Companies /Financial Services

Gladstone Investment Corporation

NASDAQ: GAIN Asset Management
$16.38
▼ $0.02 (−0.12%) today
Markets closed · 8:22pm ET

Q4 2026 Earnings

Reported May 12, 2026, 4:25pm ET · SEC source
$-0.27
Miss −227.06%
EPS · est. $0.21
$25.2M
Miss −2.35%
Revenue · est. $25.8M
−4.4%
Trailing market
GAIN vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−10%−5%0May 12May 13report 4:25pm ETearnings+0.8%−6.4%
−10%−5%0May 12May 13earnings+0.8%−6.4%
GAIN −6.4%S&P 500 +0.8%
−10%−5%0May 12May 13report 4:25pm ETearnings+1.7%−6.4%
−10%−5%0May 12May 13earnings+1.7%−6.4%
GAIN −6.4%NASDAQ +1.7%
−15%−10%−5%0May 11May 20report 4:25pm ETearnings+0.5%−5.3%
−15%−10%−5%0May 11May 20earnings+0.5%−5.3%
GAIN −5.3%S&P 500 +0.5%
−15%−10%−5%0May 11May 20report 4:25pm ETearnings+1.0%−5.3%
−15%−10%−5%0May 11May 20earnings+1.0%−5.3%
GAIN −5.3%NASDAQ +1.0%
−6.97%
Day of report
+5.34%
Next session
+2.99%
One week
−2.67%
30 days

S&P 500 over the same 30 days: +1.69%.

Did GAIN Beat Earnings? Q4 2026 Results

Gladstone Investment Corporation closed fiscal Q4 2026 on a split note, posting total investment income of $25.19 million while reporting a GAAP loss of $0.27 per share, a result weighed down by an $18.53 million accrual for capital gains-based incentive fees required under accounting rules despite no cash obligation. The net investment loss widened to $10.61 million from $6.51 million in the prior quarter, as total expenses climbed to $35.80 million from $31.57 million. The more telling story, however, was on the balance sheet, where net unrealized appreciation of $92.82 million drove net asset value per share sharply higher to $16.78 from $14.95 sequentially and $13.55 a year ago, a 23.8% year-over-year gain. Stripping out the fee accruals, adjusted net investment income came in at $0.20 per share, broadly in line with the prior quarter's $0.21. Portfolio fair value as a percentage of cost rose to 124.4% from 115.5%, reflecting broad valuation gains across the company's 29-company investment portfolio.

Key Takeaways
  • Net unrealized appreciation of $92.8 million in Q4 drove NAV per share increase from $14.95 to $16.78
  • Total investment income essentially flat QoQ at $25.2 million due to increased dividend/success fee income offset by lower interest income
  • Capital gains-based incentive fee accruals of $18.5 million in Q4 were the primary driver of GAAP net investment loss
  • Year-over-year total investment income rose 5.8% to $99.1 million driven by $6.1 million increase in interest income from higher weighted-average principal balance
  • Full-year net unrealized appreciation of $216.1 million versus depreciation of $26.0 million in prior year

GAIN YoY Financials

Revenue$25.2M
Net Income$-10,610,000

Figures from SEC filings and company reports. Not investment advice.