What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2026-05-12 compared with 2025-05-13 · 43 added, 45 removed, 325 unchanged (21% of the section changed)

53 unchanged sentences

814-00704), filed May 22, 2020.

4.3 Second Supplemental Indenture between Gladstone Investment Corporation and UMB Bank, National Association, dated as of March 2, 2021, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No.

814-00704), filed March 2, 2021.

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

814-00704), filed August 18, 2021.

4.5 Fourth Supplemental Indenture between Gladstone Investment Corporation and UMB Bank, National Association, dated as of May 31, 2023, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No.

814-00704), filed May 31, 2023.

4.4 Fifth Supplemental Indenture between Gladstone Investment Corporation and UMB Bank, National Association, dated as of December 17, 2024, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No.

814-00704), filed December 17, 2024.

4.5 Sixth Supplemental Indenture between Gladstone Investment Corporation and UMB Bank, National Association, dated as of November 10, 2025, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No.

814-00704), filed November 10, 2025.

4.6 Seventh Supplemental Indenture between Gladstone Investment Corporation and UMB Bank, National Association, dated as of February 18, 2026, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K (File No.

814-00704), filed February 18, 2026.

4.7* Description of Securities

63 unchanged sentences

10.23 Amendment No.

10 to Fifth Amended and Restated Credit Agreement, dated as of February 10, 2025 by and among Gladstone Business Investment, LLC, as Borrower, Gladstone Management C orporation, as Servicer, KeyBank National Association, as administrative agent, swingline lender, managing agent and lead arranger and certain other lenders party thereto , incorporated by reference to Exhibit 10.1 to the Current Report on Form 10-Q (File No.

10 to Fifth Amended and Restated Credit Agreement, dated as of February 10, 2025 by and among Gladstone Business Investment, LLC, as Borrower, Gladstone Management Corporation, as Servicer, KeyBank National Association, as administrative agent, swingline lender, managing agent and lead arranger and certain other lenders party thereto, incorporated by reference to Exhibit 10.1 to the Current Report on Form 10-Q (File No.

814-00704), filed February 12, 2025.

10.24 Amendment No.

11 to Fifth Amended and Restated Credit Agreement, dated as of February 24, 2025 by and among Gladstone Business Investment, LLC, as Borrower, Gladstone Management Corporation, as Servicer, KeyBank National Association, as administrative agent, swingline lender, managing agent and lead arranger and certain other lenders party thereto.

814-00704), filed May 13, 2025.

10.25 Amendment No.

12 to Fifth Amended and Restated Credit Agreement, dated as of December 15, 2025 by and among Gladstone Business Investment, LLC, as Borrower, Gladstone Management Corporation, as Servicer, KeyBank National Association, as administrative agent, swingline lender, managing agent and lead arranger and certain other lenders party thereto , incorporated by reference to Exhibit 10.1 t o the C urrent Report on Form 10-Q (File No.

814-0 0704), filed February 3, 2026 .

14* Code of Ethics

6 unchanged sentences

Certification of Chief Financial Officer furnished pursuant to section 906 of The Sarbanes-Oxley Act of 2002.

97.1* Clawback Policy

97.1 Clawback Policy, incorporated by reference to Exhibit 97 .1 to the Current Report on Form 10-K (File No.

814-00704), filed May 13, 2025.

101.INS*** XBRL Instance Document

16 unchanged sentences

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

/s/ DAVID GLADSTONE

David Gladstone

Chief Executive Officer and Chairman of the Board of Directors (principal executive officer)

/s/ DAVID DULLUM

Chief Executive Officer (principal executive officer)

/s/ TAYLOR RITCHIE

1 unchanged sentence

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

/s/ DAVID GLADSTONE

David Gladstone

Chairman of the Board of Directors

/s/ ANTHONY W.

23 unchanged sentences

$ 22,000 $ — $ 3,671 $ 22,000 $ — $ — $ — $ 22,000

- Atlanta, LLC - Line of Credit, $0 available (SOFR + 6.0%, 10.3% Cash, Due 6/2025) (K)

- Atlanta, LLC - Line of Credit (N)

— ( 2,998 ) — 3,036 — ( 5,000 ) 1,964 —

- Atlanta, LLC - Term Debt (SOFR+6.0%, 10.3% Cash, Due 6/2025) (K)

- Atlanta, LLC - Term Debt (N)

— ( 9,892 ) — 10,019 — ( 16,500 ) 6,481 —

- Atlanta, LLC – Term Debt (SOFR+10.3%, 14.6% Cash, Due 6/2025) (K)

- Atlanta, LLC – Term Debt (SOFR+ 6.0 %, 10.0 % Cash, Due 9/2030) (N)

20,000 ( 15,587 ) 1,353 15,788 — ( 6,000 ) 10,212 20,000

- Atlanta, LLC – Term Debt (SOFR+6.0%, 10.3% Cash, Due 6/2025) (K)

- Atlanta, LLC – Term Debt (N)

— ( 1,461 ) — 1,480 — ( 2,438 ) 958 —

3 unchanged sentences

Electronics – 7.2 %

Nielsen-Kellerman Acquisition Corp.– Line of Credit, $2,820 available (SOFR+5.0%, 10.0% Cash, Due 12/2025) (L)

Nielsen-Kellerman Acquisition Corp.– Line of Credit (M)

— — 23 1,070 — ( 1,070 ) — —

Nielsen-Kellerman Acquisition Corp.

