What changed in this filing

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Item 9A. Controls and Procedures

2022-05-11 compared with 2021-05-11 · 244 added, 256 removed, 172 unchanged (74% of the section changed)

1 unchanged sentence

a) Disclosure Controls and Procedures

As of March 31, 2021 (the end of the period covered by this report), we, including our chief executive officer and chief financial officer, evaluated the

effectiveness and design and operation of our disclosure controls and procedures.

Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were

effective at a reasonable assurance level in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in periodic SEC filings.

However, in evaluation of

the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily

was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

b) Managements Annual Report

on Internal Control over Financial Reporting

Refer to Managements Annual Report on Internal Control over Financial Reporting located in

Item 8 of this Form 10-K.

As of March 31, 2022 (the end of the period covered by this report), we, including our chief executive officer and chief financial officer, evaluated the effectiveness and design and operation of our disclosure controls and procedures.

Based on that evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective at a reasonable assurance level in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in periodic SEC filings.

However, in evaluation of the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

b) Management’s Annual Report on Internal Control over Financial Reporting

Refer to Management’s Annual Report on Internal Control over Financial Reporting located in Item 8 of this Form 10-K.

c) Attestation Report of the Independent Registered Public Accounting Firm

Not Applicable.

d) Change in Internal Control over

Financial Reporting

There were no changes in internal controls for the three months ended March 31, 2021 that have materially affected, or are

reasonably likely to materially affect, our internal control over financial reporting.

d) Change in Internal Control over Financial Reporting

There were no changes in internal controls for the three months ended March 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

OTHER INFORMATION.

Not applicable.

We will file a definitive Proxy Statement for our 2021 Annual Meeting of Stockholders (the 2021 Proxy Statement) with the SEC, pursuant to

Regulation 14A, not later than 120 days after the end of our fiscal year.

Accordingly, certain information required by Part III has been omitted under General Instruction G(3) to

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.

Not applicable.

We will file a definitive Proxy Statement for our 2022 Annual Meeting of Stockholders (the “2022 Proxy Statement”) with the SEC, pursuant to Regulation 14A, not later than 120 days after the end of our fiscal year.

Accordingly, certain information required by Part III has been omitted under General Instruction G(3) to Form 10-K.

Only those sections of the 2022 Proxy Statement that specifically address the items set forth herein are incorporated by reference.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by Item 10 is hereby incorporated by reference from our 2021 Proxy Statement under the captions Election of

Directors and Information Regarding the Board of Directors and Corporate Governance.

The information required by Item 10 is hereby incorporated by reference from our 2022 Proxy Statement under the captions “ Election of Directors ” and “ Information Regarding the Board of Directors and Corporate Governance.

EXECUTIVE COMPENSATION

The information required by Item 11 is hereby incorporated by reference from our 2021 Proxy Statement under the captions Executive

Compensation and Director Compensation For Fiscal 2021 .

SECURITY OWNERSHIP OF

CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information required by Item 12 is hereby incorporated by reference

from our 2021 Proxy Statement under the caption Security Ownership of Certain Beneficial Owners and Management .

The information required by Item 11 is hereby incorporated by reference from our 2022 Proxy Statement under the captions “ Executive Compensation ” and “ Director Compensation For Fiscal 2022 .”

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information required by Item 12 is hereby incorporated by reference from our 2022 Proxy Statement under the caption “ Security Ownership of Certain Beneficial Owners and Management .”

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by Item 13 is hereby

incorporated by reference from our 2021 Proxy Statement under the captions Certain Transactions and Information Regarding the Board of Directors and Corporate Governance .

The information required by Item 13 is hereby incorporated by reference from our 2022 Proxy Statement under the captions “ Certain Transactions ” and “ Information Regarding the Board of Directors and Corporate Governance .”

PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by Item 14 is hereby incorporated by reference from our 2021 Proxy Statement under the caption Independent Registered

Public Accounting Firm Fees .

