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GAIN vs BTGO // EV/EBITDA & P/E VALUATION

Gladstone Investment Corporation Business Development Company (NASDAQ) VS. BitGo Holdings Inc. (Class A) (NYSE) • 15-METRIC TALLY: GAIN 2 — BTGO 1

■ METRIC PARITY

GAIN — Gladstone Investment Corporation Business Development Company ROARABLE D- • RQD 37/100

LAST: $15.27 (+0.73%) • MKT CAP: $603.7M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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BTGO — BitGo Holdings Inc. (Class A) ROARABLE D- • RQD 40/100

LAST: $5.13 (-3.39%) • MKT CAP: $624.2M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (GAIN VS. BTGO) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	GAIN	BTGO	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	31.00%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	-16.71%	—	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	9.40%	0.00%	+9.40	GAIN	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	2/9	—	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	47.5	37.8	+9.70	GAIN	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$603.7M	$624.2M	-$20.5M	BTGO	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	GAIN REV	BTGO REV	GAIN GROSS %	BTGO GROSS %	GAIN FCF	BTGO FCF
FY 2025	$519.4M	$1.91B	—	—	-$101.6M	—
FY 2024	$456.9M	—	—	—	$16.3M	—
FY 2023	$383.9M	—	—	—	-$69.9M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

GAIN // BETA —

BTGO // BETA —