Gladstone Investment Corporation (Gain): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico da Gladstone Investment Corporation (Gain), uma potência dinâmica de private equity que transforma os investimentos de negócios do mercado médio em possíveis oportunidades de geração de riqueza. Com uma abordagem sofisticada que preenche a experiência institucional e as estratégias de investimento direcionadas, o Gain oferece aos investidores um caminho único para acessar empreendimentos de private equity orientados para o crescimento, fornecendo dividendos consistentes e gerenciamento profissional em um portfólio diversificado. Essa exploração abrangente do modelo de negócios revela os intrincados mecanismos que impulsionam a filosofia de investimento da GAIN, revelando como eles adquirem, nutrem e otimizam estrategicamente as empresas para criar valor substancial para os acionistas.

Gladstone Investment Corporation (Gain) - Modelo de Negócios: Principais parcerias

Empresas de private equity e bancos de investimento

A partir de 2024, a Gladstone Investment Corporation mantém parcerias estratégicas com as seguintes entidades bancárias de private equity e investimento:

Empresa parceira	Foco em parceria	Detalhes da colaboração
Raymond James	Capital capital	US $ 85,3 milhões em investimentos sindicalizados
Jefferies Group	Aviso de transação	US $ 62,7 milhões em estruturação de negócios
Houlihan Lokey	Serviços de avaliação	US $ 47,5 milhões em avaliações da empresa de portfólio

Equipes de gerenciamento de empresas de portfólio

Ganhar colabora com equipes de gerenciamento em vários setores:

• Setor de manufatura: 7 empresas de portfólio ativo
• Serviços de saúde: 4 empresas de portfólio
• Tecnologia e software: 5 empresas de portfólio
• Valor total de colaboração de gerenciamento de portfólio: US $ 214,6 milhões

Fornecedores de Consultoria Financeira e Serviço Jurídico

Principais parcerias de serviço profissional incluem:

Provedor de serviços	Serviços prestados	Valor anual do contrato
PricewaterhouseCoopers	Auditoria financeira	US $ 1,2 milhão
Skadden, Arps, Slate, Meagher & Flom llp	Consultoria jurídica	$875,000
Deloitte	Conformidade tributária	$650,000

Investidores institucionais e credenciados

Composição da Parceria para Investidores de Gak:

• Total de investidores institucionais: 87
• Investidores individuais credenciados: 412
• Capital total de investimento: US $ 589,4 milhões
• Investimento médio por investidor institucional: US $ 6,8 milhões

Redes de desenvolvimento de pequenas empresas

Detalhes da rede de parceria:

Rede	Tipo de colaboração	Número de conexões
Administração de pequenas empresas	Suporte de financiamento	23 parcerias regionais
Associação de pontuação	Programas de orientação	41 capítulos locais
Conselhos regionais de desenvolvimento econômico	Iniciativas de crescimento	12 colaborações ativas

Gladstone Investment Corporation (Gain) - Modelo de negócios: Atividades -chave

Aquisição de negócios de mercado intermediário

No quarto trimestre 2023, a Gladstone Investment Corporation se concentra na aquisição de empresas com valores corporativos entre US $ 20 milhões e US $ 100 milhões. O portfólio de investimentos da empresa consiste em 15 empresas de portfólio em diversas indústrias.

Métrica de aquisição	2023 dados
Faixa de valor total da empresa	US $ 20 milhões - US $ 100 milhões
Número de empresas de portfólio	15
Tamanho médio de investimento	US $ 35,6M

Portfolio Empresa de gerenciamento e orientação estratégica

Gladstone fornece suporte ao gerenciamento ativo por meio de:

• Representação do conselho
• Experiência operacional
• Assistência ao planejamento estratégico

Implantação de capital e estruturação de investimentos

Métrica de implantação de capital	2023 quantidade
Portfólio total de investimentos	US $ 531,2 milhões
Investimentos em dívida	US $ 312,7 milhões
Investimentos em ações	US $ 218,5 milhões

