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Gladstone Investment Co. 4.875% Notes due 2028 (GAINZ) Financials

Gladstone Investment Co. 4.875% Notes due 2028 logo
$23.80 -0.10 (-0.40%)
Closing price 09/15/2025 03:58 PM Eastern
Extended Trading
$23.79 -0.02 (-0.06%)
As of 07:00 AM Eastern
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Annual Income Statements for Gladstone Investment Co. 4.875% Notes due 2028

Annual Income Statements for Gladstone Investment Co. 4.875% Notes due 2028

This table shows Gladstone Investment Co. 4.875% Notes due 2028's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 3/31/2022 3/31/2023 3/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 102 36 85
Consolidated Net Income / (Loss)		 102 36 85
Net Income / (Loss) Continuing Operations		 15 37 22
Total Pre-Tax Income 		15 37 22
Total Revenue		 59 66 63
Net Interest Income / (Expense)		 47 44 58
Total Interest Income		 60 60 82
Loans and Leases Interest Income		 60 60 82
Total Interest Expense		 13 16 24
Long-Term Debt Interest Expense		 13 16 24
Total Non-Interest Income		 13 21 5.51
Investment Banking Income		 13 21 5.51
Total Non-Interest Expense		 44 29 41
Insurance Policy Acquisition Costs		 26 8.88 21
Other Operating Expenses		 16 18 18
Other Special Charges		 - 1.80 2.31
Other Adjustments to Consolidated Net Income / (Loss)		 87 -1.45 64
Preferred Stock Dividends Declared		 - 0.00 0.00
Basic Earnings per Share		 $0.45 $1.11 $0.63
Weighted Average Basic Shares Outstanding		 33.21M 33.31M 34.47M
Diluted Earnings per Share		 $0.45 $1.11 $0.63
Weighted Average Diluted Shares Outstanding		 33.21M 33.31M 34.47M
Weighted Average Basic & Diluted Shares Outstanding		 - 33.59M 36.69M
Cash Dividends to Common per Share		 $1.17 $1.41 $2.20

Quarterly Income Statements for Gladstone Investment Co. 4.875% Notes due 2028

This table shows Gladstone Investment Co. 4.875% Notes due 2028's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 12 3.08 16 4.66 8.79 47 6.58 23 -6.53 15 38
Consolidated Net Income / (Loss)		 12 3.08 16 4.66 8.79 47 6.58 23 -6.53 15 38
Net Income / (Loss) Continuing Operations		 7.37 11 8.57 9.64 8.44 -1.73 9.74 5.32 12 7.29 1.16
Total Pre-Tax Income 		7.37 11 8.57 9.64 8.44 -1.73 9.74 5.32 12 7.29 1.16
Total Revenue		 16 17 18 16 15 14 17 17 16 16 15
Net Interest Income / (Expense)		 8.96 10 12 13 13 14 15 15 14 15 14
Total Interest Income		 13 14 16 17 18 20 22 21 21 21 21
Loans and Leases Interest Income		 13 14 16 17 18 20 22 21 21 21 21
Total Interest Expense		 3.78 3.86 4.07 4.16 4.97 6.10 6.52 6.52 6.48 6.40 6.39
Long-Term Debt Interest Expense		 3.78 3.86 4.07 4.16 4.97 6.10 6.52 6.52 6.48 6.40 6.39
Total Non-Interest Income		 6.56 6.56 5.53 2.63 1.91 0.00 1.38 2.22 1.55 1.57 0.84
Investment Banking Income		 6.56 6.56 5.53 2.63 1.91 0.00 1.38 2.22 1.55 1.57 0.84
Total Non-Interest Expense		 8.14 5.52 8.95 6.05 6.89 16 6.82 12 3.28 8.88 14
Insurance Policy Acquisition Costs		 3.01 0.77 3.95 1.16 2.19 12 1.67 5.65 -3.79 2.23 9.35
Other Operating Expenses		 4.69 4.30 4.55 4.44 4.15 3.79 4.56 5.56 6.44 6.01 3.78
Amortization Expense		 - 0.45 0.45 - - - 0.59 - 0.63 0.63 0.69
Other Adjustments to Consolidated Net Income / (Loss)		 4.66 -8.34 7.21 -4.99 0.35 49 -3.17 17 -19 8.19 37
Basic Earnings per Share		 $0.22 $0.34 $0.26 $0.29 $0.25 ($0.05) $0.28 $0.15 $0.34 $0.20 $0.03
Weighted Average Basic Shares Outstanding		 33.21M 33.22M 33.32M 33.31M 33.59M 33.82M 34.35M 34.47M 36.69M 36.69M 36.73M
Diluted Earnings per Share		 $0.22 $0.34 $0.26 $0.29 $0.25 ($0.05) $0.28 $0.15 $0.34 $0.20 $0.03
Weighted Average Diluted Shares Outstanding		 33.21M 33.22M 33.32M 33.31M 33.59M 33.82M 34.35M 34.47M 36.69M 36.69M 36.73M
Weighted Average Basic & Diluted Shares Outstanding		 - 33.23M 33.46M 33.59M 33.90M 33.90M 35.89M 36.69M 36.69M 36.69M 36.84M