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

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

48,082 — 6,581 48,082 — — — 48,082

5 unchanged sentences

Leisure, Amusement, Motion Pictures, and Entertainment – 3.0 %

Pyrotek Special Effects, Inc.– Line of Credit, $500 available (SOFR+5.0%, 10.0% Cash, Due 11/2026) (L)

Pyrotek Special Effects, Inc.– Line of Credit (M)

— — 68 2,500 — ( 2,500 ) — —

Pyrotek Special Effects, Inc.

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

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

20,120 — 2,652 20,120 — — — 20,120

31 unchanged sentences

PSI Molded Plastics, Inc.

– Term Debt (SOFR +1.0%, 7.0% Cash, Due 1/2028) (O)

– Line of Credit, $ 600 available (SOFR+ 1.0 %, 7.0 % Cash, Due 2/2028)

$ 1,400 $ — $ 10 $ — $ 1,400 $ — $ — $ 1,400

Diversified/Conglomerate Services – 0.0%

Nth Degree, Inc.

– Term Debt (M)

PSI Molded Plastics, Inc.

– Term Debt (SOFR+ 1.0 %, 7.0 % Cash, Due 2/2028)

400 — 3 — 400 — — 400

PSI Molded Plastics, Inc.

– Term Debt (O)

— — — 10,616 — ( 10,616 ) —

— 13 10,616 1,800 ( 10,616 ) — 1,800

Total Secured Second Lien Debt

15 unchanged sentences

Electronics – 2.2 %

Nielsen-Kellerman Acquisition Corp.– Preferred Stock (L)

22,169 — — — 22,169 — 252 22,421

Nielsen-Kellerman Acquisition Corp.– Preferred Stock 22,169 — — 22,421 — — ( 7,780 ) 14,641

Home and Office Furnishings, Housewares, and Durable Consumer Products – 4.4 %

15 unchanged sentences

Pyrotek Special Effects, Inc.

– Preferred Stock (L)

– Preferred Stock

7,060 $ — $ — $ 7,260 $ — $ — $ ( 5,425 ) $ 1,835

10 unchanged sentences

Diversified/Conglomerate Services – 0.7 %

Nth Degree Investment Group, LLC – Common Stock (M)(N)

— $ 43,373 $ — $ 51,442 $ — $ (6,219) $ (45,223) $ —

Finance – 1.0%

Gladstone Alternative Income Fund – Common Equity (L)

500,000 — 26 — 5,000 — (25) 4,975

Gladstone Alternative Income Fund – Common Equity 500,000 $ — $ 344 $ 4,975 $ — $ — $ 30 $ 5,005

Telecommunications - 0.0 %

12 unchanged sentences

Total Secured First Lien Debt $ — $ — $ 343 $ — $ — $ 270 $ 613

GLADSTONE INVESTMENT CORPORATION

INVESTMENTS IN AND ADVANCES TO AFFILIATES (Continued)

(AMOUNTS IN THOUSANDS)

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

Shares/Units (F)(G)

March 31, 2024

Additions (I)

Reductions (J)

Net Unrealized

(Depreciation) Value as of

March 31, 2025

Preferred Equity – 0.0 %

7 unchanged sentences

$ ( 26,457 ) $ 31,627 $ 330,731 $ 12,536 $ ( 48,124 ) $ 30,146 $ 325,289

GLADSTONE INVESTMENT CORPORATION

INVESTMENTS IN AND ADVANCES TO AFFILIATES (Continued)

(AMOUNTS IN THOUSANDS)

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

The majority of the securities listed, together with certain non-control and non-affiliate investments, totaling $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 .

The majority of the securities listed, together with certain non-control and non-affiliate investments, totaling $ 1.2 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.

6 unchanged sentences

(D) Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of March 31, 2026.

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

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

6 unchanged sentences

(K) Debt security is on non-accrual status as of March 31, 2026.

(L) New investment during the year ended March 31, 2025.

(L) Reserved.

(M) Investment was exited/paid off during the year ended March 31, 2026.

(N) During the year ended March 31, 2025, we recognized a realized gain of $43.4 million upon sale of Nth Degree Investment Group, LLC.

(N) During the year ended March 31, 2026, we recognized a realized loss of $29.9 million on J.R.

- Atlanta, LLC by restructuring our previously outstanding first lien term loans and line of credit into new first lien loan.

(O) During the year ended March 31, 2026, we restructured our investments in PSI Molded Plastics, Inc., which resulted in $10.6 million being converted from second lien debt to preferred equity.

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures