What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2021-05-11 compared with 2020-05-12 · 97 added, 97 removed, 331 unchanged (37% of the section changed)

46 unchanged sentences

Consolidated Statements of Operations for the years ended March 31, 2021, 2020, and 2019

Consolidated Statements of Changes in Net Assets for the years ended March

31, 2020, 2019, and 2018

Consolidated Statements of Changes in Net Assets for the years ended March 31, 2021, 2020, and 2019

Consolidated Statements of Cash Flows for the years ended March 31, 2021, 2020, and 2019

2 unchanged sentences

The following financial statement schedule is filed herewith:

12-14 Investments in and Advances to Affiliates

Schedule 12-14 Investments in and Advances to Affiliates

No other financial statement schedules are filed herewith because (1) such schedules are not required or (2) the information has been presented in the aforementioned financial statements.

9 unchanged sentences

814-00704), filed August 16, 2018.

Amended and Restated Bylaws, incorporated by reference to Exhibit

b.2 to the Pre-Effective Amendment No.

3 to the Registration Statement on Form N-2 (File No.

333-123699), filed June 21, 2005.

First Amendment to Amended and Restated Bylaws, incorporated by reference to Exhibit

99.1 to the Current Report on Form 8-K (File No.

814-00704) filed July 10, 2007.

Certificate of Increase of Shares Designated as 6.375% Series E Cumulative Term Preferred Stock due 2025 of Gladstone Investment Corporation incorporated

by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No.

814-00704), filed May 21, 2020 .

Second Amended and Restated Bylaws, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K

814-00704), filed May 15, 2020 .

Certificate of Elimination of 6.25% Series D Cumulative Term Preferred Stock Due 2023*

Specimen Stock Certificate, incorporated by reference to Exhibit

8 unchanged sentences

814-00704), filed August 16, 2018.

Description of Securities, incorporated by reference to Exhibit 4.4 to the Annual Report on Form 10-K (File

Indenture, dated as of May

22, 2020, between Gladstone Investment Corporation and UMB Bank, National Association, as trustee incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No.

814-00704), filed May 22, 2020 .

Second Supplemental Indenture between Gladstone Investment Corporation and UMB Bank, National Association, dated as of March

2, 2021, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No.

814-00704), filed March 2, 2021.

Description of Securities*

Stock Transfer Agency Agreement between the Registrant and The Bank of New York, incorporated by reference to Exhibit

18 unchanged sentences

1 to Custodial Agreement by and among Gladstone Business Investment, LLC, the Registrant, Gladstone Management Corporation, The Bank of New York Trust Company, N.A.

and Deutsche Bank AG, New York Branch, dated April 14, 2009, incorporated by reference to

Exhibit 2.j.3 to Post-Effective Amendment No.

and Deutsche Bank AG, New York Branch, dated April

14, 2009, incorporated by reference to Exhibit 2.j.3 to Post-Effective Amendment No.

2 to the Registration Statement on Form N-2 (File No.

49 unchanged sentences

814-00704), filed August 23, 2018.

Amendment No.

5 to Fifth Amended and Restated Credit Agreement, dated as of August

10, 2020 by and among Gladstone Business Investment, LLC, as Borrower, Gladstone Management Corporation, as Servicer, KeyBank National Association, as administrative agent, swingline lender, managing agent and lead arranger and certain other lenders party

thereto, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No.

814-00704), filed August 11, 2020.

Amendment No.

6 to Fifth Amended and Restated Credit Agreement, dated as of March

8, 2021 by and among Gladstone Business Investment, LLC, as Borrower, Gladstone Management Corporation, as Servicer, KeyBank National Association, as administrative agent, swingline lender, managing agent and lead arranger and certain other lenders party

thereto, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No.

814-00704), filed March 8, 2021.

Code of Ethics and Business Conduct, updated January

4 unchanged sentences

Consent of Registered Public Accounting Firm

Consent of Independent Auditor

Certification of Chief Executive Officer filed pursuant to section 302 of The Sarbanes-Oxley Act of 2002.

