What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2025-05-13 compared with 2024-05-08 · 364 added, 357 removed, 1542 unchanged (32% of the section changed)

26 unchanged sentences

We have also previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statements of assets and liabilities, including the consolidated schedules of investments, of the Company as of March 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, and 2016, and the related consolidated statements of operations, changes in net assets and cash flows for the years ended March 31, 2022, 2021, 2020, 2019, 2018, 2017, and 2016 (none of which are presented herein), and we expressed unqualified opinions on those consolidated financial statements.

In our opinion, the information set forth in the Senior Securities table of the Company for each of the ten years in the period ended March 31, 2024, appearing on pages 50-51 under Item 5 of this Form 10-K, is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived.

In our opinion, the information set forth in the Senior Securities table of the Company for each of the ten years in the period ended March 31, 2025, appearing on Item 5 of this Form 10-K, is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived.

Basis for Opinion

12 unchanged sentences

Our procedures included confirmation of securities owned as of March 31, 2025 and 2024 by correspondence with the custodian, portfolio company investees, and an escrow agent.

when replies were not received, we performed other auditing procedures.

We believe that our audits provide a reasonable basis for our opinion.

10 unchanged sentences

These procedures included, among others, either (i) testing management’s process for determining the fair value estimate, including testing the completeness and accuracy of data provided by management, evaluating the appropriateness of management’s valuation methods, and evaluating the reasonableness of the EBITDA and EBITDA multiples and revenue and revenue multiples used in a total enterprise value and the modified discount rate used in a yield analysis by considering current and past performance of the investment, consistency of the unobservable inputs with external market data and evidence obtained in other areas of the audit, and management’s historical forecasting accuracy, or (ii) the involvement of professionals with specialized skill and knowledge to assist in developing an independent fair value estimate for certain level 3 investments and comparison of management’s estimate to the independently developed estimate.

Developing an independent fair value estimate involved testing the completeness and accuracy of data provided by management and independently developing significant unobservable inputs related to the EBITDA and EBITDA multiples or revenue and revenue multiples for those investments valued using a total enterprise value.

Developing an independent fair value estimate involved testing the completeness and accuracy of data provided by management and independently developing significant unobservable inputs related to the modified discount rate for those investments valued using a yield analysis and the EBITDA and EBITDA multiples or revenue and revenue multiples for those investments valued using a total enterprise value.

/s/ PricewaterhouseCoopers LLP

8 unchanged sentences

Affiliate investments (Cost of $ 359,286 and $ 292,082 , respectively)

330,388 295,366

Control investments (Cost of $ 17,409 and $ 17,409 , respectively)

5 unchanged sentences

Other assets, net

Line of credit at fair value (Cost of $ 67,000 and $ 35,200 , respectively)

$ 1,006,404 $ 938,083

Line of credit at fair value (Cost of $ 0 and $ 67,000 , respectively)

Notes payable, net

1 unchanged sentence

Total borrowings

455,709 398,345

Accounts payable and accrued expenses

1 unchanged sentence

Fees due to Adviser (A)

43,817 41,344

Fee due to Administrator (A)

1 unchanged sentence

TOTAL LIABILITIES

507,320 445,372

Commitments and contingencies (B)

4 unchanged sentences

Capital in excess of par value

445,512 444,706

Cumulative net unrealized appreciation of investments 40,254 66,214

Cumulative net unrealized depreciation of other — 29

Overdistributed net investment income

( 5,325 ) ( 19,562 )

Accumulated net realized gain in excess of distributions

Total distributable earnings

53,535 47,968

TOTAL NET ASSETS

$ 499,084 $ 492,711

NET ASSET VALUE PER SHARE

12 unchanged sentences

Affiliate investments 23,605 24,578 18,323

Control investments — — 500

Cash and cash equivalents 245 792 81

19 unchanged sentences

Interest expense on borrowings 28,246 24,121 15,877

Dividends on mandatorily redeemable preferred stock — — 2,306

Amortization of deferred financing costs and discounts 2,852 2,305 1,802

14 unchanged sentences

Control investments — ( 13,768 ) ( 277 )

Other — — ( 1,998 )

Total net realized gain 63,184 30,256 10,753

4 unchanged sentences

Other — ( 29 ) 29

Total net unrealized appreciation (depreciation) 33,272 ( 12,206 ) 74,882

Total net unrealized (depreciation) appreciation ( 25,960 ) 33,272 ( 12,206 )

Net realized and unrealized gain (loss) 37,224 63,528 ( 1,453 )

19 unchanged sentences

Net realized gain on investments 63,184 30,256 10,753

Net realized loss on other — — ( 1,998 )

Net unrealized appreciation (depreciation) of investments 33,301 ( 12,235 ) 74,882

Net unrealized (depreciation) appreciation of investments ( 25,960 ) 33,301 ( 12,235 )

Net unrealized (appreciation) depreciation of other — ( 29 ) 29

29 unchanged sentences

$ 65,319 $ 85,305 $ 35,547

Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:

Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:

Purchase of investments

6 unchanged sentences

( 63,184 ) ( 30,256 ) ( 10,753 )

Net realized loss on other

Net unrealized (appreciation) depreciation of investments

Net unrealized depreciation (appreciation) of investments

25,960 ( 33,301 ) 12,235

1 unchanged sentence

Amortization of premiums, discounts, and acquisition costs, net

— ( 12 ) ( 18 )

Amortization of deferred financing costs and discounts

2 unchanged sentences

Changes in assets and liabilities:

(Increase) decrease in interest receivable

Decrease (increase) in interest receivable

761 ( 4,589 ) 4

Decrease (increase) in due from administrative agent

Decrease in due from administrative agent

536 472 2,507

(Increase) decrease in other assets, net

Increase in other assets, net

( 436 ) ( 181 ) ( 446 )

(Decrease) increase in accounts payable and accrued expenses

Increase (decrease) in accounts payable and accrued expenses

559 ( 54 ) ( 13 )

5 unchanged sentences

Increase in other liabilities

Net cash (used in) provided by operating activities ( 69,938 ) ( 4,504 ) 36,599

Net cash provided by (used in) operating activities 16,308 ( 69,938 ) ( 4,504 )

CASH FLOWS FROM FINANCING ACTIVITIES

9 unchanged sentences

126,500 74,750 —

Redemption of mandatorily redeemable preferred stock

— — ( 94,371 )

Deferred financing and offering costs

2 unchanged sentences

( 60,951 ) ( 76,061 ) ( 47,050 )

Net cash provided by (used in) by financing activities

Net cash (used in) provided by financing activities

( 4,374 ) 69,910 ( 6,743 )

NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS

11,934 ( 28 ) ( 11,247 )

13 unchanged sentences

("Ginsey"), there was a $ 5.1 million payment made by Ginsey to extinguish our secured borrowing liability.

Refer to Note 3 - Investments and Note 5 - Borrowings for further discussion.

• In December 2022, we replaced our previously outstanding secured second lien term loan and second lien delayed draw term loan to The Mountain with a total aggregate cost basis of $ 13.2 million with a new $ 3.2 million secured second lien term loan, which resulted in a realized loss of $ 10.0 million.

For the year ended March 31, 2022:

• In March 2022, we replaced our previously outstanding first lien term loan to J.R.

- Atlanta, LLC ("J.R.

Hobbs") with a total cost basis of $ 36.0 million with a new $ 26.0 million first lien term loan, which resulted in a realized loss of $ 10.0 million.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

8 unchanged sentences

Secured First Lien Debt – 60.3 %

Buildings and Real Estate Total – 7.8 %

Aerospace and Defense – 12.3 %

Ricardo Defense, Inc.

(K) – Term Debt (SOFR+ 9.0 %, 13.3 % Cash, Due 12/2029) (J)

$ 61,305 $ 61,305 $ 61,305

Buildings and Real Estate – 7.7 %

Dema/Mai Holdings, Inc.

30 unchanged sentences

36,750 36,750

Hotels, Motels, Inns, and Gaming Total – 13.2 %

Nocturne Luxury Villas, Inc.

– Line of Credit, $ 0 available (SOFR+ 8.0 %, 13.3 % Cash, Due 6/2025) (J)

4,000 4,000 4,000

Nocturne Luxury Villas, Inc.

– Term Debt (SOFR+ 10.5 %, 14.5 % Cash, Due 6/2026) (J)(P)

61,100 61,100 61,100

65,100 65,100

Leisure, Amusement, Motion Pictures, and Entertainment – 5.6 %

3 unchanged sentences

Oil and Gas – 6.8 %

The E3 Company, LLC – Line of Credit, $ 1,000 available (SOFR+ 5.5 %, 10.8 % Cash, Due 2/2025) (J)

1,000 1,000 1,000

The E3 Company, LLC – Term Debt (SOFR+ 9.0 %, 13.5 % Cash, Due 9/2028) (J)

33,750 33,750 33,750

34,750 34,750

Printing and Publishing – 2.3 %

3 unchanged sentences

Home Concepts Acquisition, Inc.

– Line of Credit, $ 0 available (SOFR+ 6.0 %, 10.3 % Cash, Due 11/2025) (J)

Home Concepts Acquisition, Inc.

– Term Debt (SOFR+ 9.0 %, 13.3 % Cash, Due 5/2028) (J)

12 unchanged sentences

Cargo Transport – 2.5 %

Diligent Delivery Systems – Term Debt (SOFR+ 9.0 %, 14.3 % Cash, Due 9/2024) (Q)

Diligent Delivery Systems – Term Debt (SOFR+ 9.0 %, 13.3 % Cash, Due 9/2025) (G)(I)

13,000 13,000 12,624

13 unchanged sentences

Preferred Equity – 40.2 %

Aerospace and Defense – 3.5 %

Ricardo Defense, Inc.

(K) – Preferred Stock (C)(J)

17,388 $ 17,388 $ 17,388

Buildings and Real Estate – 6.2 %

Dema/Mai Holdings, Inc.

– Preferred Equity (C)(J)

– Preferred Stock (C)(J)

21,000 21,000 31,070

17 unchanged sentences

16,236 60,947

Hotels, Motels, Inns, and Gaming – 2.5 %

Nocturne Luxury Villas, Inc.

– Preferred Stock (C)(J)

6,600 6,600 12,266

Leisure, Amusement, Motion Pictures, and Entertainment – 4.1 %

17 unchanged sentences

Cargo Transport – 0.0 %

Diligent Delivery Systems – Common Stock Warrants (C)(Q)

Diligent Delivery Systems – Common Stock Warrants (C)(J)

Diversified/Conglomerate Manufacturing – 0.0 %

9 unchanged sentences

18,721 30,746 50,788

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

Funko Acquisition Holdings, LLC (K) – Common Units (C)(O)

Total Common Equity/Equivalents $ 44,597 $ 54,268

25 unchanged sentences

100,498 80,883

Electronics – 9.9 %

Nielsen-Kellerman Acquisition Corp.

(K) – Line of Credit, $ 2,820 available (SOFR+ 5.0 %, 10.0 % Cash, Due 12/2025) (J)

1,070 1,070 1,070

Nielsen-Kellerman Acquisition Corp.

