Gladstone Investment Q1 2026 Earnings Report

Gladstone Investment EPS Results

• Actual EPS: $0.24
• Consensus EPS: $0.23
• Beat/Miss: Beat by +$0.01
• One Year Ago EPS: N/A

Gladstone Investment Revenue Results

• Actual Revenue: $23.54 million
• Expected Revenue: $23.87 million
• Beat/Miss: Missed by -$322.00 thousand
• YoY Revenue Growth: N/A

Gladstone Investment Announcement Details

• Quarter: Q1 2026
• Date: 8/12/2025
• Time: After Market Closes
• Conference Call Date: Wednesday, August 13, 2025
• Conference Call Time: 8:30AM ET

Gladstone Investment (NASDAQ:GAIN) (NASDAQ: GAIN) is a publicly traded business development company (BDC) that focuses on providing debt and equity financing to U.S. middle-market companies. As an externally managed closed-end fund, Gladstone Investment seeks to generate current income and capital appreciation for its shareholders by originating senior secured debt, subordinated debt and equity investments. The firm typically targets established businesses with revenues between $10 million and $150 million, across a range of industry sectors including business services, health care, industrials and specialty manufacturing.

The company’s investment strategy centers on deploying capital through first-lien and second-lien term loans, mezzanine debt and equity co-investments, often including warrants or other equity kickers. By structuring transactions with an emphasis on downside protection and yield enhancement, Gladstone Investment aims to achieve attractive risk-adjusted returns while maintaining a diversified portfolio. The fund may also participate in follow-on financings and recapitalizations designed to support growth initiatives, acquisitions or management buyouts.

Founded in 2005 and headquartered in McLean, Virginia, Gladstone Investment operates under the management of Gladstone Management Corporation, an affiliate of Gladstone Capital Corporation and the GladstoneFunds. The external management structure aligns the interests of the adviser and its affiliates with those of the BDC’s shareholders, as management fees and incentive fees are tied to the company’s investment performance and asset growth.

Gladstone Investment serves companies across the United States, with a particular emphasis on regions that host a high concentration of established middle-market businesses. The firm’s leadership team is led by President and Chief Executive Officer Robert A. Gladstone, who brings decades of experience in private credit, equity investing and corporate finance. Together with its board of directors and investment professionals, Gladstone Investment continues to leverage its sourcing capabilities and underwriting expertise to support private companies and deliver consistent returns to its investors.

Gladstone Investment Q1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Adjusted net investment income was $0.24 per share in Q1, enough to cover the $0.08 monthly distribution, while total assets rose to approximately $1.1 billion driven by three new buyouts.
• Positive Sentiment: A supplemental $0.54 per share distribution was paid in June following a successful exit, underscoring the BDC’s ability to generate capital gains from equity investments.
• Positive Sentiment: The company maintained strong liquidity with $151 million available on its credit facility and $19.3 million in net ATM equity proceeds to support future portfolio growth.
• Negative Sentiment: Net asset value fell to $12.99 per share from $13.55, primarily due to the quarterly distribution and $0.04 per share of net unrealized depreciation.
• Negative Sentiment: Tariffs and supply chain disruptions are pressuring margins at some consumer-focused portfolio companies, leading to cautious demand outlooks and potential EBITDA declines.

Presentation

[Operator]

and welcome to the Gladstone Investment Corporation First Quarter twenty twenty six Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Mr. David Gladstone, Chairman of Gladstone Investment Corporation. Thank you. You may begin.

[David Gladstone, Founder, Chairman & CEO at Gladstone Capital]

Well, thank you, Melissa, and good morning for everybody. Thanks for all for calling in. We love these earnings conference calls. The first quarter ending 06/30/2025 of the 2026 fiscal year, and this is for shareholders and analysts of the Gladstone companies Gladstone investment companies. And we've got some common stock.

[David Gladstone, Founder, Chairman & CEO at Gladstone Capital]

You know it as GAIN, G A I N. And we do have three others, GAIN, N N at the end, and gain Z, and gain L, and gain I. All right. You might want to read some of those. Thank you all for calling in.

[David Gladstone, Founder, Chairman & CEO at Gladstone Capital]

We're always happy to provide an update to our shareholders and the analysts who follow us and look at the current business environment as well as the other goal, which is to give you a current view of our view of the future and understand what's happening. And now we'll hear from Catherine Gurkus. Catherine is Head of Investor Relations in ESG and provides a brief disclosure of certain regulatory matters concerning this call in. Catherine?

