Gladstone Investment Corporation
Inside Gladstone Investment Corporation’s $1.3B private-credit portfolio — 65 holdings disclosed in SEC filings. The portfolio is concentrated in Diversified/Conglomerate Services (19%), a weighted-average spread near 869 bps.
Aug 6 · SEC EDGAR
Credit Snapshot
How the market and the balance sheet read GAIN as a credit: NAV per share is the Q1 FY2027 book value ($16.24) from its SEC quarterly filing — for a BDC, book value is NAV. Fair values underneath are the manager’s own estimates. Price as of 2026-10-10.
| Metric | Value | What healthy looks like |
|---|---|---|
| Price-to-NAV | 0.94x (discount) | Quality BDCs tend to trade near NAV; a deep discount often signals credit concern — or opportunity to investigate. |
| Dividend Yield (FY2026 paid) | 9.7% | A trailing all-in yield (full-year dividends paid, including any specials) — not a forward run-rate. BDC regular yields typically run 8–12%; treat an outlier as a question about dividend sustainability. |
| Dividend Coverage (GAAP NII) | NII negative FY2026 investment income did not cover operating costs, let alone distributions | Above 1.0x, the year’s distributions were earned by investment income; below 1.0x they exceeded it — watch for a cut or return-of-capital funding. GAAP NII, not the manager’s adjusted “core NII”. |
| NII Return on Equity | -0.6% GAAP NII on FY2026 FY-end NAV | What the portfolio EARNED on book value, before mark swings — steadier than mark-driven ROE. BDCs typically land high single digits to low teens; internally managed books keep more of it. |
| NAV Total Return | +34.8% FY2026: ΔNAV/share + distributions 3-yr ≈+22.1%/yr compound | NAV change plus distributions, per share — what the book earned independent of market sentiment. Sustained positive NAV total return means the credit book is creating value, not just distributing it back. |
| Leverage (Gross Debt/Equity) | 0.84x 14th pct of 11 lower-MM peers | Most BDCs run 0.8x–1.25x debt-to-equity; the regulatory ceiling is 2.0x. |
| Asset Coverage | 218% | A gross total-debt coverage read; the statutory ratio excludes SBA debentures, so an SBIC’s 10-K figure can differ. Healthy BDCs sit well above the 150% floor. |
| Top-5 Borrower Concentration | 32% of portfolio FV ≈ 64% of Q1 FY2027 NAV largest: SFEG Holdings, Inc. (13.1% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 3.6% (3.6% below 80) of marked debt FV (100% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| Floating-Rate Mix | 100% floating, mostly SOFR of rate-classified debt (97% coverage) | Floating-rate loans reprice with their benchmark (mostly SOFR), so a high floating share means portfolio income rises when the Fed hikes and falls when it cuts — the book’s rate sensitivity in one number. |
| Non-Accruals | 1.8% of debt FV (100% coverage) | Parsed from the filing’s own non-accrual footnotes. 1–3% of portfolio fair value is normal; 5%+ is a warning sign. Trend11 qtrs |
| Fee Structure — manager economics, from the same annual filing | ||
| Base Management Fee | $22.8M ≈1.73% of FY2026 FY-end total assets, our calculation — contractual fees accrue on average gross assets as filed, gross of any fee waivers | External BDC base fees typically run 1.0–1.75% of assets — charged on ASSETS, not equity, so leverage raises the fee bill on the same NAV. |
| Incentive Fee | $38.3M ≈0.9% of pre-fee investment income as filed, gross of any fee waivers | Income incentive fees typically take 17.5–20% of pre-fee investment income over a hurdle. A capital-gains fee in an up-mark year is not recurring income economics — watch the split. |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-08-06 filing.