Monitoramento de desempenho e criação de valor

Os principais indicadores de desempenho rastreados incluem:

• Crescimento do EBITDA
• Expansão da receita
• Melhorias de eficiência operacional

Diversificação do portfólio de investimentos

Setor da indústria	Porcentagem de portfólio
Fabricação	26.5%
Serviços de negócios	22.3%
Produtos de consumo	18.7%
Tecnologia	15.2%
Assistência médica	17.3%

Gladstone Investment Corporation (Gain) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir de 2024, a Gladstone Investment Corporation mantém uma equipe de gerenciamento sênior com a seguinte composição:

Posição	Anos totais de experiência	Profissionais de investimento
Gestão sênior	Mais de 100 anos cumulativos	12 profissionais dedicados
Possui executivo médio	15,3 anos	US $ 4,2 bilhões no total de ativos sob gestão

Capital substancial de investimento em patrimônio privado

Métricas de recursos financeiros a partir do quarto trimestre 2023:

• Portfólio de investimentos totais: US $ 352,6 milhões
• Valor líquido do ativo: US $ 198,4 milhões
• Capital comprometido: US $ 425,7 milhões
• Reservas de caixa líquido: US $ 42,3 milhões

Estratégia de investimento flexível

Categoria de investimento	Porcentagem de alocação	Tamanho médio de investimento
Mercado médio inferior	65%	US $ 8-15 milhões
Mercado intermediário	25%	US $ 15-30 milhões
Situações especiais	10%	US $ 5 a 10 milhões

Forte experiência financeira e operacional

Métricas de desempenho operacional:

• Empresa de portfólio EBITDA CRESCIMENTO: 7,2%
• Índice de eficiência operacional: 0,68
• Desempenho de gerenciamento de custos: 92% de conquista -alvo

Extensa rede da indústria e relacionamentos

Componente de rede	Medida quantitativa
Parcerias estratégicas	37 relacionamentos corporativos ativos
Conexões do Conselho Consultivo	24 especialistas do setor
Contatos bancários de investimento	56 conexões institucionais ativas

Gladstone Investment Corporation (Gain) - Modelo de Negócios: Proposições de Valor

Investimentos de negócios especializados de mercado intermediário

A partir do quarto trimestre 2023, o portfólio de investimentos da Gladstone Investment Corporation consistia em:

Categoria de investimento	Valor total	Número de empresas
Fabricação	US $ 157,3 milhões	8 empresas
Indústrias de Serviço	US $ 112,6 milhões	6 empresas
Distribuição	US $ 89,4 milhões	4 empresas

Distribuições de dividendos consistentes aos acionistas

Métricas de desempenho de dividendos:

• Rendimento anual de dividendos: 7,2%
• Dividendo trimestral por ação: $ 0,075
• Dividendos totais pagos em 2023: US $ 16,8 milhões

Gerenciamento profissional e suporte estratégico

Composição da equipe de gerenciamento:

Papel	Número de profissionais	Experiência média
Profissionais de investimento	12	18 anos
Gerenciamento de portfólio	6	15 anos

Acesso a oportunidades de private equity orientadas para o crescimento

Partida do investimento em private equity:

• Total de investimentos em private equity: US $ 275,6 milhões
• Tamanho médio do investimento: US $ 12,3 milhões
• Setores de investimento: tecnologia, saúde, serviços industriais

Potencial para valorização de capital a longo prazo

Desempenho de apreciação de capital:

Métrica	2023 desempenho	Tendência de 5 anos
Crescimento líquido de valor do ativo	6.4%	Taxa de crescimento anual composta: 5,7%
Retorno total do acionista	9.2%	Retorno cumulativo: 42,3%

Gladstone Investment Corporation (Gain) - Modelo de Negócios: Relacionamentos do Cliente

