Gladstone Investment Corporation (GAIN)

Gladstone Investment Corporation is a listed closed-end fund structured as a business development company. It focuses on lower middle market, mature-stage companies in the United States, with an emphasis on buyouts and refinancing existing debt rather than start-up financing. The fund’s mandate includes senior debt instruments such as senior loans, senior term loans, lines of credit, and senior notes, as well as junior and senior subordinated debt, mezzanine loans, limited liability company interests, and warrants or options. Its portfolio interests are generally in manufacturing, consumer products, and business or consumer services businesses. Gladstone Investment typically targets companies with EBITDA between $4 million and $15 million, preferring debt investments of $5 million to $30 million and equity investments of $10 million to $40 million. It seeks minority equity positions and may take board representation, while also having the flexibility to pursue controlling interests. The fund usually holds investments for about seven years and looks to exit through sale, recapitalization, IPO, or a sale to another party.

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