GAINGMEDIUM SIGNALFINANCIAL10-K

GAING restructured its investment portfolio by exiting hospitality investments while adding new positions in manufacturing and facilities services, accompanied by meaningful balance sheet expansion.

The portfolio changes suggest a strategic shift away from hospitality/gaming (Nocturne Villa Rentals) toward more diversified industrial investments, potentially reflecting management's view of sector fundamentals or risk management priorities. The addition of new debt and equity positions across manufacturing, real estate, and services indicates active capital deployment in the current environment.

Comparing 2025-05-13 vs 2024-05-08View on EDGAR →
FINANCIAL ANALYSIS

The balance sheet expanded meaningfully across all major categories, with stockholders' equity growing 33.9% to $668.2M and total assets increasing 31.4% to $1.3B. Total debt rose 23.9% to $564.5M while total liabilities increased 29% to $654.6M, suggesting the company leveraged up to fund growth while maintaining a reasonable debt-to-equity profile. The proportional growth across assets, liabilities, and equity indicates balanced expansion rather than concerning leverage accumulation.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+33.9%
$499.1M→$668.2M

Equity base grew 33.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+31.4%
$1.0B→$1.3B

Asset base grew 31.4% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+29%
$507.3M→$654.6M

Liabilities increased 29% — monitor debt-to-equity ratio and interest coverage.

Total Debt
Balance Sheet
+23.9%
$455.7M→$564.5M

Debt rose 23.9% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2025-05-13
PRIOR — 2024-05-08
ADDED
Term Debt 2025-03-31 0001321741 us-gaap:InvestmentUnaffiliatedIssuerMember gain:BuildingsAndRealEstateMember gain:DebtSecuritiesSecuredFirstLienDebtMember 2025-03-31 0001321741 Dema/Mai Holdings, Inc.
Term Debt 2025-03-31 0001321741 us-gaap:InvestmentUnaffiliatedIssuerMember gain:DiversifiedConglomerateManufacturingMember gain:DebtSecuritiesSecuredFirstLienDebtMember 2025-03-31 0001321741 Phoenix Door Systems, Inc.
Line of Credit 2025-03-31 0001321741 Phoenix Door Systems, Inc.
Line of Credit 2024-04-01 2025-03-31 0001321741 Phoenix Door Systems, Inc.
Term Debt 2025-03-31 0001321741 us-gaap:InvestmentUnaffiliatedIssuerMember gain:DiversifiedConglomerateServicesMember gain:DebtSecuritiesSecuredFirstLienDebtMember 2025-03-31 0001321741 Horizon Facilities Services, Inc.
Term Debt 2025-03-31 0001321741 us-gaap:InvestmentUnaffiliatedIssuerMember gain:HomeAndOfficeFurnishingsHousewaresAndDurableConsumerProductsMember gain:DebtSecuritiesSecuredFirstLienDebtMember 2025-03-31 0001321741 Brunswick Bowling Products, Inc.
Term Debt 1 2025-03-31 0001321741 Brunswick Bowling Products, Inc.
Term Debt 2 2025-03-31 0001321741 Ginsey Home Solutions, Inc.
Term Debt 2025-03-31 0001321741 us-gaap:InvestmentUnaffiliatedIssuerMember gain:LeisureAmusementMotionPicturesAndEntertainmentMember gain:DebtSecuritiesSecuredFirstLienDebtMember 2025-03-31 0001321741 Schylling, Inc.
Term Debt 2025-03-31 0001321741 us-gaap:InvestmentUnaffiliatedIssuerMember gain:OilAndGas1Member gain:DebtSecuritiesSecuredFirstLienDebtMember 2025-03-31 0001321741 The E3 Company, LLC Term Debt 2025-03-31 0001321741 us-gaap:InvestmentUnaffiliatedIssuerMember gain:PrintingAndPublishingMember gain:DebtSecuritiesSecuredFirstLienDebtMember 2025-03-31 0001321741 Home Concepts Acquisition, Inc.
REMOVED
Term Debt 2024-03-31 0001321741 gain:DebtSecuritiesSecuredFirstLienDebtMember gain:DiversifiedConglomerateManufacturingMember us-gaap:InvestmentUnaffiliatedIssuerMember 2024-03-31 0001321741 Phoenix Door Systems, Inc.
Line of Credit 2024-03-31 0001321741 Phoenix Door Systems, Inc.
Line of Credit 2023-04-01 2024-03-31 0001321741 Phoenix Door Systems, Inc.
Term Debt 2024-03-31 0001321741 gain:DebtSecuritiesSecuredFirstLienDebtMember us-gaap:InvestmentUnaffiliatedIssuerMember gain:HotelsMotelsInnsAndGamingTotalMember 2024-03-31 0001321741 Nocturne Villa Rentals, Inc.
Line of Credit 2024-03-31 0001321741 Nocturne Villa Rentals, Inc.
Preferred Stock 2024-03-31 0001321741 gain:PreferredEquityMember us-gaap:InvestmentUnaffiliatedIssuerMember gain:HotelsMotelsInnsAndGamingTotalMember 2024-03-31 0001321741 Nocturne Villa Rentals, Inc.
Term Debt 2024-03-31 0001321741 gain:DebtSecuritiesSecuredSecondLienDebtMember gain:DiversifiedConglomerateManufacturingMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-03-31 0001321741 Nth Degree, Inc.
Term Debt 2024-03-31 0001321741 gain:PreferredEquityMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-03-31 0001321741 gain:PreferredEquityMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember gain:ChemicalsPlasticsAndRubberMember 2024-03-31 0001321741 PSI Molded Plastics, Inc.
Preferred Stock 2024-03-31 0001321741 us-gaap:CollateralPledgedMember 2024-03-31 0001321741 gain:FunkoAcquisitionHoldingsLLCMember 2024-03-31 0001321741 gain:DebtSecuritiesSecuredFirstLienDebtMember us-gaap:InvestmentUnaffiliatedIssuerMember 2023-03-31 0001321741 gain:DebtSecuritiesSecuredFirstLienDebtMember us-gaap:InvestmentUnaffiliatedIssuerMember gain:BuildingsAndRealEstateMember 2023-03-31 0001321741 Dema/Mai Holdings, Inc.
Term Debt 2023-03-31 0001321741 gain:DebtSecuritiesSecuredFirstLienDebtMember gain:DiversifiedConglomerateManufacturingMember us-gaap:InvestmentUnaffiliatedIssuerMember 2023-03-31 0001321741 Phoenix Door Systems, Inc Line of Credit 2023-03-31 0001321741 Phoenix Door Systems, Inc Line of Credit 2022-04-01 2023-03-31 0001321741 Phoenix Door Systems, Inc.
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