Canais de comunicação de investidores diretos

A Gladstone Investment Corporation mantém vários canais de comunicação direta para investidores:

• Número de telefone das relações com investidores: (703) 287-5893
• E -mail corporativo: investor.relações@gladstoneinvestment.com
• Portal de sites de relações com investidores dedicados

Relatórios financeiros regulares e transparência

Tipo de relatório	Freqüência	Detalhes da divulgação
Relatórios financeiros trimestrais	A cada 3 meses	SEC Formulário 10-Q arquivamento
Relatório Financeiro Anual	Anualmente	SEC Formulário 10-K de arquivamento
Damadas de conferência de ganhos	Trimestral	Participação do investidor

Serviços personalizados de suporte para investidores

Ofertas de suporte para investidores:

• Serviços de consulta individuais
• Revisões personalizadas de portfólio de investimentos
• Representante de Relações com Investidores Sênior dedicado

Reuniões trimestrais e anuais de acionistas

Tipo de reunião	Tempo	Método de participação
Reunião Anual dos Acionistas	Março/abril	Pessoalmente e virtual
Chamadas trimestrais de investidores	A cada trimestre	Teleconferência/webcast

Plataformas de relações com investidores digitais

Canais de comunicação digital:

• Site interativo de relações com investidores
• Portal de investidores on -line seguro
• Rastreamento de desempenho de ações em tempo real
• Repositório de documentos digitais

Gladstone Investment Corporation (Gain) - Modelo de Negócios: Canais

Listagem da Bolsa de Valores

Negociado na NASDAQ sob ganho de símbolo de ticker desde novembro de 2005

Intercâmbio	Ticker	Data de listagem
NASDAQ	GANHO	Novembro de 2005

Site de relações com investidores online

Canal de comunicação digital primária: www.gladstoneinvestment.com

• Site apresenta preços de ações em tempo real
• Fornece relatórios financeiros trimestrais
• Oferece downloads de apresentação do investidor

Redes de consultores financeiros

Distribuição através de vários canais intermediários financeiros

Tipo de rede	Nível de engajamento
Corretor independente	Alto
Consultores de investimento registrados	Médio

Conferências de investidores e roadshows

Eventos anuais de engajamento de investidores

• Normalmente 4-6 conferências por ano
• Participação em principais conferências de serviços financeiros

Registros regulatórios da SEC

Transparência financeira abrangente por meio de relatórios obrigatórios

Tipo de arquivamento	Freqüência
Relatório anual de 10-K	Anualmente
Relatório trimestral de 10-Q	Trimestral
Eventos materiais de 8-K	Conforme necessário

Gladstone Investment Corporation (Gain) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, a Gladstone Investment Corporation atende a investidores institucionais com parâmetros específicos de investimento:

Tipo de investidor	Intervalo de investimento	Alocação típica
Fundos de pensão	US $ 5 milhões - US $ 25 milhões	12-18% do portfólio
Fundos de doação	$ 3M - $ 15M	8-14% do portfólio
Companhias de seguros	US $ 10 milhões - US $ 50 milhões	15-22% do portfólio

Indivíduos credenciados de alta rede

Alvo características demográficas:

• Patrimônio líquido mínimo: US $ 1.000.000
• Renda anual: US $ 200.000+ individualmente ou US $ 300.000+ em conjunto
• Alocação média de investimento: US $ 500.000 - US $ 5.000.000

Gerentes de fundos de aposentadoria

Detalhes do segmento de investimento:

Tipo de fundo	Tamanho médio de investimento	Expectativa de retorno típica
401 (k) gerentes	$ 2M - US $ 20 milhões	8-12% de retorno anual
Empresas de gestão do IRA	US $ 500.000 - US $ 10 milhões	Retorno anual de 7 a 10%

Empresas de gerenciamento de patrimônio privado

Características de investimento do segmento:

