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Today, Gladstone Investment Corporation (NASDAQ:GAIN), currently trading near its 52-week high at $15.19 with a market capitalization of $560.3 million, announced it has entered into new and amended sales agreements to issue up to $75 million of its common stock. According to InvestingPro data, the company maintains an impressive 14.42% dividend yield and has consistently paid dividends for 21 consecutive years. The agreements, signed on Monday, involve Gladstone Management Corporation, Gladstone Administration, LLC, and several sales agents, including M&T Securities, Inc., Oppenheimer & Co. Inc., B. Riley Securities, Inc., and Virtu Americas LLC.
The new arrangement, which includes a sales agreement with M&T Securities, allows the issuance of shares under the company’s at-the-market offering program. According to the filing, M&T Securities will act as a sales agent without the obligation to sell a specific amount of securities, though it will use commercially reasonable efforts to execute sales.
M&T Securities is entitled to a commission of up to 2.0% of the gross sales price per share sold. The company has also agreed to indemnify M&T against certain liabilities and reimburse legal fees associated with the sales.
These transactions are being conducted under the company’s registration statement on Form N-2, declared effective in April 2024. The information is based on a press release statement from Gladstone Investment Corporation.
In other recent news, Gladstone Investment Corporation reported its earnings for the first quarter of 2025, exceeding analyst expectations with an earnings per share (EPS) of $0.26, surpassing the forecasted $0.2337. The company’s revenue also beat predictions, reaching $27.55 million against the anticipated $24.38 million. Total (EPA:TTEF) investment income rose to $93.7 million, marking a year-over-year increase from $87.3 million. Furthermore, the portfolio value expanded to $979 million, with a notable increase in net asset value per share to $13.55. In another development, Gladstone Investment backed the acquisition of Sun State Nursery & Landscaping, LLC, partnering with Everglades Equity, LLC to provide senior secured debt and equity. The acquisition aligns with Gladstone Investment’s strategy of targeting companies poised for growth. Additionally, the firm remains cautiously optimistic about its buyout activity and expects to close two new acquisitions shortly. The company continues to evaluate its portfolio and monitor economic uncertainties, including potential impacts from tariffs.
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