The information required by Item 14 is hereby incorporated by reference from our 2022 Proxy Statement under the caption “ Independent Registered Public Accounting Firm Fees .”

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

15 unchanged sentences

333-123699), filed May 13, 2005.

Certificate of Designation of 6.25% Series D Cumulative Term Preferred Stock Due 2023, incorporated by reference to Exhibit 3.5 to the Registration

Statement on Form 8-A (File No.

001-34007), filed September 22, 2016.

Certificate of Designation of 6.375% Series E Cumulative Term Preferred Stock Due 2025, incorporated by reference to Exhibit 3.1 to the Current

Report on Form 8-K (File No.

814-00704), filed August 16, 2018.

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

3.2 Second Amended and Restated Bylaws, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No.

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

d to Pre-Effective Amendment No.

4.1 Specimen Stock Certificate, incorporated by reference to Exhibit d to Pre-Effective Amendment No.

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

333-123699), filed June 21, 2005.

Specimen 6.25% Series D Cumulative Term Preferred Stock Due 2023 Stock Certificate, incorporated by reference to Exhibit 4.5 to the Registration

Statement on Form 8-A (File No.

001-34007), filed September 22, 2016.

Specimen 6.375% Series E Cumulative Term Preferred Stock Due 2025 Stock Certificate incorporated by reference to Exhibit 4.1 to the Current Report

on Form 8-K (File No.

814-00704), filed August 16, 2018.

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.

4.2 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.

4.3 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.

4.4 Third Supplemental Indenture between Gladstone Investment Corporation and UMB Bank, National Association, dated as of August 18, 2021, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No.

814-00704), filed August 18, 2021.

4.5* Description of Securities

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

k.1 to Pre-Effective Amendment No.

10.1 Stock Transfer Agency Agreement between the Registrant and The Bank of New York, incorporated by reference to Exhibit k.1 to Pre-Effective Amendment No.

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

3 unchanged sentences

333-123699), filed June 21, 2005.

Investment Advisory and Management Agreement between the Registrant and Gladstone Management Corporation, dated June

22, 2005, incorporated by reference to Exhibit 10.1 to the Annual Report on Form 10-K (File No.

10.3 Investment Advisory and Management Agreement between the Registrant and Gladstone Management Corporation, dated June 22, 2005, incorporated by reference to Exhibit 10.1 to the Annual Report on Form 10-K (File No.

814-00704), filed June 14, 2006.

Administration Agreement between the Registrant and Gladstone Administration, LLC, dated June

22, 2005, incorporated by reference to Exhibit 10.2 to the Annual Report on Form 10-K (File No.

10.4 Administration Agreement between the Registrant and Gladstone Administration, LLC, dated June 22, 2005, incorporated by reference to Exhibit 10.2 to the Annual Report on Form 10-K (File No.

814-00704), filed June 14, 2006.

Custodial Agreement by and among Gladstone Business Investment, LLC, the Registrant, Gladstone Management Corporation, The Bank of New York

Trust Company, N.A.

10.5 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 October 19, 2006, incorporated by reference to Exhibit 2.j.2 to Post-Effective Amendment No.

3 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.

333-181879), filed June 7, 2013.

Fifth Amended and Restated Credit Agreement, dated as of April

30, 2013, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, the Financial Institutions as party thereto, and Key Equipment Finance, Inc., incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No.

10.7 Fifth Amended and Restated Credit Agreement, dated as of April 30, 2013, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, the Financial Institutions as party thereto, and Key Equipment Finance, Inc., incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No.

814-00704), filed May 2, 2013.

Joinder Agreement, dated as of June

12, 2013, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Key Equipment Finance Inc.

10.8 Joinder Agreement, dated as of June 12, 2013, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Key Equipment Finance Inc.

and EverBank Commercial Finance, Inc., incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No.

814-00704), filed June 17, 2013.

Joinder Agreement, dated as of June

12, 2013, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Key Equipment Finance Inc.