(K) – Term Debt (SOFR+ 8.5 %, 13.5 % Cash, Due 12/2029) (J)

48,082 48,082 48,082

49,152 49,152

Home and Office Furnishings, Housewares, and Durable Consumer Products – 7.6 %

2 unchanged sentences

38,000 38,000 38,000

Mining, Steel, Iron and Non-Precious Metals Total – 3.7 %

Utah Pacific Bridge & Steel, Ltd.

Leisure, Amusement, Motion Pictures, and Entertainment – 4.5 %

Pyrotek Special Effects, Inc.

(P) – Line of Credit, $ 500 available (SOFR+ 5.0 %, 10.0 % Cash, Due 11/2026) (J)

2,500 2,500 2,500

Pyrotek Special Effects, Inc.

(P) – Term Debt (SOFR+ 8.0 %, 13.0 % Cash, Due 11/2029) (J)

20,120 20,120 20,120

22,620 22,620

Mining, Steel, Iron and Non-Precious Metals – 3.0 %

UPB Acquisition, Inc.

– Term Debt (SOFR+ 10.0 %, 14.3 % Cash, Due 7/2026) (J)

2 unchanged sentences

B+T Group Acquisition, Inc.

(K) – Line of Credit, $ 0 available (SOFR+ 2.0 %, 7.3 % Cash, Due 12/2026) (J)

(K) – Line of Credit, $ 0 available (SOFR+ 2.0 %, 7.0 % Cash, Due 12/2026) (G)(J)

3,080 3,080 3,080

B+T Group Acquisition, Inc.

(K) – Line of Credit, $ 394 available (SOFR+ 2.0 %, 7.3 % Cash, Due 6/2025) (J)

(K) – Line of Credit, $ 120 available (SOFR+ 2.0 %, 7.0 % Cash, Due 6/2025) (G)(J)

B+T Group Acquisition, Inc.

(K) – Term Debt (SOFR+2.0%, 7.3 % Cash, Due 12/2026) (J)

(K) – Term Debt (SOFR+ 2.0 %, 7.0 % Cash, Due 12/2026) (G)(J)

14,000 14,000 3,575

5 unchanged sentences

$ 10,616 $ 10,616 $ 10,616

Diversified/Conglomerate Services – 5.1 %

Nth Degree, Inc.

– Term Debt (SOFR+ 8.5 %, 13.8 % Cash, Due 6/2029) (I)

25,000 25,000 25,000

Total Secured Second Lien Debt

13 unchanged sentences

6,640 6,640 8,410

24,309 21,331

Electronics – 4.5 %

Nielsen-Kellerman Acquisition Corp.

(K) – Preferred Stock (C)(J)

22,169 22,169 22,421

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

MARCH 31, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

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

Principal/Shares/ Units (F)(H)

Cost Fair Value

Home and Office Furnishings, Housewares, and Durable Consumer Products – 4.7 %

2 unchanged sentences

6,180 $ — $ 23,539

Leisure, Amusement, Motion Pictures, and Entertainment – 1.4 %

Pyrotek Special Effects, Inc.

(P) – Preferred Stock (C)(J)

7,060 7,060 7,260

Mining, Steel, Iron and Non-Precious Metals – 5.2 %

Utah Pacific Bridge & Steel, Ltd.

UPB Acquisition, Inc.

– Preferred Stock (C)(J)

5 unchanged sentences

Total Preferred Equity $ 100,390 $ 101,557

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

MARCH 31, 2024

(DOLLAR AMOUNTS IN THOUSANDS)

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

Principal/Shares/ Units (F)(H)

Cost Fair Value

Common Equity/Equivalents – 1.0 %

Diversified/Conglomerate Services – 10.4 %

Nth Degree Investment Group, LLC – Common Stock (C)(J)

Finance – 1.0 %

Gladstone Alternative Income Fund – Common Equity (C)(O)

500,000 $ 5,000 $ 4,975

18 unchanged sentences

Total Control Investments $ 17,409 $ 343

TOTAL INVESTMENTS – 186.8 % (R)

TOTAL INVESTMENTS – 196.2 % (Q)

$ 939,066 $ 979,320

2 unchanged sentences

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, 2024, our investment in Funko Acquisition Holdings, LLC ("Funko") was considered a non-qualifying asset under Section 55 of the 1940 Act and represented less than 0.1 % of total investments, at fair value.

(B) Unless indicated otherwise, all cash interest rates are indexed to 30-day Secured Overnight Financing Rate ("SOFR"), which was 4.3 % as of March 31, 2025.

8 unchanged sentences

(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.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

MARCH 31, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

(G) Debt security is on non-accrual status.

1 unchanged sentence

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

(I) Fair value was based on internal yield analysis or on estimates of value submitted by a third-party valuation firm.

(I) Fair value was based on an internal yield analysis or on estimates of value submitted by a third-party valuation firm.

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

1 unchanged sentence

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

(K) One of our affiliated funds, Gladstone Capital Corporation, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S.

(K) One or more of our affiliated funds, Gladstone Capital Corporation and Gladstone Alternative Income Fund, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S.

Securities and Exchange Commission.

(L) Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

MARCH 31, 2024

(DOLLAR AMOUNTS IN THOUSANDS)

(M) Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.

(N) Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.

(O) Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy.

Our common units in Funko are convertible into class A common stock in Funko, Inc.

upon meeting certain requirements.

Fair value was based on the closing market price of shares of Funko, Inc.

as of the reporting date, less a discount for lack of marketability.

is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information.

(P) Debt security is subject to an interest rate ceiling.

(Q) Fair value was based on the expected exit or payoff amount, where such event has occurred or is expected to occur imminently.

(R) Cumulative gross unrealized appreciation for federal income tax purposes is $ 180.5 million;

(O) Fair value was based on net asset value, provided by the underlying fund, as a practical expedient.

(P) This portfolio company is headquartered in Ontario, Canada.

(Q) Cumulative gross unrealized appreciation for federal income tax purposes is $ 183.3 million;

cumulative gross unrealized depreciation for federal income tax purposes is $ 144.9 million.

12 unchanged sentences

Dema/Mai Holdings, Inc.

– Term Debt (L+ 11.0 %, 15.9 % Cash, Due 7/2027) (J)

– Term Debt (SOFR+ 11.0 %, 16.3 % Cash, Due 7/2027) (J)

$ 38,250 $ 38,250 $ 38,250

Diversified/Conglomerate Manufacturing – 1.1 %

Phoenix Door Systems, Inc – Line of Credit, $ 0 available (L+ 7.0 %, 11.9 % Cash ( 0.3 % Unused Fee), Due 3/2024) (I)

Phoenix Door Systems, Inc.

– Line of Credit, $ 0 available (SOFR+ 7.0 %, 12.3 % Cash ( 0.3 % Unused Fee), Due 9/2026) (J)

2,750 2,750 2,750

Phoenix Door Systems, Inc.

– Term Debt (L+ 11.0 %, 15.9 % Cash, Due 9/2024) (I)

– Term Debt (SOFR+ 11.0 %, 16.3 % Cash, Due 9/2026) (J)

3,200 3,200 2,817

Diversified/Conglomerate Services – 16.8 %

Counsel Press, Inc.

– Term Debt (L+ 11.8 %, 16.6 % Cash, Due 3/2024) (J)

21,100 21,100 21,100

Counsel Press, Inc.

– Term Debt (L+ 13.0 %, 17.9 % Cash, Due 3/2024) (J)

6,400 6,400 6,400

Horizon Facilities Services, Inc.

– Term Debt (L+ 7.5 %, 12.4 % Cash, Due 6/2026) (J)

– Term Debt (SOFR+ 7.5 %, 12.8 % Cash, Due 6/2026) (J)

57,700 57,700 57,700

Mason West, LLC – Term Debt (L+ 10.0 %, 14.9 % Cash, Due 7/2025) (J)

Mason West, LLC – Term Debt (SOFR+ 10.0 %, 15.3 % Cash, Due 7/2025) (J)

25,250 25,250 25,250

2 unchanged sentences

Educators Resource, Inc.

– Term Debt (L+ 10.5 %, 15.4 % Cash, Due 11/2023) (J)

– Term Debt (SOFR+ 10.5 %, 15.8 % Cash, Due 3/2025) (J)

20,000 20,000 20,000

1 unchanged sentence

Brunswick Bowling Products, Inc.

– Term Debt (L+ 10.0 %, 14.9 % Cash, Due 1/2026) (J)

– Term Debt (SOFR+ 10.0 %, 15.3 % Cash, Due 1/2026) (J)

17,700 17,700 17,700

Brunswick Bowling Products, Inc.

– Term Debt (L+ 10.0 %, 14.9 % Cash, Due 1/2026) (J)

– Term Debt (SOFR+ 10.0 %, 15.3 % Cash, Due 1/2026) (J)

6,850 6,850 6,850

Ginsey Home Solutions, Inc.

– Term Debt (L+ 10.0 %, 14.9 % Cash, Due 11/2025) (J)

– Term Debt (SOFR+ 10.0 %, 15.3 % Cash, Due 11/2025) (J)

12,200 12,200 12,200

2 unchanged sentences

Nocturne Luxury Villas, Inc.

– Line of Credit, $ 2,000 available (L+ 8.0 %, 12.9 % Cash, Due 6/2024) (J)

– Line of Credit, $ 0 available (SOFR+ 8.0 %, 13.3 % Cash, Due 6/2025) (J)

4,000 4,000 4,000

Nocturne Luxury Villas, Inc.

– Term Debt (L+ 10.5 %, 15.4 % Cash, Due 6/2026) (J)

– Term Debt (SOFR+ 10.5 %, 14.5 % Cash, Due 6/2026) (J)(P)

61,100 61,100 61,100

2 unchanged sentences

Schylling, Inc.

– Term Debt (L+ 11.0 %, 15.9 % Cash, Due 5/2025) (J)

– Term Debt (SOFR+ 11.0 %, 16.3 % Cash, Due 5/2025) (J)

27,981 27,981 27,981

Oil and Gas – 7.1 %

The E3 Company, LLC – Line of Credit, $ 1,000 available (SOFR+ 5.5 %, 10.8 % Cash, Due 2/2025) (J)

1,000 1,000 1,000

The E3 Company, LLC – Term Debt (SOFR+ 9.0 %, 14.3 % Cash, Due 9/2028) (J)

33,750 33,750 33,750

34,750 34,750

Printing and Publishing – 2.6 %

Home Concepts Acquisition, Inc.

– Line of Credit, $ 1,000 available (SOFR+ 6.0 %, 11.3 % Cash, Due 11/2024) (J)

1,000 1,000 1,000

Home Concepts Acquisition, Inc.

– Term Debt (SOFR+ 9.0 %, 14.3 % Cash, Due 5/2028) (J)

12,000 12,000 12,000

13,000 13,000

Total Secured First Lien Debt $ 324,731 $ 324,348

2 unchanged sentences

Galaxy Technologies Holdings, Inc.

