Gladstone Investment

What Gladstone Investment does

Gladstone Investment Corporation (NASDAQ: GAIN) is a publicly traded business development company (BDC) established in 2005 and headquartered in McLean, Virginia. Externally managed by Gladstone Management Corporation, the firm acquires mature lower middle market companies with EBITDA between $4 million and $15 million, investing alongside management teams and independent sponsors. Its portfolio comprises 28 companies with a total value of approximately $1.13 billion, diversified across manufacturing, consumer products, and business/consumer services sectors in the United States.

The company's investment model combines approximately 75% senior secured debt and 25% equity, generating revenue through interest payments, equity returns from portfolio exits, and incentive fees tied to capital gains and net investment income. Gladstone Investment distributes income to shareholders via a monthly base dividend of $0.08 per share, supplemented by variable payouts funded by realized gains from portfolio company exits, maintaining a 16-plus-year uninterrupted dividend record. Capital is raised through public offerings of exchange-traded notes (GAING 7.125% Notes due 2031, GAINZ 4.875% Notes due 2028, GAINI) and an at-the-market equity program that raised approximately $41.5 million in FY2026.

FY2026 total investment income was $99.1 million with NAV per share of $16.78, a 23.8% year-over-year increase from $13.55. The firm operates under the regulatory framework of the Investment Company Act of 1940 with a 189% asset coverage ratio, well above the 150% statutory minimum. In March 2026, the company executed a planned leadership transition with David Dullum succeeding founder David Gladstone as CEO, and in June 2026 expanded its board to eight members with the addition of George 'Chip' Stelljes III.

Name

Gladstone Investment

Legal name

Gladstone Investment Corporation

Website

https://gladstoneinvestment.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Gladstone Investment Corporation (NASDAQ: GAIN) is a publicly traded business development company that provides senior secured debt and equity capital to mature US lower middle market companies with EBITDA between $4 million and $15 million.

Ownership category

akta.pro rank

Product category

Business Development Company (BDC) / Private Equity

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)

SIC

Short-Term Business Credit Institutions (6153)

akta.pro primary industry

BDC / Public Vehicle Venture Debt Providers (FSANAIAC)

Keywords

• Business development company
• Middle market buyouts
• Secured debt financing
• Lower middle market
• Private equity investments

Headquarters

HQ city

Mclean

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Marketing or Sales, Technology or R&D

Revenue model

1. Investment Income: Revenue generated from interest payments on senior secured debt investments and equity returns from portfolio company exits. The company also earns incentive fees based on capital gains and net investment income performance.
2. Debt Securities Issuance: The company raises capital through public offerings of notes (such as 7.125% Notes due 2031) and at-the-market equity programs, using proceeds for debt repayment, new investments, and general corporate purposes.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Gladstone Investment Corporation is a publicly traded business development company (BDC) that invests alongside management teams and independent sponsors to provide most or all of the equity and debt capital required to close acquisitions of mature, lower middle market companies with EBITDA between $4 million and $15 million. It deploys capital through a hybrid mix of senior secured debt (~75%) and equity (~25%), targeting manufacturing, consumer products, and business/consumer services companies in the United States. Investors participate by purchasing common stock and listed debt securities on NASDAQ and by receiving monthly cash distributions from the company's portfolio income and realized gains.

Product overview

Gladstone Investment Corporation (Nasdaq: GAIN) is a business development company structured as a private equity fund focused on acquiring mature, lower middle market companies. The company operates through its core BDC investment services platform, providing approximately 75% debt and 25% equity capital to target companies with EBITDA between $4-$15 million. Its product suite includes publicly traded debt securities (Notes) listed on Nasdaq—specifically GAING (7.125% Notes due 2031), GAINZ (4.875% Notes due 2028), and GAINI—alongside monthly cash distribution payments to shareholders. The company differs from traditional private equity funds by having no partnership end-of-life deadlines, enabling patient long-term capital deployment.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Development Company (BDC) Investment Services Externally managed BDC investment platform providing senior secured debt (~75%) and equity (~25%) capital to mature lower middle market U.S. companies with EBITDA between $4-15 million, targeting manufacturing, consumer products, and business/consumer services sectors.
• 7.125% Notes due 2031 (GAING) Exchange-traded debt security issued by Gladstone Investment Corporation, raising $100 million through 4 million notes at $25 denomination each. The notes bear interest at 7.125% payable quarterly and mature on May 1, 2031.
• 4.875% Notes due 2028 (GAINZ) Listed baby bond issued by Gladstone Investment Corporation trading on NASDAQ, with a 4.875% coupon and quarterly interest payments.
• Monthly Cash Distributions Monthly base dividend of $0.08 per share on Gladstone Investment common stock (approximately $0.96 annualized, ~6% yield), supplemented by variable supplemental distributions funded by realized gains from private-company exits.
• Dividend Reinvestment Program (DRIP) Shareholder program that allows investors to automatically reinvest cash dividends into additional shares of Gladstone Investment common stock.

Quantifiable outcome

• 23.8% increase in NAV per share year-over-year to $16.78 in FY2026
• +1 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• FS KKR Capital: Publicly traded BDC (NYSE: FSK) that invests primarily in senior secured loans of private U.S. middle market companies. Comparable regulatory structure, dividend model, and exposure to private credit with similar portfolio construction.
• Golub Capital BDC: Externally managed BDC (NASDAQ: GBDC) focused on senior secured, one-stop, and second-lien loans to middle market companies sponsored by private equity firms. Closely aligned with GAIN's debt-heavy, sponsor-focused investment approach.
• New Mountain Finance Corporation: Publicly traded BDC (NASDAQ: NMFC) providing senior and subordinated loans to U.S. middle market companies. Similar debt-led investment model with comparable regulatory and dividend obligations.
• Sixth Street Specialty Lending: Externally managed BDC (NYSE: TSLX) that underwrites senior secured loans to middle market companies. Similar one-stop financing model and exposure to PE-sponsored borrowers in comparable size ranges.
• Capital Southwest Corporation: Internally managed BDC (NASDAQ: CSWC) investing in debt and equity securities of lower middle market companies across the U.S. Highly comparable in target EBITDA range, sponsor-driven origination, and dividend-focused shareholder return model.
• MainStreet Capital: Internally managed BDC (NASDAQ: MAIN) that primarily invests in lower middle market debt and equity, with a similar focus on providing patient capital alongside management teams. Closely comparable in target company size, three-tier capital structure, and dividend orientation.
• BlackRock TCP Capital: Externally managed BDC (NASDAQ: TCPC) focused on senior secured loans and select equity investments in middle market companies. Comparable investment vehicle structure with similar leverage, dividend, and asset coverage dynamics.
• Prospect Capital Corporation: Publicly traded BDC (NASDAQ: PSEC) providing debt and equity to middle market companies across diverse industries. Comparable in scale, sector breadth, and externally managed structure, with a similarly high dividend focus.
• Oaktree Specialty Lending: Externally managed BDC (NASDAQ: OCSL) focused on providing senior and junior capital to U.S. middle market companies. Comparable debt-equity mix, sponsor relationships, and lower middle market orientation.

Broad incumbents

• Ares Capital Corporation: The largest publicly traded BDC (NASDAQ: ARCC), providing debt and equity to middle market companies. Operates across a broader scale and investment size range than GAIN but shares the same regulatory BDC structure and debt-heavy portfolio model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/the-gladstone-companies
• Xx.com/GladstoneComps
• Facebookfacebook.com/TheGladstoneCompanies

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A12 records

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gladstone Investment