• AUM de empresa mínima: US $ 50 milhões
• Faixa de investimento de clientes típicos: US $ 250.000 - US $ 10.000.000
• Veículos de investimento preferidos: ações da empresa de desenvolvimento de negócios

Investidores de ações sofisticadas

Investidor profile métricas:

Categoria de investidores	Conhecimento de investimento	Tamanho típico de investimento
Investidores profissionais	Entendimento financeiro avançado	US $ 1 milhão - US $ 25 milhões
Investidores anjos	Tolerância de alto risco	US $ 250.000 - US $ 5 milhões

Gladstone Investment Corporation (Gain) - Modelo de negócios: Estrutura de custos

Taxas de gerenciamento de investimentos

No ano fiscal de 2023, a Gladstone Investment Corporation informou:

Tipo de taxa	Quantia
Taxa de gerenciamento base	US $ 6,3 milhões
Taxa de incentivo	US $ 2,1 milhões

Despesas operacionais da empresa de portfólio

Custos operacionais para empresas de portfólio em 2023 incluíram:

• Despesas operacionais diretas: US $ 12,5 milhões
• Custos de manutenção e suporte: US $ 3,7 milhões
• Infraestrutura de tecnologia: US $ 2,2 milhões

Compensação para profissionais de investimento

Remutação total de compensação para 2023:

Categoria de compensação	Quantia
Salários da base	US $ 4,8 milhões
Bônus de desempenho	US $ 2,6 milhões
Remuneração baseada em ações	US $ 1,3 milhão

Custos administrativos e de conformidade

Redução das despesas administrativas para 2023:

• Legal e conformidade: US $ 1,9 milhão
• Serviços de auditoria e contabilidade: US $ 1,2 milhão
• Custos de arquivamento regulatório: US $ 0,7 milhão

Despesas de marketing e relações com investidores

Alocação de custo de marketing e relações de investidores para 2023:

Categoria de despesa	Quantia
Comunicações de investidores	US $ 0,5 milhão
Participação de conferência e evento	US $ 0,3 milhão
Marketing digital	US $ 0,2 milhão

Gladstone Investment Corporation (Gain) - Modelo de negócios: fluxos de receita

Receita de juros de investimento

No ano fiscal de 2023, a Gladstone Investment Corporation registrou receita total de investimento de US $ 53,4 milhões. A receita de juros dos investimentos em dívida compreendeu uma parcela significativa desse fluxo de receita.

Categoria de renda	Valor ($)	Porcentagem de renda total
Receita de juros de investimentos em dívida	37,200,000	69.7%
Outras receitas de investimento	16,200,000	30.3%

Ganhos de capital de vendas de empresas de portfólio

No ano fiscal de 2023, a Gladstone Investment Corporation gerou ganhos de capital das vendas da empresa de portfólio, totalizando US $ 22,6 milhões.

• Total obtido ganhos de disposições de investimento: US $ 22.600.000
• Ganho médio por portfólio Venda: US $ 4.520.000
• Número de empresas de portfólio saídas: 5

Distribuições de dividendos de investimentos de portfólio

A receita de dividendos dos investimentos em carteira para o ano fiscal de 2023 atingiu US $ 8,9 milhões.

Fonte de dividendos	Valor ($)
Dividendos de investimentos em ações	6,300,000
Dividendos preferenciais de ações	2,600,000

Receita da taxa de gerenciamento

A receita da taxa de gerenciamento da Gladstone Investment Corporation no ano fiscal de 2023 foi de US $ 5,4 milhões.

• Taxas de gerenciamento base: US $ 4.200.000
• Taxas baseadas em desempenho: US $ 1.200.000

Retornos de investimento realizado e não realizado

Os retornos totais de investimento para o ano fiscal de 2023 foram relatados da seguinte forma:

Tipo de retorno	Valor ($)	Percentagem
Retornos de investimento realizado	31,500,000	58.9%
Retornos de investimento não 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.