What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-08-12 compared with 2025-02-12 · 371 added, 523 removed, 1257 unchanged (42% of the section changed)

18 unchanged sentences

Line of credit at fair value (Cost of $ 62,000 and $ 0 , respectively)

$ 91,500 $ 67,000

Notes payable, net

18 unchanged sentences

39,207 40,254

Cumulative net unrealized appreciation of other ( 269 ) —

Overdistributed net investment income

( 5,150 ) ( 5,325 )

Accumulated net realized gain in excess of distributions

Accumulated net realized (loss) gain in excess of distributions

( 961 ) 18,606

Total distributable earnings

10 unchanged sentences

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Three Months Ended December 31, Nine Months Ended December 31,

2024 2023 2024 2023

Three Months Ended June 30,

INVESTMENT INCOME

3 unchanged sentences

Affiliate investments

5,413 6,351 17,287 18,285

Cash and cash equivalents

74 111 174 731

Total interest income

4 unchanged sentences

Total dividend income

— — 1,419 1,907

Success fee income

Non-Control/Non-Affiliate investments

407 1,382 1,960 1,382

Affiliate investments

Total success fee income

843 1,382 2,546 1,382

Total investment income

3 unchanged sentences

Loan servicing fee (A)

2,405 2,332 6,821 6,829

Incentive fee (A)

1 unchanged sentence

Administration fee (A)

405 450 1,478 1,306

Interest expense on borrowings

6,385 6,520 19,264 17,598

Amortization of deferred financing costs and discounts

691 589 1,951 1,708

Professional fees

400 411 1,211 1,030

Other general and administrative expenses

955 891 3,757 2,404

Expenses before credits from Adviser

5 unchanged sentences

Total expenses, net of credits to fees

20,210 13,337 45,248 47,204

NET INVESTMENT INCOME

3 unchanged sentences

Non-Control/Non-Affiliate investments

$ — $ 43,459 $ 21 $ 43,748

Affiliate investments

— 2 42,284 275

Control investments

Total net realized gain

— 43,461 42,305 44,905

Net unrealized appreciation (depreciation):

Net unrealized (depreciation) appreciation:

Non-Control/Non-Affiliate investments

3 unchanged sentences

Control investments

( 67 ) ( 99 ) ( 2,402 ) ( 192 )

— ( 92 ) — ( 29 )

Total net unrealized appreciation (depreciation)

Total net unrealized depreciation

( 1,316 ) ( 18,942 )

Net realized and unrealized gain (loss) 37,329 ( 3,165 ) 26,580 46,267

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

Net realized and unrealized loss ( 1,316 ) ( 18,940 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$ 7,772 $ ( 6,526 )

2 unchanged sentences

$ 0.25 $ 0.34

Net increase in net assets resulting from operations $ 1.05 $ 0.19 $ 1.29 $ 1.85

Net increase (decrease) in net assets resulting from operations $ 0.21 $ ( 0.18 )

WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:

10 unchanged sentences

Net unrealized depreciation of investments ( 1,047 ) ( 18,942 )

Net unrealized depreciation of other — 11

Net (decrease) increase in net assets from operations

Net unrealized appreciation of other ( 269 ) —

Net increase (decrease) in net assets from operations

7,772 ( 6,526 )

13 unchanged sentences

$ 485,304 $ 477,380

Net investment income (loss) $ 7,291 $ ( 1,730 )

Net realized gain on investments 42,303 289

Net unrealized (depreciation) appreciation of investments ( 34,112 ) 48,745

Net unrealized depreciation of other — 52

Net increase in net assets from operations

15,482 47,356

DISTRIBUTIONS (A)

Distributions to common stockholders from net investment income ( $ 0.24 and $ 0.20 per share, respectively)

( 8,805 ) ( 6,665 )

Distributions to common stockholders from net realized gains ( $ 0.70 and $ 0.16 per share, respectively) (B)

( 25,682 ) ( 5,519 )

Net decrease in net assets from distributions

( 34,487 ) ( 12,184 )

CAPITAL ACTIVITY

Issuance of common stock

Discounts, commissions, and offering costs for issuance of common stock

Net increase in net assets from capital activity

NET (DECREASE) INCREASE IN NET ASSETS

( 19,005 ) 39,231

NET ASSETS, SEPTEMBER 30

$ 458,375 $ 475,666

Net investment income $ 1,161 $ 9,744

Net realized gain on investments — 43,461

Net unrealized appreciation (depreciation) of investments 37,329 ( 46,534 )

Net unrealized appreciation of other — ( 92 )

Net increase in net assets from operations

DISTRIBUTIONS (A)

Distributions to common stockholders from net investment income ( $ 0.16 and $ 0.43 per share, respectively)

( 5,870 ) ( 15,093 )

Distributions to common stockholders from net realized gains ( $ 0.08 and $ 0.81 per share, respectively)

( 2,947 ) ( 28,009 )

Net decrease in net assets from distributions

( 8,817 ) ( 43,102 )

CAPITAL ACTIVITY

Issuance of common stock

Discounts, commissions, and offering costs for issuance of common stock

( 24 ) ( 332 )

Net increase in net assets from capital activity

NET INCREASE (DECREASE) IN NET ASSETS

31,678 ( 15,725 )

NET ASSETS, DECEMBER 31

$ 490,053 $ 459,941

(A) Refer to Note 8 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information.

(B) Includes $ 0.70 per common share of distributions declared and unpaid as of September 30, 2024, as such distribution was a supplemental distribution declared on September 17, 2024 with a record date of October 4, 2024 and a payment date of October 15, 2024.

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

2 unchanged sentences

(IN THOUSANDS)

Nine Months Ended December 31,

Three Months Ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES

Net increase in net assets resulting from operations

Net increase (decrease) in net assets resulting from operations

$ 7,772 $ ( 6,526 )

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

Purchase of investments

1 unchanged sentence

Principal repayments of investments

33,500 27,500

Net proceeds from the sale and recapitalization of investments

48,546 52,228

Net realized gain on investments

( 42,305 ) ( 44,905 )

Net unrealized depreciation (appreciation) of investments

15,725 ( 1,391 )

Net unrealized depreciation of investments

Net unrealized appreciation of other

Amortization of deferred financing costs and discounts

Bad debt expense (recoveries), net

Bad debt expense, net of recoveries

Changes in assets and liabilities:

Decrease (increase) in interest receivable

Increase in interest receivable

( 368 ) ( 86 )

Decrease in due from administrative agent

(Increase) decrease in other assets, net

Decrease (increase) in other assets, net

Increase in accounts payable and accrued expenses

Increase in interest payable

Increase in fees due to Adviser (A)

Decrease in fee due to Administrator (A)

Increase (decrease) in interest payable

Decrease in fees due to Adviser (A)

( 2,972 ) ( 6,127 )

(Decrease) increase in other liabilities

Net cash used in operating activities ( 96,372 ) ( 75,717 )

Increase in fee due to Administrator (A)

Increase (decrease) in other liabilities

Net cash (used in) provided by operating activities ( 50,181 ) 12,321

CASH FLOWS FROM FINANCING ACTIVITIES

5 unchanged sentences

( 15,500 ) ( 19,600 )

Proceeds from issuance of notes payable 126,500 74,750

Deferred financing and offering costs

2 unchanged sentences

( 28,788 ) ( 8,805 )

Net cash provided by financing activities

Net cash provided by (used in) financing activities

40,382 ( 12,351 )

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

NET DECREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS

( 9,799 ) ( 30 )

CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD

7 unchanged sentences

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2024

JUNE 30, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

5 unchanged sentences

Aerospace and Defense – 12.6 %

Ricardo Defense, Inc.