Annual Cash Flow Statements for Gladstone Investment Co. 4.875% Notes due 2028

This table details how cash moves in and out of Gladstone Investment Co. 4.875% Notes due 2028's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Period end date 3/31/2021 3/31/2022 3/31/2023 3/31/2024
Net Change in Cash & Equivalents		 -1.66 12 -11 -0.03
Net Cash From Operating Activities		 -30 37 -4.50 -70
Net Cash From Continuing Operating Activities		 -30 37 -4.50 -70
Net Income / (Loss) Continuing Operations		 42 102 36 85
Consolidated Net Income / (Loss)		 42 102 36 85
Depreciation Expense		 -14 -75 12 -33
Amortization Expense		 1.73 1.79 1.79 2.31
Non-Cash Adjustments to Reconcile Net Income		 -54 -2.97 -56 -134
Changes in Operating Assets and Liabilities, net		 -6.00 10 2.27 9.68
Net Cash From Investing Activities		 0.00 0.00 0.00 0.00
Net Cash From Continuing Investing Activities		 0.00 0.00 0.00 0.00
Net Cash From Financing Activities		 28 -25 -6.74 70
Net Cash From Continuing Financing Activities		 28 -25 -6.74 70
Issuance of Debt		 254 246 103 317
Issuance of Common Equity		 1.77 0.00 5.49 45
Repayment of Debt		 -153 -134 -67 -211
Repurchase of Preferred Equity		 -58 -94 0.00 0.00
Payment of Dividends		 -31 -39 -47 -76
Other Financing Activities, Net		 -5.76 -3.43 -0.39 -5.09
Cash Interest Paid		 3.17 9.84 14 22

Quarterly Cash Flow Statements for Gladstone Investment Co. 4.875% Notes due 2028

This table details how cash moves in and out of Gladstone Investment Co. 4.875% Notes due 2028's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 30 -41 -0.06 0.40 35 -35 1.00 -0.37 -0.03 -0.52 0.47
Net Cash From Operating Activities		 41 -51 -3.96 8.90 -36 -60 21 5.78 12 63 -172
Net Cash From Continuing Operating Activities		 41 -51 -3.96 8.90 -36 -60 21 5.78 12 63 -172
Net Income / (Loss) Continuing Operations		 12 3.08 16 4.66 8.79 47 6.58 23 -6.53 15 38
Consolidated Net Income / (Loss)		 12 3.08 16 4.66 8.79 47 6.58 23 -6.53 15 38
Depreciation Expense		 -0.21 11 -3.37 5.14 0.81 -49 47 -32 19 34 -37
Amortization Expense		 0.44 0.45 0.45 0.45 0.53 0.59 0.59 0.60 0.63 0.63 0.69
Non-Cash Adjustments to Reconcile Net Income		 25 -64 -19 1.76 -47 -67 -34 14 3.31 12 -182
Changes in Operating Assets and Liabilities, net		 3.88 -0.79 2.29 -3.11 0.85 7.86 0.73 0.24 -4.04 1.07 7.84
Net Cash From Financing Activities		 -12 9.38 3.90 -8.50 71 25 -20 -6.14 -12 -64 172
Net Cash From Continuing Financing Activities		 -12 9.38 3.90 -8.50 71 25 -20 -6.14 -12 -64 172
Issuance of Debt		 0.00 42 41 20 107 95 105 10 16 32 271
Issuance of Common Equity		 - - 3.00 2.03 - - 21 19 - - 2.03
Repayment of Debt		 0.00 -25 -28 -14 -21 -62 -102 -26 -20 -86 -62
Payment of Dividends		 -11 -7.48 -12 -16 -12 -12 -43 -8.68 -8.81 -8.81 -34
Other Financing Activities, Net		 -0.08 -0.21 -0.08 -0.02 -2.71 -0.07 -1.19 -1.12 -0.25 -0.07 -4.30
Cash Interest Paid		 3.33 3.41 3.59 3.77 4.02 5.22 6.35 6.39 6.14 6.30 5.47

