What changed in this filing

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Item 1. Financial Statements

2025-11-04 compared with 2025-08-12 · 370 added, 205 removed, 1423 unchanged (29% of the section changed)

3 unchanged sentences

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

September 30,

2025 March 31,

5 unchanged sentences

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

Cash and cash equivalents

Restricted cash and cash equivalents

Cash equivalents 1,217 1,354

Restricted cash

Interest receivable

41 unchanged sentences

(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Three Months Ended June 30,

Three Months Ended September 30, Six Months Ended September 30,

2025 2024 2025 2024

INVESTMENT INCOME

3 unchanged sentences

Affiliate investments

6,501 5,834 12,688 11,874

Cash and cash equivalents

92 57 290 100

Total interest income

2 unchanged sentences

Non-Control/Non-Affiliate investments

— 1,419 1,063 1,419

Affiliate investments

2,610 — 2,689 —

Total dividend income

2,610 1,419 3,752 1,419

Success fee income

Non-Control/Non-Affiliate investments

— — 447 1,553

Affiliate investments

— 150 307 150

Total success fee income

— 150 754 1,703

Total investment income

3 unchanged sentences

Loan servicing fee (A)

2,932 2,194 5,604 4,416

Incentive fee (A)

1 unchanged sentence

Administration fee (A)

520 567 953 1,073

Interest expense on borrowings

9,631 6,399 18,130 12,879

Amortization of deferred financing costs and discounts

910 629 1,820 1,260

Professional fees

518 481 1,020 811

Other general and administrative expenses

395 1,188 1,035 2,802

Expenses before credits from Adviser

5 unchanged sentences

Total expenses, net of credits to fees

21,000 15,274 35,456 25,038

NET INVESTMENT INCOME

1 unchanged sentence

REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain:

Net realized gain (loss):

Non-Control/Non-Affiliate investments

Total net realized gain

Net unrealized (depreciation) appreciation:

$ — $ 19 $ — $ 21

Affiliate investments

( 29,938 ) 42,284 ( 29,938 ) 42,284

Total net realized gain (loss)

( 29,938 ) 42,303 ( 29,938 ) 42,305

Net unrealized appreciation (depreciation):

Non-Control/Non-Affiliate investments

3 unchanged sentences

Control investments

Total net unrealized depreciation

402 ( 892 ) 427 ( 2,335 )

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

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

( 84 ) — ( 353 ) —

Total net unrealized appreciation (depreciation)

54,368 ( 34,112 ) 53,052 ( 53,054 )

Net realized and unrealized gain (loss) 24,430 8,191 23,114 ( 10,749 )

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

$ 28,709 $ 15,482 $ 36,481 $ 8,956

BASIC AND DILUTED PER COMMON SHARE:

1 unchanged sentence

$ 0.11 $ 0.20 $ 0.35 $ 0.54

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

Net increase in net assets resulting from operations $ 0.75 $ 0.42 $ 0.97 $ 0.24

WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:

27 unchanged sentences

$ 485,304 $ 477,380

Net investment income $ 4,279 $ 7,291

Net realized (loss) gain on investments ( 29,938 ) 42,303

Net unrealized appreciation (depreciation) of investments 54,452 ( 34,112 )

Net unrealized appreciation of other ( 84 ) —

Net increase in net assets from operations

28,709 15,482

DISTRIBUTIONS (A)

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

( 9,289 ) ( 8,805 )

Distributions to common stockholders from net realized gains ( $ 0.00 and $ 0.70 per share, respectively) (B)

Net decrease in net assets from distributions

( 9,289 ) ( 34,487 )

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 INCREASE (DECREASE) IN NET ASSETS

50,539 ( 19,005 )

NET ASSETS, SEPTEMBER 30

$ 535,843 $ 458,375

(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 pay date of October 15, 2024.