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

Detroit Defense, Inc.

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

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

3 unchanged sentences

38,250 38,250 38,250

Chemicals, Plastics, and Rubber - 7.3 %

Smart Chemical Solutions, LLC (K) – Line of Credit $ 1,436 available (SOFR+ 5.5 %, 10.0 % Cash, Due 10/2026) (J)

Smart Chemical Solutions, LLC (K) – Term Debt (SOFR+ 9.0 %, 13.5 % Cash, Due 5/2030) (J)

35,660 35,660 35,660

35,660 35,660

Diversified/Conglomerate Manufacturing – 0.9 %

11 unchanged sentences

25,250 25,250 25,250

Sun State Nursery and Landscaping, LLC – Line of Credit, $ 1,760 available (SOFR+ 5.0 %, 10.0 % Cash, Due 5/2027) (J)

Sun State Nursery and Landscaping, LLC – Term Debt (SOFR+ 9.0 %, 13.5 % Cash, Due 5/2030) (J)

9,520 9,520 9,520

92,710 65,744

Healthcare, Education, and Childcare – 6.2 %

13 unchanged sentences

36,750 36,750

Hotels, Motels, Inns, and Gaming – 17.4 %

Nocturne Luxury Villas, Inc.

– Line of Credit, $ 0 available (SOFR+ 8.0 %, 12.3 % Cash, Due 6/2026) (J)

6,000 6,000 6,000

Nocturne Luxury Villas, Inc.

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

79,600 79,600 79,600

85,600 85,600

Leisure, Amusement, Motion Pictures, and Entertainment – 5.8 %

3 unchanged sentences

Oil and Gas – 7.0 %

The E3 Company, LLC – Line of Credit, $ 1,500 available (SOFR+ 5.5 %, 10.0 % Cash, Due 2/2025) (J)

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

33,750 33,750 33,750

34,250 34,250

Printing and Publishing – 2.6 %

9 unchanged sentences

Total Secured First Lien Debt $ 376,556 $ 346,601

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

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

JUNE 30, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

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

Principal/Shares/ Units (F)(H)

Cost Fair Value

Secured Second Lien Debt – 19.3 %

7 unchanged sentences

25,696 25,696

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

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

DECEMBER 31, 2024

(DOLLAR AMOUNTS IN THOUSANDS)

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

Principal/Shares/ Units (F)(H)

Cost Fair Value

Cargo Transport – 2.7 %

8 unchanged sentences

Aerospace and Defense – 3.7 %

Ricardo Defense, Inc.

(K) – Preferred Stock (C)(J)

Detroit Defense, Inc.

(K) – Preferred Stock (C)(J)(Q)

17,388 $ 17,388 $ 18,169

3 unchanged sentences

21,000 21,000 30,825

Chemicals, Plastics, and Rubber – 2.9 %

Smart Chemical Solutions, LLC (K) – Preferred Stock (C)(J)

13,843 13,843 13,843

Diversified/Conglomerate Services – 3.9 %

3 unchanged sentences

11,206 11,206 15,779

Sun State Nursery and Landscaping, LLC – Preferred Stock (C)(J)

3,059 3,059 3,059

14,265 18,838

Healthcare, Education, and Childcare – 3.7 %

10 unchanged sentences

16,236 51,087

Hotels, Motels, Inns, and Gaming – 6.3 %

Nocturne Luxury Villas, Inc.

– Preferred Stock (C)(J)

6,600 6,600 30,934

Leisure, Amusement, Motion Pictures, and Entertainment – 4.9 %

18 unchanged sentences

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

Diversified/Conglomerate Manufacturing – 0.0 %

Phoenix Door Systems, Inc.

– Common Stock (C)(J)

4,221 1,830 —

Home and Office Furnishings, Housewares, and Durable Consumer Products – 0.0 %

Ginsey Home Solutions, Inc.

– Common Stock (C)(J)

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

1 unchanged sentence

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

DECEMBER 31, 2024

JUNE 30, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

2 unchanged sentences

Cost Fair Value

Diversified/Conglomerate Manufacturing – 0.0 %

Phoenix Door Systems, Inc.

– Common Stock (C)(J)

4,221 $ 1,830 $ —

Home and Office Furnishings, Housewares, and Durable Consumer Products – 0.0 %

Ginsey Home Solutions, Inc.

– Common Stock (C)(J)

Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 11.4 %

23 unchanged sentences

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 – 7.8 %

4 unchanged sentences

Pyrotek Special Effects, Inc.

(Q) – Line of Credit, $ 0 available (SOFR+ 5.0 %, 10.0 % Cash, Due 11/2029) (J)

3,000 3,000 3,000

Pyrotek Special Effects, Inc.

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

17,120 17,120 17,120

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

20,120 20,120 20,120

9 unchanged sentences

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

1,050 1,050 1,050

B+T Group Acquisition, Inc.

2 unchanged sentences

Total Secured First Lien Debt $ 239,830 $ 210,088

Secured Second Lien Debt – 3.3 %

Chemicals, Plastics, and Rubber – 3.3 %

PSI Molded Plastics, Inc.

– Term Debt (SOFR+ 5.5 %, 9.8 % Cash, Due 1/2026) (J)

$ 26,618 $ 26,618 $ 15,889

Total Secured Second Lien Debt

$ 26,618 $ 15,889

Preferred Equity – 23.2 %

3 unchanged sentences

428,773 $ 46,746 $ 5,477

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

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

DECEMBER 31, 2024

(DOLLAR AMOUNTS IN THOUSANDS)

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

Principal/Shares/ Units (F)(H)

Cost Fair Value

Diversified/Conglomerate Services – 4.7 %

11 unchanged sentences

22,169 22,169 23,252

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

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

JUNE 30, 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 – 5.1 %

4 unchanged sentences

Pyrotek Special Effects, Inc.

(Q) – Preferred Stock (C)(J)

(P) – Preferred Stock (C)(J)

7,060 7,060 7,907

10 unchanged sentences

Finance – 1.0 %

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

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

500,000 $ 5,000 $ 5,010

23 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.

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

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

DECEMBER 31, 2024

(DOLLAR AMOUNTS IN THOUSANDS)

(B) Unless indicated otherwise, all cash interest rates are indexed to 30 day Secured Overnight Financing Rate ("SOFR"), which was 4.3 % as of December 31, 2024.

As of June 30, 2025, our investments in Pyrotek Special Effects, Inc.

and Gladstone Alternative Income Fund ("Gladstone Alternative") are considered non-qualifying assets under Section 55 of the 1940 Act.

Such non-qualifying assets represent 3.2 % of total investments, at fair value, as of June 30, 2025.

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

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

3 unchanged sentences

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

(D) Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of June 30, 2025.

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

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

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

GLADSTONE INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

JUNE 30, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

(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.

2 unchanged sentences

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

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

(I) Fair value was based on 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 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.

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

Securities and Exchange Commission.

2 unchanged sentences

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

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

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

(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) The portfolio company changed its name from Ricardo Defense, Inc.

to Detroit Defense, Inc.

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

8 unchanged sentences

Secured First Lien Debt – 60.3 %

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 %

31 unchanged sentences

36,750 36,750

Hotels, Motels, Inns, and Gaming – 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 %

20 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

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 Total – 3.0 %

Utah Pacific Bridge & Steel, Ltd.

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 Investment Group, LLC – 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/

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/

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 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 SOFR, which was 4.3 % as of March 31, 2025.

8 unchanged sentences

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.

5 unchanged sentences

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.

Securities and Exchange Commission.

1 unchanged sentence

(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.

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)

(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.

3 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

JUNE 30, 2025

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA AND AS OTHERWISE INDICATED)

11 unchanged sentences

We intend that our investment portfolio over time will consist of approximately 75.0 % in debt investments and 25.0 % in equity investments, at cost.