2 unchanged sentences

Certification of Chief Financial Officer furnished pursuant to section 906 of The Sarbanes-Oxley Act of 2002.

Report of Registered Public Accounting Firm

Financial Statements of Galaxy Tool Holding Corporation and Subsidiary as of and for the years ended December 31, 2019 and 2018.

Financial Statements of Galaxy Tool Holding Corporation and Subsidiary as of and for the years ended December 31, 2018 and 2017 (unaudited).

Filed herewith

27 unchanged sentences

(AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(C)(D)(E)

Investment (A)(B)(C)(D)(E)

Shares/Units (F)(G)

for Period (T)

for Period (Q)

Additions (I)

3 unchanged sentences

Secured First Lien Debt47.6%

Automobile 0.0%

Meridian Rack & Pinion, Inc.

Term Debt (N)

Beverage, Food, and Tobacco2.4%

Head Country, Inc.

Term Debt (L+10.5%, 12.5% Cash, Due 2/2021)

Diversified/Conglomerate Manufacturing 6.4%

D.P.M.S., Inc.

Line of Credit, $250 Available (L+6.5%, 9.0% Cash (0.5% Unused Fee), Due

D.P.M.S., Inc.

Term Debt (10.0% Cash, Due 10/2021) (M)

Edge Adhesives Holdings, Inc.

Line of Credit, $0 available (L+8.0%, 10.0% Cash, Due 5/2020) (O)

Edge Adhesives Holdings, Inc.

Term Debt (L+10.5%, 12.5% Cash, Due 2/2022)

Edge Adhesives Holdings, Inc.

Term Debt (L+11.8%, 13.8% Cash, Due 2/2022)

Head Country, Inc.Term Debt (L+10.5%, 12.5% Cash, Due 2/2023)

Chemicals, Plastics, and Rubber6.0%

PSI Molded Plastics, Inc.Term Debt (L+5.5%, 7.0% Cash, Due 1/2024) (P)

Diversified/Conglomerate

Manufacturing5.4%

D.P.M.S., Inc.Line of Credit, $0 Available (L+6.5%, 9.0% Cash (0.5% Unused Fee), Due

D.P.M.S., Inc.Term Debt (10.0% Cash, Due 10/2023) (M)

Edge Adhesives Holdings, Inc.Line of Credit, $0 available (L+8.0%, 10.0% Cash, Due

GLADSTONE INVESTMENT CORPORATION

INVESTMENTS IN AND ADVANCES TO AFFILIATES (Continued)

(AMOUNTS IN THOUSANDS)

Investment (A)(B)(C)(D)(E)

Shares/Units (F)(G)

for Period (Q)

Additions (I)

Reductions (J)

(Depreciation)

Edge Adhesives Holdings, Inc.Term Debt (L+10.5%, 12.5% Cash, Due 2/2022)

Edge Adhesives Holdings, Inc.Term Debt (L+11.8%, 13.8% Cash, Due 2/2022)

Diversified/Conglomerate Services13.3%

1 unchanged sentence

Term Debt (L+11.0%, 13.0% Cash, Due 11/2022)

The Maids International, LLC Line of Credit, $0 available (L+7.5%, 9.5% Cash (0.3% Unused

Fee), Due 3/2021) (O)

The Maids International, LLC Term Debt (L+10.5%, 12.0% Cash, Due 3/2025) (O)

Atlanta, LLC Term

The Maids International, LLCLine of

The Maids International, LLCTerm Debt (L+10.5%, 12.0% Cash, Due 3/2025)

GLADSTONE INVESTMENT CORPORATION

1 unchanged sentence

(AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(C)(D)(E)

Investment (A)(B)(C)(D)(E)

Shares/Units (F)(G)

for Period (T)

for Period (Q)

Additions (I)

2 unchanged sentences

Home and Office Furnishings, Housewares, and Durable Consumer Products7.1%

Brunswick Bowling Products, Inc.

