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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gladstone Investment Corporation | NASDAQ:GAINZ | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.055 | 20.19 | 25.50 | 23.15 | 23.00 | 23.15 | 77 | 22:00:00 |
Oppenheimer & Co. |
B. Riley Securities |
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Prospectus Supplement |
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S-11 | ||||
S-12 | ||||
S-13 | ||||
S-14 | ||||
S-16 | ||||
S-16 | ||||
S-16 | ||||
S-17 | ||||
S-17 |
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Prospectus |
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• | Secured First Lien Debt Securities: |
• | Secured Second Lien Debt Securities: |
• | Preferred and Common Equity/Equivalents: |
Common stock offered |
Shares with a maximum aggregate offering price of up to $75,000,000. |
Common stock outstanding prior to this offering |
36,688,667 shares. |
Plan of Distribution |
“At the market offering” that may be made from time to time through the Sales Agents. See “ Plan of Distribution S-14 of this prospectus supplement. |
On May 14, 2024, we established the at-the-market |
Use of Proceeds |
If we sell shares of our com m on stock with an aggregate offering price of $75.0 million, we anticipate that our net proceeds, after deducting the Sales Agents’ maximum commissions and estimated offering expenses payable by us, will be approximately $73.3 million. We intend to use the net proceeds from this offering to repay a portion of our outstanding indebtedness under our credit facility with KeyBank National Association as administrative agent, joint lead arranger, managing agent and lender (the “Credit Facility”). We intend to re-borrow under our Credit Facility to make investments in portfolio companies in accordance with our investment objectives and for other general corporate purposes. See “Use of Proceeds S-13 of this prospectus supplement. |
Nasdaq symbol |
“GAIN” |
Distributions on common stock |
From our initial public offering in June 2005 through March 31, 2024, we have made 225 consecutive monthly distributions to common stockholders and generally intend to continue to do so. The amount of monthly distributions on our common stock is generally determined by our Board of Directors on a quarterly basis and is based on management’s estimate of our annual taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“Investment Company Taxable Income”) and net long-term capital gains, if any. Because our distributions to common stockholders are based on estimates of Investment Company Taxable Income and net long-term capital gains that may differ from actual results, future distributions payable to our common stockholders may also include a return of capital. Such return of capital distributions may increase an investor’s tax liability for capital gains upon the sale of our shares by reducing the investor’s tax basis for such shares. See “ Item 1A. Risk Factors—Risks Related to an Investment in Our Securities—Distributions to our common stockholders have included and may in the future include a return of capital 10-K. Certain additional amounts may be deemed as distributed to stockholders for income tax purposes or may be paid as supplemental distributions, as applicable. We expect other types of securities to pay distributions in accordance with their terms. |
Tax matters |
See “ Material U.S. Federal Income Tax Considerations |
Risk Factors |
Investing in shares of our common stock involves substantial risks. Please carefully read and consider the information described under “ Risk Factors S-11 of this prospectus supplement and beginning on page 5 of the accompanying prospectus before making an investment decision. |
Stockholder Transaction Expenses: |
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Sales load or other commission ( (1) |
% | |||
Offering expenses ( (2) |
% | |||
Dividend reinvestment plan expenses ( per sales transaction fee )(3) |
|
Up to $ |
| |
Total stockholder transaction expenses ( as a percentage of offering price )(1) |
|
Transaction fee 2.27 |
% |
Annual expenses ( (4) : |
||||
Base management fee (5) |
% | |||
Loan servicing fee (6) |
% | |||
Incentive fees (20% of realized capital gains and 20% of pre-incentive fee net investment income)(7) |
% | |||
Interest payments on borrowed funds (8) |
% | |||
Other expenses (9) |
% | |||
Total annual expenses (10) |
% |
(1) |
Represents the maximum commission with respect to the shares of common stock being sold in this offering. The Sales Agents will be entitled to compensation of up to 2.00% of the gross proceeds of the sale of any shares of our common stock under the Sales Agreement, with the exact amount of such compensation to be mutually agreed upon by us and the Sales Agents from time to time. There is no guarantee that there will be any sales of our common stock pursuant to this prospectus supplement and the accompanying prospectus. |
(2) |
The percentage reflects estimated offering expenses of approximately $0.2 million and assumes we sell all $75.0 million of common stock available under the Sales Agreement pursuant to this prospectus supplement and the accompanying prospectus. |
(3) |
The expenses of the dividend reinvestment plan, if any, are included in stock record expenses, a component of “Other expenses.” If a participant elects by written notice to the plan agent prior to termination of his or her account to have the plan agent sell part or all of the shares held by the plan agent in the participant’s account and remit the proceeds to the participant, the plan agent is authorized to deduct a transaction fee, plus per share brokerage commissions, from the proceeds. The participants in the dividend reinvestment plan will also bear a transaction fee, plus per share brokerage commissions incurred with respect to open market purchases, if any. See “ Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan 10-K for information on the dividend reinvestment plan. |
