Gladstone Investment Corporation (GAIN) Balance Sheet
GAIN balance sheet, FY2026
March 31, 2026 · U.S. dollars$1.32B assets = $654.6M liabilities + $668.2M equity
Both columns are drawn to the same scale: what GAIN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
GAIN financial health
Descriptive bands, not a rating. Fiscal FY2026.
GAIN balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $515.2MFY2017 | $1.32BFY2026 | +11.0%/yr | |
| Total liabilities | $214.1MFY2017 | $654.6MFY2026 | +13.2%/yr | |
| Shareholders’ equity | $301.1MFY2017 | $668.2MFY2026 | +9.3%/yr | |
| Cash & short-term investments | $2.9MFY2017 | $1.2MFY2026 | −9.6%/yr | |
| Total debt | $74.8MFY2017 | $564.5MFY2026 | +25.2%/yr | |
| Net cash (debt) | −$71.9MFY2017 | −$563.3MFY2026 | −$491.4M | |
| Working capital | $691,000FY2017 | −$87.8MFY2026 | −$88.5M | |
| Book value per share | $9.95FY2017 | $17.26FY2026 | +6.3%/yr | |
| Current ratio | 1.15FY2017 | 0.01FY2026 | −1.14 | |
| Debt / equity | 0.25FY2017 | 0.84FY2026 | +0.60 | |
| Shares outstanding | 30.3MFY2017 | 38.7MFY2026 | +2.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GAIN assets
GAIN liabilities and equity
GAIN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
GAIN balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.2M | $14.3M | $2.5M | $2.7M | $14.2M | $2.1M | $2.8M | $1.7M | $3.6M | $2.9M |
| Cash & equivalents | $1.2M | $14.3M | $2.5M | $2.7M | $14.2M | $2.1M | $2.8M | $1.7M | $3.6M | $2.9M |
| Short-term investments | — | $84.8M | — | $753.5M | $442.1M | — | — | — | $328,000 | $1.2M |
| Receivables | $6.8M | $8.5M | $11.1M | $6.9M | $9.4M | $3.4M | $4.2M | $4.1M | $5.9M | $4.5M |
| Inventory | $0 | $0 | $0 | $6.3M | $23.9M | $2 | $8.8M | $8.2M | −$613.2M | −$517.4M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $2.1M | $0 | $0 | $610.9M | $515.2M |
| Total current assets | $1.2M | $22.8M | $13.5M | $5.7M | $23.6M | $7.5M | $7.0M | $5.8M | $7.2M | $5.2M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.31B | $979.3M | $920.5M | $753.5M | $714.4M | $633.8M | $565.9M | $624.2M | $599.1M | $501.6M |
| Other non-current assets | $12.4M | $4.3M | $4.1M | $6.4M | $2.4M | $2.4M | $3.5M | $5.1M | $4.6M | $8.4M |
| Total assets | $1.32B | $1.01B | $938.1M | $765.6M | $740.4M | $643.7M | $576.4M | $635.1M | $610.9M | $515.2M |
| Liabilities | ||||||||||
| Accounts payable | $7.6M | $6.2M | $4.2M | $3.1M | $3.0M | $563,000 | $1.2M | $892,000 | $916,000 | $578,000 |
| Short-term debt | $127.9M | $455.7M | $331.3M | $257.4M | $256.3M | $123.9M | $5.1M | — | $248.2M | $209.6M |
| Deferred revenue | — | — | — | — | −$253.3M | −$122.7M | −$3.9M | −$186.6M | −$248.2M | −$209.6M |
| Total current liabilities | $88.9M | $6.2M | $4.2M | $257.4M | $3.0M | $17.4M | $1.2M | $892,000 | $8.5M | $4.5M |
| Long-term debt | $0 | $0 | $0 | $292.6M | $0 | $0 | $178.4M | $186.6M | $248.2M | $209.6M |
| Other long-term liabilities | $565.7M | $501.1M | $441.2M | $0 | $291.6M | $244.0M | $0 | $40.5M | $0 | $0 |
| Total liabilities | $654.6M | $507.3M | $445.4M | $325.9M | $294.6M | $261.4M | $207.3M | $228.0M | $256.7M | $214.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $40,000 | $37,000 | $37,000 | $34,000 | $33,000 | $33,000 | $33,000 | $33,000 | $33,000 | $30,000 |
| Retained earnings (deficit) | $181.5M | −$5.3M | −$19.6M | −$5.5M | −$13.0M | −$18.5M | $6.4M | −$7.3M | $3.7M | $7.3M |