As of December 31, 2024, our investment portfolio was comprised of 76.3 % in debt investments and 23.7 % in equity investments, at cost.

As of June 30, 2025, our investment portfolio was comprised of 72.1 % in debt investments and 27.9 % in equity investments, at cost.

Gladstone Business Investment, LLC (“Business Investment”), a wholly-owned subsidiary of ours, was established on August 11, 2006 for the sole purpose of holding certain investments pledged as collateral under our line of credit.

9 unchanged sentences

Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements.

The accompanying Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries.

The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries.

All significant intercompany balances and transactions have been eliminated in consolidation.

2 unchanged sentences

In our opinion, all adjustments, consisting solely of normal recurring accruals, necessary for the fair statement of financial statements for the interim periods have been included.

The results of operations for the three and nine months ended December 31, 2024 are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending March 31, 2025 or any future interim period.

The interim financial statements and notes thereto should be read in

conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the fiscal year ended March 31, 2024, as filed with the SEC on May 8, 2024.

The results of operations for the three months ended June 30, 2025 are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending March 31, 2026 or any future interim period.

The interim financial statements and notes thereto should be read in conjunction with the

financial statements and notes thereto included in our annual report on Form 10-K for the fiscal year ended March 31, 2025, as filed with the SEC on May 13, 2025.

Use of Estimates

1 unchanged sentence

Actual results may differ from those estimates.

Cash and Cash Equivalents

We consider all short-term, highly-liquid investments that are both readily convertible to cash and have a maturity of three months or less at the time of purchase to be cash equivalents.

Cash and cash equivalents are carried at cost, which approximates fair value.

We place our cash with financial institutions, and at times, cash held in checking accounts may exceed the Federal Deposit Insurance Corporation insured limit.

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

We held $ 1.5 million and $ 1.8 million of cash equivalents in Dreyfus Treasury Obligations Cash Management Fund as of June 30, 2025 and March 31, 2025, respectively.

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

Investment Valuation Policy

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.

2 unchanged sentences

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.

10 unchanged sentences

The Valuation Team’s estimate of value on a specific debt investment may significantly differ from the third-party valuation firm’s.

When this occurs, our Valuation Committee and Board of Directors review whether the Valuation Team has followed the Policy and

the Valuation Committee reviews whether the Valuation Designee’s determined fair value is reasonable in light of the Policy and other relevant facts and circumstances.

When this occurs, our Valuation Committee and Board of Directors review whether the Valuation Team has followed the Policy and the Valuation Committee reviews whether the Valuation Designee’s determined fair value is reasonable in light of the Policy and other relevant facts and circumstances.

We may engage other independent valuation firms to provide earnings multiple ranges, as well as other information, and evaluate such information for incorporation into the total enterprise value (“TEV”) of certain of our investments.

21 unchanged sentences

Generally, the Valuation Team uses the yield analysis to corroborate both estimates of value provided by a third-party valuation firm and market quotes.

• Market Quotes — For our investments for which a limited market exists, we generally base fair value on readily available and reliable market quotations, which are corroborated by the Valuation Team (generally by using the yield analysis described above).

yield analysis described above).

In addition, the Valuation Team assesses trading activity for similar investments and evaluates variances in quotations and other market insights to determine if any available quoted prices are reliable.

21 unchanged sentences

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 December 31, 2024, our loans to B+T Group Acquisition, Inc., Diligent Delivery Systems, Edge Adhesives Holdings, Inc.

As of June 30, 2025, our loans to B+T Group Acquisition, Inc.

("B+T"), Diligent Delivery Systems ("Diligent"), Edge Adhesives Holdings, Inc.

("Edge"), and J.R.

1 unchanged sentence

Hobbs”) were on non-accrual status, with an aggregate debt cost basis of $ 90.3 million, or 12.6 % of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $ 51.7 million, or 7.9 % of the fair value of all debt investments in our portfolio.

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

As of March 31, 2025, our loans to B+T, Diligent, Edge and 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.

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.

Thus, the actual collection of PIK income may be deferred until the time of debt principal repayment.

As of December 31, 2024 and March 31, 2024, we did not have any loans with a PIK interest component.

Thus, the actual collection of PIK income may be deferred until the

time of debt principal repayment.

As of June 30, 2025 and March 31, 2025, we did not have any loans with a PIK interest component.

Success Fee Income Recognition

9 unchanged sentences

Refer to Note 4 — Related Party Transactions for additional information regarding these related party fees and agreements.

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.

ASU 2023-07 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.

In accordance with ASC 820, the fair value of our investments is determined to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between willing market participants on the measurement date.

9 unchanged sentences

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 December 31, 2024, 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, which was valued using Level 2 inputs.

As of June 30, 2025 and 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.

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.

There were no transfers in or out of Level 1, 2 and 3 during the three and nine months ended December 31, 2024 and 2023, respectively.

As of December 31, 2024 and March 31, 2024, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:

There were no transfers in or out of Level 1, 2 and 3 during the three months ended June 30, 2025 and 2024, respectively.

As of June 30, 2025 and March 31, 2025, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:

Fair Value Measurements

Fair Value Quoted Prices in

Quoted Prices in

Active Markets

1 unchanged sentence

Observable Inputs

As of December 31, 2024:

As of June 30, 2025:

Secured first lien debt

4 unchanged sentences

— — 325,997 325,997

Common equity/equivalents (A)

Total Investments as of December 31, 2024

Common equity/equivalents

— 55,341 55,341

Total $ — $ — $ 1,031,735 $ 1,031,735

Investments measured at NAV (A)

Total Investments as of June 30, 2025

$ — $ — $ 1,031,735 $ 1,036,745

Fair Value Measurements

Fair Value Quoted Prices in

Quoted Prices in

Active Markets

8 unchanged sentences

Common equity/equivalents

93,465 — 18 (B)

— — 54,268 54,268

Total $ — $ — $ 974,345 $ 974,345

Investments measured at NAV (A)

Total Investments as of March 31, 2025

$ — $ — $ 974,345 $ 979,320

(A) Excludes our investment in Gladstone Alternative with a fair value of $ 5.0 million as of December 31, 2024.

Gladstone Alternative was valued using NAV as a practical expedient.

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

(our units in Funko could 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.

The following table presents our investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy, and carried at fair value as of December 31, 2024 and March 31, 2024, by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type:

(A) Includes our investment in Gladstone Alternative as of June 30, 2025 and 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 Quarterly Report.

The following table presents our investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy, and carried at fair value as of June 30, 2025 and March 31, 2025, by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type:

Total Recurring Fair Value Measurements

2 unchanged sentences

Valued Using Level 3 Inputs

December 31, 2024 March 31, 2024

June 30, 2025 March 31, 2025

Non-Control/Non-Affiliate Investments

2 unchanged sentences

Preferred equity 213,075 200,606

Common equity/equivalents (A)

50,350 42,005

Common equity/equivalents 55,341 54,268

Total Non-Control/Non-Affiliate Investments 708,357 648,589

3 unchanged sentences

Preferred equity 112,922 101,557

Common equity/equivalents (B)

Common equity/equivalents — —

Total Affiliate Investments 323,010 325,413

6 unchanged sentences

Total investments at fair value using Level 3 inputs $ 1,031,735 $ 974,345

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

(B) Excludes our investment in Gladstone Alternative as of December 31, 2024 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 December 31, 2024 and March 31, 2024.

In accordance with ASC 820, the following table provides quantitative information about our investments valued using Level 3 fair value measurements as of June 30, 2025 and March 31, 2025.

The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to our fair value measurements.

