<SEC-DOCUMENT>0001171843-19-000721.txt : 20190205
<SEC-HEADER>0001171843-19-000721.hdr.sgml : 20190205
<ACCEPTANCE-DATETIME>20190205162119
ACCESSION NUMBER:		0001171843-19-000721
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190205
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190205
DATE AS OF CHANGE:		20190205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE INVESTMENT CORPORATION\DE
		CENTRAL INDEX KEY:			0001321741
		IRS NUMBER:				830423116
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00704
		FILM NUMBER:		19568195

	BUSINESS ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		7032875800

	MAIL ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_020519.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--February 5, 2019-->February 5, 2019 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>Gladstone Investment Corporation</strong></font><br /><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Delaware</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>814-00704</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>83-0423116</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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[&#160;&#160; ]</p><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;">
 <p style="margin-left:0in; margin-right:0in;"><font style="font-size:10pt;">On February 5, 2019, Gladstone Investment Corporation issued a press release announcing its financial results for its third fiscal quarter ended December 31, 2018. The text of the press release is included as an exhibit to this Current Report on Form 8-K. The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.</font></p> </font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;">
 <p style="margin-left:0in; text-indent:0.5in; margin-right:0in;"><font style="font-size:10pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</font>&#160;</p> <table style="border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><strong><u>Exhibit No.</u></strong></font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><strong><u>Description</u></strong></font></td></tr><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;">&#160;</font></td></tr><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">99.1</a></font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">Press Release issued by Gladstone Investment Corporation, dated February 5, 2019.</a>&#160; </font></td></tr></table></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>Gladstone Investment Corporation</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: February 5, 2019</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Julia Ryan&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Julia Ryan</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Chief Financial Officer and Treasurer</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Gladstone Investment Corporation Reports Financial Results for its &#160;Third Quarter Ended December 31, 2018</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
     <p align="left">MCLEAN, Va., Feb.  05, 2019  (GLOBE NEWSWIRE) -- Gladstone Investment Corporation (NASDAQ: GAIN) (the &#8220;Company&#8221;) today announced earnings for its third quarter ended December 31, 2018. 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">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(2</td><td style="vertical-align: bottom ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(6.3</td><td style="vertical-align: bottom ; ">)</td></tr></table>   <p>&#160;</p>  <table style="width:1130; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: top ; ">(A)</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">Inclusive of $2.1 million, or $0.06 per weighted-average common share, and $7.1 million, or $0.22 per weighted-average common share, of capital gains-based incentive fees accrued during the three months ended December 31, 2018 and the three months ended September 30, 2018, respectively. 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The Company uses this non-GAAP financial measure internally to analyze financial results and believes that this non-GAAP financial measure&#160;is useful to investors as an additional tool to evaluate ongoing results and trends for the Company.</td></tr><tr><td style="vertical-align: top ; ">(C)</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of distributions for the full year. 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This increase was a result of the increase in total investment income and the decrease in total expenses, net of credits, quarter over quarter.</p>      <p>Total investment income during the quarters ended December 31, 2018 and September 30, 2018 was $15.0 million and $13.1 million, respectively. The quarter over quarter increase was due to a $0.6 million increase in interest income and a $1.3 million increase in other income, as the timing of dividend and success fee income can be variable.</p>      <p>Total expenses, net of credits, during the quarters ended December 31, 2018 and September 30, 2018, were $8.9 million and $17.1 million, respectively. The quarter over quarter decrease was primarily due to a $5.0 million decrease in the capital gains-based incentive fee, a $1.0 million decrease each in bad debt and tax expense, and a $2.8 million increase in credits to fees from Adviser, partially offset by a $2.0 million increase in the income-based incentive fee. The capital gains-based incentive fees are accrued under U.S. GAAP, but payment is not contractually due under the terms of our investment advisory agreement. See discussion under <em>Non-GAAP Financial Measure &#8211; Adjusted Net Investment Income</em> below.</p>      <p>Net asset value per common share as of December 31, 2018 increased to $12.53 compared to $12.30 as of September 30, 2018. The quarter over quarter increase was primarily due to $76.8 million, or $2.34 per common share, of net realized gains on investments, partially offset by unrealized depreciation of investments of $66.3 million, or $2.02 per common share, principally resulting from the reversal of previously recorded net unrealized appreciation upon the exit of investments.