GLADSTONE INVESTMENT CORPORATIONDE 10-Q

ITEM 1. FINANCIAL STATEMENTS GLADSTONE INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED) September 30, 2025 March 31, 2025 ASSETS Investments at fair value Non-Control/Non-Affiliate investments (Cost of $ 693,893 and $ 562,371 , respectively) $ 812,538 $ 648,589 Affiliate investments (Cost of $ 325,898 and $ 359,286 , respectively) 317,551 330,388 Control investments (Cost of $ 17,409 and $ 17,409 , respectively) 770 343 Cash 210 12,944 Cash equivalents 1,217 1,354 Restricted cash 810 856 Interest receivable 6,123 5,582 Due from administrative agent 2,382 2,891 Deferred financing costs, net 1,030 1,471 Other assets, net 1,808 1,986 TOTAL ASSETS $ 1,144,439 $ 1,006,404 LIABILITIES Borrowings: Line of credit at fair value (Cost of $ 97,700 and $ 0 , respectively) $ 98,053 $ — Notes payable, net 456,978 455,709 Total borrowings 555,031 455,709 Accounts payable and accrued expenses 883 1,291 Interest payable 5,267 4,879 Fees due to Adviser (A) 46,062 43,817 Fee due to Administrator (A) 527 767 Other liabilities 826 857 TOTAL LIABILITIES $ 608,596 $ 507,320 Commitments and contingencies (B) NET ASSETS $ 535,843 $ 499,084 ANALYSIS OF NET ASSETS Common stock, $ 0.001 par value per share, 100,000,000 shares authorized, 39,591,037 and 36,837,381 shares issued and outstanding, respectively $ 40 $ 37 Capital in excess of par value 483,554 445,512 Cumulative net unrealized appreciation of investments 93,659 40,254 Cumulative net unrealized appreciation of other ( 353 ) — Overdistributed net investment income ( 20,095 ) ( 5,325 ) Accumulated net realized (loss) gain in excess of distributions ( 20,962 ) 18,606 Total distributable earnings 52,249 53,535 TOTAL NET ASSETS $ 535,843 $ 499,084 NET ASSET VALUE PER SHARE $ 13.53 $ 13.55 (A) Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. (B) Refer to Note 9 — Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 2 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED) Three Months Ended September 30, Six Months Ended September 30, 2025 2024 2025 2024 INVESTMENT INCOME Interest income Non-Control/Non-Affiliate investments $ 16,076 $ 15,105 $ 31,339 $ 29,647 Affiliate investments 6,501 5,834 12,688 11,874 Cash and cash equivalents 92 57 290 100 Total interest income 22,669 20,996 44,317 41,621 Dividend income 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 $ 25,279 $ 22,565 $ 48,823 $ 44,743 EXPENSES Base management fee (A) $ 5,457 $ 4,447 $ 10,537 $ 9,065 Loan servicing fee (A) 2,932 2,194 5,604 4,416 Incentive fee (A) 5,207 2,232 4,998 ( 1,556 ) 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 25,570 18,137 44,097 30,750 Credits to base management fee – loan servicing fee (A) ( 2,932 ) ( 2,194 ) ( 5,604 ) ( 4,416 ) Credits to fees from Adviser - other (A) ( 1,638 ) ( 669 ) ( 3,037 ) ( 1,296 ) Total expenses, net of credits to fees 21,000 15,274 35,456 25,038 NET INVESTMENT INCOME $ 4,279 $ 7,291 $ 13,367 $ 19,705 REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss): Non-Control/Non-Affiliate investments $ — $ 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 34,581 464 32,427 ( 11,970 ) Affiliate investments 19,469 ( 33,684 ) 20,551 ( 38,749 ) Control investments 402 ( 892 ) 427 ( 2,335 ) Other ( 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: Net investment income $ 0.11 $ 0.20 $ 0.35 $ 0.54 Net increase in net assets resulting from operations $ 0.75 $ 0.42 $ 0.97 $ 0.24 WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING: Basic and diluted 38,445,643 36,688,667 37,681,491 36,688,667 (A) Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 3 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (IN THOUSANDS) (UNAUDITED) 2025 2024 NET ASSETS, MARCH 31 $ 499,084 $ 492,711 OPERATIONS Net investment income 9,088 12,414 Net realized gain on investments — 2 Net unrealized depreciation of investments ( 1,047 ) ( 18,942 ) Net unrealized appreciation of other ( 269 ) — Net increase (decrease) in net assets from operations 7,772 ( 6,526 ) DISTRIBUTIONS (A) Distributions to common stockholders from net investment income ( $ 0.27 and $ 0.24 per share, respectively) ( 10,125 ) ( 8,805 ) Distributions to common stockholders from net realized gains ( $ 0.51 and $ 0.00 per share, respectively) ( 18,663 ) — Net decrease in net assets from distributions ( 28,788 ) ( 8,805 ) CAPITAL ACTIVITY Issuance of common stock 7,331 — Discounts, commissions, and offering costs for issuance of common stock ( 95 ) — Net increase in net assets from capital activity 7,236 — NET DECREASE IN NET ASSETS ( 13,780 ) ( 15,331 ) NET ASSETS, JUNE 30 $ 485,304 $ 477,380 OPERATIONS 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) — ( 25,682 ) Net decrease in net assets from distributions ( 9,289 ) ( 34,487 ) CAPITAL ACTIVITY Issuance of common stock 31,562 — Discounts, commissions, and offering costs for issuance of common stock ( 443 ) — Net increase in net assets from capital activity 31,119 — 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. 4 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) Six Months Ended September 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net increase in net assets resulting from operations $ 36,481 $ 8,956 Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used in) provided by operating activities: Purchase of investments ( 133,878 ) ( 20,098 ) Principal repayments of investments 5,806 28,000 Net proceeds from the sale and recapitalization of investments — 48,546 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 353 — Amortization of deferred financing costs and discounts 1,820 1,260 Bad debt expense, net of recoveries ( 247 ) 1,045 Changes in assets and liabilities: Increase in interest receivable ( 605 ) ( 109 ) Decrease in due from administrative agent 509 871 Decrease (increase) in other assets, net 477 ( 290 ) (Decrease) increase in accounts payable and accrued expenses ( 408 ) 1,040 Increase (decrease) in interest payable 388 ( 224 ) Increase (decrease) in fees due to Adviser (A) 2,203 ( 3,991 ) 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 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of common stock 38,893 — Discounts, commissions, and offering costs for issuance of common stock ( 458 ) — Proceeds from line of credit 153,300 47,800 Repayments on line of credit ( 55,600 ) ( 105,900 ) Deferred financing and offering costs ( 136 ) ( 320 ) Distributions paid to common stockholders ( 38,077 ) ( 17,610 ) Net cash provided by (used in) financing activities 97,922 ( 76,030 ) NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH ( 12,917 ) ( 546 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 15,154 3,220 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 2,237 $ 2,674 CASH PAID FOR INTEREST $ 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. Hobbs Co. – 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. 5 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2025 (DOLLAR AMOUNTS IN THOUSANDS) (UNAUDITED) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) Cost Fair Value NON-CONTROL/NON-AFFILIATE INVESTMENTS (L) – 151.7 % Secured First Lien Debt – 73.5 % Aerospace and Defense – 20.5 % Detroit Defense, Inc. (K) – Term Debt (SOFR+ 9.0 %, 13.1 % Cash, Due 12/2029) (J)(Q) $ 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 % Dema/Mai Holdings, Inc. – Term Debt (SOFR+ 11.0 %, 15.1 % Cash, Due 7/2027) (J) 38,250 38,250 38,250 Chemicals, Plastics, and Rubber - 6.7 % Smart Chemical Solutions, LLC (K) – Term Debt (SOFR+ 9.0 %, 13.5 % Cash, Due 5/2030) (J) 35,660 35,660 35,660 Diversified/Conglomerate Manufacturing – 0.7 % Phoenix Door Systems, Inc. – Line of Credit, $ 0 available (SOFR+ 1.4 %, 5.5 % Cash ( 0.3 % Unused Fee), Due 9/2026) (J) 2,950 2,950 2,950 Phoenix Door Systems, Inc. – Term Debt (SOFR+ 3.4 %, 7.5 % Cash, Due 9/2026) (J) 3,200 3,200 574 6,150 3,524 Diversified/Conglomerate Services – 12.4 % Horizon Facilities Services, Inc. – Term Debt (SOFR+ 0.5 %, 6.0 % Cash, Due 6/2028) (J) 57,700 57,700 31,711 Mason West, LLC – Term Debt (SOFR+ 10.0 %, 14.1 % Cash, Due 7/2027) (J) 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) 240 240 240 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 66,721 Healthcare, Education, and Childcare – 5.6 % Educators Resource, Inc. – Term Debt (SOFR+ 10.5 %, 14.6 % Cash, Due 2/2030) (J) 30,000 30,000 30,000 Home and Office Furnishings, Housewares, and Durable Consumer Products – 6.9 % Brunswick Bowling Products, Inc. – Term Debt (SOFR+ 10.0 %, 14.1 % Cash, Due 3/2029) (J) 17,700 17,700 17,700 Brunswick Bowling Products, Inc. – Term Debt (SOFR+ 10.0 %, 14.1 % Cash, Due 3/2029) (J) 6,850 6,850 6,850 Ginsey Home Solutions, Inc. – Term Debt (SOFR+ 10.0 %, 14.1 % Cash, Due 11/2028) (J) 12,200 12,200 12,200 36,750 36,750 Leisure, Amusement, Motion Pictures, and Entertainment – 5.2 % Schylling, Inc. – Term Debt (SOFR+ 11.0 %, 15.1 % Cash, Due 9/2027) (J) 27,981 27,981 27,981 Oil and Gas – 6.3 % The E3 Company, LLC – Term Debt (SOFR+ 9.0 %, 13.5 % Cash, Due 9/2028) (J) 33,750 33,750 33,750 Printing and