Gladstone Investment Corporation Reports Financial Results for Q1 Ended June 30, 2024

On August 5, 2024, Gladstone Investment Corporation (Nasdaq: GAIN) announced its earnings for the first fiscal quarter ended June 30, 2024. The results show a notable increase in net investment income to $12.4 million, or $0.34 per weighted-average common share, up from $5.3 million, or $0.15 per share, in the previous quarter.

Total investment income was $22.2 million, which represents a 6.2% decrease from $23.6 million in the prior quarter mainly due to loans placed on non-accrual status and variable timing for success fees.

Net expenses dropped significantly by 46.7%, mainly due to lower accruals for capital gains-based incentive fees. As a result, the company posted a net loss of $6.5 million, following unrealized depreciation in investments.

The net asset value per share decreased to $13.01 from $13.43. This decline was driven by $18.9 million in net unrealized depreciation on investments.

Notable events include the sale of Funko shares for a gain of $2,000 and various distributions to shareholders. Subsequent investments were made, including an $18.5 million investment in Nocturne Luxury Villas, Inc.