– Term Debt (L+ 4.1 %, 9.0 % Cash, Due 10/2026) (J)

– Term Debt (SOFR+ 4.1 %, 9.4 % Cash, Due 10/2026) (J)

$ 6,900 $ 6,900 $ 6,900

Galaxy Technologies Holdings, Inc.

– Term Debt (L+ 7.0 %, 11.9 % Cash, Due 10/2026) (J)

– Term Debt (SOFR+ 7.0 %, 12.3 % Cash, Due 10/2026) (J)

18,796 18,796 18,796

1 unchanged sentence

Cargo Transport – 2.6 %

Diligent Delivery Systems – Term Debt (L+ 9.0 %, 13.9 % Cash, Due 5/2024) (I)

Diligent Delivery Systems – Term Debt (SOFR+ 9.0 %, 14.3 % Cash, Due 9/2024) (Q)

13,000 13,000 13,000

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2024

(DOLLAR AMOUNTS IN THOUSANDS)

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

Principal/Shares/

Cost Fair Value

Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 11.1 %

SFEG Holdings, Inc.

– Term Debt (L+ 7.0 %, 11.9 % Cash, Due 11/2024) (J)

3,128 3,128 3,128

SFEG Holdings, Inc.

– Term Debt (L+ 7.0 %, 11.9 % Cash, Due 11/2024) (J)

12,516 $ 12,516 $ 12,516

– Term Debt (SOFR+ 7.0 %, 12.5 % Cash, Due 10/2028) (J)

$ 54,644 $ 54,644 $ 54,644

5 unchanged sentences

21,000 $ 21,000 $ 22,181

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2023

(DOLLAR AMOUNTS IN THOUSANDS)

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

Principal/Shares/

Cost Fair Value

Diversified/Conglomerate Services – 4.0 %

Counsel Press, Inc.

– Preferred Stock (C)(J)

6,995 6,995 27,885

Horizon Facilities Services, Inc.

– Preferred Stock (C)(J)

10,080 — 12,345

Mason West, LLC – Preferred Stock (C)(J)

21 unchanged sentences

4,000 4,000 11,369

Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 1.0 %

SFEG Holdings, Inc.

Oil and Gas – 3.3 %

The E3 Company, LLC – Preferred Stock (C)(J)

11,233 11,233 16,421

Printing and Publishing - 0.3 %

Home Concepts Acquisition, Inc.

– Preferred Stock (C)(J)

8 unchanged sentences

Cargo Transport – 0.1 %

Diligent Delivery Systems – Common Stock Warrants (C)(J)

8 % 500 1,724

Diligent Delivery Systems – Common Stock Warrants (C)(Q)

Diversified/Conglomerate Manufacturing– 0.0 %

10 unchanged sentences

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

Funko Acquisition Holdings, LLC (L) – Common Units (C)(O)

Funko Acquisition Holdings, LLC (K) – Common Units (C)(O)

Total Common Equity/Equivalents $ 44,618 $ 42,023

10 unchanged sentences

Secured First Lien Debt – 30.0 %

Diversified/Conglomerate Manufacturing – 1.0 %

Edge Adhesives Holdings, Inc.

(L) – Term Debt (L+ 5.5 %, 10.4 % Cash, Due 8/2024) (G)(J)

$ 9,210 $ 9,210 $ 4,255

Diversified/Conglomerate Services – 15.7 %

ImageWorks Display and Marketing Group, Inc.

– Term Debt (L+ 11.0 %, 15.9 % Cash, Due 11/2025) (J)

– Term Debt (SOFR+ 11.0 %, 16.3 % Cash, Due 11/2025) (J)

$ 22,000 $ 22,000 $ 22,000

- Atlanta, LLC – Line of Credit, $ 0 available (L+ 6.0 %, 10.9 % Cash, Due 6/2025) (G)(J)

- Atlanta, LLC – Line of Credit, $ 0 available (SOFR+ 6.0 %, 11.3 % Cash, Due 6/2025) (G)(J)

5,000 5,000 2,682

- Atlanta, LLC – Term Debt (L+ 6.0 %, 10.9 % Cash, Due 6/2025) (G)(J)

- Atlanta, LLC – Term Debt (SOFR+ 6.0 %, 11.3 % Cash, Due 6/2025) (G)(J)

16,500 16,500 8,852

- Atlanta, LLC – Term Debt (L+ 10.3 %, 15.1 % Cash, Due 6/2025) (G)(J)

- Atlanta, LLC – Term Debt (SOFR+ 10.3 %, 15.6 % Cash, Due 6/2025) (G)(J)

26,000 26,000 13,949

- Atlanta, LLC – Term Debt (L+ 6.0 %, 10.9 % Cash, Due 6/2025) (G)(J)

- Atlanta, LLC – Term Debt (SOFR+ 6.0 %, 11.3 % Cash, Due 6/2025) (G)(J)

2,438 2,438 1,308

The Maids International, LLC – Term Debt (L+ 10.5 %, 15.4 % Cash, Due 3/2025) (J)

The Maids International, LLC – Term Debt (SOFR+ 10.5 %, 15.8 % Cash, Due 3/2025) (J)

28,560 28,560 28,560

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Old World Christmas, Inc.

– Term Debt (L+ 9.5 %, 14.4 % Cash, Due 12/2025) (J)

– Term Debt (SOFR+ 9.5 %, 14.8 % Cash, Due 12/2025) (J)

43,000 43,000 43,000

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Utah Pacific Bridge & Steel, Ltd.

– Term Debt (L+ 10.0 %, 14.9 % Cash, Due 7/2026) (J)

– Term Debt (SOFR+ 10.0 %, 15.3 % Cash, Due 7/2026) (J)

18,250 18,250 18,250

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B+T Group Acquisition, Inc.

(K) – Line of Credit, $ 0 available (L+ 11.0 %, 15.9 % Cash, Due 12/2024) (J)

(K) – Line of Credit, $ 0 available (SOFR+ 2.0 %, 7.3 % Cash, Due 12/2026) (J)

3,080 3,080 3,080

B+T Group Acquisition, Inc.

(K) – Term Debt (L+ 11.0 %, 15.9 % Cash, Due 12/2024) (J)

14,000 14,000 14,000

(K) – Line of Credit, $ 394 available (SOFR+ 2.0 %, 7.3 % Cash, Due 6/2025) (J)

B+T Group Acquisition, Inc.

(K) – Term Debt (SOFR+ 2.0 %, 7.3 % Cash, Due 12/2026) (J)

14,000 14,000 5,266

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PSI Molded Plastics, Inc.

– Term Debt (L+ 5.5 %, 10.4 % Cash, Due 1/2024) (J)

– Term Debt (SOFR+ 5.5 %, 10.8 % Cash, Due 1/2026) (J)

$ 26,618 $ 26,618 $ 20,363

Diversified/Conglomerate Services – 5.1 %

Nth Degree, Inc.

– Term Debt (SOFR+ 8.5 %, 13.8 % Cash, Due 6/2029) (I)

25,000 25,000 25,000

Total Secured Second Lien Debt

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PSI Molded Plastics, Inc.

– Preferred Stock (C)(K)

158,598 $ 19,730 $ —

Diversified/Conglomerate Manufacturing – 0.0 %

Edge Adhesives Holdings, Inc.

(K) – Preferred Stock (C)(J)

– Preferred Stock (C)(J)

158,598 $ 19,730 $ —

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6,640 6,640 5,426

24,309 14,126

Home and Office Furnishings, Housewares, and Durable Consumer Products – 6.2 %

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6,000 6,000 12,287

Telecommunications – 0.0 %

B+T Group Acquisition, Inc.

(K) – Preferred Stock (C)(J)

14,304 4,722 —

Total Preferred Equity $ 54,761 $ 50,958

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

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Cost Fair Value

Telecommunications – 0.5 %

B+T Group Acquisition, Inc.

(K) – Preferred Stock (C)(J)

14,304 4,722 2,187

Total Preferred Equity $ 62,960 $ 58,051

Common Equity/Equivalents – 10.4 %

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Secured First Lien Debt – 0.6 %

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

The Mountain Corporation – Line of Credit, $ 150 available (L+ 5.0 %, 9.9 % Cash, Due 5/2023) (G)(J)

Diversified/Conglomerate Manufacturing – 0.6 %

Edge Adhesives Holdings, Inc.

(K) – Term Debt (SOFR+ 5.5 %, 10.8 % Cash, Due 8/2024) (G)(J)

$ 9,210 $ 9,210 $ 2,905

Total Secured First Lien Debt $ 9,210 $ 2,905

Secured Second Lien Debt – 0 %

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

The Mountain Corporation – Term Debt (L+ 4.0 %, 8.9 % Cash, Due 4/2024) (G)(J)

$ 3,200 $ 3,200 $ —

Total Secured Second Lien Debt $ 3,200 $ —

Preferred Equity – 0.0 %

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

The Mountain Corporation – Preferred Stock (C)(J)

Diversified/Conglomerate Manufacturing – 0.0 %

Edge Adhesives Holdings, Inc.

(K) – Preferred Stock (C)(J)

8,199 $ 8,199 $ —

Total Preferred Equity $ 8,199 $ —

Common Equity/Equivalents – 0.2 %

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

Gladstone SOG Investments, Inc.

- Common Stock (C)(J)

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

The Mountain Corporation – Common Stock (C)(J)

Total Common Equity/Equivalents $ 621 $ 713

Total Control Investments $ 17,409 $ 2,905

TOTAL INVESTMENTS – 171.4 % (P)

TOTAL INVESTMENTS – 186.8 % (R)

$ 854,290 $ 920,504

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Additionally, under Section 55 of 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, 2023, our investment in Funko was considered a non-qualifying asset under Section 55 of the 1940 Act and represented less than 0.1 % of total investments, at fair value.

(B) Unless indicated otherwise, all cash interest rates are indexed to 30-day LIBOR, which was 4.9 % as of March 31, 2023.

(B) Unless indicated otherwise, all cash interest rates are indexed to 30-day SOFR which was 5.3 % as of March 31, 2024.

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

Certain securities are subject to an interest rate floor.

The cash interest rate is the greater of the floor or 30-day LIBOR plus a spread.

The cash interest rate is the greater of the floor or reference rate plus a spread.

Due dates represent the contractual maturity date.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2023

(DOLLAR AMOUNTS IN THOUSANDS)

(D) Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of March 31, 2024.

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THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2024

(DOLLAR AMOUNTS IN THOUSANDS)

(O) Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy.

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(P) Cumulative gross unrealized appreciation for federal income tax purposes is $ 150.4 million;

(P) Debt security is subject to an interest rate ceiling.

(Q) Fair value was based on the expected exit or payoff amount, where such event has occurred or is expected to occur imminently.

(R) Cumulative gross unrealized appreciation for federal income tax purposes is $ 180.5 million;

cumulative gross unrealized depreciation for federal income tax purposes is $ 115.8 million.

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The terms “the Company,” “we,” “our” and “us” all refer to Gladstone Investment and its consolidated subsidiaries.