Annual Balance Sheets for Gladstone Investment Co. 4.875% Notes due 2028

This table presents Gladstone Investment Co. 4.875% Notes due 2028's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 3/31/2022 3/31/2023 3/31/2024
Total Assets		 740 766 938
Cash and Due from Banks		 14 2.68 2.46
Restricted Cash		 0.31 0.57 0.76
Trading Account Securities		 716 754 921
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Deferred Acquisition Cost		 0.90 0.43 1.64
Other Assets		 4.22 8.42 9.29
Total Liabilities & Shareholders' Equity		 972 766 938
Total Liabilities		 295 326 445
Short-Term Debt		 0.00 35 67
Accrued Interest Payable		 2.19 2.31 3.47
Long-Term Debt		 523 257 331
Other Long-Term Liabilities		 1.13 31 44
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 446 440 493
Total Preferred & Common Equity		 446 440 493
Total Common Equity		 446 440 493
Common Stock		 398 402 445
Retained Earnings		 48 38 48

Quarterly Balance Sheets for Gladstone Investment Co. 4.875% Notes due 2028

This table presents Gladstone Investment Co. 4.875% Notes due 2028's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2022 12/31/2022 6/30/2023 9/30/2023 12/31/2023 6/30/2024 9/30/2024 12/31/2024
Total Assets		 749 772 847 928 918 914 869 1,088
Cash and Due from Banks		 2.56 1.98 37 2.09 2.82 2.44 2.03 2.57
Trading Account Securities		 739 - - 954 941 937 892 1,072
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Acquisition Cost		 0.70 0.57 0.37 0.24 1.07 1.54 1.36 1.18
Other Assets		 4.85 44 44 6.78 8.01 8.69 8.88 7.90
Total Liabilities & Shareholders' Equity		 994 772 876 1,376 1,369 1,346 1,248 1,088
Total Liabilities		 306 322 411 453 458 437 410 598
Short-Term Debt		 17 30 - 79 83 64 8.90 92
Accrued Interest Payable		 2.21 2.30 2.92 3.49 3.55 3.46 3.24 3.75
Long-Term Debt		 530 288 376 740 744 727 673 455
Other Long-Term Liabilities		 2.14 2.63 61 77 79 74 104 47
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 442 449 436 476 460 477 458 490
Total Preferred & Common Equity		 442 449 436 476 460 477 458 490
Total Common Equity		 442 449 440 476 460 477 458 490
Common Stock		 397 438 435 406 426 445 444 446
Retained Earnings		 45 - - 70 34 33 14 44

Annual Metrics And Ratios for Gladstone Investment Co. 4.875% Notes due 2028

This table displays calculated financial ratios and metrics derived from Gladstone Investment Co. 4.875% Notes due 2028's official financial filings.