[Catherine Gerkis, Director - IR & ESG at The Gladstone Companies]

Thank you, David, and good morning, everyone. Today's call may include forward looking statements, which are based on management's estimates, assumptions and projections. There are no guarantees of future performance, and actual results may differ materially from those expressed or implied in these statements due to various uncertainties, including the risk factors set forth in our SEC filings, which you can find on the Investors page of our website, gladstoneinvestment.com. We assume no obligation to update any of these statements unless required by law. Please visit our website for a copy of our Form 10 Q and earnings press release, both issued yesterday, for more detailed information.

[Catherine Gerkis, Director - IR & ESG at The Gladstone Companies]

You can also sign up for our e mail notification service and find information on how to contact our Investor Relations department. We are also on xgladstonecomps as well as LinkedIn and Facebook. Keyword for both is The Gladstone Companies. Now I will turn the call over to David Dullum, President of Gladstone Investments.

[David Dullum, President at Gladstone Investment]

Thank you, Katherine, and so good morning to everybody. Happy to be here and to report that for the 2026, that gain produced very positive earnings results, and we also, very importantly, had increased level of investing activity. So we ended this first quarter with adjusted NII of $0.24 per share, which is sufficient to cover our monthly distribution shareholders. And we also got our assets up to about $1,100,000,000 which is slightly above from $1,000,000,000 at the end of the prior quarter. Now this increase quarter over quarter in assets did result from really two new buyouts during the current quarter.

[David Dullum, President at Gladstone Investment]

Additionally, we closed on a new portfolio company subsequent to the quarter end, which is resulting in our current portfolio of 28 operating businesses. So to date for fiscal twenty twenty six, we've invested approximately $130,000,000 in three new portfolio companies and this compares to a total of $221,000,000 which we invested in all of fiscal twenty twenty five. So recognizing this is the first quarter, we certainly look forward to hopefully exceeding what we did in fiscal twenty twenty five. These two investments also are in line with our strategy, where we continue growing the portfolio through acquisition of operating companies at hopefully attractive valuations. And as usual, these acquisitions are made with a combination of our equity and the debt investments from our balance sheet, where we look to generate capital gains on the equity when we exit the business and then obviously the operating income from the debt securities, which goes towards paying off monthly dividend distributions.

[David Dullum, President at Gladstone Investment]

So from our operating income, we maintain our monthly distribution to shareholders of $08 per share or $0.96 per share on an annual basis. We also made a supplemental distribution of $0.54 per share in June. And this again is resulting from the successful exit in the prior quarter of one of our portfolio companies and therefore the realized capital gains on the equity portion of that investment. So we keep stressing that our model is to generate capital gains and pay the supplemental distributions as well as continuing to pay the monthly distributions of dividends. So to date, we've been able to do that.

[David Dullum, President at Gladstone Investment]

And in fact, since inception in 2005 when GAIN was formed and through this period of sixthirtytwenty twenty five, we've invested in 64 buyout portfolio companies for an aggregate of approximately 2,100,000,000 and exited 33 of these companies. And this has resulted in total investments currently valued, let's say, about $1,000,000,000 while generating over this period of time approximately $353,000,000 in net realized gains and $45,000,000 in other income on exit. And we hopefully will continue doing that. So then turning to the outlook and where we are. First of all, I believe that there is liquidity in the M and A market, which does create this competitive environment for us for new acquisitions at what we would consider reasonable valuations.

[David Dullum, President at Gladstone Investment]

Having said that, we're in a bit of uncertainty, obviously, with the added variable of tariffs, potentially slowing economy, which impact analysis certainly when evaluating new opportunities. Now not every business is affected in the same manner, which both creates opportunity and adds to the uncertainty. Now we seem to be able to compete effectively for acquisitions that fit our model. And as we mentioned, we've been active to close on two new investments during the quarter and the third subsequent to quarter end. We are currently continuing to be in various stages of review and diligence on a number of new opportunities and I do remain optimistic for new buyout activity during the balance of the fiscal year.

[David Dullum, President at Gladstone Investment]

As to our existing portfolio, we have a few companies that are consumer focused. And while they've experienced very good results to date, we are cautious due to supply chain disruption and the tariff costs on the ultimate consumer prices that may have to be passed through and therefore may impact the demand and the margin of our companies. Obviously, we are working with all of our companies and evaluating supply chain alternatives and any production strategies that we so we can continue to navigate this current environment. So in summing up the quarter and looking forward to the rest of the fiscal year, our current portfolio is in good shape. We have a strong liquid balance sheet, a good level of buyout activity with a prospect of continued good earnings and distributions over the next year.

[David Dullum, President at Gladstone Investment]

So while we navigate the challenges of this uncertain economic landscape. So to go into a little more detail, I'll turn it over to our CFO, Taylor Ritchie.

[Taylor Ritchie, CFO at Gladstone Investment]

Thank you, Dave, and good morning, everyone. Looking at our operating performance for the first quarter of the fiscal year, we generated total investment income of $23,500,000 down from $27,500,000 in the prior quarter. This was primarily due to the prior quarter including 4,200,000.0 of success fee and dividend income, which did not reoccur as the timing of such income is variable. The decrease in total investment income was partially offset by an increase in interest income, including the collection of $1,500,000 of past due interest from a portfolio company that was previously on non accrual status. Net expenses for the quarter were $14,500,000 down from $20,300,000 The decrease was primarily due to the decrease in incentive fees, which include a $2,300,000 decrease in income based incentive fees as well as a $2,300,000 decrease in capital gains based incentive fees. Interest expense decreased in the current quarter due to the timing of the portfolio company exit in the prior quarter and the timing of our new investment activity in the current quarter. We also had an increase in credits to fees from the advisor due to the new investment activity previously mentioned. This resulted in net investment income for the quarter of $9,100,000 compared to $7,200,000 in the prior quarter. Overall, portfolio company valuations in aggregate was down $1,000,000 This unrealized depreciation was driven by decreased performance at some of our portfolio companies, partially offset by higher valuation multiples across the portfolio and increased performance at a number of our other portfolio companies. Adjusted net investment income, which is net investment income exclusive of any accrued or reversed capital gains based incentive fees was $8,900,000 or $0.24 per share compared to $9,400,000 or $0.26 per share in the prior quarter. The decrease was due to the net impact of realized gains and unrealized depreciation on investments in the prior quarter compared to the net unrealized depreciation recorded in the current quarter, which resulted in a reversal of previously accrued capital gains based incentive fees.

[Taylor Ritchie, CFO at Gladstone Investment]

We continue to believe that adjusted net investment income is a useful and representative indicator of our ongoing operations. Consistent with the prior quarter, we continue to have four portfolio companies on non accrual status. There remain no portfolio wide credit concerns and we continue working closely with these four companies and their management teams to get back on accrual status or exit the investments when possible. With the continued improvement at one of the four portfolio companies and our planned restructuring of the investment, we anticipate that one portfolio company will return to accrual status during the next quarter. Our NAV decreased to $12.99 per share compared to $13.55 per share at the end of the period.

[Taylor Ritchie, CFO at Gladstone Investment]

The decrease was primarily a result of $0.78 per share of distribution to common shareholders, including the $0.54 supplemental distribution paid in June as well as $04 per share of net unrealized depreciation. These decreases were partially offset by $0.25 per share of net investment income and $01 of net accretion from our ATM stock sales. We believe that maintaining liquidity and flexibility to support and grow our portfolio is key to our continued success. As of yesterday's release, we had 151,000,000 in availability on our line of credit. Additionally, we raised approximately $19,300,000 in net proceeds under our common stock ATM, including approximately $12,100,000 subsequent to quarter end.

[Taylor Ritchie, CFO at Gladstone Investment]

We will continue to raise equity capital through our ATM program while prices remain accretive to NAV in order to support our portfolio growth as we continue to experience a healthy level of new buyout opportunities. Further, we will look to equity capital while monitoring the interest rate environment and evaluating debt financing opportunities. Overall, our leverage remains in a strong position with an asset coverage ratio as of 06/30/2025 of 189%, providing cushion to the required 150% coverage ratio. Focusing on our distribution to shareholders, we ended the prior fiscal year with 55,300,000 or $1.5 per share in spillover, sufficient to cover our current monthly distribution of $08 per share for an annual run rate of $0.96 per share as well as a $0.54 per share supplemental distribution paid in June. We will seek to continue funding future supplemental distributions as we recognize realized capital gains on the equity portion of future exits.