Old World Christmas, Inc.

Term Debt (L+9.5%, 11/0% Cash, Due 12/2025) (O)

Leisure, Amusement, Motion Pictures, and Entertainment 2.3%

SOG Specialty Knives & Tools, LLC Term Debt (Due

SOG Specialty Knives & Tools, LLC Term Debt (L+4.0%, 6.0% Cash, Due 8/2022) (K)

SOG Specialty Knives & Tools, LLCTerm Debt (Due 12/2023) (L)

SOG Specialty Knives & Tools, LLCTerm Debt (L+4.0%, 6.0% Cash, Due

Personal and Non-Durable Consumer Products

(Manufacturing Only) 7.0%

The Mountain Corporation Line of Credit, $0 available (L+5.0%, 9.0% Cash, Due

The Mountain Corporation Line of Credit, $0 available (L+5.0%, 9.0% Cash, Due 4/2021) (K)

Pioneer Square Brands, Inc.

1 unchanged sentence

Telecommunications4.1%

B+T Group Acquisition, Inc.

Line of Credit, $0 available (L+11.0%, 13.0% Cash, Due 12/2021) (K)

B+T Group Acquisition, Inc.

Term Debt (L+11.0%, 13.0% Cash, Due 12/2021) (K)

B+T Group Acquisition, Inc.Line of Credit, $0 available (L+11.0%, 13.0% Cash, Due 12/2021) (K)

GLADSTONE INVESTMENT CORPORATION

INVESTMENTS IN AND ADVANCES TO AFFILIATES (Continued)

(AMOUNTS IN THOUSANDS)

Investment (A)(B)(C)(D)(E)

Shares/Units (F)(G)

for Period (Q)

Additions (I)

Reductions (J)

(Depreciation)

B+T Group Acquisition, Inc.Term Debt (L+11.0%, 13.0% Cash, Due 12/2021) (K)

Total Secured First Lien Debt

2 unchanged sentences

PSI Molded Plastics, Inc.

Term Debt (L+12.0%, 13.5% Cash, Due 1/2024) (K)

Term Debt (L+5.5%, 7.0% Cash, Due 1/2024) (P)

GLADSTONE INVESTMENT CORPORATION

1 unchanged sentence

(AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(C)(D)(E)

Investment (A)(B)(C)(D)(E)

Shares/Units (F)(G)

for Period (T)

for Period (Q)

Additions (I)

2 unchanged sentences

Diversified/Conglomerate Services 12.0%

Atlanta, LLC Line of Credit, $0 available (L+6.0%, 8.0% Cash, Due

Atlanta, LLC Term Debt (L+10.3%, 11.8% Cash, Due 10/2024) (S)

Diversified/Conglomerate Manufacturing 0.0%

Alloy Die Casting Co.

Hobbs Co.Atlanta, LLC Line of Credit, $0 available (L+6.0%, 8.0% Cash, Due

Hobbs Co.Atlanta, LLC Term Debt (L+10.3%, 11.8% Cash, Due 10/2024)

Personal and Non-Durable Consumer Products

1 unchanged sentence

The Mountain Corporation Term Debt (L+4.0%, 7.0% Cash, Due 4/2024) (K)

The Mountain Corporation Delayed Draw Term Debt, $0 available (L+4.0%, 7.0% Cash, Due

4/2024) (K)(O)

Total Secured Second Lien Debt

Preferred Equity20.7%

Automobile 0.0%

Meridian Rack & Pinion, Inc.

Preferred Stock (N)

Beverage, Food, and Tobacco 1.7%

Head Country, Inc.

Preferred Stock

Head Country, Inc.Preferred Stock

Chemicals, Plastics, and Rubber 0.0%

6 unchanged sentences

Shares/Units (F)(G)

for Period (T)

for Period (Q)

Additions (I)

3 unchanged sentences

Manufacturing0.0%

Alloy Die Casting Co.