Metric 2022 2023 2024
Period end date 3/31/2022 3/31/2023 3/31/2024
Growth Metrics		 - - -
Revenue Growth		 13.96% 10.41% -3.78%
EBITDA Growth		 -1,111.26% 187.76% -118.02%
EBIT Growth		 -16.43% 146.83% -41.14%
NOPAT Growth		 -16.43% 146.83% -41.14%
Net Income Growth		 141.00% -65.26% 139.98%
EPS Growth		 -16.67% 146.67% -43.24%
Operating Cash Flow Growth		 223.10% -112.31% -1,452.80%
Free Cash Flow Firm Growth		 0.00% 128.65% -150.13%
Invested Capital Growth		 0.00% -24.39% 21.67%
Revenue Q/Q Growth		 0.00% 0.00% 2.32%
EBITDA Q/Q Growth		 0.00% 0.00% -128.69%
EBIT Q/Q Growth		 0.00% 0.00% -16.56%
NOPAT Q/Q Growth		 0.00% 0.00% -16.56%
Net Income Q/Q Growth		 0.00% 0.00% 26.60%
EPS Q/Q Growth		 0.00% 0.00% -18.18%
Operating Cash Flow Q/Q Growth		 0.00% 72.02% -4.67%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% -30.76%
Profitability Metrics		 - - -
EBITDA Margin		 -97.70% 77.66% -14.54%
EBIT Margin		 25.20% 56.35% 34.47%
Profit (Net Income) Margin		 172.03% 54.13% 135.01%
Tax Burden Percent		 682.56% 96.07% 391.72%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 3.10% 4.35% 2.68%
ROIC Less NNEP Spread (ROIC-NNEP)		 36.51% 3.99% 21.07%
Return on Net Nonoperating Assets (RNNOA)		 42.80% 3.68% 15.61%
Return on Equity (ROE)		 45.90% 8.03% 18.30%
Cash Return on Invested Capital (CROIC)		 -196.90% 32.12% -16.87%
Operating Return on Assets (OROA)		 2.02% 4.91% 2.56%
Return on Assets (ROA)		 13.82% 4.72% 10.01%
Return on Common Equity (ROCE)		 45.90% 8.03% 18.30%
Return on Equity Simple (ROE_SIMPLE)		 22.95% 8.08% 17.31%
Net Operating Profit after Tax (NOPAT)		 15 37 22
NOPAT Margin		 25.20% 56.35% 34.47%
Net Nonoperating Expense Percent (NNEP)		 -33.41% 0.36% -18.39%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 74.80% 43.65% 65.53%
Earnings before Interest and Taxes (EBIT)		 15 37 22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -58 51 -9.19
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.00 0.77 0.93
Price to Tangible Book Value (P/TBV)		 0.00 0.77 0.93
Price to Revenue (P/Rev)		 0.00 5.14 7.22
Price to Earnings (P/E)		 0.00 9.49 5.35
Dividend Yield		 10.54% 13.98% 17.30%
Earnings Yield		 0.00% 10.53% 18.69%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.86 0.96
Enterprise Value to Revenue (EV/Rev)		 0.00 9.55 13.48
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 12.29 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 16.94 39.10
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 16.94 39.10
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 2.29 0.00
Leverage & Solvency		 - - -
Debt to Equity		 1.17 0.67 0.81
Long-Term Debt to Equity		 1.17 0.59 0.67
Financial Leverage		 1.17 0.92 0.74
Leverage Ratio		 1.66 1.70 1.83
Compound Leverage Factor		 1.66 1.70 1.83
Debt to Total Capital		 53.97% 39.95% 44.70%
Short-Term Debt to Total Capital		 0.00% 4.80% 7.52%
Long-Term Debt to Total Capital		 53.97% 35.15% 37.19%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 46.03% 60.05% 55.30%
Debt to EBITDA		 -9.00 5.74 -43.35
Net Debt to EBITDA		 -8.75 5.67 -43.00
Long-Term Debt to EBITDA		 -9.00 5.05 -36.06
Debt to NOPAT		 34.87 7.91 18.29
Net Debt to NOPAT		 33.90 7.82 18.14
Long-Term Debt to NOPAT		 34.87 6.96 15.22
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -954 273 -137
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -72.91 17.21 -5.68
Operating Cash Flow to Interest Expense		 2.80 -0.28 -2.90
Operating Cash Flow Less CapEx to Interest Expense		 2.80 -0.28 -2.90
Efficiency Ratios		 - - -
Asset Turnover		 0.08 0.09 0.07
Fixed Asset Turnover		 0.00 0.00 0.00
Capital & Investment Metrics		 - - -
Invested Capital		 969 732 891
Invested Capital Turnover		 0.12 0.08 0.08
Increase / (Decrease) in Invested Capital		 969 -236 159
Enterprise Value (EV)		 0.00 627 851
Market Capitalization		 0.00 338 456
Book Value per Share		 $13.43 $13.14 $13.73
Tangible Book Value per Share		 $13.43 $13.14 $13.73
Total Capital		 969 732 891
Total Debt		 523 293 398
Total Long-Term Debt		 523 257 331
Net Debt		 508 289 395
Capital Expenditures (CapEx)		 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 -87 1.45 -64
Net Nonoperating Obligations (NNO)		 523 293 398
Total Depreciation and Amortization (D&A)		 -73 14 -31
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.00 $1.11 $0.63
Adjusted Weighted Average Basic Shares Outstanding		 0.00 33.31M 34.47M
Adjusted Diluted Earnings per Share		 $0.00 $1.11 $0.63
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 33.31M 34.47M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 33.59M 36.69M
Normalized Net Operating Profit after Tax (NOPAT)		 10 27 17
Normalized NOPAT Margin		 17.64% 41.36% 26.68%
Pre Tax Income Margin		 25.20% 56.35% 34.47%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 1.15 2.33 0.90
NOPAT to Interest Expense		 1.15 2.33 0.90
EBIT Less CapEx to Interest Expense		 1.15 2.33 0.90
NOPAT Less CapEx to Interest Expense		 1.15 2.33 0.90
Payout Ratios		 - - -
Dividend Payout Ratio		 37.97% 132.36% 89.16%
Augmented Payout Ratio		 37.97% 132.36% 89.16%