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

2 unchanged sentences

(IN THOUSANDS)

Three Months Ended June 30,

Six Months Ended September 30,

CASH FLOWS FROM OPERATING ACTIVITIES

Net increase (decrease) in net assets resulting from operations

Net increase in net assets resulting from operations

$ 36,481 $ 8,956

4 unchanged sentences

Net proceeds from the sale and recapitalization of investments

Net realized gain on investments

Net unrealized depreciation of investments

Net realized loss (gain) on investments

29,938 ( 42,305 )

Net unrealized (appreciation) depreciation of investments

( 53,405 ) 53,054

Net unrealized appreciation of other

1 unchanged sentence

Bad debt expense, net of recoveries

( 247 ) 1,045

Changes in assets and liabilities:

3 unchanged sentences

Decrease (increase) in other assets, net

Increase in accounts payable and accrued expenses

(Decrease) increase in accounts payable and accrued expenses

( 408 ) 1,040

Increase (decrease) in interest payable

Decrease in fees due to Adviser (A)

Increase (decrease) in fees due to Adviser (A)

2,203 ( 3,991 )

Increase in fee due to Administrator (A)

Increase (decrease) in other liabilities

Decrease in fee due to Administrator (A)

( 240 ) ( 161 )

Decrease in other liabilities

( 31 ) ( 110 )

Net cash (used in) provided by operating activities ( 110,839 ) 75,484

12 unchanged sentences

97,922 ( 76,030 )

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

NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

( 12,917 ) ( 546 )

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

CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD

$ 2,237 $ 2,674

1 unchanged sentence

$ 16,822 $ 12,442

NON-CASH FINANCING ACTIVITY:

Distributions payable $ — $ 25,682

(A) Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.

Supplemental disclosures of non-cash operating activities:

• In September 2025, we restructured our existing first lien term loans and line of credit to J.R.

– Atlanta, LLC with an aggregate total cost basis of $ 49.9 million into a new $ 20.0 million first lien term loan, which resulted in a realized loss of $ 29.9 million.

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

1 unchanged sentence

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2025

SEPTEMBER 30, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

8 unchanged sentences

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

Global GRAB Technologies, Inc.– Line of Credit, $ 5,000 available (SOFR+ 5.0 %, 10.0 % Cash, Due 7/2026) (J)

2,000 2,000 2,000

Global GRAB Technologies, Inc.

–Term Debt (SOFR+ 9.0 %, 13.5 % Cash, Due 7/2030) (J)

46,500 46,500 46,500

109,805 109,805

Buildings and Real Estate – 7.1 %

3 unchanged sentences

Chemicals, Plastics, and Rubber - 6.7 %

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 – 0.7 %

51 unchanged sentences

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

JUNE 30, 2025

SEPTEMBER 30, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

12 unchanged sentences

Cargo Transport – 1.9 %

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

Diligent Delivery Systems – Term Debt (SOFR+ 9.0 %, 13.1 % Cash, Due 10/2025) (G)(J)

13,000 13,000 10,293

9 unchanged sentences

17,388 $ 17,388 $ 15,592

Global GRAB Technologies, Inc.

– Preferred Stock (C)(J)

21,100 21,100 21,100

38,488 36,692

Buildings and Real Estate – 6.6 %

48 unchanged sentences

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

JUNE 30, 2025

SEPTEMBER 30, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

21 unchanged sentences

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

- Atlanta, LLC – Line of Credit, $ 0 available (SOFR+ 6.0 %, 10.3 % Cash, Due 6/2026) (G)(J)

5,000 5,000 3,087

- Atlanta, LLC – Term Debt (SOFR+ 6.0 %, 10.3 % Cash, Due 6/2026) (G)(J)

16,500 16,500 10,188

- Atlanta, LLC – Term Debt (SOFR+ 10.3 %, 14.6 % Cash, Due 6/2026) (G)(J)

26,000 26,000 16,054

- Atlanta, LLC – Term Debt (SOFR+ 6.0 %, 10.3 % Cash, Due 6/2026) (G)(J)

- Atlanta, LLC – Term Debt (SOFR+ 6.0 %, 10.1 % Cash, Due 9/2030) (J)

20,000 20,000 20,000

50 unchanged sentences

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

JUNE 30, 2025

SEPTEMBER 30, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

44 unchanged sentences

$ 1,037,200 $ 1,130,859

CASH EQUIVALENTS - 0.2 %

Dreyfus Treasury Obligations Cash Management Fund ( 3.77 % market yield) (R)

1,217 $ 1,217 $ 1,217

Total Cash Equivalents $ 1,217 $ 1,217

TOTAL INVESTMENTS AND CASH EQUIVALENTS - 211.2 %

$ 1,038,417 $ 1,132,076

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

The majority of the securities listed, totaling $ 827.1 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements .

The majority of the securities listed, totaling $ 1.0 billion at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements .

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

As of 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.

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

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

Such non-qualifying assets represent 2.8 % of total investments, at fair value, as of September 30, 2025.

(B) Unless indicated otherwise, all cash interest rates are indexed to 30-day Secured Overnight Financing Rate ("SOFR"), which was 4.1 % as of September 30, 2025.

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

2 unchanged sentences

Due dates represent the contractual maturity date.

(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.

1 unchanged sentence

CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)

JUNE 30, 2025

SEPTEMBER 30, 2025

(DOLLAR AMOUNTS IN THOUSANDS)

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

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

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

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

(H) Represents the principal balance, presented in thousands, for debt investments and the number of shares/units held for equity investments.

(H) Represents the principal balance, presented in thousands, for debt investments, the cash balance, presented in thousands, for cash equivalents, and the number of shares/units held for equity investments.

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

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

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

(I) Reserved.

(J) Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure.

8 unchanged sentences

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

to Detroit Defense, Inc.

to Detroit Defense, Inc during the six months ended September 30, 2025.

(R) Valued using Level 1 inputs within the FASB 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.

282 unchanged sentences

$ 939,066 $ 979,320

CASH EQUIVALENTS - 0.3 %

Dreyfus Treasury Obligations Cash Management Fund ( 3.97 % market yield) (R)

1,354 $ 1,354 $ 1,354

Total Cash Equivalents $ 1,354 $ 1,354

TOTAL INVESTMENTS AND CASH EQUIVALENTS - 196.5 %

$ 940,420 $ 980,674

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)

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

1 unchanged sentence

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, 2025, our investments in Pyrotek and Gladstone Alternative are considered non-qualifying assets under Section 55 of the 1940 Act.

Such non-qualifying assets represent 3.6 % of total investments, at fair value, as of March 31, 2025.

(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.

(H) Represents the principal balance, presented in thousands, for debt investments and the number of shares/units held for equity investments.

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

13 unchanged sentences

Cumulative net unrealized appreciation is $ 38.5 million, based on a tax cost of $ 940.9 million.

(R) Valued using Level 1 inputs within the FASB 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.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

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

SEPTEMBER 30, 2025

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

Gladstone Investment Corporation (“Gladstone Investment”) was incorporated under the General Corporation Law of the State of Delaware on February 18, 2005, and completed an initial public offering on June 22, 2005.

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

As of September 30, 2025, our investment portfolio was comprised of 71.1 % in debt investments and 28.9 % 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.

14 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 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.

The results of operations for the three and six months ended September 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.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation in the Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements .

Reclassifications did not impact net increase (decrease) in net assets resulting from operations, total assets, total liabilities or total net assets, or Consolidated Statements of Changes in Net Assets and Consolidated Statements of Cash Flows classifications.

Cash and Cash Equivalents

3 unchanged sentences

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.

The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Statements of Assets and Liabilities to the total amount shown at the end of the applicable period in the Consolidated Statements of Cash Flows:

As of September 30, 2025

As of March 31, 2025

Cash $ 210 $ 12,944

Cash equivalents 1,217 1,354

Restricted cash 810 856

Total cash, cash equivalents and restricted cash $ 2,237 $ 15,154

Investment Valuation Policy

7 unchanged sentences

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

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

Such review and oversight includes receiving written fair value determinations and

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

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

32 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).

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.

4 unchanged sentences

• Investments in Funds — For equity investments in other funds for which we cannot effectuate a sale of the fund, the Valuation Team generally determines the fair value of our invested capital at the net asset value (“NAV”) provided by the fund.

Any invested capital that is not yet reflected in the NAV provided by the fund is valued at par value.

The Valuation Team may also determine fair value of our investments in other investment funds based on the capital accounts of the underlying entity.

ASC 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment.

In addition to the valuation techniques listed above, the Valuation Team may also consider other factors when determining the fair value of our investments, including:

9 unchanged sentences

Interest income, adjusted for amortization of premiums, amendment fees and acquisition costs and the accretion of discounts, is recorded on the accrual basis to the extent that such amounts are expected to be collected.

