1. Imagine a highly focused version of Berkshire Hathaway that primarily lends money to and takes smaller equity stakes in many private, medium-sized U.S. businesses.

2. Think of it as a publicly traded, specialized JPMorgan Chase that focuses on lending to and investing in private, mid-sized U.S. companies, rather than dealing with large corporations or individual consumers.

• Debt Financing: Providing various types of senior and junior secured loans, as well as mezzanine debt, to privately-held middle-market companies.
• Equity Investments: Making minority equity investments, often alongside debt financing, typically in the form of preferred stock, common stock, or warrants, in their portfolio companies.

Gladstone Investment Corporation (GAIN)

• Pillar Processing, LLC
• Starco, Inc.
• Bassett Creek Services, LLC
• Frontier Packaging, Inc.
• Bruner-Cox Company, LLC

• Gladstone Management Corporation
• KPMG LLP
• Computershare Trust Company, N.A.

David J. Gladstone, Chairman & Chief Executive Officer

Mr. Gladstone is the founder of The Gladstone Companies and has served as Chief Executive Officer of Gladstone Investment Corporation since its inception. Prior to founding Gladstone, he held various positions, including Chairman and Chief Executive Officer, with Allied Capital Corporation, Allied Capital Corporation II, Allied Capital Lending Corporation, and Allied Capital Advisors Inc. from 1974 to February 1997. From August 1997 to August 2001, Mr. Gladstone was Chairman or Vice Chairman of American Capital Strategies, a publicly-traded leveraged buyout fund and mezzanine debt finance company.

Taylor Ritchie, Chief Financial Officer

Mr. Ritchie joined Gladstone in November 2018. Before joining The Gladstone Companies, he worked for Ernst & Young from 2011 to 2018 as a Manager in the Financial Services practice, specializing in Banking and Capital Markets. He is a CPA licensed in Virginia and holds a B.S. in Accounting and Finance from the University of Alabama, where he graduated Summa Cum Laude.

David Dullum, President

Mr. Dullum joined The Gladstone Companies in February 2008 and has served as President of Gladstone Investment Corporation since April 2008. He has extensive experience in equity investing and middle-market buyouts. Prior to joining Gladstone, from 1995 to 2007, Mr. Dullum was a Partner of New England Partners, a private equity firm. From 1976 to 1990, he was a Managing General Partner of Frontenac Company, a Chicago-based private equity firm.

Michael LiCalsi, Chief Administrative Officer, Co-General Counsel, and Co-Secretary

Mr. LiCalsi has been Chief Administrative Officer of Gladstone Investment since July 2025. He has also served as General Counsel (and now Co-General Counsel) since October 2009 and Secretary (and now Co-Secretary) since October 2012. He was appointed President of Gladstone Administration in July 2013. Before joining The Gladstone Companies, Mr. LiCalsi was an associate attorney at Baker Botts L.L.P. He also held various positions at TD Waterhouse Investor Services, Inc. (now TD Ameritrade, Inc.) from 1996 to 2004.

Jay Beckhorn, Assistant Treasurer

Mr. Beckhorn joined Gladstone in January 2013. He currently serves as Managing Director, Finance of Gladstone Commercial and Treasurer of Gladstone Land and Gladstone Commercial, in addition to his role as Assistant Treasurer of Gladstone Capital and Gladstone Investment. His primary focus is debt finance, and he has 28 years of real estate finance experience. Prior to joining Gladstone, he was a Regional Director with Heavenrich & Co., an M&A group serving the senior housing industry, where he helped clients recapitalize companies by arranging joint ventures with private equity groups, sale lease-back transactions with REITs, and loans from banks.

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Gladstone Investment (GAIN) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Continued Investment in New Portfolio Companies and Buyouts: The company consistently emphasizes its focus on making new debt and equity investments in private businesses, particularly through buyouts and other recapitalizations. This strategy involves both originating new loans that generate interest income and acquiring equity stakes that can appreciate over time. For example, in Q1 2025, the company invested significantly in new portfolio companies, reflecting its strategic focus on growth. In Q4 2025, the company invested a total of $221 million, including investments in four new portfolio companies. The company's objective is to achieve and grow current income through debt securities and provide long-term capital appreciation through equity investments.
2. Growth of the Debt Investment Portfolio and Associated Interest Income: A significant portion of Gladstone Investment's revenue comes from interest income generated by its debt investments. Recent earnings reports indicate that an increase in interest income has been primarily driven by the growth of its debt investment portfolio. Analysts also project an increase in total interest income, including from non-control/non-affiliate and affiliate investments, in the coming quarters.
3. Realized Capital Gains, Dividend, and Success Fee Income from Portfolio Exits and Recapitalizations: Gladstone Investment generates revenue through capital gains realized from the successful exit of its equity investments and from dividend and success fee income associated with these transactions and recapitalizations. For instance, in Q2 2025, the company generated meaningful realized capital gains from the successful exit of Nth Degree. Similarly, Q4 2025 results showed an increase in dividend and success fee income due to exits and recapitalizations. Management anticipates funding future supplemental distributions from realized capital gains on the equity portion of future exits and potentially from other recapitalizations.
4. Robust Pipeline for New Acquisitions and Investment Opportunities: The company has frequently highlighted a strong pipeline of opportunities for new acquisitions and ongoing investments. This active investing period is expected to continue, indicating future expansion of its asset base and, consequently, revenue. The company's solid balance sheet and increased availability on its credit facility, partially bolstered by new note issuances, provide the liquidity and flexibility to pursue these new opportunities.
5. Strategic Add-on Acquisitions to Existing Portfolio Companies: Beyond acquiring new standalone companies, Gladstone Investment also focuses on making add-on acquisitions to its existing portfolio companies. This strategy allows them to increase their investment and build value within companies where they already have established relationships and confidence in future prospects, contributing to overall portfolio growth and increased income.

Share Repurchases

No significant share repurchase programs or dollar amounts of share repurchases made by Gladstone Investment were explicitly reported in the last 3-5 years within the search results.

Share Issuance

• Gladstone Investment established a new $75.0 million at-the-market (ATM) program in May 2024.
• Under its common stock ATM program, the company sold 2,238,361 shares at a weighted-average gross price of $14.10 per share, raising approximately $31.1 million in net proceeds.
• Subsequent to September 30, 2025, an additional 55,414 shares were sold through the ATM program, generating approximately $0.8 million in net proceeds.

Inbound Investments

• In November 2025, Gladstone Investment priced a registered direct offering of $60.0 million aggregate principal amount of 6.875% Notes due 2028.
• The net proceeds from this offering are intended to repay a portion of its revolving credit facility, fund new investment opportunities, and for general corporate purposes.

Outbound Investments

• Gladstone Investment aims for its investment portfolio to consist of approximately 75% in debt securities and 25% in equity securities, at cost, with individual investments typically totaling up to $75 million.
• For fiscal year 2026 (as of Q1 2026), the company invested approximately $130 million in three new portfolio companies.
• In the quarter ended September 30, 2025, portfolio actions included a $67.6 million investment in Global GRAB and a new $20.0 million loan to J.R. Hobbs.

Capital Expenditures

No specific information regarding capital expenditures for Gladstone Investment (GAIN) itself was available within the provided search results.