Gladstone Investment Corporation (Nasdaq: GAIN; LSE: 0IVR) is a publicly traded business development company and private equity fund that provides equity and debt financing to mature lower middle-market companies in the United States with EBITDA between $4 million and $15 million, primarily in connection with buyouts, recapitalizations, changes in control, or growth initiatives; equity investments consist of preferred or common equity, occasionally including warrants or options, while debt investments include senior term loans, senior subordinated loans, and junior subordinated loans, with individual investments typically totaling up to $75 million and a target portfolio allocation of approximately 75% debt securities and 25% equity securities at cost. The company, founded in 2005 and headquartered in McLean, Virginia, targets established businesses in sectors such as business services, consumer products, industrials, manufacturing, and energy, seeking to generate current income from debt interest payments to support growing distributions to stockholders and long-term capital appreciation through equity value growth and eventual exits via sales, recapitalizations, or initial public offerings. Gladstone Investment operates as an externally managed, closed-end fund advised by Gladstone Management Corporation and is affiliated with other Gladstone entities, including Gladstone Capital Corporation (another BDC focused on debt investments in small and medium-sized businesses), Gladstone Commercial Corporation and Gladstone Land Corporation (real estate investment trusts), and Gladstone Alternative Income Fund (an interval fund investing in loans). Recent developments include the December 2024 acquisition of Nielsen-Kellerman, Inc., a provider of high-performance instruments, in partnership with its management team via equity and senior secured debt; the May 2025 acquisition of Smart Chemical Solutions, LLC, a producer of chemicals for onshore oil and gas operators, alongside Xyresic Capital; and ongoing portfolio expansions emphasizing companies with strong management, stable cash flows, and growth potential in fragmented markets. The company maintains a patient, long-term investment approach without traditional private equity fund life cycles, enabling flexible structures that enhance transaction certainty and support sustained operational improvements across its U.S.-focused portfolio.