Publishing – 2.1 % Home Concepts Acquisition, Inc. – Line of Credit, $ 0 available (SOFR+ 6.0 %, 10.1 % Cash, Due 11/2025) (J) 2,000 2,000 2,000 Home Concepts Acquisition, Inc. – Line of Credit, $ 400 available (SOFR+ 6.0 %, 10.1 % Cash, Due 11/2025) (J) — — — Home Concepts Acquisition, Inc. – Term Debt (SOFR+ 9.0 %, 13.1 % Cash, Due 5/2028) (J) 12,000 12,000 9,325 14,000 11,325 Total Secured First Lien Debt $ 425,056 $ 393,766 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 6 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued) SEPTEMBER 30, 2025 (DOLLAR AMOUNTS IN THOUSANDS) (UNAUDITED) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) Cost Fair Value Secured Second Lien Debt – 16.9 % Aerospace and Defense – 4.8 % Galaxy Technologies Holdings, Inc. – Term Debt (SOFR+ 4.1 %, 8.2 % Cash, Due 10/2026) (J) $ 6,900 $ 6,900 $ 6,900 Galaxy Technologies Holdings, Inc. – Term Debt (SOFR+ 7.0 %, 11.1 % Cash, Due 10/2026) (J) 18,796 18,796 18,796 25,696 25,696 Cargo Transport – 1.9 % Diligent Delivery Systems – Term Debt (SOFR+ 9.0 %, 13.1 % Cash, Due 10/2025) (G)(J) 13,000 13,000 10,293 Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 10.2 % SFEG Holdings, Inc. – Term Debt (SOFR+ 7.0 %, 12.5 % Cash, Due 10/2028) (J) 54,644 54,644 54,644 Total Secured Second Lien Debt $ 93,340 $ 90,633 Preferred Equity – 47.1 % Aerospace and Defense – 6.8 % Detroit Defense, Inc. (K) – Preferred Stock (C)(J)(Q) 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 % Dema/Mai Holdings, Inc. – Preferred Stock (C)(J) 21,000 21,000 35,242 Chemicals, Plastics, and Rubber – 2.3 % Smart Chemical Solutions, LLC (K) – Preferred Stock (C)(J) 13,843 13,843 12,148 Diversified/Conglomerate Services – 3.4 % Horizon Facilities Services, Inc. – Preferred Stock (C)(J) 10,080 — — Mason West, LLC – Preferred Stock (C)(J) 11,206 11,206 15,097 Sun State Nursery and Landscaping, LLC – Preferred Stock (C)(J) 3,059 3,059 3,059 14,265 18,156 Healthcare, Education, and Childcare – 2.9 % Educators Resource, Inc. – Preferred Stock (C)(J) 8,560 8,560 15,767 Home and Office Furnishings, Housewares, and Durable Consumer Products – 10.4 % Brunswick Bowling Products, Inc. – Preferred Stock (C)(J) 6,653 6,653 48,863 Ginsey Home Solutions, Inc. – Preferred Stock (C)(J) 19,280 9,583 6,810 16,236 55,673 Leisure, Amusement, Motion Pictures, and Entertainment – 5.5 % Schylling, Inc. – Preferred Stock (C)(J) 4,000 4,000 29,263 Oil and Gas – 9.2 % The E3 Company, LLC – Preferred Stock (C)(J) 11,233 11,233 49,304 Printing and Publishing – 0.0 % Home Concepts Acquisition, Inc. – Preferred Stock (C)(J) 3,275 3,275 — Total Preferred Equity $ 130,900 $ 252,245 Common Equity/Equivalents – 14.2 % Aerospace and Defense – 0.0 % Galaxy Technologies Holdings, Inc. – Common Stock (C)(J) 16,957 $ 11,513 $ — Cargo Transport – 0.0 % Diligent Delivery Systems – Common Stock Warrants (C)(J) 8 % 500 — THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 7 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued) SEPTEMBER 30, 2025 (DOLLAR AMOUNTS IN THOUSANDS) (UNAUDITED) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) 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) 63,747 8 — Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 14.2 % SFEG Holdings, Inc. – Common Stock (C)(J) 18,721 30,746 75,894 Total Common Equity/Equivalents $ 44,597 $ 75,894 Total Non-Control/Non-Affiliate Investments $ 693,893 $ 812,538 AFFILIATE INVESTMENTS (M) – 59.2 % Secured First Lien Debt – 37.3 % Diversified/Conglomerate Services – 13.2 % ImageWorks Display and Marketing Group, Inc. – Term Debt (SOFR+ 11.0 %, 15.1 % Cash, Due 11/2028) (J) $ 22,000 $ 22,000 $ 22,000 J.R. Hobbs Co. - Atlanta, LLC – Term Debt (SOFR+ 6.0 %, 10.1 % Cash, Due 9/2030) (J) 20,000 20,000 20,000 The Maids International, LLC – Term Debt (SOFR+ 10.5 %, 14.6 % Cash, Due 3/2028) (J) 28,560 28,560 28,560 70,560 70,560 Electronics – 9.0 % Nielsen-Kellerman Acquisition Corp. (K) – Term Debt (SOFR+ 8.5 %, 13.5 % Cash, Due 12/2029) (J) 48,082 48,082 48,082 Home and Office Furnishings, Housewares, and Durable Consumer Products – 7.1 % Old World Christmas, Inc. – Term Debt (SOFR+ 9.5 %, 13.6 % Cash, Due 12/2028) (J) 38,000 38,000 38,000 Leisure, Amusement, Motion Pictures, and Entertainment – 3.8 % Pyrotek Special Effects, Inc. (P) – Term Debt (SOFR+ 8.0 %, 13.0 % Cash, Due 11/2029) (J) 20,120 20,120 20,120 Mining, Steel, Iron and Non-Precious Metals – 2.8 % UPB Acquisition, Inc. – Term Debt (SOFR+ 10.0 %, 14.1 % Cash, Due 7/2028) (J) 15,000 15,000 15,000 Telecommunications – 1.4 % B+T Group Acquisition, Inc. (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, $ 0 available (SOFR+ 2.0 %, 7.0 % Cash, Due 12/2026) (G)(J) 1,050 1,050 1,050 B+T Group Acquisition, Inc. (K) – Term Debt (SOFR+ 2.0 %, 7.0 % Cash, Due 12/2026) (G)(J) 14,000 14,000 3,551 18,130 7,681 Total Secured First Lien Debt $ 209,892 $ 199,443 Preferred Equity – 21.0 % Chemicals, Plastics, and Rubber – 0.6 % PSI Molded Plastics, Inc. – Preferred Stock (C)(J) 428,773 $ 46,746 $ 3,374 Diversified/Conglomerate Services – 6.2 % ImageWorks Display and Marketing Group, Inc. – Preferred Stock (C)(J) 67,490 6,749 17,825 J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock (C)(J) 10,920 10,920 12,362 The Maids International, LLC – Preferred Stock (C)(J) 6,640 6,640 3,394 24,309 33,581 Electronics – 4.4 % Nielsen-Kellerman Acquisition Corp. (K) – Preferred Stock (C)(J) 22,169 22,169 23,793 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 8 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued) SEPTEMBER 30, 2025 (DOLLAR AMOUNTS IN THOUSANDS) (UNAUDITED) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) Cost Fair Value Home and Office Furnishings, Housewares, and Durable Consumer Products – 4.2 % Old World Christmas, Inc. – Preferred Stock (C)(J) 6,180 $ — $ 22,243 Leisure, Amusement, Motion Pictures, and Entertainment – 1.3 % Pyrotek Special Effects, Inc. (P) – Preferred Stock (C)(J) 7,060 7,060 6,738 Mining, Steel, Iron and Non-Precious Metals – 4.3 % UPB Acquisition, Inc. – Preferred Stock (C)(J) 6,000 6,000 23,304 Telecommunications – 0.0 % B+T Group Acquisition, Inc. (K) – Preferred Stock (C)(J) 14,304 4,722 — Total Preferred Equity $ 111,006 $ 113,033 Common Equity/Equivalents – 0.9 % Finance – 0.9 % Gladstone Alternative Income Fund – Common Equity (C)(O) 500,000 $ 5,000 $ 5,075 Telecommunications – 0.0 % B+T Group Acquisition, Inc. (K) – Common Stock Warrants (C)(J) 3.5 % — — Total Common Equity/Equivalents $ 5,000 $ 5,075 Total Affiliate Investments $ 325,898 $ 317,551 CONTROL INVESTMENTS (N) – 0.1 % Secured First Lien Debt – 0.1 % Diversified/Conglomerate Manufacturing – 0.1 % Edge Adhesives Holdings, Inc. (K) – Term Debt (SOFR+ 5.5 %, 9.6 % Cash, Due 8/2026) (G)(J) 9,210 $ 9,210 $ 770 Total Secured First Lien Debt $ 9,210 $ 770 Preferred Equity – 0.0 % Diversified/Conglomerate Manufacturing – 0.0 % Edge Adhesives Holdings, Inc. (K) – Preferred Stock (C)(J) 8,199 $ 8,199 $ — Total Preferred Equity $ 8,199 $ — Total Control Investments $ 17,409 $ 770 TOTAL INVESTMENTS – 211.0 % $ 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 $ 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 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. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or the reference rate plus a spread. Due dates represent the contractual maturity date. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 9 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued) SEPTEMBER 30, 2025 (DOLLAR AMOUNTS IN THOUSANDS) (UNAUDITED) (C) Security is non-income producing . (D) Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of September 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. (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, 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) 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. 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, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission. (L) Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. (M) Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities. (N) Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. (O) 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 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. 