We are an externally advised, closed-end, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and are applying the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “ Financial Services-Investment Companies” (“ASC 946”).

We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and are applying the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “ Financial Services-Investment Companies” (“ASC 946”).

In addition, we have elected to be treated for U.S.

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We seek to mitigate this concentration of credit risk by depositing funds with major financial institutions.

We held $ 1.8 million and $ 1.9 million of cash equivalents in Dreyfus Treasury Obligations Cash Management Fund as of March 31, 2025 and 2024, respectively.

Investments in money market funds represent Level 1 investments within the GAAP fair value hierarchy.

Restricted Cash and Cash Equivalents

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Accounting Recognition

We record our investments at fair value in accordance with the FASB ASC Topic 820, “ Fair Value Measurements and Disclosures” (“ASC 820”) and the 1940 Act.

We record our investments at fair value in accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) and the 1940 Act.

Investment transactions are recorded on the trade date.

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Board Responsibility

Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 under the 1940 Act (the “Policy”) and, in July 2022, designated the Adviser to serve as the Board of Directors’ valuation designee (“Valuation Designee”) under the 1940 Act.

Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 under the 1940 Act (the “Policy”) and designated the Adviser to serve as the Board of Directors’ valuation designee (“Valuation Designee”) under the 1940 Act.

In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee.

Such review and oversight includes receiving written fair value determinations and

supporting materials provided by the Valuation Designee, in coordination with the Administrator and with the oversight by the Company's chief valuation officer (collectively, the “Valuation Team”).

Such review and oversight includes receiving written fair value determinations and supporting materials provided by the Valuation Designee, in coordination with the Administrator and with the oversight by the Company's chief valuation officer (collectively, the “Valuation Team”).

The Valuation Committee of our Board of Directors (comprised entirely of independent directors) meets to review the valuation determinations and supporting materials, discusses the information provided by the Valuation Team, determines whether the Valuation Team has followed the Policy, and reviews other facts and circumstances, including current valuation risks, conflicts of interest, material valuation matters, appropriateness of valuation methodologies, back-testing results, price challenges/overrides, and ongoing monitoring and oversight of pricing services.

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Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure.

Generally, the Valuation Team uses TEV to value our equity investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments.

Generally, the Valuation Team uses TEV to value our equity

investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments.

When there is equity value or sufficient TEV to cover the principal balance of our debt securities, the fair value of our senior secured debt generally equals or approximates cost.

TEV is primarily calculated using EBITDA and EBITDA multiples;

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A realized gain or loss is recognized on the trade date, typically when an investment is disposed of, and is computed as the difference between the cost basis of the investment on the disposition date and the net proceeds received from such disposition.

Unrealized appreciation or depreciation reflects the difference between the fair value of the investment and the cost basis of such

Unrealized appreciation or depreciation reflects the difference between the fair value of the investment and the cost basis of such investment.

We determine the fair value of each individual investment each reporting period and record changes in fair value as unrealized appreciation or depreciation in our accompanying Consolidated Statement of Operations .

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Generally, non-accrual loans are restored to accrual status when past-due principal and interest are paid and, in management’s judgment, are likely to remain current, or, due to a restructuring, the interest income is deemed to be collectible.

As of March 31, 2024, our loans to Edge Adhesives Holdings, Inc.

As of March 31, 2025, our loans to B+T Group Acquisition, Inc., Diligent Delivery Systems, Edge Adhesives Holdings, Inc.

("Edge"), and J.R.

– Atlanta, LLC (“J.R.

Hobbs”) were on non-accrual status, with an aggregate debt cost basis of $ 90.2 million, or 13.1 % of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $ 50.9 million, or 8.2 % of the fair value of all debt investments in our portfolio.

As of March 31, 2023, our loans to Edge, J.R.

Hobbs and The Mountain were on non-accrual status, with an aggregate debt cost basis of $ 66.9 million, or 12.0 % of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $ 31.7 million, or 6.2 % of the fair value of all debt investments in our portfolio.

As of March 31, 2024, our loans to Edge and J.R.

Hobbs were on non-accrual status, with an aggregate debt cost basis of $ 59.1 million, or 9.0 % of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $ 29.7 million, or 4.8 % of the fair value of all debt investments in our portfolio.

Paid-in-kind (“PIK”) interest, computed at the contractual rate specified in the loan agreement, is added to the principal balance of the loan and recorded as interest income.

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Costs associated with the issuance of our notes payable and mandatorily redeemable preferred stock are presented as discounts to the liquidation value of the notes payable and mandatorily redeemable preferred stock and are amortized using the straight-line method, which approximates the effective interest method, over the term of the notes payable and respective series of preferred stock.

Refer to Note 5 — Borrowings and Note 6 — Mandatorily Redeemable Preferred Stock for further discussion.

Refer to Note 5 — Borrowings for further discussion.

Related Party Fees

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Computershare purchases shares in the open market in connection with the obligations under the plan.

Segment Reporting

In November 2023, the FASB issued Accounting Standards Update 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures” ("ASU 2023-07") to improve reportable segments disclosure requirements.

The ASU requires existing annual segment disclosures to also be disclosed on an interim basis and also requires additional disclosures around significant segment expenses and disclosures to identify the title and position of the chief operating decision maker (“CODM”).

The standard is effective for fiscal years beginning after December 15, 2023, and interim periods thereafter.

We adopted ASU 2023-07 as of March 31, 2025.

Our current business strategy includes one reporting segment which derives investment income from our portfolio companies.

Our CODM is our Chief Executive Officer.

The CODM assesses performance based on net investment income, net realized and unrealized gains (losses) and net increase (decrease) in net assets resulting from operations, which are reported on the Consolidated Statement of Operations .

The expense categories included on the Consolidated Statement of Operations reflect our significant expense categories and are provided to the CODM on a regular basis.

Recent Accounting Pronouncements

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When a determination is made to classify our investments within Level 3 of the valuation hierarchy, such determination is based upon the significance of the unobservable factors to the overall fair value measurement.

However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are actively quoted and can be validated to external sources).

However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are

actively quoted and can be validated to external sources).

The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.

As of March 31, 2024 and 2023, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Funko Acquisition Holdings, LLC (“Funko”), which was valued using Level 2 inputs.

As of March 31, 2025, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Gladstone Alternative Income Fund ("Gladstone Alternative"), which was valued using NAV as a practical expedient.

As of March 31, 2024, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Funko Acquisition Holdings, LLC (“Funko”), which was valued using Level 2 inputs.

We transfer investments in and out of Level 1, 2 and 3 of the valuation hierarchy as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period.

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Fair Value Measurements

Fair Value Quoted Prices in

Quoted Prices in

Active Markets

6 unchanged sentences

Preferred equity

302,163 302,163

Common equity/equivalents

54,268 54,268

— — 974,345 974,345

Investments measured at NAV (A)

Total Investments at March 31, 2025

1 unchanged sentence

Fair Value Measurements

Fair Value Quoted Prices in

Quoted Prices in

Active Markets

8 unchanged sentences

Common equity/equivalents

93,447 93,465

— 18 920,486 920,504

Investments measured at NAV

Total Investments at March 31, 2024

$ — $ 18 $ 920,486 $ 920,504

(A) Fair value was determined based on the closing market price of shares of Funko, Inc.

(A) Includes our investment in Gladstone Alternative as of March 31, 2025.

Investments that are measured at fair value using NAV as a practical expedient have not been categorized in the fair value hierarchy.

The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented elsewhere in this Annual Report.

(B) Fair value was determined based on the closing market price of shares of Funko, Inc.

(our units in Funko can be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability, as our investment was subject to certain restrictions.

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Common equity/equivalents (A)

54,268 42,005

Total Non-Control/Non-Affiliate Investments

7 unchanged sentences

101,557 50,958

Common equity/equivalents

51,442 15,243

Common equity/equivalents (B)

Total Affiliate Investments

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$ 974,345 $ 920,486

(A) Excludes our investment in Funko with a fair value of $ 18 thousand and $ 27 thousand as of March 31, 2024 and 2023, respectively, which was valued using Level 2 inputs.

(A) Excludes our investment in Funko with a fair value of $ 18 thousand as of March 31, 2024, which was valued using Level 2 inputs.

(B) Excludes our investment in Gladstone Alternative as of March 31, 2025 with a fair value of $ 5.0 million, which was valued using NAV as a practical expedient.

In accordance with ASC 820, the following table provides quantitative information about our investments valued using Level 3 fair value measurements as of March 31, 2025 and 2024.

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$ 31,586 – $ 93,916 / $ 77,580

— 5,391 Yield Analysis Discount Rate N/A 19.4 % – 19.9 % /

Secured second lien debt 90,956 113,703 TEV EBITDA multiple 6.1 x – 7.2 x /

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$ 31,586 – $ 93,916 /

Common equity/equivalents (A)

Common equity/equivalents (A)(B)

54,268 93,447 TEV EBITDA multiple 5.5 x – 7.2 x /

3 unchanged sentences

Total $ 974,345 $ 920,486

(A) Fair value as of both March 31, 2024 and 2023 excludes our investment in Funko with a fair value of $ 18 thousand and $ 27 thousand, respectively, which was valued using Level 2 inputs.

(A) Fair value as of March 31, 2025 excludes our investment in Gladstone Alternative with a fair value of $ 5.0 million, which was valued using NAV as a practical expedient.

(B) Fair value as of March 31, 2024 excludes our investment in Funko with a fair value of $ 18 thousand, which was valued using Level 2 inputs.

Fair value measurements can be sensitive to changes in one or more of the valuation inputs.

Changes in discount rates, EBITDA, or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of our investments.

Generally, an increase/(decrease) in discount rates or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase in the fair value of certain of our investments.

Generally, an increase/(decrease) in market yields, discount rates or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase in the fair value of certain of our investments.

Changes in Level 3 Fair Value Measurements of Investments

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— — 19,790 43,373 63,163

Net unrealized appreciation (depreciation) (B)

Net unrealized (depreciation)

appreciation (B)

( 31,122 ) ( 733 ) 63,210 5,068 36,423

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Total gain (loss):

Net realized gain (loss) (A)

Net realized (loss) gain (A)

( 4,550 ) ( 3,200 ) 36,833 881 29,964

Net unrealized appreciation (depreciation) (B)

Net unrealized (depreciation) appreciation (B)

( 7,859 ) ( 1,031 ) 34,050 37,159 62,319

Reversal of previously recorded (appreciation) depreciation upon realization (B)

Reversal of previously recorded depreciation (appreciation) upon realization (B)

3,212 3,200 ( 35,329 ) ( 92 ) ( 29,009 )

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(A) Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2025 and 2024.

(B) Included in net unrealized appreciation (depreciation) of investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2024 and 2023.

(B) Included in net unrealized (depreciation) appreciation of investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2025 and 2024.

(C) Includes increases in the cost basis of investments resulting from new portfolio investments, the amortization of discounts, and other non-cash disbursements to portfolio companies, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs, and other cost-basis adjustments.