(4) |
The percentages presented in this table are gross of credits to any fees. |
(5) |
The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 2% computed on the basis of the value of our average gross assets at the end of the two most recently completed quarters (inclusive of the current quarter), which are total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective period and adjusted appropriately for any share issuances or repurchases during the period. In accordance with the requirements of the SEC, the table above shows our base management fee as a percentage of average net assets attributable to common stockholders. For purposes of the table, the annualized base management fee has been converted to 3.85% of the average net assets for the quarter ended March 31, 2024 by dividing the total annualized amount of the base management fee by our average net assets for the quarter ended March 31, 2024. The base management fee for the quarter ended March 31, 2024 before application of any credits was $4.6 million. |
(6) |
The Adviser services the loans held by Business Investment in return for which the Adviser receives a 2.0% annual loan servicing fee based on the monthly aggregate balance of loans pledged under the Credit Facility. Since Business Investment is a consolidated subsidiary of ours, coupled with the fact that the total base management fee paid to the Adviser pursuant to the Advisory Agreement cannot exceed 2.0% of total assets (less any uninvested cash or cash equivalents resulting from borrowings) during any given calendar year, we treat payment of the loan servicing fee pursuant to the Credit Facility as a pre-payment of the base management fee under the Advisory Agreement. Accordingly, these loan servicing fees are 100% non-contractually, unconditionally and irrevocably credited back to us by the Adviser. The loan servicing fee for the three months ended March 31, 2024 was $2.3 million. See “Item 1. Business—Transactions with Related Parties—Loan Servicing Fee Pursuant to Credit Facility 10-K and footnote 5 above. |
(7) |
The incentive fee payable to the Adviser under the Advisory Agreement consists of two parts: an income-based fee and a capital gains-based fee. The income-based incentive fee is payable quarterly in arrears, and equals 20% of the excess, if any, of our pre-incentive fee net investment income that exceeds a 1.75% quarterly hurdle rate of our net assets, which we define as total assets less indebtedness and before taking into account any incentive fees payable or contractually due but not payable during the period, at the end of the immediately preceding calendar quarter, adjusted appropriately for any share issuances or repurchases during the period, subject to a “catch-up” provision measured as of the end of each calendar quarter. The “catch-up” provision requires us to pay 100% of our pre-incentive fee net investment income with respect to that portion of such income, if any, that exceeds the hurdle rate but is less than 125% of the quarterly hurdle rate (or 2.1875%) in any calendar quarter. The catch-up provision is meant to provide our Adviser with 20% |
of our pre-incentive fee net investment income as if a hurdle rate did not apply when our pre-incentive fee net investment income exceeds 125% of the quarterly hurdle rate in any calendar quarter. For the three months ended March 31, 2024, the income-based incentive fee was $2.2 million. |
• | Assuming pre-incentive fee net investment income of 0.55%, there would be no income-based incentive fee because such income would not exceed the hurdle rate of 1.75%. |
• | Assuming pre-incentive fee net investment income of 2.00%, the income-based incentive fee would be as follows: |
• | Assuming pre-incentive fee net investment income of 2.30%, the income-based incentive fee would be as follows: |
• | Assuming net realized capital gains of 6% and realized capital losses and unrealized capital depreciation of 1%, the capital gains-based incentive fee would be as follows: |
(8) |
Includes amortization of deferred financing costs. As of March 31, 2024, we had $67.0 million of borrowings outstanding under our Credit Facility, $127.9 million of 5.00% 2026 Notes, at cost, $134.6 million of 4.875% 2028 Notes, at cost, and $74.8 million of 8.00% 2028 Notes, at cost. See “ Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Revolving Line of Credit” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Notes Payable |
(9) |
Includes our overhead expenses, including payments under the Administration Agreement based on our projected allocable portion of overhead and other expenses estimated to be incurred by our Administrator for the current fiscal year. See “ Item 1. Business—Transactions with Related Parties—Administration Agreement 10-K. |
(10) |
Total annualized gross expenses, based on actual amounts incurred for the three months ended March 31, 2024 (except as set forth in footnote 9), would be $84.4 million. After all non-contractual, unconditional, and irrevocable credits described in footnote 4, footnote 5 and footnote 6 above are applied to the base management fee and the loan servicing fee, total annualized expenses after fee credits, based on actual amounts incurred for the three months ended March 31, 2024 (except as set forth in footnote 9), would be $73.3 million or 15.26% as a percentage of average net assets |
1 Year |
3 Years |
5 Years |
10 Years |
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You would pay the following expenses on a $1,000 investment: |
||||||||||||||||
assuming a 5% annual return consisting entirely of ordinary income (1)(2) |
$ | $ | $ | $ | ||||||||||||
assuming a 5% annual return consisting entirely of capital gains (2)(3) |
$ | $ | $ | $ |
(1) |
