndiqués
Groupe Jefferies	Avis de transaction	62,7 millions de dollars en structuration de transactions
Houlihan Lokey	Services d'évaluation	47,5 millions de dollars d'évaluations des entreprises de portefeuille

Équipes de gestion des entreprises de portefeuille

Gagner collabore avec des équipes de direction sur plusieurs secteurs:

• Secteur manufacturier: 7 sociétés de portefeuille actifs
• Services de soins de santé: 4 entreprises de portefeuille
• Technologie et logiciels: 5 sociétés de portefeuille
• Valeur de collaboration de gestion du portefeuille total: 214,6 millions de dollars

Fournisseurs de conseil financier et de service juridique

Les partenariats de services professionnels clés comprennent:

Fournisseur de services	Services rendus	Valeur du contrat annuel
PricewaterhouseCoopers	Audit financier	1,2 million de dollars
Skadden, arps, ardoise, meagher & Flom LLP	Avis juridique	$875,000
Deloitte	Conformité fiscale	$650,000

Investisseurs institutionnels et accrédités

Composition du partenariat des investisseurs de Gain:

• Investisseurs institutionnels totaux: 87
• Investisseurs individuels accrédités: 412
• Capital d'investissement total: 589,4 millions de dollars
• Investissement moyen par investisseur institutionnel: 6,8 millions de dollars

Réseaux de développement des petites entreprises

Détails du réseau de partenariat:

Réseau	Type de collaboration	Nombre de connexions
Administration des petites entreprises	Soutien financier	23 partenariats régionaux
Score Association	Programmes de mentorat	41 chapitres locaux
Conseils régionaux de développement économique	Initiatives de croissance	12 collaborations actives

Gladstone Investment Corporation (Gain) - Modèle d'entreprise: activités clés

Acquisition d'entreprises du marché intermédiaire

Au quatrième trimestre 2023, Gladstone Investment Corporation se concentre sur l'acquisition d'entreprises avec des valeurs d'entreprise entre 20 et 100 millions de dollars. Le portefeuille d'investissement de la société se compose de 15 sociétés de portefeuille dans divers industries.

Métrique d'acquisition	2023 données
Plage totale de valeurs d'entreprise	20 M $ - 100 M $
Nombre de sociétés de portefeuille	15
Taille moyenne de l'investissement	35,6 M $

Gestion des entreprises de portefeuille et conseils stratégiques

Gladstone fournit un soutien à la gestion active à travers:

• Représentation du conseil d'administration
• Expertise opérationnelle
• Aide à la planification stratégique

Déploiement en capital et structuration d'investissement

Métrique de déploiement des capitaux	2023 Montant
Portefeuille d'investissement total	531,2 millions de dollars
Investissements de la dette	312,7 millions de dollars
Investissements en actions	218,5 millions de dollars

Surveillance des performances et création de valeur

Les indicateurs de performance clés suivis comprennent:

• Croissance de l'EBITDA
• Expansion des revenus
• Améliorations de l'efficacité opérationnelle

Diversification du portefeuille d'investissement

Secteur de l'industrie	Pourcentage de portefeuille
Fabrication	26.5%
Services aux entreprises	22.3%
Produits de consommation	18.7%
Technologie	15.2%
Soins de santé	17.3%

Gladstone Investment Corporation (Gain) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

Depuis 2024, Gladstone Investment Corporation maintient une équipe de direction avec la composition suivante:

Position	Total des années d'expérience	Professionnels de l'investissement
Senior	Plus de 100 années cumulatives	12 professionnels dévoués
Mandat moyen exécutif	15,3 ans	4,2 milliards de dollars d'actifs totaux sous gestion

Capital d'investissement en capital-investissement substantiel

Mesures de ressources financières auprès du quatrième trimestre 2023:

• Portfolio d'investissement total: 352,6 millions de dollars
• Valeur de l'actif net: 198,4 millions de dollars
• Capital engagé: 425,7 millions de dollars
• Réserves de trésorerie liquide: 42,3 millions de dollars

Stratégie d'investissement flexible

Catégorie d'investissement	Pourcentage d'allocation	Taille moyenne de l'investissement
Basse du marché intermédiaire	65%	8 à 15 millions de dollars
Marché intermédiaire	25%	15-30 millions de dollars
Situations spéciales	10%	5-10 millions de dollars

Forte expertise financière et opérationnelle

Métriques de performance opérationnelle:

• Croissance de l'EBITDA de l'entreprise de portefeuille: 7,2%
• Ratio d'efficacité opérationnelle: 0,68
• Performance de gestion des coûts: 92% de réalisation cible

Réseau et relations industriels étendus

Composant réseau	Mesure quantitative
Partenariats stratégiques	37 relations actives d'entreprise
Connexions du conseil consultatif	24 experts de l'industrie
Contacts de la banque d'investissement	56 Connexions institutionnelles actives

