Gladstone Investment Corporation reported fiscal fourth-quarter net income of $17.9 million, or 49 cents per share. Adjusted for investment gains, earnings for the quarter ending March 31, 2025, were 26 cents per share.
For the full fiscal year 2025, total investment income increased by 7.3% year-over-year to $93.662 million. This growth was fueled by a 2.2% increase in interest income and a substantial 82.3% surge in dividend and success fee income.
The company also generated $63.184 million in net realized gains on investments, primarily from the successful exits of Nth Degree Investment Group, LLC ($43.373 million gain on preferred equity) and Nocturne Luxury Villas, Inc. ($19.790 million gain on preferred equity). These gains underscore the potential for capital appreciation inherent in GAIN's equity-focused buyout strategy.
Net Asset Value (NAV) per share saw a modest increase, rising from $13.43 at March 31, 2024, to $13.55 at March 31, 2025. This increase was primarily driven by the net realized gains and net investment income generated during the period.
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