Joinder Agreement, dated as of June 12, 2013, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Key Equipment Finance Inc.

and AloStar Bank of Commerce, incorporated by reference to Exhibit 10.2 of the Current Report on Form 8-K (File No.

1 unchanged sentence

10.10 Amendment No.

1 to Fifth Amended and Restated Credit Agreement, dated as of June

26, 2014, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, the Financial Institutions as party thereto, and Key Equipment Finance, a division of KeyBank National Association, by reference to Exhibit 10.1 to the Current

Report on Form 8-K (File No.

1 to Fifth Amended and Restated Credit Agreement, dated as of June 26, 2014, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, the Financial Institutions as party thereto, and Key Equipment Finance, a division of KeyBank National Association, by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No.

814-00704), filed June 30, 2014.

Joinder Agreement, dated as of September

19, 2014, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Key Equipment Finance, a division of KeyBank National Association, and East West Bank, incorporated by reference to Exhibit 10.1 to the Current Report on Form

8-K (File No.

10.11 Joinder Agreement, dated as of September 19, 2014, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Key Equipment Finance, a division of KeyBank National Association, and East West Bank, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No.

814-00704), filed September 22, 2014.

Joinder Agreement, dated as of September

19, 2014, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Key Equipment Finance, a division of KeyBank National Association, and Manufacturers and Traders Trust, incorporated by reference to Exhibit 10.2 to the Current

Report on Form 8-K (File No.

10.12 Joinder Agreement, dated as of September 19, 2014, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Key Equipment Finance, a division of KeyBank National Association, and Manufacturers and Traders Trust, incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K (File No.

814-00704), filed September 22, 2014.

Joinder Agreement, dated as of September

19, 2014, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Key Equipment Finance, a division of KeyBank National Association, and Customers Bank, incorporated by reference to Exhibit 10.3 to the Current Report on Form

8-K (File No.

10.13 Joinder Agreement, dated as of September 19, 2014, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Key Equipment Finance, a division of KeyBank National Association, and Customers Bank, incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K (File No.

814-00704), filed September 22, 2014.

Joinder Agreement, dated as of September

19, 2014, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Key Equipment Finance, a division of KeyBank National Association, and Talmer Bank and Trust, incorporated by reference to Exhibit 10.4 to the Current Report on

Form 8-K (File No.

10.14 Joinder Agreement, dated as of September 19, 2014, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Key Equipment Finance, a division of KeyBank National Association, and Talmer Bank and Trust, incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K (File No.

814-00704), filed September 22, 2014.

10.15 Amendment No.

2 to Fifth Amended and Restated Credit Agreement, dated November

16, 2016, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Keybank National Association, AloStar Bank of Commerce, Manufacturers and Traders Trust, East West Bank, Chemical Bank (as successor in interest to Talmer Bank

and Trust) and Customers Bank, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No.

811-23191), filed

November 17, 2016.

2 to Fifth Amended and Restated Credit Agreement, dated November 16, 2016, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Keybank National Association, AloStar Bank of Commerce, Manufacturers and Traders Trust, East West Bank, Chemical Bank (as successor in interest to Talmer Bank and Trust) and Customers Bank, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K (File No.

811-23191), filed November 17, 2016.

10.16 Amendment No.

3 to Fifth Amended and Restated Credit Agreement, dated January

20, 2017, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Keybank National Association, AloStar Bank of Commerce, Manufacturers and Traders Trust, East West Bank, Chemical Bank (as successor in interest to Talmer Bank

and Trust) and Customers Bank, incorporated by reference to Exhibit 2.k.12 to Post-Effective Amendment No.

3 to Fifth Amended and Restated Credit Agreement, dated January 20, 2017, by and among Gladstone Business Investment, LLC, Gladstone Management Corporation, Keybank National Association, AloStar Bank of Commerce, Manufacturers and Traders Trust, East West Bank, Chemical Bank (as successor in interest to Talmer Bank and Trust) and Customers Bank, incorporated by reference to Exhibit 2.k.12 to Post-Effective Amendment No.