[Taylor Ritchie, CFO at Gladstone Investment]

Using the monthly distribution running of $0.96 per share per year and the $0.54 per share in supplemental distribution paid in the current fiscal year, our aggregate estimated fiscal year distributions would yield about 10.6% using yesterday's closing price of $14.16 This covers my part of today's call. I'll now hand it back over to you, David, to wrap us up.

[David Gladstone, Founder, Chairman & CEO at Gladstone Capital]

Well, thank you, Taylor. You did a nice job, so did Dave and Catherine. And all of that's good information for our shareholders. And this call and the 10 Q we filed with the SEC yesterday should bring everyone up to date. The team has reported solid results for the quarter ending 06/30/2025, including multiple new investments and greater liquidity position with our portfolio. So we're in a good position to grow, and we look to Dave and his team to continue to grow and pay out extra dividends as well as wonderful quarterly dividends. Gladstone investment is an attractive investment for investors seeking continuous monthly distributions and supplemental distributions from potential capital gains and other income.

[David Gladstone, Founder, Chairman & CEO at Gladstone Capital]

Team hopes to continue to show you a strong return for your investment in our fund. Now let's have some questions from our analysts as well as shareholders and anybody else that has a question. Operator, would you come on it?

[Operator]

Thank Our first question comes from the line of Mickey Schleien with Clear Street. Please proceed with your question.

[Mickey Schleien, MD - Equity Research at Clear Street]

Yes, good morning everyone. Dave, there's been a lot of discussion about weakness in the M and A market, but you've acquired three companies since May, is a very healthy pace. And I'd like to know, is that just idiosyncratic given the lead time in getting these deals done? Or are you actually seeing better deal flow?

[David Dullum, President at Gladstone Investment]

Yes. Thanks, Vicki, and congratulations on your new spot.

[Mickey Schleien, MD - Equity Research at Clear Street]

You.

[David Dullum, President at Gladstone Investment]

Glad that you're still with us. No, I would say it is really we obviously, as you well know, we work really hard at deal flow and certainly in the category of companies that we like to acquire in the general range of $5,000,000 to say 10,000,012 million dollars of EBITDA.

[David Dullum, President at Gladstone Investment]

It is competitive. There is a lot of money out there, but we are seeing, I would say a good quality of deal flow and the valuations are still tricky. We've certainly looked at a number of companies and been very interested in them and where we might be willing to pay, say, up to seven to maybe 7.5x on an EBITDA basis, some of them are going for 9x, right? So theoretically, we could be even more active if these valuations came closer to where we are. But I would say, it's just fundamentally, we are seeing good quality of deals and we're very active and we work really hard at it. So not much more than that, I don't think.

[Mickey Schleien, MD - Equity Research at Clear Street]

Okay. I understand. Thank you. In your prepared remarks, I think you mentioned the possibility for the economy to slow down and that's certainly what economists are forecasting as tariffs are implemented. Are you seeing any signs yet of a weakening of performance across your portfolio companies?

[David Dullum, President at Gladstone Investment]

Yes, not generally. I would say the activity level is about where it's been. We're seeing ironically in a couple of companies on the consumer side where we've actually seen an increase in activity even though tariffs have impacted the cost our products and funnily enough, the retailers we deal with in that regard have been willing to absorb that in part just because of the nature of the products. But I would say overall, it's a general we're not increasing really, but we're not seeing significant decrease in activity at this point, just more caution. I'd say the biggest impact obviously is how the costs are in fact affecting a bit the margins.

[David Dullum, President at Gladstone Investment]

That's where we're really, I would say, seeing more impact. So as a result of that, we have some of these companies where we clearly had a modest decline in EBITDA, which obviously has led to somewhat a decline in valuations, overly dramatic, but just a squeezing a little bit of margin just because of mainly the tariffs.

[Mickey Schleien, MD - Equity Research at Clear Street]

That's interesting, but not enough to threaten their ability to service their debt, right?

[David Dullum, President at Gladstone Investment]

Correct.

[Mickey Schleien, MD - Equity Research at Clear Street]

Yes, sir. Okay. And one sort of modeling question.