Includes $ 0.3 million of proceeds from the recapitalization of Old World Christmas, Inc.

("Old World")

Includes $ 13.4 million of proceeds from the recapitalization of Old World and $ 12.3 million of proceeds from the recapitalization of Horizon Facilities Services, Inc ("Horizon").

Transfers represent secured second lien debt of PSI Molded Plastics, Inc.

("PSI Molded") with a total cost basis of $ 16.4 million and $ 9.8 million, which was converted to preferred equity in January 2025.

Transfers represent preferred equity of SFEG Holdings, Inc.

("SFEG") with a total cost basis and fair value of $ 4.8 million and $ 8.6 million, respectively, which was converted to common equity in October 2023.

Transfers include (1) secured second lien debt of Ginsey with a total cost basis and fair value of $ 12.2 million, which was converted into secured first lien debt in August 2022 and (2) secured first lien debt of PSI Molded Plastics, Inc.

with a total cost basis and fair value of $ 26.6 million, which was converted into secured second lien debt in September 2022.

Investment Activity

During the fiscal year ended March 31, 2025, the following significant transactions occurred:

• In May 2023, we invested $ 15.3 million in a new portfolio company, Home Concepts Acquisition, Inc.

("Home Concepts"), in the form of $ 12.0 million of secured first lien debt and $ 3.3 million of preferred equity.

Home Concepts, headquartered in Santa Barbara, California, is a leading home improvement advertising publication focusing on connecting homeowners to high-quality residential repair and remodeling businesses.

• In June 2023, we recapitalized our existing investment in Old World and invested an additional $ 2.5 million in the form of secured first lien debt.

In connection with this investment, we received proceeds of $ 2.2 million, of which $ 1.9 million was recognized as dividend income and $ 0.3 million was recognized as a realized gain.

• In June 2023, we invested an additional $ 30.0 million in the form of $ 25.0 million of secured second lien debt and $ 5.0 million of common equity in Nth Degree Investment Group, LLC ("Nth Degree") to fund an add-on acquisition.

• In June 2023, we received a $ 1.5 million escrow settlement in connection with our December 2021 exit of SOG Specialty Knives & Tools, LLC, of which $ 0.6 million was recognized as a return of cost basis and $ 0.9 million as a realized gain.

As a result of the escrow release, there are no remaining assets held by Gladstone SOG Investments, Inc.

• In August 2023, we invested an additional $ 18.7 million in the form of secured first lien debt in Nocturne Luxury Villas, Inc.

• In May 2024, our remaining shares in Funko were sold representing an exit of our investment in Funko, and resulting in a return of our equity cost basis of $ 21 thousand and a realized gain of $ 2 thousand.

• In July 2024, we invested an additional $ 18.5 million through secured first lien debt in Nocturne Luxury Villas, Inc.

("Nocturne") to fund an add-on acquisition.

• In September 2023, we invested $ 46.0 million in a new portfolio company, The E3 Company, LLC ("E3"), in the form of $ 34.8 million of secured first lien debt and $ 11.2 million of preferred equity.

E3, headquartered in Kilgore, Texas, is a market leader in advanced pressure management solutions for oil and gas well completions.

• In October 2023, we invested an additional $ 64.7 million in the form of $ 39.0 million of secured second lien debt and $ 25.7 million of common equity in SFEG to fund an add-on acquisition.

In connection with the investment, our existing preferred equity, with a cost basis of $ 4.8 million, was converted to common equity.

• In October 2023, we exited our investment in Counsel Press, Inc., which resulted in success fee income of $ 1.4 million, a realized gain of $ 43.5 million and the repayment of our debt investment of $ 27.5 million at par.

• In March 2024, we recognized a $ 14.7 million realized loss on our preferred and common equity investments and related first and second lien debt investments in The Mountain upon its liquidation and dissolution.

• In September 2024, we exited our investment in Nth Degree Investment Group, LLC, which resulted in success fee income of $ 0.1 million, a realized gain on our preferred equity of $ 42.3 million and the repayment of our debt investment of $ 25.0 million at par.

• In November 2024, we invested $ 27.2 million in a new portfolio company, Pyrotek Special Effects, Inc.

("Pyrotek"), in the form of $ 20.1 million of secured first lien debt and $ 7.1 million of preferred equity.

Pyrotek, headquartered in Ontario, Canada, is a leading provider of special effects services and solutions for the live entertainment industry.

• In December 2024, we invested $ 5.0 million in Gladstone Alternative, one of our affiliated funds, through common equity.

Gladstone Alternative is a registered, non-diversified, closed-end management investment company that operates as an interval fund.

• In December 2024, we invested $ 71.3 million in a new portfolio company, Nielsen-Kellerman Acquisition Corp.

("Nielsen-Kellerman"), in the form of $ 49.1 million of secured first lien debt and $ 22.2 million of preferred equity.

Nielsen-Kellerman, headquartered in Boothwyn, Pennsylvania, designs, manufactures, and distributes a wide range of rugged, waterproof environmental measurement and sports performance instruments.

• In December 2024, we invested $ 78.7 million in a new portfolio company, Ricardo Defense, Inc.

("Ricardo"), in the form of $ 61.3 million of secured first lien debt and $ 17.4 million of preferred equity.

Ricardo, headquartered in Troy, Michigan, with operations in California, Texas and Alabama and overseas, develops engineering and product solutions for U.S.

Army vehicle and logistics programs.

• In January 2025, we restructured our investment in PSI Molded.

As a result of the restructuring, we converted debt with a cost basis of $ 16.4 million into preferred equity.

• In February 2025, we invested an additional $ 3.0 million through secured first lien debt in Pyrotek to fund an add-on acquisition.

• In February 2025, we recapitalized our existing investment in Educators Resource, Inc.

and invested an additional $ 10.0 million in the form of secured first lien debt.

In connection with this recapitalization, we received dividend income of $ 1.8 million.

• In March 2025, we exited our investment in Nocturne, which resulted in success fee income of $ 3.5 million, a realized gain on our preferred equity of $ 19.8 million and the repayment of our debt investment of $ 85.6 million at par.

Investment Concentrations

As of March 31, 2024, our investment portfolio consisted of investments in 24 portfolio companies located in 18 states across 16 different industries with an aggregate fair value of $ 920.5 million.

Our investments in SFEG, Nocturne, Nth Degree, Old World and Brunswick Bowling Products, Inc.

represent our five largest portfolio investments at fair value, and collectively comprised $ 393.5 million, or 42.7 %, of our total investment portfolio at fair value as of March 31, 2024.

As of March 31, 2025, our investment portfolio consisted of investments in 25 portfolio companies located in 19 states or countries across 16 different industries with an aggregate fair value of $ 979.3 million.

Our investments in SFEG, Ricardo, Brunswick Bowling Products, Inc., Nielsen-Kellerman and The E3 Company, LLC represented our five largest portfolio investments at fair value, and collectively comprised $ 401.7 million, or 41.0 %, of our total investment portfolio at fair value as of March 31, 2025.

The following table summarizes our investments by security type as of March 31, 2025 and 2024:

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Home and Office Furnishings, Housewares, and Durable Consumer Products 159,236 16.3 % 160,038 17.3 %

Aerospace and Defense 107,869 10.9 % 29,064 3.2 %

Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) 105,432 10.8 % 92,781 10.1 %

Hotels, Motels, Inns, and Gaming 77,366 8.4 % 58,713 7.8 %

Buildings and Real Estate 60,431 6.6 % 60,571 8.0 %

Leisure, Amusement, Motion Pictures, and Entertainment 78,460 8.0 % 39,350 4.3 %

Electronics 71,573 7.2 % — — %

Oil and Gas 69,589 7.1 % 51,171 5.6 %

Buildings and Real Estate 69,320 7.1 % 60,431 6.6 %

Healthcare, Education, and Childcare 51,501 5.3 % 49,638 5.4 %

Leisure, Amusement, Motion Pictures, and Entertainment 39,350 4.3 % 47,616 6.3 %

Mining, Steel, Iron and Non-Precious Metals 41,010 4.2 % 30,537 3.3 %

Aerospace and Defense 29,064 3.2 % 22,215 2.8 %

Chemicals, Plastics, and Rubber 20,363 2.2 % 24,891 3.3 %

Printing and Publishing 14,238 1.5 % — — %

Cargo Transport 12,624 1.3 % 13,500 1.5 %

Telecommunications 9,002 1.0 % 18,987 2.5 %

Printing and Publishing 11,681 1.2 % 14,238 1.5 %

Chemicals, Plastics, and Rubber 11,612 1.2 % 20,363 2.2 %

Hotels, Motels, Inns, and Gaming — — % 77,366 8.4 %

Other < 2.0% 19,053 2.0 % 17,492 1.9 %

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Investments at fair value were included in the following geographic regions of the U.S.

as of March 31, 2024 and 2023:

and Canada as of March 31, 2025 and 2024:

March 31, 2025 March 31, 2024

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Total Investments

United States

South $ 317,294 32.4 % $ 346,838 37.7 %

Midwest 227,415 23.2 % 141,925 15.4 %

West 222,062 22.7 % 223,871 24.3 %

Northeast 182,669 18.7 % 207,870 22.6 %

Midwest 141,925 15.4 % 117,886 15.6 %

Canada 29,880 3.0 % — — %

Total investments

6 unchanged sentences

2026 $ 104,787

Thereafter 25,000

Total contractual repayments $ 687,982

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We write-off accounts receivable when we have exhausted collection efforts and have deemed the receivables uncollectible.

As of March 31, 2024 and 2023, we had gross receivables from portfolio companies of $ 2.2 million.

As of March 31, 2025 and 2024, we had gross receivables from portfolio companies of $ 2.3 million and $ 2.2 million, respectively.

As of March 31, 2025 and 2024, the allowance for uncollectible receivables was $ 1.7 million and $ 1.4 million, respectively.

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Transactions with the Adviser

We pay the Adviser certain fees as compensation for its services under the Advisory Agreement, consisting of a base management fee and an incentive fee and a loan servicing fee for the Adviser’s role as servicer pursuant to the Credit Facility, all as described below.

On July 11, 2023, our Board of Directors, including a majority of the directors who are not parties to the Advisory Agreement or interested persons of either party, approved the annual renewal of the Advisory Agreement through August 31, 2024.

Two of our executive officers, David Gladstone (our chairman and chief executive officer) and Terry Lee Brubaker (our chief operating officer) serve as directors and executive officers of the Adviser, which is 100 % indirectly owned and controlled by Mr.

Our Board of Directors, including a majority of the directors who are not parties to the Advisory Agreement or interested persons of either party, approved the Advisory Agreement.

On January 24, 2025, the Company entered into the Advisory Agreement, which was approved by the Company’s stockholders at a stockholders’ meeting on January 4, 2024, as a result of a change of control of the Adviser pursuant to the previously disclosed voting trust agreement.

There are no changes to the terms, including the fee structure and services to be provided, of the prior Advisory Agreement, other than the date and term of the Advisory Agreement.

