Gladstone Investment Corp. (GAIN)

Gladstone Investment Corporation is business development company, specializes in lower middle market, mature stage, buyouts; refinancing existing debt; senior debt securities such as senior loans, senior term loans, lines of credit, and senior notes; senior subordinated debt securities such as senior subordinated loans and senior subordinated notes; junior subordinated debt securities such as subordinated notes and mezzanine loans; limited liability company interests, and warrants or options. The fund does not invest in start-ups. The fund seeks to invest in manufacturing, consumer products and business/consumer services sector. It seeks to invest in small and mid-sized companies based in the United States. The fund prefers to make debt investments between $5 million and $30 million and equity investments between $10 million and $40 million in companies. The fund invests in companies with EBITDA from $4 million to $15 million. It seeks minority equity ownership and prefers to hold a board seat in its portfolio companies. It also prefers to take majority stake in its portfolio companies. The fund typically holds the investments for seven years and exits via sale or recapitalization, initial public offering, or sale to third party.

GAIN is a business development company — a listed vehicle that lends to, and sometimes takes equity in, private middle-market businesses. It elects regulated-investment-company treatment, which requires it to distribute the large majority of its taxable income each year; that requirement, not a board's generosity, is what produces the high headline yield.

The payment is a distribution rather than interest, and it can include return of capital as well as net investment income and realised gains. Most of it is taxed as ordinary income rather than as qualified dividends. The loan book is valued by the manager, not by a market, so net asset value is an estimate. Read how BDCs work.

Figures on this page are computed by Income Investing from the payment history and last price stored in our own database; the payment records come from fmp and the price from fmp, last recomputed Aug 25, 2026. They describe what has been paid, not what will be paid. Yield, payout ratio, our data sources and our methodology are explained elsewhere on the site.

The table lists the 24 most recent recorded dividends for GAIN, newest first, with ex-dates running from Nov 20, 2024 to Sep 21, 2026. The latest is $0.0800 per share in USD, ex-date Sep 21, 2026, pay date Sep 30, 2026. Measured against the nearest payment about a year earlier, 1 is higher, 0 lower and 23 unchanged; the remaining 0 have no comparable payment in the record. None is flagged as a special or one-off payment. Payment records supplied by fmp.

The chart covers 10 complete calendar years for GAIN, 2016 to 2025, per share, in USD. Each bar totals the regular dividends with an ex-dividend date in that calendar year. The year is assigned by ex-dividend date, which is not necessarily the issuer's own dividend year. Our stored payment history for GAIN begins in 2007. The total went from $0.7500 in 2016 to $1.50 in 2025 — 100% higher. Within that span 7 years were higher than the year before and 3 lower. The three most recent years shown are 2023 $2.44, 2024 $1.66 and 2025 $1.50. The current year is still in progress and is left out, and special or one-off payments are excluded. This is a record of what was paid, not a projection. 9 of the years shown do not hold the 12 dividends the recorded cadence implies: 2017 (14 payments), 2018 (14 payments), 2019 (15 payments), 2020 (13 payments), 2021 (15 payments), 2022 (15 payments), 2023 (17 payments), 2024 (13 payments) and 2025 (13 payments). Those years are marked on the chart and named in the table. A year with one more or one fewer payment than the cadence implies is usually a payment whose ex-dividend date moved across a year end rather than a change in the payment itself: the payment lands in the neighbouring calendar year, so one year reads high and the next reads low while the rate never moved. The change-on-the-year-before column carries the same distortion, because it compares two totals rather than two payment rates. These totals are arithmetically right for what they measure — regular dividends bucketed by ex-dividend date — but they are not the annual dividend the issuer reports for that year, and where the two disagree the issuer's own published dividend history is the authority.