[Mickey Schleien, MD - Equity Research at Clear Street]

And I think Taylor talked about undistributed taxable income. If I adjust it for the write down of Edge, which looks like it's going to happen, it looks like you're carrying about zero five zero dollars of UTI per share as of the end of the quarter you just reported. Is that a level the Board is comfortable retaining?

[Taylor Ritchie, CFO at Gladstone Investment]

I think we continue to monitor our current spillover level and where we stand as far as using what we already have from ending the fiscal year, which was 1.5 per share. We got rid of a third of that approximately with the supplemental distribution back in June. And we don't necessarily have an exact target that we use to monitor this level considering our fluctuations from quarter to quarter with our capital gains accrual. So yes, I mean, are comfortable where we stand right now and we continue to evaluate it from a quarter to quarter basis.

[Mickey Schleien, MD - Equity Research at Clear Street]

Okay. Thank you for that. Those are all my questions. I appreciate your time.

[David Gladstone, Founder, Chairman & CEO at Gladstone Capital]

Thanks, Mickey. Good to hear from you again. Operator, would you come on please and let's get the next question.

[Operator]

Of course. Our next question comes from the line of Sean Paul Adams with B. Riley Securities. Please proceed with your question.

[Sean-Paul Adams, Equity Research Analyst - BDCs & Specialty Finance at B. Riley Securities]

Hey guys, good morning.

[Sean-Paul Adams, Equity Research Analyst - BDCs & Specialty Finance at B. Riley Securities]

On Diligent Delivery Systems, that one's coming up due pretty soon. It looks like you actually had a quarter over quarter markup on it as well. Is there any color you can add to that name in particular?

[David Dullum, President at Gladstone Investment]

Yeah. Thanks, Jean Paul. Nice to nice to chat with you. We are gonna keep rolling on that investment as necessary. It's one that we've you know, a little bit of history you may not be aware of.

[David Dullum, President at Gladstone Investment]

It's actually a company that we own many years ago called NDLI, which we actually sold. And when we sold it, we just took back a bit of paper, 13,000,000, and a small amount of warrants. And it's just been really, frankly, just a debt investment, which of course for us right now is unusual. We've been going through working with the senior bank, we and they are in concert and there's some restructuring of management that's going on with the company right now. So we'll just keep keeping the business.

[David Dullum, President at Gladstone Investment]

We're not going to do anything dramatic with it and we'll re roll it as you say. And then over time, we'll get out of it when we get our debt paid out.

[Sean-Paul Adams, Equity Research Analyst - BDCs & Specialty Finance at B. Riley Securities]

Got it. Appreciate the color.

[David Gladstone, Founder, Chairman & CEO at Gladstone Capital]

Okay. Do we have a third question please?

[Operator]

Yes. Our next question comes from the line of Erik Zwick with Lucid Capital Markets. Please proceed with your question.

[Erik Zwick, MD - Equity Research at Lucid Capital Markets LLC]

Thanks. Good morning, everyone. Just noticed that after several quarters of a decline in the yield on the interest bearing investments, it did increase here in the most recent quarter. Just curious, have you kind of seen a change there? Do you think we've seen a bottom kind of what drove it here?

[Erik Zwick, MD - Equity Research at Lucid Capital Markets LLC]

And then kind of what would be your outlook going forward? And I guess maybe taking into consideration the market's expectation that we may see maybe 100 basis points decline in Fed funds and so forth potentially?

[Taylor Ritchie, CFO at Gladstone Investment]

Sure. Thanks, Eric. So the yield this quarter picked up and that was primarily due to that collection of $1,500,000 of past due interest from when the portfolio company was on non accrual status. So we did have that one quarter bump from that. Excluding that collection, our yield was 13.1%, so approximately in line with where we were last quarter.

[Taylor Ritchie, CFO at Gladstone Investment]

And really that decline quarter over quarter when you back out the collection of past due interest is really due to the exit of Nocturne at the end of the prior quarter. So I think looking forward to your point on potential rate compression, our three most recent new deals between Smart Chemical, Sun State and Global Grab all have 13.5% floors. And given our spread and the way those terminals are situated, they're going to stay at 13.5% despite any changes in SOFR. So I think that's our goal going forward is to continue to build in that cushion of protection when SOFR is decreasing.

