CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

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Gladstone Investment Corporation (GAIN)

BDC - Debt Focused

Data as of Feb. 15, 2019
Current
Market Price $12.05 (+ $0.08)
NAV (Dec. 31, 2018) $12.53 ( $0.00)
Premium / Discount -3.83% (+0.64%)
Fund Info
Inception June 23, 2005
Sponsor Gladstone Management
Website http://ir.gladstoneinv...
Phone (703) 287-5893
Objective: Current income and capital gains through investing in debt and equity securities of established private businesses operating in the United States.
Related Indexes
Debt-Focused Business Development Company (BDC) Index
60/40 Balanced (w/ BDCs) Index
Capital & Leverage
Outstanding Shares 32,822,459
Total Assets (Reported: Dec. 31, 2018) $619M
Estimated Total Assets $584M
Net Assets $411M
Market Cap $396M
Debt-to-Equity 0.4461
Total Leverage 29.62%
Structural Leverage (out of total) 100.00%
Portfolio Leverage (out of total) 0.00%
Expense Ratio 8.81%
Non Lev Exp Ratio 4.65%
Gross Asset Expense Ratio 5.77%
Gross Asset Non Lev Exp Ratio 3.05%
Rel Lev Cost 9.20%
Discount Data
Average Discount (3 Yr) -8.21%
Discount Low(3 Yr) -28.54%
Discount High(3 Yr) 12.77%
Discount Rel Range 59.81%
Comp Discount 4.40
Discount St Dev (1Yr) 10.16
Z-Stat
Z-Stat (6mo) 0.93
Z-Stat (1Yr) 0.14
Z-Stat (3Yr) 0.43
Comp Z-Stat (6mo) 0.41
Comp Z-Stat (3Yr) 0.45
Distribution Data
Market Yield 6.77%
Income Yield 4.78%
Lev Adj NAV Yield 5.02%
Av Yield on Debt Investments 13.00
Distribution Frequency M
Current Distribution $0.068
Current Income $0.068
Ex-Date 2/19/19
Payable Date 2/28/19
Div Growth (3yr) 8.80%
Dividend Change 1.5% on 10/9/18
Expected Div 4/9/19
RoC (1yr) 0.00%
RoC (3yr) 0.00%
Tax Dividend Data 2018
Income 81.2%
ST Gains 0%
QDI 5.7%
LT Gains 18.9%
RoC 0%
Volume & Liquidity
Average Daily $ (M) $1,870
Avg Volume 30 day 146,819
Avg Volume 90 day 155,192
Volume Trend -5.40%
Comp Volume Trend 18.36%
Correlation & Volatility
Price Correlation (1yr)
vs. S&P 500 (TR)
65.0%
Price Correlation (1yr)
vs. CEFA's 12 Major CEF Sectors Index
71.0%
Price Correlation (1yr)
vs. CEFA's BDC Index
72.0%
Most Correlated Peer (Mk Pr): GLAD 74.0%
Price St Dev (1Yr) 21.0%
NAV St Dev (1Yr) 10.4%
Earnings
Earnings / Share (12/31/18) $0.061
Adj Core NII Coverage 121.39%
1 Yr Avg NII Coverage 20.15%
1 Yr Avg Adj Core NII Coverage 93.17%
NII Trend -38.89%
Adj Core NII Trend -16.55%
Loan Specific Data
Maturity 2.73
Performance
Price Beta (2yr)
vs. S&P 500 (TR)
0.78
Price Beta (2yr)
vs. CEFA's 12 Major CEF Sectors Index
1.15
Price Beta (2yr)
vs. CEFA's Debt-Focused Business Development Company (BDC) Index
1.03
Portfolio Data
Avg Libor Floor % 1.06%
% Loans with Libor Floor 5%

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CEFData.com makes data for the universe of closed-end funds (CEFs) and business development companies (BDCs) available to its users. This material is not intended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. This site does not list all the risks associated with each fund. Investors should contact a fund’s sponsor for fund-specific risk information and/or contact a financial advisor before investing.

NOTES: Distribution type sourced from CEFdata.com. For specific information about a fund's distribution sources, visit the fund sponsor's website.

The following information applies to closed-end funds and business development companies in general: Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (FDIC). Shares of closed-end funds (CEFs) and business development companies (BDCs) are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds and business development companies frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.

This material is presented for informational purposes only. Under no circumstances is it to be considered an offer to sell, or a solicitation to buy any investment referred to on this page. While the information contained herein is from sources believed reliable, we do not represent that it is accurate or complete and it should not be relied upon as such. Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal. Returns are presented gross of investment management fees and other appropriate fees (i.e. commissions, custodial fees, etc.).

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