One of our executive officers, David Gladstone (our chairman and chief executive officer) serves as a director and executive officer of the Adviser, which, as of March 31, 2025, is 100 % indirectly owned by Mr.

David Dullum (our president) is also the executive vice president of private equity (buyouts) of the Adviser.

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2025 2024 2023

Average total assets subject to base management fee (A)

Average total assets subject to base management fee (A)(B)

$ 955,250 $ 875,000 $ 739,900

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2.0 % 2.0 % 2.0 %

Base management fee (B)

Base management fee (C)

19,105 17,500 14,798

Credits to fees from Adviser - other (B)

Credits to fees from Adviser - other (C)

( 5,109 ) ( 5,596 ) ( 3,811 )

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$ 13,996 $ 11,904 $ 10,987

Loan servicing fee (B)

Loan servicing fee (C)

$ 9,636 $ 9,118 $ 7,880

Credits to base management fee - loan servicing fee (B)

Credits to base management fee - loan servicing fee (C)

( 9,636 ) ( 9,118 ) ( 7,880 )

2 unchanged sentences

$ 4,820 $ 8,336 $ 9,176

Incentive fee – capital gains-based (C)

Incentive fee – capital gains-based (D)

7,445 12,711 ( 296 )

Total incentive fee (B)

Total incentive fee (C)

12,265 21,047 8,880

Credits to fees from Adviser - other (B)

Credits to fees from Adviser - other (C)

Net total incentive fee $ 12,265 $ 21,047 $ 8,880

(A) Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective periods and adjusted appropriately for any share issuances or repurchases during the periods.

(B) Reflected as a line item on our accompanying Consolidated Statements of Operations .

(C) The capital gains-based incentive fees are recorded in accordance with GAAP and do not necessarily reflect amounts contractually due under the terms of the Advisory Agreement.

(B) Excludes our investment in Gladstone Alternative valued at the end of the applicable quarters within the respective periods.

(D) The capital gains-based incentive fees are recorded in accordance with GAAP and do not necessarily reflect amounts contractually due under the terms of the Advisory Agreement.

Base Management Fee

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Loan Servicing Fee

The Adviser also services the loans held by our wholly-owned subsidiary, Business Investment (the borrower under the Credit Facility), in return for which the Adviser receives a 2.0 % annual fee based on the monthly aggregate outstanding balance of loans pledged under the Credit Facility.

Since Business Investment is a consolidated subsidiary of ours, coupled with the fact that the total base management fee paid to the Adviser pursuant to the Advisory Agreement cannot exceed 2.0 % of total assets (less any uninvested cash or cash equivalents resulting from borrowings) during any given calendar year, we treat payment of the loan servicing fee pursuant to the Credit Facility as a pre-payment of the base management fee under the Advisory Agreement.

Since Business Investment is a consolidated subsidiary of ours, coupled

with the fact that the total base management fee paid to the Adviser pursuant to the Advisory Agreement cannot exceed 2.0 % of total assets (less any uninvested cash or cash equivalents resulting from borrowings) during any given calendar year, we treat payment of the loan servicing fee pursuant to the Credit Facility as a pre-payment of the base management fee under the Advisory Agreement.

Accordingly, these loan servicing fees are 100 % non-contractually, unconditionally, and irrevocably credited back to us by the Adviser.

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• 20.0 % of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.1875 % of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter.

The second part of the incentive fee is a capital gains-based incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), and equals 20.0 % of our realized capital gains, less any realized capital losses and unrealized depreciation, calculated as of the end of the

preceding calendar year.

The capital gains-based incentive fee payable to the Adviser is calculated based on (i) cumulative aggregate realized capital gains since our inception, less (ii) cumulative aggregate realized capital losses since our inception, less (iii) the entire portfolio’s aggregate unrealized capital depreciation, if any, as of the date of the calculation.

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The entire portfolio’s aggregate unrealized capital depreciation, if any, equals the sum of the deficit between the fair value of each investment security as of the applicable calculation date and the original cost of such investment security.

As of and for the years ended March 31, 2024 and 2022, capital gains-based incentive fees of $ 1.1 million and $ 5.3 million, respectively, were contractually due and paid to the Adviser.

For the years ended March 31, 2025 and 2024, capital gains-based incentive fees of $ 4.9 million and $ 1.1 million, respectively, were contractually due and paid to the Adviser.

For the year ended March 31, 2023, no capital gains-based incentive fees were contractually due and paid to the Adviser.

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We reimburse the Administrator pursuant to the Administration Agreement for our allocable portion of the Administrator’s expenses incurred while performing services to us, which are primarily rent and salaries and benefits expenses of the Administrator’s employees, including, our chief financial officer and treasurer, chief valuation officer, chief compliance officer, and general counsel and secretary, and their respective staffs.

Two of our executive officers, David Gladstone (our chairman and chief executive officer) and Terry Lee Brubaker (our chief operating officer) serve as members of the board of managers and executive officers of the Administrator, which is 100 % indirectly owned and controlled by Mr.

One of our executive officers, David Gladstone (our chairman and chief executive officer) serves as a member of the board of managers and executive officer of the Administrator, which is 100 % indirectly owned and controlled by Mr.

Another of our officers, Mr.

2 unchanged sentences

On July 9, 2024, our Board of Directors, including a majority of the directors who are not parties to the Administration Agreement or interested persons of either party, approved the annual renewal of the Administration Agreement through August 31, 2025.

Administration fees for each of the years ended March 31, 2024, 2023, and 2022 were $ 1.8 million.

For the years ended March 31, 2025, 2024 and 2023, administration fees were $ 1.9 million, $ 1.8 million and $ 1.8 million, respectively.

Transactions with Gladstone Securities, LLC

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Gladstone also serves on the board of managers of Gladstone Securities.

Other Transactions

From time to time, Gladstone Securities provides services, such as investment banking and due diligence services, to certain of our portfolio companies, for which it receives a fee.

Any such fees paid by portfolio companies to Gladstone

Securities do not impact the fees we pay to the Adviser or the non-contractual, unconditional, and irrevocable credits against the base management fee.

Any such fees paid by portfolio companies to Gladstone Securities do not impact the fees we pay to the Adviser or the non-contractual, unconditional, and irrevocable credits against the base management fee.

During the years ended March 31, 2025, 2024, and 2023, the fees received by Gladstone Securities from portfolio companies totaled $ 2.0 million, $ 0.3 million, and $ 1.6 million, respectively.

Investment in Affiliated Fund

In December 2024, we invested in Gladstone Alternative, one of our affiliated funds, that is a registered, non-diversified, closed-end management investment company that operates as an interval fund.

The fair value of the investment in Gladstone Alternative will be excluded from the average total assets subject to base management fee for the purposes of calculating the base management fee we pay to the Adviser.

Related Party Fees Due

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Refer to Note 4 — Related Party Transactions — Transactions with the Adviser — Incentive Fee for additional information, including capital gains-based incentive fee payments made.

Net expenses receivable from Gladstone Capital Corporation, one of our affiliated funds, for reimbursement of certain co-investment expenses, there were $ 0.1 million of co-investment expenses as of March 31, 2024.

There were no co-investment expenses as of March 31, 2023.

Co-investment expenses as of both March 31, 2025 and 2024 were $ 0.1 million , respectively.

These amounts are generally settled in the quarter subsequent to being incurred and have been included in Other assets, net on the accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2025 and 2024, respectively.

Revolving Line of Credit

On February 5, 2024, we, through our wholly-owned subsidiary, Business Investment, entered into Amendment No.

9 to the Credit Facility with KeyBank National Association (“KeyBank”), as administrative agent, joint lead arranger and lender, Fifth Third Bank as managing agent, joint lead arranger and lender, the Adviser, as servicer, and certain other lenders party thereto.

The Credit Facility was amended to increase the size from $ 135.0 million to $ 200.0 million and update certain existing terms.

The Credit Facility continues to include customary terms, covenants, events of default and constraints on borrowing availability based on collateral tests for a credit facility of its size and nature.

On October 30, 2023, we, through our wholly-owned subsidiary, Business Investment, entered into Amendment No.

8 to the Credit Facility.

The revolving period was extended to October 30, 2026, and if not renewed or extended by such date, all principal and interest will be due and payable on October 30, 2028 ( two years after the revolving period end date).

The size of the Credit Facility was reduced from $ 180.0 million to $ 135.0 million.

On April 10, 2023, we, through our wholly-owned subsidiary, Business Investment, entered into Amendment No.

7 to the Credit Facility.

The reference rate was updated from LIBOR to Term SOFR plus an 11 basis point credit spread adjustment.

Advances under the Credit Facility generally bear interest at 30-day Term SOFR, subject to a floor of 0.35 %, plus 3.15 % per annum until October 30, 2026, with the margin then increasing to 3.40 % for the period from October 30, 2026 to October 30, 2027, and increasing further to 3.65 % thereafter with a SOFR credit spread adjustment of 10 basis points.

As of March 31, 2025 , our Credit Facility had a total commitment amount of $ 270.0 million with an “accordion” feature that permits us to increase the size of the facility to $ 300.0 million.

The Credit Facility has a revolving period end date of October 30, 2026 and a final maturity date of October 30, 2028 (at which time all principal and interest will be due and payable if the Credit Facility is not extended by the revolving period end date).

Advances under the Credit Facility generally bear interest at 30-day Term SOFR, subject to a floor of 0.35 %, with a SOFR credit spread adjustment of 10 basis points, plus a margin of 3.15 % per annum until October 30, 2026, with the margin then increasing to 3.40 % for the period from October 30, 2026 to October 30, 2027, and increasing further to 3.65 % thereafter.

The Credit Facility has an unused commitment fee on the daily unused commitment amount of 0.50 % per annum if the daily unused commitment amount is less than or equal to 50% of the total commitment amount, 0.75 % per annum if the daily unused commitment amount is greater than 50% but less than or equal to 65% of the total commitment amount, and 1.00 % per annum if the daily unused commitment amount is greater than 65% of the total commitment amount.

The following tables summarize noteworthy information related to the Credit Facility:

The following tables summarize noteworthy information related to our Credit Facility:

As of March 31,

10 unchanged sentences

Commitment (unused) fees incurred $ 1,400 $ 986 $ 1,655

(A) Availability is subject to various constraints, characteristics, and applicable advance rates based on collateral quality under the Credit Facility, which equated to an adjusted availability of $ 133.0 million and $ 144.8 million as of March 31, 2024 and 2023, respectively.

(A) Availability is subject to various constraints, characteristics, and applicable advance rates based on collateral quality under our Credit Facility, which equated to an adjusted availability of $ 270.0 million and $ 133.0 million as of March 31, 2025 and 2024, respectively.

(B) Excludes the impact of deferred financing costs and includes unused commitment fees.

Interest is payable monthly during the term of the Credit Facility.

Interest is payable monthly during the term of our Credit Facility.

Available borrowings are subject to various constraints and applicable advance rates, which are generally based on the size, characteristics, and quality of the collateral pledged by Business Investment.