Generally, when a loan becomes 90 days or more past due, or if our qualitative assessment indicates that the debtor is unable to service its debt or other obligations, we will place the loan on non-accrual status and cease recognizing interest income on that loan until the borrower has demonstrated the ability and intent to pay contractual amounts due.

Generally, when a

loan becomes 90 days or more past due, or if our qualitative assessment indicates that the debtor is unable to service its debt or other obligations, we will place the loan on non-accrual status and cease recognizing interest income on that loan until the borrower has demonstrated the ability and intent to pay contractual amounts due.

However, we remain contractually entitled to this interest.

1 unchanged sentence

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 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.

– Atlanta, LLC (“J.R.

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 September 30, 2025, our loans to B+T Group Acquisition, Inc.

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

("Edge") were on non-accrual status, with an aggregate debt cost basis of $ 40.3 million, or 5.5 % of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $ 18.7 million, or 2.7 % of the fair value of all debt investments in our portfolio.

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

– Atlanta, LLC (“J.R.

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

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

Success Fee Income Recognition

4 unchanged sentences

Related Party Fees

We are party to the Advisory Agreement with the Adviser, which is indirectly owned and controlled by our chairman and chief executive officer.

We are party to the Advisory Agreement with the Adviser, which is indirectly owned by our chairman and chief executive officer.

In accordance with the Advisory Agreement, we pay the Adviser fees as compensation for its services, consisting of a base management fee and an incentive fee.

11 unchanged sentences

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

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures” which was issued to enhance the transparency and decision usefulness of income tax disclosures.

The new guidance is effective for annual periods beginning after December 15, 2024.

The Company evaluated the impact of the new standard on the Company’s consolidated financial statements and related disclosures and does not believe it will have a material impact on its consolidated financial statements or its disclosure.

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 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.

As of September 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 money market funds, which was valued using Level 1 inputs, and 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 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:

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

As of September 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

3 unchanged sentences

Observable Inputs

As of June 30, 2025:

As of September 30, 2025:

Secured first lien debt

8 unchanged sentences

Investments measured at NAV (A)

Total Investments as of June 30, 2025

Total Investments

$ — $ — $ 1,125,784 $ 1,130,859

Cash equivalents 1,217 — — 1,217

Total Investments and Cash Equivalents as of September 30, 2025

$ 1,217 $ — $ 1,125,784 $ 1,132,076

Fair Value Measurements

13 unchanged sentences

Investments measured at NAV (A)

Total Investments as of March 31, 2025

Total Investments $ — $ — $ 974,345 $ 979,320

Cash equivalents 1,354 — — 1,354

Total Investments and Cash Equivalents as of March 31, 2025

$ 1,354 $ — $ 974,345 $ 980,674

(A) Includes our investment in Gladstone Alternative as of June 30, 2025 and March 31, 2025.

(A) Includes our investment in Gladstone Alternative as of September 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:

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 September 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

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Valued Using Level 3 Inputs

June 30, 2025 March 31, 2025

September 30, 2025 March 31, 2025

Non-Control/Non-Affiliate Investments

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Total investments at fair value using Level 3 inputs $ 1,125,784 $ 974,345

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.

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

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Input Range / Weighted-Average as of

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

September 30, 2025 March 31, 2025 September 30, 2025 March 31, 2025

Secured first

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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 months ended June 30, 2025 and 2024 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 and six months ended September 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)

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Equivalents Total

Three Months ended June 30, 2025:

Fair value as of March 31, 2025

Three Months Ended September 30, 2025:

Fair value as of June 30, 2025

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

1 unchanged sentence

Net realized gain (loss) (A)

( 29,938 ) — — — ( 29,938 )

Net unrealized (depreciation) appreciation (B)

( 744 ) ( 2,707 ) 18,181 20,553 35,283

Reversal of previously recorded depreciation upon realization (B)

19,104 — — — 19,104

New investments, repayments and settlements (C):

Issuances / originations

49,936 — 21,100 — 71,036

Settlements / repayments

( 1,436 ) — — — ( 1,436 )