[Erik Zwick, MD - Equity Research at Lucid Capital Markets LLC]

That's great color and I appreciate the clarification on the yield excluding that one time collection. Maybe kind of continuing on that last point, you've been fairly effective in getting floors in on some of these new deals. As you look at your portfolio and in prepared comments, you mentioned there's quite a bit of competition in the market for new deals. Just from a non kind of pricing and spread kind of perspective, but more so on structure, are you seeing any kind of changes from maybe some of your competitors where they're bending on structure that would potentially kind of weaken the underwriting in the market from a kind of future perspective? Or is that still holding up pretty well at this point?

[David Dullum, President at Gladstone Investment]

Yes. Thanks, Eric. For us, again, recognizing the nature of our strategy, if you will, right, where we're buying the business and we're providing the debt and the equity, I say this very carefully, we don't have any real direct competitor in that regard in the BDC space. There are others that are similar to some extent that do debt and might take a larger slightly bigger piece of equity, whether it be through warrants or a participation. But recognizing we generally are functioning effectively as the sponsor, right?

[David Dullum, President at Gladstone Investment]

So we really are competing more with the private equity guys. And so to the extent that they are getting leverage, perhaps and where they might be getting leverage at a lower rate, we are competing with them in that regard. However, I'd say for us, it's more around what valuation the enterprise value is of the business. So if we can get into an enterprise value that works for us, then the ability we have in the structure of the equity and the debt, I don't see changing very much. And I think that's where we how we're able really to put a floor, like Taylor said, in the deal.

[David Dullum, President at Gladstone Investment]

And if we have to moderate a bit the equity component, it's kind of doing it to ourselves, if you will, the equity piece relative to the debt piece. So we're driving towards fixed charge coverage on the business because that's important to be able to continue paying the interest, obviously, and then obviously modifying the spread to get us to a fixed sort of yield that works for us on our working on our weighted average cost of capital. So long story short, I would say we're in good shape, plus we also obviously have usually an exit fee, which we build in, which is different than most people use for pick, if you will. So I'd say in good shape. The real issue for us competitively is finding that enterprise value of the business that fits our profile.

[David Dullum, President at Gladstone Investment]

And if we keep doing it the way we're doing it, I think we're in good shape there. Long answer, I hope it helps to answer the question.

[Taylor Ritchie, CFO at Gladstone Investment]

And Eric, if you might I was going to jump in and just say as well, a lot of the other BDCs have been seeing a rise in PIK income. We are one of the few, if not the only, that has zero PIK income. Dave did mention the exit fee that is recorded off balance sheet and it's not being factored into our income stream until we actually collect that income. So I think that is something that sets us apart from other BDCs in the space.

[Erik Zwick, MD - Equity Research at Lucid Capital Markets LLC]

And one for me just looking at the SOI, looks like ImageWorks had a material increase in the fair value mark this quarter. Anything kind of noteworthy there company specific or within the industry that drove that mark?

[David Dullum, President at Gladstone Investment]

No, just that their EBITDA was up and also the multiple was up. So it was just a combination of those two things. That's a good business. They're very strong in their market space, good management team. And it's one that we look forward to seeing good results going forward.

[Erik Zwick, MD - Equity Research at Lucid Capital Markets LLC]

Thanks so much for taking my questions this morning.

[David Dullum, President at Gladstone Investment]

Thanks, Ben.

[David Gladstone, Founder, Chairman & CEO at Gladstone Capital]

Thank you, Eric. And operator, would you come on and see if there's another question for us?

[Operator]

Sir, right now we have no other questions. I'll turn the floor back to you for any final comments.

[David Gladstone, Founder, Chairman & CEO at Gladstone Capital]

All right. Well, we thank all of you for calling in and be asking questions. And hopefully next quarter you'll have a lot more questions for us. We like the questions that come in gets anything out of the way that someone might not understand. So that's the end of this call, and we thank you all for calling in. See you next quarter.

[Operator]

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

Participants

Executives

• David Dullum, President
• Taylor Ritchie, CFO

Analysts

• David Gladstone, Founder, Chairman & CEO at Gladstone Capital
• Catherine Gerkis, Director - IR & ESG at The Gladstone Companies
• Mickey Schleien, MD - Equity Research at Clear Street
• Sean-Paul Adams, Equity Research Analyst - BDCs & Specialty Finance at B. Riley Securities
• Erik Zwick, MD - Equity Research at Lucid Capital Markets LLC