NAV News & Analysis
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Market Mood
Gladstone Investment (GAIN) Sees Yield Compression to 12.9%
Gladstone Investment (GAIN) reported a Q3 FY26 adjusted EPS of $0.21, below estimates of $0.2275, signaling the first earnings shortfall in recent quarters. The company's loan-book yields dropped from 14.1% in Q1 FY26 to 12.9% in Q3 FY26, impacting the ability to fund its monthly $0.08 distribution. Although GAIN reported a GAAP net investment loss of $0.16 per share due to capital gains-related accruals, its NAV per share increased to $14.95 from $13.53, aided by unrealized gains. The current market environment, with the Federal Reserve cutting rates, presents challenges for the company's income generation.
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AFC Gamma (AFCG) Q1 Earnings Report: $90M in New Loans Closed
AFC Gamma (AFCG) reported its first-quarter results for 2026, marking its initial operations as a business development company (BDC). The firm closed two non-cannabis loans totaling approximately $90 million during the quarter, with an additional $5 million post-quarter. Net fundings reached $39.1 million, and the company has a deal pipeline exceeding $1.5 billion. Additionally, the NAV rose to $7.90, resulting from $0.21 per-share net investment income; the board declared a $0.05 quarterly dividend and authorized a $5 million share buyback.
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