Fair value as of September 30, 2025

$ 593,979 $ 90,633 $ 365,278 $ 75,894 $ 1,125,784

Debt Preferred

Equivalents Total

Six Months Ended September 30, 2025

Fair value as of March 31, 2025 $ 514,334 $ 103,580 $ 302,163 $ 54,268 $ 974,345

Total gain (loss):

Net realized gain (loss) (A)

( 29,938 ) — — — ( 29,938 )

Net unrealized appreciation (depreciation) (B)

409 ( 2,331 ) 14,497 21,626 34,201

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

Reversal of previously recorded depreciation upon realization (B)

19,104 — — — 19,104

New investments, repayments and settlements (C):

5 unchanged sentences

— ( 10,616 ) 10,616 — —

Fair value as of June 30, 2025

Fair value as of September 30, 2025

$ 593,979 $ 90,633 $ 365,278 $ 75,894 $ 1,125,784

Three Months ended June 30, 2024:

Fair value as of March 31, 2024

Three Months Ended September 30, 2024:

Fair value as of June 30, 2024

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

1 unchanged sentence

Net realized gain (loss) (A)

— — — 42,284 42,284

Net unrealized (depreciation)

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

— — — ( 38,028 ) ( 38,028 )

New investments, repayments and settlements (C) :

3 unchanged sentences

— ( 25,000 ) — — ( 25,000 )

Fair value as of June 30, 2024

— — — ( 48,503 ) ( 48,503 )

(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.

Fair value as of September 30, 2024

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

Six Months Ended September 30, 2024:

Fair value as of March 31, 2024

$ 474,856 $ 138,703 $ 213,480 $ 93,447 $ 920,486

Total gain (loss):

Net realized gain (loss) (A)

— — — 42,284 42,284

Net unrealized appreciation (depreciation) (B)

( 22,474 ) ( 2,359 ) 15,048 ( 5,245 ) ( 15,030 )

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

— — — ( 38,028 ) ( 38,028 )

New investments, repayments and settlements (C) :

Issuances / originations

20,098 — — — 20,098

Settlements / repayments

( 3,000 ) ( 25,000 ) — — ( 28,000 )

— — — ( 48,503 ) ( 48,503 )

Fair value as of September 30, 2024

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

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

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

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Investment Activity

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

During the six months ended September 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.

Chemical, headquartered in Midland, Texas, is a 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.

Sun State, headquartered in Jacksonville, Florida, is a 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.

• 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 provider of turnkey perimeter security and hostile vehicle mitigation systems, serving various government and commercial organizations.

• In September 2025, we entered into a new $ 20.0 million secured first lien term loan with J.R.

Hobbs, restructuring our previously outstanding first lien term loans and line of credit with an aggregate total cost basis of $ 49.9 million, which resulted in a realized loss of $ 29.9 million.

Investment Concentrations

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.

As of September 30, 2025, our investment portfolio consisted of investments in 28 portfolio companies located in 20 states and Canada across 16 different industries with an aggregate fair value of approximately $ 1.1 billion.

Our investments in SFEG Holdings, Inc., The E3 Company, LLC, Detroit Defense, Inc., Dema/Mai Holdings, Inc.

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

represented our five largest portfolio investments at fair value and collectively comprised $ 437.4 million, or 38.7 %, of our total investment portfolio at fair value as of September 30, 2025.

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

September 30, 2025 March 31, 2025

Cost Fair Value Cost Fair Value

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$ 1,037,200 100.0 % $ 1,130,859 100.0 % $ 939,066 100.0 % $ 979,320 100.0 %

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

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

September 30, 2025 March 31, 2025

Fair Value Percentage of

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Diversified/Conglomerate Services $ 189,018 16.7 % $ 170,360 17.4 %

Aerospace and Defense 172,193 15.2 % 107,869 10.9 %

Home and Office Furnishings, Housewares, and Durable Consumer Products 152,666 13.6 % 159,236 16.3 %

Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) 130,538 11.6 % 105,432 10.8 %

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

Leisure, Amusement, Motion Pictures, and Entertainment 84,102 7.4 % 78,460 8.0 %

Oil and Gas 83,054 7.3 % 69,589 7.1 %

Electronics 71,334 6.9 % 71,573 7.2 %

Buildings and Real Estate 73,492 6.5 % 69,320 7.1 %

Electronics 71,875 6.4 % 71,573 7.2 %

Chemicals, Plastics, and Rubber 51,182 4.5 % 11,612 1.2 %

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Mining, Steel, Iron and Non-Precious Metals 38,304 3.4 % 41,010 4.2 %