The Credit Facility also requires that any interest and principal payments on pledged loans be remitted directly by the borrower into a lockbox account with KeyBank.

Our Credit Facility also requires that any interest and principal payments on pledged loans be remitted directly by the borrower into a lockbox account with KeyBank.

KeyBank is also the trustee of the account and generally remits the collected funds to us once a month.

Amounts collected in the lockbox account with KeyBank are presented as Due from administrative agent on the accompanying Consolidated Statements of Assets and Liabilities.

Among other things, the Credit Facility contains a performance guaranty that requires us to maintain (i) a minimum net worth of the greater of $ 210.0 million or $ 210.0 million plus 50 % of all equity and subordinated debt raised minus 50 % of any equity or subordinated debt redeemed or retired after November 16, 2016, which equated to $ 348.7 million as of March 31, 2024, (ii) asset coverage with respect to senior securities representing indebtedness of at least 150 % (or such percentage as may be set forth in Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act);

Among other things, our Credit Facility contains a performance guaranty that requires us to maintain (i) a minimum net worth of the greater of $ 210.0 million or $ 210.0 million plus 50 % of all equity and subordinated debt raised, minus 50 % of any equity or subordinated debt redeemed or retired after November 16, 2016, which equated to $ 412.9 million as of March 31, 2025;

(ii) asset coverage with respect to senior securities representing indebtedness of at least 150 % (or such percentage as may be set forth in Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act);

and (iii) our status as a BDC under the 1940 Act and as a RIC under the Code.

As of March 31, 2024, and as defined in the performance guaranty of the Credit Facility, we had a net worth of $ 822.4 million, asset coverage on our senior securities representing indebtedness of 219.0 %, calculated in compliance with the requirements of Sections 18 and 61 of the 1940 Act, and an active status as a BDC and RIC.

As of March 31, 2024, we were in compliance with all covenants under the Credit Facility.

As of March 31, 2025, and as defined in the performance guaranty of our Credit Facility, we had a net worth of $ 953.3 million, asset coverage on our senior securities representing indebtedness of 204.4 %, calculated in compliance with the requirements of Sections 18 and 61 of the 1940 Act, and an active status as a BDC and RIC.

As of March 31, 2025, we were in compliance with all covenants under our Credit Facility.

We elected to apply the fair value option of ASC Topic 825, “ Financial Instruments ,” to the Credit Facility, which was consistent with our application of ASC 820 to our investments.

Generally, the fair value of the Credit Facility is determined using a yield analysis, which includes a DCF calculation and also takes into account the assumptions the Valuation Team believes market participants would use, including the estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date.

At March 31, 2024, the discount rate used to determine the fair value of the Credit Facility was 30-day Term SOFR, with a 0.35 % floor, plus 3.25 % per annum, plus an unused commitment fee of 1.0 %.

At March 31, 2023, the discount rate used to determine the fair value of the Credit Facility was 30-day LIBOR, with a 0.50 % floor, plus 2.94 % per annum, plus an unused commitment fee of 1.0 %.

Generally, an increase or decrease in the discount rate used in the DCF calculation may result in a corresponding decrease or increase, respectively, in the fair value of the Credit Facility.

At each of March 31, 2024 and 2023, the Credit Facility

was valued using Level 3 inputs and any changes in its fair value are recorded in Net unrealized appreciation (depreciation) of other on our accompanying Consolidated Statements of Operations .

The following tables provide relevant information and disclosures about the Credit Facility as of and for the years ended March 31, 2024 and 2023, as required by ASC 820:

Generally, the fair value of our Credit Facility is determined using a yield analysis, which includes a DCF calculation and also takes into account the assumptions the Valuation Team believes market participants would use, including the estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date.

At March 31, 2025, the discount rate used to determine the fair value of our Credit Facility was 30-day Term SOFR, with a 0.35 % floor, plus 3.25 % per annum, plus an unused commitment fee of 1.0 %.

At March 31, 2024 , the discount rate used to determine the fair value of our Credit Facility was 30-day Term SOFR, with a 0.35 % floor, plus 3.25 % per annum, plus an unused commitment fee of 1.0 % .

Generally, an increase or decrease in the discount rate used in the DCF calculation may result in a corresponding decrease or increase, respectively, in the fair value of our Credit Facility.

At each of March 31, 2025 and 2024, our Credit Facility was valued using Level 3 inputs and any changes in its fair value are recorded in Net unrealized appreciation (depreciation) of other on our accompanying Consolidated Statements of Operations .

The following tables provide relevant information and disclosures about our Credit Facility as of and for the years ended March 31, 2025 and 2024, as required by ASC 820:

Level 3 – Borrowings

4 unchanged sentences

Credit Facility

$ 67,000 $ 35,171

Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3)

10 unchanged sentences

Fair value at March 31, 2024

The fair value of the collateral under the Credit Facility was $ 717.3 million and $ 639.5 million as of March 31, 2024 and 2023, respectively.

The fair value of the collateral under our Credit Facility was $ 764.7 million and $ 717.3 million as of March 31, 2025 and 2024, respectively.

Notes Payable

6 unchanged sentences

The 5.00 % 2026 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities .

Total underwriting discounts,

commissions, and offering costs related to this offering were $ 4.1 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending May 1, 2026, the maturity date.

Total underwriting discounts, commissions, and offering costs related to this offering were $ 4.1 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending May 1, 2026, the maturity date.

4.875 % Notes due 2028

14 unchanged sentences

Total underwriting discounts, commissions, and offering costs related to this offering were $ 2.5 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending August 1, 2028, the maturity date.

The following tables summarizes the 5.00 % 2026 Notes, 4.875 % 2028 Notes and 8.00 % 2028 Notes as of March 31, 2024 and 2023:

7.875 % Notes due 2030

In December 2024 , we completed a public offering of 7.875 % Notes due 2030 with an aggregate principal amount of $ 126.5 million (the " 7.875 % 2030 Notes"), which resulted in net proceeds of approximately $ 122.4 million after deducting underwriting discounts, commissions and offering costs borne by us.

The 7.875 % 2030 Notes are traded under the ticker symbol “GAINI” on Nasdaq.

The 7.875 % 2030 Notes will mature on February 1, 2030 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after February 1, 2027.

The 7.875 % 2030 Notes bear interest at a rate of 7.875 % per year , payable quarterly in arrears.

The indenture relating to the 7.875 % 2030 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 7.875 % 2030 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements.

The 7.875 % 2030 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities .

The following tables summarize our 5.00 % 2026 Notes, 4.875 % 2028 Notes, 8.00 % 2028 Notes and 7.875 % 2030 Notes as of March 31, 2025 and 2024:

As of March 31, 2025:

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Principal Amount

5.00% 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00 % 5,117,500 $ 25.00 $ 127,938

4.875% 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875 % 5,382,000 $ 25.00 134,550

8.00% 2028 Notes GAINL May 31, 2023 August 1, 2028 8.00 % 2,990,000 $ 25.00 74,750

5.00 % 2026 Notes

GAINN March 2, 2021 May 1, 2026 5.00 % 5,117,500 $ 25.00 $ 127,938

4.875 % 2028 Notes

GAINZ August 18, 2021 November 1, 2028 4.875 % 5,382,000 $ 25.00 134,550

8.00 % 2028 Notes

GAINL May 31, 2023 August 1, 2028 8.00 % 2,990,000 $ 25.00 74,750

7.875 % 2030 Notes

GAINI December 17, 2024 February 1, 2030 7.875 % 5,060,000 $ 25.00 126,500

Notes payable, gross (B)

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GAINZ August 18, 2021 November 1, 2028 4.875 % 5,382,000 $ 25.00 134,550

8.00 % 2028 Notes

GAINL May 31, 2023 August 1, 2028 8.00 % 2,990,000 $ 25.00 74,750

Notes payable, gross (B)

4 unchanged sentences

The 8.00 % 2028 Notes can be redeemed at our option at any time on or after August 1, 2025.

The 7.875 % 2030 Notes can be redeemed at our option at any time on or after February 1, 2027.

(B) As of March 31, 2025 and 2024, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 204.4 % and 219.0 %, respectively.

The fair value based on the last reported closing prices of the 5.00 % 2026 Notes, 4.875 % 2028 Notes, 8.00 % 2028 Notes and 7.875 % 2030 Notes as of March 31, 2025 was $ 127.5 million, $ 125.0 million, $ 77.5 million and $ 128.5 million, respectively.

The fair value based on the last reported closing prices of the 5.00 % 2026 Notes, 4.875 % 2028 Notes and 8.00 % 2028 Notes as of March 31, 2024 was $ 123.9 million, $ 123.7 million and $ 77.3 million, respectively.

The fair value based on the last reported closing prices of the 5.00 % 2026 Notes and 4.875 % 2028 Notes as of March 31, 2023 was $ 121.5 million and $ 127.4 million, respectively.

We consider the closing prices of the 5.00 % 2026 Notes, 4.875 % 2028 Notes and 8.00 % 2028 Notes to be a Level 1 inputs within the ASC 820 hierarchy.

Secured Borrowing

In August 2012, we entered into a participation agreement with a third-party related to $ 5.0 million of our secured second lien term debt investment in Ginsey and in May 2014, we amended the agreement with the third-party to include an additional $ 0.1 million.

ASC Topic 860, “ Transfers and Servicing ” required us to treat the participation as a financing-type transaction.

Specifically, the third-party had a senior claim to our remaining investment in the event of default by Ginsey which, in part, resulted in the loan participation bearing a rate of interest lower than the contractual rate established at origination.

Therefore, our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022 reflect the entire secured second lien term debt investment in Ginsey and a corresponding $ 5.1 million secured borrowing liability.

In conjunction with the August 2022 refinancing at Ginsey, the $ 5.1 million secured borrowing liability was extinguished.

MANDATORILY REDEEMABLE PREFERRED STOCK

In August 2021, we used a portion of the proceeds from the issuance of the 4.875 % 2028 Notes to voluntarily redeem all outstanding shares of the 6.375 % Series E Cumulative Term Preferred Stock (“Series E Term Preferred Stock” or “Series E”), which had a liquidation preference of $ 25.00 per share.

In connection with the voluntary redemption of the Series E Term Preferred Stock, we incurred a loss on extinguishment of debt of $ 2.0 million, which was recorded in Realized loss on other in our accompanying Consolidated Statements of Operations and which was primarily comprised of unamortized deferred issuance costs at the time of redemption.

The following tables summarize dividends declared by our Board of Directors and paid by us on each of the Series E Term Preferred Stock during the year ended March 31, 2022:

For the Year Ended March 31, 2022 :

Declaration Date Record

Dividend per Share of

Series E Term

Preferred Stock (A)

April 13, 2021 April 23, 2021 April 30, 2021 $ 0.13281250

April 13, 2021 May 19, 2021 May 28, 2021 0.13281250

April 13, 2021 June 18, 2021 June 30, 2021 0.13281250

July 13, 2021 July 23, 2021 July 30, 2021 0.13281250

July 13, 2021 August 23, 2021 August 31, 2021 0.07968750 (B)

Total $ 0.61093750

(A) We voluntarily redeemed all outstanding shares of the Series E Term Preferred Stock on August 19, 2021

(B) Represents accrued and unpaid dividends up to, but excluding, the redemption date of August 19, 2021.