</p>      <p align="justify"><strong>Subsequent Events:&#160; </strong>After December 31, 2018, the following significant events occurred:&#160; &#160; &#160; &#160; &#160; &#160;&#160;</p>      <ul type="disc"><li><strong>Significant Investment Activity</strong>:    <ul type="circle"><li>In January 2019, we restructured two of our first lien term loans to SOG Specialty Knives &amp; Tools, LLC (&#8220;SOG&#8221;) with a total cost basis of $18.4 million into a new $8.4 million first lien term loan, which resulted in a realized loss of $10.0 million. The new term loan has a stated interest rate of the London Interbank Offering Rate + 4.0% and matures in August 2022. In addition, we invested $1.0 million of preferred equity in SOG.<br >&#160;</li></ul>    </li><li><strong>Distributions and Dividends Declared</strong>: In January 2019, our Board of Directors declared the following monthly distributions to common stockholders and monthly dividends to holders of our two series of term preferred stock:</li></ul>   <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>Record Date</strong></td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>Payment Date</strong></td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="3" style="border-bottom: solid black 1pt ; 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">0.13020833</td><td style="max-width:1%; width:1%; min-width:1%;;text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="max-width:2%; width:2%; min-width:2%;;vertical-align: bottom ; ">$</td><td style="max-width:18%; width:18%; min-width:18%;;border-top: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.13281250</td></tr><tr><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">February 20, 2019</td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">February 28, 2019</td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.068</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="text-align: right ; 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The Company&#8217;s investment advisory agreement provides that a capital gains-based incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized appreciation) to the extent such realized capital gains exceed realized capital losses and unrealized depreciation of investments for such year. However, under U.S. GAAP, a capital gains-based incentive fee is accrued if realized capital gains and unrealized appreciation of investments exceed realized capital losses and unrealized depreciation of investments. Refer to Note 4 &#8212; <em>Related Party Transactions</em> in our Quarterly Report on Form 10-Q for further discussion. The Company believes that Adjusted net investment income is a useful indicator of operations exclusive of any capital gains-based incentive fee, as net investment income does not include realized or unrealized investment activity associated with the capital gains-based incentive fee.</p>      <p>The following table provides a reconciliation from net investment income (the most comparable GAAP measure) to Adjusted net investment income for the periods presented:</p>   <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="13" style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>For the quarter ended</strong></td></tr><tr><td style="text-align: center ; 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padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.10</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr></table>   <p>Adjusted net investment income may not be comparable to similar measures presented by other companies, as it is a non-GAAP financial measure that is not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies.&#160;In addition, Adjusted net investment income should be considered in addition to, but not as a substitute for or superior to financial measures determined in accordance with U.S. GAAP.</p>      <p><strong>Conference Call:&#160; </strong>The Company will hold its earnings release conference call on Wednesday, February 6, 2019, at 8:30 a.m. EST. Please call (855) 376-7516 to enter the conference. An operator will monitor the call and set a queue for any questions. A replay of the conference call will be available through February 13, 2019. To hear the replay, please dial (855) 859-2056 and use the playback conference number 9166677. The replay will be available beginning approximately one hour after the call concludes. The live audio broadcast of the Company&#8217;s quarterly conference call will also be available online at www.gladstoneinvestment.com. The event will be archived and available for replay on the Company&#8217;s website through April 6, 2019.</p>      <p><strong>About </strong><strong>Gladstone Investment Corporation</strong><strong>:</strong>&#160; Gladstone Investment Corporation is a publicly traded business development company that seeks to make secured debt and equity investments in lower middle market businesses in the United States in connection with acquisitions, changes in control, and recapitalizations. The Company has paid 163 consecutive monthly cash distributions on its common stock. Information on the business activities of all the Gladstone funds can be found at www.gladstonecompanies.com.</p>      <p>To obtain a paper copy of our Quarterly Report on Form 10-Q, filed today with the SEC, please contact the Company at 1521 Westbranch Drive, Suite 100, McLean, VA 22102, ATTN: Investor Relations. The financial information above is not comprehensive and is without notes, so readers should obtain and carefully review the Company&#8217;s Form 10-Q for the period ended December 31, 2018, including the notes to the consolidated financial statements contained therein.</p>      <p>Source: Gladstone Investment Corporation</p>      <p align="justify"><strong>Investor Relations Inquiries</strong>: Please visit www.gladstone.com or +1-703-287-5893.</p>      <p> </p> </p><p ></p></body></html>
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