N-2 |
6 Months Ended |
|---|---|
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Sep. 30, 2022
$ / shares
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| Cover [Abstract] | |
| Entity Central Index Key | 0001321741 |
| Amendment Flag | false |
| Securities Act File Number | 814-00704 |
| Document Type | 10-Q |
| Entity Registrant Name | GLADSTONE INVESTMENT CORPORATION\DE |
| Entity Address, Address Line One | 1521 WESTBRANCH DRIVE |
| Entity Address, Address Line Two | SUITE 100 |
| Entity Address, City or Town | MCLEAN |
| Entity Address, State or Province | VA |
| Entity Address, Postal Zip Code | 22102 |
| City Area Code | 703 |
| Local Phone Number | 287-5800 |
| Entity Emerging Growth Company | false |
| Financial Highlights [Abstract] | |
| Senior Securities, Note [Text Block] | As of September 30, 2022, our asset coverage ratio on our senior securities representing indebtedness was 254.1%. |
| General Description of Registrant [Abstract] | |
| Investment Objectives and Practices [Text Block] | We were established for the purpose of investing in debt and equity securities of established private businesses operating in the United States (“U.S.”). Our investment objectives are to: (i) achieve and grow current income by investing in debt securities of established businesses that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness, and make distributions to our stockholders that grow over time; and (ii) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities of established businesses, generally in combination with the aforementioned debt securities, that we believe can grow over time to permit us to sell our equity investments for capital gains. To achieve our objectives, our investment strategy is to invest in several categories of debt and equity securities, with individual investments generally totaling up to $70 million, although investment size may vary depending upon our total assets or available capital at the time of investment. We expect that our investment portfolio over time will consist of approximately 75% in debt investments and 25% in equity investments, at cost.We focus on investing in lower middle market private businesses (which we generally define as companies with annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $3 million to $20 million) (“Lower Middle Market”) in the U.S. that meet certain criteria, including: the sustainability of the business’ free cash flow and its ability to grow it over time, adequate assets for loan collateral, experienced management teams with a significant ownership interest in the portfolio company, reasonable capitalization of the portfolio company, including an ample equity contribution or cushion based on prevailing enterprise valuation multiples, and the potential to realize appreciation and gain liquidity in our equity position, if any. We anticipate that liquidity in our equity position will be achieved through a merger or acquisition of the portfolio company, a public offering of the portfolio company’s stock, or, to a lesser extent, by exercising our right to require the portfolio company to repurchase our warrants, though there can be no assurance that we will always have these rights. We invest in portfolio companies that seek funds for management buyouts and/or growth capital to finance acquisitions, recapitalize or, to a lesser extent, refinance their existing debt facilities. We seek to avoid investing in high-risk, early-stage enterprises. |
| Latest Share Price | $ 12.10 |
| Latest Premium (Discount) to NAV [Percent] | 9.10% |
| Latest NAV | $ 13.31 |
| Notes 2026 Five Point Zero [Member] | |
| Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
| Long Term Debt, Title [Text Block] | 5.00% Notes due 2026 |
| Long Term Debt, Structuring [Text Block] | In March 2021, we completed a public offering of the 2026 Notes with an aggregate principal amount of $127.9 million, which resulted in net proceeds of approximately $123.8 million after deducting underwriting discounts, commissions and offering costs borne by us. The 2026 Notes are traded under the ticker symbol “GAINN” on Nasdaq. The 2026 Notes will mature on May 1, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 1, 2023. The 2026 Notes bear interest at a rate of 5.00% per year (which equates to $6.4 million per year), payable quarterly in arrears. |
| Long Term Debt, Dividends and Covenants [Text Block] | The indenture relating to the 2026 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we will provide the holders of the 2026 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. |
| Notes 2028 Four Point Eight Seven Five [Member] | |
| Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
| Long Term Debt, Title [Text Block] | 4.875% Notes due 2028 |
| Long Term Debt, Structuring [Text Block] | In August 2021, we completed a public offering of the 2028 Notes with an aggregate principal amount of $134.6 million, which resulted in net proceeds of approximately $131.3 million after deducting underwriting discounts, commissions and offering costs borne by us. The 2028 Notes are traded under the ticker symbol “GAINZ” on Nasdaq. The 2028 Notes will mature on November 1, 2028 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after November 1, 2023. The 2028 Notes bear interest at a rate of 4.875% per year (which equates to $6.6 million per year), payable quarterly in arrears. |
| Long Term Debt, Dividends and Covenants [Text Block] | The indenture relating to the 2028 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 2028 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. |