Maturity Wall
Debt fair value by each loan’s stated maturity year (100% of debt FV carries a parsed maturity). The refinancing question: 14% of the maturity-dated book comes due by end-2027 — debt that must be repaid, refinanced, or extended. As of the 2026-08-06 filing.
| Maturing | Debt FV | % of dated debt |
|---|---|---|
| 2026 or earlier | $8M | 1.2% |
| 2027 | $85M | 12.7% |
| 2028 | $253M | 37.9% |
| 2029 | $154M | 23.1% |
| 2030 | $167M | 25.1% |
Top Portfolio Holdings
| # | Company | Type | Sector | Coupon | Maturity | Fair Value | % of FV | % of Net Assets |
|---|---|---|---|---|---|---|---|---|
| 1 | SFEG Holdings, Inc. | Debt | Diversified/Conglomerate Manufacturing | — | — | $167M | 13.1% | 25.9% |
| 2 | Schylling, Inc. | Debt | Leisure, Amusement, Motion Pictures, and Entertainment | — | — | $70M | 5.4% | 10.8% |
| 3 | Detroit Defense, Inc. - Term Debt | Debt | Aerospace and Defense | SOFR + 9.00% | Dec 2029 | $61M | 4.8% | 9.5% |
| 4 | The E3 Company, LLC | Debt | Oil and Gas | — | — | $60M | 4.7% | 9.3% |
| 5 | SFEG Holdings, Inc. - Term Debt 1 | Debt | Diversified/Conglomerate Services | SOFR + 7.00% | Oct 2028 | $55M | 4.3% | 8.4% |
| 6 | Brunswick Bowling Products, Inc. | Debt | Healthcare, Education, and Childcare | — | — | $52M | 4.1% | 8.1% |
| 7 | Nielsen-Kellerman Acquisition Corp. - Term Debt | Debt | Electronics | SOFR + 8.50% | Dec 2029 | $48M | 3.8% | 7.4% |
| 8 | Global GRAB Technologies, Inc. -Term Debt | Debt | Aerospace and Defense | SOFR + 9.00% | Jul 2030 | $46M | 3.6% | 7.2% |
| 9 | Dema/Mai Holdings, Inc - Term Debt | Debt | Buildings and Real Estate | SOFR + 11.00% | Jul 2027 | $38M | 3.0% | 5.9% |
| 10 | Old World Christmas, Inc. - Term Debt | Debt | Electronics | SOFR + 9.50% | Dec 2028 | $38M | 3.0% | 5.9% |
| Full schedule — all 65 holdings, sortable and screenable → | ||||||||
% of net assets reads each position against stockholders’ equity as of Q1 FY2027 — on a levered book, a position is a larger share of the equity that absorbs losses than of portfolio fair value.
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it — Gladstone Investment Corporation shares 7 borrowers with other managers we track.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Mark is fair value as a percent of par (100 = par). Spread is in basis points over each loan’s own benchmark, normalized from the filing’s as-reported units. Source: SEC EDGAR (public). Spreads have compressed from 937 to 869 bps over 13 quarters while marks held near 90.
| Quarter | Borrowers | Priced Positions | Wtd-Avg cash spread (bps) | Avg Mark (% of par) | Debt Fair Value |
|---|---|---|---|---|---|
| Q1 2025 | 31 | 36 | 845 | 88.8 | $618M |
| Q2 2025 | 32 | 37 | 863 | 87.6 | $650M |
| Q3 2025 | 32 | 35 | 857 | 90.1 | $685M |
| Q4 2025 | 30 | 33 | 860 | 91.5 | $695M |
| Q1 2026 | 30 | 33 | 876 | 89.3 | $1.3B |
| Q2 2026 | 30 | 33 | 869 | 90.9 | $667M |
3 quarters omitted — filing not parsed.
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith under the oversight of each BDC’s board (often by the adviser as valuation designee), so figures are estimates as of the period end each filing reports, not its filing date, and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Questions this page answers
How large is Gladstone Investment Corporation's portfolio?
Gladstone Investment Corporation reported $1.3B in portfolio fair value across 65 holdings and 63 unique borrowers as of its 2026-08-06 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from Gladstone Investment Corporation's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-08-06 filing date.
About Gladstone Investment Corporation
Gladstone Investment Corporation (GAIN) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. Gladstone Investment Corporation discloses its full loan portfolio through SEC filings.