10 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2025 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) Cost Fair Value NON-CONTROL/NON-AFFILIATE INVESTMENTS (L) – 130.0 % 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 % Dema/Mai Holdings, Inc. – Term Debt (SOFR+ 11.0 %, 15.3 % Cash, Due 7/2027) (J) 38,250 38,250 38,250 Diversified/Conglomerate Manufacturing – 1.2 % Phoenix Door Systems, Inc. – Line of Credit, $ 0 available (SOFR+ 1.4 %, 5.7 % Cash ( 0.3 % Unused Fee), Due 9/2026) (J) 2,950 2,950 2,950 Phoenix Door Systems, Inc. – Term Debt (SOFR+ 3.4 %, 7.7 % Cash, Due 9/2026) (J) 3,200 3,200 3,200 6,150 6,150 Diversified/Conglomerate Services – 11.0 % Horizon Facilities Services, Inc. – Term Debt (SOFR+ 0.5 %, 6.0 % Cash, Due 6/2026) (J) 57,700 57,700 29,634 Mason West, LLC – Term Debt (SOFR+ 10.0 %, 14.3 % Cash, Due 7/2025) (J) 25,250 25,250 25,250 82,950 54,884 Healthcare, Education, and Childcare – 6.0 % Educators Resource, Inc. – Term Debt (SOFR+ 10.5 %, 14.8 % Cash, Due 2/2030) (J) 30,000 30,000 30,000 Home and Office Furnishings, Housewares, and Durable Consumer Products – 7.4 % Brunswick Bowling Products, Inc. – Term Debt (SOFR+ 10.0 %, 14.3 % Cash, Due 3/2029) (J) 17,700 17,700 17,700 Brunswick Bowling Products, Inc. – Term Debt (SOFR+ 10.0 %, 14.3 % Cash, Due 3/2029) (J) 6,850 6,850 6,850 Ginsey Home Solutions, Inc. – Term Debt (SOFR+ 10.0 %, 14.3 % Cash, Due 11/2025) (J) 12,200 12,200 12,200 36,750 36,750 Leisure, Amusement, Motion Pictures, and Entertainment – 5.6 % Schylling, Inc. – Term Debt (SOFR+ 11.0 %, 15.3 % Cash, Due 9/2027) (J) 27,981 27,981 27,981 Oil and Gas – 6.8 % The E3 Company, LLC – Term Debt (SOFR+ 9.0 %, 13.5 % Cash, Due 9/2028) (J) 33,750 33,750 33,750 Printing and Publishing – 2.3 % Home Concepts Acquisition, Inc. – Line of Credit, $ 0 available (SOFR+ 6.0 %, 10.3 % Cash, Due 11/2025) (J) 2,000 2,000 2,000 Home Concepts Acquisition, Inc. – Line of Credit, $ 0 available (SOFR+ 6.0 %, 10.3 % Cash, Due 11/2025) (J) 400 400 400 Home Concepts Acquisition, Inc. – Term Debt (SOFR+ 9.0 %, 13.3 % Cash, Due 5/2028) (J) 12,000 12,000 9,281 14,400 11,681 Total Secured First Lien Debt $ 331,536 $ 300,751 Secured Second Lien Debt – 18.6 % Aerospace and Defense – 5.2 % Galaxy Technologies Holdings, Inc. – Term Debt (SOFR+ 4.1 %, 8.4 % Cash, Due 10/2026) (J) $ 6,900 $ 6,900 $ 6,900 Galaxy Technologies Holdings, Inc. – Term Debt (SOFR+ 7.0 %, 11.3 % Cash, Due 10/2026) (J) 18,796 18,796 18,796 25,696 25,696 Cargo Transport – 2.5 % Diligent Delivery Systems – Term Debt (SOFR+ 9.0 %, 13.3 % Cash, Due 9/2025) (G)(I) 13,000 13,000 12,624 Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 10.9 % SFEG Holdings, Inc. – Term Debt (SOFR+ 7.0 %, 12.5 % Cash, Due 10/2028) (J) 54,644 54,644 54,644 Total Secured Second Lien Debt $ 93,340 $ 92,964 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 11 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2025 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) Cost Fair Value Preferred Equity – 40.2 % Aerospace and Defense – 3.5 % Ricardo Defense, Inc. (K) – Preferred Stock (C)(J) 17,388 $ 17,388 $ 17,388 Buildings and Real Estate – 6.2 % Dema/Mai Holdings, Inc. – Preferred Stock (C)(J) 21,000 21,000 31,070 Diversified/Conglomerate Services – 2.7 % Horizon Facilities Services, Inc. – Preferred Stock (C)(J) 10,080 — — Mason West, LLC – Preferred Stock (C)(J) 11,206 11,206 13,262 11,206 13,262 Healthcare, Education, and Childcare – 4.3 % Educators Resource, Inc. – Preferred Stock (C)(J) 8,560 8,560 21,501 Home and Office Furnishings, Housewares, and Durable Consumer Products – 12.2 % Brunswick Bowling Products, Inc. – Preferred Stock (C)(J) 6,653 6,653 51,877 Ginsey Home Solutions, Inc. – Preferred Stock (C)(J) 19,280 9,583 9,070 16,236 60,947 Leisure, Amusement, Motion Pictures, and Entertainment – 4.1 % Schylling, Inc. – Preferred Stock (C)(J) 4,000 4,000 20,599 Oil and Gas – 7.2 % The E3 Company, LLC – Preferred Stock (C)(J) 11,233 11,233 35,839 Printing and Publishing – 0.0 % Home Concepts Acquisition, Inc. – Preferred Stock (C)(J) 3,275 3,275 — Total Preferred Equity $ 92,898 $ 200,606 Common Equity/Equivalents – 10.9 % Aerospace and Defense – 0.7 % Galaxy Technologies Holdings, Inc. – Common Stock (C)(J) 16,957 $ 11,513 $ 3,480 Cargo Transport – 0.0 % Diligent Delivery Systems – Common Stock Warrants (C)(J) 8 % 500 — 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) 63,747 8 — Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) – 10.2 % SFEG Holdings, Inc. – Common Stock (C)(J) 18,721 30,746 50,788 Total Common Equity/Equivalents $ 44,597 $ 54,268 Total Non-Control/Non-Affiliate Investments $ 562,371 $ 648,589 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS. 12 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2025 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) Cost Fair Value AFFILIATE INVESTMENTS (M) – 66.1 % Secured First Lien Debt – 42.7 % Diversified/Conglomerate Services – 16.2 % ImageWorks Display and Marketing Group, Inc. – Term Debt (SOFR+ 11.0 %, 15.3 % Cash, Due 11/2028) (J) $ 22,000 $ 22,000 $ 22,000 J.R. Hobbs Co. - Atlanta, LLC – Line of Credit, $ 0 available (SOFR+ 6.0 %, 10.3 % Cash, Due 6/2025) (G)(J) 5,000 5,000 3,036 J.R. Hobbs Co. - Atlanta, LLC – Term Debt (SOFR+ 6.0 %, 10.3 % Cash, Due 6/2025) (G)(J) 16,500 16,500 10,019 J.R. Hobbs Co. - Atlanta, LLC – Term Debt (SOFR+ 10.3 %, 14.6 % Cash, Due 6/2025) (G)(J) 26,000 26,000 15,788 J.R. Hobbs Co. - Atlanta, LLC – Term Debt (SOFR+ 6.0 %, 10.3 % Cash, Due 6/2025) (G)(J) 2,438 2,438 1,480 The Maids International, LLC – Term Debt (SOFR+ 10.5 %, 14.8 % Cash, Due 3/2028) (J) 28,560 28,560 28,560 100,498 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 % Old World Christmas, Inc. – Term Debt (SOFR+ 9.5 %, 13.8 % Cash, Due 12/2028) (J) 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 % UPB Acquisition, Inc. – Term Debt (SOFR+ 10.0 %, 14.3 % Cash, Due 7/2026) (J) 15,000 15,000 15,000 Telecommunications – 1.5 % B+T Group Acquisition, Inc. (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, $ 120 available (SOFR+ 2.0 %, 7.0 % Cash, Due 6/2025) (G)(J) 930 930 930 B+T Group Acquisition, Inc. (K) – Term Debt (SOFR+ 2.0 %, 7.0 % Cash, Due 12/2026) (G)(J) 14,000 14,000 3,575 18,010 7,585 Total Secured First Lien Debt $ 243,280 $ 213,240 Secured Second Lien Debt – 2.1 % Chemicals, Plastics, and Rubber – 2.1 % PSI Molded Plastics, Inc. – Term Debt (SOFR+ 1.0 %, 7.0 % Cash, Due 1/2028) (J) $ 10,616 $ 10,616 $ 10,616 Total Secured Second Lien Debt $ 10,616 $ 10,616 Preferred Equity – 20.3 % Chemicals, Plastics, and Rubber – 0.2 % PSI Molded Plastics, Inc. – Preferred Stock (C)(J) 322,598 $ 36,130 $ 996 Diversified/Conglomerate Services – 4.3 % ImageWorks Display and Marketing Group, Inc. – Preferred Stock (C)(J) 67,490 6,749 12,921 J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock (C)(J) 10,920 10,920 — The Maids International, LLC – Preferred Stock (C)(J) 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. 13 Table of Contents GLADSTONE INVESTMENT CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2025 (DOLLAR AMOUNTS IN THOUSANDS) Company and Investment (A)(B)(D)(E) Principal/Shares/ Units (F)(H) Cost Fair Value Home and Office Furnishings, Housewares, and Durable Consumer Products – 4.7 % Old World Christmas, Inc. – Preferred Stock (C)(J) 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 % UPB Acquisition, Inc. - Preferred Stock (C)(J) 6,000 6,000 26,010 Telecommunications – 0.0 % B+T Group Acquisition, Inc. (K) – Preferred Stock (C)(J) 14,304 4,722 — Total Preferred Equity $ 100,390 $ 101,557 Common Equity/Equivalents – 1.0 % Finance – 1.0 % Gladstone Alternative Income Fund – Common Equity (C)(O) 500,000 $ 5,000 $ 4,975 Telecommunications – 0.0 % B+T Group Acquisition, Inc. (K) – Common Stock Warrants (C)(J) 3.5 % — — Total Common Equity/Equivalents $ 5,000 $ 4,975 Total Affiliate Investments $ 359,286 $ 330,388 CONTROL INVESTMENTS (N) – 0.1 % Secured First Lien Debt – 0.1 % Diversified/Conglomerate Manufacturing – 0.1 % Edge Adhesives Holdings, Inc. (K) – Term Debt (SOFR+ 5.5 %, 9.8 % Cash, Due 8/2026) (G)(J) $ 9,210 $ 9,210 $ 343 Total Secured First Lien Debt $ 9,210 $ 343 Preferred Equity – 0.0 % Diversified/Conglomerate Manufacturing – 0.0 % Edge Adhesives Holdings, Inc. (K) – Preferred Stock (C)(J) 8,199 $ 8,199 $ — Total Preferred Equity $ 8,199 $ — Total Control Investments $ 17,409 $ 343 TOTAL INVESTMENTS – 196.2 % (Q) $ 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. 14 Table of Contents 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. The majority of the securities listed, totaling $ 764.7 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements . Additionally, under Section 55 of the 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. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or reference rate plus a spread. Due dates represent the contractual maturity date. (C) Security is non-income producing. (D) Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of March 31, 2025. (E) Unless indicated otherwise, all of our investments are valued using Level 3 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. (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, 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. (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. 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. Securities and Exchange Commission. (L) Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities. (M) Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities. (N) Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. (O) 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. 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. 