For purposes of this example, we have assumed that the entire amount of the assumed 5.0% annual return would constitute ordinary income. Because the assumed 5.0% annual return is significantly below the hurdle rate of 7.0% (annualized) that we must achieve under the Advisory Agreement to trigger the payment of an income-based incentive fee, we have assumed, for purposes of this example, that no income-based incentive fee would be payable if we realized a 5.0% annual return. |
(2) |
While the example assumes reinvestment of all distributions at NAV per share, participants in the dividend reinvestment plan will receive a number of shares of our common stock determined by dividing the total dollar amount of the distribution payable to a participant by the market price per share of our common stock at the close of trading on the valuation date for the distribution, and this price per share may differ from NAV per share. See “ Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan 10-K for additional information regarding our dividend reinvestment plan. |
(3) |
For purposes of this example, we have assumed that the entire amount of the assumed 5.0% annual return would constitute capital gains and that no accumulated capital losses or unrealized depreciation would have to be overcome first before a capital gains-based incentive fee is payable. |
• | changes in the economy and the capital markets, including stock price volatility, inflation, elevated interest rates and risks of recession; |
• | risks associated with negotiation and consummation of pending and future transactions; |
• | the loss of one or more of our executive officers, in particular David Gladstone, David Dullum or Terry Lee Brubaker; |
• | changes in our investment objectives and strategy; |
• | availability, terms (including the possibility of interest rate volatility) and deployment of capital; |
• | changes in our industry, interest rates, exchange rates or the general economy, including inflation; |
• | our business prospects and the prospects of our portfolio companies; |
• | the degree and nature of our competition; |
• | changes in governmental regulations, tax rates and similar matters; |
• | our ability to exit investments in a timely manner; |
• | our ability to maintain our qualification as a RIC and as a BDC; and |
• | those factors described or incorporated by reference in the “ Risk Factors Risk Factors |
• | our Annual Report on Form 10-K for the year ended March 31, 2024, filed with the SEC on May 8, 2024; and |
• | The description of our common stock contained in our Amendment No. 1 to our Registration Statement on Form 8-A (File No. 814-00704), filed on June 21, 2005, including any amendment or report filed for the purpose of updating such description. |
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• |
Secured First Lien Debt Securities: |
• |
Secured Second Lien Debt Securities: |
• |
Preferred and Common Equity/Equivalents: |
or options to acquire such securities, and are generally in combination with our debt investment in a business. Additionally, we may receive equity investments derived from restructurings on some of our existing debt investments. In many cases, we will own a significant portion of the equity of the businesses in which we invest. |
• |
changes in the economy and the capital markets; |
• |
risks associated with negotiation and consummation of pending and future transactions; |
• |
the loss of one or more of our executive officers, in particular David Gladstone, David Dullum or Terry Lee Brubaker; |
• |
changes in our investment objectives and strategy; |
• |
availability, terms (including the possibility of interest rate volatility) and deployment of capital; |
• |
changes in our industry, interest rates, exchange rates, regulation or the general economy, including inflation; |
• |
our business prospects and the prospects of our portfolio companies; |
• |
the degree and nature of our competition; |
• |
changes in governmental regulations, tax rates and similar matters; |
• |
our ability to exit investments in a timely manner; |
• |
our ability to maintain our qualification as a RIC and as a BDC; and |
• |
those factors described or incorporated by reference in the “ Risk Factors |
Company |
Industry |
Investment |
Percentage of Class Held on a Fully Diluted Basis |
Cost |
Fair Value |
|||||||||||
(Dollar amounts in thousands) (unaudited) |
||||||||||||||||
NON-CONTROL/NON-AFFILIATE |
||||||||||||||||
Brunswick Bowling Products, Inc. 525 West Laketon Ave. Muskegon, MI 49441 |
Home and Office Furnishings, Housewares, and Durable Consumer Products |
Secured First Lien Term Debt |
17,700 |
17,700 |
||||||||||||
Secured First Lien Term Debt |
6,850 |
6,850 |
||||||||||||||
Preferred Stock |
75.9 |
% |
6,653 |
43,599 |
||||||||||||
31,203 |
68,149 |
|||||||||||||||
Dema/Mai Holdings, Inc. 7384 S Alton Way, Suite 203 Centennial, CO 80112 |
Building and Real Estate |
Secured First Lien Term Debt |
38,250 |
38,250 |
||||||||||||
Preferred Stock |
45.5 |
% |
21,000 |
26,102 |
||||||||||||
59,250 |
64,352 |
|||||||||||||||
Diligent Delivery Systems 333 N. Sam Houston Parkway E., Suite 100 Houston, TX 77060 |
Cargo Transport |
Secured Second Lien Term Debt |
13,000 |
13,000 |
||||||||||||
Common Stock Warrants |
8.0 |
% |
500 |
500 |
||||||||||||
13,500 |
13,500 |
|||||||||||||||
Educators Resource, Inc. 2575 Schillinger Rd. North Semmes, AL 36575 |
Healthcare, Education, and Childcare |
Secured First Lien Term Debt |
20,000 |
20,000 |
||||||||||||
Preferred Stock |
55.0 |
% |
8,560 |
30,237 |
||||||||||||
28,560 |
50,237 |
|||||||||||||||
The E3 Company, LLC 301 Marvin A. Smith Rd. Kilgore, TX 75662 |
Oil and Gas |
Secured First Lien Line of Credit |
1,000 |
1,000 |
||||||||||||
Secured First Lien Term Debt |
33,750 |
33,750 |
||||||||||||||
Preferred Stock |
70.4 |
% |
11,233 |
11,233 |
||||||||||||
45,983 |
45,983 |
|||||||||||||||
Funko Acquisition Holdings, LLC 1202 Shuksan Way Everett, WA 98203 |
Personal and Non-Durable Consumer Products (Manufacturing Only) |
Common Stock |
0.001 |
% |
21 |
22 |
||||||||||
21 |
22 |
Galaxy Technologies Holdings, Inc. 1111 Industrial Rd. Winfield, KS 67156 |