The federal income tax characteristics of dividends paid to our preferred stockholders generally constitute ordinary income or capital gains to the extent of our current and accumulated earnings and profits and are reported after the end of the calendar year based on tax information for the full fiscal year.

The tax characterization of dividends paid to our preferred stockholders during the calendar year ended December 31, 2021 was 71.3 % from ordinary income and 28.7 % from capital gains.

We consider the closing prices of the 5.00 % 2026 Notes, 4.875 % 2028 Notes, 8.00 % 2028 Notes and 7.875 % 2030 Notes to be Level 1 inputs within the ASC 820 hierarchy.

REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS

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The registration statement permits us to issue, through one or more transactions, up to an aggregate of $ 450.0 million in securities, consisting of common stock, preferred stock, subscription rights, debt securities, and warrants to purchase common stock, preferred stock, or debt securities, including through concurrent, separate offerings of such securities.

As of the date of this report, we have the ability to issue up to $ 450.0 million of the securities registered under the registration statement.

As of March 31, 2025, we have the ability to issue up to an additional $ 321.5 million of the securities registered under the registration statement.

On September 3, 2021, we filed a registration statement on Form N-2 (File No.

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The registration statement permitted us to issue, through one or more transactions, up to an aggregate of $ 300.0 million in securities, consisting of common stock, preferred stock, subscription rights, debt securities, and warrants to purchase common stock, preferred stock, or debt securities, including through concurrent, separate offerings of such securities.

As of March 31, 2024, we had the ability to issue up to $ 175.3 million of the securities registered under the registration statement.

This registration statement was terminated on April 18, 2024

Common Equity Offerings

In May 2024, we entered into equity distribution agreements with Oppenheimer & Co., B.

Riley Securities, Inc.

and Virtu Americas LLC (collectively, the "Sales Agents"), under which we have the ability to issue and sell shares of our common stock, from time to time, through the Sales Agents, having an aggregate offering price of up to $ 75.0 million in what is commonly referred to as an “at-the-market” program (the “2024 Common Stock ATM Program”).

As of March 31, 2025, we had remaining capacity to sell up to an additional $ 73.0 million of common stock under the 2024 Common Stock ATM Program.

In August 2022, we entered into equity distribution agreements with Oppenheimer & Co.

and Virtu Americas LLC (each a “Sales Agent”), under which we have the ability to issue and sell shares of our common stock, from time to time, through the Sales Agents, up to an aggregate offering price of $ 50.0 million in what is commonly referred to as an “at-the-market” program (“Common Stock ATM Program”).

and Virtu Americas LLC (each a “2022 Sales Agent”), under which we had the ability to issue and sell shares of our common stock, from time to time, through the 2022 Sales Agents, up to an aggregate offering price of $ 50.0 million in what is commonly referred to as an “at-the-market” program (“2022 Common Stock ATM Program”).

In August 2023, we entered into an equity distribution agreement with B.

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and entered into amendments to the agreements with Oppenheimer & Co.

and Virtu Americas LLC in order to add B.

and Virtu Americas LLC to add B.

Riley Securities, Inc.

as a 2022 Sales Agent for the 2022 Common Stock ATM Program.

As of March 31, 2024, we had no remaining capacity under the Common Stock ATM program.

We did not sell any shares under the 2022 Common Stock ATM Program, which terminated in connection with our entry into the 2024 Common Stock ATM Program on May 14, 2024, during the year ended March 31, 2025.

During the year ended March 31, 2025, we sold 148,714 shares of our common stock under the Common Stock ATM Program at a weighted-average gross price of $ 13.64 per share and raised approximately $ 2.0 million of gross proceeds.

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These sales were above our then current NAV per share.

In December 2019, we entered into equity distribution agreements with Wedbush Securities, Inc., Cantor Fitzgerald & Co., and Ladenburg Thalmann & Co., Inc.

(each a “2019 Sales Agent”), under which we had the ability to issue and sell shares of our common stock, from time to time, through the 2019 Sales Agents, up to an aggregate offering price of $ 35.0 million in an at-the-market program (the “2019 Common Stock ATM Program”).

On August 11, 2021, we terminated the equity distribution agreements with each of the 2019 Sales Agents.

We did not sell any shares of our common stock under the 2019 Common Stock ATM Program during the year ended March 31, 2022.

During the year ended March 31, 2023, we sold 386,482 shares of our common stock under the 2022 Common Stock ATM Program at a weighted-average gross price of $ 14.21 per share and raised approximately $ 5.5 million of gross proceeds.

The weighted-average net price per share, after deducting commissions and offering costs borne by us, was $ 14.01 and resulted in total net proceeds of approximately $ 5.4 million.

These sales were above our then current NAV per share.

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE

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2025 2024 2023

net increase (decrease) in net assets resulting from operations

net increase in net assets resulting from operations

$ 65,319 $ 85,305 $ 35,547

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36,735,218 34,466,724 33,311,785

Basic and diluted net increase (decrease) in net assets resulting from operations per weighted-average common share

Basic and diluted net increase in net assets resulting from operations per weighted-average common share

$ 1.78 $ 2.47 $ 1.07

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Estimates made on a quarterly basis are updated as of each interim reporting date.

The tax characterization of cash distributions paid to our common stockholders during the calendar year ended December 31, 2023 was 53.2 % from ordinary income and 46.8 %

from capital gains.

The tax characterization of cash distributions paid to our common stockholders during the calendar year ended December 31, 2022 was 61.2 % from ordinary income and 38.8 % from capital gains .

The tax characterization of cash distributions paid to common stockholders during the calendar year ended December 31, 2024 was 52.9 % from ordinary income and 47.1 % from capital gains.

The tax characterization of cash distributions paid to common stockholders during the calendar year ended December 31, 2023 was 53.2 % from ordinary income and 46.8 % from capital gains .

We paid the following cash distributions to our common stockholders for the years ended March 31, 2025, 2024 and 2023.

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April 9, 2024 May 17, 2024 May 31, 2024 0.08

April 11, 2023 June 5, 2023 June 15, 2023 0.120 (A)

April 9, 2024 June 19, 2024 June 28, 2024 0.08

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July 9, 2024 August 21, 2024 August 30, 2024 0.08

July 11, 2023 September 7, 2023 September 15, 2023 0.120 (A)

July 9, 2024 September 20, 2024 September 30, 2024 0.08

September 17, 2024 October 4, 2024 October 15, 2024 0.70 (A)

October 8, 2024 October 22, 2024 October 31, 2024 0.08

October 10, 2023 November 7, 2023 November 17, 2023 0.120 (A)

October 8, 2024 November 20, 2024 November 29, 2024 0.08

October 24, 2023 December 5, 2023 December 15, 2023 0.880 (A)

October 8, 2024 December 20, 2024 December 31, 2024 0.08

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July 11, 2023 August 23, 2023 August 31, 2023 0.08

July 11, 2023 September 7, 2023 September 15, 2023 0.12 (A)

July 11, 2023 September 21, 2023 September 29, 2023 0.08

October 10, 2023 October 20, 2023 October 31, 2023 0.08

October 10, 2023 November 7, 2023 November 17, 2023 0.12 (A)

October 10, 2023 November 20, 2023 November 30, 2023 0.08

3 unchanged sentences

January 9, 2024 February 21, 2024 February 29, 2024 0.08

January 10, 2023 March 3, 2023 March 15, 2023 0.240 (A)

January 9, 2024 March 21, 2024 March 29, 2024 0.08

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July 12, 2022 August 23, 2022 August 31, 2022 0.075

July 13, 2021 September 3, 2021 September 15, 2021 0.030 (A)

July 12, 2022 September 22, 2022 September 30, 2022 0.075

4 unchanged sentences

January 10, 2023 January 20, 2023 January 31, 2023 0.080

January 11, 2022 February 4, 2022 February 14, 2022 0.120 (A)

January 10, 2023 February 17, 2023 February 28, 2023 0.080

January 10, 2023 March 3, 2023 March 15, 2023 0.240 (A)

January 10, 2023 March 17, 2023 March 31, 2023 0.080

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As of March 31, 2025 and 2024, there were no guaranties outstanding.

The following table summarizes the principal balances of unused line of credit and delayed draw term debt commitments and guaranties as of March 31, 2024 and 2023, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities :

The following table summarizes the principal balances of unused line of credit as of March 31, 2025 and 2024, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities :

As of March 31,

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— — — — — ( 0.31 ) ( 0.41 ) — — —

Net unrealized appreciation (depreciation) of investments and other

Net unrealized (depreciation) appreciation of investments and other

( 0.70 ) 0.96 ( 0.36 ) 2.26 0.42 ( 2.38 ) 0.63 1.16 0.23 0.29

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(D) During the years ended March 31, 2024, 2023, and 2020, the accretive effect is the result of issuing common shares at a price above the then current NAV per share.

During the year ended March 31, 2018, 2016, and 2015, the net dilutive effect is the result of issuing common shares at a price below the then current NAV per share.

During the years ended March 31, 2018 and 2016, the net dilutive effect is the result of issuing common shares at a price below the then current NAV per share.

(E) Represents the impact of the different share amounts (weighted-average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the Per Common Share Data calculations and rounding impacts.

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Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of expenses to average net assets would have been 16.79 %, 17.38 %, 12.58 %, 16.72 %, 13.33 %, 9.12 %, 16.45 %, 14.11 %, 13.46 %, and 14.50 % for the fiscal years ended March 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017 and 2016, respectively.

Had we included Virginia state taxes incurred on the deemed distributions of retained capital gains for the fiscal year ended March 31, 2020 and 2019, the ratio of net expenses to average net assets would have been 6.89 % and 14.07 %, respectively.

Had we included Virginia state taxes incurred on the deemed distributions of retained capital gains for the fiscal years ended March 31, 2020 and 2019, the ratio of net expenses to average net assets would have been 6.89 % and 14.07 %, respectively.

(J) Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment income (loss) to average net assets would have been 2.79 %, 1.53 %, 5.66 %, 0.31 %, 2.16 %, 6.20 %, ( 1.22 %), 3.66 %, 4.19 %, and 3.94 % for the fiscal years ended March 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017 and 2016, respectively.

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We did not have any unconsolidated subsidiaries that met any of the significance conditions under Rule 1-02(w)(2) of the SEC’s Regulation S-X as of or during the years ended March 31, 2025, 2024 and 2023.

SUBSEQUENT EVENTS

SUBSEQUENT EVENT

Distributions and Dividends

3 unchanged sentences

May 21, 2025 May 30, 2025 0.08

June 4, 2025 June 13, 2025 0.54 (A)

June 20, 2025 June 30, 2025 0.08

Total for the Quarter:

(A) Represents a supplemental distribution to common stockholders.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

1 unchanged sentence

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 8. Financial Statements and Supplementary Data