15 Table of Contents GLADSTONE INVESTMENT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2025 (DOLLAR AMOUNTS IN TABLES IN THOUSANDS, EXCEPT PER SHARE DATA AND AS OTHERWISE INDICATED) (UNAUDITED) NOTE 1. ORGANIZATION 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. The terms “the Company,” “we,” “our” and “us” all refer to Gladstone Investment and its consolidated subsidiaries. We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and are applying the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies” (“ASC 946”). In addition, we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). We were established for the purpose of investing in debt and equity securities of established private businesses in the United States (“U.S.”). Debt investments primarily take the form of two types of loans: secured first lien loans and secured second lien loans. Equity investments primarily take the form of preferred or common equity (or warrants or options to acquire the foregoing), often in connection with buyouts and other recapitalizations. Our investment objectives are to: (i) achieve and grow current income by investing in debt securities of established businesses that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time, and (ii) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities of established businesses, generally in combination with the aforementioned debt securities, that we believe can grow over time to permit us to sell our equity investments for capital gains. 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 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. The financial statements of Business Investment are consolidated with those of Gladstone Investment. We are externally managed by Gladstone Management Corporation (the “Adviser”), an affiliate of ours and a U.S. Securities and Exchange Commission (“SEC”) registered investment adviser, pursuant to an investment advisory and management agreement (the “Advisory Agreement”). Administrative services are provided by Gladstone Administration, LLC (the “Administrator”), an affiliate of ours and the Adviser, pursuant to an administration agreement (the “Administration Agreement”). Refer to Note 4 — Related Party Transactions for more information regarding these arrangements. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unaudited Interim Financial Statements and Basis of Presentation We prepare our interim financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of SEC Regulation S-X. 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 the accounts of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In accordance with Article 6 of Regulation S-X, we do not consolidate portfolio company investments. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in 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. 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 six months ended September 30, 2025 are not necessarily indicative of results that ultimately may be achieved for the fiscal year 16 Table of Contents 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 Preparing financial statements requires management to make estimates and assumptions that affect the amounts reported in our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements . 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 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. 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 Accounting Recognition 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. Realized gains or losses are generally measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily reflects the change in investment fair values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. 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 designated the Adviser to serve as the Board of Directors’ valuation designee ("Valuation Designee") under the 1940 Act. In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight includes receiving written fair value determinations and 17 Table of Contents 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. After the Valuation Committee concludes its meeting, it and the chief valuation officer, representing the Valuation Designee, present the Valuation Committee’s findings on the Valuation Designee's determinations to the entire Board of Directors so that the full Board of Directors may review the Valuation Designee's determined fair values of such investments in accordance with the Policy. There is no single standard for determining fair value (especially for privately-held businesses), as fair value depends upon the specific facts and circumstances of each individual investment. In determining the fair value of our investments, the Valuation Team, led by the chief valuation officer, uses the Policy, and each quarter the Valuation Committee and Board of Directors review the Policy to determine if changes thereto are advisable and whether the Valuation Team has applied the Policy consistently. Use of Third-Party Valuation Firms The Valuation Team engages third-party valuation firms to provide independent assessments of fair value of certain of our investments. A third-party valuation firm generally provides estimates of fair value on our debt investments. The Valuation Team generally assigns the third-party valuation firm’s estimates of fair value to our debt investments where we do not have the ability to effectuate a sale of the applicable portfolio company. The Valuation Team corroborates the third-party valuation firm’s estimates of fair value using one or more of the valuation techniques discussed below. 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. 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. Generally, at least once per year, we engage an independent valuation firm to value or review the valuation of each of our significant equity investments, which includes providing the information noted above. The Valuation Team evaluates such information for incorporation into our TEV, including review of all inputs provided by the independent valuation firm. The Valuation Team then presents a determination to our Valuation Committee as to the fair value. Our Valuation Committee reviews the determined fair value and whether it is reasonable in light of the Policy and other relevant facts and circumstances. Valuation Techniques In accordance with ASC 820, the Valuation Team uses the following techniques when valuing our investment portfolio: • Total Enterprise Value — In determining the fair value using a TEV, the Valuation Team first calculates the TEV of the portfolio company by incorporating some or all of the following factors: the portfolio company’s ability to make payments and other specific portfolio company attributes; the earnings of the portfolio company (the trailing or projected twelve month revenue or earnings before interest, taxes, depreciation and amortization (“EBITDA”)); EBITDA multiples obtained from our indexing methodology whereby the original transaction EBITDA multiple at the time of our closing is indexed to a general subset of comparable disclosed transactions and EBITDA multiples from recent sales to third parties of similar securities in similar industries; a comparison to publicly traded securities in similar industries; and other pertinent factors. The Valuation Team generally reviews industry statistics and may use outside experts when gathering this information. Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure. Generally, the Valuation Team uses TEV to value our equity investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments. When there is equity value or sufficient TEV to cover the principal balance of our debt securities, the fair value of our senior secured debt generally equals or approximates cost. 18 Table of Contents TEV is primarily calculated using EBITDA and EBITDA multiples; however, TEV may also be calculated using revenue and revenue multiples or a discounted cash flow (“DCF”) analysis whereby future expected cash flows of the portfolio company are discounted to determine a net present value using estimated risk-adjusted discount rates, which incorporate adjustments for nonperformance and liquidity risks. • Yield Analysis — The Valuation Team generally determines the fair value of our debt investments for which we do not have the ability to effectuate a sale of the applicable portfolio company using the yield analysis, which includes a DCF calculation and assumptions that the Valuation Team believes market participants would use, including: estimated remaining life, current market yield, current leverage, and interest rate spreads. This technique develops a modified discount rate that incorporates risk premiums including, among other things, increased probability of default, increased loss upon default, and increased liquidity risk. 