Aerospace and Defense |
Secured Second Lien Term Debt |
6,900 |
6,900 |
||||||||||||
Secured Second Lien Term Debt |
18,796 |
18,796 |
||||||||||||||
Common Stock |
65.9 |
% |
11,513 |
58 |
||||||||||||
37,209 |
25,754 |
|||||||||||||||
Ginsey Home Solutions, Inc. 2078 Center Square Rd. Swedesboro, NJ 08085 |
Home and Office Furnishings, Housewares, and Durable Consumer Products |
Secured First Lien Term Debt |
12,200 |
12,153 |
||||||||||||
Preferred Stock |
94.9 |
% |
9,583 |
— |
||||||||||||
Common Stock |
78.5 |
% |
8 |
— |
||||||||||||
21,791 |
12,153 |
|||||||||||||||
Home Concepts Acquisition, Inc. 1378 Camino Rio Verde Santa Barbara, CA 93111 |
Printing and Publishing |
Secured First Lien Line of Credit |
1,500 |
1,500 |
||||||||||||
Secured First Lien Term Debt |
12,000 |
12,000 |
||||||||||||||
Preferred Stock |
47.6 |
% |
3,275 |
1,710 |
||||||||||||
16,775 |
15,210 |
|||||||||||||||
Horizon Facilities Services, LLC 5235 Oakview Dr. Allentown, PA 18104 |
Diversified/Conglomerate Service |
Secured First Lien Term Debt |
57,700 |
57,700 |
||||||||||||
Preferred Stock |
55.8 |
% |
— |
5,382 |
||||||||||||
57,700 |
63,082 |
|||||||||||||||
Mason West, LLC 1601 E. Miraloma Ave Placentia, CA 92870 |
Diversified/Conglomerate Service |
Secured First Lien Term Debt |
25,250 |
25,250 |
||||||||||||
Preferred Stock |
43.6 |
% |
11,206 |
20,146 |
||||||||||||
36,456 |
45,396 |
|||||||||||||||
Nocturne Villa Rentals, Inc. 28 Pelham St. Newport, RI 02840 |
Hotels, Motels, Inns and Gaming |
Secured First Lien Line of Credit |
4,000 |
4,000 |
||||||||||||
Secured First Lien Term Debt |
61,100 |
61,100 |
||||||||||||||
Preferred Stock |
53.6 |
% |
6,600 |
15,457 |
||||||||||||
71,700 |
80,557 |
|||||||||||||||
Phoenix Door Systems, Inc. 7390 Union Centre Blvd. West Chester, OH 45014 |
Diversified/Conglomerate Manufacturing |
Secured First Lien Line of Credit |
2,750 |
2,750 |
||||||||||||
Secured First Lien Term Debt |
3,200 |
2,544 |
||||||||||||||
Common Stock |
23.5 |
% |
1,830 |
— |
||||||||||||
7,780 |
5,294 |
Schylling, Inc. 21 High Street, Suite 400 North Andover, MA 01845 |
Leisure, Amusement, Motion Pictures, and Entertainment |
Secured First Lien Term Debt |
27,981 |
27,981 |
||||||||||||
Preferred Stock |
51.4 |
% |
4,000 |
10,375 |
||||||||||||
31,981 |
38,356 |
|||||||||||||||
SFEG Holdings, Inc. 4433 South Dr. Houston, TX 77053 |
Machinery (Non-agriculture, Non-construction, Nonelectronic) |
Secured Second Lien Term Debt |
54,644 |
54,644 |
||||||||||||
Common Stock |
96.8 |
% |
30,746 |
37,649 |
||||||||||||
85,390 |
92,293 |
|||||||||||||||
Total Non-Control/Non-Affiliate |
$ |
545,299 |
$ |
620,338 |
||||||||||||
AFFILIATE INVESTMENTS: |
||||||||||||||||
B+T Group Acquisition, Inc. 1717 Boulder Ave #300 Tulsa, OK 74119 |
Telecommunications |
Secured First Lien Line of Credit |
$ |
2,800 |
$ |
2,800 |
||||||||||
Secured First Lien Term Debt |
14,000 |
6,081 |
||||||||||||||
Preferred Stock |
64.5 |
% |
4,722 |
— |
||||||||||||
Common Stock Warrants |
3.5 |
% |
— |
— |
||||||||||||
21,522 |
8,881 |
|||||||||||||||
ImageWorks Display and Marketing Group, Inc. 415 Wachovia Street Winston-Salem, NC 27101 |
Diversified/Conglomerate Services |
Secured First Lien Term Debt |
22,000 |
22,000 |
||||||||||||
Preferred Stock |
50.4 |
% |
6,749 |
1,855 |
||||||||||||
28,749 |
23,855 |
|||||||||||||||
J.R. Hobbs Co.—Atlanta, LLC 2021 Cedars Rd., Suite 100 Lawrenceville, GA 30043 |
Diversified/Conglomerate Services |
Secured First Lien Line of Credit |
5,000 |
2,670 |
||||||||||||
Secured First Lien Term Debt |
16,500 |
8,810 |
||||||||||||||
Secured First Lien Term Debt |
26,000 |
13,882 |
||||||||||||||
Secured First Lien Term Debt |
2,438 |
1,301 |
||||||||||||||
Preferred Stock |
77.9 |
% |
10,920 |
— |
||||||||||||
60,858 |
26,663 |
|||||||||||||||
The Maids International, LLC. 9394 West Dodge Rd, Suite 140 Omaha, NE 68114 |
Diversified/Conglomerate Services |
Secured First Lien Term Debt |
28,560 |
28,560 |
||||||||||||
Preferred Stock |
70.8 |
% |
6,640 |
6,392 |
||||||||||||
35,200 |
34,952 |
Nth Degree Investment Group, LLC 3237 Satellite Blvd, Building 300, Suite 600 Duluth, GA 30096 |
Diversified/Conglomerate Service | Secured Second Lien Term Debt | 25,000 | 24,884 | ||||||||||||
Common Stock | 14.0 | % | 6,219 | 36,309 | ||||||||||||
|
|
|
|
|||||||||||||
31,219 | 61,193 | |||||||||||||||
Old World Christmas, Inc. PO Box 8000 Spokane, WA 99203 |
Home and Office Furnishings, Housewares, and Durable Consumer Products | Secured First Lien Term Debt | 43,000 | 43,000 | ||||||||||||
Preferred Stock | 82.8 | % | — | 32,595 | ||||||||||||
|
|
|
|
|||||||||||||
43,000 | 75,595 | |||||||||||||||
PSI Molded Plastic, Inc. 5 Wickers Drive Wolfeboro, NH 03894 |
Chemicals, Plastics, and Rubber | Secured First Lien Term Debt | 26,618 | 19,256 | ||||||||||||
Preferred Stock | 70.1 | % | 19,730 | — | ||||||||||||
|
|
|
|
|||||||||||||
46,348 | 19,256 | |||||||||||||||
Utah Pacific Bridge & Steel, Ltd. 50 North Geneva Rd. Lindon, UT 84042 |
Mining, Steel, Iron and Non-Precious Metals |
Secured First Lien Term Debt | 18,250 | 18,250 | ||||||||||||
Preferred Stock | 67.5 | % | 6,000 | 9,581 | ||||||||||||
|
|
|
|
|||||||||||||
24,250 | 27,831 | |||||||||||||||
Total Affiliate Investments (represents 30.8% of total investments at fair value) |
|
$ |
291,146 |
$ |
278,226 |
|||||||||||
CONTROL INVESTMENTS: |
||||||||||||||||
Edge Adhesives Holdings, Inc. 3709 Grove City Rd. Grove City, OH 43123 |
Diversified/Conglomerate Manufacturing | Secured First Lien Term Debt | $ | 9,210 | $ | 4,244 | ||||||||||
Preferred Stock | 37.7 | % | 8,199 | — | ||||||||||||
|
|
|
|
|||||||||||||
17,409 | 4,244 | |||||||||||||||
The Mountain Corporation 59 Optical Ave. Keene, NH 03431 |
Personal and Non-Durable Consumer Products (Manufacturing Only) |
Secured First Lien Line of Credit | 4,550 | — | ||||||||||||
Secured Second Lien Term Debt | 3,200 | — | ||||||||||||||
Preferred Stock | 68.9 | % | 6,899 | — | ||||||||||||