| Accumulated other comprehensive income | — | — | $66.2M | $32.9M | $45.1M | $0 | −$129.2M | $34.5M | $13.8M | −$23.6M |
| Total shareholders' equity | $668.2M | $499.1M | $492.7M | $439.7M | $445.8M | $382.4M | $369.0M | $407.1M | $354.2M | $301.1M |
| Key figures | ||||||||||
| Total debt | $564.5M | $455.7M | $398.3M | $550.0M | $261.3M | $243.6M | $183.5M | $58.1M | $112.6M | $74.8M |
| Net cash (debt) | −$563.3M | −$441.4M | −$395.9M | −$547.4M | −$247.2M | −$241.5M | −$180.7M | −$56.4M | −$109.0M | −$71.9M |
| Working capital | −$87.8M | $16.6M | $9.3M | −$251.7M | $20.6M | −$9.9M | $5.8M | $4.9M | −$1.3M | $691,000 |
| Tangible book value | $668.2M | $499.1M | $492.7M | $439.7M | $445.8M | $382.4M | $369.0M | $407.1M | $354.2M | $301.1M |
| Book value per share | $17.26 | $13.59 | $14.30 | $13.20 | $13.43 | $11.53 | $11.23 | $12.41 | $10.98 | $9.95 |
| Shares outstanding | 38.7M | 36.7M | 34.5M | 33.3M | 33.2M | 33.2M | 32.9M | 32.8M | 32.3M | 30.3M |
| Current ratio | 0.01 | 3.69 | 3.22 | 0.02 | 7.91 | 0.43 | 5.71 | 6.50 | 0.84 | 1.15 |
| Quick ratio | 0.09 | 3.69 | 3.22 | 0.04 | 7.91 | 0.31 | 5.71 | 6.50 | 1.12 | 1.65 |
| Debt / equity | 0.84 | 0.91 | 0.81 | 1.25 | 0.59 | 0.64 | 0.50 | 0.14 | 0.32 | 0.25 |
| Equity / assets | 50.5% | 49.6% | 52.5% | 57.4% | 60.2% | 59.4% | 64.0% | 64.1% | 58.0% | 58.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $11.6M | $1.2M | $1.4M | $210,000 | $2.6M | $2.6M | $2.0M | $2.0M | $2.4M | $2.5M | $2.8M | $2.1M |
| Cash & equivalents | $3.6M | $1.2M | $1.4M | $210,000 | $2.6M | $2.6M | $2.0M | $2.0M | $2.4M | $2.5M | $2.8M | $2.1M |
| Short-term investments | $8.0M | — | — | — | — | — | — | $649,000 | −$678.9M | — | $766,000 | $490,000 |
| Receivables | $7.5M | $6.8M | $4.8M | $6.1M | $9.5M | $9.5M | $9.5M | $9.5M | $8.6M | $11.1M | $6.6M | $8.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $3.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.6M | $0 |
| Total current assets | $22.1M | $1.2M | $6.2M | $6.3M | $12.1M | $12.1M | $11.5M | $11.5M | $11.0M | $13.5M | $13.0M | $7.6M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.28B | $1.31B | $1.22B | $1.13B | $1.04B | $979.3M | $1.07B | $853.3M | $899.1M | $920.5M | $902.8M | $915.6M |
| Other non-current assets | $0 | $12.4M | $7.6M | $7.2M | $38.9M | $96.3M | $0 | $4.0M | $4.0M | $4.1M | $1.8M | $5.1M |
| Total assets | $1.30B | $1.32B | $1.24B | $1.14B | $1.09B | $1.09B | $868.8M | $868.8M | $914.2M | $938.1M | $917.6M | $928.3M |
| Liabilities | ||||||||||||
| Accounts payable | $7.4M | $7.6M | $1.1M | $6.2M | $5.6M | $5.6M | $30.7M | $30.7M | $4.6M | $4.2M | $1.6M | $4.9M |
| Short-term debt | $413.2M | $127.9M | $442.9M | $457.0M | $456.4M | $455.7M | $455.1M | $332.1M | $331.7M | $331.3M | $330.9M | $330.5M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$331.7M | −$327.1M | — | — |
| Total current liabilities | $83.4M | $88.9M | $67.9M | $6.2M | $5.6M | $5.6M | $30.7M | $30.7M | $4.6M | $4.2M | $43.4M | $42.5M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $572.8M | $565.7M | $573.3M | $602.4M | $592.1M | $592.1M | $379.7M | $379.7M | $432.3M | $441.2M | $414.3M | $410.2M |
| Total liabilities | $656.2M | $654.6M | $641.2M | $608.6M | $597.7M | $597.7M | $410.4M | $410.4M | $436.8M | $445.4M | $457.7M | $452.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $40,000 | $40,000 | $40,000 | $40,000 | $37,000 | $37,000 | $37,000 | $37,000 | $37,000 | $37,000 | $35,000 | $34,000 |