4 unchanged sentences

Input Range / Weighted-Average as of

2024 March 31,

2024 December 31,

2024 March 31,

June 30, 2025 March 31, 2025 June 30, 2025 March 31, 2025

Secured first

12 unchanged sentences

$ 3,637 – $ 24,234 / $ 16,900

12,514 25,000 Yield Analysis Discount Rate 19.7 % – 19.7 % / 19.7 %

13.8 % – 13.8 % / 13.8 %

— 12,624 Yield Analysis Discount Rate N/A 20.7 % – 20.7 % / 20.7 %

equity 325,997 302,163 TEV EBITDA multiple 3.7 x – 8.0 x /

7 unchanged sentences

Common equity/

equivalents (A)(B)

50,350 93,447 TEV EBITDA multiple 5.5 x – 8.1 x /

equivalents 55,341 54,268 TEV EBITDA multiple 5.5 x – 7.3 x /

5.5 x – 7.2 x /

2 unchanged sentences

Total $ 1,031,735 $ 974,345

(A) Fair value as of December 31, 2024 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 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.

Generally, an increase/(decrease) in market yields or 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

The following tables provide our portfolio’s changes in fair value, broken out by security type, during the three and nine months ended December 31, 2024 and 2023 for all investments for which the Adviser determines fair value using unobservable (Level 3) inputs.

The following tables provide our portfolio’s changes in fair value, broken out by security type, during the three months ended June 30, 2025 and 2024 for all investments for which the Adviser determines fair value using unobservable (Level 3) inputs.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

1 unchanged sentence

Equivalents Total

Three Months ended December 31, 2024:

Fair value as of September 30, 2024

$ 469,480 $ 111,344 $ 228,528 $ 43,955 $ 853,307

Total gain (loss):

Net realized gain (loss) (A)

Net unrealized appreciation (depreciation) (B)

454 ( 2,601 ) 33,081 6,395 37,329

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

New investments, repayments and settlements (C):

Issuances / originations

135,477 — 46,617 — 182,094

Settlements / repayments

( 5,500 ) — — — ( 5,500 )

Fair value as of December 31, 2024

$ 599,911 $ 108,743 $ 308,226 $ 50,350 $ 1,067,230

Debt Preferred

Equivalents Total

Nine Months Ended December 31, 2024

Three Months ended June 30, 2025:

Fair value as of March 31, 2025

Total gain (loss):

Net realized gain (loss) (A)

$ 514,334 $ 103,580 $ 302,163 $ 54,268 $ 974,345

Net unrealized appreciation (depreciation) (B)

( 22,020 ) ( 4,960 ) 48,129 1,150 22,299

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

— — — ( 38,028 ) ( 38,028 )

New investments, repayments and settlements (C):

Issuances / originations

155,575 — 46,617 — 202,192

Settlements / repayments

( 8,500 ) ( 25,000 ) — — ( 33,500 )

— — — ( 48,503 ) ( 48,503 )

Fair value as of December 31, 2024

$ 599,911 $ 108,743 $ 308,226 $ 50,350 $ 1,067,230

Three Months ended December 31, 2023:

Fair value as of September 30, 2023

$ 508,504 $ 102,747 $ 267,596 $ 36,767 $ 915,614

Total gain (loss):

Net realized gain (loss) (A)

— — 43,459 — 43,459

Net unrealized appreciation (depreciation) (B)

1 unchanged sentence

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

( 1,338 ) — ( 42,228 ) — ( 43,566 )

New investments, repayments and settlements (C):

3 unchanged sentences

( 4,370 ) — — — ( 4,370 )

— — ( 50,453 ) — ( 50,453 )

Transfers (E)

Transfers (D)

— ( 10,616 ) 10,616 — —

Fair value as of December 31, 2023

Fair value as of June 30, 2025

$ 557,057 $ 93,340 $ 325,997 $ 55,341 $ 1,031,735

Nine Months Ended December 31, 2023:

Three Months ended June 30, 2024:

Fair value as of March 31, 2024

2 unchanged sentences

Net realized gain (loss) (A)

— — 43,732 882 44,614

Net unrealized appreciation (depreciation) (B)

Net unrealized (depreciation)

appreciation (B)

( 9,235 ) ( 876 ) ( 889 ) ( 7,946 ) ( 18,946 )

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

( 1,338 ) — ( 42,228 ) ( 93 ) ( 43,659 )

New investments, repayments and settlements (C) :

3 unchanged sentences

( 3,000 ) — — — ( 3,000 )

— — ( 50,726 ) ( 1,502 ) ( 52,228 )

Transfers (E)

— — ( 8,621 ) 8,621 —

Fair value as of December 31, 2023

Fair value as of June 30, 2024

$ 463,219 $ 137,827 $ 212,591 $ 85,501 $ 899,138

(A) Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective three and nine months ended December 31, 2024 and 2023.

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

(A) Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective three months ended June 30, 2025 and 2024.

(B) Included in net unrealized appreciation (depreciation) of investments on our accompanying Consolidated Statements of Operations for the respective three months ended June 30, 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.

(D) The nine months ended December 31, 2023 includes $ 0.3 million of proceeds from the recapitalization of Old World Christmas, Inc.

("Old World").

(E) For the three and nine months ended December 31, 2023, 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.

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

("PSI Molded") with a total cost basis of $ 10.6 million, which was converted to preferred equity in June 2025.

Investment Activity

During the nine months ended December 31, 2024, the following significant transactions occurred:

• 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 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.

• 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, Inc.

("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.

During the three months ended June 30, 2025, the following significant transactions occurred:

• In May 2025, we invested $ 49.5 million in a new portfolio company, Smart Chemical Solutions, LLC ("Smart Chemical"), in the form of $ 35.7 million of secured first lien debt and $ 13.8 million of preferred equity.

Smart Chemical, headquartered in Midland, Texas, is a leading provider of production chemicals for onshore oil and gas operators throughout the United States.

• In May 2025, we invested $ 12.8 million in a new portfolio company, Sun State Nursery and Landscaping, LLC ("Sun State"), in the form of $ 9.8 million of secured first lien debt and $ 3.1 million of preferred equity.

Sun State, headquartered in Jacksonville, Florida, is a leading commercial landscaping installation and maintenance provider in the Jacksonville area.

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

As a result of the restructuring, we converted debt with a cost basis of $ 10.6 million into preferred equity.

Investment Concentrations

As of December 31, 2024, our investment portfolio consisted of investments in 26 portfolio companies located in 20 states or countries across 17 different industries with an aggregate fair value of $ 1.1 billion.

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

represented our five largest portfolio investments at fair value and collectively comprised $ 443.5 million, or 41.4 %, of our total investment portfolio at fair value as of December 31, 2024.

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

December 31, 2024 March 31, 2024

As of June 30, 2025, our investment portfolio consisted of investments in 27 portfolio companies located in 20 states or countries across 16 different industries with an aggregate fair value of $ 1.0 billion.

Our investments in SFEG Holdings, Inc., Detroit Defense, Inc., The E3 Company, LLC, Nielsen-Kellerman Acquisition Corp.

and Brunswick Bowling Products, Inc.

represented our five largest portfolio investments at fair value and collectively comprised $ 403.1 million, or 38.9 %, of our total investment portfolio at fair value as of June 30, 2025.