Quarterly Metrics And Ratios for Gladstone Investment Co. 4.875% Notes due 2028

This table displays calculated financial ratios and metrics derived from Gladstone Investment Co. 4.875% Notes due 2028's official financial filings.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% -6.83% -4.13% 0.00% -1.21% -16.32% -5.47% 9.11% 2.43% 14.06% -9.51%
EBITDA Growth		 0.00% 939.49% -80.47% 0.00% 28.69% -321.92% 907.77% -270.57% 226.97% 184.16% -162.29%
EBIT Growth		 0.00% 427.30% 2.02% 0.00% 14.50% -115.15% 13.71% -44.81% 47.09% 521.45% -88.09%
NOPAT Growth		 0.00% 427.30% 2.02% 0.00% 14.50% -110.61% 13.71% -44.81% 47.09% 702.06% -88.09%
Net Income Growth		 0.00% -89.07% 52.51% 0.00% -27.00% 1,440.03% -58.31% 384.84% -174.28% -67.31% 485.04%
EPS Growth		 0.00% 385.71% 4.00% 0.00% 13.64% -114.71% 7.69% -48.28% 36.00% 500.00% -89.29%
Operating Cash Flow Growth		 0.00% 0.00% -108.69% 430.40% -188.22% -18.48% 626.97% -35.07% 133.81% 205.03% -923.54%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 68.61% 32.65% 0.00% 44.89% 152.73% 149.26%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 30.91% 67.87% 21.67% 56.06% -11.94% -19.45%
Revenue Q/Q Growth		 0.00% 9.19% 3.44% -10.42% -2.35% -7.52% 16.85% 3.41% -8.33% 2.98% -7.30%
EBITDA Q/Q Growth		 0.00% 196.04% -74.89% 169.59% -35.79% -610.50% 214.05% -145.63% 223.07% 31.40% -184.40%
EBIT Q/Q Growth		 0.00% 54.88% -24.94% 12.55% -12.48% -120.50% 663.24% -45.37% 133.21% -41.27% -84.08%
NOPAT Q/Q Growth		 0.00% 54.88% -24.94% 12.55% -12.48% -114.35% 904.62% -45.37% 133.21% -41.27% -84.08%
Net Income Q/Q Growth		 0.00% -74.45% 413.14% -70.48% 88.62% 438.99% -86.11% 243.27% -128.90% 337.24% 148.61%
EPS Q/Q Growth		 0.00% 54.55% -23.53% 11.54% -13.79% -120.00% 660.00% -46.43% 126.67% -41.18% -85.00%
Operating Cash Flow Q/Q Growth		 1,633.48% -222.86% 92.20% 324.77% -509.47% -65.00% 134.70% -72.31% 113.20% 412.65% -372.08%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 22.48% 100.00% 0.00% 61.83% -66.34% 69.96% -188.91% 136.52% 55.38%
Invested Capital Q/Q Growth		 0.00% 0.00% -22.51% -4.47% 10.96% 59.37% -0.62% -30.76% 42.32% -10.07% -9.10%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 49.00% 132.87% 32.26% 97.08% 63.83% -352.37% 343.93% -151.77% 203.76% 260.00% -236.73%
EBIT Margin		 47.52% 67.40% 48.91% 61.45% 55.07% -12.21% 58.84% 31.08% 79.08% 45.10% 7.75%
Profit (Net Income) Margin		 77.58% 18.15% 90.06% 29.68% 57.33% 334.13% 39.73% 131.88% -41.57% 95.77% 256.84%
Tax Burden Percent		 163.28% 26.94% 184.14% 48.30% 104.10% -2,737.34% 67.52% 424.27% -52.57% 212.34% 3,315.25%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 5.51% 8.88% -0.47% 3.54% 2.42% 4.83% 2.43% 0.43%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 3.81% 9.06% 6.64% 2.99% 7.42% 1.58% 3.52% 5.86%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 2.53% 7.81% 9.88% 3.76% 5.50% 2.02% 5.66% 8.48%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 8.04% 16.68% 9.41% 7.30% 7.91% 6.86% 8.08% 8.90%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 37.30% 0.00% 0.00% 0.00% -16.87% -41.31% 15.55% 23.80%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 5.36% 4.26% -0.91% 4.30% 2.31% 5.71% 3.29% 0.49%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 2.59% 4.43% 24.99% 2.90% 9.78% -3.00% 6.99% 16.39%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 8.04% 16.83% 9.41% 7.29% 7.91% 6.88% 8.08% 8.90%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 7.40% 16.10% 14.65% 0.00% 14.66% 8.32% 14.29%