Common Stock | 77.2 | % | 1 | — | ||||||||||||
|
|
|
|
|||||||||||||
14,650 | — | |||||||||||||||
Total Control Investments (represents 0.5% of total investments at fair value) |
|
$ |
32,059 |
$ |
4,244 |
|||||||||||
TOTAL INVESTMENTS |
|
$ |
868,504 |
$ |
902,808 |
• | determines the composition of our portfolio, the nature and timing of the changes to our portfolio, and the manner of implementing such changes; |
• | identifies, evaluates, and negotiates the structure of the investments we make (including performing due diligence on our prospective portfolio companies); |
• | closes and monitors the investments we make; and |
• | makes available on our behalf, and provides if requested, managerial assistance to our portfolio companies. |
• | Our affiliate, Gladstone Commercial, may, under certain circumstances, lease property to portfolio companies that we do not control. We may pursue such transactions only if (i) the portfolio company is not controlled by us or any of our affiliates, (ii) the portfolio company satisfies the tenant underwriting criteria of Gladstone Commercial, and (iii) the transaction is approved by a majority of our independent directors and a majority of the independent directors of Gladstone Commercial. We expect that any such negotiations between Gladstone Commercial and our portfolio companies would result in lease terms consistent with the terms that the portfolio companies would be likely to receive were they not portfolio companies of ours. |
• | We may invest simultaneously with our affiliate Gladstone Capital in senior loans in the broadly syndicated market whereby neither we nor any affiliate has the ability to dictate the terms of the loans. |
• | Pursuant to the Co-Investment Order, under certain circumstances, we may co-invest with Gladstone Capital and any future BDC or closed-end management investment company that is advised by the Adviser (or sub-advised by the Adviser if it controls the fund) or any combination of the foregoing subject to the conditions included therein. |
Name |
Dollar Range of Equity Securities of the Company Owned by Directors(1)(2) | |
David Gladstone |
Over $1,000,000 | |
Terry Lee Brubaker |
Over $1,000,000 | |
David A.R. Dullum |
Over $1,000,000 |
(1) | Ownership is calculated in accordance with Rule 16-1(a)(2) of the Exchange Act. |
(2) | The dollar range of equity securities beneficially owned is calculated by multiplying the closing price of the respective class as reported on Nasdaq as of December 31, 2023, times the number of shares of the respective class so beneficially owned and aggregated accordingly. |
• |
an individual who is a citizen or resident of the United States; |
• |
a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia; |
• |
a trust, if a court within the United States has primary supervision over its administration and one or more U.S. persons (as defined in the Code) have the authority to control all of its substantial decisions, or if the trust has a valid election in effect under applicable U.S. Treasury regulations to be treated as a domestic trust for U.S. federal income tax purposes; or |
• |
an estate, the income of which is subject to U.S. federal income taxation regardless of its source. |
(1) Title of Class |
(2) Amount Authorized |
(3) Amount Held by us or for Our Account |
(4) Amount Outstanding Exclusive of Amounts Shown Under(3) |
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$ | $ | |||||||||||
$ | $ | |||||||||||
$ | $ |
• |
the period of time the offering would remain open (which in no event would be less than fifteen business days); |
• |
the title of such subscription rights; |
• |
the exercise price for such subscription rights; |
• |
the ratio of the offering (which in no event would exceed one new share of common stock for each three rights held); |
• |
the number of such subscription rights issued to each stockholder; |
• |
the extent to which such subscription rights are transferable; |
• |
if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such subscription rights; |
• |
the date on which the right to exercise such subscription rights shall commence, and the date on which such rights shall expire (subject to any extension); |
• |
the extent to which such subscription rights include an over-subscription privilege with respect to unsubscribed securities; |
• |
if applicable, the material terms of any standby underwriting or other purchase arrangement that we may enter into in connection with the subscription rights offering; and |
• |
any other terms of such subscription rights, including terms, procedures and limitations relating to the exchange and exercise of such subscription rights. |
• |
the title of such warrants; |
• |
the aggregate number of such warrants; |
• |
the price or prices at which such warrants will be issued; |
• |
the currency or currencies, including composite currencies, in which the price of such warrants may be payable; |
• |
if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security; |
• |
in the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which such principal amount may be purchased upon such exercise; |
• |
in the case of warrants to purchase common stock or preferred stock, the number of shares of common or preferred stock purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which these shares may be purchased upon such exercise; |
• |
the date on which the right to exercise such warrants shall commence and the date on which such right will expire; |
• |
whether such warrants will be issued in registered form or bearer form; |
• |
if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time; |
• |
if applicable, the date on and after which such warrants and the related securities will be separately transferable; |
• |
information with respect to book-entry procedures, if any; |
• |
the terms of the securities issuable upon exercise of the warrants; |
• |
if applicable, a discussion of certain U.S. federal income tax considerations; and |