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

Printing and Publishing 11,325 1.0 % 11,681 1.2 %

Cargo Transport 10,293 0.9 % 12,624 1.3 %

Other < 2.0% 17,050 1.5 % 19,053 2.0 %

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

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

June 30, 2025 March 31, 2025

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

September 30, 2025 March 31, 2025

Location Fair Value Percentage of

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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 June 30, 2025:

For the remaining nine months ending March 31, 2026

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

For the remaining six months ending March 31, 2026

For the fiscal years ending March 31:

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Investments in equity securities 299,702

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

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

Receivables from Portfolio Companies

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

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.

As of September 30, 2025 and March 31, 2025, we had gross receivables from portfolio companies of $ 2.4 million and $ 2.3 million, respectively.

As of September 30, 2025 and March 31, 2025, the allowance for uncollectible receivables was $ 1.4 million and $ 1.7 million, respectively.

RELATED PARTY TRANSACTIONS

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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.

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 September 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 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.

Michael LiCalsi, our chief administrative officer, co-general counsel and co-secretary, also serves in the same roles for the Adviser.

Erich Hellmold, our co-general counsel and co-secretary, serves in the same roles for the Adviser.

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 June 30,

Three Months Ended September 30, Six Months Ended September 30,

2025 2024 2025 2024

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

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Multiplied by prorated annual base management fee of 2.0 %

0.5 % 0.5 % 1.0 % 1.0 %

Base management fee (C)

5,457 4,447 10,537 9,065

Credits to fees from Adviser - other (C)

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

For the three and six months ended September 30, 2025, these credits totaled $ 130 thousand and $ 239 thousand, respectively.

For the three and six months ended September 30, 2024, these credits totaled $ 77 thousand and $ 152 thousand, respectively.

Loan Servicing Fee

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

As of 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.

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

For the year ended March 31, 2025, $ 4.9 million of 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.

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

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.

During the three and six months ended September 30, 2025, we recorded an accrual of capital gains-based incentive fees of $ 4.9 million and $ 4.7 million, respectively.

During the three and six months ended September 30, 2024, we recorded an accrual of capital gains-based incentive fees of $ 1.6 million and a reversal of capital gains-based incentive fees of $ 2.2 million, respectively.

As of September 30, 2025 and March 31, 2025, we had accrued capital gains-based incentive fees of $ 44.0 million and $ 39.3 million, respectively.

Transactions with the Administrator

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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 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.

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

Hellmold, our co-general counsel and co-secretary, also serves in the same roles for 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 months ended June 30, 2025 and 2024 were $ 0.4 million and $ 0.5 million, respectively.

Administration fees for the three and six months ended September 30, 2025 were $ 0.5 million and $ 1.0 million, respectively.

Administration fees for the three and six months ended September 30, 2024 were $ 0.6 million and $ 1.1 million, respectively.

Transactions with Gladstone Securities, LLC

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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 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.

During the three and six months ended September 30, 2025, the fees received by Gladstone Securities from our portfolio companies totaled $ 0.7 million and $ 1.3 million, respectively.

During the three and six months ended September 30, 2024, the fees received by Gladstone Securities from our portfolio companies totaled $ 0.2 million for each period.

Investment in Affiliated Fund

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

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

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

Related Party Fees Due

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

As of June 30,

As of September 30,

As of March 31,

6 unchanged sentences

Total related party fees due $ 46,589 $ 44,584

(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.

(A) Includes a capital gains-based incentive fee of $ 44.0 million and $ 39.3 million as of September 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 June 30, 2025 and March 31, 2025 were $ 0.1 million.

Co-investment expenses as of both September 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

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.

As of September 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).

2 unchanged sentences

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

As of June 30, 2025

As of September 30, 2025

As of March 31, 2025

3 unchanged sentences

$ 172,300 $ 270,000

For the Three Months Ended June 30,

For the Three Months Ended September 30,

For the Six Months Ended September 30,

2025 2024 2025 2024

Weighted-average borrowings outstanding $ 107,599 $ 60,808 $ 72,153 $ 62,766

2 unchanged sentences

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.

