Gladstone Investment Corp
NASDAQ:GAIN
Gladstone Investment Corp
Gladstone Investment Corporation is an externally managed, closed-end, non-diversified management investment company. The company is headquartered in Mclean, Virginia and currently employs 67 full-time employees. The company went IPO on 2005-06-23. The firm's investment objectives is to invest in debt securities of established businesses that will provide stable earnings and cash flow to pay expenses, make principal and interest payments on its indebtedness and make distributions to stockholders that grow over time, and provide its stockholders with long-term capital appreciation in the value of its assets by investing in equity securities, generally in combination with the aforementioned debt securities of businesses that it believes can grow over time to permit it to sell its equity investments for capital gains. The company has investments in sectors, such as chemicals, plastics, rubber, home and office furnishings, housewares, durable consumer products and telecommunications. Its investment advisor is Gladstone Management Corporation.
Gladstone Investment Corporation is an externally managed, closed-end, non-diversified management investment company. The company is headquartered in Mclean, Virginia and currently employs 67 full-time employees. The company went IPO on 2005-06-23. The firm's investment objectives is to invest in debt securities of established businesses that will provide stable earnings and cash flow to pay expenses, make principal and interest payments on its indebtedness and make distributions to stockholders that grow over time, and provide its stockholders with long-term capital appreciation in the value of its assets by investing in equity securities, generally in combination with the aforementioned debt securities of businesses that it believes can grow over time to permit it to sell its equity investments for capital gains. The company has investments in sectors, such as chemicals, plastics, rubber, home and office furnishings, housewares, durable consumer products and telecommunications. Its investment advisor is Gladstone Management Corporation.
Strong NAV Growth: Net asset value per share increased significantly to $14.95 from $13.53 last quarter, driven by unrealized appreciation in portfolio companies, mostly due to EBITDA growth.
Steady Distribution: The company maintained its monthly distribution of $0.08 per share ($0.96 annualized) and highlighted a strong record of supplemental distributions.
Solid Investment Activity: Four new buyout investments were made in the first nine months of the fiscal year, with a healthy pipeline and continued focus on majority equity positions.
Portfolio Yield Protection: Approximately half of the debt portfolio is at interest rate floors, limiting downside from further SOFR declines and helping to protect yields.
Liquidity and Leverage: Liquidity remains strong following refinancing activities and an expanded credit facility, with an asset coverage ratio of 201%.
Asset Quality Outlook: Nonaccruals remained stable at three companies, representing 3.8% of the portfolio at cost, with management more optimistic about their recovery prospects.