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

1 unchanged sentence

10.17 Amendment No.

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

22, 2018 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.

4 to Fifth Amended and Restated Credit Agreement, dated as of August 22, 2018 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 23, 2018 .

10.18 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.

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.

10.19 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.

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

28, 2013, incorporated by reference to Exhibit 2.r to the Post-Effective Amendment No.

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

333-181979), filed June 7, 2013.

21* Subsidiaries of the Registrant .

7 unchanged sentences

Form 10-K Summary.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this

report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GLADSTONE INVESTMENT CORPORATION

/s/ JULIA RYAN

/s/ RACHAEL EASTON

Rachael Easton

Chief Financial Officer and Treasurer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the

following persons on behalf of the registrant and in the capacities and on the dates indicated.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ DAVID GLADSTONE

4 unchanged sentences

Vice Chairman and Chief Operating Officer

/s/ JULIA RYAN

/s/ RACHAEL EASTON

Rachael Easton

Chief Financial Officer and Treasurer (principal financial and accounting officer)

10 unchanged sentences

(AMOUNTS IN THOUSANDS)

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

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

Shares/Units (F)(G)

for Period (Q)

March 31, 2021

Additions (I)

Reductions (J)

(Depreciation)

Net Unrealized

(Depreciation) Value as of

March 31, 2022

AFFILIATE INVESTMENTS – 60.8%

1 unchanged sentence

Beverage, Food, and Tobacco – 0.0%

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

Head Country, Inc.

– Term Debt (L)

$ — $ — $ 2,318 $ 9,050 $ — $ (9,050) $ — $ —

Chemicals, Plastics, and Rubber – 6.0%

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)

PSI Molded Plastics, Inc.

– Term Debt (L+5.5%, 7.0% Cash, Due 01/2024)

26,618 — 1,994 22,985 — — 3,633 26,618

Diversified/Conglomerate Manufacturing –2.0%

D.P.M.S., Inc.

– Line of Credit (O)

— — 480 1,500 — (1,500) — —

D.P.M.S., Inc.

– Term Debt (O)

— — 60 5,751 — (10,796) 5,045 —

Edge Adhesives Holdings, Inc.

– Line of Credit (L)

— — 17 1,005 — (1,020) 15 —

Edge Adhesives Holdings, Inc.

– Term Debt (L+5.5%, 7.5% Cash, Due 08/2024)

9,210 — 989 9,161 900 (989) — 9,072

Edge Adhesives Holdings, Inc.

– Term Debt (L)

— — 70 2,955 — (3,000) 45 —

— 1,616 20,372 900 (17,305) 5,105 9,072

Diversified/Conglomerate Services – 20.5%

1 unchanged sentence

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

The Maids International, LLCLine of

22,000 — 4,846 22,000 — — — 22,000

- Atlanta, LLC - Term Debt (L+6.0%, 8.0% Cash, Due 10/2024) (K)(N)

16,500 — 241 — 16,475 — (1,452) 15,023

- Atlanta, LLC – Term Debt (L+10.3%, 11.8% Cash, Due 10/2024) (K)(N)

26,000 (10,000) 1,069 — 35,910 (10,000) (2,238) 23,672

- Atlanta, LLC – Term Debt (L+6.0%, 8.0% Cash, Due 03/2023) (K)(N)

2,438 — — — 2,438 — (219) 2,219

The Maids International, LLC – Term Debt (L+10.5%, 12.0% Cash, Due 03/2025)

28,560 — 3,475 28,560 — — — 28,560

(10,000) 9,631 50,560 54,823 (10,000) (3,909) 91,474

Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.6%

Old World Christmas, Inc.

– Term Debt (L+9.5%, 11.0% Cash, Due 12/2025)

25,000 $ — $ 3,283 $ 27,000 $ — $ (2,000) $ — $ 25,000

GLADSTONE INVESTMENT CORPORATION

1 unchanged sentence

(AMOUNTS IN THOUSANDS)

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

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

Shares/Units (F)(G)

for Period (Q)

March 31, 2021

Additions (I)

Reductions (J)

(Depreciation)

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

Old World Christmas, Inc.