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. Typically, the Valuation Team uses the lower indicative bid price in the bid-to-ask price range obtained from the respective originating syndication agent’s trading desk on or near the valuation date. The Valuation Team may take further steps to consider additional information to validate that price in accordance with the Policy. For securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date. For restricted securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date less a discount for the restriction, which includes consideration of the nature and term to expiration of the restriction and the lack of marketability of the security. • 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. 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: the nature and realizable value of the collateral, including external parties’ guaranties, any relevant offers or letters of intent to acquire the portfolio company, timing of expected loan repayments, and the markets in which the portfolio company operates. Fair value measurements of our investments may involve subjective judgments and estimates and, due to the uncertainty inherent in valuing these securities, the determinations of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which it is recorded. Refer to Note 3 — Investments for additional information regarding fair value measurements and our application of ASC 820. Revenue Recognition Interest Income Recognition 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 19 Table of Contents 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. Interest payments received on non-accrual loans may be recognized as income or applied to the cost basis, depending upon management’s judgment. 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 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. Hobbs Co. – 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 September 30, 2025 and March 31, 2025, we did not have any loans with a PIK interest component. Success Fee Income Recognition We record success fees as income when earned, which often occurs upon receipt of cash. Success fees are generally contractually due upon a change of control in a portfolio company, typically resulting from an exit or sale, and are non-recurring. Dividend Income Recognition We accrue dividend income on preferred and common equity securities to the extent that such amounts are expected to be collected and if we have the option to collect such amounts in cash or other consideration. Related Party Fees 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. Additionally, we pay the Adviser a loan servicing fee as compensation for its services as servicer under the terms of the Fifth Amended and Restated Credit Agreement dated April 30, 2013, as amended from time to time (the "Credit Facility"). We are also party to the Administration Agreement with the Administrator, which is indirectly owned and controlled by our chairman and chief executive officer, whereby we pay separately for administrative services. 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. 20 Table of Contents 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. NOTE 3. INVESTMENTS Fair Value 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. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date. • Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical financial instruments in active markets; • Level 2 — inputs to the valuation methodology include quoted prices for similar financial instruments in active or inactive markets, and inputs that are observable for the financial instrument, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists, or instances where prices vary substantially over time or among brokered market makers; and • Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are those inputs that reflect assumptions that market participants would use when pricing the financial instrument and can include the Valuation Team’s assumptions based upon the best available information. When a determination is made to classify our investments within Level 3 of the valuation hierarchy, such determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are actively quoted and can be validated to external sources). 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 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 and six months ended September 30, 2025 and 2024, respectively. 21 Table of Contents 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 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value As of September 30, 2025: Secured first lien debt $ — $ — $ 593,979 $ 593,979 Secured second lien debt — — 90,633 90,633 Preferred equity — — 365,278 365,278 Common equity/equivalents — — 75,894 75,894 Total $ — $ — $ 1,125,784 $ 1,125,784 Investments measured at NAV (A) — — — 5,075 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 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value As of March 31, 2025: Secured first lien debt $ — $ — $ 514,334 $ 514,334 Secured second lien debt — — 103,580 103,580 Preferred equity — — 302,163 302,163 Common equity/equivalents — — 54,268 54,268 Total $ — $ — $ 974,345 $ 974,345 Investments measured at NAV (A) — — — 4,975 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 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. 22 Table of Contents 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 Reported in Consolidated Statements of Assets and Liabilities Valued Using Level 3 Inputs September 30, 2025 March 31, 2025 Non-Control/Non-Affiliate Investments Secured first lien debt $ 393,766 $ 300,751 Secured second lien debt 90,633 92,964 Preferred equity 252,245 200,606 Common equity/equivalents 75,894 54,268 Total Non-Control/Non-Affiliate Investments 812,538 648,589 Affiliate Investments Secured first lien debt 199,443 213,240 Secured second lien debt — 10,616 Preferred equity 113,033 101,557 Common equity/equivalents — — Total Affiliate Investments 312,476 325,413 Control Investments Secured first lien debt 770 343 Secured second lien debt — — Preferred equity — — Common equity/equivalents — — Total Control Investments 770 343 Total investments at fair value using Level 3 inputs $ 1,125,784 $ 974,345 23 Table of Contents 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. The weighted-average calculations in the table below are based on the principal balances for all debt-related calculations and on the cost basis for all equity-related calculations for the particular input. Quantitative Information about Level 3 Fair Value Measurements Fair Value as of Valuation Technique/ Methodology Unobservable Input Range / Weighted-Average as of September 30, 2025 March 31, 2025 September 30, 2025 March 31, 2025 Secured first lien debt $ 593,979 $ 514,334 TEV EBITDA multiple 3.5 x – 8.0 x / 6.2 x 3.7 x – 7.9 x / 6.0 x EBITDA $ 538 – $ 23,126 / $ 11,372 $ 1,208 – $ 25,038 / $ 12,162 Revenue multiple 0.3 x – 0.6 x / 0.5 x 0.3 x – 0.6 x / 0.4 x Revenue $ 21,649 – $ 104,790 / $ 65,258 $ 6,690 – $ 102,791 / $ 72,303 Secured second lien debt 90,633 90,956 TEV EBITDA multiple 5.0 x – 7.3 x / 6.6 x 6.1 x – 7.2 x / 6.8 x EBITDA $ 5,130 – $ 31,248 / $ 20,921 $ 3,637 – $ 24,234 / $ 16,900 — 12,624 Yield Analysis Discount Rate N/A 20.7 % – 20.7 % / 20.7 % Preferred equity 365,278 302,163 TEV EBITDA multiple 3.5 x – 8.0 x / 6.2 x 3.7 x – 7.9 x / 6.1 x EBITDA $ 538 – $ 23,126 / $ 9,778 $ 2,153 – $ 25,038 / $ 11,029 Revenue multiple 0.3 x – 0.6 x / 0.4 x 0.3 x – 0.6 x / 0.4 x Revenue $ 21,649 – $ 104,790 / $ 79,691 $ 6,690 – $ 102,791 / $ 53,604 Common equity/ equivalents 75,894 54,268 TEV EBITDA multiple 5.0 x – 7.3 x / 6.9 x 5.5 x – 7.2 x / 6.8 x EBITDA $ 714 – $ 31,248 / $ 22,994 $ 1,208 – $ 24,234 / $ 18,562 Total $ 1,125,784 $ 974,345 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 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. 24 Table of Contents 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 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) Secured First Lien Debt Secured Second Lien Debt Preferred Equity Common Equity/ Equivalents Total Three Months Ended September 30, 2025: Fair value as of June 30, 2025 $ 557,057 $ 93,340 $ 325,997 $ 55,341 $ 1,031,735 Total gain (loss): 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 ) Sales — — — — — Transfers — — — — — Fair value as of September 30, 2025 $ 593,979 $ 90,633 $ 365,278 $ 75,894 $ 1,125,784 Secured First Lien Debt Secured Second Lien Debt Preferred Equity Common Equity/ 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 depreciation upon realization (B) 19,104 — — — 19,104 New investments, repayments and settlements (C): Issuances / originations 95,876 — 38,002 — 133,878 Settlements / repayments ( 5,806 ) — — — ( 5,806 ) Sales — — — — — Transfers (D) — ( 10,616 ) 10,616 — — Fair value as of September 30, 2025 $ 593,979 $ 90,633 $ 365,278 $ 75,894 $ 1,125,784 25 Table of Contents Secured First Lien Debt Secured Second Lien Debt Preferred Equity Common Equity/ Equivalents Total Three Months Ended September 30, 2024: Fair value as of June 30, 2024 $ 463,219 $ 137,827 $ 212,591 $ 85,501 $ 899,138 Total gain (loss): Net realized gain (loss) (A) — — — 42,284 42,284 Net unrealized (depreciation) appreciation (B) ( 13,239 ) ( 1,483 ) 15,937 2,701 3,916 Reversal of previously recorded (appreciation) depreciation upon realization (B) — — — ( 38,028 ) ( 38,028 ) New investments, repayments and settlements (C) : Issuances / originations 19,500 — — — 19,500 Settlements / repayments — ( 25,000 ) — — ( 25,000 ) Sales — — — ( 48,503 ) ( 48,503 ) Transfers — — — — — Fair value as of September 30, 2024 $ 469,480 $ 111,344 $ 228,528 $ 43,955 $ 853,307 Secured First Lien Debt Secured Second Lien Debt Preferred Equity Common Equity/ Equivalents Total 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 ) Sales — — — ( 48,503 ) ( 48,503 ) Transfers — — — — — 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. (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 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 26 Table of Contents 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 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 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 $ 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 Secured first lien debt $ 644,158 62.1 % $ 593,979 52.5 % $ 584,026 62.2 % $ 514,334 52.5 % Secured second lien debt 93,340 9.0 % 90,633 8.0 % 103,956 11.1 % 103,580 10.6 % Total debt 737,498 71.1 % 684,612 60.5 % 687,982 73.3 % 617,914 63.1 % Preferred equity 250,105 24.1 % 365,278 32.3 % 201,487 21.5 % 302,163 30.9 % Common equity/equivalents 49,597 4.8 % 80,969 7.2 % 49,597 5.2 % 59,243 6.0 % Total equity/equivalents 299,702 28.9 % 446,247 39.5 % 251,084 26.7 % 361,406 36.9 % Total investments $ 1,037,200 100.0 % $ 1,130,859 100.0 % $ 939,066 100.0 % $ 979,320 100.0 % 27 Table of Contents 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 Total Investments Fair Value Percentage of Total Investments 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 % 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 % 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 % Healthcare, Education, and Childcare 45,767 4.0 % 51,501 5.3 % Mining, Steel, Iron and Non-Precious Metals 38,304 3.4 % 41,010 4.2 % 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 % Total investments $ 1,130,859 100.0 % $ 979,320 100.0 % Investments at fair value were included in the following geographic regions of the U.S. and Canada as of September 30, 2025 and March 31, 2025: September 30, 2025 March 31, 2025 Location Fair Value Percentage of Total Investments Fair Value Percentage of Total Investments United States South $ 485,593 42.9 % $ 317,294 32.4 % West 223,709 19.8 % 222,062 22.7 % Midwest 211,483 18.7 % 227,415 23.2 % Northeast 183,216 16.2 % 182,669 18.7 % Canada 26,858 2.4 % 29,880 3.0 % Total investments $ 1,130,859 100.0 % $ 979,320 100.0 % The geographic region indicates the location of the headquarters for our portfolio companies. A portfolio company may have additional business locations in other geographic regions. 28 Table of Contents 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 September 30, 2025: Amount For the remaining six months ending March 31, 2026 $ 15,000 For the fiscal years ending March 31: 2027 61,186 2028 120,282 2029 269,844 2030 159,506 Thereafter 111,680 Total contractual repayments $ 737,498 Investments in equity securities 299,702 Total cost basis of investments held as of September 30, 2025: $ 1,037,200 Receivables from Portfolio Companies Receivables from portfolio companies represent non-recurring costs that we incurred on behalf of portfolio companies. Such receivables, net of any allowance for uncollectible receivables, are included in Other assets, net on our accompanying Consolidated Statements of Assets and Liabilities . We generally maintain an allowance for uncollectible receivables from portfolio companies when the receivable balance becomes 90 days or more past due or if it is determined, based upon management’s judgment, that the portfolio company is unable to pay its obligations. We write off accounts receivable when we have exhausted collection efforts and have deemed the receivables uncollectible. 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. NOTE 4. 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 our Credit Facility, all as described below. 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 September 30, 2025, is 100 % indirectly owned by Mr. Gladstone. 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. Erich Hellmold, our co-general counsel and co-secretary, serves in the same roles for the Adviser. 29 Table of Contents 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 September 30, Six Months Ended September 30, 2025 2024 2025 2024 Average total assets subject to base management fee (A)(B) $ 1,091,400 $ 889,400 $ 1,053,700 $ 906,500 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) ( 1,638 ) ( 669 ) ( 3,037 ) ( 1,296 ) Net base management fee $ 3,819 $ 3,778 $ 7,500 $ 7,769 Loan servicing fee (C) $ 2,932 $ 2,194 5,604 4,416 Credits to base management fee - loan servicing fee (C) ( 2,932 ) ( 2,194 ) ( 5,604 ) ( 4,416 ) Net loan servicing fee $ — $ — $ — $ — Incentive fee – income-based $ 310 $ 594 $ 310 $ 594 Incentive fee – capital gains-based (D) 4,897 1,638 4,688 ( 2,150 ) Total incentive fee (C) $ 5,207 $ 2,232 $ 4,998 $ ( 1,556 ) Credits to fees from Adviser - other (C) — — — — Net total incentive fee $ 5,207 $ 2,232 $ 4,998 $ ( 1,556 ) (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) Excludes our investment in Gladstone Alternative valued at the end of the applicable quarters within the respective periods. (C) Reflected as a line item on our accompanying Consolidated Statements of Operations . (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 The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 2.0 %, computed on the basis of the value of our average gross assets at the end of the two most recently completed quarters (inclusive of the current quarter), which are 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 period and adjusted appropriately for any share issuances or repurchases during the period. Additionally, pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) taking a primary role in interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser non-contractually, unconditionally, and irrevocably credits 100 % of any fees received for such services against the base management fee that we would otherwise be required to pay to the Adviser; 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 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. 30 Table of Contents Loan Servicing Fee 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. Accordingly, these loan servicing fees are 100 % non-contractually, unconditionally, and irrevocably credited back to us by the Adviser. Incentive Fee The incentive fee payable to the Adviser under our Advisory Agreement consists of two parts: an income-based incentive fee and a capital gains-based incentive fee. The income-based incentive fee rewards the Adviser if our quarterly net investment income (before giving effect to any incentive fee) exceeds 1.75 % of our net assets, which we define as total assets less indebtedness and before taking into account any incentive fees payable or contractually due but not payable during the period, at the end of the immediately preceding calendar quarter, adjusted appropriately for any share issuances or repurchases during the period (the “Hurdle Rate”). The income-based incentive fee with respect to our pre-incentive fee net investment income is payable quarterly to the Adviser and is computed as follows: • No incentive fee in any calendar quarter in which our pre-incentive fee net investment income does not exceed the Hurdle Rate; • 100.0 % of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 2.1875 % of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter; and • 20.0 % of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.1875 % of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter. The second part of the incentive fee is a capital gains-based incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), and equals 20.0 % of our realized capital gains, less any realized capital losses and unrealized depreciation, calculated as of the end of the preceding calendar year. The capital gains-based incentive fee payable to the Adviser is calculated based on (i) cumulative aggregate realized capital gains since our inception, less (ii) cumulative aggregate realized capital losses since our inception, less (iii) the entire portfolio’s aggregate unrealized capital depreciation, if any, as of the date of the calculation. If this number is positive at the applicable calculation date, then the capital gains-based incentive fee for such year equals 20.0 % of such amount, less the aggregate amount of any capital gains-based incentive fees paid in respect of our portfolio in all prior years. For calculation purposes, cumulative aggregate realized capital gains, if any, equals the sum of the excess between the net sales price of each investment, when sold, and the original cost of such investment since our inception. Cumulative aggregate realized capital losses equals the sum of the deficit between the net sales price of each investment, when sold, and the original cost of such investment since our inception. 