Gladstone Investment(GAIN) - 2025 Q4 - Annual Results

Investment Income - Total investment income for the fourth quarter ended March 31, 2025, was $27.5 million, a 28.9% increase from $21.4 million in the previous quarter[2] - Net investment income for the fourth quarter was $7.2 million, or $0.20 per weighted-average common share, compared to $1.2 million, or $0.03 per weighted-average common share in the prior quarter[8] - Total investment income for the fiscal year ended March 31, 2025, was $93.7 million, a 7.3% increase from $87.3 million in the previous year[15] - Net investment income for the fiscal year was $28.1 million, or $0.76 per weighted-average common share, compared to $21.8 million, or $0.63 per weighted-average common share in the prior year[14] - Adjusted net investment income for the year ended March 31, 2025, was $35.5 million, or $0.97 per share, compared to $34.5 million, or $1.00 per share, for the previous year[20] Cash Distribution - Cash distribution per common share from net investment income was $0.64, a 40.7% decrease from $1.08 in the previous year[3] - The company paid a monthly distribution of $0.08 per common share from April 2024 to March 2025, along with a supplemental distribution of $0.70 per common share in October 2024[18] - The company declared a total distribution of $0.78 per common share for the quarter ending June 30, 2025, including a supplemental distribution of $0.54 per share[19] Investment Activity - Total dollars invested during the fiscal year was $221.2 million, a 20.3% increase from $183.9 million in the previous year[3] - Total dollars repaid and/or collected from sales and recapitalization of investments for the fiscal year was $199.6 million, a 148.8% increase from $80.2 million in the previous year[3] - The company exited its investment in Nocturne Luxury Villas, resulting in a realized gain of $19.8 million and repayment of $85.6 million at par[12] - The company raised approximately $2.0 million through the sale of 148,714 shares under its ATM program at a weighted-average gross price of $13.64 per share[18] Asset Value - Net asset value per common share as of March 31, 2025, was $13.55, up from $13.30 as of December 31, 2024[11] - As of March 31, 2025, the net asset value per common share was $13.55, an increase from $13.43 as of March 31, 2024, driven by $63.2 million in realized gains and $28.1 million in net investment income[17] Credit Facility - The company amended its credit facility, increasing the size from $200.0 million to $270.0 million[8] - The credit facility was amended to increase its size from $200.0 million to $270.0 million[18] Share Information - The weighted-average shares of common stock outstanding for the year ended March 31, 2025, were 36,735,218[20] - The company issued publicly-traded 7.875% Notes due 2030 with a total principal amount of $126.5 million[18] Non-GAAP Measures - The company emphasizes that Adjusted net investment income is a non-GAAP financial measure and may not be comparable to similar measures presented by other companies[21]