The following table summarizes our investments by security type as of June 30, 2025 and March 31, 2025:

June 30, 2025 March 31, 2025

Cost Fair Value Cost Fair Value

7 unchanged sentences

$ 997,538 100.0 % $ 1,036,745 100.0 % $ 939,066 100.0 % $ 979,320 100.0 %

Investments at fair value consisted of the following industry classifications as of December 31, 2024 and March 31, 2024:

December 31, 2024 March 31, 2024

Investments at fair value consisted of the following industry classifications as of June 30, 2025 and March 31, 2025:

June 30, 2025 March 31, 2025

Fair Value Percentage of

2 unchanged sentences

Home and Office Furnishings, Housewares, and Durable Consumer Products 150,749 14.5 % 159,236 16.3 %

Hotels, Motels, Inns, and Gaming 116,534 10.9 % 77,366 8.4 %

Aerospace and Defense 108,464 10.1 % 29,064 3.2 %

Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) 109,985 10.6 % 105,432 10.8 %

Aerospace and Defense 105,170 10.1 % 107,869 10.9 %

Leisure, Amusement, Motion Pictures, and Entertainment 79,588 7.7 % 78,460 8.0 %

Electronics 71,321 6.7 % — — %

Oil and Gas 72,286 7.0 % 69,589 7.1 %

Electronics 71,334 6.9 % 71,573 7.2 %

Buildings and Real Estate 69,075 6.7 % 69,320 7.1 %

Chemicals, Plastics, and Rubber 54,980 5.3 % 11,612 1.2 %

Healthcare, Education, and Childcare 48,197 4.6 % 51,501 5.3 %

Mining, Steel, Iron and Non-Precious Metals 43,505 4.2 % 41,010 4.2 %

Chemicals, Plastics, and Rubber 15,889 1.5 % 20,363 2.2 %

Printing and Publishing 14,400 1.3 % 14,238 1.5 %

Cargo Transport 13,000 1.3 % 12,624 1.3 %

Telecommunications 6,796 0.6 % 9,002 1.0 %

Printing and Publishing 12,611 1.2 % 11,681 1.2 %

Other < 2.0% 17,420 1.7 % 19,053 2.0 %

1 unchanged sentence

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

and Canada as of December 31, 2024 and March 31, 2024:

December 31, 2024 March 31, 2024

and Canada as of June 30, 2025 and March 31, 2025:

June 30, 2025 March 31, 2025

Location Fair Value Percentage of

11 unchanged sentences

Investment Principal Repayments

The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of December 31, 2024:

For the remaining three months ending March 31, 2025

The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of June 30, 2025:

For the remaining nine months ending March 31, 2026

For the fiscal years ending March 31:

2 unchanged sentences

Investments in equity securities 278,602

Total cost basis of investments held as of December 31, 2024:

Total cost basis of investments held as of June 30, 2025:

Receivables from Portfolio Companies

3 unchanged sentences

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

As of December 31, 2024 and March 31, 2024, we had gross receivables from portfolio companies of $ 2.4 million and $ 2.2 million, respectively.

As of December 31, 2024 and March 31, 2024, the allowance for uncollectible receivables was $ 1.6 million and $ 1.4 million, respectively.

As of June 30, 2025 and March 31, 2025, we had gross receivables from portfolio companies of $ 2.7 million and $ 2.3 million, respectively.

As of June 30, 2025 and March 31, 2025, the allowance for uncollectible receivables was $ 1.5 million and $ 1.7 million, respectively.

RELATED PARTY TRANSACTIONS

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 9, 2024, 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, 2025.

Refer to Note 12 – Subsequent Events for additional information regarding 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 December 31, 2024, is 100 % indirectly owned 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.

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 June 30, 2025, is 100 % indirectly owned by Mr.

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

Michael LiCalsi, our general counsel and secretary (who also serves as the Administrator’s president, general counsel and secretary), is also the executive vice president of administration, general counsel, and secretary of our Adviser.

Michael LiCalsi, our chief administrative officer, co-general counsel and co-secretary, also serves in the same roles for the Adviser and Administrator (in addition to serving as president of the Administrator).

Effective July 10, 2025, Erich Hellmold was appointed as our co-general counsel and co-secretary.

He was also appointed to the same roles also for the Adviser and the Administrator.

The following table summarizes the base management fees, loan servicing fees, incentive fees, and associated non-contractual, unconditional, and irrevocable credits reflected in our accompanying Consolidated Statements of Operations :

Three Months Ended December 31, Nine Months Ended December 31,

2024 2023 2024 2023

Average total assets subject to base management fee (A)

Three Months Ended June 30,

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

$ 1,016,000 $ 923,600

Multiplied by prorated annual base management fee of 2.0 %

0.5 % 0.5 % 1.5 % 1.5 %

Base management fee (B)

4,872 4,602 13,937 12,874

Credits to fees from Adviser - other (B)

Base management fee (C)

Credits to fees from Adviser - other (C)

( 1,399 ) ( 627 )

Net base management fee $ 3,681 $ 3,991

Loan servicing fee (B)

Loan servicing fee (C)

$ 2,672 $ 2,222

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

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

( 2,672 ) ( 2,222 )

1 unchanged sentence

Incentive fee – income-based $ — $ —

Incentive fee – capital gains-based (C)

Incentive fee – capital gains-based (D)

( 209 ) ( 3,788 )

Total incentive fee (B)

Total incentive fee (C)

$ ( 209 ) $ ( 3,788 )

Credits to fees from Adviser - other (B)

Credits to fees from Adviser - other (C)

Net total incentive fee $ ( 209 ) $ ( 3,788 )

(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

9 unchanged sentences

however, pursuant to the terms of the Advisory Agreement, a small percentage of certain of such fees was retained by the Adviser in the form of reimbursement, at cost, for tasks completed by personnel of the Adviser, primarily related to the valuation of portfolio companies.

For the three and nine months ended December 31, 2024, these credits totaled $ 163 thousand and $ 315 thousand, respectively.

For the three and nine months ended December 31, 2023, these credits totaled $ 57 thousand and $ 215 thousand, respectively.

For the three months ended June 30, 2025 and June 30, 2024, these credits totaled $ 109 thousand and $ 75 thousand, respectively.

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.

The Adviser also services the loans held by our wholly-owned subsidiary, Business Investment (the borrower under our 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.

14 unchanged sentences

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 December 31, 2024, $ 4.9 million of capital gains-based incentive fees were contractually due to the Adviser.

During the year ended March 31, 2024, $ 1.1 million capital gains-based incentive fees were contractually due and paid to the Adviser.

As of June 30, 2025, no capital gains-based incentive fees were contractually due to the Adviser.

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

In accordance with GAAP, accrual of the capital gains-based incentive fee is determined as if our investments had been liquidated at their fair values as of the end of the reporting period.

4 unchanged sentences

If such amount is negative, then there is no accrual for such period and prior period accruals are reversed, as appropriate.

During the three and nine months ended December 31, 2024, we recorded an accrual of capital gains-based incentive fees of $ 7.5 million and $ 5.3 million, respectively.

During the three and nine months ended ended December 31, 2023, we recorded a reversal of capital gains-based incentive fees of $ 0.6 million and an accrual of capital gains-based incentive fees of $ 9.3 million, respectively.

As of December 31, 2024 and March 31, 2024, we had accrued capital gains-based incentive fees of $ 42.1 million and $ 36.7 million, respectively.

During the three months ended June 30, 2025 and 2024, we recorded a reversal of capital gains-based incentive fees of $ 0.2 million and $ 3.8 million, respectively.

As of June 30, 2025 and March 31, 2025, we had accrued capital gains-based incentive fees of $ 39.1 million and $ 39.3 million, respectively.

Transactions with the Administrator

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.

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 co-general counsels and co-secretaries, and their respective staffs.

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.

LiCalsi (our general counsel and secretary), serves as the Administrator’s president as well as the executive vice president of administration, general counsel, and secretary for the Adviser.

LiCalsi, our co-general counsel and co-secretary, also serves in the same roles for the Adviser and Administrator (in addition to serving as president of the Administrator).