Net Operating Profit after Tax (NOPAT)		 7.37 11 8.57 9.64 8.44 -1.21 9.74 5.32 12 7.29 1.16
NOPAT Margin		 47.52% 67.40% 48.91% 61.45% 55.07% -8.54% 58.84% 31.08% 79.08% 45.10% 7.75%
Net Nonoperating Expense Percent (NNEP)		 0.00% 3.05% -4.54% 1.70% -0.18% -7.11% 0.55% -5.00% 3.25% -1.09% -5.44%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 52.49% 32.60% 51.09% 38.55% 44.93% 112.21% 41.16% 68.92% 20.92% 54.90% 92.25%
Earnings before Interest and Taxes (EBIT)		 7.37 11 8.57 9.64 8.44 -1.73 9.74 5.32 12 7.29 1.16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 7.60 23 5.65 15 9.78 -50 57 -26 32 42 -35
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.70 0.77 0.78 0.73 0.92 0.93 0.98 1.07 0.98
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.70 0.77 0.78 0.73 0.92 0.93 0.98 1.07 0.98
Price to Revenue (P/Rev)		 0.00 0.00 0.00 5.14 5.23 5.54 6.82 7.22 7.34 7.48 7.51
Price to Earnings (P/E)		 0.00 0.00 0.00 9.49 10.61 4.54 6.25 5.35 6.66 12.87 6.86
Dividend Yield		 12.55% 14.21% 13.44% 13.98% 13.97% 15.22% 19.63% 17.30% 16.37% 14.66% 12.68%
Earnings Yield		 0.00% 0.00% 0.00% 10.53% 9.42% 22.04% 15.99% 18.69% 15.01% 7.77% 14.58%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.82 0.86 0.84 0.90 0.97 0.96 0.99 1.03 0.99
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 9.55 10.40 18.56 20.16 13.48 19.73 17.85 16.01
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 12.29 12.81 0.00 38.86 0.00 96.34 11.14 81.62
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 16.94 17.89 46.71 47.70 39.10 48.69 33.64 39.12
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 16.94 17.89 46.71 47.70 39.10 48.69 33.64 39.12
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11.45 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.18 3.70
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 1.24 0.71 0.67 0.86 1.72 1.80 0.81 1.66 1.49 1.12
Long-Term Debt to Equity		 0.00 1.20 0.64 0.59 0.86 1.56 1.62 0.67 1.52 1.47 0.93
Financial Leverage		 0.00 1.24 0.71 0.67 0.86 1.49 1.26 0.74 1.28 1.61 1.45
Leverage Ratio		 0.00 1.69 1.72 1.70 1.94 1.83 1.86 1.83 1.93 1.92 2.11
Compound Leverage Factor		 0.00 1.69 1.72 1.70 1.94 1.83 1.86 1.83 1.93 1.92 2.11
Debt to Total Capital		 0.00% 55.27% 41.41% 39.95% 46.29% 63.27% 64.26% 44.70% 62.36% 59.81% 52.73%
Short-Term Debt to Total Capital		 0.00% 1.68% 3.86% 4.80% 0.00% 6.12% 6.42% 7.52% 5.02% 0.78% 8.83%
Long-Term Debt to Total Capital		 0.00% 53.60% 37.55% 35.15% 46.29% 57.15% 57.84% 37.19% 57.33% 59.03% 43.90%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 44.73% 58.54% 60.05% 54.19% 36.73% 35.74% 55.30% 37.64% 40.19% 47.27%
Debt to EBITDA		 0.00 0.00 0.00 5.74 7.07 -42.52 25.81 -43.35 60.76 6.50 43.54
Net Debt to EBITDA		 0.00 0.00 0.00 5.67 6.36 -42.39 25.70 -43.00 60.52 6.47 43.34
Long-Term Debt to EBITDA		 0.00 0.00 0.00 5.05 7.07 -38.41 23.24 -36.06 55.87 6.41 36.25
Debt to NOPAT		 0.00 0.00 0.00 7.91 9.88 32.88 31.69 18.29 30.71 19.62 20.87
Net Debt to NOPAT		 0.00 0.00 0.00 7.82 8.89 32.77 31.55 18.14 30.58 19.54 20.77
Long-Term Debt to NOPAT		 0.00 0.00 0.00 6.96 9.88 29.70 28.52 15.22 28.23 19.36 17.38