• |
any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants. |
• |
Any merger or consolidation involving the corporation and the interested stockholder; |
• |
Any sale, transfer, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation; |
• |
Subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; or |
• |
The receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation. |
• |
Prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; |
• |
The interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (a) shares owned by persons who are directors and also officers, and (b) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or |
• |
On or subsequent to the date of the transaction, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder. |
• |
pursuant to our notice of the meeting; |
• |
by our Board of Directors; or |
• |
by a stockholder who was a stockholder of record both at the time of the provision of notice and at the time of the meeting who is entitled to vote at the meeting and has complied with the advance notice procedures set forth in our bylaws. |
• |
pursuant to our notice of the meeting; |
• |
by our Board of Directors; or |
• |
provided that our Board of Directors has determined that directors shall be elected at such meeting, by a stockholder who was a stockholder of record both at the time of the provision of notice and at the time of the meeting who is entitled to vote at the meeting and has complied with the advance notice provisions set forth in our bylaws. |
• |
approves the settlement and finds that indemnification of the settlement and related costs should be made; or |
• |
dismisses with prejudice or makes a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee and a court approves the indemnification. |
• | Our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, filed with the SEC on May 10, 2023 (including portions of our Definitive Proxy Statement for the 2023 Annual Meeting of Stockholders incorporated therein by reference); |
• | Our Quarterly Reports on Form 10-Q for the quarters ended June 30, 2023, September 30, 2023, and December 31, 2023, filed with the SEC on August 2, 2023, November 1, 2023 and February 6, 2024, respectively; |
• | Our Current Reports on Form 8-K, filed with the SEC on April 14, 2023, May 24, 2023, May 31, 2023, August 3, 2023, August 8, 2023, October 31, 2023, January 5, 2024 and February 6, 2024; and |
• | The description of our common stock contained in our Amendment No. 1 to our Registration Statement on Form 8-A (File No. 814-00704), filed with the SEC on June 21, 2005, including any amendment or report filed for the purpose of updating such description. |
Oppenheimer & Co. |
B. Riley Securities |
![]() |
N-2 - USD ($) |
May 14, 2024 |
May 10, 2024 |
Mar. 31, 2024 |
Feb. 23, 2024 |
Dec. 31, 2023 |
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Cover [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Central Index Key | 0001321741 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment Flag | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Type | 424B2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Registrant Name | GLADSTONE INVESTMENT CORPORATIONDE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Table [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Transaction Expenses [Table Text Block] |
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Sales Load [Percent] | [1] | 2.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Reinvestment and Cash Purchase Fees | [2] | $ 25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Transaction Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Transaction Expenses [Percent] | [3] | 0.27% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Expenses [Table Text Block] |
Pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) primary role in interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser
non-contractually, unconditionally, and irrevocably credits 100% of any fees received for such services against the base management fee that we would otherwise be required to pay to the Adviser; however, pursuant to the terms of the Advisory Agreement, a small percentage of certain of such fees, is retained by the Adviser in the form of reimbursement, at cost, for tasks completed by personnel of the Adviser and primarily for the valuation of portfolio companies. For the quarter ended March 31, 2024, $0.5 million of these fees were non-contractually, unconditionally and irrevocably credited against the base management fee. See “Item 1. Business—Transactions with Related Parties—Investment Advisory and Management Agreement 10-K for information on the dividend reinvestment plan.
The capital gains-based incentive fee equals 20% of our net realized capital gains in excess of unrealized depreciation since our inception, if any, computed as all realized capital gains net of all realized capital losses and unrealized depreciation since our inception, less any prior payments, measured at the end of each calendar year and payable at the end of each fiscal year. During the three months ended March 31, 2024, we recorded capital gains-based incentive fees of $3.5 million in accordance with GAAP, which were not contractually due under the terms of the Advisory Agreement. No credits were applied to the incentive fee for the three months ended March 31, 2024; however, the Adviser may credit such fee in the future. Examples of how the incentive fee would be calculated are as follows:
= 100.0% × (2.00% - 1.75%) = 0.25%
= (100.0% × (“catch-up”: 2.1875% - 1.75%)) + (20.0% × (2.30% - 2.1875%)) = (100.0% × 0.4375%) + (20.0% × 0.1125%) = 0.4375% + 0.0225% = 0.46%
= 20.0% × (6.0% - 1.0%) = 20.0% × 5.0% = 1.0% For a more detailed discussion of the calculation of the two-part incentive fee, including the capital gains-based incentive fee calculation under GAAP, see “Item 1. Business—Transactions with Related Parties—Investment Advisory and Management Agreement 10-K.