| Retained earnings (deficit) | $160.4M | $181.5M | $108.7M | −$20.1M | −$21.5M | −$21.5M | −$16.7M | −$16.7M | −$15.8M | −$19.6M | $33.6M | −$11.7M |
| Accumulated other comprehensive income | — | — | — | — | $38.9M | — | $50.5M | — | $47.3M | $66.2M | $0 | $80.9M |
| Total shareholders' equity | $646.8M | $668.2M | $595.4M | $535.8M | $490.1M | $490.1M | $458.4M | $458.4M | $477.4M | $492.7M | $459.9M | $475.7M |
| Key figures | ||||||||||||
| Total debt | $570.8M | $564.5M | $571.8M | $555.0M | $546.6M | $546.6M | $341.0M | $341.0M | $395.4M | $398.3M | $413.5M | $409.7M |
| Net cash (debt) | −$559.3M | −$563.3M | −$570.5M | −$554.8M | −$544.0M | −$544.0M | −$339.0M | −$339.0M | −$392.9M | −$395.9M | −$410.7M | −$407.6M |
| Working capital | −$61.3M | −$87.8M | −$61.7M | $183,000 | $6.5M | $6.5M | −$19.2M | −$19.2M | $6.5M | $9.3M | −$30.4M | −$34.9M |
| Tangible book value | $646.8M | $668.2M | $595.4M | $535.8M | $490.1M | $490.1M | $458.4M | $458.4M | $477.4M | $492.7M | $459.9M | $475.7M |
| Book value per share | $16.24 | $16.78 | $15.01 | $13.94 | $13.28 | $13.34 | $12.48 | $12.49 | $13.01 | $13.85 | $13.39 | $14.07 |
| Shares outstanding | 39.8M | 39.8M | 39.7M | 38.4M | 36.9M | 36.7M | 36.7M | 36.7M | 36.7M | 35.6M | 34.4M | 33.8M |
| Current ratio | 0.26 | 0.01 | 0.09 | 1.03 | 2.15 | 2.15 | 0.37 | 0.37 | 2.42 | 3.22 | 0.30 | 0.18 |
| Quick ratio | 0.23 | 0.09 | 0.09 | 1.03 | 2.15 | 2.15 | 0.37 | 0.37 | 2.42 | 3.22 | 0.22 | 0.24 |
| Debt / equity | 0.88 | 0.84 | 0.96 | 1.04 | 1.12 | 1.12 | 0.74 | 0.74 | 0.83 | 0.81 | 0.90 | 0.86 |
| Equity / assets | 49.6% | 50.5% | 48.1% | 46.8% | 45.1% | 45.1% | 52.8% | 52.8% | 52.2% | 52.5% | 50.1% | 51.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed May 12, 2026); data from EODHD.
GAIN financial position
At the end of fiscal 2026 (March 31, 2026), Gladstone Investment had total assets of $1.3 billion (up 31.4% from a year earlier), total liabilities of $654.6 million and shareholders' equity of $668.2 million. It held $1.2 million in cash and short-term investments against $564.5 million of debt, net debt of $563.3 million. Its current ratio was 0.01. In the latest quarter (ended June 30, 2026) total assets were $1.3 billion and equity $646.8 million.
Related: GAIN income statement, GAIN cash flow statement, GAIN key metrics. See the GAIN stock overview for the latest quote and news.
GAIN balance sheet FAQ
What are Gladstone Investment's total assets?
Gladstone Investment reported total assets of $1.3 billion at the end of fiscal 2026 (March 31, 2026), compared with $1.0 billion a year earlier.
How much debt does Gladstone Investment have?
Gladstone Investment had $564.5 million of total debt at the end of fiscal 2026, including short-term borrowings. Its debt-to-equity ratio was 0.84.
How much cash does Gladstone Investment have?
Gladstone Investment held $1.2 million in cash and short-term investments at the end of fiscal 2026; with $564.5 million of debt that is net debt of $563.3 million.
What is Gladstone Investment's book value?
Gladstone Investment's shareholders' equity (book value) was $668.2 million at the end of fiscal 2026, or $17.26 per share.
What is Gladstone Investment's current ratio?
Gladstone Investment had current assets of $1.2 million and current liabilities of $88.9 million, a current ratio of 0.01 (current liabilities exceed current assets).