Gladstone Investment Corporation (Gain) - Modèle d'entreprise: propositions de valeur

Investissements commerciaux spécialisés sur le marché intermédiaire

Au quatrième trimestre 2023, le portefeuille d'investissement de Gladstone Investment Corporation était composé de:

Catégorie d'investissement	Valeur totale	Nombre d'entreprises
Fabrication	157,3 millions de dollars	8 entreprises
Industries des services	112,6 millions de dollars	6 entreprises
Distribution	89,4 millions de dollars	4 entreprises

Distributions de dividendes cohérentes aux actionnaires

Métriques de performance des dividendes:

• Rendement annuel de dividendes: 7,2%
• Dividende trimestriel par action: 0,075 $
• Total des dividendes versés en 2023: 16,8 millions de dollars

Gestion professionnelle et soutien stratégique

Composition de l'équipe de gestion:

Rôle	Nombre de professionnels	Expérience moyenne
Professionnels de l'investissement	12	18 ans
Gestion du portefeuille	6	15 ans

Accès aux opportunités de capital-investissement axé sur la croissance

Répartition des investissements en capital-investissement:

• Investissements totaux de capital-investissement: 275,6 millions de dollars
• Taille moyenne de l'investissement: 12,3 millions de dollars
• Secteurs d'investissement: technologie, soins de santé, services industriels

Potentiel d'appréciation du capital à long terme

Performance d'appréciation du capital:

Métrique	Performance de 2023	Tendance à 5 ans
Croissance de la valeur de l'actif net	6.4%	Taux de croissance annuel composé: 5,7%
Rendement total des actionnaires	9.2%	Retour cumulatif: 42,3%

Gladstone Investment Corporation (Gain) - Modèle d'entreprise: relations clients

Canaux de communication des investisseurs directs

Gladstone Investment Corporation maintient plusieurs canaux de communication directs pour les investisseurs:

• Relations des investisseurs Numéro de téléphone: (703) 287-5893
• Courriel d'entreprise: investisseur.relations@gladstoneinvestment.com
• Portail de site Web de relations avec les investisseurs dédiés

Information financière régulière et transparence

Type de rapport	Fréquence	Détails de divulgation
Rapports financiers trimestriels	Tous les 3 mois	Formulaire SEC 10-Q Dépôt
Rapport financier annuel	Annuellement	Formulaire SEC 10-K DISPOST
Conférences téléphoniques sur les gains	Trimestriel	Participation des investisseurs

Services de soutien aux investisseurs personnalisés

Offres de soutien aux investisseurs:

• Services de consultation individuels
• Revues de portefeuille d'investissement personnalisés
• Représentant des relations avec les investisseurs seniors dévoués

Réunions des actionnaires trimestriels et annuels

Type de réunion	Timing	Méthode de participation
Réunion des actionnaires annuelle	Mars / avril	En personne et virtuel
Appels d'investisseurs trimestriels	Tous les trimestres	Téléconférence / webdiche

Plateformes de relations avec les investisseurs numériques

Canaux de communication numérique:

• Site Web de relations avec les investisseurs interactifs
• Portail d'investisseurs en ligne sécurisé
• Suivi des performances des stocks en temps réel
• Référentiel de documents numériques

Gladstone Investment Corporation (gain) - Modèle d'entreprise: canaux

Cotation des bourses

Échangé sur le nasdaq sous gain de symbole de ticker depuis novembre 2005

Échange	Téléscripteur	Date d'inscription
Nasdaq	GAGNER	Novembre 2005

Site Web de relations avec les investisseurs en ligne

Channel de communication numérique primaire: www.gladstoneinvestment.com

• Caractéristiques du site Web Tarification en temps réel
• Fournit des rapports financiers trimestriels
• Offre des téléchargements de présentation des investisseurs

Réseaux de conseillers financiers

Distribution via plusieurs canaux intermédiaires financiers

Type de réseau	Niveau d'engagement
Courtiers indépendants	Haut
Conseillers en investissement enregistrés	Moyen

Conférences des investisseurs et tas de routes

Événements annuels d'engagement des investisseurs

• Généralement 4 à 6 conférences par an
• Participation aux principales conférences de services financiers

Dossiers et divulgations réglementaires de la SEC

Transparence financière complète grâce à des rapports obligatoires

Type de classement	Fréquence
Rapport annuel de 10 K	Annuellement
Rapport trimestriel 10-Q	Trimestriel
Événements matériels 8-K	Au besoin

Gladstone Investment Corporation (Gain) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Gladstone Investment Corporation dessert les investisseurs institutionnels avec des paramètres d'investissement spécifiques:

Type d'investisseur	Gamme d'investissement	Allocation typique
Fonds de pension	5 M $ - 25 M $	12-18% du portefeuille
Fonds de dotation	3 M $ - 15 M $	8-14% du portefeuille
Compagnies d'assurance	10 M $ - 50 M $	15-22% du portefeuille