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Management Fees [Percent] | [4],[5] | 3.85% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expenses on Borrowings [Percent] | [5],[6] | 5.93% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incentive Fees [Percent] | [5],[7] | 4.70% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Servicing Fees [Percent] | [5],[8] | 1.91% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Annual Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Annual Expenses [Percent] | [5],[9] | 1.18% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Annual Expenses [Percent] | [5],[10] | 17.57% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example [Table Text Block] | Example The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above.The example below and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses may be greater or less than those shown. While the example assumes, as required by the SEC, a 5.0% annual return, our performance will vary and may result in a return greater or less than 5.0%.
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Purpose of Fee Table , Note [Text Block] | The following table is intended to assist you in understanding the costs and expenses that an investor in this offering will bear directly or indirectly. The percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this prospectus supplement contains a reference to fees or expenses paid by “us” or that “we” will pay fees or expenses, stockholders will indirectly bear such fees or expenses. Except as noted below, the following annualized percentages were calculated based on actual expenses incurred in the quarter ended March 31, 2024, and average net assets for the quarter ended March 31, 2024, and do not include events occurring subsequent thereto. The table and examples below include all fees and expenses of our consolidated subsidiaries. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Transaction Fees, Note [Text Block] | as a percentage of offering price | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses, Note [Text Block] |
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Management Fee not based on Net Assets, Note [Text Block] |
Pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) primary role in interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser
non-contractually, unconditionally, and irrevocably credits 100% of any fees received for such services against the base management fee that we would otherwise be required to pay to the Adviser; however, pursuant to the terms of the Advisory Agreement, a small percentage of certain of such fees, is retained by the Adviser in the form of reimbursement, at cost, for tasks completed by personnel of the Adviser and primarily for the valuation of portfolio companies. For the quarter ended March 31, 2024, $0.5 million of these fees were non-contractually, unconditionally and irrevocably credited against the base management fee. See “Item 1. Business—Transactions with Related Parties—Investment Advisory and Management Agreement 10-K for information on the dividend reinvestment plan. |
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Financial Highlights [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Securities, Note [Text Block] | SENIOR SECURITIES The information contained under the caption “ Senior Securities |
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General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Objectives and Practices [Text Block] | Investment Objectives and Strategy We were established for the purpose of investing in debt and equity securities of established private businesses operating in the United States (“U.S.”). Our investment objectives are to: (i) achieve and grow current income by investing in debt securities of established businesses that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time; and (ii) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities of established businesses, generally in combination with the aforementioned debt securities, that we believe can grow over time to permit us to sell our equity investments for capital gains. To achieve our investment objectives, our investment strategy is to invest in several categories of debt and equity securities, with individual investments generally totaling up to $75 million, although investment size may vary, depending upon our total assets or available capital at the time of investment. We expect that our investment portfolio over time will consist of approximately 75% in debt investments and 25% in equity investments, at cost. As of March 31, 2024, our investment portfolio was comprised of 77.0% in debt investments and 23.0% in equity investments, at cost. We focus on investing in lower middle market private businesses (which we generally define as private companies with annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $4 million to $15 million) (“Lower Middle Market”) in the U.S. that meet certain criteria, including the following: the sustainability of the business’ free cash flow and its ability to grow it over time, adequate assets for loan collateral, experienced management teams with a significant ownership interest in the portfolio company, reasonable capitalization of the portfolio company, including an ample equity contribution or cushion based on prevailing enterprise valuation multiples, and the potential to realize appreciation and gain liquidity in our equity position, if any. We anticipate that liquidity in our equity position will be achieved through a merger, acquisition, or recapitalization of the portfolio company, a public offering of the portfolio company’s stock or, to a lesser extent, by exercising our right to require the portfolio company to repurchase our warrants, as applicable, though there can be no assurance that we will always have these rights. We invest in portfolio companies that seek funds for management buyouts and/or growth capital to finance acquisitions, recapitalize or, to a lesser extent, refinance their existing debt facilities. We seek to avoid investing in high-risk, early-stage enterprises. We invest by ourselves or jointly with other funds and/or management of the portfolio company, depending on the opportunity. In July 2012, the SEC granted us an exemptive order (the “Co-Investment Order”) that expanded our ability to co-invest, under certain circumstances, with certain of our affiliates, including Gladstone Capital Corporation and any future BDC or closed-end management investment company that is advised (or sub-advised if it controls the fund) by the Adviser, or any combination of the foregoing, subject to the conditions in the Co-Investment Order. We believe the Co-Investment Order has enhanced and will continue to enhance our ability to further our investment objectives and strategies. If we are participating in an investment with one or more co-investors, whether or not an affiliate of ours, our investment is likely to be smaller than if we were investing alone. In general, our investments in debt securities have a term of five years, accrue interest at variable rates based on the 30-day Secured Overnight Financing Rate (“SOFR”) and, to a lesser extent, at fixed rates. As of March 31, 2024, our loan portfolio consisted of 100.0% variable rate loans with floors, based on the total principal balance of all outstanding debt investments. We seek debt instruments that pay interest monthly or, at a minimum, quarterly, and w hi ch may include a yield enhancement such as a success fee or, to a lesser extent, deferred interest provision and are primarily interest only, with all principal and any accrued but unpaid interest due at maturity. Generally, success fees accrue at a set rate and are contractually due upon a change of control of the portfolio company. Some debt securities may have deferred interest whereby some portion of the interest payment is added to the principal balance so that the interest is paid, together with the principal, at maturity. This form of deferred interest is often called “paid-in-kind” Typically, our investments in equity securities take the form of common stock, preferred stock, limited liability company interests, or warrants or options to purchase any of the foregoing. Often, these equity investments occur in connection with our original investment, buyouts and recapitalizations of a business, or refinancing existing debt. From our initial public offering in 2005 through March 31, 2024, we invested in 58 companies, excluding investments in syndicated loans. We expect that our investment portfolio will continue to primarily include the following three categories of investments in private companies in the U.S.:
We expect that most, if not all, of the debt securities we acquire will not be rated by a rating agency. Investors should assume that these loans would be rated below what is considered “investment grade” quality. Investments rated below investment grade are often referred to as high yield securities or junk bonds and may be considered higher risk as compared to investment grade debt instruments.
