Q4 26 EPS
$-0.27
MISS 227.06%
Est. $0.21
Q4 26 Revenue
$25.2M
MISS 2.35%
Est. $25.8M
vs S&P Since Q4 26
-38.9%
TRAILING MARKET
GAIN -38.6% vs S&P +0.3%
Full Year 2026 Results
FY 26 EPS
$-0.10
FY 26 Revenue
$99.1M
Market Reaction
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 incen… Read more 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
Q4 2026 vs Q4 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% |