Individus accrédités à haute nette

Caractéristiques démographiques cibles:

• Valeur nette minimale: 1 000 000 $
• Revenu annuel: 200 000 $ + individuellement ou 300 000 $ + conjointement
• Attribution moyenne des investissements: 500 000 $ - 5 000 000 $

Gestionnaires des fonds de retraite

Détails du segment d'investissement:

Type de fonds	Taille moyenne de l'investissement	Attente de retour typique
401 (k) Managers	2 M $ - 20 M $	8-12% Retour annuel
Sociétés de gestion de l'IRA	500 000 $ - 10 millions de dollars	Retour annuel de 7 à 10%

Sociétés de gestion de patrimoine privées

Caractéristiques d'investissement du segment:

• Minimum Firm Aum: 50 millions de dollars
• Gamme d'investissement client typique: 250 000 $ - 10 000 000 $
• Véhicules d'investissement privilégiés: actions de la société de développement d'entreprise

Investisseurs en actions sophistiquées

Investisseur profile métrique:

Catégorie d'investisseurs	Connaissances en investissement	Taille d'investissement typique
Investisseurs professionnels	Compréhension financière avancée	1 M $ - 25 M $
Investisseurs providentiels	Tolérance à haut risque	250 000 $ - 5 M $

Gladstone Investment Corporation (Gain) - Modèle d'entreprise: Structure des coûts

Frais de gestion des investissements

Depuis l'exercice 2023, Gladstone Investment Corporation a rapporté:

Type de frais	Montant
Frais de gestion de la base	6,3 millions de dollars
Frais d'incitation	2,1 millions de dollars

Dépenses opérationnelles de la société de portefeuille

Les coûts opérationnels des sociétés de portefeuille en 2023 comprenaient:

• Dépenses d'exploitation directes: 12,5 millions de dollars
• Coûts de maintenance et de soutien: 3,7 millions de dollars
• Infrastructure technologique: 2,2 millions de dollars

Compensation pour les professionnels de l'investissement

Répartition totale de la compensation pour 2023:

Catégorie de compensation	Montant
Salaires de base	4,8 millions de dollars
Bonus de performance	2,6 millions de dollars
Compensation en stock	1,3 million de dollars

Frais administratifs et de conformité

Répartition des dépenses administratives pour 2023:

• Juridique et conformité: 1,9 million de dollars
• Services d'audit et de comptabilité: 1,2 million de dollars
• Coûts de dépôt réglementaire: 0,7 million de dollars

Dépenses de marketing et de relations avec les investisseurs

MARKETING ET RELATIONS D'INVECONSEUR ALLOCATION DES COMPTES POUR 2023:

Catégorie de dépenses	Montant
Communications des investisseurs	0,5 million de dollars
Conférence et participation des événements	0,3 million de dollars
Marketing numérique	0,2 million de dollars

Gladstone Investment Corporation (Gain) - Modèle d'entreprise: Strots de revenus

Revenu d'intérêt d'investissement

Depuis l'exercice 2023, Gladstone Investment Corporation a déclaré un revenu de placement total de 53,4 millions de dollars. Les revenus des intérêts provenant des investissements en dette comprenaient une partie importante de cette source de revenus.

Catégorie de revenu	Montant ($)	Pourcentage du revenu total
Revenu des intérêts des investissements de la dette	37,200,000	69.7%
Autres revenus de placement	16,200,000	30.3%

Gains en capital des ventes de sociétés de portefeuille

Au cours de l'exercice 2023, Gladstone Investment Corporation a généré des gains en capital à partir des ventes de sociétés de portefeuille totalisant 22,6 millions de dollars.

• Total des gains réalisés des dispositions d'investissement: 22 600 000 $
• Gain moyen par portefeuille Vente des entreprises: 4 520 000 $
• Nombre de sorties de la société de portefeuille: 5

Distributions de dividendes à partir d'investissements de portefeuille

Les revenus de dividendes provenant des investissements de portefeuille pour l'exercice 2023 ont atteint 8,9 millions de dollars.

Source de dividende	Montant ($)
Dividendes sur les investissements en actions	6,300,000
Dividendes en stock privilégié	2,600,000

Revenu des frais de gestion

Le revenu des frais de gestion pour Gladstone Investment Corporation au cours de l'exercice 2023 était de 5,4 millions de dollars.

• Frais de gestion de la base: 4 200 000 $
• Frais basés sur les performances: 1 200 000 $

Rendement des investissements réalisés et non réalisés

Les rendements totaux d'investissement pour l'exercice 2023 ont été signalés comme suit:

Type de retour	Montant ($)	Pourcentage
Rendement des investissements réalisés	31,500,000	58.9%
Rendements d'investissement non réalisés	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.