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Risk Factors [Table Text Block] | Our management will have broad discretion in the use of the net proceeds from this offering and may allocate the net proceeds from this offering in ways that you and other stockholders may not approve of. Our management will have broad discretion in the use of the net proceeds, including for any of the purposes described in the section entitled “ Use of Proceeds We may be unable to invest a significant portion of the net proceeds of this offering on acceptable terms. Delays in investing the net proceeds raised in an offering or from exiting an investment, prepayment of an investment or other capital source may cause our performance to be worse than that of other fully invested BDCs or other lenders or investors pursuing comparable investment strategies. We cannot assure you that we will be able to identify any investments that meet our investment objective or that any investment that we make will produce a positive return. We may be unable to invest the net proceeds from any offering, from exiting an investment, prepayment of an investment or other capital source on acceptable terms within the time period that we anticipate or at all, which could harm our financial condition and operating results.
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Share Price [Table Text Block] | PRICE RANGE OF COMMON STOCK The information contained under the caption “ Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
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Share Price | $ 14.22 | $ 14.28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAV Per Share | $ 13.43 | $ 13.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long Term Debt [Table Text Block] | Debt Securities Any debt securities that we issue may be senior or subordinated in priority of payment. If we offer debt securities under this prospectus, we will provide a prospectus supplement that describes the ranking, whether senior or subordinated, the specific designation, the aggregate principal amount, the purchase price, the maturity, the redemption terms, the interest rate or manner of calculating the interest rate, the time of payment of interest, if any, the terms for any conversion or exchange, including the terms relating to the adjustment of any conversion or exchange mechanism, the listing, if any, on a securities exchange, the name and address of the trustee and any other specific terms of the debt securities. The description of our debt securities included in Exhibit 4.5 of our most recent Annual Report on Form 10-K or included in any subsequent Quarterly Report on Form 10-Q is incorporated by reference herein. |
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Long Term Debt, Title [Text Block] | Debt Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Security, Title [Text Block] | Warrants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants or Rights, Called Title | Subscription Rights | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Securities [Table Text Block] | The following are our outstanding classes, and series thereof, of Securities as of February 23, 2024.
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assuming a 5% annual return consisting entirely of ordinary income [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Annual Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, Year 01 | [11],[12] | $ 139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, Years 1 to 3 | [11],[12] | 374 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, Years 1 to 5 | [11],[12] | 572 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, Years 1 to 10 | [11],[12] | 936 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
assuming a 5% annual return consisting entirely of capital gains [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Annual Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, Year 01 | [12],[13] | 147 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, Years 1 to 3 | [12],[13] | 395 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, Years 1 to 5 | [12],[13] | 598 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, Years 1 to 10 | [12],[13] | $ 961 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Title [Text Block] | Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Authorized [Shares] | 100,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Held [Shares] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Not Held [Shares] | 36,688,667 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5.00% Notes due 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Title [Text Block] | 5.00% Notes due 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Authorized [Shares] | 127,937,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Held [Shares] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Not Held [Shares] | 127,937,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.875% Notes due 2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Title [Text Block] | 4.875% Notes due 2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Authorized [Shares] | 134,550,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Held [Shares] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Not Held [Shares] | 134,550,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.00% Notes due 2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Title [Text Block] | 8.00% Notes due 2028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Authorized [Shares] | 74,750,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Not Held [Shares] | 74,750,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Shares [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Security Title [Text Block] | Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Annual Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Transaction Fees, Note [Text Block] | as a percentage of net assets attributable to common stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Security Title [Text Block] | Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Security Dividends [Text Block] | Distributions may be paid to the holders of our common stock if, as and when declared by our Board of Directors out of funds legally available therefor. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Security Voting Rights [Text Block] | Each share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock will possess exclusive voting power. Except as otherwise provided by statute, by the rules of Nasdaq or other applicable stock exchange, by our certificate of incorporation or by our bylaws, in all matters other than the election of directors, the affirmative vote of the majority of shares present or represented by proxy at a meeting of our stockholders and entitled to vote will be the act of the stockholders. Except as otherwise provided by statute, by our certificate of incorporation or by our bylaws, directors shall be elected by a plurality of the votes of the shares present or represented by proxy at a meeting of our stockholders and entitled to vote on the election of directors. Our common stock is listed on Nasdaq under the ticker symbol “GAIN.” | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Security Liquidation Rights [Text Block] | In the event of our liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Security Preemptive and Other Rights [Text Block] | Shares of our common stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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1 Year Gladstone Investment Chart |
1 Month Gladstone Investment Chart |
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