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

Net Unrealized

(Depreciation) Value as of

March 31, 2022

Leisure, Amusement, Motion Pictures, and Entertainment – 0.0%

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%

SOG Specialty Knives & Tools, LLC – Term Debt (P)

— — — 538 — (538) — —

SOG Specialty Knives & Tools, LLC – Term Debt (P)

— — 4,288 8,399 — (8,399) — —

— 4,288 8,937 — (8,937) — —

Mining, Steel, Iron and Non-Precious Metals Total – 4.1%

Utah Pacific Bridge & Steel, Ltd., $2,000 available (L+8.5%, 10.0% Cash, Due 07/2022) (M)

— — — — — — — —

Utah Pacific Bridge & Steel, Ltd.

(L+10.0%, 11.5% Cash, Due 07/2026) (M)

18,250 — 1,428 — 18,250 — — 18,250

— 1,428 — 18,250 — — 18,250

Personal and Non-Durable Consumer Products (Manufacturing Only) – 1.0%

The Mountain Corporation – Line of Credit, $0 available (L+5.0%, 9.0% Cash, Due 05/2022) (K)

3,400 — — 3,400 — — — 3,400

The Mountain Corporation – Line of Credit, 100 available (L+5.0%, 9.0% Cash, Due 05/2023) (K)

800 — — — 800 — — 800

Pioneer Square Brands, Inc.

Term Debt (L+12.0%, 13.0% Cash, Due 8/2022)

– Term Debt (L)

— — 2,739 23,215 — (23,100) (115) —

— 2,739 26,615 800 (23,100) (115) 4,200

Telecommunications – 3.7%

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)

B+T Group Acquisition, Inc.

– Line of Credit, $0 available (L+11.0%, 13.0% Cash, Due 12/2024)

2,800 — 830 2,597 — — 203 2,800

B+T Group Acquisition, Inc.

– Term Debt (L+11.0%, 13.0% Cash, Due 12/2024)

14,000 — 4,151 12,985 — — 1,015 14,000

— 4,981 15,582 — — 1,218 16,800

Total Secured First Lien Debt

$ (10,000) $ 32,278 $ 181,101 $ 74,773 $ (70,392) $ 5,932 $ 191,414

Secured Second Lien Debt – 0.2%

Chemicals, Plastics, and Rubber0.0%

PSI Molded Plastics, Inc.

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

Diversified/Conglomerate Services – 0.0%

– Atlanta, LLC – Line of Credit (N)

$ — $ — $ — $ 9,975 $ 6,500 $ (16,475) $ — $ —

– Atlanta, LLC – Term Debt (N)

— — — 35,910 — (35,910) — —

— — 45,885 6,500 (52,385) — —

GLADSTONE INVESTMENT CORPORATION

1 unchanged sentence

(AMOUNTS IN THOUSANDS)

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

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

Shares/Units (F)(G)

for Period (Q)

March 31, 2021

Additions (I)

Reductions (J)

(Depreciation)

Diversified/Conglomerate Services 12.0%

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

(Manufacturing Only) 0.6%

Net Unrealized

(Depreciation) Value as of

March 31, 2022

Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.2%

The Mountain Corporation – Term Debt (L+4.0%, 7.0% Cash, Due 04/2024) (K)

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

4/2024) (K)(O)

11,700 — — 1,849 — — (926) 923

The Mountain Corporation – Delayed Draw Term Debt, $0 available (L+4.0%, 7.0% Cash, Due 04/2024) (K)

1,500 — — 237 — — (119) 118

— — 2,086 — — (1,045) 1,041

Total Secured Second Lien Debt

$ — $ — $ 47,971 $ 6,500 $ (52,385) $ (1,045) $ 1,041

Preferred Equity – 17.4%

Beverage, Food, and Tobacco – 0.0%

Head Country, Inc.Preferred Stock

Head Country, Inc.