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% -0.89% 0.00% 0.05% 0.00% -0.42% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -978 -758 0.00 -804 -307 -511 -153 -443 162 251
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -253.53 -186.07 0.00 -161.67 -50.29 -78.31 -23.51 -68.39 25.29 39.39
Operating Cash Flow to Interest Expense		 10.92 -13.16 -0.97 2.14 -7.33 -9.85 3.20 0.89 1.90 9.87 -26.92
Operating Cash Flow Less CapEx to Interest Expense		 10.92 -13.16 -0.97 2.14 -7.33 -9.85 3.20 0.89 1.90 9.87 -26.92
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.09 0.08 0.07 0.07 0.07 0.07 0.07 0.06
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 989 767 732 813 1,295 1,287 891 1,268 1,140 1,037
Invested Capital Turnover		 0.00 0.00 0.00 0.09 0.16 0.05 0.06 0.08 0.06 0.05 0.06
Increase / (Decrease) in Invested Capital		 0.00 989 767 0.00 813 306 520 159 456 -155 -250
Enterprise Value (EV)		 0.00 0.00 630 627 681 1,164 1,245 851 1,254 1,170 1,024
Market Capitalization		 0.00 0.00 315 338 343 347 421 456 466 490 480
Book Value per Share		 $0.00 $13.32 $13.50 $13.14 $13.11 $14.03 $13.57 $13.73 $13.01 $12.49 $13.36
Tangible Book Value per Share		 $0.00 $13.32 $13.50 $13.14 $13.11 $14.03 $13.57 $13.73 $13.01 $12.49 $13.36
Total Capital		 0.00 989 767 732 813 1,295 1,287 891 1,268 1,140 1,037
Total Debt		 0.00 547 317 293 376 819 827 398 791 682 547
Total Long-Term Debt		 0.00 530 288 257 376 740 744 331 727 673 455
Net Debt		 0.00 544 315 289 338 817 823 395 788 679 544
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 -4.66 8.34 -7.21 4.99 -0.35 -49 3.17 -17 19 -8.19 -37
Net Nonoperating Obligations (NNO)		 0.00 547 317 293 376 819 827 398 791 682 547
Total Depreciation and Amortization (D&A)		 0.23 11 -2.92 5.59 1.34 -48 47 -31 20 35 -37
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.34 $0.26 $0.29 $0.25 ($0.05) $0.28 $0.15 $0.34 $0.20 $0.03
Adjusted Weighted Average Basic Shares Outstanding		 0.00 33.22M 33.32M 33.31M 33.59M 33.82M 34.35M 34.47M 36.69M 36.69M 36.73M
Adjusted Diluted Earnings per Share		 $0.00 $0.34 $0.26 $0.29 $0.25 ($0.05) $0.28 $0.15 $0.34 $0.20 $0.03
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 33.22M 33.32M 33.31M 33.59M 33.82M 34.35M 34.47M 36.69M 36.69M 36.73M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 33.23M 33.46M 33.59M 33.90M 33.90M 35.89M 36.69M 36.69M 36.69M 36.84M
Normalized Net Operating Profit after Tax (NOPAT)		 5.47 7.99 6.00 6.75 6.29 -0.81 6.82 3.73 8.69 5.10 0.81
Normalized NOPAT Margin		 35.28% 47.18% 34.24% 43.01% 41.04% -5.71% 41.19% 21.76% 55.36% 31.57% 5.42%
Pre Tax Income Margin		 47.52% 67.40% 48.91% 61.45% 55.07% -12.21% 58.84% 31.08% 79.08% 45.10% 7.75%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.95 2.96 2.10 2.32 1.70 -0.28 1.49 0.82 1.92 1.14 0.18
NOPAT to Interest Expense		 1.95 2.96 2.10 2.32 1.70 -0.20 1.49 0.82 1.92 1.14 0.18
EBIT Less CapEx to Interest Expense		 1.95 2.96 2.10 2.32 1.70 -0.28 1.49 0.82 1.92 1.14 0.18
NOPAT Less CapEx to Interest Expense		 1.95 2.96 2.10 2.32 1.70 -0.20 1.49 0.82 1.92 1.14 0.18
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 132.36% 147.65% 68.42% 123.91% 89.16% 103.97% 182.05% 86.81%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 132.36% 147.65% 68.42% 123.91% 89.16% 103.97% 182.05% 86.81%