Effective July 10, 2025, Erich Hellmold was appointed as our co-general counsel and co-secretary.

He was also appointed to the same roles also for the Adviser and the Administrator.

Our allocable portion of the Administrator’s expenses is generally derived by multiplying the Administrator’s total expenses by the approximate percentage of time during the current quarter the Administrator’s employees performed services for us in relation to their time spent performing services for all companies serviced by the Administrator.

On July 10, 2025, 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, 2026.

Administration fees for the three and nine months ended December 31, 2024 were $ 0.4 million and $ 1.5 million, respectively.

Administration fees for the three and nine months ended December 31, 2023 were $ 0.5 million and $ 1.3 million, respectively.

Administration fees for the three months ended June 30, 2025 and 2024 were $ 0.4 million and $ 0.5 million, respectively.

Transactions with Gladstone Securities, LLC

4 unchanged sentences

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 three and nine months ended December 31, 2024, the fees received by Gladstone Securities from our portfolio companies totaled $ 1.7 million and $ 1.9 million, respectively.

No fees were received by Gladstone Securities from our portfolio companies during the three months ended December 31, 2023.

During the nine months ended December 31, 2023, the fees received by Gladstone Securities from our portfolio companies totaled $ 0.3 million.

During the three months ended June 30, 2025, the fees received by Gladstone Securities from our portfolio companies totaled $ 0.6 million.

No fees were received by Gladstone Securities from our portfolio companies during the three months ended June 30, 2024.

Investment in Affiliated Fund

3 unchanged sentences

Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows:

As of December 31,

As of June 30,

As of March 31,

6 unchanged sentences

Total related party fees due $ 41,885 $ 44,584

(A) Includes a capital gains-based incentive fee of $ 37.2 million and $ 36.7 million as of December 31, 2024 and March 31, 2024, respectively, recorded in accordance with GAAP requirements, and which was not contractually due under the terms of the Advisory Agreement.

(A) Includes a capital gains-based incentive fee of $ 39.1 million and $ 39.3 million as of June 30, 2025 and March 31, 2025, respectively, recorded in accordance with GAAP requirements, and which was not contractually due under the terms of the Advisory Agreement.

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

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

Co-investment expenses as of both June 30, 2025 and March 31, 2025 were $ 0.1 million.

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.

Revolving Line of Credit

We, through our wholly-owned subsidiary, Business Investment, are party to a 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.

As of December 31, 2024, the Credit Facility provides for maximum borrowings of $ 200.0 million, with a revolving period end date of October 30, 2026 and a maturity date of October 30, 2028.

As of June 30, 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:

As of December 31, 2024

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

As of June 30, 2025

As of March 31, 2025

3 unchanged sentences

$ 208,000 $ 270,000

For the Three Months Ended December 31,

For the Nine Months Ended December 31,

2024 2023 2024 2023

For the Three Months Ended June 30,

Weighted-average borrowings outstanding $ 36,318 $ 64,746

1 unchanged sentence

14.0 % 10.8 %

Commitment (unused) fees incurred $ 406 $ 113 $ 1,067 $ 777

(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 $ 108.5 million and $ 133.0 million as of December 31, 2024 and March 31, 2024, respectively.

Unused commitment fees incurred

(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 $ 208.0 million and $ 270.0 million as of June 30, 2025 and March 31, 2025, respectively.

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

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 $ 412.9 million as of December 31, 2024;

Among other things, our Credit Facility contains a performance guaranty that requires us to maintain:

(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 December 31, 2024, and as defined in the performance guaranty of the Credit Facility, we had a net worth of $ 943.9 million, asset coverage on our senior securities representing indebtedness of 185.9 %, 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 December 31, 2024, we were in compliance with all covenants under the Credit Facility.

As of June 30, 2025, and as defined in the performance guaranty of our Credit Facility, we had a net worth of $ 940.4 million, asset coverage on our senior securities representing indebtedness of 189.8 %, 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 June 30, 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.

As of December 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, and SOFR credit spread adjustment of 10 basis points, plus a margin of 3.15 % per annum, plus an unused commitment fee of 0.75 %.

As of 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, and SOFR credit spread adjustment of 10 basis points, plus a margin of 3.15 % 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.

As of each of December 31, 2024 and March 31, 2024, 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 December 31, 2024 and March 31, 2024 and for the three and nine months ended December 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.

As of June 30, 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 a margin of 2.90 % per annum, plus an unused commitment fee of 1.0 %.

As of 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 a margin of 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.

As of each of June 30, 2025 and March 31, 2025, 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 June 30, 2025 and March 31, 2025 and for the three months ended June 30, 2025 and 2024, as required by ASC 820:

Level 3 – Borrowings

2 unchanged sentences

Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)

December 31, 2024 March 31, 2024

June 30, 2025 March 31, 2025

Credit Facility $ 62,269 $ —

2 unchanged sentences

Credit Facility

Three Months Ended December 31, 2024:

Fair value at September 30, 2024

Borrowings 144,200

Repayments ( 61,600 )

Fair value at December 31, 2024

Nine Months Ended December 31, 2024

Three Months Ended June 30, 2025:

Fair value at March 31, 2025

1 unchanged sentence

Repayments ( 15,500 )

Fair value at December 31, 2024

Unrealized appreciation 269

Fair value at June 30, 2025

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

1 unchanged sentence

Credit Facility

Three Months Ended December 31, 2023:

Fair value at September 30, 2023

Borrowings 104,900

Repayments ( 101,600 )

Unrealized appreciation 92

Fair value at December 31, 2023

Nine Months Ended December 31, 2023

Three Months Ended June 30, 2024:

Fair value at March 31, 2024

1 unchanged sentence

Repayments ( 19,600 )

Unrealized appreciation 29

Fair value at December 31, 2023

The fair value of the collateral under the Credit Facility was $ 847.3 million and $ 717.3 million as of December 31, 2024 and March 31, 2024, respectively.

Fair value at June 30, 2024

The fair value of the collateral under our Credit Facility was $ 827.1 million and $ 764.7 million as of June 30, 2025 and March 31, 2025, respectively.

Notes Payable

18 unchanged sentences

The 8.00 % 2028 Notes are traded under the ticker symbol “GAINL” on Nasdaq.

The 8.00 % 2028 Notes will mature on August 1, 2028 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 August 1, 2025.

The 8.00 % 2028 Notes will mature on August 1, 2028 and may be redeemed in whole or in part at any time or from time to time at the Company’s option.

The 8.00 % 2028 Notes bear interest at a rate of 8.00 % per year, which is payable quarterly in arrears.

10 unchanged sentences

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 February 1, 2030, the maturity date.

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

As of December 31, 2024:

The following tables summarize our 5.00 % 2026 Notes, 4.875 % 2028 Notes, 8.00 % 2028 Notes and 7.875 % 2030 Notes as of June 30, 2025 and March 31, 2025:

As of June 30, 2025:

Description Ticker

27 unchanged sentences

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)

2 unchanged sentences

Notes payable, net (C)

(A) The 5.00 % 2026 Notes and the 4.875 % 2028 Notes can be redeemed at our option at any time.

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

(A) The 5.00 % 2026 Notes, the 4.875 % 2028 Notes and the 8.00 % 2028 Notes can be redeemed at our option at any time.

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

(B) As of December 31, 2024 and March 31, 2024, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 185.9 % and 219.0 %, respectively.

(B) As of June 30, 2025 and March 31, 2025, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 189.8 % and 204.4 %, 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 December 31, 2024 was $ 127.3 million, $ 127.3 million, $ 77.1 million and $ 128.4 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, 4.875 % 2028 Notes, 8.00 % 2028 Notes and 7.875 % 2030 Notes as of June 30, 2025 was $ 127.5 million, $ 123.4 million, $ 76.5 million and $ 127.5 million, 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.