$ 328 $ 320 $ 920 $ 661

(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 $ 172.3 million and $ 270.0 million as of September 30, 2025 and March 31, 2025, respectively.

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

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

(i) a minimum net worth of the greater of $ 210.0 million or $ 210.0 million plus 50 % of all equity and subordinated debt raised, minus 50 % of any equity or subordinated debt redeemed or retired after November 16, 2016, which equated to $ 416.6 million as of June 30, 2025;

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

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

As of 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.

As of September 30, 2025, and as defined in the performance guaranty of our Credit Facility, we had a net worth of $ 991.8 million, asset coverage on our senior securities representing indebtedness of 193.2 %, 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 September 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 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 September 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 0.75 %.

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:

As of each of September 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 September 30, 2025 and March 31, 2025 and for the three and six months ended September 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)

June 30, 2025 March 31, 2025

September 30, 2025 March 31, 2025

Credit Facility $ 98,053 $ —

2 unchanged sentences

Credit Facility

Three Months Ended June 30, 2025:

Three Months Ended September 30, 2025:

Fair value at June 30, 2025

Borrowings 75,800

Repayments ( 40,100 )

Unrealized appreciation 84

Fair value at September 30, 2025

Six Months Ended September 30, 2025

Fair value at March 31, 2025

2 unchanged sentences

Unrealized appreciation 353

Fair value at June 30, 2025

Fair value at September 30, 2025

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

1 unchanged sentence

Credit Facility

Three Months Ended June 30, 2024:

Three Months Ended September 30, 2024:

Fair value at June 30, 2024

Borrowings 31,500

Repayments ( 86,300 )

Fair value at September 30, 2024

Six Months Ended September 30, 2024

Fair value at March 31, 2024

1 unchanged sentence

Repayments ( 105,900 )

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.

Fair value at September 30, 2024

The fair value of the collateral under our Credit Facility was $ 1.0 billion and $ 764.7 million as of September 30, 2025 and March 31, 2025, respectively.

Notes Payable

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7.875 % Notes due 2030

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

underwriting discounts, commissions and offering costs borne by us.

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

4 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 June 30, 2025 and March 31, 2025:

As of June 30, 2025:

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

As of September 30, 2025:

Description Ticker

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

(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.

(B) As of September 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 193.2 % 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 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.

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 September 30, 2025 was $ 128.7 million, $ 127.6 million, $ 76.7 million and $ 129.2 million, respectively.

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.

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

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

As of September 30, 2025, we have the ability to issue up to an additional $ 282.6 million of the securities registered under the registration statement.

Common Equity Offerings

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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.

As of September 30, 2025, we had remaining capacity to sell up to an additional $ 34.1 million of common stock under the 2024 Common Stock ATM Program.

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

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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 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.

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 six months ended September 30, 2024.

During the three months ended September 30, 2025, we sold 2,238,361 shares of our common stock under the 2024 Common Stock ATM Program, with a weighted-average gross price of $ 14.10 per share and a weighted-average net price of $ 13.90 per share after deducting commissions and offering costs borne by us, raising approximately $ 31.6 million and $ 31.1 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.

During the six months ended September 30, 2025, we sold 2,753,656 shares of our common stock under the 2024 Common Stock ATM Program, with a weighted-average gross price of $ 14.12 per share and a weighted-average net price of $ 13.93 per share after deducting commissions and offering costs borne by us, raising approximately $ 38.9 million and $ 38.4 million of gross and net proceeds, respectively.

These sales were above our then current NAV per share.

During the three and six months ended September 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 months ended June 30, 2025 and 2024:

Three Months Ended June 30,

net increase (decrease) 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 and six months ended September 30, 2025 and 2024:

Three Months Ended September 30, Six Months Ended September 30,

2025 2024 2025 2024

net increase in net assets resulting from operations

$ 28,709 $ 15,482 $ 36,481 $ 8,956

basic and diluted weighted-average common shares

38,445,643 36,688,667 37,681,491 36,688,667

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

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

$ 0.75 $ 0.42 $ 0.97 $ 0.24

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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.

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

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.