Key Financial Trends

Gladstone Investment Corporation (NASDAQ:GAIN) has shown a mixed but generally positive financial performance over the past several quarters through late 2024 and into early 2025. Here are the key highlights and trends based on the analysis of quarterly income statements, cash flow statements, and balance sheets from Q3 2022 to Q3 2025:

  • Consistent Total Interest Income: The company’s total interest income has steadily increased from about $13.3 million in Q3 2022 to around $20.5 million in Q3 2025, indicating stable growth in interest-earning assets.
  • Strong Non-Interest Income Contribution: Non-interest income, primarily from investment banking, has contributed positively and remained mostly stable, with occasional quarterly fluctuations. Q3 2025 reported $843,000 in non-interest income.
  • Increasing Consolidated Net Income: Despite some volatility, consolidated net income significantly improved from $10.3 million in Q3 2022 to approximately $38.5 million in Q3 2025, showing enhanced profitability.
  • Equity Growth: Total common equity grew to about $490 million by Q3 2025 from approximately $449 million in Q3 2023, reflecting retained earnings accumulation and possibly equity injections.
  • Stable Earnings Per Share (EPS): EPS was mostly positive and stable, with Q3 2025 diluted EPS at $0.03, though quarterly comparisons show some variability.
  • High Insurance Policy Acquisition Costs: These costs fluctuated significantly, hitting a notable high in Q3 2025 (~$9.35 million), which may affect profitability but could also relate to strategic investments in growth.
  • Cash and Due from Banks Fluctuations: Cash balances saw some quarterly fluctuations but increased modestly to $2.6 million by Q3 2025 from lower levels in earlier years, reflecting cash management policies.
  • Moderate Increase in Long-Term Debt: Long-term debt declined from over $744 million in Q3 2023 to about $455 million in Q3 2025, suggesting debt management practices that balance leverage and risk.
  • Rising Operating Expenses & Amortization: Operating expenses including insurance policy acquisition, amortization, and other operating costs have generally increased, pressuring net income gains. Q3 2025 showed high non-interest expenses totaling about $13.8 million.
  • Volatile Cash Flow from Operations: Net cash provided by operating activities has been uneven, with a large negative cash flow of approximately -$172 million in Q3 2025 contrasting with positive cash flow in prior quarters, posing liquidity management challenges.

Summary: Over the last several years and quarters, Gladstone Investment has experienced growth in interest income, equity base, and overall net income, with steady earnings and expanded operations. However, increased operating costs and fluctuations in cash flow from operations highlight areas to monitor, especially in managing expenses and maintaining liquidity. The reduction in long-term debt suggests an effort to optimize the capital structure, which is favorable.

Retail investors should weigh the company's improving profitability against rising costs and cash flow variability, while considering the sector's inherent risks.

09/16/25 09:02 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Gladstone Investment Co. 4.875% Notes due 2028's Financials

When does Gladstone Investment Co. 4.875% Notes due 2028's fiscal year end?

According to the most recent income statement we have on file, Gladstone Investment Co. 4.875% Notes due 2028's financial year ends in March. Their financial year 2024 ended on March 31, 2024.

How has Gladstone Investment Co. 4.875% Notes due 2028's net income changed over the last 2 years?

Gladstone Investment Co. 4.875% Notes due 2028's net income appears to be on a downward trend, with a most recent value of $85.31 million in 2024, falling from $102.32 million in 2022. The previous period was $35.55 million in 2023.

How has Gladstone Investment Co. 4.875% Notes due 2028's revenue changed over the last 2 years?

Over the last 2 years, Gladstone Investment Co. 4.875% Notes due 2028's total revenue changed from $59.47 million in 2022 to $63.19 million in 2024, a change of 6.2%.

How much debt does Gladstone Investment Co. 4.875% Notes due 2028 have?

Gladstone Investment Co. 4.875% Notes due 2028's total liabilities were at $445.37 million at the end of 2024, a 36.7% increase from 2023, and a 51.2% increase since 2022.

How much cash does Gladstone Investment Co. 4.875% Notes due 2028 have?

In the past 2 years, Gladstone Investment Co. 4.875% Notes due 2028's cash and equivalents has ranged from $2.46 million in 2024 to $14.19 million in 2022, and is currently $2.46 million as of their latest financial filing in 2024.

How has Gladstone Investment Co. 4.875% Notes due 2028's book value per share changed over the last 2 years?

Over the last 2 years, Gladstone Investment Co. 4.875% Notes due 2028's book value per share changed from 13.43 in 2022 to 13.73 in 2024, a change of 2.2%.


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This page (NASDAQ:GAINZ) was last updated on 9/16/2025 by MarketBeat.com Staff
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