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.

4 unchanged sentences

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 $ 321.5 million of the securities registered under the registration statement.

Common Equity Offering

As of June 30, 2025, we have the ability to issue up to an additional $ 314.1 million of the securities registered under the registration statement.

Common Equity Offerings

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

Riley Securities, Inc.

and Virtu Americas LLC (each a “Sales Agent” and, 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 December 31, 2024, we had remaining capacity to sell up to an additional $ 73.0 million of common stock under the 2024 Common Stock ATM program.

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”).

In June 2025, we entered into an equity distribution agreement with M&T Securities, Inc.

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

Riley Securities, Inc.

and Virtu Americas LLC to add M&T Securities, Inc.

as a Sales Agent for the 2024 Common Stock ATM Program.

As of June 30, 2025, we had remaining capacity to sell up to an additional $ 65.6 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 “2022 Sales Agent”), under which we had 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 $ 50.0 million in what is commonly referred to as an “at-the-market” program (“2022 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.

4 unchanged sentences

as a 2022 Sales Agent for the 2022 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 nine months ended December 31, 2024.

During the three and nine months ended December 31, 2024, we sold 148,714 shares of our common stock under the 2024 Common Stock ATM Program, with a weighted-average gross price of $ 13.64 per share and a weighted-average net price of $ 13.48 per share after deducting commissions and offering costs borne by us, raising approximately $ 2.0 million and $ 2.0 million of gross and net proceeds, respectively.

During the three months ended December 31, 2023, we sold 1,456,279 shares of common stock under the 2022 Common Stock ATM Program, with a weighted-average gross price of $ 14.51 per share and a weighted-average net price of $ 14.28 per share after deducting commissions and offering costs borne by us, raising approximately $ 21.1 million and $ 20.8 million of gross and net proceeds, respectively.

During the nine months ended December 31, 2023, we sold 1,760,449 shares of common stock under the 2022 Common Stock ATM Program, with a weighted-average gross price of $ 14.34 per share and a weighted-average net price of $ 14.12 per share after deducting commissions and offering costs borne by us, raising approximately $ 25.3 million and $ 24.9 million of gross and net proceeds, respectively.

All of these sales were above our then current estimated NAV per share.

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 three months ended June 30, 2024.

During the three months ended June 30, 2025, we sold 515,295 shares of our common stock under the 2024 Common Stock ATM Program, with a weighted-average gross price of $ 14.23 per share and a weighted-average net price of $ 14.04 per share after deducting commissions and offering costs borne by us, raising approximately $ 7.3 million and $ 7.2 million of gross and net proceeds, respectively.

These sales were above our then current NAV per share.

During the three months ended June 30, 2024, we did not sell any shares under the 2024 Common Stock ATM Program.

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

The following table sets forth the computation of basic and diluted net increase in net assets resulting from operations per weighted-average common share for the three and nine months ended December 31, 2024 and 2023:

Three Months Ended December 31, Nine Months Ended December 31,

2024 2023 2024 2023

Net increase in net assets resulting from operations

The following table sets forth the computation of basic and diluted net increase in net assets resulting from operations per weighted-average common share for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30,

net increase (decrease) in net assets resulting from operations

$ 7,772 $ ( 6,526 )

1 unchanged sentence

36,908,943 36,688,667

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

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

$ 0.21 $ ( 0.18 )

1 unchanged sentence

To qualify to be taxed as a RIC under Subchapter M of the Code, we must generally distribute to our stockholders, for each taxable year, at least 90% of our taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“Investment Company Taxable Income”).

The amount to be paid out as distributions to our stockholders is determined by our Board of Directors and is based upon management’s estimate of Investment Company Taxable Income and net long-term capital gains, as well as amounts to be distributed in accordance with Section 855(a) of the Code.

The amount to be paid out as distributions to our

stockholders is determined by our Board of Directors and is based upon management’s estimate of Investment Company Taxable Income and net long-term capital gains, as well as amounts to be distributed in accordance with Section 855(a) of the Code.

Based on that estimate, our Board of Directors declares monthly distributions, and supplemental distributions, as appropriate, to stockholders each quarter and deemed distributions of long-term capital gains annually as of the end of the fiscal year, as applicable.

2 unchanged sentences

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

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.

If we determined the tax characterization of cash distributions paid to common stockholders during the current calendar year as of June 30, 2025, 50.4 % would be from ordinary income and 49.6 % would be 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.

We paid the following cash distributions to our common stockholders for the nine months ended December 31, 2024 and 2023:

For the Nine Months Ended December 31, 2024 :

We paid the following cash distributions to our common stockholders for the three months ended June 30, 2025 and 2024:

For the Three Months Ended June 30, 2025 :

Declaration Date

2 unchanged sentences

April 8, 2025 May 21, 2025 May 30, 2025 0.08

April 8, 2025 June 4, 2025 June 13, 2025 0.54 (A)

April 8, 2025 June 20, 2025 June 30, 2025 0.08

July 9, 2024 July 22, 2024 July 31, 2024 0.08

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

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

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

Nine Months Ended December 31, 2024 $ 1.42

For the Nine Months Ended December 31, 2023 :

Three Months Ended June 30, 2025 $ 0.78

For the Three Months Ended June 30, 2024 :

Declaration Date

2 unchanged sentences

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

April 11, 2023 June 5, 2023 June 15, 2023 0.12 (A)

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

July 11, 2023 July 21, 2023 July 31, 2023 0.08

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

October 24, 2023 December 5, 2023 December 15, 2023 0.88 (A)

October 10, 2023 December 18, 2023 December 29, 2023 0.08

Nine Months Ended December 31, 2023 $ 1.96

Three Months Ended June 30, 2024 $ 0.24

(A) Represents a supplemental distribution to common stockholders.

Aggregate cash distributions to our common stockholders declared and paid were $ 52.1 million and $ 67.4 million for the nine months ended December 31, 2024 and 2023, respectively.

Aggregate cash distributions to our common stockholders declared and paid were $ 28.8 million and $ 8.8 million for the three months ended June 30, 2025 and 2024, respectively.

For the fiscal year ended March 31, 2025, Investment Company Taxable Income exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $ 36.7 million of the first distributions paid subsequent to fiscal year-end, as having been paid in the prior year.

In addition, for the fiscal year ended March 31, 2025, net capital gains exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $ 18.7 million of the first distributions paid subsequent to fiscal year-end as having been paid in the prior year.

For the three months ended December 31, 2024, we recorded $ 0.4 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which increased Accumulated net realized gain in excess of distributions and decreased Capital in excess of par value and Overdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities .

For the three months ended December 31, 2023, we recorded $ 0.4 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and increased Overdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities .

For the nine months ended December 31, 2024, we recorded $ 1.2 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and increased Overdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities .

For the nine months ended December 31, 2023, we recorded $ 0.4 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which increased Overdistributed net investment income and decreased Accumulated net realized gain in excess of distributions and Capital in excess of par value on our accompanying Consolidated Statements of Assets and Liabilities .

For the three months ended June 30, 2025, we recorded $ 0.3 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Accumulated net realized (loss) gain in excess of distributions and Capital in excess of par value and increased Overdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities .

For the three months ended June 30, 2024, we recorded $ 0.2 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and increased Overdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities .

We may distribute our net long-term capital gains, if any, in cash or elect to retain some or all of such gains, pay taxes at the U.S.

