GLADSTONE INVESTMENT CORPORATION\DE GAIN
We were incorporated under the General Corporation Law of the State of Delaware on February 18, 2005. On June 22, 2005, we completed our initial public offering and commenced operations. We operate as an externally managed, closed-end, non-diversified management investment company and have elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the "1940 Act"). For U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). To continue to qualify as a RIC for U.S. federal income tax purposes and obtain favorable RIC tax treatment, we must meet certain requirements, including certain minimum distribution requirements.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Pre-tax income | $184.8M | $65.3M | $85.3M | $35.5M | $102.3M | $42.5M | — | — | — | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | — |
| Net income | $184.8M | $65.3M | $85.3M | $35.5M | $102.3M | $42.5M | — | — | — | — |
| EPS, basic | — | 0.76 | 0.63 | 1.11 | 0.45 | 0.54 | — | — | — | — |
| EPS, diluted | — | 0.76 | 0.63 | 1.11 | 0.45 | 0.54 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $38.7M | $36.7M | $34.5M | $33.3M | $33.2M | $33.2M | $32.9M | $32.8M | $32.3M | $30.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.4M | $15.2M | $3.2M | $3.2M | $14.5M | $2.4M | $4.1M | — | — | — |
| Total assets | $1.32B | $1.01B | $938.1M | $765.6M | $740.4M | — | — | — | — | — |
| Long-term debt | $564.5M | $455.7M | $398.3M | $292.6M | $261.3M | — | — | — | — | — |
| Total liabilities | $654.6M | $507.3M | $445.4M | $325.9M | $294.6M | — | — | — | — | — |
| Retained earnings | $181.5M | $53.5M | $48.0M | $37.9M | $47.8M | — | — | — | — | — |
| Total equity | $668.2M | $499.1M | $492.7M | $439.7M | $445.8M | $382.4M | $369.0M | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$101.6M | $16.3M | -$69.9M | -$4.5M | $36.6M | -$29.7M | — | — | — | — |
| Financing cash flow | $88.8M | -$4.4M | $69.9M | -$6.7M | -$24.5M | $28.1M | — | — | — | — |
| Dividends paid | $57.2M | $61.0M | $76.1M | $47.0M | $38.9M | $30.9M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001321741-26-000011.