– Preferred Stock (L)

$ — $ 3,627 $ — $ 6,469 — $ (4,000) $ (2,469) $ —

Chemicals, Plastics, and Rubber – 0.0%

1 unchanged sentence

– Preferred Stock

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)

Diversified/Conglomerate

Manufacturing0.0%

Channel Technologies Group, LLC Preferred Stock

158,598 — — — — — — —

Diversified/Conglomerate Manufacturing – 0.0%

Channel Technologies Group, LLC – Preferred Stock (L)

— $ (1,841) $ — $ — $ — $ (1,841) $ 1,841 $ —

Edge Adhesives Holdings, Inc.

– Preferred Stock

8,199 — — — — — — —

(1,841) — — — (1,841) 1,841 —

Diversified/Conglomerate Services – 4.3%

ImageWorks Display and Marketing

Group, Inc.Preferred Stock

Hobbs Co.Atlanta, LLC

ImageWorks Display and Marketing Group, Inc.

– Preferred Stock

67,490 — — 9,819 — — 6,586 16,405

– Atlanta, LLC – Preferred Stock

10,920 — — — — — — —

The Maids International, LLC - Preferred Stock

6,640 — — 3,560 — — (881) 2,679

— — 13,379 — — 5,705 19,084

Home and Office Furnishings, Housewares, and Durable Consumer Products – 8.5%

Old World Christmas, Inc.Preferred Stock

Old World Christmas, Inc.

– Preferred Stock

6,180 — 1,000 20,248 — — 17,594 37,842

Leisure, Amusement, Motion Pictures, and Entertainment – 0.0%

SOG Specialty Knives & Tools, LLC Preferred Stock

Personal and Non-Durable Consumer Products

(Manufacturing Only)8.4%

The Mountain CorporationPreferred Stock

Pioneer Square Brands, Inc.Preferred Stock

SOG Specialty Knives & Tools, LLC – Preferred Stock (P)

— — — 6,754 — (14,951) 8,197 —

Mining, Steel, Iron and Non-Precious Metals –1.3%

Utah Pacific Bridge & Steel, Ltd.

- Preferred Stock (M)

6,000 — — — 6,000 — — 6,000

GLADSTONE INVESTMENT CORPORATION

1 unchanged sentence

(AMOUNTS IN THOUSANDS)

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

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

Shares/Units (F)(G)

for Period (Q)

March 31, 2021

Additions (I)

Reductions (J)

(Depreciation)

Net Unrealized

(Depreciation) Value as of

March 31, 2022

Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%

The Mountain Corporation – Preferred Stock

6,899 — — — — — — —

Pioneer Square Brands, Inc.

– Preferred Stock (L)

— 21,939 1,589 32,055 — (5,500) (26,555) —

21,939 1,589 32,055 — (5,500) (26,555) —

Telecommunications – 3.3%

B+T Group Acquisition, Inc.Preferred Stock

B+T Group Acquisition, Inc.

– Preferred Stock

14,304 $ — $ — $ — $ — $ — $ 14,746 $ 14,746

Total Preferred Equity

$ 23,725 $ 2,589 $ 78,905 $ 6,000 $ (26,292) $ 19,059 $ 77,672

Common Equity/Equivalents – 0.3%

Diversified/Conglomerate

Manufacturing0.0%

Channel Technologies Group, LLCCommon Stock

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

Diversified/Conglomerate Manufacturing – 0.1%

Channel Technologies Group, LLC – Common Stock (L)

— $ — $ — $ — $ — $ — $ — $ —

D.P.M.S., Inc.

– Common Stock (O)

— — — — — — — —

— — — — — — —

Diversified/Conglomerate Services - 0.0%

Nth Degree Investment Group, LLC – Common Stock

Personal and Non-Durable Consumer Products

(Manufacturing Only)0.0%

14,360,000 — — — — — 511 511

Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0%

The Mountain Corporation – Common Stock

751 — — — — — — —

Telecommunications - 0.2%

B+T Group Acquisition, Inc.Common Stock Warrants

B+T Group Acquisition, Inc.

