GAINZMEDIUM SIGNALFINANCIAL10-K

GAINZ executed significant portfolio restructuring, exiting hospitality investments while adding new debt positions across diversified manufacturing and services sectors.

The company appears to be rotating capital away from hospitality (Nocturne Villa Rentals) toward more diversified industrial exposure, including new positions in real estate, manufacturing, and facilities services. This portfolio rebalancing suggests active management focused on sector diversification, though the addition of multiple new debt instruments indicates increased lending activity that warrants monitoring.

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

GAINZ demonstrated solid balance sheet expansion with stockholders' equity growing 34% to $668M and total assets increasing 31% to $1.3B. The proportional growth in liabilities (29%) and debt (24%) maintained reasonable leverage ratios while supporting the expanded asset base. The financial picture reflects a well-capitalized investment company actively deploying capital across a diversified portfolio of debt and equity positions.

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.
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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.
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