Q3 26 EPS
$0.21
MISS 7.69%
Est. $0.23
Q3 26 Revenue
$25.1M
MISS 2.42%
Est. $25.7M
vs S&P Since Q3 26
+4.2%
BEATING MARKET
GAIN +12.7% vs S&P +8.5%
Market Reaction
Did GAIN Beat Earnings? Q3 2026 Results
Gladstone Investment came up short of Wall Street expectations in fiscal Q3 2026, reporting adjusted earnings of $0.21 per share against a consensus estimate of $0.23, a miss of 7.69%, while total investment income of $25.06 million fell 2.42% below … Read more Gladstone Investment came up short of Wall Street expectations in fiscal Q3 2026, reporting adjusted earnings of $0.21 per share against a consensus estimate of $0.23, a miss of 7.69%, while total investment income of $25.06 million fell 2.42% below the $25.68 million analysts had anticipated and declined a steep 40.4% year over year. The primary culprit behind the headline softness was a $14.75 million GAAP accrual for capital gains-based incentive fees, not yet contractually due, which pushed reported expenses to $31.57 million and swung the company to a net investment loss of $0.16 per share on a GAAP basis. Beneath that accounting noise, however, the quarter carried genuine positives: unrealized appreciation of $70.23 million lifted net asset value per share to $14.95 from $13.53 sequentially, and the company continued to expand its income-generating BDC portfolio, deploying $33.10 million into new holding Rowan Energy while also refinancing debt at lower rates and maintaining its $0.08 monthly common distribution.
Key Takeaways
- • Net unrealized appreciation of $70.2 million drove significant increase in net assets from operations
- • Capital gains-based incentive fee accrual of $14.7 million swung net investment income to a loss
- • Weighted-average yield on interest-bearing investments of 12.9%
- • Increase in weighted-average principal balance of interest-bearing investment portfolio boosted interest income
- • Decrease in dividend and success fee income due to variable timing
GAIN YoY Financials
Q3 2026 vs Q3 2025, source: SEC Filings
GAIN Earnings Trends
GAIN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
GAIN EPS Trend
Earnings per share: estimate vs actual
GAIN Revenue Trend
Quarterly revenue: estimate vs actual
GAIN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 MISS FY | $0.21 | $-0.27 | -227.06% | $25.2M | -2.35% |
| FY Full Year | — | $-0.10 | — | $99.1M | — |
| Q3 26 MISS | $0.23 | $0.21 | -7.69% | $25.1M | -2.42% |
| Q2 26 BEAT | $0.23 | $0.24 | +5.26% | $25.3M | +2.85% |
| Q1 26 BEAT | $0.23 | $0.24 | +6.19% | $23.5M | -3.00% |
| Q4 25 BEAT FY | $0.23 | $0.26 | +11.11% | $27.5M | +6.39% |
| FY Full Year | $0.84 | $0.97 | +14.93% | $93.7M | +2.51% |