- Common Stock Warrants

3.5 % — — — — — 921 921

Total Common Equity/Equivalents

$ — $ — $ — $ — $ — $ 1,432 $ 1,432

TOTAL AFFILIATE INVESTMENTS $ 13,725 $ 34,867 $ 307,977 $ 87,273 $ (149,069) $ 25,378 $ 271,559

CONTROL INVESTMENTS – 0.2%

Secured Second Lien Debt – 0.0%

Aerospace and Defense – 0.0%

Galaxy Tool Holding Corporation – Line of Credit (O)

$ — $ — $ 144 $ 5,000 $ — $ (5,000) $ — $ —

Galaxy Tool Holding Corporation – Term Debt (O)

— — 356 8,000 — (8,000) — —

$ — $ 500 $ 13,000 $ — $ (13,000) $ — $ —

GLADSTONE INVESTMENT CORPORATION

1 unchanged sentence

(AMOUNTS IN THOUSANDS)

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

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

Shares/Units (F)(G)

for Period (Q)

March 31, 2021

Additions (I)

Reductions (J)

(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)

Net Unrealized

(Depreciation) Value as of

March 31, 2022

Preferred Equity – 0.0%

Aerospace and Defense – 0.0%

Galaxy Tool Holding CorporationPreferred Stock

Galaxy Tool Holding Corporation – Preferred Stock (O)

— $ — $ — $ 14,630 $ — $ (11,464) $ (3,166) $ —

Common Equity –0.2%

Aerospace and Defense – 0.0%

Galaxy Tool Holding CorporationCommon Stock

Galaxy Tool Holding Corporation – Common Stock (O)

— — — — — (48) 48 —

Leisure, Amusement, Motion Pictures, and Entertainment – 0.2%

Gladstone SOG Investments, Inc.

- Common Stock (P)

100 — — — 620 — 93 713

Total Common Equity/Equivalents $ — $ — — $ — — $ 620 — $ (48) — $ 141 — $ 713

TOTAL CONTROL INVESTMENTS $ — $ 500 $ 27,630 $ 620 $ (24,512) $ (3,025) $ 713

TOTAL AFFILIATE AND CONTROL INVESTMENTS

GLADSTONE INVESTMENT CORPORATION

INVESTMENTS IN AND ADVANCES TO AFFILIATES (Continued)

(AMOUNTS IN THOUSANDS)

Certain of the listed securities are issued by affiliate(s) of the indicated portfolio company.

The majority of

the securities listed, totaling $524.0 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5 Borrowings in the accompanying Notes to Consolidated Financial

Additionally, under Section 55 of the Investment Company Act of 1940, as amended (the 1940 Act), we may not acquire any non-qualifying assets unless, at the time such

acquisition is made, qualifying assets represent at least 70% of our total assets.

As of March 31, 2021, our investment in Funko Acquisition Holdings, LLC (Funko) is considered a

non-qualifying asset under Section 55 of the 1940 Act and represents less than 0.1% of total investments, at fair value.

Common stock, warrants, options and, in some cases, preferred stock are generally non-income-producing and restricted.

Unless indicated otherwise, all cash interest rates are indexed to

30-day London Interbank Offered Rate (LIBOR), which was 0.1% as of March 31, 2021.

If applicable, paid-in-kind

interest rates are noted separately from the cash interest rate.

$ 13,725 $ 35,367 $ 335,607 $ 87,893 $ (173,581) $ 22,353 $ 272,272

(A) Certain of the listed securities are issued by affiliate(s) of the indicated portfolio company.

The majority of the securities listed, together with certain non-control and non-affiliate investments, totaling $537.5 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements .

Additionally, under Section 55 of the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets.

As of March 31, 2022, our investment in Funko Acquisition Holdings, LLC (“Funko”) is considered a non-qualifying asset under Section 55 of the 1940 Act and represents less than 0.1% of total investments, at fair value.