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 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. 31 Table of Contents 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. Therefore, GAAP requires that the capital gains-based incentive fee accrual consider the aggregate unrealized capital appreciation in the calculation, as a capital gains-based incentive fee would be payable if such unrealized capital appreciation were realized. There can be no assurance that any such unrealized capital appreciation will be realized in the future. Accordingly, a GAAP accrual is calculated at the end of the reporting period based on (i) cumulative aggregate realized capital gains since our inception, plus (ii) the entire portfolio’s aggregate unrealized capital appreciation, if any, less (iii) cumulative aggregate realized capital losses since our inception, less (iv) the entire portfolio’s aggregate unrealized capital depreciation, if any. If such amount is positive at the end of a reporting period, a capital gains-based incentive fee equal to 20.0 % of such amount, less the aggregate amount of capital gains-based incentive fees accrued in all prior years, is recorded, regardless of whether such amount is contractually due under the terms of the Advisory Agreement. 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 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 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. Gladstone. Mr. 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). Mr. 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 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 Gladstone Securities, LLC (“Gladstone Securities”) is a privately held broker dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation. Gladstone Securities is an affiliate of ours, as its parent company is 100 % indirectly owned and controlled by David Gladstone, our chairman and chief executive officer. Mr. Gladstone also serves on the board of managers of Gladstone Securities. From time to time, Gladstone Securities provides services, such as investment banking and due diligence services, to certain of our portfolio companies, for which it receives a fee. Any such fees paid by portfolio companies to Gladstone Securities do not impact the fees we pay to the Adviser or the non-contractual, unconditional, and irrevocable credits against the base management fee. 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 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. 32 Table of Contents Related Party Fees Due Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows: As of September 30, As of March 31, 2025 2025 Base management and loan servicing fee due to Adviser, net of credits $ 1,630 $ 2,027 Incentive fee due to Adviser (A) 44,323 41,663 Other due to Adviser 109 126 Total fees due to Adviser 46,062 43,817 Fee due to Administrator 527 767 Total related party fees due $ 46,589 $ 44,584 (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 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. NOTE 5. BORROWINGS Revolving Line of Credit 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). 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. 33 Table of Contents The following tables summarize noteworthy information related to our Credit Facility: As of September 30, 2025 As of March 31, 2025 Commitment amount $ 270,000 $ 270,000 Borrowings outstanding at cost $ 97,700 $ — Availability (A) $ 172,300 $ 270,000 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 Effective interest rate (B) 8.9 % 11.0 % 10.2 % 10.9 % Unused commitment fees incurred $ 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 $ 432.4 million as of September 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 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. Fair Value 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 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 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 Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) September 30, 2025 March 31, 2025 Credit Facility $ 98,053 $ — 34 Table of Contents Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Three Months Ended September 30, 2025: Fair value at June 30, 2025 $ 62,269 Borrowings 75,800 Repayments ( 40,100 ) Unrealized appreciation 84 Fair value at September 30, 2025 $ 98,053 Six Months Ended September 30, 2025 Fair value at March 31, 2025 $ — Borrowings 153,300 Repayments ( 55,600 ) Unrealized appreciation 353 Fair value at September 30, 2025 $ 98,053 Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Three Months Ended September 30, 2024: Fair value at June 30, 2024 $ 63,700 Borrowings 31,500 Repayments ( 86,300 ) Fair value at September 30, 2024 $ 8,900 Six Months Ended September 30, 2024 Fair value at March 31, 2024 $ 67,000 Borrowings 47,800 Repayments ( 105,900 ) Fair value at September 30, 2024 $ 8,900 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 5.00 % Notes due 2026 In March 2021, we completed a public offering of 5.00 % Notes due 2026 with an aggregate principal amount of $ 127.9 million (the “ 5.00 % 2026 Notes”), which resulted in net proceeds of approximately $ 123.8 million after deducting underwriting discounts, commissions and offering costs borne by us. The 5.00 % 2026 Notes are traded under the ticker symbol “GAINN” on the Nasdaq Global Select Market (“Nasdaq”). The 5.00 % 2026 Notes will mature on May 1, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option. The 5.00 % 2026 Notes bear interest at a rate of 5.00 % per year, which is payable quarterly in arrears. The indenture relating to the 5.00 % 2026 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we will provide the holders of the 5.00 % 2026 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. 35 Table of Contents The 5.00 % 2026 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . Total underwriting discounts, commissions, and offering costs related to this offering were $ 4.1 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending May 1, 2026, the maturity date. 4.875 % Notes due 2028 In August 2021, we completed a public offering of 4.875 % Notes due 2028 with an aggregate principal amount of $ 134.6 million (the “ 4.875 % 2028 Notes”), which resulted in net proceeds of approximately $ 131.3 million after deducting underwriting discounts, commissions and offering costs borne by us. The 4.875 % 2028 Notes are traded under the ticker symbol “GAINZ” on Nasdaq. The 4.875 % 2028 Notes will mature on November 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 4.875 % 2028 Notes bear interest at a rate of 4.875 % per year, which is payable quarterly in arrears. The indenture relating to the 4.875 % 2028 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 4.875 % 2028 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 4.875 % 2028 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . Total underwriting discounts, commissions, and offering costs related to this offering were $ 3.3 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 November 1, 2028, the maturity date. 8.00 % Notes due 2028 In May 2023, we completed a public offering of 8.00 % Notes due 2028 with an aggregate principal amount of $ 74.8 million (the “ 8.00 % 2028 Notes”), which resulted in net proceeds of approximately $ 72.3 million after deducting underwriting discounts, commissions and offering costs borne by us. 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. The 8.00 % 2028 Notes bear interest at a rate of 8.00 % per year, which is payable quarterly in arrears. The indenture relating to the 8.00 % 2028 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 8.00 % 2028 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 8.00 % 2028 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . Total underwriting discounts, commissions, and offering costs related to this offering were $ 2.5 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending August 1, 2028, the maturity date. 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 36 Table of Contents underwriting discounts, commissions and offering costs borne by us. The 7.875 % 2030 Notes are traded under the ticker symbol “GAINI” on Nasdaq. The 7.875 % 2030 Notes will mature on February 1, 2030 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after February 1, 2027. The 7.875 % 2030 Notes bear interest at a rate of 7.875 % per year , payable quarterly in arrears. The indenture relating to the 7.875 % 2030 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 7.875 % 2030 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 7.875 % 2030 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . 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 September 30, 2025 and March 31, 2025: As of September 30, 2025: Description Ticker Symbol Date Issued Maturity Date (A) Interest Rate Notes Outstanding Principal Amount per Note Aggregate Principal Amount 5.00 % 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00 % 5,117,500 $ 25.00 $ 127,938 4.875 % 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875 % 5,382,000 $ 25.00 134,550 8.00 % 2028 Notes GAINL May 31, 2023 August 1, 2028 8.00 % 2,990,000 $ 25.00 74,750 7.875 % 2030 Notes GAINI December 17, 2024 February 1, 2030 7.875 % 5,060,000 $ 25.00 126,500 Notes payable, gross (B) 18,549,500 463,738 Less: Unamortized Discounts ( 6,760 ) Notes payable, net (C) $ 456,978 As of March 31, 2025: Description Ticker Symbol Date Issued Maturity Date (A) Interest Rate Notes Outstanding Principal Amount per Note Aggregate Principal Amount 5.00 % 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00 % 5,117,500 $ 25.00 $ 127,938 4.875 % 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875 % 5,382,000 $ 25.00 134,550 8.00 % 2028 Notes GAINL May 31, 2023 August 1, 2028 8.00 % 2,990,000 $ 25.00 74,750 7.875 % 2030 Notes GAINI December 17, 2024 February 1, 2030 7.875 % 5,060,000 $ 25.00 126,500 Notes payable, gross (B) 18,549,500 463,738 Less: Unamortized Discounts ( 8,029 ) Notes payable, net (C) $ 455,709 (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 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. (C) Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities . 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. 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 37 Table of Contents 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. NOTE 6. REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS Registration Statement On February 28, 2024, we filed a registration statement on Form N-2 (File No. 333-277452), which the SEC declared effective on April 18, 2024. 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 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 In May 2024, we entered into equity distribution agreements with Oppenheimer & Co., B. Riley Securities, Inc. and Virtu Americas LLC (collectively, the "Sales Agents"), under which we have the ability to issue and sell shares of our common stock, from time to time, through the Sales Agents, having an aggregate offering price of up to $ 75.0 million in what is commonly referred to as an “at-the-market” program (the “2024 Common Stock ATM Program”). 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. Inc., B. 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 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. 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. Riley Securities, Inc. and entered into amendments to the agreements with Oppenheimer & Co. Inc. and Virtu Americas LLC to add B. Riley Securities, Inc. 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 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 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. 38 Table of Contents NOTE 7. 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 six months ended September 30, 2025 and 2024: Three Months Ended September 30, Six Months Ended September 30, 2025 2024 2025 2024 Numerator: net increase in net assets resulting from operations $ 28,709 $ 15,482 $ 36,481 $ 8,956 Denominator: basic and diluted weighted-average common shares 38,445,643 36,688,667 37,681,491 36,688,667 Basic and diluted net increase in net assets resulting from operations per weighted-average common share $ 0.75 $ 0.42 $ 0.97 $ 0.24 NOTE 8. DISTRIBUTIONS TO COMMON STOCKHOLDERS 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. 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. The U.S. federal income tax characteristics of cash distributions paid to our common stockholders generally are reported to stockholders on IRS Form 1099 after the end of each calendar year. Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of cash distributions for the full year. 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 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 six months ended September 30, 2025 and 2024: For the Six Months Ended September 30, 2025 : Declaration Date Record Date Payment Date Distribution per Common Share April 8, 2025 April 21, 2025 April 30, 2025 $ 0.08 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 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 39 Table of Contents For the Six Months Ended September 30, 2024 : Declaration Date Record Date Payment Date Distribution per Common Share April 9, 2024 April 19, 2024 April 30, 2024 $ 0.08 April 9, 2024 May 17, 2024 May 31, 2024 0.08 April 9, 2024 June 19, 2024 June 28, 2024 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 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 $ 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 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. federal corporate-level income tax rate on the amount retained, and designate the retained amount as a “deemed distribution.” If we elect to retain net long-term capital gains and deem them distributed, each U.S. common stockholder will be treated as if they received a distribution of their pro-rata share of the retained net long-term capital gain and the U.S. federal income tax paid. As a result, each U.S. 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. 40 Table of Contents NOTE 9. COMMITMENTS AND CONTINGENCIES Legal Proceedings We are party to certain legal proceedings incidental to the normal course of our business. We are required to establish reserves for litigation matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. 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 September 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 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 $ 1.0 million as of September 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 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 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 $ 7,160 $ 3,440 Total $ 7,160 $ 3,440 41 Table of Contents NOTE 10. FINANCIAL HIGHLIGHTS Six Months Ended September 30, 2025 2024 Per Common Share Data: Net asset value at beginning of period (A) $ 13.55 $ 13.43 Income (loss) from investment operations (B) Net investment income 0.35 0.54 Net realized (loss) gain ( 0.79 ) 1.15 Net unrealized appreciation (depreciation) 1.41 ( 1.45 ) Total from investment operations 0.97 0.24 Effect of equity capital activity (B) Cash distributions to common stockholders from net investment income (C) ( 0.51 ) ( 0.48 ) Cash distributions to common stockholders from net realized gains (C) ( 0.51 ) ( 0.70 ) Discounts, commissions and offering costs ( 0.01 ) — Net accretive effect of equity offering (D) 0.07 — Total from equity capital activity ( 0.96 ) ( 1.18 ) Other, net (B)(E) ( 0.03 ) — Net asset value at end of period (A) $ 13.53 $ 12.49 Per common share market value at beginning of period $ 13.36 $ 14.23 Per common share market value at end of period $ 13.82 $ 14.45 Total investment return (F) 11.09 % 5.10 % Common stock outstanding at end of period (A) 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 : Net assets at end of period $ 535,843 $ 458,375 Average net assets (G) $ 502,984 $ 479,416 Senior Securities Data : Total borrowings, at cost $ 561,438 $ 346,138 Ratios/Supplemental Data: Ratio of net expenses to average net assets – annualized (H) 14.10 % 10.45 % Ratio of net investment income to average net assets – annualized (I) 5.32 % 8.22 % (A) B ased on actual shares of common stock outstanding at the beginning or end of the corresponding period, as appropriate. (B) Based on weighted-average basic common share data for the corresponding period. (C) The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP. 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 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. (F) Total investment return equals the change in the market value of our common stock from the beginning of the period, taking into account dividends reinvested in accordance with the terms of our dividend reinvestment plan. Total return does not take into account distributions that may be characterized as a return of capital. 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 . (G) Calculated using the average balance of net assets at the end of each month of the reporting period. (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 17.53 % and 12.83 % for the six months ended September 30, 2025 and 2024, respectively. 42 Table of Contents (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. NOTE 11. UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES In accordance with the SEC’s Regulation S-X, we do not consolidate portfolio company investments. 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 six months ended September 30, 2025 and 2024. NOTE 12. SUBSEQUENT EVENTS Distributions and Dividends • In October 2025, our Board of Directors declared the following monthly distributions to common stockholders: Record Date Payment Date Distribution per Common Share 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: $ 0.24 ATM Activity 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. 43 Table of Contents