4 unchanged sentences

common stockholder will (i) be required to report their pro rata share of the retained gain on their tax return as long-term capital gain, (ii) receive a refundable tax credit for their pro-rata share of federal income tax paid by us on the retained gain, and (iii) increase the tax basis of their shares of common stock by an amount equal to the deemed distribution less the tax credit.

To use the deemed distribution approach, we must provide written notice to our common stockholders prior to the expiration of 60 days after the close of the relevant taxable year.

For the year ended March 31, 2025, we did not elect to retain long-term capital gains and to treat them as deemed distributions to common stockholders.

5 unchanged sentences

Based on current knowledge, we do not believe that loss contingencies, if any, arising from pending investigations, litigation or regulatory matters will have a material adverse effect on our financial condition, results of operation or cash flows.

Additionally, based on our current knowledge, we do not believe such loss contingencies are both probable and estimable and therefore, as of December 31, 2024 and March 31, 2024, we had no established reserves for such loss contingencies.

Additionally, based on our current knowledge, we do not believe such loss contingencies are both probable and estimable and, therefore, as of June 30, 2025 and March 31, 2025, we had no established reserves for such loss contingencies.

Escrow Holdbacks

From time to time, we enter into arrangements relating to exits of certain investments whereby specific amounts of the proceeds are held in escrow to be used to satisfy potential obligations, as stipulated in the sales agreements.

We record escrow amounts in Restricted cash and cash equivalents, if received in cash but subject to potential obligations or other contractual restrictions, or as escrow receivables in Other assets, net, if not yet received in cash, on our accompanying Consolidated Statements of Assets and Liabilities .

We record escrow amounts in Restricted cash and cash equivalents and Other liabilities, if received in cash but subject to potential obligations or other contractual restrictions, or as escrow receivables in Other assets, net, if not yet received in cash, on our accompanying Consolidated Statements of Assets and Liabilities .

We establish reserves and holdbacks against escrow amounts if we determine that it is probable and estimable that a portion of the escrow amounts will not ultimately be released or received at the end of the escrow period.

Reserves and holdbacks against escrow amounts were $ 1.7 million and $ 1.0 million as of December 31, 2024 and March 31, 2024, respectively.

Reserves and holdbacks against escrow amounts were $ 1.0 million as of June 30, 2025 and March 31, 2025.

Financial Commitments and Obligations

We may have line of credit commitments to certain of our portfolio companies that have not been fully drawn.

Since these lines of credit commitments have expiration dates and we expect many will never be fully drawn, the total line of credit commitment amounts do not necessarily represent future cash requirements.

We estimate the fair value of the combined unused line of credit commitments as of December 31, 2024 and March 31, 2024 to be insignificant.

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

December 31, 2024 March 31, 2024

Since these line of credit commitments have expiration dates and we expect many will never be fully drawn, the total line of credit commitment amounts do not necessarily represent future cash requirements.

We estimate the fair value of the combined unused line of credit commitments as of June 30, 2025 and March 31, 2025 to be insignificant.

The following table summarizes the principal balances of unused line of credit as of June 30, 2025 and March 31, 2025, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities:

June 30, 2025 March 31, 2025

Unused line of credit commitments

2 unchanged sentences

FINANCIAL HIGHLIGHTS

Three Months Ended December 31, Nine Months Ended December 31,

2024 2023 2024 2023

Three Months Ended June 30,

Per Common Share Data:

1 unchanged sentence

$ 13.55 $ 13.43

Income from investment operations (B)

Income (loss) from investment operations (B)

Net investment income

0.03 0.28 0.57 0.49

Net realized gain

— 1.27 1.15 1.32

Net unrealized appreciation/(depreciation) 1.02 ( 1.36 ) ( 0.43 ) 0.04

Total income from investment operations

Net unrealized depreciation ( 0.04 ) ( 0.52 )

Total from investment operations

0.21 ( 0.18 )

3 unchanged sentences

Cash distributions to common stockholders from net realized gains (C)

( 0.08 ) ( 0.81 ) ( 0.78 ) ( 1.12 )

Discounts, commissions and offering costs

0.00 ( 0.01 ) 0.00 ( 0.01 )

Net accretive effect of equity offering (D)

0.00 0.05 0.00 0.05

Total from equity capital activity

1 unchanged sentence

Other, net (B)(E)

— ( 0.01 ) — ( 0.01 )

Net asset value at end of period (A)

25 unchanged sentences

For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 8 — Distributions to Common Stockholders .

(D) During the three and nine months ended December 31, 2023, the accretive effect is a result of issuing common shares at a

price above the then current NAV per share.

(D) During the three months ended June 30, 2025, the accretive effect is a result of issuing common shares at a price above the then current NAV per share.

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

4 unchanged sentences

(H) Ratio of net expenses to average net assets is computed using total expenses, net of any non-contractual, unconditional, and irrevocable credits of fees from the Adviser.

Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of expenses to average net assets - annualized would have been 22.12 % and 14.70 % for the three months

ended December 31, 2024 and 2023, respectively, and 23.77 % and 17.27 % for the nine months ended December 31, 2024 and 2023, respectively.

(I) Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment (loss) income to average net assets - annualized would have been ( 3.56 )% and 4.73 % for the three months ended December 31, 2024 and 2023, respectively, and 4.18 % and 1.32 % for the nine months ended December 31, 2024 and 2023, respectively.

(I) Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment income to average net assets - annualized would have been 4.07 % and 7.85 % for the three months ended June 30, 2025 and 2024, respectively.

UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES

1 unchanged sentence

Further, in accordance with ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries.

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

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 three months ended June 30, 2025 and 2024.

SUBSEQUENT EVENTS

Investment Activity

• In July 2025, we invested $ 67.6 million in a new portfolio company, Global GRAB Technologies, Inc.

("Global GRAB"), in the form of $ 46.5 million of secured first lien debt and $ 21.1 million of preferred equity.

Global GRAB, headquartered in Franklin, Tennessee, is a leading provider of turnkey perimeter security and hostile vehicle mitigation systems, serving various government and commercial organizations.

Distributions and Dividends

• In January 2025, our Board of Directors declared the following monthly distributions to common stockholders:

• In July 2025, our Board of Directors declared the following monthly distributions to common stockholders:

Payment Date Distribution per Common Share

January 24, 2025 January 31, 2025 $ 0.08

February 19, 2025 February 28, 2025 0.08

March 19, 2025 March 31, 2025 0.08

July 21, 2025 July 31, 2025 $ 0.08

August 20, 2025 August 29, 2025 0.08

September 22, 2025 September 30, 2025 0.08

Total for the Quarter:

Revolving Line of Credit

On February 10, 2025, we, through our wholly-owned subsidiary, Business Investment, entered into Amendment No.

10 to the Credit Facility with 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 $ 200.0 million to $ 250.0 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.

Investment Advisory Agreement

On January 24, 2025, the Company entered into a new investment advisory and management agreement (the “New Advisory Agreement”) with the Adviser.

The New Advisory Agreement, which was approved by the Company’s stockholders at a stockholders’ meeting on January 4, 2024, was entered into as a result of a change of control of the Adviser pursuant to the previously disclosed voting trust agreement, among David Gladstone, Lorna Gladstone, Laura Gladstone, Kent Gladstone and Jessica Martin, each as a trustee and collectively, as the board of trustees of the voting trust, the Adviser and certain stockholders of the Adviser.

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

The New Advisory Agreement and the Advisory Agreement are collectively referred to herein as the Advisory Agreement.

Subsequent to June 30, 2025, we sold 866,554 shares of our common stock under our 2024 Common Stock ATM program at a weighted-average gross price of $ 14.14 per share and raised approximately $ 12.1 million in net proceeds.

All of these sales were above our then-current estimated NAV per share.

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-Q

Item 1. Financial Statements