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Gladstone Investment - Excellent Management
Gladstone Investment (GAIN) is a business development company which primarily makes loans to lower middle market companies. It also has some investments in the preferred stock of these companies. GAIN does have some common equity and warrant positions, but these amount to less than 5% of the company's assets. The company considers itself a "private equity" company.
GAIN is externally managed by Gladstone Management Corporation which has an amazing track record. While many BDCs have had ever-decreasing net asset values (NAVs) over the years, GAIN