If we determined the tax characterization of cash distributions paid to common stockholders during the current calendar year as of September 30, 2025, 51.3 % would be from ordinary income and 48.7 % 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 three months ended June 30, 2025 and 2024:

For the Three Months Ended June 30, 2025 :

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

For the Six Months Ended September 30, 2025 :

Declaration Date

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

Three Months Ended June 30, 2025 $ 0.78

For the Three Months Ended June 30, 2024 :

July 10, 2025 July 21, 2025 July 31, 2025 0.08

July 10, 2025 August 20, 2025 August 29, 2025 0.08

July 10, 2025 September 22, 2025 September 30, 2025 0.08

Six Months Ended September 30, 2025 $ 1.02

For the Six Months Ended September 30, 2024 :

Declaration Date

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

Three Months Ended June 30, 2024 $ 0.24

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

Six Months Ended September 30, 2024 $ 0.48

(A) Represents a supplemental distribution to common stockholders.

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.

Aggregate cash distributions to our common stockholders declared and paid were $ 38.1 million for the six months ended September 30, 2025.

Aggregate cash distributions to our common stockholders declared was $ 43.3 million, of which $ 17.6 million was paid during the six months ended September 30, 2024, and $ 25.7 million was paid in October 2024.

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 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 .

For the three months ended September 30, 2025, we recorded $ 2.2 thousand of net adjustments for estimated permanent book-tax differences to reflect tax character, which increased Accumulated net realized (loss) gain in excess of distributions and decreased Overdistributed net investment income and Capital in excess of par value on our accompanying Consolidated Statements of Assets and Liabilities .

For the three months ended September 30, 2024, we recorded $ 0.6 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 six months ended September 30, 2025, we recorded $ 0.3 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which increased Accumulated net realized (loss) gain in excess of distributions and decreased Overdistributed net investment income and Capital in excess of par value on our accompanying Consolidated Statements of Assets and Liabilities .

For the six months ended September 30, 2024, we recorded $ 0.8 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 .

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.

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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 June 30, 2025 and March 31, 2025, 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 September 30, 2025 and March 31, 2025, we had no established reserves for such loss contingencies.

Escrow Holdbacks

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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 $ 1.0 million as of June 30, 2025 and March 31, 2025.

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

Financial Commitments and Obligations

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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

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

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

September 30, 2025 March 31, 2025

Unused line of credit commitments

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FINANCIAL HIGHLIGHTS

Three Months Ended June 30,

Six Months Ended September 30,

Per Common Share Data:

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Net investment income

Net realized gain

Net unrealized depreciation ( 0.04 ) ( 0.52 )

Total from investment operations

Net realized (loss) gain

( 0.79 ) 1.15

Net unrealized appreciation (depreciation) 1.41 ( 1.45 )

Total from investment operations

Effect of equity capital activity (B)

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

( 0.51 ) ( 0.70 )

Discounts, commissions and offering costs

Net accretive effect of equity offering (D)

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39,591,037 36,688,667

Weighted-average shares of common stock outstanding 37,681,491 36,688,667

Statement of Assets and Liabilities Data :

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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 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.

(D) During the six months ended September 30, 2025, the accretive effect is a result of issuing common stock 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.

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(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 15.01 % and 10.34 % for the three months ended June 30, 2025 and 2024, 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.

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 17.53 % and 12.83 % for the six months ended September 30, 2025 and 2024, 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 1.88 % and 5.84 % for the six months ended September 30, 2025 and 2024, respectively.

UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES

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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)(2) of the SEC’s Regulation S-X as of or during the three months ended June 30, 2025 and 2024.

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 six months ended September 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 July 2025, our Board of Directors declared the following monthly distributions to common stockholders:

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

Payment Date Distribution per Common Share

July 21, 2025 July 31, 2025 $ 0.08

August 20, 2025 August 29, 2025 0.08

September 22, 2025 September 30, 2025 0.08

October 24, 2025 October 31, 2025 $ 0.08

November 17, 2025 November 26, 2025 0.08

December 22, 2025 December 31, 2025 0.08

Total for the Quarter:

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.

Subsequent to September 30, 2025, we sold 55,414 shares of our common stock under our 2024 Common Stock ATM program at a weighted-average gross price of $ 14.02 per share and raised approximately $ 0.8 million in net proceeds.

All of these sales were above our then-current 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