Gladstone Investment Corporation reported a net investment loss for the quarter, primarily driven by increased expenses related to capital gains-based incentive fees. Despite a slight decrease in total investment income, net asset value per share saw a significant increase due to strong net unrealized appreciation.
Net asset value per common share increased to $14.95 from $13.53, driven by net unrealized appreciation of $70.2 million.
positiveInvested $33.1 million in a new portfolio company, Rowan Energy Inc., in December 2025.
positiveSold 230,930 shares under ATM program, raising approximately $3.2 million in net proceeds.
positiveNumber of portfolio companies increased to 29 from 28.
positiveNet investment loss for the quarter was $6.5 million, compared to net investment income of $4.3 million in the prior quarter.
negativeTotal expenses increased by 50.3% to $31.6 million from $21.0 million, primarily due to a $9.9 million increase in accruals for capital gains-based incentive fees.
negativeTotal investment income decreased by 0.9% to $25.1 million from $25.3 million.
attentionWeighted-average yield on interest-bearing investments decreased by 0.5% to 12.9%.
attentionTotal dollars invested decreased significantly by 47.3% to $37.4 million from $71.0 million.
attentionMargin metrics will be available once backend extracts data from insights_json
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Net investment loss for the quarter ended December 31, 2025 was $6.5 million, or $0.16 per weighted-average common share, compared to net investment income of $4.3 million, or $0.11 per weighted-average common share, for the quarter ended September 30, 2025.
This decrease was a result of an increase in total expenses, net of credits, primarily due to an increase in accruals for capital gains-based incentive fees, as well as a decrease in total investment income in the current quarter.
Net asset value per common share as of December 31, 2025 was $14.95, compared to $13.53 as of September 30, 2025.
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