(B) Common stock, warrants, options and, in some cases, preferred stock are generally non-income-producing and restricted.

(C) Unless indicated otherwise, all cash interest rates are indexed to 30-day London Interbank Offered Rate (“LIBOR”), which was 0.5% as of March 31, 2022.

If applicable, paid-in-kind interest rates are noted separately from the cash interest rate.

Certain securities are subject to an interest rate floor.

1 unchanged sentence

Due dates represent the contractual maturity date.

Category percentages represent the fair value of each category and subcategory as a percentage of net assets as

of March 31, 2021.

Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the Financial

Accounting Standards Board Accounting Standard Codification Topic 820, Fair Value Measurements and Disclosures fair value hierarchy.

Refer to Note 3 Investments in the accompanying Notes to Consolidated

Financial Statements for additional information.

Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned

within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase.

Represents the principal balance for debt investments and the number of shares/units held for equity

Warrants are represented as a percentage of ownership, as applicable.

Represents the total amount of interest, dividend, success fee, or other investment income credited to income

for the portion of the year an investment was an affiliate investment or control investment and on accrual status, as appropriate.

Gross additions include increases in investments resulting from new portfolio investments, the amortization of

discounts and fees, and the exchange of one or more existing securities for one or more new securities.

Gross reductions include decreases in investments resulting from principal collections related to investment

repayments or sales, the amortization of premiums and acquisition costs, and the exchange of one or more existing securities for one or more new securities.

Debt security is on non-accrual status.

Debt security does not have a stated current interest rate.

Debt security has a fixed interest rate.

Investment was exited/paid off during the year ended March 31, 2021.

New investment during the year ended March 31, 2021.

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

periods presented.

Information related to the amount of equity in the net profit and loss for the period for the investments

listed has not been included in this schedule.

This information is not considered to be meaningful due to the complex capital structures of the portfolio companies, with different classes of equity securities outstanding with different preferences

in liquidation.

(D) Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of March 31, 2022.

(E) Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the Financial Accounting Standards Board Accounting Standard Codification Topic 820, “ Fair Value Measurements and Disclosures ” fair value hierarchy.

Refer to Note 3 — Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(F) Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase.

(G) Represents the principal balance for debt investments and the number of shares/units held for equity investments as of March 31, 2022.

Warrants are represented as a percentage of ownership, as applicable, as of March 31, 2022.

(H) Represents the total amount of interest, dividend, success fee, or other investment income credited to income for the portion of the year ending March 31, 2022 an investment was an affiliate investment or control investment and on accrual status, as appropriate.

(I) Gross additions include increases in investments resulting from new portfolio investments, the amortization of discounts and fees, and the exchange of one or more existing securities for one or more new securities during the year ended March 31, 2022.

(J) Gross reductions include decreases in investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and acquisition costs, and the exchange of one or more existing securities for one or more new securities during the year ended March 31, 2022.

GLADSTONE INVESTMENT CORPORATION

INVESTMENTS IN AND ADVANCES TO AFFILIATES (Continued)

(AMOUNTS IN THOUSANDS)

(K) Debt security is on non-accrual status as of March 31, 2022.

(L) Investment was exited/paid off during the year ended March 31, 2022.

(M) New investment during the year ended March 31, 2022.

- Atlanta,.’s term debt was transferred from second lien to first lien debt during the year ended March 31, 2022.

(O) During the year ended March 31, 2022, D.P.M.S., Inc.

merged with Galaxy Tool Holding Corporation to form a new portfolio company, Galaxy Technologies Holdings, Inc., which is neither an affiliate investment nor a control investment.

(P) During the year ended March 31, 2022, we exited our investment of SOG Specialty Knives & Tools, LLC, which resulted in a remaining equity investment in Gladstone SOG Investments, Inc., a control investment.

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

** Information related to the amount of equity in the net profit and loss for the period for the investments listed has not been included in this schedule.

These investments are not consolidated, nor are they accounted for under the equity method of accounting.

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