Channel Technologies Group, LLC Preferred Stock

2 unchanged sentences

Diversified/Conglomerate Services 3.5%

ImageWorks Display and Marketing Group, Inc.

ImageWorks Display and Marketing

Group, Inc.Preferred Stock

Hobbs Co.Atlanta, LLC

Preferred Stock

Atlanta, LLC Preferred Stock

The Maids International, LLC Preferred

The Maids International, LLC Preferred Stock

Home and Office Furnishings, Housewares, and Durable Consumer Products5.3%

Brunswick Bowling Products, Inc.

Preferred Stock (P)

Old World Christmas, Inc.

Preferred Stock

Old World Christmas, Inc.Preferred Stock

Leisure, Amusement, Motion Pictures, and Entertainment 1.8%

3 unchanged sentences

The Mountain CorporationPreferred Stock

Pioneer Square Brands, Inc.

Preferred Stock

Pioneer Square Brands, Inc.Preferred Stock

GLADSTONE INVESTMENT CORPORATION

1 unchanged sentence

(AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(C)(D)(E)

Investment (A)(B)(C)(D)(E)

Shares/Units (F)(G)

for Period (T)

for Period (Q)

Additions (I)

2 unchanged sentences

Telecommunications0.0%

B+T Group Acquisition, Inc.

Preferred Stock

B+T Group Acquisition, Inc.Preferred Stock

Total Preferred Equity

2 unchanged sentences

Manufacturing0.0%

Alloy Die Casting Co.

Channel Technologies Group, LLCCommon Stock

D.P.M.S., Inc.

Common Stock

D.P.M.S., Inc.Common Stock

Diversified/Conglomerate Services0.0%

Nth Degree Investment Group, LLC Common

Nth Degree Investment Group, LLCCommon Stock

Personal and Non-Durable Consumer Products

2 unchanged sentences

Telecommunications0.0%

B+T Group Acquisition, Inc.

Common Stock Warrants

B+T Group Acquisition, Inc.Common Stock Warrants

Total Common Equity/Equivalents

TOTAL AFFILIATE INVESTMENTS

CONTROL INVESTMENTS 7.2%:

Secured Second Lien Debt 2.8%

Aerospace and Defense 2.8%

Galaxy Tool Holding Corporation Line of Credit, $0 available (L+4.5%, 6.5% Cash (1.0%

Unused Fee), Due 8/2021)

Galaxy Tool Holding Corporation Term Debt (L+6.0%, 10.0% Cash, Due 8/2021)

GLADSTONE INVESTMENT CORPORATION

1 unchanged sentence

(AMOUNTS IN THOUSANDS)

Company and Investment (A)(B)(C)(D)(E)

Investment (A)(B)(C)(D)(E)

Shares/Units (F)(G)

for Period (T)

for Period (Q)

Additions (I)

1 unchanged sentence

(Depreciation)

CONTROL INVESTMENTS7.2%:

Secured Second Lien Debt3.4%

Aerospace and Defense3.4%

Galaxy Tool Holding CorporationLine of Credit, $0 available (L+4.5%, 6.5% Cash (0.5% Unused

Fee), Due 8/2023)

Galaxy Tool Holding CorporationTerm Debt (L+6.0%, 10.0% Cash, Due 8/2023)

Preferred Equity3.8%

45 unchanged sentences

New investment during the year ended March 31, 2021.

Brunswick Bowling Products, Inc.

was transferred to Non-Control/Non-Affiliate investments during the year ended March 31, 2020.

Nth Degree Investment Group, LLC was transferred from Non-Control/Non-Affiliate investments during the year ended March 31, 2020.

Atlanta, LLCs term debt was transferred from first lien to second lien debt during

the year ended March 31, 2020.

PSI Molded Plastics, Inc.s term debt was transferred from second lien to first lien debt during the year

ended March 31, 2021.

Net realized gain (loss) excludes amounts related to portfolio companies no longer in the portfolio for the

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures